If the International Monetary Fund gets its way, the U.S. dollar will be replaced by the “bancor” as the world’s reserve currency. According to a report published April 13, the IMF would like to adopt a plan of action that would expand the use of SDRs (Special Drawing Rights) to replace the U.S. dollar as the storehouse of value and eventually create a global currency called the “bancor.”
“Bancor” is the name suggested by John Maynard Keynes, the British economist who headed the World Banking Commission that created the IMF during the Breton Woods negotiations, which preceded the United Nations.
The new global currency would be issued by a new global central bank that would have the authority to levy taxes for various infractions. The bank would have to be, according to the report writers, “accountable to member nations, but remain independent.” This statement sounds much like the defenders of the Federal Reserve, which was created by Congress and is supposed to be accountable to Congress, but refuses to allow Congress to audit its activities or even to answer congressional questions about to whom it lends U.S. dollars.
A global central bank has long been a goal of those who advocate global governance. America’s school system has failed to teach students about the century-long conflict between those who want a global governing authority and those who do not. Schools barely teach that Woodrow Wilson and his colleagues created the League of Nations, or why this institution failed. Schools never explain that many of the same people who promoted the League of Nations continued their efforts through non-government organizations such as the Council on Foreign Relations until Franklin Roosevelt was elected president.