DEATH TO THE NEW WORLD ORDER

Sleepwalking Our Way Towards a World Currency
By Edmund Conway

April 09, 2009 "The Telegraph" -- Let's assume for a moment that we are in the protean stages of a new world currency; that the G20's moves this time last week are laying the ground for its special drawing rights to replace the dollar as the international reserve currency. On that basis which of these two scenarios would you feel more uncomfortable with:
1. That a shadowy sect of global leaders are conspiring together to set up this new world currency; or that,
2. Instead, clueless politicians are sleepwalking into this, not knowing precisely what they are doing.
The conspiracy theories that surround the SDRs usually assume the first scenario, and indeed the events of the past couple of weeks seem to bear this out. First you had the People's Bank of China surreptitiously publishing a discussion paper on the notion of replacing the dollar as the international reserve currency with SDRs. Then US Treasury Secretary Tim Geithner appeared to acquiesce to such suggestions. Then, last week, you had the decision to issue $250bn more of the things at the G20, in what might be seen as a prelude to a more widespread plot to install SDRs permanently in place. Under what was approved by the world leaders, the IMF is suddenly behaving like a global central bank, issuing SDRs to control liquidity worldwide. This is a central bank without direct accountability to the people of the world, which only seems to underline the apparent outrageousness of this plot.
But my strong suspicion is that this is no deliberate plot. I suspect the second scenario is far more likely. In fact I have heard that the plan to issue $250bn worth of SDRs at the G20 last week was not connected in the slightest with the Chinese paper, but was something instigated by the US Treasury, in conjunction with the UK Government, in the weeks running up to the G20. In fact, I gather that the IMF only learnt about the plan at the very last minute, leaving their legal officials scrambling around to try to find out whether it was even possible. Only last Wednesday, barely 24 hours before the G20's decision, panicked representatives from the IMF's legal department phoned the Treasury to find out whether this plan was really likely to happen. Geithner's comments in the wake of the PBoC, which were interpreted as an approval of the global currency plan, were in fact rather confusedly nodding towards the US-led IMF plan. Either he or the headline writers got confused. None of this smacks of a grand plot to lay down the foundations for a world currency, as indeed there was not.

Click here: http://blogs.telegraph.co.uk/edmund_conway/blog/2009/04/08/sleepwalking_our_way_towards_a_world_currency to read more.