"U.S. backs global alternative to dollar"Submitted by christopher X on Sat, 03/21/2009 - 01:34
March 19, 2009
Increasingly, the International Monetary Fund, with the support of the United States and Russia, appears positioned to launch a one-world currency at the upcoming G-20 meeting in London.
The move is intended to be a last-ditch effort to prevent massive bank failures from occurring throughout the European Union.
The idea is for the IMF to issue at least $250 billion in Special Drawing Rights, or SDRs, to IMF member states as a method of placing a safety net under developing countries that might otherwise have to declare bankruptcy.
The idea gained momentum Tuesday when the Moscow Times published an article revealing that the Kremlin intended to use the G-20 meeting, beginning April 2, to push for the IMF to utilize SDRs as "a super-reserve currency widely accepted by the whole of the international community."
(read full article at the link)