[P2P-F] larger context ? : 10 Feb 2011 - Dominique Strauss-Kahn calls for new world currency

Sun May 22 22:24:20 CEST 2011

DSK coerced countries with a velvet broom ... while the predators wanted
even more pain ...  I guess this long-term and more compassionate view was
anathema to the market fundi's ..

On Sun, May 22, 2011 at 5:09 PM, Dante-Gabryell Monson <
dante.monson at gmail.com> wrote:

> 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.html
>
> *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 <michelsub2004 at gmail.com>
> 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 <p2p-foundation at lists.ourproject.org>
>
>
>
>
> ---------- Forwarded message ----------
> From: Dante-Gabryell Monson <dante.monson at gmail.com>
> Date: Fri, May 20, 2011 at 11:38 PM
> Subject: larger context ? : 10 Feb 2011 - Dominique Strauss-Kahn calls for
> new world currency
> To: econowmix at googlegroups.com
>
>
>
>
> http://www.telegraph.co.uk/finance/currency/8316834/International-Monetary-Fund-director-Dominique-Strauss-Kahn-calls-for-new-world-currency.html
>
> 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.
>
>
>
>
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