Here is the announcement :
The USA $ Billionaires in the Middle-East, China, India, Russia, Russia, Brazil, Mexico, East-European/African and Asian Tigers feared it seriously after the 2008-09-10-11 financial meltdown that started in the USA and with it the evaporation of America's strongest and biggest companies, and the take-over of THE symbol of USA $ supremacy: the Wall Street Stock-Exchange, by the European "Deutsche Börse" (Börse = German for stock and commodities exchange).
Some simple math on the total American Debt, its gold-reserves, the profit of the USA economy ... and it is clear as water: with all the USA $ in the hands of the Middle-East, China, India, Russia, etc. ... there's not enough to buy in the USA. Nobody wants these USA $ anymore. The world wants to get rid of the USA $ as a world reserve currency. The Bretton Woods system for the financial regulation of the worlds top economies, and top Economist Mr Keynes warned for this already after the second world war and the Marshall Plan (officially the European Recovery Program, ERP) : don't use a national currency as an international reserve currency; use a more neutral one monitored and edited by the International Monetary Fund. Because the nation who's currency trippled into being the worlds reserve currency won't be able to witstand the temptations of a world currency: the only one nation that can print money at will, without any real value backing it up is a nation who's currency is the world's reserve currency. Doesn't matter how you turn it, IF you can make all others accept (probably by military force or in a dictatorship) the USA $ to be the currency for paying petrol oil in it, or gold, etc. And since the turnover in the petro oil industry is huge, you can print quite some USA $ and a bit more with the USA economical system getting away with it; after all, the whole planet HAS to pay them in the World Reserve Currency, the USA $. So a bubble starts growing: it seems as if the USA is a strong economy, but actually it is like a soap bubble: it may look big, but there's very little substance in it. And in 2008, that bubble imploded. Just as Mr. Keyns and all other economists predicted.
(picture of Mr Keynes)Note: The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states.
In a March 2009 speech entitled Reform the International Monetary System, Zhou Xiaochuan, the governor of the People's Bank of China, came out in favour of Keynes's idea of a centrally managed global reserve currency. Zhou argued that it was unfortunate that part of the reason for the Bretton Woods system breaking down was the failure to adopt Keynes's Bancor. Zhou proposed a gradual move towards increased use of IMF Special Drawing Rights (SDRs).[79][80] Although Zhou's ideas have not yet been broadly accepted, leaders meeting in April at the 2009 G-20 London summit agreed to allow $250 Billion of Special Drawing Rights to be created by the IMF, to be distributed globally. Stimulus plans have been credited for contributing to a better than expected economic outlook by both the OECD[81] and the IMF,[82][83] in reports published in June and July 2009. Both organizations warned global leaders that recovery is likely to be slow, so counter recessionary measures ought not be rolled back too early.
(picture of the governor of the People's Bank of China, Zhou Xiaochuan)The USA couldn't resist the short-mid term advantages of pushing its currency to the fore-front and imposing it to the allies and those defeated as the world reserve currency. Keynes main objectives: you're not going to stay away from the temptation of printing more and more and more of them without having any real value behind it to back it up, so use this IMF Currency: "Special Drawing Rights" and leave to an international team to determine how much money/SDR's/support the international community wants to give to a certain nation, because if it is not backed-up by another group of nations, one day the engagements and the loss of money comes back in the face as a boomerang.
If no other nation, wants to help bail-out a collapse of a nation's financial system, determines the conditions for the help - it is clear that the nation in need will HAVE to take im-popular actions to restore the economy to a normal healthy situation, the normal way of doing has put that nation's economy apparently in a difficult situation. If there are 3 nations with strong economies that agree upon the measures taken, ok, they can back-up and be responsible for handing out Special Drawing Rights that allow the nation to print/borrow/lend out money/push fresh money in their nation's economy, in return of an negotiated and agreed upon interest rate or something similar and accompanied by a plan that allows the 3 nations backing everything up to convince the international markets all this makes sense. And even if the international markets don't agree, the devaluation of the 3 or 4 countries value of their currencies will have to be strong enough to withstand the turmoil. There is not much of an alternative.
Any way, it's better that the USA $ as currency and them just printing more and more to buy them out of problems. If an African country would do this, you'd be laughing and nobody would buy it. But, now even with all the military power the USA has, the international community and certainly those strong people in those rising powers as Brazil, India, East-Europe, Russia, China, Mexico... they don't buy it anymore, they want to get rid of their billions of reserves in USA $ before nobody wants them anymore and their "market-value" drops to zero.
(picture: Economist and current prime Minister of India Manmohan Singh spoke in favour of Keynesian fiscal stimuli at the 2008 G-20 Washington summit)So these USA $ billionaires-millionaires are now looking for large sustainable projects that allow dumping their USA $ into, before the USA$ collapses... and signs of Euro-zone companies taking over American economy monuments like the Wall Street / New York Stock exchange certainly isn't a very comfortable sign to these millionaires/billionaires.
Meanwhile we're pushing to insert the CO2e-certificates / carbon-money of the Low Carbon Economy into the bucket that makes up these Special Drawing Rights.
