From FDR to SDR

I personally have just gotten comfortable with CDO's (collateralized debt offerings) and CDS's (credit default swaps) to throw my two cents into lofty conversations about the global economic meltdown. But that was SOOOO last quarter . . . brace yourselves for the innocuous term for the coming of the ONE WORLD CURRENCY: 'special drawing rights' or 'SDR's'.

It's hard to get angry at an acronym. They seem, by nature, defusing. They 'program' themselves into our recall and escape future analyses. Case in point: the ubiquitous ATM. No one says in conversation, 'Before we go to Howard's 24hr. Sports Bar, I gotta stop at the 'automated teller machine'. Nope, it's 'Swing by the ATM so I can grab some fun money'.

SDR's are the proposed 'answer' being offered, by the collective G-20 body politic that just finished meeting in London, to the funding crunch effecting exporters. Who's issuing the SDR's?
The IMF (International Monetary Fund) which happens to have no oversight. The IMF is already bailing out Iceland, Pakistan, Hungary, Belarus, Ukraine, Serbia, and others, so it's market mechnics are in place. Why not extend its influence to industry? (Sounds a little like US and GM, US and Goldman Sachs, US and AIG.)

The special drawing funds global rescue pool was tripled at the G-20 summit to $750Billion. Serious money. With that many countries being represented, with disparate personal agendas being advanced, it makes sense that some 'sea change' ideas had to be floated to form a foundation for future meetings. Russia was kind enough to promote the idea to develop the SDR into a full fledged currency to take the place of the US dollar as the international business currency. Too bold, too soon. China generously offered yuan currency swaps to developing countries to the tune of $95 Billion, a steadier step to purge their bulging coffers of deposits swollen with bad US dollars. Sounds like a giant global laundromat is being constructed to wash out currency exposure and future risk to foreign denominated debt instruments that hold 'hidden surprises'.

The kicker to the G-20 gala event for global insiders was President Obama's attendance at the UN's 60th birthday bash. We are all being force fed globally shared solutions to problems that have been manufactured to advance the agenda of 'visionaries'. Deregulation ushered in globalization of multi-national corporations, exotic investment vehicles were allowed to be created; this lead to unchecked, irresponsible boom, a truly worldwide bust, and an emerging solution that sounds eerily like the authors of the "LEFT BEHIND' SERIES of best sellers penned them.

And just think, 60+ years ago old FDR and Churchill figured out how to arrange the 'then' New World Order over cigars and brandy. Oh for the old New World Order . . .