Watchman Newsletter

420 banks demand 1-world currency

WorldNet Daily (Link) - Jerome Corsi (October 10, 2010)

The Institute of International Finance, a group that represents 420 of the world�s largest banks and finance houses, has issued yet another call for a one-world global currency, Jerome Corsi�s Red Alert reports.

�A core group of the world�s leading economies need to come together and hammer out an understanding,� Charles Dallara, the Institute of International Finance�s managing director, told the Financial Times.

An IIF policy letter authored by Dallara and dated Oct. 4 made clear that global currency coordination was needed, in the group�s view, to prevent a looming currency war.

�The narrowly focused unilateral and bilateral policy actions seen in recent months � including many proposed and actual measures on trade, currency intervention and monetary policy � have contributed to worsening underlying macroeconomic imbalances,� Dallara wrote. �They have also led to growing protectionist pressures as countries scramble for export markets as a source of growth.�

Dallard encouraged a return to the G-20 commitment to utilize International Monetary Fund special drawing rights to create an international one-world currency alternative to the U.S. dollar as a new standard of foreign-exchange reserves.

Likewise, a July United Nations report called for the replacement of the dollar as the standard for holding foreign-exchange reserves in international trade with a new one-world currency issued by the International Monetary Fund.

The 176-page report, titled �United Nations World Economic and Social Survey 2010,� was issued at a high-level meeting of the U.N. Economic and Social Council and published in its entirety on the U.N. website. �

Economic Crisis ~ New World Order