U.S. backs global alternative to dollar

The following report is excerpted from Jerome Corsi's Red Alert Posted: March 19, 2009 © 2009 WorldNetDaily Increasingly, the International Monetary Fund, with the support of the United States and Russia, appears positioned to launch a one-world currency at the upcoming G-20 meeting in London. The move is intended to be a last-ditch effort to prevent massive bank failures from occurring throughout the European Union. The idea is for the IMF to issue at least $250 billion in Special Drawing Rights, or SDRs, to IMF member states as a method of placing a safety net under developing countries that might otherwise have to declare bankruptcy. The idea gained momentum Tuesday when the Moscow Times published an article revealing that the Kremlin intended to use the G-20 meeting, beginning April 2, to push for the IMF to utilize SDRs as "a super-reserve currency widely accepted by the whole of the international community." U.S. Treasury Secretary Tim Geithner is on the record calling for the G-20 to support "substantially increasing emergency IMF resources" by up to $500 billion to deal with the global economic crisis. "The IMF is looking for about $500 billion in SDRs in order to bail out the European Union banks that have lost trillions of dollars making loans into the Eastern European countries the EU thought would adopt the euro after joining the EU," said Bob Chapman, author of the online International Forecaster newsletter, in a telephone interview. "If the United States or other countries come up with $500 billion the IMF wants to back these new SDRs, the $500 billion will end up being loans to the IMF that the IMF will simply never pay back," Chapman explained. [Continue reading]

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