Michael S. Rozeff
Lew Rockwell
At Davos in January of this year at a G20 meeting, President Sarkozy of France called for a new global reserve currency. At the 2009 meeting, Russian President Medvedev suggested a new reserve currency to replace the dollar. A Chinese central bank governor has supported a similar idea. The United Nations Conference on Trade and Development wants to replace the dollar. The G20 has moved in this direction using the International Monetary Fund (IMF). The Bank for International Settlements is a potential institutional vehicle for a global central bank and a global currency. On April 26 of this year, Jean-Claude Trichet, President of the European Central Bank, addressed the Council on Foreign Relations. He strongly emphasized the goal of uniformity and uniform global governance of banking.
Clearly, important political figures throughout the world are agitating for changes in the international financial system. These changes would (i) reduce the role of the dollar, (ii) increase the role of developing states, (iii) reduce the role of the United States, (iv) aim for a global currency, (v) increase the role of international financial institutions, (vi) increase the role of France, Germany, and the BRIC countries, and (vii) aim for global uniformity.
These changes would maintain the existing system of central banks and fiat currencies. They are designed to shore up the existing fiat money system, not replace it. They are designed to perpetuate the existing system of government-controlled currencies being used as money. They are clearly steps in the direction of a world central bank and world government.
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