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The theory behind the Global Currency Reset is that the US Dollar (USD) would lose its position as a reserve currency because the US is overly leveraged and becoming less competitive compared to resource-rich emerging economies.
After all, the value of a currency is a barometer of people’s trust in the government and its ability to repay debts. If there is no trust, then you don’t have money. What you have instead is a collection of portraits of long-dead presidents.
Rickards goes on to explain:
The Bretton Woods conference of 1944 set the global financial system that still prevails today.The period 1969-1971 can be regarded as the First Reset, which involved the creation of Special Drawing Rights (SDR, ticker:XDR), the devaluation of the dollar and the end of the gold standard.For years, commentators have discussed the next global monetary realignment, which is sometimes called The Big Reset or The Great Reset. [..]You cannot put negative interest rates on consumers until you eliminate cash. Otherwise, savers would just withdraw cash from the banks and stuff it in mattresses to avoid the negative rates. Implicitly, the European Central Bank [ECB] seems to agree.One of the ECB Board members says that negative rates (really confiscation) will be applied as a “penalty” against “hoarding” cash. In plain English, that means they will create digital money, force you to spend it, and if you don’t spend it, they will take it away as a “negative rate.Now all of the pieces of the global elite plan are converging. The International Monetary Fund [IMF] Special Drawing Rights [ SDR] issuance will reliquify global central banks that cannot print dollars. Then Central Bank Digital Currencies [CBDC] will be used to eliminate cash.
Plans that might once have been dismissed as pure speculation or conspiracy theories are now being openly pushed by people who occupy the highest levels of power.Biden’s agenda for the economy is now being spearheaded by Treasury Secretary Janet Yellen. The former Federal Reserve chair has taken a particular interest in stamping out cryptocurrencies and expanding the reach of the International Monetary Fund (IMF) – which could ultimately be the issuer of a new global digital currency.
In principle, Yellen and her global central planning cohorts support the digitization of money. In fact, they are enthusiastic about the prospects for replacing circulating paper cash with digital tokens.They just want to make sure those digits are issued and controlled by governments and central banks.