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New IMF Strategy Document Charts Launch Of "Bancor"
Global Currency
Highlights "potential resistance"
on road from "voluntary multilateral framework"
to full blown global currency
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 A
newly published IMF strategy document calls for the implementation
of a global currency, called the "bancor", to stabilise
the international monetary system, while acknowledging that
only a monumental shift toward acceptance of globalism will
make it possible in the short term.
The IMF blueprint, authored by Reza Moghadam, director of the
IMF’s strategy, policy and review department, has stayed
under the radar for three months.
However, an article on the Financial Times blog alphaville,
entitled IMF
blueprint for a global currency – yes really,
today highlights the document and the clear strategy of the
global financial body.
"...in the eyes of the IMF at least, the best way to
ensure the stability of the international monetary system (post
crisis) is actually by launching a global currency." Izabella
Kaminska notes.
"And that, the IMF says, is largely because sovereigns
— as they stand — cannot be trusted to redistribute
surplus reserves, or battle their deficits, themselves."
A chart within the document, innocuously titled Reserve
Accumulation and International Monetary Stability
(PDF link), presents a stepping stone system toward a fully
fledged global currency:
Beginning with a vague recommendation for "voluntary policy
adjustments" to be adopted by member states, the chart
moves through more and more draconian economic policies toward
a long term endgame of a global currency.
The chart also plots "potential resistance" to each
stepping stone from sovereign states, with a spike in the short
term, followed by a lull, and then a general rise as the move
toward a global currency progresses over time.
The IMF's road to a global currency hinges on a wider use of
and eventual implementation of an international monetary system
based on special drawing rights (SDR), the IMF's synthetic paper
currency.
Once an SDR-based system is in place, the IMF envisages just
one final step to the launch of a new global currency.
The document even gives the global currency a name, the "bancor"
after John Maynard Keynes' proposed, but never implemented,
World Currency Unit of clearing.
The following section of the IMF document highlights this:
48. From SDR to bancor. A limitation of the SDR as discussed
previously is that it is not a currency. Both the SDR and
SDR-denominated instruments need to be converted eventually
to a national currency for most payments or interventions
in foreign exchange markets, which adds to cumbersome use
in transactions.
And though an SDR-based system would move away from a dominant
national currency, the SDR’s value remains heavily linked
to the conditions and performance of the major component countries.
A more ambitious reform option would be to build on the previous
ideas and develop, over time, a global currency. Called, for
example, bancor in honor of Keynes, such a currency could
be used as a medium of exchange—an “outside money”
in contrast to the SDR which remains an “inside money”.
The document concludes that without a catalyst to create a
sudden clamour for globalism, the implementation of a global
currency will take time:
It is understood that some of the ideas discussed are unlikely
to materialize in the foreseeable future absent a dramatic
shift in appetite for international cooperation.
The IMF first touted the possibility of a new global currency
in March
of last year. The issue was then debated at the
G20 Summit in London just days later.
A clause in Point 19 of the communiqué issued by the
G20 leaders led to analysts describing the dawn of a "revolution
in the global financial order."
"We have agreed to support a general SDR allocation which
will inject $250bn (£170bn) into the world economy and
increase global liquidity," The clause stated.
"In effect, the G20 leaders have activated the IMF's power
to create money and begin global 'quantitative easing'. In doing
so, they are putting a de facto world currency into play. It
is outside the control of any sovereign body. Conspiracy theorists
will love it." Ambrose
Evans-Pritchard of the London Telegraph wrote at
the time.
"The world is a step closer to a global currency, backed
by a global central bank, running monetary policy for all humanity."
he added.
The same conclusion was drawn by the Washington
Post's Anthony Faiola, who described how the IMF
is on course to be transformed into "a veritable United
Nations for the global economy."
The move has also been endorsed separately by the World
Bank and the UN.
The head of the International Monetary Fund, Dominique Strauss-Kahn,
has repeated
the call for a global currency via SDR multiple
times.
The introduction of a new global currency and
taxation system, with an overarching regulatory
body, is a key cornerstone in the move towards global government,
centralized control and more power being concentrated into fewer
unaccountable hands.
The IMF's push toward this kind of system is part of the ongoing
movement to empower a group of unelected central bankers with
the authority to usurp state sovereignty by overseeing benchmarks
for national financial governance and setting regulations for
financial institutions all over the globe.
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