The Federal Reserve has quietly accumulated $164B worth of the IMF’s international currency called the Special Drawing Right, or SDR.
So wtf is an SDR?
SDR’s are the currency that the IMF used and still uses to bailout countries. You may recall that the IMF was bailing out countries like Greece and Ukraine a few years ago, and the news stories were always reported in “bailouts worth X billion USD“. I have been paying attention to SDR’s ever since the day I decided to dig a little deeper and figure out who was actually paying for all those bailouts. Turns out the IMF was not sending these countries greenbacks, they were instead paying them in SDR’s.
These SDR’s were once a unit that was backed by physical gold, but in recent history they have been reformed and they are exchangeable for a basket of fiat, which is reflective of the global economy.
Currently the SDR is backed by a combination of the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.
You can read more about the Greece SDR payments here on trusty Wikipedia: en.wikipedia.org/wiki/Greece_and_the_International_Monetary_Fund
And you can read more about the IMF’s public information about SDR’s here:
Why does it matter?
In my experience, SDR’s and their use are NOT widely discussed or even known about by ANYONE ANYWHERE, so I encourage you to do your own research.
That being said, I am personally of the opinion that despite the way the IMF talks about SDRs “not being a currency”, the SDR is in fact a de facto global currency… because they create them and then use them to give countries money.
Given their history of being used to bail out nations, SDRs are the ultimate backstop for the global economic system.
I also personally believe that every single global government was on a mathematical path to long term insolvency, BEFORE the pandemic. The fact is that they ALL spend more money than they bring in, and that math doesn’t lie.
The question then remains, what would happen when it comes time to pay the piper?
I am firmly of the OPINION that the response to a real global economic shit storm will be to bail out entire nations and their central banks. And I am firmly of the OPINION that this will be done by the IMF using SDR’s.
Remember when the governments had to bail out the banks? Well who bails out the government next time? The IMF.
How do they do it? SDRs.
So I wonder why the Fed suddenly own $164B worth of em.
The Fed is quietly loading up on an international currency that will be used to bail out the world after the mother of all shit storms.
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