Central Banks Game Plan: One World Currency
Only those in total denial would claim that the world economies could grow their way out of the debt bubble. Mathematically, the rules of compound interest always destroy the purchasing value of fiat currencies. The era of zero interest rates will end. When the cost to finance debts reverts to normal levels, the bleeding will become a gusher. The world reserve currency status of Federal Reserve Notes will come under enormous pressure. As the central banks consolidate their control over international commerce and the economies of individual countries, the coin of the new realm will shift to a replacement for the U.S. Dollar.
There is no current replacement for the Dollar among existing world currencies. In order to substitute the role that the Dollar plays in trade a new measure of transactions would need to become acceptable to settle trade transactions. A mere substitution with some form of a basket of currencies or the inclusion of gold, does not resolve the enormous overhang of debt obligations needed to redeem all the Dollars that float around the world. The de facto use of Dollars within foreign borders to conduct business supersedes the local legal tender laws that many countries model after those imposed domestically on American citizens.
All this would change when the reserve status of the Dollar evaporates. The IMF created back in 1969 the SDR."The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions. In addition to its role as a supplementary reserve asset, the SDR serves as the unit of account of the IMF and some other international organizations."
As fiscal and political observers understand, the International Monetary Fund is a tool of central bankers, used to cast their will over sovereign nations. Monetary bondage is the core business of finance. In order to delay the ultimate day of reckoning, a shift in appearance will be offered as an alternative to the loss in Dollar confidence.
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