In a recent article on Project Syndicate, former UN Under Secretary Jose Antonio Ocampo says he thinks it may be time for the SDR (Special Drawing Right) used at the IMF to take on a more prominent role in the global monetary system. Obviously, if this were to happen, it would be a key event of the type we watch for here.
So this new article on Project Syndicate naturally caught my attention. It once again raises the idea of a global currency and a global central bank. The article even talks about all the reasons it might make sense to have a global currency. But the main point of this article is to explain all the reasons why we will NOT see a global currency any time soon (or a global central bank).
In this new interview with King World News Nomi Prins says that despite the fact that the present financial system continues to hold together, she thinks it is coming to an end. She gives a time frame for when she sees things unraveling.
This is a fascinating article from Reuters that says the IMF is changing the formula used to weight the various currencies in the SDR basket. The change would result in less emphasis on exports and more on financial transactions. Incredibly, the article says that ING calculates that the US Dollar would actually INCREASE its share of the basket despite the Yuan coming in and the Euro would take a big drop.