From the Right Perspective, (bold highlights mine)
US Presidential candidate Ron Paul says the arrest of IMF boss Dominique Strauss-Kahn shows why economic sovereignty and control of the money supply should not be handed over to an international body.
“These are the kind of people that are running the IMF and we want to turn the world finances and the control of the money supply to them?,” Paul rhetorically asked on FOX News Sunday. “That should awaken everybody to the fact that they ought to look into the IMF and find out why we shouldn’t be sacrificing more sovereignty to an organization like that and an individual like he was.”
US Rep. Ron Paul has referred to proposals for a global currency that would serve as substitute to the US dollar which according to the proponents would be represented by the IMF’s SDR (special drawing rights).
The fact is that the IMF’s SDR, as a global currency, has long been a fantasy for Keynesians.
As Murray Rothbard pointed out,
At best, the Keynesian Dream is a long shot. It is always possible that, not only British opposition, but also the ordinary and numerous frictions between sovereign nations will insure that the Dream will never be achieved. It would be heartening, however, if principled opposition to the Dream could also be mounted. For what the Keynesians want is no less than an internationally coordinated and controlled world-wide, paper-money inflation, a fine-tuned inflation that would proceed unchecked upon its merry way until, whoops!, it landed the entire world smack into the middle of the untold horrors of global runaway hyperinflation
Perish the thought of an IMF SDR as global currency!
