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Author Topic: International Monetary Fund Special Drawing Rights  (Read 2391 times)
xxjs
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February 15, 2013, 02:15:23 AM
 #1

Heard about it?

Money issued by IMF.

Pegged to a basket of national currencies:

"The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a basket of major currencies (the U.S. dollar, Euro, Japanese yen, and pound sterling). The SDR currency value is calculated daily (except on IMF holidays or whenever the IMF is closed for business) and the valuation basket is reviewed and adjusted every five years."

That is, it is pegged this way until it is pegged otherwise.

http://www.imf.org/external/np/fin/data/rms_sdrv.aspx

What is the money base?

"• SDR 9.3 billion was allocated in yearly installments in 1970–72.
• SDR 12.1 billion was allocated in yearly installments in 1979–81.
• SDR 161.2 billion was allocated on August 28, 2009.
• A special one-time allocation of SDR 21.5 billion took effect on September 9, 2009, bringing total cumulative allocations to about SDR 204 billion (equivalent to about US$318 billion)."

and...
"Q. Will the SDR allocation be inflationary?
A. Not likely."


http://www.imf.org/external/np/exr/faq/sdrallocfaqs.htm

This must surely end world poverty. (sarcasm).

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February 15, 2013, 03:06:42 AM
 #2

SDRs are old news, based on sclerotic old failing currencies.

The new hotness?

Yuan swaps and gold trade notes.

http://www.silverdoctors.com/jim-willie-on-currency-wars-the-rejection-of-the-us-dollar-the-coming-chinese-gold-trade-note/

Jim Willie on currency wars and the rejection of the US dollar
https://www.youtube.com/watch?v=FIYdu6k1r6E

^^^When this information makes you rich and/or saves you from the bread lines, PM me for a donation address.   Wink


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February 16, 2013, 12:47:22 AM
 #3

Funny, I knew the IMF was the future world's central bank with a single currency, I just hadn't realized it had quietly happened already.  Lips sealed
Wouldn't be surprised if this were used as a backup plan to some major currency's failure, to usher in a new era of "price stabilitee."
Pretty amusing proof of how bullshit the idea that the major currencies are separate in any significant way is.
xxjs
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February 16, 2013, 04:17:53 PM
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Funny, I knew the IMF was the future world's central bank with a single currency, I just hadn't realized it had quietly happened already.  Lips sealed
Wouldn't be surprised if this were used as a backup plan to some major currency's failure, to usher in a new era of "price stabilitee."
Pretty amusing proof of how bullshit the idea that the major currencies are separate in any significant way is.
I agree, that seems like the plan.
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