From the provisions above it would seem that individuals would, in essence, become chattel of their respective governments and would be be allowed access to international exchange only via proxy. The super-currency can only be held by central banks therefor any international exchange must occur via these banks or their designated middle men.

The idea of a large centralized agency controlling the economic choices of any individual crass enough to see past the country of their birth conjurs chilling Orwellian ramifications. Most folks, I believe, would prefer boom-and-bust but with personal freedom over the system Davidson describes.

Obama and Sarkozy had a one hour video conference yesterday. I would be surprised if they did not touch on the topic.

Sarkozy of course has a direct way into the IMF through Strauss Kahn, who was appointed by Sarkozy. At the ECB we have Trichet, etc.

Sarkozy’s internatinal clout should not be overestimated by his ability to think strategically should not be underestimated.

The more doomsdayers there are in the U.S., the less the country deserves to be world leader.

By the way, if you were a doomsdayer (we have many here in the U.S.), you would say this is another lead up to Armageddon as prophecy says a global government is necessary.

The U.S. would perhaps have to say adieu to its stint as global currency hegemon. The euro would allow the EU states to punch above the weight of the individual states. Such a development would thus glue the EU further together. The U.S. should welcome this as the other main members of the club would be China and Russia (plus of course Japan).