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Over the past few years, there have been many rumors about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works but not anymore. A shocking new report by the IMF is proposing just that – a global currency beyond national control! @A Financial Site For Sore Eyes & Inquisitive Minds Words: 820
So says an article on theeconomiccollapseblog.com which Lorimer Wilson, editor of www.munKNEE.com, has reformatted into edited […] excerpts below for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.)@Economic Developments
The article goes on to say in further edited excerpts:
More on the Proposed New Global Currency
@$$4$The IMF recommended on April 13, 2010 that the world adopt a global currency called the “Bancor” and that a global central bank be established to administer that currency. This is not hype and it is not a rumor. This is a very serious proposal in an official document from one of the mega-powerful institutions that is actually running the world economy. Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets so could a global currency known as the “Bancor” be on the horizon? That is now a legitimate question.
Where in the world did the name “Bancor” for a global currency come from? Well, it turns out that “Bancor” is the name of a hypothetical world currency unit once suggested by John Maynard Keynes. Keynes was a world famous British economist who headed the World Banking Commission that created the IMF during the Breton Woods negotiations and the IMF report referenced above proposed naming the coming world currency unit the “Bancor” in honor of Keynes.
What about Special Drawing Rights (SDRs)? Over the past couple of years, SDRs have been touted as the coming global currency. Well, the report does envision making SDRs “the principal reserve asset” as we move towards a global currency unit….However, the report also acknowledges that SDRs do have some serious limitations. Since the value of SDRs are made up of a basket of currencies – U.S. dollar (44%); Euro (34%); Yen (11%); Pound (11%) – so anything affecting those currencies will affect SDRs as well.
The IMF report recognizes that moving to SDRs is only a partial move away from the U.S. dollar as the world reserve currency and urges the adoption of a currency unit that would be truly international. The truth is that SDRs are clumsy and cumbersome. For now, SDRs must still be reconverted back into a national currency before they can be used, and that really limits their usefulness according to the report….so the IMF report believes that the adoption of a true global currency administered by a global central bank is the answer [to the shortcomings of the SDRs].
The authors of the report believe that it would be ideal if the “Bancor” would immediately be used as currency by many nations throughout the world, but they also acknowledge that a more “realistic” approach would be for the “Bancor” to circulate alongside national currencies at first.
A global central bank would print and administer the “Bancor”. It would be something like the Federal Reserve, only completely outside the control of any particular national government.
Is that what we really need – a world currency administered by an international central bank modeled after the Federal Reserve? Not at all! The Federal Reserve has devalued the U.S. dollar by over 95 percent since it was created and the U.S. government has accumulated the largest debt in the history of the world under this system – so now we want to impose such a system on the entire globe? [I think not!] Considering how disastrous the Federal Reserve system and other central banking systems around the world have been, why would anyone suggest that we go to a global central banking system modeled after the Federal Reserve?
A global currency (whether it be called the “Bancor” or given a different name entirely) would be a major blow to national sovereignty and would represent a major move towards global government. The truth is, however, that there are some very powerful interests that are absolutely determined to create a global currency and a global central bank for the global economy that we now live in.
It would be a major mistake to think a global currency can’t happen!
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1. If they do go to this, they will have the power to demand that all transactions are done in Bancor. Dollars and crypto not converted will be worthless.
2. It will greatly benefit productive countries. A problem with the Euro is that Germany benefits and Greece, Italy and Spain don’t. When Germany was on the Mark and they exported too much, the Mark would strengthen in value making their exports more expensive and they wouldn’t sell as much. It is just the opposite with the southern Europe countries. Consider the Euro now as an average of the old currencies. Germany can now export all they can produce with little balancing impact on the Euro.
What I wish to happen is for all of these robbers to make the dollar worthless. I am nearing the end of my life. I have worked my tail off many years and have finally managed to actually have a decent amount of money saved. Nowhere near a million but over a hundred thousand. I could buy silver or gold and get rid of my fiat cash but in order to spend it I would have to change it back to ? dollars or some other form of value which would not be done for free. Inflation has robbed me from the first day I earned a quarter and now that we have that imbecile Biden and his cronies in charge, inflation is about to take off again. Most of us spend most of what we earn on taxes and the necessities of life and have little left for savings. It’s a sin for our government to allow us to make a tiny bit of interest on our savings and then want nearly half of what our money has earned for taxes. The poor working stiff can’t get ahead. Perhaps that is why crime is so popular. In this day, if you only earn fifty to sixty grand a year and have a small family all you are doing is running on llife’s treadmill.
Smitty, you are correct on everything you said! I am in that $60k a year with 3 kids and a wife who does in home daycare and I just quit my 2nd job after 9 years. Just barely make a comfortable living while working my ass off. There is going to be a big financial collapse anytime in the next year and it will make any collapse before look like a drop in a bucket compared to what’s coming.
