The following is by Jim Rickards, an international economist, attorney, consultant to gov'ts, NYT Best-Selling author, and expert on the gold market. It's not the whole piece, and it didn't copy onto this venue properly, but it's readable. The print size is tiny because that's the only way I could get it onto this page. [I'm a No-Tech person.] This is the portion that I felt was most important.
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September 9, 2016 Jim Rickards
Dear Reader,
I’ve been writing about the rise of world money, called the “special drawing
right”(SDR), for years.
I’ve especially been giving it a lot of attention recently because of the recent
G-20 summit that took place in Hangzhou , China
officially accepts the Chinese yuan into its basket of currencies making up its
SDR later this month on Sept. 30.
The SDR is part of the global elite plan to displace the dollar as the global
reserve currency and replace it with a new form of fiat money. This new form of
money is controlled by the IMF and unaccountable to any elected democratic agency.
The purpose of SDRs is to create global inflation after years of failure by
central banks to do the same.
It’s one thing to warn about a development. It’s another thing to see it unfold
before your eyes…
In my 2011 book, Currency Wars, on Page 232, I wrote the following: “The IMF
presented a blueprint for the creation of a liquid SDR bond market, the antecedent
to replacing the dollar as the global reserve currency with SDRs.
“The IMF’s paper identifies both potential issuers of SDR bonds, including the
World Bank and regional development banks, and potential buyers…” (emphasis added).
That was almost five years ago.
The SDR market I predicted five years ago is taking shape before our eyes.
The rise of SDRs is no longer a theoretical experiment; it’s happening in real-
time.
The rise of SDRs is no longer a theoretical experiment; it’s happening in real-
time.
On July 15, 2016 , the IMF issued a playbook calling for more “M-SDRs” (the “M”
stands for “market” and is a reference to privately issued SDR instruments,
as opposed to official SDRs, or “O-SDRs,” issued by the IMF itself).
On Aug. 31, 2016 , just six weeks after the IMF greenlight, its sister institution,
the World Bank, issued SDR500 million (equal to $700 million) of bonds in the new
world currency. Importantly, the new SDR bonds were issued in China
underwriters were four Chinese banks), which has a keen interest in the success of
the SDR market to undermine the dollar.
Why is the World Bank issuing SDR bonds? It’s not because they have trouble
borrowing. The World Bank is one of the best credits in the world. They can
borrow whatever they want, whenever they want, in any currency they want.
The reason is so that China China
if no one issues them? The World Bank is just accommodating Chinese demand. And
the Chinese want to invest in SDRs so they can stop investing in dollars.
There will be many more bond issues like this in the near future. Think of each
SDR bond issue as another shovelful of dirt on the dollar’s grave.
How much longer will investors sit in dollars waiting for the wipeout to come?
It’s important to diversify into 10% physical gold to preserve your wealth before
it’s too late.
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The movement away from the Dollar by various major countries has been
proceeding slowly for a few years now. Based on this info from Rickards,
it seems very likely that movement will accelerate this year. The world
appears to be tiring of our Fed Gov't and its promulgation/promotion of
USA Hegemony. The propagandists here call it "leading the world", but
anyone with any common sense at all knows better.
Once the Dollar no longer is the world's reserve currency, we are in for
some very bad (possibly horrendous) economic times. Be prepared.
Not only my opinion. Be Well
