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03/26/2009: "Is a global super-currency on the agenda?"

It started out as a call from the likes of George Soros and Ted Truman.

But the IMF's little known international accounting system of special drawing rights [SDRs] has now been propelled straight into the limelight thanks to both China and Russia. However, while Soros and Truman saw the units as a means to help induce a global helicopter cash drop to kick-start the world economy and save the peripheral states from financial implosion, the Chinese and Russians are advocating the accounting system as a means towards a new global reserve currency.

And this does make some sense. Many months ago, when the topic was firmly off the agenda we asked Ken Rogoff, Harvard economics professor and former chief economist of the IMF, about the role of SDRs in the future. His said they were basically not very meaningful in the absence of a consensus to have a world currency. So is that really what China, Russia, Soros and Truman are advocating?

[ In other words: so is that really what those who say they oppose the unipolar New World Order and also those who have worked towards the NWO all their adult lives are advocating? What is going on? ]

http://ftalphaville.ft.com/blog/2009/03/25/53988/is-a-global-super-currency-on-the-agenda/

Replies: 2 Comments

on Saturday, March 28th, Panther said

At the same time as the commies are proposing a world currency a number of Transition groups are not only proposing but actually setting up local currencies, that operate in just one town or area (Totnes and Lewes in the UK).

I think Transition is looking ahead whilst the commies are looking backwards ...

http://leysiner.blogspot.com/

on Thursday, March 26th, Viridovix said

There was (late 70s and 1980s) and still is a cool, but little known tabletop sci-fi roleplaying game called Traveller.

Human space consisting of hundreds of star systems that fell under the authority of a huge royal imperium, but each world had its own variable tech level from stone age to antigravity sky cities. They also each had variable local government types from none, to small democracies to extreme authoritarian and religious oligarchy.

Within the Imperium, the common trade currency on every world was the Credit and the common first language was called Galanglic.

Although it was just a nerdy game, nobody shrank away in horror at the idea, or critiqued its system. Of course the Imperium had to run that way and the pan-nationalist localized autonomy of diverse worlds was a nice touch to did not conflict with having Credits or speaking Galanglic with travellers.

This world dollar thing might just be a big intimidating mole hill after all. The only thing for sure is that the dollar didn't work out so well over the long haul, so extending the scale of the dollar system without retooling its internal functions and giving our money system a better goal seems a bit odd.