Easy money. Liquidity. Sounds nice doesn’t it. That’s how the IMF is pitching the latest idea to create billions of dollars worth of “SDRs” or Special Drawing Rights. The SDRs are euphemistically called a super-currency. It’s only a super worthless currency that steals the purchasing of most if not all other fiat currencies on the planet. A former IMF official, Simon Johnson, said,
“The principle behind it is that everyone would get bonus dollars and instead of the Federal Reserve having to print them, everyone gets them. The objective is to create a windfall of cash. However if everybody goes out and spends the money it could be very inflationary.”
Let’s break that down. “Everyone” is not going to get bonus dollars, only people who work for or with national governments. You, dear reader, and I get nothing. The “windfall of cash” will only benefit said parties, and everyone else will experience their share of a windfall of theft.
The “economist” then adds this could be “inflationary” to further confuse the public since simply printing money is the act of inflation. What he should have said is the act “could” lead to price increases if the people who get the SDRs spend them.
SDRs: yet another reason to convert your fiat money into real products.