- The SDR was created as a One World Currency to replace the US Dollar. Janet Yellen is clearly signalling support for the SDR with the US$650B contribution. See also:
IMF Mulls Creating $650 Billion in Reserves After Yellen Nod
…an SDR issuance of roughly $650 billion would be about the maximum that the U.S. Treasury can support without needing to get approval from Congress, depending on the exchange rate.
US Treasury Secretary Yellen defends IMF reserve increase aimed at poor nations
IMF Managing Director Kristalina Georgieva on Tuesday said the fund wants to increase its allocation of special drawings rights (SDR) by $650 billion with the aim of safeguarding the financial health of impoverished countries.
- Janet Yellen Says This Week’s IMF And World Bank Meetings Will Be a ‘Bretton Woods’ Moment for The Global Economy
by NICOLE GOODKIND, https://fortune.com/
Treasury Secretary Janet Yellen is prepared to build a new global economy from the ground up, a new, restructured world order.
The former Federal Reserve chair, with a penchant for concise and precise language, is known for her disdain of hyperbole. It’s that aversion to alarmist rhetoric that lends significant weight to the wide-reaching plans she relayed in her first major address as a member of the Biden administration on Monday.
“We must do better,” Yellen told Americans and a global audience in a 25-minute speech delivered from the Chicago Council on Global Affairs, ahead of the International Monetary Fund (IMF) and World Bank spring meetings this week. The economist compared the upcoming meetings, which will take place in Argentina, to 1944’s Bretton Woods Conference, a meeting that redefined the international monetary system after World War II and created a new world order.