Global
Currency Around The Corner?
If the International Monetary Fund gets
its way, the U.S. dollar will be replaced by
the "bancor" as the world's reserve
currency. According to a report published
April 13, the IMF would like to adopt a plan
of action that would expand the use of SDRs
(Special Drawing Rights) to replace the U.S.
dollar as the storehouse of value and
eventually create a global currency called the
"bancor." "Bancor" is the
name suggested by John Maynard Keynes, the
British economist who headed the World Banking
Commission that created the IMF during the
Breton Woods negotiations, which preceded the
United Nations. The new global currency would
be issued by a new global central bank that
would have the authority to levy taxes for
various infractions. The bank would have to
be, according to the report writers,
"accountable to member nations, but
remain independent." This statement
sounds much like the defenders of the Federal
Reserve, which was created by Congress and is
supposed to be accountable to Congress, but
refuses to allow Congress to audit its
activities or even to answer congressional
questions about to whom it lends U.S. dollars.