Loading ...Ex-CIA advisor predicts date when US dollar hegemony will collapse – a bold position by Jim Rickards
In an op-ed posted on The Daily Reckoning on Tuesday, former CIA and Department of Defense advisor and investment banker James Rickards predicted that August 22 will be the day the US dollar’s status, as the world reserve currency and medium for exchange will formally collapse.
“On August 22, about two-and-a-half months from today, the most significant development in international finance since 1971 will be unveiled,” Rickards writes in reference to the upcoming BRICS+ Leaders Summit which will unveil plans for substituting the dollar in global trade.
Rickards says the push for a new currency spearheaded by the BRICS+ group will “affect world trade, direct foreign investment and investor portfolios in dramatic and unforeseen ways,” and cause an “unprecedented […] geopolitical shockwave.”
“The key is to create a BRICS+ currency bond market in 20 or more countries at once, relying on retail investors in each country to buy the bonds. The BRICS+ bonds would be offered through banks and postal offices and other retail outlets. They would be denominated in BRICS+ currency, but investors could purchase them in local currency at market-based exchange rates. Since the currency is gold-backed it would offer an attractive store of value compared with inflation,” Rickards writes.
BACKED BY GOLD ?
HOLY FOOK
IF RICKARDS IS RIGHT ( NOTE HE USUALLY IS NOT) THIS IS ….ANOTHER …NUCLEAR BOMBSHELL )
BRICS Could Enter Latin American Markets if Mexico Accepts New Currency –> Mexico and 18 other countries have expressed their interest to join the BRICS alliance and accept the new currency, reported Bloomberg. BRICS could soon expand to BRICS+ if the group of five nations decides to allow new countries into the bloc.
The move will make BRICS stronger and challenge the G7 Western nations in GDP and purchasing power parity (PPP). Mexico’s inclusion in BRICS could disrupt the traditional global financial markets making way for the new world order.
https://mexicodailypost.com/2023/05/29/brics-could-enter-latin-american-markets-if-mexico-accepts-new-currency/
Although I did had respect for Rickards and I still might have but since some time he is overplaying his hand. He has become an attention-addict to push his opinion.
Concerning this op-ed: he misses the point 100%. He lost it IMO. First of all: such new BRIC-currency will not be better then former (world) fiat. Yes, I say fiat as I sincerely doubt that BRIC-new-fiat will be backed by Gold. As I doubt that any BRIC-fiat can be redeemed for physical Gold. If such would not be possible then any new-BRIC-fiat will NOT be backed by Gold. If any little guy can not redeem BRIC-fiat at hs local bank then BRIC-fiat is NOT backed by Gold!!!
Then Rickards states ‘“The key is to create a BRICS+ currency bond market” … also here he misses the point and the reason former World Currency collapsed which is/was the abuse of debt. He proposes to continue to use debt as collateral and as fiat. Debt = money! No, it is not! If BRIC believes to create a BRIC-bond market then BRIC countries either have not learned anything or are just another new fraud system being pulled up. If so, BRIC+ creates a countdown for failure on itself and will be doomed as well.