CFR curses monetary sovereignty.

"Only by eliminating the deadly germ of monetary sovereignty will currency crises become yesterday's disease, and will globalization live up to its economic and political promise." So wrote Benn Steil, a Senior Fellow in international economics at the Council on Foreign Relations, in a Wall Street Journal op-ed for April 22. Mr. Steil's article, entitled "The Curse of Currency Autarky," claims that "financial crises will continue to emerge so long as governments continue to inject autarkic national currencies into internationally integrated national economies."

Autarky, a condition or policy of national economic independence and self-sufficiency, used to be considered a good thing. Along about the 1960s, however, CFR policy wonks began a campaign to deprecate the word and the concept, associating it with anarchy. Autarky--national independence--would not be tolerated in the CFR-planned interdependent new world order. Mr. Steil's immediate target is national currencies. The CFR brain trust is fully aware that a nation's control of its own national currency and monetary policy is essential to economic sovereignty, and economic sovereignty is essential to political sovereignty.

Steil advocates what other one-worlders have previously proposed: supplanting national currencies with three world currencies--the dollar, the euro, and an Asian currency. El Salvador has already dollarized, he notes, so why not the other countries of the Western Hemisphere? Says Steil: "Salvation lies in the Salvadoran solution, dollarization; the continued march of euro-ization; and perhaps the spread of a single Asian currency built on the back of political reconciliation between Japan and China." His hope is that the International Monetary Fund "can muster the political courage" to push this scheme.