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Head of IMF Proposes New Reserve Currency

j-mac

j-mac

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Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.

Head of IMF Proposes New Reserve Currency - ABC News
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I don't know alot about finance, but I do know that in my gut, this can't be a good thing.


j-mac
 
When I first saw the post title, I was wondering why the Impossible Missions Force was getting involved with currency policy.
 
samsmart said:
When I first saw the post title, I was wondering why the Impossible Missions Force was getting involved with currency policy.
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Never heard of the IMF eh?


j-mac
 
j-mac said:
Never heard of the IMF eh?


j-mac
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I've heard of the International Monetary Fund. It's just that I've heard of "Mission: Impossible" more.
 
samsmart said:
I've heard of the International Monetary Fund. It's just that I've heard of "Mission: Impossible" more.
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I am gathering that you don't see this move as serious, or any trouble for the dollar at all? Is that right?


j-mac
 
What currency would they use? Does this mean oil would be traded with another currency marking its per-barrel price?
 
The IMF already has SDR's

But this move is a way to placate the countries that have currency reserves (Re Asian countries and Russia) who are concerned about the QE being done by many European countries and the US.
 
Well, about the time of Bretton Woods it was the intention of Keynes to have the new establishments to have a single world currency as a reserve. I think it'd be a lot better.
 
Richard Nixon said:
Well, about the time of Bretton Woods it was the intention of Keynes to have the new establishments to have a single world currency as a reserve. I think it'd be a lot better.
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Better in what way? Is giving up our sovereignty in terms of monetary control a good thing? I see it as ominous.


j-mac
 
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