Word: ersatzgold
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...world's nations to create and regulate an international money that would be handled only by governments, not people. The first tentative steps toward that were taken at last fall's meeting of the 107-member International Monetary Fund. The IMF voted to create an Ersatzgold called "special drawing rights." There is one big hangup: these "S.D.R.s" will probably not be activated until the U.S. and Britain markedly reduce their balance of payments deficits. But it is quite possible that by 1975 the S.D.R.s will increase the world's reserves by 25%. Says German Banker Hermann...
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