RKMBs Forums .::Important::. Politics and Current Events Global, Super Currency-A Solution To World Financial Crisis?

We may soon know according to the IMF.

http://www.telegraph.co.uk/finance/finan...ive-easing.html

The International Monetary Fund is poised to embark on what analysts have described as "global quantitative easing" by printing billions of dollars worth of a global "super-currency" in an unprecedented new effort to address the economic crisis.


By Edmund Conway
Last Updated: 9:07AM GMT 16 Mar 2009

Alistair Darling and senior figures in the US Treasury have been encouraging the Fund to issue hundreds of billions of dollars worth of so-called Special Drawing Rights in the coming months as part of its campaign to prevent the recession from turning into a global depression.

Should the move, which is up for discussion by the summit of G20 finance ministers this weekend, be adopted, it will represent a global equivalent of the Bank of England's plan to pump extra cash into the UK economy.


However, economists warned that the scheme could cause a major swell of inflation around the world as the newly-created money filters through the system. The idea has been suggested by a number of key figures, including billionaire investor George Soros and US Treasury adviser Ted Truman.

Simon Johnson, former chief economist at the IMF, said: "The principle behind it is that everyone would get bonus dollars and instead of the Federal Reserve having to print them, everyone gets them.

"The objective is to create a windfall of cash. However if everybody goes out and spends the money it could be very inflationary."

... I don't quite understand this...

The One World Government is coming. Yes, I'm serious.

I think this kind of thing will piss off enough people for it not to happen.

People are lemmings rex.

I didn't know your penis had such an odd nickname.

Global currency is never going to happen. Setting aside the economic difficulty of trying to regulate such a currency (there's a reason why no one pegs to the gold standard any more), a global currency would be so fiercely resisted by arbitrage players (seriously wealthy people) worldwide that it would never happen.

I'm trying to understand what this really means. Massive IMF injections?

My take was that the IMF would make a specialized currency available for loan to countries that need it. A currency, that hopefully, would be stable across the globe, and not tied to any one country's specific economic situation.
This will be discussed at the G20 meeting, and several countries, like Russia and some european countries, are almost demanding it.

Yeah, HHH gave those to Test.

-Snarf

Of course they are, they have been trying to do away with the dollar for decades.

Dave, can you count how many "it would never happen" events have happened over the last decade?

I bet you can't.

I'll go build my gamma ray shelter now. Just in case.

Sounds vaguely like someone wants to build a substitute dollar because the USD is so weak and volatile right now. The remimbi is pegged to the dollar so China is no help, the Euro is all over the place because of Ireland and the eastern Europeans, and the yen is screwed too.

Now China wants to seriously discuss this at the G20 meeting on Apr 2.

http://en.rian.ru/world/20090323/120689432.html

RACK points are the only stable form of currency right now...