IMF, SDRs, a New Global Reserve Currency, and America’s Coming Financial Collapse

June 19, 2014 at 10:15 AM

SDRAccording to Jim Rickards, “the accuracy of Fed forecasts has long been abysmal.” Yet, in spite of this fact, America’s economy takes its cues from the Federal Reserve. Instead of taking a “hands off” approach, all too often, the Federal Reserve’s “manipulation of the world’s reserve currency [creates] global confusion.” [1] My friends, this shouldn’t be and it begs the question, who is the actually controlling the Fed?

“The Federal Reserve defends its market interventions as necessary to overcome market dysfunctions such as those witnessed in 2008 when liquidity evaporated and confidence in money market-funds collapsed. Of course, it is also true that the 2008 liquidity crisis was itself the producer of earlier Fed policy blunders starting in 2002. While the Fed is focused on the intended effects of its policies, it seems to have little regard for the unintended ones.” [2]

Most who know anything about American history and either the U.S. Constitution or the Federalist Papers, know that the Federal Reserve should never have been created. When it finally was created in 1913, it seemed to immediately set about to undermine America’s economy. Is it any wonder that the Great Depression occurred a decade or so later? Certainly, there’s more to it than that, however, it can easily be shown that the Federal Reserve was not only no help at all, but likely did things that pushed this nation toward a financial meltdown.

As Rickards notes in his book, it is very possible that the mistakes that have been made by the Fed alone have pushed this nation to the point at which we cannot recover. The wheels have been set in motion and the destabilization of America is in full swing. What this means is that there will be another financial crash. Rickards paints a devastating picture of the results of that crash.

With countries like China and Russia beginning to look beyond the U.S. dollar as the world’s reserve currency, the devastation may occur sooner rather than later. As David Risselada points out in one of his recent articles, the U.S. dollar became the world’s reserve currency when Nixon (representing our federal government during his presidency) made a deal with the Saudis so that all of their oil had to be purchased with U.S. dollars. That meant that before anyone could buy oil from the Saudis, their own currency had to be converted into dollars. This kept the U.S. dollar in circulation, but instead of being backed by gold as it had been, it was not backed by oil. This is why the dollar came to be known as the “petro-dollar.” In exchange for this, the U.S. promised to protect Saudi Arabia and Saudi Arabian interests.

Now however, with China, Russia, and several other countries starting to rebel against the U.S. dollar as the global reserve currency, the dollar is in grave danger of being ousted and replaced with something else. That something may be what are known as Special Drawing Rights (SDR).

The SDR is something that was created by the International Monetary Fund (IMF) and they explain it like this:

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation that took effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs increased from SDR 21.4 billion to around SDR 204 billion (equivalent to about $316 billion, converted using the rate of March 12, 2014.”

Notice that the value of the SDR is “based on a basket of four key international currencies.” What this means is that the dollar is not the only reserve currency. Numerous countries – along with the IMF – want to move away from the dollar and depend solely on the SDR with their basket of currencies. This does a number of things. First, it takes away the special appeal of the U.S. dollar. Second, it actually puts the IMF in the position of global bank. If/when countries want to do business, they would then need to go through the IMF. This creates tremendous power for the IMF and, as global banker, they would literally dominate the banking scene. Of course, the globalists would use the IMF “bank” to further their own goals and aspirations so in that sense, the IMF would become their bank, doing their bidding.

If the U.S. dollar is knocked from its position as the only reserve currency used by the world, this will only mean trouble for the United States. Let me quote my friend David Risselada as to the destructive results of no longer having the U.S. dollar as the global reserve currency.

“This will be the official end of the super power status of the United States, and in many ways it seems to be the end goal of those currently in power.”

As he also states in his article, the United States has stopped being a producer of consumer products and we are essential a service nation. Most of the production for consumer items are done in foreign countries, where labor is cheap, then those countries export those items to the U.S. American workers are not builders, but those who service.

Dark days ahead for America, but I believe that this is exactly what the globalists planned all along. It has been necessary for them to destroy America’s economy in order to create the catalyst whereby America would fall from within. It’s taken them a number of generations to accomplish this, but they have moved along at a consistent pace until we are where we are now. It really is just a matter of time before America experiences the collapse that many have worked toward.

I hope you’re ready for it.

 

[1] Jim Rickards, The Death of Money, (2014), p. 82

[2] Ibid, p. 83

Entry filed under: Dr. Fred, Shadow Government, Socialism.

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