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Posts Tagged ‘Euro’

Speaking to Triple Crown Charlie (CFR and Trilateral Commission member and Bilderberg attendee) Rose on December 16, 2010, IMF Director Dominique Strauss-Kahn ran cover for failed Euro and IMF interventionist policies.

I’m a big advocate of the single currency,

Greater economic integration often leads to greater political integration, as demonstrated by the progression in Europe from the European Coal and Steel Community to the European Economic Community to the European Union and then the Euro.

and it provides a lot of results.

Yes, like the 110 billion Euro Greek bailout and the 85 billion Euro Irish bailout.

CHARLIE ROSE: Can you have austerity and growth at the same time?

DOMINIQUE STRAUSS-KAHN: Well, I would answer no.

He’s obviously unaware of or deliberately omitting that the U.S. had unprecedented economic growth from 1945-1950, in the face of federal budget cuts of over 50%.

But the problem in the banking sector is limited to small number of banks. The big banks are safe and so I think it’s manageable.

Safe like three of the five biggest investment banks in the U.S., one of which went bankrupt (Lehman Brothers) and two others which collapsed (Bear Stearns and Merrill Lynch) and were bought up at a fraction of their 52-week highs by the biggest commercial banks? Or safe like the biggest commercial banks that were bailed out by the federal government’s $700 billion Troubled Asset Relief Plan and the Federal Reserve’s $3.3 trillion bailout fund they fought so hard to keep secret?

Or how about Iceland’s currency going south by 80% in just four months in 2008 as a result of their three big banks going bankrupt? Or the UK’s two biggest banks being effectively nationalized? Or… You get the idea.

Speaking on the decision required by Euro countries to get out of the current crisis, Strauss-Kahn said (emphasis added):

It’s politically very difficult. The decision will be made in the center which will overcome the sovereignty of the nations.

He’s saying that the only acceptable decision will be made in what he refers to as “the center,” and admits it will overcome the sovereignty of the nations involved.

DOMINIQUE STRAUSS-KAHN: Well, I think a few things. First, the Greek government is very bold. And take action as it has to be done. Of course people don’t like it. But you know, the man on the street also have to understand they absolutely needed. The Greek economy was at the edge of a cliff, and there were no other solution.

Bob Chapman has repeatedly proposed an alternative solution for the Greeks, which I wholeheartedly endorse. Namely, defaulting on all their bankster-issued debts, pulling out of the Euro, going back to the Drachma, slashing exorbitant entitlements, and going through the immediate pain over the next five years at a minimum that is likely to be less severe than what will happen if they continue down the path laid out by the IMF and other globalist bankster institutions.

So the question today is that many may believe wrongfully in my view that the crises is over and go back to their domestic problem and forget all about the global coordination. So our role is to try to force this coordination among the G20 countries.

Strauss-Kahn admits that the IMF forces action on countries, despite insisting otherwise throughout the interview. Prior to the crisis in 2008, the G8 was the primary economic organization until 2009, when it was announced the G20 would be “the new permanent council for international economic cooperation,” with far greater clout to force solutions on sovereign nations.

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Previously, I wrote how the United States Postal Service has been undercutting the U.S. dollar since 2003, with IMF Special Drawing Rights (SDRs) accounting for the majority of their international accounts.

SDRs are a synthetic currency introduced by the International Monetary Fund in 1969, which are weighted based on the U.S. dollar, the Euro, the British pound and the Japanese yen.

As of 2010, there are only two currencies pegged to IMF SDRs, both since 1995. They are the Czech Koruna and the Jordanian Dinar. However, by 2012, the Czech Koruna is scheduled to be replaced by the Euro.

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According to xe.com, out of 75 currencies listed, only 6 of them are worth more than the USD at the start of 2010. They are (valued in USDs):

BHD Bahrain Dinars 2.6525198654
EUR Euro 1.4321999550
JOD Jordan Dinars 1.4124293700
KWD Kuwait Dinars 3.4861425177
OMR Oman Rials 2.5975375809
GBP United Kingdom Pounds 1.6170499325

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This October 9, 2009 article shows a U.S. Customs form with an SDR (Special Drawing Right) value.

This isn’t a recent phenomenon. The use of SDRs by U.S.  federal government institutions goes further back than 2009. According to the United States Postal Service 2003 Annual Report, “The majority of our international accounts are denominated in Special Drawing Rights (SDRs).

According to the IMF Factsheet on SDRs, “The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies (U.S. dollar, Euro, Japanese yen and pound sterling), and SDRs can be exchanged for freely usable currencies.

How much have SDRs benefited the U.S. Postal Service at the expense of the U.S. dollar?

On December 31, 2002, 1 USD = 0.7382 SDR
On October 18, 2009, 1 USD = 0.6280 SDR

There was a 15% decline in the USD from December 31, 2002 to October 18, 2009.

It’s not just the illegal Federal Reserve that’s been undercutting the U.S. dollar. The constitutional U.S. Postal Service and U.S. Customs are also in on the act.

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