Gold-Backed SDR “Is Quite Likely To Happen”, LSE’s Lord Desai Warns!

• Gold-Backed SDR “Is Quite Likely To Happen”, LSE’s Lord Desai Warns!
  by Tyler Durden, www.zerohedge.com 
  As many are increasingly coming to terms with the ‘obvious failure of fiat currency’, the inevitavble question arises “what next?” Earlier this year, we discussed the possibility of a Chinese- or Russian-currency backed by gold, amid the increasing calls (domestically and abroad) for an end to USD Reserve hegemony; but this weekend, as Bloomberg reports, Lord Meghnad Desai, chairman of The Official Monetary and Financial Institutions Forum, stated that IMF Special Drawing Rights (SDR) should contain some gold to help stabilize the currency. 
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  As Bloomberg reports, 
  “A bit of gold” could help stabilize SDRs, Lord Meghnad Desai, chairman of Official Monetary and Financial Institutions Forum, says at precious metals conference in Dubai.
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  “We could ask that gold be nominated as part of the SDR. That is one thing I think is quite likely to happen”
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  This will be easier if China increases its official gold holdings.
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  This is not the first time such a suggestion has been made…(as JC Collins of PhilosophyOfMetrics.com detailed) 
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  read more!

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• “They are planning through the IMF to come up with a World Currency to replace the dollar because the dollar will be replaced you just can’t keep printing them forever …. They wanna come up with another currency controlled and ruled by the United Nations and IMF ! “ – Quote: Ron Paul, 12 Jan 2012 at South Carolina.

[youtube=https://www.youtube.com/watch?v=iYGPx4FyL9A]

• “Are we going to go another step further into INTERNATIONAL MONEY … are we gonna go toward a U.N./IMF STANDARD where they are going to control with the USE OF FORCE another fiat standard. That’s what many people are working for and I CONSIDER THAT A VERY DANGEROUS MOVE!” – Ron Paul

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