IMF: ‘Special Drawing Rights’ to replace the US Dollar?

World Currencies

The International Monetary Fund uses a process of “Special Drawing Rights” (SDRs) in an attempt to stabilize currency values. Before getting to my main points, here is some technical information:

2 May 2013

Formed in 1945, the IMF is a relic of the Bretton Woods days of fixed exchange rates. Following World War II, leading economists of the world attended a conference in Bretton Woods, New Hampshire. Discussions surrounded two topics: how to stabilize exchange rates around the world, and how to reconstruct an international payments system in the wake of the War.

It was eventually decided that a system of fixed exchange rates would be implemented, using the U.S. dollar as an anchor. This was problematic in and of itself…

Through a special quota system, which today exists as IMF special drawing rights (SDR), a country could temporarily borrow money from the fund in order to fund its trade imbalances.

Unfortunately, the effect of this was to make trade imbalances even worse. As countries knew that there was an easy way out through the IMF, large government budget deficits resulted, which had the effect of making trade deficits even greater than they otherwise would be.

Here again the IMF came to the rescue. When these imbalances proved too great for even it to handle, it performed an action that the market would have naturally done. The IMF selected a new exchange rate. http://www.troymedia.com/2013/05/02/the-imfs-search-for-relevance/

May 4, 2013

The International Monetary Fund (IMF), treasuries’ department’s currency values in terms of Special Drawing Rights (SDR)…The value of the US dollar in terms of the SDR is the recip rocal of the sum of the dollar values, based on market exchange rates, of specified quant ities of the first four currencies shown…

The value in terms of the SDR of each of the other currencies shown above is derived from that currency’s representative exchange rate against the US dollar as reported by the issuing central bank and the SDR value of the US dollar…http://www.brecorder.com/market-data/rates-a-schedules/118/1182594/

Although it was originally based a lot on the US dollar (and still does so), the plan, according to some is to use SDRs to essentially replace the US dollar as the world’s reserve currency:

Killing the Dollar: G20 & IMF Push for Global Fed, Global Currency

While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund. The end goal is to transform the IMF into a global Federal Reserve, with the ability to flood the world with huge new volumes of loans and currency. It would also wield vast financial regulatory powers.

The IMF’s unit of account, or “currency,” known as a Special Drawing Right (SDR), is being readied for eventual adoption as the replacement for the U.S. dollar in international transactions, to lead the way toward eventual adoption of the SDR or some other designated unit as the global currency, much in the same way that the euro was foisted upon the people of Europe as a replacement of their national currencies. http://www.thenewamerican.com/economy/economics/item/14579-killing-the-dollar-g20-imf-push-for-global-fed-global-currency

Notice something I wrote about the US dollar in my book Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term:

When the U.S. dollar totally collapses people all around the world will consider that even if the Euro (or something similar) is strong, having a more gold-backed currency would be safer. The collapse of the U.S.A. dollar will shake a lot of the world’s confidence in non-gold backed currencies.

Having the European power acquiring a lot more gold to back the Euro (even if the backing is only implied) or possibly other future European currency (that might potentially replace the Euro or even a basket of currencies) may greatly increase European credibility, prosperity, and influence around the globe (and will happen, to a degree, before that King arises).

The financial policies of the Obama Administration (which are a massive acceleration of the previous policies of the Bush Administration) are heading the world into the direction that something other than the U.S. dollar will be valued as its reserve currency. (Thiel B. Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term. Nazarene Books, 2013, p. 133)

Many leaders of the world are trying to move away from the US dollar as the world’s reserve currency. And lest seem to be considered a new position by me, these type of warnings were also in a book I wrote in 2009 (2012 and the Rise of the Secret Sect)–and this is coming to pass.

The current world order dominated by the USA, and formerly by the UK is being changed. Despite concerns about the Euro, a power in Europe will control much of the world’s economies for a while–and some of the steps for this to occur have already happened. And eventually, after massive devastation (the Great Tribulation and the Day of the Lord), Jesus will return and establish His kingdom.

The USA, and certain other nations, are on a slippery slope this apparent IMF-related plan will not end up well for the USA or its Anglo-descended allies.

For some items of possibly related interest, please check out the following:

Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? What is ahead for Europe?
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British-English, Scottish, Welsh, Australians, Anglo (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves?
Canada in Prophecy: What Does Bible Prophecy, Catholic Prophecy, and other Predictions Suggest About the Future of Canada? There are prophecies that suggest involvement with Canada. And many are not positive about its future.
Who is the King of the West? Why is there no End-Time King of the West in Bible Prophecy? Is the United States the King of the West?
The Gospel of the Kingdom of God was the Emphasis of Jesus and the Early Church Did you know that? Do you even know what the gospel of the kingdom is all about? You can also see a YouTube video sermon The Gospel of the Kingdom.
Just What Do You Mean the Kingdom of God? A booklet that was written by Herbert Armstrong answers questions about the Kingdom.
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? When does the six thousand years of human rule end?
Can the Great Tribulation Begin in 2013, 2014, or 2015? Can the Great Tribulation begin today? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord?
Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about a Republican choice. This book is available to order at www.barackobamaprophecy.com. The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic, Catholic, Kenyan, and other America-Related Prophecies? What About Republican Leaders? Second Edition for Second Obama Term.
Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.