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Is hard currency on its way out? Introducing the new virtual world currency.
Posted By aaron On October 28, 2010 @ 2:36 pm In Economic Crisis | Comments Disabled
COMMENT: Alex and many of his guests have been covering the emerging global SDR system for years now; here is simply a demonstration of how it is being rolled out, and how populations are conditioned to accept it as a response to the economic crises.
Christian Science Monitor
October 28, 2010
When discussing reserve currency alternatives to the US dollar, conversation almost inevitably returns to the International Monetary Fund’s “synthetic reserve asset,” the Special Drawing Right (SDR).
However, the SDR basket of currencies is noticeably antiquated in its design, including only the currencies of industrialized nations… namely British Pounds, Euros, Japanese Yen, and US Dollars. This week, foreign exchange manager Overlay Asset Management has announced a currency basket it’s launching in order to offer a more up-to-date “virtual world reserve currency.”
According to the Financial Times:
“[Overlay Asset Management's] Wealth Preservation Currency Index consists of the currencies of the world’s 15 largest economies, weighted by their gross domestic product, adjusted for purchasing power parity. The PPP element ensures a higher weighting to emerging market currencies than is commonplace in other currency baskets, with the Chinese renminbi (accessed through non-deliverable forward contracts) accounting for 16 per cent, Indian rupee 6 per cent and Brazilian real 4 per cent.
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