Everybody Please Welcome The New Central Bank Of Libya

That was quick.  Not only are we supporting Al qaeda in Libya but now they have a new central bank and oil company before they have even ‘liberated’ the country from their beloved dictator.  I’m having a hard time deciding exactly which alphabet banking system was behind this, the Fed (since they love setting up central banks in the middle east), BIS, IMF, WB, etc.

From The Economic Collapse:

Wow That Was Fast! Libyan Rebels Have Already Established A New Central Bank Of Libya

The rebels in Libya are in the middle of a life or death civil war and Moammar Gadhafi is still in power and yet somehow the Libyan rebels have had enough time to establish a new Central Bank of Libya and form a new national oil company.  Perhaps when this conflict is over those rebels can become time management consultants.  They sure do get a lot done.  What a skilled bunch of rebels – they can fight a war during the day and draw up a new central bank and a new national oil company at night without any outside help whatsoever.  If only the rest of us were so versatile!  But isn’t forming a central bank something that could be done after the civil war is over?  According to Bloomberg, the Transitional National Council has “designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and the appointment of a governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.”  Apparently someone felt that it was very important to get pesky matters such as control of the banks and control of the money supply out of the way even before a new government is formed.

Of course it is probably safe to assume that the new Central Bank of Libya will be 100% owned and 100% controlled by the newly liberated people of Libya, isn’t it?

Most people don’t realize that the previous Central Bank of Libya was 100% state owned. The following is an excerpt from Wikipedia’s article on the former Central Bank of Libya….

The Central Bank of Libya (CBL) is 100% state owned and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

Since the old Central Bank of Libya was state owned, it was essentially under the control of Moammar Gadhafi.

But now that Libya is going to be “free”, the new Central Bank of Libya will be run by Libyans and solely for the benefit of Libyans, right?

Of course it is probably safe to assume that will be the case with the new national oil company as well, isn’t it?

Over the past couple of years, Moammar Gadhafi had threatened to nationalize the oil industry in Libya and kick western oil companies out of the country, but now that Libya will be “free” the people of Libya will be able to work hand in hand with “big oil” and this will create a better Libya for everyone.

Right?

Of course oil had absolutely nothing to do with why the U.S. “inva—” (scratch that) “initiated a kinetic humanitarian liberty action” in Libya.

Hit the link and read the rest.

The Noose Hiding In Plain Sight: The United Nations #1

The Noose Hiding In Plain Sight: The United Nations #1

(Editor’s Note:  As with all the information presented in the ‘Noose’ series of articles, please keep an open mind, read the material and corresponding links, do the homework and stop being JUST A MOO producing a revenue stream for the powers that be.  Be skeptical; I am.  Ask the hard questions.  Now more Americans are awake than ever; join us and help us find the ‘real truth’ that has been hidden for centuries.  The more people turning over rocks, the faster the truth is going to be known.)

Over the course of the last two months traveling through the labyrinth, I have found it incredibly hard to find a starting point for this series of articles.  In desperation, I finally decided to start writing about current events and how discovered research applied to today’s news.  Take, for example, the run on Kabul Bank, and the corresponding actions by Afghanistan Central Bank and our Treasury which leads back to the UN, IMF, The Fed, etc.  We all know who the players are, what we haven’t been able to prove exactly the combination of who, what, where, when, and how when it comes to wars, national bankruptcies, treaties, government as corporations, and politicians as corporate entities because A) we have been blanketed with thousands of pages in hopes of demoralizing us, and B) much of the documentation is hidden from the public.  We know this.  To give you some idea of the scope, I spent the morning reading the Paris Peace Treaty of 1783, Bush 41’s EO 12803, and Clinton’s EO 13037 after I had come up empty-handed looking for monetary information on the U.S. Treasury setting up the Afghanistan Central Bank.  I know our treasury spent our money on yet another central bank, but find out how much of the billions we have poured into Afghanistan went to establish the bank and anything other than 2002 as a date?  Nada.  What about Iraq’s central bank which came into existence in 1956 and was nationalized in 1964?  Did it change when our government toppled Saddam’s regime?  Does it look like The Federal Reserve?  What do you think?

