IMF poised to print billions of dollars in ‘global quantitative easing’

John Byrne
London Telegraph
Monday, March 16, 2009

The International Monetary Fund is poised to embark on what analysts have described as “global quantitative easing” by printing billions of dollars worth of a global “super-currency” in an unprecedented new effort to address the economic crisis.

Alistair Darling and senior figures in the US Treasury have been encouraging the Fund to issue hundreds of billions of dollars worth of so-called Special Drawing Rights in the coming months as part of its campaign to prevent the recession from turning into a global depression.

Should the move, which is up for discussion by the summit of G20 finance ministers this weekend, be adopted, it will represent a global equivalent of the Bank of England’s plan to pump extra cash into the UK economy.

However, economists warned that the scheme could cause a major swell of inflation around the world as the newly-created money filters through the system. The idea has been suggested by a number of key figures, including billionaire investor George Soros and US Treasury adviser Ted Truman.

Simon Johnson, former chief economist at the IMF, said: “The principle behind it is that everyone would get bonus dollars and instead of the Federal Reserve having to print them, everyone gets them.

“The objective is to create a windfall of cash. However if everybody goes out and spends the money it could be very inflationary.”

http://www.telegraph.co.uk/finance/financetopics/recession/4986287/IMF-poised-to-print-billions-of-dollars-in-global-quantitative-easing.html

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Excuse me, a "Global Super Currency"? Naw, couldn't be, one world currency, thats just another crazy conspiracy theory.

How sad... Everyone in this Nation should be resisting America's taking part in this... sadly, it doesn't even garner a response.

Just read up on the IMF: The IMF's resources come mainly from the quotas that countries deposit when they join the IMF. Quotas broadly reflect the size of each member's economy: the larger a country's economy in terms of output, and the larger and more variable its trade, the larger its quota tends to be. For example, the United States, the world's largest economy, has the largest quota in the IMF. Quotas are reviewed periodically and can be increased when deemed necessary by the Board of Governors.

Does this not mean, they have 'our' money?

A one world currency would defeat the purpose of anyone making money. Right?

The problem with fiat currency is that those in control of the presses are in a position to print that sucker whenever the controllers or their friends make a phone call.

Consolidation of our currency happened when we passed the Federal Reserve act of 1913. Consolidation of our currency happened again when Nixon severed the last ties to the gold standard.

Everytime our currency gets consolidated into fewer and fewer hands things get worse.

Am I to expect that history will not repeat and this big fat final consolidation isn't going to end badly?

But why a fiat currency, the IMF currently has our 'money' which was deposited as a quota.

Unlike a democratic system in which each member country would have an equal vote, rich countries dominate decision-making in the IMF because voting power is determined by the amount of money that each country pays into the IMF's quota system. The U.S. is the largest shareholder with a quota of 18 percent.

Who regulates the IMF? Who do they respond to?

Exactly.

It is funded by taxpayer money is it not??? If so, I want mine back. No loan needed just want a refund.

The IMF is accountable to the governments of its member countries. therefore they must respond to 'us' and 'we' are the largest shareholder.

Why not disassemble this IMF and use those funds instead of printing out more currency which has no backing and avoiding the interest payments charged on loans?

The concept of "us" and "we" applies only towards to the bankers and elites that have bought this nation off.

They aren't going to dismantle the IMF, global currency and global tax have been part of the plan the whole time.

It is funded by tax money, what other money does government spend in the billions? But you forget the main gist, which is, Americans are the milk cow, which means we are to be milked and sent off to slaughter.

Hurrah for inflation!