Over the past few years, there have been many rumors about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works. Not anymore. A paper entitled “Reserve Accumulation and International Monetary Stability” by the Strategy, Policy and Review Department of the IMF recommends that the world adopt a global currency called the “Bancor” and that a global central bank be established to administer that currency. The report is dated April 13, 2010 and a full copy can be read here. Unfortunately this is not hype and it is not a rumor. This is a very serious proposal in an official document from one of the mega-powerful institutions that is actually running the world economy. Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets. So could a global currency known as the “Bancor” be on the horizon?
The authors of the report believe that it would be ideal if the “Bancor” would immediately be used as currency by many nations throughout the world, but they also acknowledge that a more “realistic” approach would be for the “Bancor” to circulate alongside national currencies at first.
So who would print and administer the “Bancor”?Well, a global central bank of course. It would be something like the Federal Reserve, only completely outside the control of any particular national government. In fact, at one point the IMF report specifically compares the proposed global central bank to the Federal Reserve….
“The global central bank could serve as a lender of last resort, providing needed systemic liquidity in the event of adverse shocks and more automatically than at present. Such liquidity was provided in the most recent crisis mainly by the U.S. Federal Reserve, which however may not always provide such liquidity.”
So is that what we really need? A world currency administered by an international central bank modeled after the Federal Reserve? Not at all. As I have written about previously, the Federal Reserve has devalued the U.S. dollar by over 95 percent since it was created and the U.S. government has accumulated the largest debt in the history of the world under this system. So now we want to impose such a system on the entire globe? History has proven that fiat currencies don’t last. Normally, there’s a return to Gold. But now with a small group of elites wanting to control the world, their plan is just to introduce a different global fiat currency system.
The truth is that a global currency would be a major blow to national sovereignty and would represent a major move towards global government. Considering how disastrous the Federal Reserve system and other central banking systems around the world have been, why would anyone suggest that we go to a global central banking system modeled after the Federal Reserve?
The obvious answer is that they want to control the citizens of the world by controlling their money. The goo will know and track every penny spent or made extracting their pound of flesh at the point of each transaction.
Let us hope that the “Bancor” never sees the light of day.
However, the truth is that there are some very powerful interests that are absolutely determined to create a global currency and a global central bank for the global economy that we now live in.
It would be a major mistake to think that it can’t happen.