U.S. backs global alternative to dollar - World Net Daily
WND reports: "Increasingly, the International Monetary Fund, with the support of the United States and Russia, appears positioned to launch a one-world currency at the upcoming G-20 meeting in London. The move is intended to be a last-ditch effort to prevent massive bank failures from occurring throughout the European Union. The idea is for the IMF to issue at least $250 billion in Special Drawing Rights, or SDRs, to IMF member states as a method of placing a safety net under developing countries that might otherwise have to declare bankruptcy."

Comment: This is either a very poorly written article or an intentionally deceptive article. Those loan instruments that are mentioned (special drawing rights) already exist and have for some time, and as the article makes clear, they are merely thinking of making some changes to the system. This would not create a new global currency, as these are financial tools available to countries, not individuals, but as the article makes clear, the proposed changes would give greater power to the IMF as a regulator of the global economy, sort of like the Federal Reserve in the U.S. or the European Central Bank, by allowing it to change the supply of funds available to countries. Even though this does not create a true global currency, it still is important and something to keep watching because any effort to further centralize the global financial system would be an important step in preparing for that future.