Central Bank of Iraq Law Fact Sheet:

Financial Services Tribunal

The CBI law establishes a Financial Services Tribunal empowered to review decisions and orders of the CBI including actions taken by a conservator or receiver under the Banking Law. The Tribunal is not authorized to review CBI decisions or actions concerning monetary policy and exchange rate policy. The Tribunal will comprise panels of judges appointed by the Minister of Justice. Articles 63-70

What about this?

Prior Law
The prior law governing the Central Bank of Iraq was the Central Bank of Iraq Law No. 64 of 1976. The prior law is repealed by the new law. Article 73 In July the Coalition Provisional Authority issued CPA Order No. 18, “Measures to Ensure the Independence of the Central Bank of Iraq.” This order suspended the authority of the CBI to lend to Iraqi Government Ministries and gave the CBI authority to determine and implement monetary and credit policy without the approval of the Ministry of Finance.

Who then would be giving the Central Bank of Iraq their marching orders considering the state the country is still in?

Does this look familiar?

The bank is in charge of:

  • Maintaining price stability
  • Implementing monetary policy (including exchange rate policies)
  • Managing foreign reserves
  • Issuing and managing the currency
  • Regulating the banking sector for promoting a competitive and stable financial system

I am currently contemplating turning my living room wall into a whiteboard to keep track of all the different parties and agendas in play.  What I have been able to ascertain is that the United Nations appears to be ‘the face’ and the hub from which all the different coalitions and policies are being sent forth; equivalent to the biggest airport terminal in the world.  I would dearly love to know exactly who owns the airport; ‘The International Banksters’ isn’t specific enough for me.  I want names; all their names.

Please take five minutes to watch this video and I guarantee you will be as skeptical as I still am, but more questions than answers still remain.  Why does our government vote against its constituents?  Why does the FBI consider ‘American Sovereigns’ to be domestic terrorists? Why have the police been para-militarized, and over-react on a daily basis?  Why have doctors stopped curing conditions and only treat symptomology?  Why has Monsanto been allowed to run wild in Iraq and Afghanistan?  Why did WE spend $582 Million to build an Embassy complex in Iraq? Why has the Federal Reserve been allowed to prosper when they have done nothing except the opposite of their supposed mission to ensure economic stability?  Why does any nation follow any proposal the United Nations puts forward when nothing but wars and genocide have happened under their ‘peaceful’ watch?

30 Little Known Facts About America:

From FoxNews, 9.8.2010:

EXCLUSIVE: After a Year of Setbacks, U.N. Looks to Take Charge of World’s Agenda

By George Russell

After a year of humiliating setbacks, United Nations Secretary General Ban ki-Moon and about 60 of his top lieutenants — the top brass of the entire U.N. system — spent their Labor Day weekend at a remote Austrian Alpine retreat, discussing ways to put their sprawling organization in charge of the world’s agenda.

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US Dollar Headed In Wrong Direction

…tied inexorably to the direction of Chairman Zero’s transformational agenda.

109 Days to go!

July 9.2010

Central banks start to abandon the U.S. dollar

There’s mounting evidence that central bankers have little faith in the greenback these days. Can we blame them?

by Heidi N. Moore, contributor

There are those who would argue that the financial crisis was caused by over-enthusiastic worship of the Almighty Dollar. Call it brutal financial karma, but that church is looking pretty empty these days.

A new report from Morgan Stanley analyst Emma Lawson confirms what many had suspected: the dollar is firmly on its way to losing its status as the reserve currency of the world. We already knew that central banks have preferred gold to dollars, and that they’re even selling their gold for cash; now, according to Lawson’s data, it seems that those central banks prefer almost anything to dollars.

Lawson found that central banks have dropped their allocation to U.S. dollars by nearly a full percentage point to 57.3% from 58.1%, and calls this “unexpected given the global environment.” She adds, “over time we anticipate that reserve managers may reduce their holdings further.”

