Increasingly, the International Monetary Fund, with the support of the United States and Russia, appears positioned to launch a one-world currency at the upcoming G-20 meeting in London. The move is intended to be a last-ditch effort to prevent massive bank failures from occurring throughout the European Union. The idea is for the IMF to issue at least $250 billion in Special Drawing Rights, or SDRs, to IMF member states as a method of placing a safety net under developing countries that might otherwise have to declare bankruptcy.

The idea gained momentum Tuesday when the Moscow Times published an article revealing that the Kremlin intended to use the G-20 meeting, beginning April 2, to push for the IMF to utilize SDRs as "a super-reserve currency widely accepted by the whole of the international community."

U.S. Treasury Secretary Tim Geithner is on the record calling for the G-20 to support "substantially increasing emergency IMF resources" by up to $500 billion to deal with the global economic crisis.

"SDRs under the IMF proposal before the G-20 are going to end up being a newly invented one-world currency manufactured by a one-world organization, created to ease nations out of failed fiat currencies like the dollar," he argued.

"The direction in which the IMF proposal to utilize SDRs in this novel way appears aimed at elevating the IMF to the status of a one-world bank," Chapman said.