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This sounds a lot like a conspiracy theory. The only reason for these nations to work on their own is in case the US is not willing to cooperate, but it doesn't make much sense. Cooperating with the lender nations is the best way to avoid a collapse. The lender nations will first de-peg their currencies from the dollar and peg them to the SDR. This leaves still a lot of control in the US, given that the dollar makes up for more than 40% of the SDR. Afterwards the lender nations could slowly enter the SDR with small weights and then evolving from there (the Khaleji, the Real, the Ruble and the Yuan should be the first to enter the SDR).

By not cooperating, the US can obliterate the IMF and see a bunch of regional currencies popping up, over which it has no control.

I also do not see any Central Bank moving openly to a commodity currency at this stage (even if solely as reserve).

luis_de_sousa@mastodon.social

by Luis de Sousa (luis[dot]de[dot]sousa[at]protonmail[dot]ch) on Tue Oct 6th, 2009 at 12:18:52 PM EST
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