IMF Calls For Alternative To Dollar As World Currency

Feb. 10, 2011:

NEW YORK (CNNMoney) -- The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.

The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system.

Read the whole story: Feb. 10, 2011

Comments

[Whigist]

08:01 AM on 02/15/2011

Everyone out there -

- how much did valentines day cards cost?

- restaurants are no longer using coins, but rounding up to dollars....

There is a deliberate policy of reducing the value of the dollar which will make everything you buy more expensive....

[stargazer13]

01:35 PM on 02/14/2011

and it only took less then one hundred years !

to take a young Idealistic nation from gold then silver then paper backed by silver to paper back by ink

and they said we were the smartest wisest most powerful country in the world !!

looks like our country did not grow to it fullest potentiality !!

for our own reality as of now suggests we have not even come close !
that,s a lot of dumming down of a people !

to prove this Take 1890,s 8th grade test to make it easy for ya !

give to High School grads & collage grads !

compare results then right after you recover from the shock ! ask your self how ? is this even possible ?

1890,s 8th grade test should be our new S.a.t, test as to better gage excellence in education

[stargazer13]

01:12 PM on 02/14/2011

after losing 95% of there income stream looks like IMF is looking for new ones to replace the old one ,s that have dried up !

IMF can Hit The road Jack and don,t cha come back no more no more no more
hit the road jack

[netzwerg]

05:46 AM on 02/14/2011

"Isn't the global economy strongly tied to the US economy? If this comes true,
then what happens to the global economy? What happens to the Chinese economy if
Americans can't afford to purchase their junk @ Walmart? I'm just sayin'..."

The US economy is part of the global economy.
The Chinese are trying to postpone the collapse of the US dollar for now, so they have time to build up the new Chinese middle class. Once the new Chinese middle class has become big enough they don't need the US anymore to buy their stuff. And they can start buying up what is left of America, instead of buying US debt.

[kdlaiusa]

02:56 AM on 02/14/2011

Yeah, go ahead and use the Zimbabwe dollar as world currency, we will all be rich.
IMF should not forget USA has tons of gold.

[netzwerg]

05:38 AM on 02/14/2011

"IMF should not forget USA has tons of gold."

You think?

[stargazer13]

01:09 PM on 02/14/2011

it,s not been audited in a long while so how can you be sure it,s still there ?

tungsten gold covered bars was a story not that long ago !

[G52]

12:38 AM on 02/14/2011

The IMF is a corrupt entity without credibility.

[stargazer13]

01:15 PM on 02/14/2011

I concur ! corrupt to the core !

[bio geek]

12:24 AM on 02/14/2011

May I suggest the cholesterol deposits removed from the clogged arteries of the morbidly obese. They could be cultured and pressed into uniform weights each representing a particular domination.

[king friday]

08:32 PM on 02/13/2011

instead of proposing a reserve currency based on a basket of worthless paper (sdr's), a currency based on a basket of diversified commodities with intrinsic value would not only stabilize the global financial system, but the currency would have intrinsic value (as all money should!).

[read matt taibbi]

02:52 PM on 02/13/2011

Having the world's reserve currency works to our benefit.

Perhaps next time Bernanke tries to debase it by excessive printing
he might consider consequences of the potential loss of this status.
I do not think it will help our economy.

(although with QE2 in full swing, it might be too late)

[aristippe]

01:09 AM on 02/14/2011

yeah but it helps to pay interest with cheap money

[stargazer13]

01:39 PM on 02/14/2011

a billion dollars a ?

[realitytrumpsbull]

02:37 PM on 02/13/2011

Maybe, the IMF just needs to 'go away'. Don't go away mad, just go away, and stop trying to skim revenue out of a lot of countries, the US included. Not using the dollar as a reserve currency anymore? Who really cares? Like Bush said, it's 'just a piece of paper'.  Maybe they can print something else, and stop trying to serve out Americans' mortgage payments as an international profit vehicle or something.

[joe kim]

01:05 PM on 02/13/2011

Ha, this is some sort of joke right? This would be Bernanke's wet dream.. He has been trying to destroy the dollar his whole life, and now he gets his dream to come to fruition.

Destroy the dollar and owe people around the world nothing.

What a great get out of jail card.

The IMF is just more US policy hidden behind different face.

[Trustfunded1]

12:13 PM on 02/13/2011

Saudi Arabia is the key to US dollar strength it's not cxalled the petrol dollar for nothing.
Every barrel of oil in the world is traded in US dollars.

With the Saudi reserves being re evaluated at 40% less they'll buy less US Treasuries and with an old weak King they're starting to look like Egypt.If the House of Saud falls so does the US dollar.

[stargazer13]

01:17 PM on 02/14/2011

you said Every barrel of oil in the world is traded in US dollars.

and I say not any more !!

[eric14]

12:05 PM on 02/13/2011

Main consequence of global currency would be slide in dollar. This is highly desirable once countries outside of USA are linked to new global currency and detached from dollar.

The United States is overvalued. How much. One day the market will tell. At the moment it cannot.

[spoonbill1963]

11:35 AM on 02/13/2011

I keep just enough dollars around to pay my monthly bills. The Fed has cheapened our currency to fund the welfare state and now it's starting to show. Once we lose reserve currency status we will really be sunk...that is the dollar will really be sunk. I wouldn't want to be holding on to too many of them.
Socialism has killed our currency.

[flashpants]

11:51 AM on 02/13/2011

Would that be the same socialism that extended the Bush tax breaks and is advocating the elimination of government backing of Fannie and Freddie? Warren Buffet is right when he states that it is a bad idea to bet against America.

[hrpmap]

12:05 PM on 02/13/2011

What are you talking about? The fed and other world banksters alike have made their bets against America and are now in the process of collecting their rewards. And, they are now in the process of investing their booty in China, India and other assorted new enterprises.

[eric14]

12:03 PM on 02/13/2011

spoonbill 1963: War and defense, security spending have something to do with it. Bankers also. And corporate scandals. Housing boom. Inappropriate subsidies. It is a big list. And you are so wrong.

[0x00000000]

10:52 AM on 02/13/2011

The whole world would benefit from a more stable global economy.

Perhaps using something other than the US dollar as the world currency would reduce the worldwide incentive to keep the US dollar stable. But if the world currency is something other than the dollar, and if the US economy should experience a serious depression, then the world overall might still do well economically, and the US might benefit from having economically-responsible neighbors.

Decoupling not only prevents global downturn, but also helps individuals recover from their own misfortunes, because they will be in a stable environment that is more conducive to recovery.