Using various pretexts — and especially the crisis in Ukraine — governments and dictatorships, including Vladimir Putin’s Russia, are even threatening to proceed with the radical plot to empower the IMF whether the U.S. Congress approves it or not.
The most important and far-reaching elements of the “reform” agenda include a doubling of taxpayer resources available to the IMF. Member governments would have to supply twice as much taxpayer funding to meet their “quota” under the agreement. Even more important, the reforms would also dramatically reduce U.S. influence while handing more power to what propagandists refer to as “emerging markets.” In reality, “emerging markets” would continue to have no influence whatsoever at the powerful globalist institution. The dictators and governments that rule them, however, would be given far more authority to dictate IMF policy and decisions.
Chief among the regimes that would be empowered under the “reforms” is the communist dictatorship ruling over mainland China, which for years has been calling for the IMF to become a sort of planetary central bank in charge of a global currency. Other governments that would have more influence include those ruling over the rest of the so-called BRICS — primarily socialist and communist regimes in Brazil, Russia, India, and South Africa. All of the “BRICS” regimes have been strongly pushing for more control over the IMF in recent years, even as they push to radically expand its mandate to include a planetary currency.
“We support the reform and improvement of the international monetary system, with a broad based international reserve currency system providing stability and certainty,” the five BRICS regimes said in a joint 2013 declaration, calling for Third World dictators to have a greater say in the IMF and the emerging global monetary regime. “We welcome the discussion about the role of the [IMF’s] SDR [a proto-global currency known as Special Drawing Rights] in the existing international monetary system including the composition of SDR’s basket of currencies.”
The biggest barrier thus far to the IMF “reforms,” reportedly agreed to in 2010, has been the U.S. Congress, which is so far refusing to approve the funding. In a statement, however, the Obama administration said it was working on overcoming that obstacle. Among other demands, the administration wants lawmakers to approve a shift of some $63 billion from a “crisis” fund to the IMF’s general accounts to comply with the 2010 reform “commitments” made by the Obama administration and the IMF board.
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