February 15, 2011
On Monday, French Economy Minister Christine Lagarde said her country will work to realize a planned transition to a global financial system based on several international currencies. France is currently head of the G20.
Lagarde and the G20 want to undermine sovereignty of nations by moving away from national reserves into SDRs, or Special Drawing Rights issued by the International Monetary Fund.
The G20’s mid-February meeting in Paris will concentrate on “reform” of the international monetary system.
“Continuing demand for the U.S. dollar as the world’s de facto reserve currency, consequently still widening trade imbalances, and ongoing worry over how long the dollar can retain its excessively high value relative to other currencies, are sowing the seeds of renewed global financial instability,” warned Robert C. Hockett, an expert on international finance and professor of law at Cornell University.
Hockett said the Chinese yuan will likely be added to the dollar, euro, pound, and yen as one of the principal currency components of the Special Drawing Rights.
Lagarde and the G20 are currently debating the role of China. She said France favors including the renminbi in the currencies that make up SDRs even before the Chinese currency is fully convertible.
In 2009, Zhou Xiaochuan, China’s central bank’s governor, said he wants a new globalist reserve currency to be controlled by the International Monetary Fund.
On Monday, Japan acknowledged that China’s economy is now the second-largest. Due to China’s furious growth, the country is expected to surpass the United States as the world’s largest economy by 2030.
- A d v e r t i s e m e n t
China outpaced the United States in manufacturing this year. In 2009, the U.S. created 19.9 per cent of world manufacturing output, compared with 18.6 per cent for China, with the US staying ahead despite a steep fall in factory production due to the global recession, according to Global Insight, a U.S.-based economics consultancy.
The G20 is dedicated to transforming the IMF into a globalist version of the Federal Reserve. The authoritarian slave labor nation of China plays an instrumental role in this proposed transformation.
During recent G20 meetings, China worked closely with the United Nations to replace the dollar as the world’s reserve currency. China’s central bank insists the dollar’s global role allowed the U.S. to borrow cheaply abroad, fueling the credit boom that led to the financial crisis.
“A new world order is emerging,” declared former British Prime Minister Gordon Brown at the conclusion of the London G20 summit. Brown later characterized the globalist takeover scheme as the emergence of “one global progressive family.”
The IMF considers China – with its authoritarian government and a slave labor workforce – as the economic model of the future.
“The signals being sent by Brown, Sarkozy, Strauss-Kahn, Geithner, German Chancellor Angela Merkel, and others should be setting off high-decibel alarm bells,” William F. Jasper wrote after the London summit in 2009. “We are witnessing the demolition of our constitutional system and the piecemeal replacement of it with world government. Over the coming months, the architects of this new global system intend to wring every opportunity possible out of the current economic crisis to bulldoze through our constitutional checks and balances that stand in the way of empowering the IMF, the WTO, and the United Nations.”
Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.
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