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

March 18, 2009 by · Leave a Comment
Filed under: Currency News 

This is a interesting article, what I want to know is how the IMF is getting the ability to issue currency like a central bank?  As stated in the article, they will be issuing SDR’s (Special Drawing Rights).  Here is a fun quote: “The principle behind it is that everyone would get bonus dollars and instead of the Federal Reserve having to print them, everyone gets them.” and to take the cake “The objective is to create a windfall of cash. However if everybody goes out and spends the money it could be very inflationary.”  No need to be worried about secret plans via the “Shadow Banking System” when they are all being publicly displayed.

News:

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.

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.

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