The way things are currently headed, the United States dollar, a fiat currency endlessly printed by the private Federal Reserve banking cartel, is eventually going to lose its status as the world reserve currency. Once that happens, it will be game over for the current global economic order.
Former Assistant Secretary for Public Affairs at the U.S. Department of the Treasury Monica Crowley warned this week that the consequences of the U.S. dollar losing its world reserve currency status will be “catastrophic” for the powers that be.
“That would mean the end of the U.S. dollar,” she stated, adding that “there would be a complete implosion of the global economic system” if that happened – and it appears as though it is going to happen in a matter of time.
(Related: According to Russian Federation President Vladimir Putin, the BRICS countries, which include Brazil, Russia, India, China, and South Africa, are all working together right now to produce and unveil a new global reserve currency that is not controlled by corrupt Western powers like the U.S. dollar is.)
After being de-pegged from gold by Nixon, the U.S. dollar has been losing value and trust as the world’s reserve currency
Crowley appeared on Fox News to warn about the emerging economies elsewhere throughout the world that are ditching the dollar and moving towards other currencies such as the Chinese yuan. The U.S. dollar has already lost its status as the world’s dominant currency, she admitted.
“It’s really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world’s global reserve currency,” she added.
Ever since the conclusion of World War II, the dollar has been considered a safe haven currency. At the time, it was still backed by gold, but was taken off the gold standard by Republican President Richard Nixon about 50 years ago.
Ever since the time Nixon de-pegged the dollar from gold, the only thing backing the Monopoly money is the perceived “strength and economic power” of the U.S., which has waned dramatically since the time of WWII.
Another worry is that the rest of the world will stop trading oil using dollars, hence why it is referred to as the petrodollar.
“If that were to end,” Crowley said, “that would mean the end of the U.S. dollar.”
To have the U.S. dollar as the world’s reserve currency all this time “has been a real privilege,” Crowley went on to state, adding that “we’ve abused the privilege by wholly reckless monetary and fiscal policy for so many years, certainly over the last couple of years, which has really devalued the dollar.”
“On top of that,” she added, “now you do have this perfect storm of Biden’s weakness, his war on American domestic energy production, the Ukraine war … Because of all of these things, we’ve got America’s enemies, led by China, forming a new economic bloc.”
The only thing that would need to happen at this point to dethrone the United States and its fiat dollars from the pinnacle of global finance is for Saudi Arabia, as one example, to open up the oil trade to other currencies – and the Saudis have already indicated that they are open to doing this.
“If that were to happen, there would be a complete implosion of the global economic system, but certainly the American economic system,” Crowley warned. “And if that were to happen, you’d be looking at sky-high inflation just raging, Weimar Republic kind of inflation. If you think inflation is bad right now, just wait.”
The latest news about the impending failure of Western civilization can be found at Collapse.news.
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Starting the Day With a Scripture-Inspired Roast Helps Center Your Thoughts on Eternal Truths Amid Temporal Pressures
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Gee, Ya think? Our CIA and the state department has messed with almost all other nation on earth at one time or another, and now they are saying to us F. You. There are five BRICS nations with another half dozen or more bidding to belong to BRICS, and now that they are gaining the advantage they will take on the Reserve Currintcy Status and put the dollar out of business, which will send our economy and us in a downward spiral we’ll be lucky to survive as a nation..
Oh, believe me, the FED knew this was coming and there was nothing they could do about it. The digital currency they have in mind will not do what they were hoping it would, other than allow them to surveil and monitor Americans and their spending habits. We cannot allow that to happen or we will be come slave of their system.
The FED will lose the faith Americans had in their system because it became obvious it was a Ponzi scheme to only benefit the rich elites. It is now obvious that the FED has no more arrows in its quiver. Remember my friends that old saying: IF YOU DON’T HAVE IT IN YOUR POSSESSION YOU DON’T OWN IT. ! And this pertains to Gold and Silver which is the only refuge of value we have left at our disposal.
The left’s plans are coming together nicely, don’t you think?