Wednesday, August 20, 2014
The Death of Money
One of the most interesting points he makes is about the IMF. Jump to 8:35. He talks about the IMF printing SDRs to bail out the dollar.
See also: http://dailyreckoning.com/one-world-one-bank-one-currency/
"A 42-page IMF paper published in January 2011 with the innocuous-sounding title “Enhancing International Monetary Stability — A Role for the SDR?” — lays out what Rickards describes. “A multiyear, multistep plan to position the SDR as the leading global reserve asset. The study recommends increasing the SDR supply to make them liquid and more attractive to potential private-sector market participants such as Goldman Sachs and Citigroup… The IMF study recommends that the SDR bond market replicate the infrastructure of the U.S. Treasury market, with hedging, financing, settlement and clearance mechanisms substantially similar to those used to support trading in Treasury securities today. ... “The SDR can be issued in abundance to IMF members and can also be used in the future for a select list of the most important transactions in the world, including balance-of-payments settlements, oil pricing and the financial accounts of the world’s largest corporations, such as Exxon Mobil, Toyota and Royal Dutch Shell.”
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment