further contexts ? http://english.aljazeera.net/indepth/opinion/2011/05/20115712428956842.html The IMF's change of heart The International Monetary Fund has realised that a nation's economic well-being depends on social equality and justice. Joseph E Stiglitz<http://english.aljazeera.net/indepth/opinion/profile/joseph-e-stiglitz.html> Last Modified: 07 May 2011 15:14 *Under Dominique Strauss-Kahn, the IMF is looking to assist countries in stimulating their economies through long-term investments, boosting wages and strengthening collective bargaining* http://english.aljazeera.net/indepth/opinion/2011/05/2011520123526685879.htm... *Strauss-Kahn was in the process of making drastic changes in the IMF to benefit the developing world when he was suddenly caught up in a sex scandal * * Pepe Escobar<http://english.aljazeera.net/indepth/opinion/profile/pepe-escobar.html> Last Modified: 21 May 2011 11:54 * ///// opinion : ...which does not build claims for innocence regarding the sex scandal in which he is involved - yet I question myself regarding the timing of it. It is unfortunate I tend to be surprised powerful people get indicted and brought to justice, as to me it seems to be an exception rather then a rule, and tend to feel there are other stakes that may have lead him not to be "protected" from claims leading to the demise of his position at the IMF. ---------- Forwarded message ---------- From: Michel Bauwens <[email protected]> Date: Fri, May 20, 2011 at 7:09 PM Subject: [P2P-F] Fwd: larger context ? : 10 Feb 2011 - Dominique Strauss-Kahn calls for new world currency To: p2p-foundation <[email protected]> ---------- Forwarded message ---------- From: Dante-Gabryell Monson <[email protected]> Date: Fri, May 20, 2011 at 11:38 PM Subject: larger context ? : 10 Feb 2011 - Dominique Strauss-Kahn calls for new world currency To: [email protected] http://www.telegraph.co.uk/finance/currency/8316834/International-Monetary-F... International Monetary Fund director Dominique Strauss-Kahn calls for new world currency Dominique Strauss-Kahn, managing director of the International Monetary Fund, has called for a new world currency that would challenge the dominance of the dollar and protect against future financial instability. By Andrew Trotman <http://www.telegraph.co.uk/journalists/andrew-trotman/> 5:14PM GMT 10 Feb 2011 “Global imbalances are back, with issues that worried us before the crisis - large and volatile capital flows, exchange rate pressures, rapidly growing excess reserves - on the front burner once again,” Dominique Strauss-Kahn<http://www.telegraph.co.uk/finance/dominique-strauss-kahn/> said. “Left unresolved, these problems could even sow the seeds of the next crisis.” “When we worry about the deficiencies of the international monetary system, we are mostly worrying about volatility,” he added. There is “a sense that money sometimes flows around the globe in too-volatile a fashion and that countries need a more stable, more predictable external environment in order to prosper”, he said. He suggested adding emerging market countries' currencies, such as the yuan, to a basket of currencies that the IMF administers could add stability to the global system. China, which holds much of its $2.85 trillion mountain of reserves in US Treasury bonds, has repeatedly expressed unease about the value of the dollar, while American politicians have complained that Beijing gains an unfair advantage by keeping its own currency cheap. Strauss-Kahn saw a greater role for the IMF's Special Drawing Rights, which is currently composed of the dollar, sterling, euro and yen, over time but said it will take a great deal of international cooperation to make that work. "Using the SDR to price global trade and denominate financial assets would provide a buffer from exchange rate volatility," Strauss-Kahn said, while "issuing SDR-denominated bonds could create a potentially new class of reserve assets". Russian President Dmitry Medvedev last month said the currencies of Brazil, Russia, India and China should be included in the SDR valuation basket. The same month, Sarkozy said that the yuan should be included, and US President Barack Obama’s administration said it supports such a transition “over time”. However, among the yuan's drawbacks is that it is not freely traded and China's capital markets are largely closed. Strauss-Kahn said: "Increasing the role of the SDR would clearly require a major leap in international policy coordination. For this reason, I expect the global reserve asset system to evolve only gradually, and along with changes in the global economy." Strauss-Kahn's views come a week before finance ministers from the Group of 20 developed and developing nations meet in Paris to discuss proposals by French president Nicolas Sarkozy for changes to global economic governance. -- P2P Foundation: http://p2pfoundation.net - http://blog.p2pfoundation.net Connect: http://p2pfoundation.ning.com; Discuss: http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation Updates: http://del.icio.us/mbauwens; http://friendfeed.com/mbauwens; http://twitter.com/mbauwens; http://www.facebook.com/mbauwens _______________________________________________ P2P Foundation - Mailing list http://www.p2pfoundation.net https://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation