IMF Discusses Plan to Replace Dollar as World Reserve Currency
(SURVIVAL BROS) The International Monetary Fund has called for a plan that will replace the dollar as the World’s Reserve Currency.
CNN is reporting that the IMF has called to use SDR’s, or Special Drawing Rights to replace the Dollar. CNN explains what an SDR is below.
SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies. The IMF typically lends countries funds denominated in SDRs. While they are not a tangible currency, some economists argue that SDRs could be used as a less volatile alternative to the U.S. dollar.
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If the IMF replaces the Dollar as the world reserve currency it will have catastrophic effects on the United States economy. The American consumer will no longer be able to buy cheap manufactured goods from China, which will dramatically lower the standard of living of most Americans. This is a huge development and everyone should prepare accordingly.