Porter Stansberry, founder of Stansberry and Associates or Stansberry Research
wrote a letter to their hundreds of thousands subscribers and made it into a 2-hour video presentation for the public to see. The video presentation is a controversial one and warned the audience that it may offend some people.
The video presentation shows shocking facts happening in countries and even on US soil where the US dollar is being dumped and replaced by alternative made up currencies within the United States and other foreign currency used for bilateral trades between several countries.
The most shocking fact that Stansberry Research
pointed out regarding the US dollar is that the International Monetary Fund (IMF) itself has released a report titled "Reserve Accumulation and International Monetary Stability" where it suggested a new currency called "Bancor".
The IMF suggested that one option for the new currency "bancor" is to be adopted by fiat as a common currency as was the euro. The reason for this is so that "bancor" will immediately result in widespread use and immediately eliminate exchange rate volatility among adopters. Another scenario which is less ambitious was suggested by the IMF for the "bancor" to circulate alongside national currencies worldwide. However, this would need to be adopted by fiat by at least some countries in order for an exchange market to develop.
In the report which was released in April 2010, IMF pointed out that the reason for a global currency, bancor, issued by a global central bank, was so that it can become a stable store of value that is not tied exclusively to the conditions of any particular economy. IMF further argues that bancor could serve as a global nominal anchor if it becomes a stable store of value.
The video presentation by Stansberry Research continues to unfold more and more facts regarding the end of the US dollar as the world's reserve. The fact that the IMF itself suggests a new global currency in place of the US dollar as the world's reserve is already a sign that the death of the US is real.
records that the World Bank President Robert Zoellick himself said that he is looking forward to other options to the dollar. Quoting Robert Zoellick, Porter Stansberry writes, "The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency. Looking forward, there will increasingly be other options to the dollar."
Total Views: 1248 | Approx word count : 424 | 01/05/2011