"The gold standard isn't coming back, just deal with it."
That was not the issue. The issue was about the date of its death.
"Reserve Bank of India vide its web communication dated September 1, 2021 informs us that International Monetary Fund (IMF) has made an allocation of Special Drawing Rights (SDR) 12.57 billion (equivalent to around USD 17.86 billion at the latest exchange rate) to India on August 23, 2021. The total SDR holdings of India now stands at SDR 13.66 billion (equivalent to around USD 19.41 billion at the latest exchange rate) as on August 23, 2021. This increase in SDR holdings will be reflected in the Foreign Exchange Reserves (FER) data that shall be published for the week ended August 27, 2021.
That was created out of thin air. An SDR allocation is cost free. Allocating SDRs does not require contributions from donor countries' budgets.
"The general allocation of SDR 456.5 billion (equivalent to about US$650 billion) implemented on August 23, 2021, addresses the long-term global need for reserves, builds confidence, and supports a sustainable and resilient global recovery. It benefits all member states, and helps emerging market and low-income countries struggling to cope with the impact of the COVID-19 crisis. This general allocation, by far the largest to date, is a prime example of an international cooperative response to the COVID-19 pandemic."
