Sha Zukang, United Nations Under Secretary General for Economic and Social Affairs, speaking at the annual meetings of the International Monetary Fund and World (central) Bank, in Istanbul, Turkey, calls for the replacement of the “dollar” as the world’s reserve currency, and its replacement with a conglomerate currency such as the Special Drawing Right.

       [added 1/8/2022] Thanks to Freedom’s Phoenix for this entry.

       As The Great Recession continues around the world: The Pan-Hellenic Socialist Movement wins the parliamentary elections in Greece.

       Postscript: Before the months was out, newly installed Prime Minister George Papandreou announced that the current budget deficit would be 12.7% of the Nation’s Gross Domestic Product, more than twice that claimed by the previous government.  This was far beyond that permitted by the European Union, of which Greece is a member.  This prompts Papandreou to implement his draconian government’s budget under control, lest the Euro (a Bill of Credit) collapse.

       NOTE: Greece got into the precarious debt situation, over the previous four years, through a series of “credit default swaps” transactions with Goldman Sachs investment and JPMorgan Chase commercial banks.  Over leveraging in CDSs is what led to the sub-prime mortgage crisis in the United States.

       [added 1/8/2022]