IMF Launch Of “Bancor” Global Currency

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BANCOR will be the Global Currency Unit
Bancor is the name of the supranational currency that John Maynard Keynes was conceptualising in the years 1940-42 and which the United Kingdom proposed to introduce after the Second World War. This newly created supranational currency should then be used in international trade as a unit of account within a multilateral barter clearing system – the International Clearing Union –, which would also have to be newly found. The Bancor was to be backed by barter and its value expressed in weight of gold. However, this British proposal of introducing a supranational currency could not prevail against the interests of the United States, which then at the Bretton Woods conference established the U.S. dollars as world key currency.

A newly published IMF strategy document calls for the implementation of a global currency, called the “bancor”, to stabilise the international monetary system, while acknowledging that only a monumental shift toward acceptance of globalism will make it possible in the short term.
The IMF blueprint, authored by Reza Moghadam, director of the IMF’s strategy, policy and review department, has stayed under the radar for three months.

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