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Is alternative to dollar in works? Plan for 'Special Drawing Rights' creates competition fo

• WND
 

The move comes as the dollar heads toward a 14-month low of $1.50/euro and as some top fund managers, including some of President Obama'stop financial supporters, worry the decline will continue as long as Obama  depends on China to fund trillion dollar budget deficits.

It is Obama's  promise to participate in a G20 nations agreement by giving $250 billion to the IMF to set up the alternative reserve currency that now has been documented in the final communiqué of the London meeting, according to the G20 website.

At G20.org, a report under "The London Summit 2009" reveals the LondonSummit.gov.uk/en/ site where "Point 5" of the final communiqué says the G20 agreed to allocate that amount to Special Drawing Rights in a move calculated to provide the liquidity needed to position SDRs as a dollar alternative in international trade.

1 Comments in Response to

Comment by Jim Bennett
Entered on:

 PETRO DOLLARS WENT OUT 4-5 YEARS AGO  AMERICAN DOLLAR IS WORTHLESS IN WORLD CURRENCY MARKET,  EURO DOLLAR HAS BEEN WORLD CURRENCY SINCE 2004. FOREIGN ENITITIES WILL DEMAND PAYMENT FOR TRADE DEFICIT AND TREASURY BONDS AND USA HAS NOT MONEY TO PAY, REQUIREMENT IS IN GOLD. THERE IS  NO GOLD, USA WILL DEFAULT, FOREIGNERS WILL DEMAND THROUGH UN SANCTIONS. AMERICAN WEALTH, PROPERTY, BUSINESSES, JOBS FREEDOM AND LIBERTY WILL DISAPPEAR WHILE AMERICANS SLEEP.  SO FAR ONLY THE  TEA PARTY ACTIVITIST HAVE TAKEN TO THE STREETS.


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