What is surprising is that the managers of those central banks aren’t buying traditional fall-backs like the euro, the British pound or the Japanese yen. Instead, she suggests they’re putting their faith in other dollars – the kind that come from Australia and Canada. The allocation to those currencies, which fall under “other” in the data, rose by a full percentage point to 8.5%, accounting almost exactly for the drop in the U.S. dollar allocation.

Just last week, America’s debt lept $166 billion in a single day. That one-day run-up is greater than the entire U.S. annual deficit in 2007. And Americans, the world’s consumers, continue much of the behavior that helped the U.S savings rate drop so low.

The other options that reserve managers seem to be taking are also not a surprise. Canada’s rude financial health – and robust banks – were bound to draw more attention. The Australian dollar is near a nine-month high because employment numbers there are strong.

Anybody remember seeing this on July 11th?

Secret gold swap has spooked the market

It takes a lot to spook the solid old gold market. But when it emerged last week that one or more banks had lent 380 tonnes of gold to the Bank of International Settlements in return for foreign currencies, there was widespread surprise and confusion.

The news that a mystery bank has just pawned the family jewels gave traders a jolt – nervous about the sudden transfer of almost 20pc of the world’s annual gold production and the possibility of a sell-off.

In a tiny footnote in its annual report, the bank disclosed its unusually large holding of gold, compared with nothing the year before. The disclosure was a large factor in the correction of the gold price this week, which fell below $1,200 for the first time in more than a month.

Meanwhile, economists and gold market-watchers were determined to hunt down which bank is short of cash – curious about who is using their stash of precious metal for what looks suspiciously like a secret bailout.

At first it looked like the BIS was swapping gold with a troubled central bank. After all, the institution is the central bankers’ bank and its purpose to conduct transactions with national monetary authorities.

Central banks in the troubled southern zone of Europe were considered the most likely perpetrators.

According to the World Gold Council, central banks in Greece, Spain and Portugal held 112.2, 281.6 and 382.5 tons of gold respectively in June – leading analysts to point fingers at Portugal, or a combination of the three.

But Edel Tully, an analyst from UBS, noted that eurozone central banks would be severely limited with what they could do with the influx of extra cash – unable to transfer it straight to governments or make use of the primary bond markets.

She then listed the only other potential monetary authorities with enough gold as the US, China, Switzerland, Japan, Russia, India and Taiwan – and the International Monetary Fund.

This led to musings that the counterparty was the IMF, making sense because the lender of last resort is historically prone to cash shortages and has been quietly selling off gold in the first half of the year.

Renowned gold expert Jim Sinclair adopted this explanation. The panic came when people mistook a lease for a swap, he argues. Far from being a big release of gold into the market, it is simply a commercial arrangement between the IMF and BIS with a favourable rate of interest paid for the foreign currency.

“Gold swaps are usually undertaken by monetary authorities,” he writes on his industry blog, MineSet. “The gold is exchanged for foreign exchange deposits with an agreement that the transaction be unwound at a future time at an agreed price.

“The IMF will pay interest on the foreign exchange received. Historically swaps occur when entities like the IMF have a need for foreign exchange, but do not wish to sell the gold. In this case, gold is a leveraging device for needed currency to meet requirements.

“The many reports that characterise the large IMF gold swap as a sale of gold into the markets do not understand the difference between a swap and a lease.”

However, the day after original reports about the swaps, BIS emailed a statement saying that the swaps had not been conducted with monetary authorities but purely with commercial banks. (emphasis mine)

This did nothing to quell the sense of mystery surrounding the deal or deals. It is almost inconceivable that a single commercial bank could have accumulated so much gold alone. And cynics have suggested that the whole affair still looks like a secretive European bailout that a single country wants to keep quiet.

In this case, one or more of the so-called bullion banks – which act as wholesale market-makers and include Goldman Sachs, Deutsche Bank, JP Morgan, HSBC, Barclays, UBS, Societe Generale, Mitsui and the Bank of Nova Scotia – would have agreed to act on behalf of a monetary authority. (Almost all of these banks received US dollars from the AIG  bailout)

This would add an extra layer of anonymity. “So the BIS swaps look like a tripartite transaction,” writes Adrian Douglas of the Gold Anti-Trust Association. “The commercial bank or banks made a swap with a central bank or banks and then the commercial bank or banks made a swap with the BIS.”

