While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund. The end goal is to transform the IMF into a global Federal Reserve, with the ability to flood the world with huge new volumes of loans and currency. It would also wield vast financial regulatory powers.
The IMF’s unit of account, or “currency,” known as a Special Drawing Right (SDR), is being readied for eventual adoption as the replacement for the U.S. dollar in international transactions, to lead the way toward eventual adoption of the SDR or some other designated unit as the global currency, much in the same way that the euro was foisted upon the people of Europe as a replacement of their national currencies.
The mainstream media seem intent on keeping the public fixated on the latest Kardashian frolics, sportsmania, and Democrat-Republican political mudwrestling, while coverage of the G7, G20, and IMF confabs that are determining the economic fate of the world receive short shrift. And the little reporting of these events that does leak out usually amounts to little more than regurgitation of the pre-scripted talking points of the conference principals. Over the past four years, The New American has published numerous articles detailing the radical plans currently underway for the total destruction of the dollar and the plans for supersizing the IMF into a global Fed. (See the linked stories at the bottom of this article).
Virtually unreported was IMF Managing Director Christine Lagarde’s comments at the close of the G20 Moscow summit on February 16 that she expected the IMF members to come through soon with the remaining funds necessary to double the IMF’s funds. Unknown to most voters and taxpayers the world over is the fact that their governments’ finance ministers agreed at the G20’s Korea meeting in 2010 to increase the “quotas” (contributions) of each member to the IMF, effectively doubling the IMF’s SDR assets to about $US 750 billion.
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Photo: U.S. Federal Reserve Chairman Ben Bernanke ahead of G20 meeting in Moscow, Feb. 16, 2013: AP Images