In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘new global financial system’

The international monetary system needs the euro

Posted by seumasach on January 28, 2012

Agnès Bénassy-Quéré

Euro Intelligence

20th January, 2012

With the survival of the euro area at stake, and the reform of the international monetary system no longer a priority of the G20 presidency, it may seem strange to call for an increased international role of the euro. But the flaws of an international monetary system centered on the US dollar are substantial and these flaws are likely to inflate as world economic growth is mainly driven by emerging countries.

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The Financial New World Order: Towards a Global Currency and World Government

Posted by seumasach on April 9, 2009

There are two different globalisation processes going on: that represented by Gordon Brown and that represented by Hugo Chavez. One is nothing other than the Anglo-American project for global hegemony; the other is born of the struggle of sovereign nations against it. Does Andrew Marshall really believe they are the same thing, and that all attempts to create a new global financial architecture are intrinsically subordinate to Washington and London. Or perhaps he believes that all global leaders are already subordinate to Washington and London, and engaged in a conspiracy against their own peoples. That would be bad news indeed, and would mean that our fate was sealed, people’s movements notwithstanding. The consolidation of regional blocks, outlined in this article, is precisely the crystalisation of the several poles of the multipolar world order , which we at ITNT believe to be the way forward. These powerful blocks, which will seek to become self contained as far as possible, in response to the collapse of world trade, will also serve as a counterweight to global institutions.  The question of how global institutions and the global monetary system can be adapted to this multipolar world order, is a fundamental question which I have cautiously begun to approach. It would appear that we are moving inexorably towards the definition of a new global leadership and that we have need of that. The question, then, is the form and nature of that leadership. But, I will concede Mr Marshall this: the construction of any new world order is premature until the definitive collapse of Anglo-American leadership and that in the meantime, the Brown-Obama initiatives must be blocked, as I expect them to be at every turn by Russia, China, Venezuela etc.

Andrew G. Marshall

Global Research

6th April, 2009


Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthetic paper currency issued by the International Monetary Fund.” As the Telegraph reported, “the G20 leaders have activated the IMF’s power to create money and begin global “quantitative easing”. In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.”[1]

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Business as usual at IMF

Posted by seumasach on March 17, 2009

Crise économique : le FMI persiste et signe

14th March, 2009

Translation at foot of each paragraph

Pourquoi changer une politique qui conduit à la faillite, lorsque les victimes sont les autres ? Telle est la question qui se pose au Fonds monétaire international et à laquelle il ne répondra pas. Au contraire, sous la houlette de Dominique Strauss-Kahn, le FMI entend utiliser la crise pour réduire. un peu la marge de manœuvre des États pauvres. Pour Damien Millet et Eric Toussaint, responsables du CADTM (Comité pour l’annulation de la dette du tiers-monde), il faut dissoudre sans attendre une institution internationale qui a conçu ses prêts comme un moyen de domination.

[Why change policies which led to failure, when the victims are others? This is the question the IMF fails to answer. On the contrary, under the leadership of Dominique Strauss-Kahn, the IMF aims to use the crisis to limit the room for manoeuvre of the poorer states. For Damien Millet and Eric Toussaint of the CADTM(Committee for the Cancellation of the Third-World Debt) we must dissolve this institution which uses debt as an instrument of domination.]

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IMF, World Bank must be fair to big developing nations – Medvedev

Posted by seumasach on March 14, 2009

MOSCOW, March 14 (RIA Novosti) – International financial organizations should be more fair in their treatment of the countries with the largest developing economies, including to Russia, President Dmitry Medvedev said on Saturday. Read the rest of this entry »

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Russian leader outlines finance reform plan

Posted by seumasach on November 1, 2008


“The new financial system should have common sources based on many global financial centres and many reserve currencies,” 

“Medvedev said he would propose to the summit that the world economy reduce its reliance on the US dollar as the main reserve currency.”

“They should be based on a harmonised system, not like the one we have now when those who use the rules of continental Europe feel unhappy about the Anglo-Saxon model,” he said

The Peninsula

1st November, 2008


MOSCOW • Russian President Dmitry Medvedev will tell a summit on the financial crisis in Washington next month that the health of the world economy should no longer be reliant solely on the United States, he said yesterday.

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