…or what is more commonly known in the real world as “Covering Your Tracks”.

The Bilderberg Group Is Only The Face Of The Poisonous Web

There are many theories as to who the shadow players are that are driving the world’s inhabitants towards extinction in their all-knowing, “we have to get the population to the 500 million mark”, but I still consider the chase of the money trail to be the most advantageous to finding out who is doing what.

I just ran across this opinion piece in The Guardian and felt that it eloquently conveyed the message for those of you that still don’t understand or don’t care about the elites that gather to decide your destiny. For many that are just waking up to the globalists in our elected leadership, you must understand that the United Nations, the IMF, the World Bank, the Bank of International Settlements, WHO, the Federal Reserve, and the central banks throughout the world must be booted out of this country, and their insane One World Corporation philosophy has to be decimated.PERIOD.

The Bilderberg Group is just the most visible face of the poisonous web that has engulfed the world.

I want you to know, though, that the people who are crawling around on pine needles with long lenses, trying to identify delegates (and doing pretty well, by the way), the people who are being detained, searched, questioned, then heading out again into the hills, the people who are sitting late into the night at the campsite bar, talking about distracted populations and central banks, are not lunatics.

Bilderberg 2010: Why the protesters are your very best friends

The people who are being detained, searched and questioned are not playing some game. They are deadly serious, and they are worried to death

Ivan was alone on the roundabout. He had been left in charge of the banners while everyone else ate breakfast.

He slipped an empty bottle of red wine into a binliner and stretched. At his feet was a chalk-drawn pyramid showing the structure of society, the word “pueblo” at the bottom, and the tip pointing up the hill towards Bilderberg. It’s a short pyramid today, maybe half a heavily-armed mile from Rockefeller down to Ivan.

Ivan’s bed last night – is it had been the night before – was the scrub by the roadside. “It’s not so cold in my bag,” he said. “A lot of times I travel in the mountains – in the mountains, you can sleep anywhere.”

A lone Catalonian in green trousers, he clutched a leaflet and stood in the Sitges sun as, up the hill, billionaires and finance ministers ate kiwifruit patisseries.

The shame, the awful poignancy of Bilderberg, is that, for much of the time, there are more delegates up the hill than there are protesters at the foot of it.

On that point, there’s something I’d like you to do. I’d like you to extend a grateful thought, a prayer of thanks, an idle nod of acknowledgment – a something, an anything – towards Ivan and all the others who have come to Sitges to bear witness to Bilderberg 2010.

These people are on your side, they are fighting your corner. And if you don’t think it’s a corner that needs fighting, or if it’s a corner you think is being fought by the people up the hill … well, good luck to you.

I want you to know, though, that the people who are crawling around on pine needles with long lenses, trying to identify delegates (and doing pretty well, by the way), the people who are being detained, searched, questioned, then heading out again into the hills, the people who are sitting late into the night at the campsite bar, talking about distracted populations and central banks, are not lunatics.

They are your very best friends. They’re not feeble-minded or playing some kind of game. They are deadly serious, and they are worried to death.

These people look at the state of the world and they pack a rucksack and sleep at the side of a roundabout.

The head of the IMF (and Bilderberger), Dominique Strauss-Kahn, looks at the world and declares: “Crisis is an opportunity.” He sees the precarious global economy and floats the idea for “a new global currency issued by a global central bank”. (emphasis mine)

Now, if you think that’s a good idea – if you think yet more centralisation of debt (and interest payments), and more unelected financial control is a good thing – then good luck (what are you? The chairman of Barclays?)

We already have a world, says Daniel Estulin, the arch Bilderbotherer, “where unelected bodies like the IMF can tell sovereign nations like Greece what to do”.

