The New American: The International Monetary Fund’s (IMF) Washington, D.C., managing director, Kristalina Georgieva, published a speech on Thursday, October 15, calling today’s economic crisis “a New Bretton Woods Moment, to address some persistent problems like low productivity, slow growth, high inequalities, a looming climate crisis.”
TNA readers may recall that the original 1944 Bretton Woods conference, which took place in Bretton Woods, New Hampshire, created an agreement centralizing the world’s financial system. The system used the U.S. gold stockpile for its backing, and the dollar as its currency. The arrangement started to unravel in August 1971 when President Richard Nixon removed the dollar from the gold standard. Since that time, numerous countries, most notably China, have called for an end to the dollar’s dominance as the world’s “reserve currency” and a new Bretton Woods-style agreement.
While not explicitly stating the desired terms for such a new agreement, the article is one of many put forth by the UN, IMF, World Economic Forum, and other globalist mouthpieces on the upcoming “Great Reset of Capitalism.” Read More …
Opinion: If I had only one pick of an economic event that would change the world overnight, removing the US dollar as world reserve currency would be right at the top of my list.
If/when that happens the nations would be forced to sell dollars to buy the new reserve currency. Interest rates in the US would skyrocket, and the center of the global economy would shift to Europe and China.
From the article:
“Georgieva’s article calls for more significant global debt:
We have seen global fiscal actions of $12 trillion. Major central banks have expanded balance sheets by $7.5 trillion.
That includes keeping a careful watch on risks presented by elevated public debt. We expect 2021 debt levels to go up significantly — to around 125 percent of GDP in advanced economies, 65 percent of GDP in emerging markets; and 50 percent of GDP in low-income countries.
She calls for an expansion of loans by the IMF to poorer countries, thus increasing its influence and control over them:
These loans will play an essential role in giving the IMF a leg up in the coming rush of Central Bank Digital Currencies (CBDC), about which the IMF, along with G20, the World Bank, and the Bank for International Settlements (BIS), released a report last week to formalize for use banking systems.”
Don’t change that dial, global governance is on the way:
“Just as the pandemic has shown that we can no longer ignore health precautions, we can no longer afford to ignore climate change — In the last decade, direct damage from climate-related disasters adds up to around $1.3 trillion. If we don’t like this health crisis, we will not like the climate crisis one iota.
We have a historic opportunity to build a greener world — also a more prosperous and job-rich one. With low-interest rates, today’s right investments can yield a quadruple dividend tomorrow: avert future losses, spur economic gains, save lives, and deliver social and environmental benefits for everyone.”
There you go. A post-American world called for the UN, EU, Russia, China, IMF, World Bank and the G20 can be launched with one seemingly innocuous change of world reserve currency.
There is only one global leader standing in the way of the Great Economic Reset …