4The Second Amendment to the Articles of Agreement of the IMF, which came into effect in April 1978, eliminated the use of gold as the common denominator of the par value system and as the basis of the value of the SDR. http://www.imf.org/extemal/np/exr/facts/gold. htm.
5"Monetary goldand SDRs issued by the IMF are financial assets for which there are no corresponding financial liabilities." http://www.imf.org/extemal/ indexlst.htm.
6"In accordance with Article XIX, Section 2(c), the Fundprescribes that...a participant, by agreement with another participant, may engage in an operation by which (a) one of the parties transfers [i. e., swaps] to the other party SDP, s in exchange for an equivalent amount of currency or another monetary asset, other than gold."
7Paul Krugman: "China' s Dollar Trap", New York Times, April 3. 2009.
8Bruce Greenwald and Stiglitz Joseph: A Modest Proposal For International Monetary ReForm. August 2009, lstanbul, unpublished.