Estulin is here in Sitges, wearing the fanciest trousers I’ve seen in a long time. He says the Bilderberg endgame is “one world company ltd”. And the board of directors is sitting half a mile away.

And they’re being watched. I can’t say from where – I don’t know where the guerilla camerafolk are out crawling today. And I can’t ring them, because they’ve turned their mobiles off and taken out the sim cards so they can’t be triangulated by the signal.

They’re out getting sunstroke on your behalf, on my behalf. I’ll publish some of their photos, and some of their spottings, tomorrow.

Later today, a bunch of Spanish activists are providing paella for everyone in a mountain restaurant. Some of us won’t make it. Some of us will be under arrest, or lying in a ditch holding our breath until the footsteps pass.

One last time: if you think what they’re doing is ridiculous, you’re wrong. It’s the fact they’re having to do it at all that’s absurd.

This morning, a policeman screeched up beside me as I went for a stroll and told me to take the recording device out of my pocket. I did. It was a bit of driftwood from the beach. Yesterday, I had my car searched (and was detained for 50 minutes while the Mossos d’Esquadra checked and rechecked my passport).

They asked me what was in the boot. I dug them out a T-shirt. The patrolman radioed the station and read out the slogan on the shirt in heavily accented English: “I went to Bilderberg 2010 and all I got was this lousy new world order.” His partner asked me why I was laughing. I couldn’t really explain.

BIlderberg is an absurdity. The secrecy is absurd. The lack of a relationship between the event and the mainstream media is absurd. Ivan standing alone by his roundabout bed is absurd. The paranoia of the participants is more than absurd – it’s pathetic.

This year, most of the delegates were whisked into the hotel through an underground entrance, dodging the lenses, like a bunch of James Bond baddies, like a dieter creeping downstairs at midnight to eat chocolate cake from the fridge.

But the good news is that not everyone has dodged the cameras (John Elkann, the heir to Fiat, was spotted by the German blog Schall und Rauch looking particularly dapper this year). And the even better news – the very best news – is that the press seems, finally, to have woken up to Bilderberg.

We have had camera crews from Spanish TV and Spanish newspapers both local and national (Javier from El Mundo is currently up a tree with a camera). French journalists, Portuguese documentary makers and al-Jazeera are picking up the story. Russia Today has sent a film crew.

We’ve had articles in the Independent and the Times, and on the Today programme on Radio 4. Daniel Estulin has been doing interview after interview. He’s getting quotes from inside the meeting. The veil of secrecy is looking decidedly tatty. It might be time to bin it.

And yet the veil of ignorance is still holding up pretty well. As Ivan says, handing me a leaflet from the Anwok collective, “it is difficult to talk about the Bilderberg agenda if people don’t even know about the group”.

I know what he means – I’ve spoken to countless news agencies and outlets in the last few weeks, and the most common response, from journalists, editors and commissioners, is: “I’m sorry, the Bilderberg what?”

But seriously, if you work on the foreign desk of a major news corporation and you’re at the “Bilderberg what?” level of political awareness, you need to think about getting a different job. Take a sabbatical. Take up carpentry, or read a book. It’s like calling yourself a porn star and not knowing the reverse cowgirl. “The reverse what…?”

Get with the programme. Shimmy up a pine tree. Take a leaflet. Resign. You’re not helping anyone.

The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered. – Thomas Jefferson

Charlie Skelton, Guardian UK reporter, being interviewed by Alex Jones about the Bilderberg Group meeting:

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Get Ready For The G20

The imminent approach of the G20 meeting in London on April 2nd should produce some fireworks considering all the talk about a super-reserve currency, and now, a new global reserve currency put forth by Russia and China.  Hmmm…Russia and China calling for a new global currency.  Something about that just seems a bit hinky.  If you are one of those readers that feel like the economists are talking over your heads, I want to help break it down and make it more manageable.  You NEED to understand what has happened and what is happening right now.

For those of you that are not up on this particular topic, a few definitions, (you knew that was coming), are in order:

G20 Major Economies:

The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 of the world’s largest national economies, plus the European Union (EU). It also met once at heads-of-government level, in November 2008. Collectively, the G-20 economies comprise 85%[3] of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.[2]

The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.  Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States.

