There is exciting news that you can read in the daily Republika, published yesterday (02/03/2010) that the IMF called on to leave the U.S. $!! This news alone, of course invalid because the statement refers to Dominique Strauss-Kahn, the head of the International Monetary Fund (IMF) on Friday? At last week.
Not that I know better or smarter than the highest leadership of the IMF; but if you read my article almost six months ago under the title Got To Leave As Dollar, then you will know that the call or discourse that were raised by a number of people in this IMF is the should be done and it will not surprise you.
The thing to watch the race and also other nations in the world is? what’s behind this statement. Why only now changing discourse of U.S. $ raised? And what a replacement U.S. $ which they thinking?
I tried to guess what would be the answer to two questions mentioned above. About why this discourse now raised; my guess is because they (IMF officials) also know that the U.S. $ will not survive in a much longer? This discourse is raised to a kind of socialization into the world to conditions that are very likely to happen.
IMF-failed they want to fix the failure of the IMF’s history first, when there was a surprise Nixon Shock in August 1971? which unilaterally and abruptly? Nixon shook the world by leaving the gold as the reference currency U.S. Dollar him. This time they want the world community to know first? that the U.S. dollar is likely to fail (again) and the world will not be able to count on him.
So why do they? Being kind? signaled to the world that the U.S. $ will fail? Simple? because they also still want (fixed) leads the world with its rules. Remember when the IMF failed first with the incidence of Nixon Shock in August 1971; successors remain IMF also only? The law? His switch from the Bretton Woods Agreement (1945) the Article of Agreement of the IMF, signed in the Smithsonian Institute? December 1971. From this location marker have actually savvy Muslims already have to know who is behind them and for programs whose interests they are made.
Questions about what to-2 replacement of U.S. $ which they thinking? Dominique revealed from the statement that the replacement of U.S. $ as reserve currency to come is? Similar to but distinctly different from the IMF’s Special Drawing Rights, or SDRs?.
SDR is a reserve asset created by IMF in 1969; initial value of 1 SDR is equivalent to 0.888671 grams of gold? which should then also worth 1 U.S. $. After the Nixon shock incident mentioned above,? Money? SDR was equivalent to the gold-was turned into the equivalent of a basket of stronger currencies of the world. For the current contents of the basket consisting of U.S. $, Pounds Sterling, Euro and Yen.
So what is the value of SDR is now? Monday (03/01/2010) 1 SDR equivalent to U.S. $ 1.52771, or if you bought gold can only 0.0425 grams. So money’s SDR-lived are now worth about 1 / 20 of the initial value when it was introduced 41 years ago.
What’s this all meaning? When the U.S. $ as a reserve asset is replaced with a new form of SDR though (which is said to Dominique as a similar but distinctly different with the current SDR)? still can not be a real asset reserve? because its value is also experienced as the collapse of paper currency basket used to calculate its value.
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