You could invest in metals like gold and silver and it wouldn’t cost much if anything to convert back to fiat. You could also invest in real utility digital assets like XRP, XLM, and ALGO and just hold on to those for a couple of years. Those tokens, along with their protocols and use cases, are being used by the central banks of the world for them to create each countries new digital money. And those currencies are also the future standard that the financial world will have to follow or get left behind by 2025 at the latest. This transition from the old system to the new begins Nov. 2022. This is no joke, it’s out there to read, you just have to know where to look. Ripple.com is a good place to start followed by Stellar.org. These are a couple of the payments platforms that mostly everything will eventually run on or be connected with in some fashion through partnerships.
Did you know that once you have either a crypto exchange account, or crypto wallet, or even twitter, I could send you any amount of money that I have to you instantly with xrp or xlm and you would receive it in under 5 seconds and would cost me under $.01? This is what we have to look forward to. You know how it takes 3 to 5 business days to transfer money from a bank account to fund say a Paypal account? Well once these systems are implemented, it will be instantaneous. No more waiting for banks or money to clear for days or weeks. It all will settle instantly.
Just another fiat currency to be backed by thin air, the difference is that the Constitution of the US prohibits us from doing this. No thanks we have enough problems without this crap, look at the Euro mess.
What will the new currency do to gold and silver???
A unanimous one currency for the globe intoto will indicate the quantity measure of market commodities in general, therefore silver and gold will retain the market value each has given me an accurate scaling of economic adjustments of the entire globe economy.
there is no way to do this and not have one some nation wants to control it. This move is yet another Communist Chinese Sneak attack to take over the Gobal economy, now that they have weakened it with the First global viral Germ War on the planet. .It is why they just announced they are going off the \yuan and using a new Crypto Currency? Good God people to save the planet you must find a way to stop these Chinese madmen. I believe they think they have taken over enough of the global data systems to rule all economies once the Fools in current banking fall for their ruse. God help us. please no responses from \chi\\\\\\\\\\bots or PLA operatives.
Hi Will, I do see where you are coming from. The digital Yuan is Chinas own digital currency which will only be controlled by CCP in China. Nobody else is going to want to touch that. If another country does have to trade with China, they can have it all transferred and settled with XRP and then can be converted back into the countries currency who traded with them. XRP will be the worlds bridging asset, Ripple will basically become the BIS, and nobody can overtake the XRPL because there are node validators that run the XRPL and you would need, I think, a 90% consensus from those nodes validators to overthrow/control that network, which would be impossible. This makes the system decentralized and makes it possible to work with centralized entities, even CCP if need be.
RIPPLE is also on the standards board for the ISO20022 standard, which is what every system and bank will have to follow by 2025. The outdated SWIFT payments system is outdated and will be replaced with this new standard which is way faster and cheaper. Certified digital currencies of the ISO20022 standard are XRP, XLM, ALGO, XDC, and IOTA.
Don’t hold me to it, I jave just done a lot of research and hope I know what assets to hold.
The variables that constitute the scope of the macro or globe economy are the considerable ingredients in regard of a global currency. The extent to which the SDRs may serve as a global currency has a limitation given the domain scope within which it lies, that is, the reserve capacity of the bigger donar countries. The globe economic infrastructure or framework for upon which a unanimous decision currency could be molded or formed should entail a larger scope of activities,including; inflows and outflows over specific time frames of economic activity plus the overall eeconomic time space activity, all the varying activities distributed in the differing degrees of capacity of individual and sovereign and subsovereign communities (countries) . Essentially,for there to be a one currency,we have to be able to establish the commonality of economic tongue and accuracy of the distribution of economic wealth of nations must be determined .lastly, the intricacies of market activity must be determined, the seals of the market in order to stablish a formidable and opaque globe state currency.
The XRPL, Ripple, and XRP will be able to handle everything you said and more. The XRPL is a DLT (distributed ledger technology) in which every transaction is recorded and where other technologies created can be coupled with the XRPL through the use of federated sidechains to literally make anything possible. There is so much you can do to where I can’t even explain it all on here. This new DLT will become the new public good just like the internet and will be considered the 4th industrial revolution. It will also be considered the internet of value.
Ripple comes into play by becoming basically the new world central bank, like stated in the article, but will not fail like the federal reserve. Ripple is currently helping over 80% of the worlds central banks to create their own CBDC’s (Central bank digital currencies) and are running on a private ledger currently (federated sidechain and this was confirmed by Ripple earlier this year). Ripple specializes in ODL and cross border remittances and will soon gain the FX markets and will also become their own bank.
Here is where XRP comes into play. When a payment needs to get settled between 2 different countries currencies, country A will pay Ripple with their native currencie, it’s transacted with the use of XRP, and is then converted to country B native currency. All done wth XRP which can handle thousands of transactions per second, costs .000012 XRP per transaction, and settles the transaction in under 5 seconds every time.
