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Posts Tagged ‘SDRs’

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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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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