Showing posts with label g20. Show all posts
Showing posts with label g20. Show all posts
Tuesday, March 8, 2011
Tuesday, February 15, 2011
G20 Pushes Globalist SDR and China’s Role
G20 Pushes Globalist SDR and China’s Role
Kurt NimmoInfowars.com
February 15, 2011
On Monday, French Economy Minister Christine Lagarde said her country will work to realize a planned transition to a global financial system based on several international currencies. France is currently head of the G20.
Lagarde and the G20 want to undermine sovereignty of nations by moving away from national reserves into SDRs, or Special Drawing Rights issued by the International Monetary Fund.
The G20′s mid-February meeting in Paris will concentrate on “reform” of the international monetary system.
“Continuing demand for the U.S. dollar as the world’s de facto reserve currency, consequently still widening trade imbalances, and ongoing worry over how long the dollar can retain its excessively high value relative to other currencies, are sowing the seeds of renewed global financial instability,” warned Robert C. Hockett, an expert on international finance and professor of law at Cornell University.
Hockett said the Chinese yuan will likely be added to the dollar, euro, pound, and yen as one of the principal currency components of the Special Drawing Rights.
Lagarde and the G20 are currently debating the role of China. She said France favors including the renminbi in the currencies that make up SDRs even before the Chinese currency is fully convertible.
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