The New American: The International Monetary Fund, in cahoots with the Biden administration, is preparing to issue $1 trillion worth of new “Special Drawing Rights” (SDRs), paving the way to replacing the U.S. dollar as the global reserve currency while redistributing America’s remaining wealth to foreigners and Third World regimes. It is all part of a much-broader agenda being peddled as the “Great Reset” that will — if successful — fundamentally transform the world. COVID19 is merely the pretext.
According to media reports, the Biden Treasury, led by radical activist Janet Yellen, is so anxious to shower U.S. dollars on foreign nations that it is even working quietly to bypass the U.S. Congress. Under U.S. law, America’s elected representatives must approve any SDR issuance by the IMF in which the U.S. government receives more than $120 billion — the amount of its proportional stake in the global organization — during any five-year period.
The U.S. share of the new $1 trillion SDR allocation being pushed by the IMF and its allies amounts to almost $175 billion, triggering the legal requirement for congressional approval. To get around that, the IMF and Yellen are scheming to break the $1 trillion issuance into two parts. The first batch, to be issued this year, would amount to $650 billion total — the highest amount possible without Congress. Part two would come next year, once the start of a new five-year period begins.
Opinion: Proto-global currency is the method of managing global trade through the use of a single currency. A pre-requisite to fulfill Revelation 13:16-17.
The call to replace the dollar as world reserve currency began when the US decoupled the dollar from gold in 1971. The 2008-9 financial crisis brought more calls for a new reserve currency, and it now has the support of Biden administration’s globalist Treasury Secretary, Janet Yellen.
China’s goal toward global economic dominance took a major step forward on December 2, 2015:
Chinese Yuan Approved By IMF As Exclusive World Currency
The Chinese yuan was approved as one of the world’s exclusive currencies on Monday, a milestone decision by the International Monetary Fund that highlights the country’s rising financial and economic weight.
For the first time in over 15 years, the list of currencies comprising the Special Drawing Right (SDR) basket has been changed. It was determined the Chinese yuan met all existing criteria. source
With that approval, the Chinese Central Bank began pushing for Special Drawing Rights (SDR) a basket of five currencies (the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling) to replace the dollar.
The move was a decoy:
The SDR in its current structure cannot replace the US dollar as world reserve currency since there is no free market to exchange them. The SDR is a creation of the International Monetary Fund (IMF) and by their own definition:
“The SDR is neither a currency nor a claim in the IMF. Rather it is a claim on the freely usable currencies of IMF members.” source
Global elites won’t let facts get in the way:
“The Financial Times, for instance, came right out of the closet and called for the IMF’s SDR to replace the U.S. dollar. “Policymakers should negotiate some form of anchor — whether it’s tying each other’s currencies together, tying them to a central electronic currency or maybe electronic special drawing rights.”
Birds of a feather:
The move to unseat the US dollar from world reserve status has officially taken a dangerous turn as it now has the backing of Treasury Secretary Janet Yellen.
What heightens the move is that just one week ago Yellen, who was Federal Reserve Chairwoman under Barack Obama, did a previously unheard of joint report to Congress on Covid with Jay Powell, current Fed Chairman, that strengthened Powell’s position with Biden for a second term at the Fed.
The US dollar stands between economic freedom and tyranny. With the US Treasury in league with the International Monetary Fund, tyranny is all but assured.
See our paper “The 1% and Revelation: Do Not Harm the Oil and Wine” here