Rumor Mill News Reading Room Archive

Single World Currency Proposed (so soon?)

Posted By: UselessEater
Date: Friday, 4-May-2001 03:47:58

With the Euro struggling to be accepted by Europeans, there are rumours that a single world currency has already been proposed! The central bank for this currency would be the Bank of International Settlements. Isn't this what Icke has been proposing would happen? //------------------------------------------------------- http://www.europeanfoundation.org/pubs/id/117id.htm Rumours of a single world currency The anti-euro newsletter, Deutschlandbrief, reports – strictly as an unconfirmed rumour – that plans are afoot to create a mega-single currency by blending the euro and the dollar. The central bank for this super-currency would be the Bank for International Settlements in Basel, to whose board the United States has recently appointed members after many decades of neglect. Alan Greenspan, the Fed chairman, said as far back as 1994 that the BIS was likely to assume greater importance in the future. In 1995, following the Maastricht treaty, the Americans took up their seats, together with the Canadians and the Japanese, thus starkly changing the composition of the bank. This move was not least because the Maastricht treaty removed most of the BIS’s raison d’ętre: it had previously been used for intra-bank settlements in Europe. It was also the clearing-centre for the ECU, the forerunner of the euro. With the introduction of the single currency, this function ceased to have any significance. On 11th September 2000, moreover, the BIS rid itself of its private shareholders by compulsorily buying them out. This has the effect of closing the bank’s books to public scrutiny. It is also relevant that Robert Mundell, the Nobel prize winning economist who was awarded his prize for being the “intellectual godfather of the euro” (even though many economists argue that his theory of optimal currency zones precisely proves why the euro is a bad idea) called for a link between the dollar and the euro at a conference in Paris in November 1999. [Deutschlandbrief, April 2001; for information and analysis of the institutional changes at the BIS, see www.sandersresearch.com]