STEP 2. Preparations for the New System.
Preparations for a change in the financial and economic system go back to the early Bretton Woods conference. This was after WW2 when the major countries made the U.S. dollar the `lender of last resort.` However they knew that eventually the world needed a system which was based on the backing of all the major countries.
Creation of the IMF.
Thus the IMF, (International Monetary Fund) was created. At first the IMF was to promote international monetary cooperation and provide policy advice and development support via short and medium loans. It`s staff were primarily economists with wide experience in macroeconomic and financial policies.
Creation of the SDR.
In 1969 the major countries of the world then created a monetary unit for the IMF to use. This is called `the Special Drawing Rights,` or SDR`s. It is not a currency but they represent potential claims on the currencies of the IMF members.
This is an example of an SDR monetary note. It has been issued to the United Nations enabling them to draw on a national currency held by the International Monetary Fund. Note it says - `In HOPE we trust.`
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