For years I have observed the evolution of money more recently how the banking fraternity connected to the World Bank, the IMF and BIS, were attempting to develop a currency based on Co2 (carbon) as a commodity. Now the SDR (Special Drawing Rights) are becoming more of a reality as a world currency with China behind this “global currency” initiative. The SDR is an international reserve asset and was created by the IMF way back in 1969 to supplement its member countries’ official reserves. This will be an international currency that will replace the Eurodollar and the petrodollar. The IMF is looking at SDRs as its “one world, one bank and one world currency vision.” What will come out of this is a bond market for SDRs. These bonds will be issued the end of this month. BRICS will also apparently be issuing bonds based on SDRs.
Chinese proverb: “A journey of a thousand miles must start with a single step.”
So the idea of a global currency goes way back much further than most people realize. As of March 2016, there have been 204.1 billion SDRs (equivalent to about $285 billion) that have been allocated to SDR members. SDRs can be exchanged for freely usable currencies. The value of the SDR is currently based on a basket of four major currencies: the U.S. dollar (0.66% of SDR), euro (0.423% of SDR), the Japanese yen (12.10% of SDR), and pound sterling (0.111% of SDR). The basket will be expanded to include the Chinese renminbi (10.9% of SDR) as the fifth currency, effective October 1, 2016. October 1, 2016 is an important date, not only because of the Chinese renminbi will be included in the “basket of currencies”, but also more significantly, the Chinese renminbi will be backed by gold. The U.S. dollar, the Japanese yen, and the euro are not backed by gold in case anyone needs a frightful reminder.
If there is any doubt in the reader’s mind about China’s plans for the world economy and a gold-backed currency, take time to read through this article “For Gold And A New Monetary System” that presents the Chinese plan for gold and a “new monetary system.” The interesting point too is that Japan is in serious financial trouble being obedient to the central banking model based on the west. Japanese financial analysts have expressed an interest in the SDR bond market which will be started up in Shanghai beginning with a minimum of $300 million.
New World Currency Coming (SDR) October 2016
Edited with this update for October 1, 2016:
SDR World Order by James Corbett