World Being Primed for Global Currency?

On April 30, 2010, the International Monetary Fund (IMF) recommended that the world establish a global currency called the “Bancor” (named after a hypothetical world currency once suggested by John Maynard Keynes, who headed the World Banking Commission that created the IMF) and that a global central bank, similar to the US Federal Reserve System, be established to administer it.

The Bancor would take the place of the Special Drawing Rights (SDRs), which have been suggested as a world currency unit.

However, SDRs are, in reality, no more than an aggregate of numerous international currencies (44% USD, 34% Euro, 11% Yen, 11% Pound), the result being that anything that affects these currencies affects the SDR. Also, the SDR must be converted to and from local currencies, making it cumbersome for day-to-day use.

A TRULY independent world currency SHOULD solve both these problems, however, one has to wonder at the intelligence (or seeming lack thereof) of modeling the administrative body for such a currency after the US Federal Reserve System, given the current US economical state and the impact it’s having on the world economy.

The fact that this envisioned global central bank is proposed to be outside of the control of any government appears to support the notion that it would be impervious to local regional manipulations, however, this seems to ignore the fact the the US Federal Reserve is ITSELF under no true government control.

The Fed is, in fact, a private banking consortium, not controlled by any government department, yet it IS the sole supplier of US currency, printing at will any amounts the US government asks for.

The ability to create money AT WILL, together with no requirement to back the currency with tangible assets (i.e. gold), is leading the US down a path to hyperinflation and the TOTAL devaluation of that currency.

What would happen if this was done GLOBALLY?

Would having a single, global currency eliminate the problem by eliminating currency competition between the nations of the world?

Would the new currency BE backed by gold or other tangibles? Would this even be POSSIBLE with such a massive currency?

These are questions I don’t have answers to, but I believe there’s an even bigger question to be asked.

“WHO will, ultimately, be in control of this new, global monetary administration?”

You might call it paranoia, but I can envision this organization being created as another private banking consortium, but this time, with truly global reach and control. It would become a PRIVATE supplier of currency to ALL countries.

This is the way the US Federal Reserve functions, with every dollar that’s printed by The Fed being “sold” to the American people, with interest, and with a dividend paid to the PRIVATE OWNERS of The Fed.

A pretty sweet deal if you’re one of the consortium members, and I think we’d be naive to suppose that these folks AREN’T thinking, “If it worked so well for us on a regional level, let’s kick it up a notch!”

Unless the dangers of privately controlled central banking are exposed and UNDERSTOOD by the average citizen of this planet, I believe that it’s ENTIRELY possible that, with skillful propaganda at work, a new global consortium could be spun into the image of a savior organization, the notion of which people would eagerly buy into.

This will be ESPECIALLY true if the US economy collapses as spectacularly as many believe it will and, in so doing, throws the entire global financial system into disarray.

What better time for a new white knight to come riding to the rescue with a plan to save the planet and never let such a thing happen again?

Of course, at this point, the Bancor is still only a recommendation, AND, as for the rest, it’s pure conjecture. I have NO proof of any of this, however, there’s one thing that I’m absolutely convinced of;

“People with POWER usually want more Power.”

What could be MORE POWERFUL than owning and controlling a piece of the GLOBAL money system?