G20 Pushes Globalist SDR and China’s Role

G20 Pushes Globalist SDR and China’s Role

Kurt Nimmo
Infowars.com
February 15, 2011

On Monday, French Economy Minister Christine Lagarde said her country will work to realize a planned transition to a global financial system based on several international currencies. France is currently head of the G20.

Lagarde and the G20 want to undermine sovereignty of nations by moving away from national reserves into SDRs, or Special Drawing Rights issued by the International Monetary Fund.

The G20′s mid-February meeting in Paris will concentrate on “reform” of the international monetary system.

“Continuing demand for the U.S. dollar as the world’s de facto reserve currency, consequently still widening trade imbalances, and ongoing worry over how long the dollar can retain its excessively high value relative to other currencies, are sowing the seeds of renewed global financial instability,” warned Robert C. Hockett, an expert on international finance and professor of law at Cornell University.

Hockett said the Chinese yuan will likely be added to the dollar, euro, pound, and yen as one of the principal currency components of the Special Drawing Rights.

Lagarde and the G20 are currently debating the role of China. She said France favors including the renminbi in the currencies that make up SDRs even before the Chinese currency is fully convertible.

In 2009, Zhou Xiaochuan, China’s central bank’s governor, said he wants a new globalist reserve currency to be controlled by the International Monetary Fund.

On Monday, Japan acknowledged that China’s economy is now the second-largest. Due to China’s furious growth, the country is expected to surpass the United States as the world’s largest economy by 2030.

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China outpaced the United States in manufacturing this year. In 2009, the U.S. created 19.9 per cent of world manufacturing output, compared with 18.6 per cent for China, with the US staying ahead despite a steep fall in factory production due to the global recession, according to Global Insight, a U.S.-based economics consultancy.

The G20 is dedicated to transforming the IMF into a globalist version of the Federal Reserve. The authoritarian slave labor nation of China plays an instrumental role in this proposed transformation.

During recent G20 meetings, China worked closely with the United Nations to replace the dollar as the world’s reserve currency. China’s central bank insists the dollar’s global role allowed the U.S. to borrow cheaply abroad, fueling the credit boom that led to the financial crisis.

“A new world order is emerging,” declared former British Prime Minister Gordon Brown at the conclusion of the London G20 summit. Brown later characterized the globalist takeover scheme as the emergence of “one global progressive family.”

The IMF considers China – with its authoritarian government and a slave labor workforce – as the economic model of the future.

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“The signals being sent by Brown, Sarkozy, Strauss-Kahn, Geithner, German Chancellor Angela Merkel, and others should be setting off high-decibel alarm bells,” William F. Jasper wrote after the London summit in 2009. “We are witnessing the demolition of our constitutional system and the piecemeal replacement of it with world government. Over the coming months, the architects of this new global system intend to wring every opportunity possible out of the current economic crisis to bulldoze through our constitutional checks and balances that stand in the way of empowering the IMF, the WTO, and the United Nations.”

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Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.

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Globalists Push SDRs as World Reserve Currency

Globalists Push SDRs as World Reserve Currency

 

Kurt Nimmo
Infowars.com
February 11, 2011

Once again the IMF is calling for SDRs, short for Special Drawing Rights, to replace the U.S. dollar as the world’s reserve currency.

“Over time, there may also be a role for the SDR to contribute to a more stable international monetary system,” said Dominique Strauss-Kahn, managing director of the IMF. He said there are some “technical hurdles” involved with SDRs, but he believes they could help correct global imbalances and shore up the global financial system.

In addition to creating a globalist fiat currency controlled by the financial elite and their central banks, the IMF is proposing the creation of SDR-denominated bonds, which would reduce the use of U.S. Treasuries if implemented. The IMF also suggested that assets such as oil and gold, which are currently traded in U.S. dollars, should be priced using SDRs.

The nominal value of an SDR is derived from a basket of currencies – specifically, a fixed amount of Japanese Yen, US Dollars, British Pounds and Euros. The IMF cooked up the SDR scheme in 1969. It was originally intended to be the primary asset held in foreign exchange reserves under Bretton Woods, but after the collapse of that system in the early 1970s – a victim of the bankster plan to send the U.S. deficit into the stratosphere – SDRs took on a far less important role.

Following the onset of the engineered global financial crisis in 2008, the so-called BRIC countries – Brazil, Russia, India and China – led primarily by Russia and China, have called for dumping the dollar and moving into a global currency scheme. The SDR facility stands ready.

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The IMF and the globalists plan to elevate China and undermine the United States. Strauss-Kahn told reporters last June in a news briefing that he believed there would be more pressure to include yuan, also known as the renminbi, among SDR currencies.

Early in 2009, China issued an aggressive call to dump the dollar and move into SDRs. “The role of the SDR has not been put into full play due to limitations on its allocation and the scope of its uses. However, it serves as the light in the tunnel for the reform of the international monetary system,” said Zhou Xiaochuan, governor of the People’s Bank of China.

The IMF, however, has so far held off on spiking international foreign exchange reserve assets with the yuan. The problem is that China has yet to “liberalize” its currency, in other words the authoritarian state has yet to allow central banks to hold yuan-denominated deposits without restriction.

In June, the United Nations called for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.

“In politics, nothing happens by accident. If it happens, you can bet it was planned that way,” said Franklin D. Roosevelt.

Same thing can be said for economics. The banksters have purposely attacked the dollar in order to move us into a globalist world currency.

Federal Reserve operative and current U.S. Treasury boss Tim Geithner gave the SDR concept a nod during the globalist G20 confab in London. During the meeting, it was announced that the IMF would have a trillion dollars allocated to its coffers and an increase in the SDR facility of $250 billion.

The globalist plan to establish a world currency began in earnest after the Second World War when John Maynard Keynes and the British government proposed the “Bancor” as a world reserve currency or – as the globalists like to call it – a supranational currency. At the time, it was decided under Bretton Woods that the U.S. dollar would serve as the world’s reserve currency.

Keynes approach gained renewed favor among establishment economists and central banksters after the engineered financial crisis.

The Federal Reserve is facilitating the move into a world currency controlled by the IMF and the globalist central banks by quantitative easing, that is to say devaluing the U.S. dollar by cranking up the printing press.

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As investor Marc Faber noted last year, this funny money intervention by the Federal Reserve is going to create a final crisis that will destroy the U.S. financial system. The Fed “will print and print and print until the final crisis wipes out the whole system,” Faber warned.

Following that engineered destruction, there will be desperate and hysterical calls to embrace the SDR scheme and adopt the globalist world economic order.

–

Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.

–

Alex Jones and Midas Resources has come together to offer you three of the most hard hitting videos ever produced: End Game, Obama Deception, and Fall of the Republic.

After viewing this collection you will know who is pulling the strings of our puppet government. It’s not about Left or Right: it’s about a One World Government. The international banks’ plan to loot the people of the United States and turn them into slaves on a Global Plantation.

If you want to know the facts and cut through all the hype, this eye-opening film collection is for you. For a limited time this collection is being offered with three constitutional silver dollars, the real money our for-fathers intended for us to use. Order this special collection today and get the perfect solution to the perfect economic storm.