Russia unexpectedly supported George Soros’s idea to turn the drawing rights of the IMF into the world’s supercurrency. The idea is clear: the dollar is too risky to become the stronghold of the financial system. One should not forget who runs the show at the IMF.
Russia plans to ask the International Monetary Fund to study the possibility of creating the sub-national reserve currency. The plans also stipulate the diversification of the currency structure of reserves, operations of national banks and international financial organizations. Russia plans to set forth the suggestions to world leaders during the G20 summit.
“We believe that one should consider the role of the IMF in the process and decide whether measures should be taken to let SDR (Special Drawing Rights) become the globally recognized reserve currency,” the document runs.
The idea to replace the dollar as the world’s reserve currency with something else is not new. Many well-known scientists and financiers believe that SDR can become the new international currency. Now the suggestion has become one of the fundamental theories as far as the reforms of the global financial system are concerned.
US investor George Soros set out his views regarding the creation of the new money in the world. He wrote in one of his articles that the future of the International Monetary Fund and the World Bank depended on their handling of the problems of developing economies under the conditions of the financial crisis. The IMF does not have enough resources to support the developing states, Soros believes. In this connection he reminded of the existing mechanism of settlement with the use of Special Drawing Rights, SDR.
Andrei Gangan, an analyst with Calita-Finance, said that Special Drawing Rights represent the reserve asset, which the IMF created in 1969 as an instrument of payment between IMF members. The SDR cost is based on the basket of world’s basic currencies.
The specific weight of each currency in the SDR basket is based on the share of a country in international trade. The basket currently consists of 44 percent of the US dollar, 34 percent of the euro , 11 percent of the Japanese yen and 11 percent of the British pound.
The US dollar, which presently plays the role of world’s major reserve currency, cannot keep its status anymore for a number of reasons. One of the most important one of them is connected with irresponsible crediting policies of the US Federal Reserve System, which serves as the dollar’s issuing center. The balance between the dollar holdings and the growth of the US economy was broken at the end of the 1980s. The money, which the Reserve System has been printing for over 20 years, is not ensured with the US GDP,” Mr. Gangan told Bigness.ru.
The macroeconomic indices, which determine the national currency stability, are rather weak as far as the dollar is concerned. The correlation between the national debt and the GDP makes up approximately 90 percent (it must not exceed 60 percent). The budget deficit of the USA will exceed the level of 12 percent this year with 0 or 3 percent being the norm.
“The structure of the world currency system, in which one and the same currency serves as both the national and the international reserve currency, has proved to be corrupt. When people purchase dollars, they accept the national risks of the US economy, which remains afloat due to international investors’ infinite faith in it. They still believe that the US economy is stable and solvent, and that the US dollar is still the international reserve currency,” Andrei Gangan said.
The Russian administration believes that it is incorrect to keep dollar reserves against the background of the uncontrollable and irresponsible financial policies.
“The suggestion to make SDR the new reserve currency in the world is an attempt to grade the sovereign national risks of certain national currencies. The introduction of SDR will most likely not solve the problem, nor will it restrict the influence of the United States on the international financial system. The States enjoy the largest number of votes at the IMF – 17.5 percent. Japan and Germany, the two next members, own only 6.3 and 5.53 percent of votes. To put it in a nutshell, the USA will keep the control over the issue of the new world currency anyway,” the analyst added.
Addendum: Report from several moths ago in PRAVDA seem to tie in with this story.I have an image of the new "Amero" currency! I you wish to see it I can email the images to you! 
Pictures of the new currency that will supposedly replace the US dollar have appeared on the Russian Internet. The United States is reportedly working on the new currency, the amero, which will be common for the USA, Mexico and Canada. The unstable financial situation in the world, the collapsing oil prices and the growing foreign debt of the United States may eventually crush the US dollar as the world’s major currency. Needless to say that the US authorities reject the rumors and promise to keep the dollar afloat.
Amero notes have no portraits of US presidents on them and resemble the Belarussian rubles. For example, there is an image of a deer depicted on a 50-amero note, whereas a picture of a pyramid of Mexican Indians can be seen on a 100-amero note.
The amero follows the model of the European Union and its euro . It brings up the idea that the new currency can be adopted by the USA, Canada and Mexico within the scope of the North American Union, which the Bush administration established in 2005 under the Security and Prosperity Partnership of North America (SPP).
On April 6, 2005, the US Treasury announced the formation of the Financial Services Working Group to assist in the SPP’s ‘prosperity’ plans. According to its own press release, the US Treasury’s Financial Services Working Group said it “will play a critical role in the SPP.”
Conspiracy theorists contend that the governments of the United States, Canada, and Mexico are already taking steps to implement such a currency, as part of a "North American Union (NAU)" No current members of any country's government have officially stated a desire to create such a body, nor introduce a common currency.
The idea for a North American currency union was first proposed in 1999 by Canadian economist Herbert G. Grubel. A senior fellow of the conservative Fraser Institute think-tank, he published a book titled The Case for the Amero in September 1999, the year that the euro became a virtual currency. Another Canadian think-tank, the C.D. Howe Institute, advocates the creation of a shared currency between Canada and the United States .
After the report came out, center-left nationalist groups in Canada expressed their opposition to any currency union because they view it as an attempt by American businesses to gain access to Canada 's extensive natural resources while dismantling the nation's social services. The 100,000 member strong Council of Canadians, a progressive advocacy group, has declared one of its central issues to be the threat of "deep integration".
Dr. Robert Pastor, in a 2001 book, suggested a common currency should be a foundation of "macro economic cooperation" among the three NAFTA countries. However, the 2005 Independent Task Force on North America, which he chaired, did not recommend a common currency, nor does Pastor in the section for additional and dissenting views suggest a common currency should be a goal.
AOL Health