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International Monetary Fund Slowly Taking Over as Global Economic Regulator and Banker
Posted By admin On May 2, 2009 @ 5:11 am In Money Watch | Comments Disabled
Washington’s Blog 
Saturday, May 2, 2009
AP  writes:
The Group of 20 countries have made the [IMF] the linchpin in their efforts to combat the worst economic downturn since the Great Depression
The Washington Post notes :
Global financial chiefs agreed yesterday to reshape the International Monetary Fund, moving to broaden its mission …
The IMF, which in recent years had become largely an advisory body to nations in crisis, will now be charged with aggressive monitoring of the global economy. Underscoring that role, Treasury Secretary Timothy F. Geithner said yesterday that Washington had consented to a rigorous IMF review of the U.S. financial system for the first time since the fund was created at the end of World War II.
The IMF will also, apparently, sell treasury-like bonds to raise money for loans  it makes to ailing countries. This ties into statements some time ago by an economist that investors would eventually buy IMF bonds as a safe-haven investment, thus quickening the shift away from the dollar and American treasuries as reserve currency and safe-haven investments.
As previously noted, the IMF’s Special Drawing Rights currency may replace the dollar  as world reserve currency.
Indeed, the Telegraph’s lead financial writer Ambrose Evans-Pritchard argues  that “the world is a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity.”
Note: I have no idea whether or not Ellen Brown is correct that the Bank for International Settlements (BIS) has been, and will continue to be, the real power behind the throne .
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URLs in this post:
 Washington’s Blog : http://www.georgewashington2.blogspot.com/2009/05/international-monetary-fund-imf-is.html
 AP: http://news.yahoo.com/s/ap/20090425/ap_on_an/us_imf_to_the_rescue_analysis
 notes: http://www.washingtonpost.com/wp-dyn/content/article/2009/04/25/AR2009042502769.html?hpid%3Dtopnews&sub=AR
 began the review last year – under the condition that the results not be released until Bush was out of office: http://www.spiegel.de/international/world/0,1518,562291,00.html
 sell treasury-like bonds to raise money for loans: http://www.msnbc.msn.com/id/30407614/
 may replace the dollar: http://www.washingtonsblog.com/2009/04/scoop-on-reserve-currencies.html
 argues: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.html
 the real power behind the throne: http://www.globalresearch.ca/index.php?context=va&aid=13239
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