IMF (International Monetary Fund) Proposes Alternative Currency Plan to Replace USD

Discussion in 'Money, Investing & Precious Metals' started by wallstwench, Feb 18, 2011.

  1. wallstwench

    wallstwench Active Member

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    Hello everyone,

    I'm sorry for not posting sooner, but my goodness is there a lot going on right now. No need to fear as most of you seem to be amply prepared for just about anything. That is to say unless you still have money in the stock market. If so, I will say it again, GET IT OUT. Do not fall for this sucker's rally. Do not let greed blind you or dismiss what I'm saying. Do not pass GO, do NOT collect $200. I honestly do not know one coworker, colleague, or customer right now that believes in this rally, our government, our stability, or our ability to weather this tsunami approaching. I will say that I am NOT a financial planner though, I am just a broker that uncovered factual evidence of how horrifically Wall St has been robbing hard working Americans and I'm utterly apposed to letting them/us get away with it. I have absolutely nothing to gain by telling you to cash out. In fact I have much more to lose by doing so.

    Latest News:
    The G20, or "Group of 20 Leading Industrialized Nations" began their "annual" meeting this week in France, and is set to end Saturday. This meeting began just 4 months after the last one in Seoul in November that did NOT go very well for the US. I put annual in quotations because upon the inception of this group, they met once a year. In 07/08 they stepped up to 2x a year and here we are just 4 short months later meeting again. Does that help clarify the severity of our current global crisis to any nah-sayers out there?

    In November we outright accused China of undervaluing their currency and they accused us of devaluing ours. We've basically been the big bully Brother to China for years now, and they are not having it any longer. China's all grown up now. I remember when I realized my little brother was finally big enough to kick my *** and I promptly began kissing his. Instead, we continue to stir the pot. We were talking so much smack prior to the last G20 meeting and pissed China off so much BEFORE the meeting even began that they first LOWERED our credit rating, siting "lack of intention to repay our debt." They then fired a missile off the coast of California, according to CNN.

    On Feb 10th, the IMF issued a report containing a proposed plan to replace the dollar with a new IMF sponsored basket of currencies called an "SDR" or "Special Drawing Rights." This was an emergency plan created after the last failed Bretton Woods agreement.
    IMF discusses plan to replace dollar as reserve currency - Feb. 10, 2011

    The good news I've gathered thus far, is that the IMF is now and supposedly has been for decades, the largest holder of gold bullion in the world, holding members' bullion as a reserve to either the dollar or their national currency. I'm not completely clear on this as of yet. I am also unable to determine just how much of the initial gold reserve the IMF collected from us, if we are entitled to it, or what the rules would be on collecting on it considering the large liabilities we have. We owe $3 trillion to China alone. In order to completely understand what is or could transpire I will be reading up on just how this SDR was created, why it was created, by whom it was created, and what amendments have been made to it since its creation. Here's a link containing just the basics:
    Factsheet -- Special Drawing Rights (SDRs)

    Now Japan is seeking Asian support to set up their OWN currency swap network which would diminish the role of IMF, so there are too many cards on the table right now that have never been played before to tell who the winners and losers could be. One thing looks for certain though, we are returning to a gold standard in one way or another.
    UPDATE 2-Japan to seek support for crisis prevention plan-Nikkei | Reuters

    Keep an eye out for another exciting gold thread today containing the outcome of a lawsuit the Federal Reserve lost due to gold market manipulation. THIS is going to be good no matter what the court's punishment is, if there is any at all. The judge only ordered the Fed to disclose this document to GATA (Gold Anti Trust Association), no later than TODAY Feb 18, 2011. I can't wait!!
     
  2. UncleJoe

    UncleJoe Well-Known Member

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    Thanks for posting. I was beginning to think you left us. :)
     

  3. goshengirl

    goshengirl Supporting Member

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    Ditto - thanks for posting! Really appreciate your information.

    Wish I could get my DH to agree. :rolleyes:
     
  4. wallstwench

    wallstwench Active Member

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  5. UncleJoe

    UncleJoe Well-Known Member

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    DH = Dear Husband

    DW = Dear Wife

    ------Dear son
    ------Dear daughter
    etc,etc,etc
     
  6. CulexPipiens

    CulexPipiens Still waiting for the zombies.

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    Huh... learned something. All along I was guessing that D stood for Devoted.
     
  7. BillM

    BillM BillM

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    Wench

    Have you seen the spot on silver today ! The Asian market closed at $33.91

    I'm up $3.00 on 10000 oz's when the New York market opens in the morning !

    If the US go's to a gold / silver standard , I belive they will value Gold at somthing like $5.000 per oz to keep China from emptying out Fort Knox.
    The dollar would be 100 % backed by Gold then and it will pull the world gold market up with it. What do you think ?