WASHINGTON -- China is on track to become the first purchaser of notes issued by the International Monetary Fund, a move that would diversify its foreign asset holdings and could give the IMF's quasi-currency more clout.
The IMF on Wednesday said China has signed an agreement to purchase approximately $50 billion in notes from the fund. The notes are denominated in Special Drawing Rights, a quasi-currency issued by the fund and promoted by China as a potential replacement for the dollar.
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Special Drawing Rights is a thousand year old term for access to a well for a farmer or herder.
ReplyDeleteSounds to me like someone controls the well and is treating everyone else like sheep herders.
Crap. If anyone had any doubt the dollar is doomed ...
ReplyDelete