IMF plots world money issuance

IMF plots world money issuance without accountability, Rickards tells King

Submitted by cpowell on Thu, 2010-05-13 02:32. Section: Daily Dispatches

10:30p ET Wednesday, May 12, 2010

Dear Friend of GATA and Gold:

James G. Rickards, senior managing director for Virginia-based research firm Omnis Inc., was interviewed for 19 minutes today by Eric King of King World News and remarked that world government is under construction, and it's not the hallucination of the paranoid fringe. Rather, Rickards said, it's being arranged at the International Monetary Fund, whose Special Drawing Rights are being prepared to replace the U.S. dollar as the international reserve currency. While this might terminate the unfair advantages given to the country that issues the reserve currency, Rickards said, it creates other problems: The IMF has no direct accountability to anyone and indeed letting it issue SDRs as a reserve currency would be money creation without any accountability at all.

Rickards expects gold to rise to $2,000 in the near term and $5,000 in the long term.

You can listen to his interview at King World News here:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/5/13_Jim_Rickards.html

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.