Global Monetary Shifts and The SDR
Global Monetary Shifts and The SDR by Rory, The Daily Coin
The past year we have focused pretty heavily on the changing global monetary environment in order to point out some of what we can see on the horizon. Some of the changes that are occurring will not be known until a change is fully developed. What we do know is China, the power center of the 21st century, like Washington DC was for the 20th century, has their sights set on the SDR (Special Drawing Rights) as the global trade settlement unit of account. Some would refer to this as a currency.
If one simply reviews China’s public announcements, reports and speeches it becomes very clear this is the goal. Killing the dollar is not part of the plan, although it makes for a sexy headline, at this time, it doesn’t seem to be on the table. As a matter of fact, China rarely even discusses the Federal Reserve Note, U.S. dollar, except when discussing world reserve currency status.
Larry White, LoneStar White House, has a knack for publishing some of the better documents produced at the very top of the monetary food chain. Here is a portion of one of the latest – this is part of a presentation made at the Ministry of Foreign Affairs of the Peoples Republic of China. The attending members of the “1+6” meeting is another list of members from the rogues gallery of monetary thiefdom.
“China’s Premier Li Keqiang, together with World Bank Group (WBG) President Jim Yong Kim, International Monetary Fund (IMF) Managing Director Christine Lagarde, World Trade Organization (WTO) Director-General Roberto Azevedo, International Labor Organization (ILO) Director-General Guy Ryder, Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurria and Financial Stability Board (FSB) Chairman Mark Carney held the “1+6” Roundtable Meeting under the theme of “Promoting an Open, Invigorated and Inclusive World Economy” in Beijing, September 12th 2017.”
. . . .
“Globalization has provided a strong momentum to world economic growth, promoted capital and commodity flows, advanced development of technology and civilization, and built a closer tie between people worldwide. Facing both challenges and opportunities, we need to guide the direction of economic globalization and make it more invigorated, inclusive, and sustainable. In order to release greater positive effects of economic globalization, all economies need to proactively advance economic reforms, innovate the growth model, and focus on inclusiveness of development, at the mean time, to strengthen international cooperation, avoid inward-looking policies, and fight against all kinds of protectionism, so as to promote an open world economy.”
. . . .
Trade and Investment
“Trade and investment are important engines for global economic growth. Promoting further liberalization and facilitation of trade and investment globally will help respond to the development challenges faced by all, and will contribute to achieving balanced and sustainable development. The rules-based multilateral trading system represented by WTO is an integral part of global economic governance, providing an institutional framework within which its members formulate multilateral trade rules, monitor trade policy implementation and resolve trade disputes. The multilateral trading system serves as the main channel for liberalization and facilitation of global trade and investment. Regional, bilateral and plurilateral trade agreements should complement rather than substitute the multilateral trading system. Efforts should be made to ensure that such agreements are open, transparent and inclusive.”
. . . .
Global Economic Governance
“We reiterate our commitment to a strong, quota-based, and adequately resourced IMF to preserve its role at the center of the Global Financial Safety Net. We support the work of the IMF to strengthen its cooperation with regional financing arrangements, and its ongoing work to further enhance the effectiveness of its lending toolkit. We look forward to the completion of the 15th General Review of IMF Quotas, including a new quota formula, by the Spring Meetings 2019 and no later than the Annual Meetings 2019. We welcome the establishment of the Joint China-IMF Capacity Development Center, and look forward to further cooperation in this area. We support the continued examination of the broader use of the SDR as a way to enhance the resilience of the international monetary system.We support the IMF’s ongoing work on improving the analysis and monitoring of capital flows and the management of related risks, including the role of macro-prudential policy.
We reiterate our commitment to a strong WBG, adequately resourced to pursue its mission to eliminate extreme poverty and boost shared prosperity in partnership with others. In this context, we support the implementation of the WBG’s shareholding review and look forward to its timely conclusion. Building on the strong shareholder confidence expressed via the record IDA18 replenishment, we also support capital increase at IBRD and IFC, aiming to enhance the financial capacities of the WBG’s public and private sector arms. This will allow the WBG to better assist countries achieve their development goals, including by helping them to maximize development resources in a responsible way, and to promote global growth, stability and security.
We agreed that this meeting was productive and sends a positive signal of jointly addressing challenges, developing a more inclusive and mutually-beneficial economic globalization, and promoting an open world economy. We look forward to holding the next round table meeting at an appropriate time and place next year.” Source
While the bullet points above give you a good idea of what these criminals were discussing and the challenges of globalization they plan on attacking, of course all done in your best interest, it leaves out, what we believe are equally important points. We will be diving a lot deeper and publishing more on this important meeting within the next couple of days.