NEW YORK (CNNMoney) -- The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency. IMF discusses plan to replace dollar as reserve currency - Feb. 10, 2011 0bama's latest "success"
I guess I fail to see how another form of credit paper will produce any beneficial effects other than dampening swings on the way down the tubes.
Following FIAT with FIAT will guarantee total economic control through individual defaults. There will be no reversing it then, it will be eternal electronic hades.
A move to the IMF plan would rapidly destroy the American economy, as the POSDX would crash. Control of the money would remain in the same hands, but America's stint as a world superpower would end. Additionally, it would open the flood gates on the stock exchange and we, the American people would end up on the losing end of the proposition. Further, the foreseeable loss of POSDX purchasing power would push paper currency out, requiring a change of fiats in the US, possibly even complete electronic currency, with an institution of RFID chipping of "citizens".
