Below are links to the most widely read articles that appeared on the blog during November. Below each link is the lead paragraph for the article.
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Readers of this blog will recall articles we have written about new technology that companies like KlickEx have been developing for quite some time. Mobile money using an ordinary cell phone is not a future world technology. CBC 60 Minutes ran this segment last Sunday talking about it as "the future of money."
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.
The idea of a global currency administered by a global central bank has always sort of floated out there in the background. We have talked about the SDR used at the IMF and its potential to someday function somewhat like a global currency. Jim Rickards has talked about the SDR as a kind of global money and also projected a more prominent role in the future for it.
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.
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