by Brian Maher
Daily Reckoning
Jim Rickards’ fellow panelists chuckled and guffawed when he talked about special drawing rights (SDRs) at a 2012 conference at the Milken Institute. They’re not laughing now…
“IMF and China Accelerate Creation of New Global Reserve Currency,” blared a recent headline from The Epoch Times.
China has long fussed that the SDR should replace the U.S. dollar as the world’s reserve currency.
And this month, it could become one step closer to reality…
For the uninitiated: The SDR is a sort of “super money,” or global reserve currency, issued by the IMF to circulate among central banks.