International Monetary Fund:

The International Monetary Fund (IMF) is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments. It is an organization formed to stabilize international exchange rates and facilitate development.[2] It also offers financial and technical assistance to its members, making it an international lender of last resort. Its headquarters are located in Washington, D.C., USA.

The International Monetary Fund was created in 1944 [1], with a goal to stabilize exchange rates and assist the reconstruction of the world’s international payment system. Countries contributed to a pool which could be borrowed from, on a temporary basis, by countries with payment imbalances. (Condon, 2007)

The IMF describes itself as “an organisation of 185 countries (Montenegro being the 185th, as of January 18, 2007), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty”. With the exception of Taiwan, North Korea, Cuba, Andorra, Monaco, Liechtenstein, Tuvalu, and Nauru, all UN member states participate directly in the IMF. Most are represented by other member states on a 24-member Executive Board but all member countries belong to the IMF’s Board of Governors.

World Bank:

The World Bank is an international financial institution that provides financial and technical assistance[2] to developing countries for development programs (e.g. bridges, roads, schools, etc.) with the stated goal of reducing poverty.

The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions:

Whereas the latter incorporates these two in addition to three more:[3]

Leadership

The President of the Bank, currently Robert B. Zoellick, is responsible for chairing the meetings of the Boards of Directors and for overall management of the Bank. Traditionally, the Bank President has always been a U.S. citizen nominated by the President of the United States, the largest shareholder in the bank. The nominee is subject to confirmation by the Board of Governors, to serve for a five-year, renewable term.[4] (emphasis mine)

Mr. Zoellick is a CFR member, as is Timothy Geithner and most of the people surrounding B. Hussein Obama.

And my personal favorite that I am sure a few of you have heard about by now:

Commission of Experts of the President of the United
Nations General Assembly on Reforms of the International Monetary and
Financial System

Here is a snippet from their most current recommendations on March 19th, 2009, to the United Nations:

1. A New Global Reserve System
47. The global imbalances which played an important role in this crisis can only be addressed if there is a better way of dealing with international economic risks facing countries than the current system of accumulating international reserves. Indeed, the magnitude of this crisis and the inadequacy of international responses may motivate even further accumulations. Inappropriate responses by some international economic institutions in previous economic crises have contributed to the problem, making reforms of the kind described here all the more essential. To resolve this problem a new Global Reserve System—what may be viewed as a greatly expanded SDR, with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations—could contribute to global stability, economic strength, and global equity. Currently, poor countries are lending to the rich reserve countries at low interest rates. The dangers of a single-country reserve system have long been recognized, as the accumulation of debt undermines confidence and stability. But a two (or three) country reserve system, to which the world seems to be moving, may
be equally unstable. The new Global Reserve System is feasible, non-inflationary, and could be easily implemented, including in ways which mitigate the difficulties caused by asymmetric adjustment between surplus and deficit countries.

2. Reforms of the Governance of the International Financial Institutions
48. There is a growing international consensus in support of reform of the governance, accountability, and transparency in the Bretton Woods Institutions and other nonrepresentative institutions that have come to play a role in the global financial system, such as the Bank for International Settlements, its various Committees, and the Financial Stability Forum. These deficiencies have impaired the ability of these institutions to take adequate actions to prevent and respond to the crisis, and have
meant that some of the policies and standards that they have adopted or recommended
disadvantage developing countries and emerging market economies. Major reforms in the governance of these institutions, including those giving greater voice to developing countries and greater transparency are thus necessary.

49. The reform of the World Bank’s governance structure should be completed swiftly. For the second stage of the reform, focussing on the realignment of shares, three criteria could be taken into account: economic weight, contribution to the development mandate of the World Bank (for example, measured in terms of contributions to IDA and trust funds), and the volume of borrowing from the Bank.

50. For the IMF, serious consideration should be given to restoration of the weight of basic votes and the introduction of double or multiple majority voting.