Eventually, imo, everything will flow through the XRPL and will use XRP or whatever you are using or doing will in some fasion be connected with Ripple.
Not financial advice, but if everything does flow on the XRPL, the price will need to be greater than $10k per coin and it currently is at .81. It will become the new Bitcoin price.
Hope you enjoyed this. I may have mispoke on a thing or two but take it as it is. It’s still all speculative.
As far as I understand the US dollar came off the gold standard in the early 1970s and thus all or most currencies are fiat currencies, of no value than the paper and coins.
Yes, I believe we need a new world currency but want it to be a currency that is connected to the environment, an ecological currency.
Now you may think I’m crazy but my personal idea to achieve that is this:-
We need a new banking system, a new World/Planet-wide Bank based on a fundamental asset to give it sound stability. Gold is no longer capable. So crazy as it may appear I in only my opinion think we ought make the planet itself the Bank’s base asset, no longer a bank owned by any human or group of humans. A Bank whose base asset and currency is a twelve thousand seven hundred and forty two kilometre diameter spherical coin called planet Earth. From the Bank of Planet Earth we humans borrow a new currency of monetary denominations, paper and coinage with the portrait of the planet the Earth printed and minted upon their surface to remind us humans to consider the environment when making any transaction .
Well, that’s my idea for what it’s worth
So what values of the US dollars would be equivalent to this so called bancor or whatever they will call it hold? I know if you have nothing it really doesn’t matter but all of us sitting on US dollars to retire on could destroy all our retirement.it would be nice to know which way to head
My 2 cents, I believe the world should go on a ( gold 1 gram ) (10 gram silver) standard, and administered by a world Bank. Keeping the money lenders out of the temple..
The dollar is a weapon for the US to wield. If a country disagrees with US policy then they get sanctioned. The dollar must die for the world to be free
It’s not “our” dollar. It’s the Rothchilds Federal Reserve Notes. Do you see United States Treasury Note at the top of your bills? I think not.
The IMF is just as bad, if not worse. We need to end the central banking systrm altogether. Any currency produced with interest attached to it is inherently evil. It’s the “interest” that is killing economies around the world. Fiat money is no longer viable in the 21st Century.
Without interest attached, you won’t see inflation that cripples everything in sight, especially the housing market.
Well put Jeff!! I couldn’t agree more!
I can’t agree more with you , US dollar being used to punish countries that don’t agree with United States expansionist policy
Absolutely, the anarchy orchestrated by the propounding of an entirely globe currency given by the information encrypted on the dollar bill is the exact cause of a national economic delusion amidst a crippling global economic order owing to inappropriate application of currency terms. The dollar bill has tone undergo resetting in order for its complete and altruistic goal and purpose and function be realized
LOL They say a world currency would be a major blow to national sovereignty and would represent a major move towards global government. Hello! The US dollar is a blow to all countries national sovereignty and the US empire wants to rule the world. Look at the problems the US causes around the world. KILL THE DAMN DOLLAR!
Very interesting view that could happen with the cooperation
of the governing body.
Would this mean finally acknowledging all debts unpaid by many big countries? To include every legitimate unsettled bearers instrument ?
Fair to say coverage of the above would be swayed as honesty
that is quite exceptable to any legitimate debt holder.
Wow, this is really scary,
Do you have any idea of what impact a new currency will have on the price of gold and silver (of course for silver you have the day by day industrial consumption so the impact might be lower … or I am wrong? )
How would they ensure all countries will use this new currency? What if countries with strong currencies will not accept it?
> Atzaru< … sanctions will be used against recalcitrant nation states and or their ruling elite ….
By issuing a tax only payable in its currency. It’s the only reason why any currency has value. That’s why bitcoin or any other crypto currency will never take over the US dollar because even if you get a job where your boss pays you with bitcoin you would still have to pay tax on your income and you can only pay your taxes in US dollars. Not gold, not euros, not even grilled cheese sandwiches.
xrp can bridge and settle any currency in 1,5min realtime
For less then 1cent
XRP will be the world reserve currency.
Nobody is paying taxes in US dollars if the US dollar isn’t worth the paper it’s printed on. Especially when the bank$ters running the US government are determined to steal the wealth of the American people. the easiest way will be through exchange rate between the dollar and a new currency. You have to decouple views about Bitcoin from views on crypto in general. Bitcoin’s network is too slow to be used for day to day currency which is why Bitcoin cash was forked off of it, but that is I believe designed for a 1:1 fixed transfer rate with the dollar and still runs on the same slow network. XRP has its own network which is already being rapidly adopted by large banking system and that network is much faster than Bitcoin’s. It is one of the fastest transacting networks in blockchain.
Taxes will be payable in whatever currency the country is operating on. You don’t really think Constitutional limitations are going to change that do you? Because they were already circumvented once with the creation of the Federal Reserve.