Engineered Global Depression Being Used To Help Bring In One World Currency System

Source: www.roguegovernment.com - By Lee Rogers

There is absolutely no doubt that we are heading towards the establishment of a new one world global currency system. The latest piece of evidence comes from a new United Nations report released over a week ago calling for the abandonment of the U.S. Dollar as the main global reserve currency. What would replace the U.S. Dollar to serve this function? The answer is that no existing currency would be able to fill that gap. Even the Euro which may have been a viable alternative a few years ago would currently not be sufficient considering the horrendous economic problems of European countries like Portugal, Italy, Iceland, Greece, Spain and others. So what does the United Nations report suggest? You guessed it, the establishment of a global reserve currency managed by the International Monetary Fund.

From Reuters:

A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.

The report is correct, that the U.S. Dollar has been unable to safeguard value but the currency is not backed by anything tangible and the Federal Reserve throughout its sorry history has created too many of them thus devaluing each individual U.S. Dollar. It goes on to detail how the U.S. Dollar needs to be replaced by a basket of currencies managed by the International Monetary Fund or IMF.

The report supports replacing the dollar with the International Monetary Fund's special drawing rights (SDRs), an international reserve asset that is used as a unit of payment on IMF loans and is made up of a basket of currencies.

"A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency," the U.N. report said.

The report said a new reserve system "must not be based on a single currency or even multiple national currencies but instead, should permit the emission of international liquidity -- such as SDRs -- to create a more stable global financial system."

In truth however, this will not create a more stable global financial system. All of the world’s major world currencies are fiat which means that they are created entirely out of thin air. Money is literally printed and created on computer systems from nothing tangible backing any of it. The currencies are all debt based which means that governments borrow money at interest from their respective central bank in exchanges for bonds which are issued to the central banks. This is why all major world governments are in massive amounts of debt. The system will not allow these governments to escape from the debt which forces the governments to tax its population to keep up with interest payments. This effectively turns the populace into slaves serving a debt that can never be paid off.

This is important to understand because the IMF defines an SDR to be based off of a basket of currencies. So each SDR will only be based off of a group of other debt based currencies that are created out of nothing. Here is what the IMF says straight from their own web site about the current form of SDRs.

After the collapse of the Bretton Woods system in 1973, however, the SDR was redefined as a basket of currencies, today consisting of the euro, Japanese yen, pound sterling, and U.S. dollar.

A basket of fiat currencies managed by the IMF will only centralize control and power over the world’s currency systems by a singular banking authority. The 2008 global financial crisis which originated from the casino driven derivatives market and the intentionally reckless expansion of credit by central banks was the engineered crisis that the global elite needed to have the excuse to make radical changes to the global financial system. Despite propaganda from the corporate controlled media around the world, there is no global economic recovery stemming from phony stimulus packages and multi-billion dollar bailouts for banks. Instead, it is going to be the driving force for the elite to further destroy economies by pushing in more regulations, more taxes and cold turkey cuts to key government institutions and programs which will have devastating short term consequences. Since European economies have on a percentage basis larger public sector economies than the United States this will create greater problems for those nations. Even though reducing the size of government is good, the cuts won’t be implemented in such a way that will allow people to gradually remove themselves from the reliance on these institutions.

Currently, we are already in a global economic depression. The so-called solutions that are being pushed by politicians around the world are not going to do anything to resolve this depression. They will be used to create further economic problems which will facilitate the centralization of power over the currency system and the eventual creation of a new global reserve currency of some type as suggested in the UN report. The elite might even sell the notion of a global reserve currency by initially including gold with the basket of currencies used within the current IMF SDR system. Of course, how long would gold really stay as a hard asset in this type of system? If history gives us any indication, the international gold standard setup in the 1940s following World War II with a gold backed U.S. Dollar only lasted until 1971 before Richard Nixon ordered its removal.

If they wanted a real solution we would hear politicians and bankers alike talking about the elimination of this debt based currency system and the implementation of something that would allow governments to create money debt and interest free. Obviously this is something they don’t want, because for the elites it is about power and control and a new global reserve currency system would give them just that.

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