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Courtesy of The Nattering Naybob
Rickards reacts… A Timetable for the Dollar’s Demise
Over the next several years, we will see the issuance of SDRs to transnational organizations, such as the U.N. and World Bank, to be spent on climate change infrastructure and other elite pet projects outside the supervision of any democratically elected bodies. (I call this the New Blueprint for Worldwide Inflation.)
Thereafter, the international monetary elite will await the next global liquidity crisis. When that crisis arrives, there will be massive issuances of SDRs to return liquidity to the world and cause global inflation. The result will be the end of the dollar as the leading global reserve currency.
Based on past practice, we can expect that the dollar will be devalued by 50–80% in the coming years.
A devaluation of this magnitude will wipe out the value of your life’s savings. You’ll still have just as many dollars, but they won’t be worth nearly as much.
The Nattering One muses… As for Rickards, his supposition would be nice, except one thing, the wholesale system, aka banking and shadow banking operate on eurodollars which are unregulated, credit based "dollars," not SDRs which are NOT dollar based.
Is the whole system, including the "dollar" based collateral requirements going to be shifted to SDRs? Knowing how the wholesale or banking system is plumbed and the mechanics thereof, we don't think so.
A massive shift away from the "dollar" would result in systemic financial and economic chaos on a global scale.
