G20 MOVES WORLD STEP CLOSER TO GLOBAL CURRENCY...
A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.
"We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity," it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the International Monetary Fund that has lain dormant for half a century.
In effect, the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body.
The Russians had hoped their idea to develop SDRs as a full reserve currency to challenge the dollar would make its way on to the agenda, but at least they got a foot in the door.
There is now a world currency in waiting. In time, SDRs are likely evolve into a parking place for the foreign holdings of central banks, led by the People's Bank of China. Beijing's moves this week to offer $95bn in yuan currency swaps to developing economies show how fast China aims to break dollar dependence. Telegraph.co.uk
U.S. President Barack Obama took the world by surprise when he made an unexpected visit to the Iraqi capital on Tuesday, where he told U.S. troops and Iraqis that it was time to start preparations to let Iraqis run their country, six years after the United States led an invasion and war that he had opposed. ME Times
President Mahmoud Ahmadinejad is expected to announce Iran has mastered the final stage of nuclear fuel production when the Islamic state celebrates its National Nuclear Day on Thursday.
"I will have good nuclear news for the honored Iranian nation tomorrow (April 9)," Ahmadinejad said on Wednesday in a televised speech at the central city of Isfahan.
Foreign nuclear analysts believe Tehran has yet to prove it has mastered industrial-scale enrichment of uranium, the key to making fuel in large, usable quantities and the most technically difficult aspect of churning out nuclear energy. Yahoo.com
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