Und Zwei Macht “Einen Vierzeiler”
The old idea of a powerful philosopher-king who would put into practice
some carefully thought out plans was a fairy-tale invented in the
interest of a land-owning aristocracy. The democratic equivalent of this
fairy-tale is the superstition that enough people of good will may be
persuaded by rational argument to take planned action. History shows
that the social reality is quite different. The course of historical
development is never shaped by theoretical constructions, however
excellent, although such schemes might, admittedly, exert some
influence, along with many other less rational (or even quite
irrational) factors. Even if such a rational plan coincides with the
interests of powerful groups it will never be realized in the way in
which it was conceived, in spite of the fact that the struggle for its
realization would then become a major factor in the historical process.
The real outcome will always be very different from the rational
construction. It will always be the resultant of the momentary
constellation of contesting forces. Furthermore, under no circumstances
could the outcome of rational planning become a stable structure; for
the balance of forces is bound to change. All social engineering, no
matter how much it prides itself on its realism and on its scientific
character, is doomed to remain a Utopian dream.
p. 42
The IMF is explicit in its antidemocratic leanings, what it calls
"political considerations.” The SDR blueprint calls for the appointment
of “an advisory board of eminent experts” to provide direction on the
amount of money printing in the new SDR system. Perhaps these "eminent
experts” would be selected from among the same economists and central
bankers who led the international monetary system to the brink of
destruction in 2008. In any case, they would be selected without the
public hearings and press scrutiny that come in democratic societies and
would be able to operate in secret once appointed.
John Maynard Keynes famously remarked, “There is no subtler, surer means
of overturning the existing basis of society than to debauch the
currency. The process engages all the hidden forces of economic law on
the side of destruction, and does it in a manner which not one man in a
million is able to diagnose.” If not one man in a million understands
debasement, perhaps not one in ten million understands the inner
workings of the IMF. It remains to be seen whether we can gain a fuller
understanding of those inner workings before the IMF implements its plan
to displace the dollar with SDRs.
In the end, the IMF’s plan for the SDR as announced in its blueprint
document is an expedient, not a solution. It confronts the imminent
sequential failure of Hat money regimes by creating a new Hat money. It
papers over the problems of paper 
currencies with a new kind of paper.
However, the plan has two potentially fatal flaws that may stand in its
way. The first is timing—could the IMF’s new SDR solution be implemented
before the next financial crisis? Creation of a new currency as
envisioned by the IMF would take at least five years...
pp. 233-234
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