Thursday, May 03, 2007

CFR Calls for "The End of National Currency"

The End of National Currency

Benn Steil
From Foreign Affairs, May/June 2007

Summary: Global financial instability has sparked a surge in "monetary nationalism" -- the idea that countries must make and control their own currencies. But globalization and monetary nationalism are a dangerous combination, a cause of financial crises and geopolitical tension. The world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn.

Benn Steil is Director of International Economics at the Council on Foreign Relations and a co-author of Financial Statecraft. Click here and here for more.

We wonder if this article has anything to do with this news which hit on "May Day" - May 1, 2007:

Venezuela pulling out of IMF, World Bank (AP)
Written by Limoll Staff
Tuesday, 01 May 2007

AP - President Hugo Chavez announced Monday he would pull Venezuela out of the World Bank and the International Monetary Fund, a largely symbolic move because the nation has already paid off its debts to the lending institutions.

Click here for more.


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