51. Elections of the leaders of the World Bank and the International Monetary Fund should take place under an open democratic process.

I wonder how the Council on Foreign Relations that has appeared to be the front man for the world central bankers are going to like losing control of the World Bank?

Which brings us to the current situation of Russia, China and TurboTax Timmie all thinking that maybe it might be a good idea.

China calls for new global currency

China is calling for a new global currency controlled by the International Monetary Fund, stepping up pressure ahead of a London summit of global leaders for changes to a financial system dominated by the U.S. dollar and Western governments.

The comments, in an essay by the Chinese central bank governor released late Monday, reflects Beijing’s growing assertiveness in economic affairs. China is expected to press for developing countries to have a bigger say in finance when leaders of the Group of 20 major economies meet April 2 in London to discuss the global crisis.

A reserve currency is the unit in which a government holds its reserves. But Zhou said the proposed new currency also should be used for trade, investment, pricing commodities and corporate bookkeeping.

Beijing has long been uneasy about relying on the dollar for the bulk of its trade and to store foreign reserves. Premier Wen Jiabao publicly appealed to Washington this month to avoid any steps in response to the crisis that might erode the value of the dollar and Beijing’s estimated $1 trillion holdings in Treasuries and other U.S. government debt.

The currency should be based on shares in the IMF held by its 185 member nations, known as special drawing rights, or SDRs, the essay said. The Washington-based IMF advises governments on economic policy and lends money to help with balance-of-payments problems.

Then we all know TurboTax Timmie being open to a new currency and then “clarifying his statement” as the value of the dollar dropped 1.2%.  Even I, with no college education would KNOW not to make that mistake, unless I was TRYING to tank the dollar.

Forex: Dollar shakes on Geither’s comments of a new global reserve currency

FXstreet.com (Barcelona) – The Dollar has shaken strongly across the board after the U.S. Treasury Secretary, Timothy Geithner, affirmed he was open to consider China’s idea of moving towards an Special Drawing Right (SDR) linked currency system. The USD has reached new session low against JPY, EUR and GBP, against CHF, the Dollar has reached the 1.1165 important support.

Geithner said he was open to considering expanding an SDR although he admitted not even reading China’s proposal yet. Furthermore, he added that the dollar’s future role will be determined by good U.S. policy.

WHAT IS IT WITH NOT READING IMPORTANT DOCUMENTS?

And to be fair, here is the clarifying (with bold emphasis mine.)

A global ‘super currency’ to replace the buck? No, but . . .

On a day when the dollar had every right to rally given surprisingly upbeat U.S. economic data, Treasury Secretary Timothy F. Geithner briefly knocked the greenback for a loop.

From Bloomberg News:

Geithner was initially asked at a Council on Foreign Relations event in New York about proposals from People’s Bank of China Gov. Zhou Xiaochuan for a new international reserve currency. Geithner said, “As I understand his proposal, it’s a proposal designed to increase the use of the International Monetary Fund’s ‘special drawing rights.’ And we’re actually quite open to that.”

Some currency traders suddenly choked, reading into Geithner’s comments that the U.S. was “open to” the idea of a new currency that might someday usurp the dollar’s role as the preeminent holding of governments and institutional investors worldwide.

Within minutes of Geithner’s remarks, the dollar slid. The DXY index, which tracks the dollar’s value against six major currencies, fell 1.2% before stabilizing and creeping back up. The euro surged to $1.365 from $1.345.

From Bloomberg:

Roger Altman, who worked with Geithner as deputy Treasury secretary in the Clinton administration, later asked Geithner whether he wanted to “clarify” his remarks.

“I’d like to ask one final question, in effect on behalf of the market,” said Altman, founder of Evercore Partners Inc. “Let me ask the question this way: Do you see any change over the foreseeable future in the basic role of the dollar as the world’s key reserve currency?”

Geithner responded by saying that “I think the dollar remains the world’s dominant reserve currency.”

So ladies and gentlemen; get ready for more and ever increasing amounts of stupidity coming our way….have you taken measures to keep your families safe and fed in the months ahead?

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