Posts Tagged ‘IMF takeover’

10 Reasons Why the Reign of the Dollar as the World Reserve Currency is About to Come to an End

Thursday, March 29th, 2012

Source:  Wealth Wire

OPINION

The U.S. dollar has probably been the closest thing to a true global currency that the world has ever seen. For decades, the use of the U.S. dollar has been absolutely dominant in international trade. This has had tremendous benefits for the U.S. financial system and for U.S. consumers, and it has given the U.S. government tremendous power and influence around the globe.

Today, more than 60 percent of all foreign currency reserves in the world are in U.S. dollars. But there are big changes on the horizon…

The mainstream media in the United States has been strangely silent about this, but some of the biggest economies on earth have been making agreements with each other to move away from using the U.S. dollar in international trade. There are also some oil producing nations which have begun selling oil in currencies other than the U.S. dollar, which is a major threat to the petrodollar system which has been in place for nearly four decades. And big international institutions such as the UN and the IMF have even been issuing official reports about the need to move away form the U.S. dollar and toward a new global reserve currency. So the reign of the U.S. dollar as the world reserve currency is definitely being threatened, and the coming shift in international trade is going to have massive implications for the U.S. economy. (more…)

Things More Worrisome than AGW: New IMF Chief

Tuesday, July 5th, 2011

Source:  Money Morning

OPINION

Why the New IMF Chief Will Cost U.S. Taxpayers Billions

By Kerri Shannon, Associate Editor, Money Morning

The International Monetary Fund (IMF) has made another mistake – a mistake that’ll cost U.S. taxpayers a lot of money.

The organization’s executive board yesterday (Tuesday) selected French Finance Minister Christine Lagarde as its new leader. A U.S. pledge of support Tuesday morning secured Lagarde’s approval. She already had backing from European countries and major emerging markets Brazil, Russia, and China.

But with Lagarde in the driver’s seat, the IMF is likely to continue lending billions of dollars to struggling European countries that are drowning in debt.

Those billions come from member countries that hold a financial stake in the IMF – and the United States is the single-biggest stakeholder. (more…)

Things More Worrisome than AGW: “Bailout” Takeovers

Monday, May 30th, 2011

Source: Financial Times

Greece set for severe bail-out conditions

By Peter Spiegel in Brussels, Quentin Peel in Berlin and Ralph Atkins in Frankfurt

European leaders are negotiating a deal that would lead to unprecedented outside intervention in the Greek economy, including international involvement in tax collection and privatisation of state assets, in exchange for new bail-out loans for Athens. [SPPI note: See book quote below]

People involved in the talks said the package would also include incentives for private holders of Greek debt voluntarily to extend Athens’ repayment schedule, as well as another round of austerity measures. (more…)