The status of the US dollar as the world reserve currency gives the US a number of advantages over other countries. The world’s most important commodities are priced and traded in dollars, even if most of these commodities are not produced in the US.
As more and more countries within the European Union struggle economically, the euro – the union’s common currency – becomes more embattled, with its founder now even predicting its demise. “The euro has become an austerity suicide pact.”
While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund.
In 2011, the technocrats devised a scheme, with the assistance of Hans Hoogervorst, appointed chairman of the International Accounting Standards Board, that Europe would be included in IFRS9, a new rule that eliminates mark-to-market accounting of sovereign debt from the European Central Bank’s balance sheets.
This month, the Vatican has announced their support of a new global bank. They have endorsed the UN’s endeavor toward global governance over all fiat currency – as long as they are anointed to participate in the sovereign powers of such an institution.
The efforts of the Global Elite are to enable an environmentally-based economy within a one world government. This includes replacing the currency and economic structures in place.
Brazil, Russia, India, China and South Africa launch attack to to replace the dollar with an single Chinese denominated “super-Sovereign” global currency.
Energetic social-credit entrepreneur Anthony Migchels is back with a spirited criticism of a “gold standard.” His article appears – as have others by him – on Henry Makow’s website and is focused on a few main points that have in part been made by other critics of a gold standard.
Efforts by European leaders to shoe-horn a range of diverse countries into a rigid financial cage are doomed to fail. But that’s all part of a long-term plan for a global super-currency which can only bring more hardship to ordinary working people.
While the move by the SNB to basically link its currency to the dying Euro was shocking and will send shockwaves throughout the global financial systems for months to come, in many ways it was inevitable.
Jeff Clark of Casey Research has created a wonderful historical “art” album which addresses the number one question which most people living in the US right now are unable to fathom: how can one’s currency go from X to 0. It is impossible.
In mainstream financial circles, the concept of a global currency is often spoken of only with an air of caution. It is approached always in hypothetical terms. It is whispered of as some far off dream; a socio-economic moon landing in the far reaches of fiscal space.
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