Will IMF `World Currency' Roll Over the Congress?
April 10, 2009 (EIRNS)"Down with the Dollar!" writes Time magazine's Justin Fox, reporting on the manipulated "groundswell" for replacing the dollar with the International Monetary Fund's Special Drawing Rightsthe target of Lyndon LaRouche's article "A British, Malthusian Swindle: A New World Currency As Fraud" in the current issue of Executive Intelligence Review. Time reviews the British scam as if it originated in China, then emerged from the Stiglitz UN task force, then got Treasury Secretary Timothy Geithner's blessing and finally won over President Obama at the G20. Of note, Time says it all started with John Maynard Keynes, "the source of seemingly every important economic idea of this crisis-racked time," who was "unable to persuade his U.S. counterparts to give the institution at the heart of the new system, the IMF, the money-creation powers he envisioned."
One of the architects of the SDR scam, a senior economist at the Peterson Institute of International Economics, responded to an EIR query as to his published contention that the new, $250 billion SDR creation needed only a "consultation" with the U.S. Congress, rather than Congressional approval, which the Congress had denied in 1997 when Larry Summers tried to double the SDR allotment. The Peterson man responded, "not for attribution" (a sure sign he's lying), that "The 1997 SDR amendment requires Congressional approval because it is special. It was never submitted to Congress, but will be now. A regular SDR allocation requires consultation."
It is to be hoped that Congress will not be cowed by this double-talk, and will demand a vote and a rejection, for fear of being tarred and feathered by constituents.