Will an Economic Reset Push Us into Digital Currency? – Stefan Gleason -
As the Great Reset proceeds from globalist think tanks and technology billionaires to allied media elites, governments, schools, and Woke corporations, what will be "reset" next?
Supporters of the World Economic Forum's all-encompassing Great Reset agenda are eyeing BIG changes for the global monetary system.
Plans that might once have been dismissed as pure speculation or conspiracy theories are now being openly pushed by people who occupy the highest levels of power.
President Joe Biden's economic policies were grafted directly from the "build back better" language of the Great Reset's authors.
Biden's agenda for the economy is now being spearheaded by Treasury Secretary Janet Yellen. The former Federal Reserve chair has taken a particular interest in stamping out cryptocurrencies and expanding the reach of the International Monetary Fund (IMF) - which could ultimately be the issuer of a new global digital currency.
Bitcoin's recent surge to $1 trillion in market value (it has since pulled back some) irked central bankers and government officials.
While they have long complained that cryptocurrencies are, supposedly, a major vehicle for fraud and other illegal transactions, officials are now focusing their ire on crypto-mining's energy usage.
Since the Great Reset prescribes a transition to a "sustainable" economy, anything tied to resource consumption is now subject to being attacked.
Yellen derided Bitcoin as "an extremely inefficient way to conduct transactions" because "the amount of energy consumed in processing those transactions is staggering."
A report just released on Monday by Citi ("Bitcoin: At the Tipping Point") makes the case that Bitcoin could become the currency of choice for international trade within seven years. That assumes governments won't act in conjunction to ban or co-opt the technology to ensure they maintain "legal tender" monopolies such as India is now trying to do.
In principle, Yellen and her global central planning cohorts support the digitization of money. In fact, they are enthusiastic about the prospects for replacing circulating paper cash with digital tokens.
They just want to make sure those digits are issued and controlled by governments and central banks.
'New Blueprint for Worldwide Inflation'
Last month, Yellen told the G20 the United States would back a new issuance of the IMF's international reserve asset, known as a Special Drawing Right (SDR).
The move, which reverses the opposition of the Trump administration, will direct liquidity to poor countries struggling to recover from the coronavirus downturn on their own.
SDRs were last issued in 2009, in part to address liquidity concerns, in part to build a precedent for something bigger down the road.
In 2011, the IMF issued its first blueprint for replacing the U.S. dollar as the world's reserve currency with a global SDR regime.
And in 2016, the IMF added the Chinese yuan to the SDR basket, elevating China's Communist government to prominence on the world monetary stage.
Economist James G. Rickards predicts,
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.
Rickards views the Great Reset of the monetary system as being ultimately bullish for precious metals. The push to digitize and globalize the U.S. dollar will only accelerate the demise of its value and increase the need for investors to hold tangible safe havens.
Yellen, Powell Openly Push for Digital Dollar
If the Federal Reserve, perhaps in coordination with the IMF, attains the ability to inject stimulus directly into digital wallets, then Quantitative Easing could take a whole new meaning. Central bankers could bypass Congress and distribute their own aid as they see fit.
Treasury Secretary Yellen recently told the New York Times, "Too many Americans really don't have access to easy payment systems and to banking accounts, and I think this is something that a digital dollar -- a central bank digital currency -- could help with. I think it could result in faster, safer and cheaper payments."
A central bank digital currency might also result in the imposition of negative interest rates or the automatic deduction of taxes with no way for holders to escape... except by exiting the dollar-denominated financial system entirely.
Federal Reserve Chairman Jerome Powell told Congress last week that the Fed is indeed "looking carefully" at issuing a digital dollar, calling it "a high priority project for us."
Anyone who is concerned about the prospect of being herded into a new digital currency regime should make it a high priority to own tangible assets that exists outside the financial system.