Dominique Strauss-Kahn saw a greater role for the IMF's Special Drawing Rights, which is currently composed of the dollar, sterling, euro and yen Photo: ReutersIMF Calls For Dollar Alternative -- CNN
NEW YORK (CNNMoney) -- The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.
The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system.
SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies. The IMF typically lends countries funds denominated in SDRs
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More News On replacing the U.S. Dollar As the World's Reserve Currency
International Monetary Fund director Dominique Strauss-Kahn calls for new world currency -- The Telegraph
IMF Chief Urges Changes to Monetary System, Advocates Adding Yuan to SDRs -- Bloomberg
IMF urges overhaul of global monetary system -- National Post
Shinohara Says IMF Discussing Criteria for SDR Currency Basket -- Bloomberg Businessweek
IMF Calls For Alternative To Dollar As World Currency -- Huffington Post
My Comment: A symbol of US strength and influence since the Second World War is now coming to an end. I am surprised .... not. Government spending and the accumulation of huge deficits have brought us to where we are today .... and I do not see any light at the end of the tunnel.
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