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Blog Archive

Saturday, April 4

Green Banana Leaf Currency

Maybe there is really a shortage of money to cover all those derivatives. What if no country not even the USA can get its tax payers to openly fund all this. Why not have the IMF make the Banana Leaf a currency, shall we say. That ought to get the greenie vote. A banana leaf over the debt bubble of 30 years is where it's at!!!

Isn't time to give up the United States dollar, and become a banana republic? This may seem far fetched, but it is part of the discussion at the last G-20 meeting. Don't blame this on Obama or even G. Bush. It's the system, and we have to have the courage to break with the system, or else. After all, Larry Summers is "an honorable man."

Will a green banana leaf currency be good for the environment? The plan is not explicitly about the environment but it calls for $250 billion worth of SDRs or Banana Leaf currency.: Italy's Il Foglio, a paper owned by Berlusconi's wife, features a similar analysis, primarily by reprinting an April 1 article from the Wall Street Journal, which was entitled The G20's Funny Money, under its own headline "The G20 and Bananalandia." ( Perhaps Ecuador or Costa Rica can cash in on their Banana skins.) The Journal article lambastes the SDR proposal, as "bits of paper printed by IMF officials in the basement," which nonetheless would commit the U.S. taxpayer to come to their support. In explaining how the SDRs work, the Journal notes that so far Congress has had to be consulted and that the last decision to increase the issuance of the pseudo-currency, taken by the Clinton Administration in 1997, has been blocked by the Congress. That proposal called for a doubling of SDRs from about 21 to 42 billion. The current proposal is looking towards 250 billion in SDR's as the first shot. Green is where it's at.

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