eOs
08-07-2010, 08:07 AM
:eek:
http://rawstory.com/rs/2010/0805/imf-documents-illustrate-plan-turn-drawing-rights-global-currency/
cached version of the IMF document that was taken down still available at http://webcache.googleusercontent.com/search?q=cache:http://www.imf.org/external/np/pp/eng/2010/041310.pdf
Any brave soles want to summarize the above IMF document for us laymen?
The report was issued months before a recent United Nations Economic and Social Council called on nations to move away from the dollar as their reserve currency. The U.N. based its advice on the adverse effects felt by developing nations that were hit especially hard during the 2008-2009 U.S. economic instability.
President Obama, Treasury Secretary Geithner and Federal Reserve Chairman Ben Bernanke have steadfastly maintained that the world does not need a new reserve currency.
To the contrary, Russia has predicted the world is a mere decade away from that inevitability.
“There is a need to make the IMF a true representative of the world’s leading economies. It’s not there right now,” said Russian Finance Minister Alexei Kudrin during a June 2009 economic forum, noting that China had a lower representation quota than Switzerland or Belgium.
http://rawstory.com/rs/2010/0805/imf-documents-illustrate-plan-turn-drawing-rights-global-currency/
cached version of the IMF document that was taken down still available at http://webcache.googleusercontent.com/search?q=cache:http://www.imf.org/external/np/pp/eng/2010/041310.pdf
Any brave soles want to summarize the above IMF document for us laymen?
The report was issued months before a recent United Nations Economic and Social Council called on nations to move away from the dollar as their reserve currency. The U.N. based its advice on the adverse effects felt by developing nations that were hit especially hard during the 2008-2009 U.S. economic instability.
President Obama, Treasury Secretary Geithner and Federal Reserve Chairman Ben Bernanke have steadfastly maintained that the world does not need a new reserve currency.
To the contrary, Russia has predicted the world is a mere decade away from that inevitability.
“There is a need to make the IMF a true representative of the world’s leading economies. It’s not there right now,” said Russian Finance Minister Alexei Kudrin during a June 2009 economic forum, noting that China had a lower representation quota than Switzerland or Belgium.