Does this mean the International Monetary Fund is becoming the Federal Reserve of the WORLD?

Money value is based on confidence in a currency. There is no Gold behind it anymore. The money they lend to you is not theirs to lend it is generated at a ration of 9-1 - if you deposit $1000 you can now lend $9,000. That is how most national banks in the world work and it is no different for the IMF except they were lending money given to them by the biggest banks in the world. As these banks are now in deep trouble and the value of their currency has dropped the IMF have no other way of raising money but doing exactly what governments have done to raise their money. Sell Bonds. If you want to buy a trillion worth of bonds you too can own a chunk of the US, UK, Ireland etc...