QUESTION: Dear Marty,
I sure would appreciate any thoughts you have on rumors making the rounds that the International Monetary Fund has tipped its hand, in part via its June 2017 “Fintech and Financial Services: Initial Considerations” IMF Discussion Note, and intends to replace the US Dollar as the global reserve currency as early as January 2018 (probably later) with its decades-old Special Drawing Rights by converting the “foreign-exchange reserve assets” into a global currency using Distributed Ledger (Blockchain) technology.
It is only a matter of time until US hegemony built upon its reserve currency status (as well as other factors) goes the way of T. Rex. And, I have long believed that, while DLT (Distributed Ledger technology) is not going away, that it will be the IMF/Central Banks/Sovereigns who will end up creating their own horse in this reserve currency race that will win based upon “global” legislation and regulation … but 2018 is right around the corner.
ANSWER: No. This is really rubbish. I can’t believe how many people are writing in asking about this subject matter. Nevertheless, a new one-world currency is coming. It will be different from what anyone imagines. But so many people hate the dollar because they see this as keeping gold down. You better understand what is really taking place before you start making a wish.
What makes the dollar the reserve currency is the national debt. It is the only game in town to park big money. All of these conspiracy theories that hate the dollar so much fail to understand that the USA is not trying to keep the dollar as the reserve currency. It was the Plaza Accord that encouraged Europe to join together to create the Euro to compete with the dollar. The USA has also tried to convince Japan to relax its regulation to freely allow the yen to participate in the world economy.
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