"IMF Members Weigh Options To Sidestep U.S. Congress On Overhaul"
The IMF is the central bank that backstops all other central banks around the world. The United States currently has the majority voting rights within the IMF and most importantly they have the ability to veto any decision made (which no other country currently has).
A movement has begun within the growing powers of the emerging markets to increase their voting share and remove the U.S. veto ability. The United States, of course, is dragging their feet on moving forward with this proposal. The emerging nations are becoming upset with the U.S. political gridlock, and they are now moving forward to create their own IMF subset to handle future global issues.
The importance of these tectonic shifts on the future cannot be overstated. It would take an entire book to explain the significance of the IMF, how it will used during the next crisis and what will unfold following that period. Fortunately, that book has already been written and it was released earlier this month titled "The Death Of Money" by Jim Rickards. It is the absolute must read book of this year if you want to understand how the future will unfold.
The next crisis will be completely different from what we experienced in 2008 because the sovereign central banks have already destroyed their balance sheets. The IMF (International Monetary Fund) and the SDR (Special Drawing Right) currency they issue will soon become household names.
The following is an interview with Jim Rickards on some of the topics within his new book. If you would like to download the interview in mp3 format you can do so here.
