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Thanks for posting this article.
If I'm reading this correctly, this writer appears to be saying that President Trump plans to eliminate the US dollar as the world's reserve currency and to replace the dollar with an SDR-driven global currency issued by a global reserve bank. If that's true, I'm sure our president must have good reasons for doing that.
Still, it's a little confusing, since George Soros has been pushing the same agenda for decades. See, for instance, George Soros on Globalization (PublicAffairs, 2002), page xi.
What is an SDR?
Yes, the plans and steps for the IMF/Globalization/SDR has been moving forward for some time. Several books have been written about it. Yes, the globalists are in favor of it-and that’s enough to keep a wary eye on it. So far, the plans and intentions is not being adequately reported by LSM.
The problem with being the reserve currency, is that eventually the country goes bankrupt so to speak. Example is best understood using gold.
Suppose that Countries are using gold for purchases. Under that scenario, the country that is importing and buying more goods than it exports, will continually be using up their gold stash for payment. So gold eventually runs out.
When the new system —which is already waiting in the wings—is initiated, the IMF or whatever they call it will be “the Fed” of the world. The SDRs will be currency that governments use. People in the countries will NOT have SDRs. The people will have their own currency like USD, Peso etc. SDRs will be based on a basket of currencies including the Chinese currency.
Instead of blaming the Federal Reserve Bank for various things, everyone can blame the Global Fedzilla and politicians can just shrug—cause we don’t control the Global FED.
I have never heard POTUS say one way or the other what he thinks about this IMF/Fed plan. He has appointed people to the Fed who favor some sort of gold-backed currency. Various International Financial systems have existed. Eventually, they all need to be reworked and replaced by something else.
This issue bears watching, it’s not clear to me yet, what POTUS intends to do. Keep in mind that he often misdirects to give News a shiny ball to chase. So whatver new system and Federal Reserve Reforms are really coming—TBD.
In this article, the author mentions that devaluation of the dollar will be good for business, lower cost of exports etc.
What is not mentioned is that other countries will feel the bite and devalue their currencies in response. Nor does it mention the impact such devaluation will have on an individual who has dollars in savings.
What I have noticed is that Central Banks and Countries have all been loading up on Gold, and taking their Gold stored in NY Banks back to their own country. Might not be a bad Idea for individual investors to do the same.
“If I’m reading this correctly, this writer appears to be saying that President Trump plans to eliminate the US dollar as the world’s reserve currency and to replace the dollar with an SDR-driven global currency issued by a global reserve bank.”
Something like that was proposed at Bretton Woods.
The Reserve Currency would be the ‘Bancor’ instead of the dollar.
This probably would have been much better for us.
Using the dollar as world reserve currency boxed us into the Triffin Dilemma. Basically there were as many dollars being held overseas as we had gold to back them. Meaning we would have no dollars available for our domestic needs.
This created a slow inflation in the late 1950s, that was becoming a problem by JFK’s presidency. An early symptom was abandoning silver coinage and silver certificates.
By the late ‘60s there was a dual gold market, an official one that pegged the dollar to a low fixed gold price, and a real gold market where gold traded for a lot more.
So the French began exchanging their dollar holdings for our Treasury gold at the official rate, knowing that gold was worth a lot more. They didn’t trust us to defend the dollar, since we hadn’t been for a decade.
By the time Nixon took office something needed to be done. Either end its reserve currency status so that other countries would quit hoarding dollars, or throw the country into a deep recession by ceasing to increase the money supply. Nixon chose a third option of suspending Bretton Woods and the dollar’s link to gold. This set the stage for the inflation of the ‘70s.