Dear Friend of America's Survival,
Our media are full of fluff and trivia when the Bank of England Gov. Mark Carney has just given a remarkable speech about a global revolution in banking. He suggests, despite Trump's best efforts, Red China will overtake the U.S. in global finance through the rise of its currency the Renminbi.
Make no mistake: this is financial and economic warfare against the United States.
If Trump won't accept this, and he is still in power, we see Carney suggesting a move toward something like the increasing use of SDRs, Special Drawing Rights, a form of international currency. The U.S. pays for SDRs through its financial contributions to the IMF.
Created by the IMF in 1969, SDRs are what The New York Times called a “virtual currency.”
Carney says: "While the rise of the Renminbi may over time provide a second best solution to the current problems with the IMFS [international monetary and financial system], first best would be to build a multipolar system. " He adds, "The deficiencies in the current IMFS mean that the IMF should play a central role in informing both domestic and cross border policies."
He advocates "Pooling resources at the IMF," a clear reference to SDRs, by holding $3 trillion in "pooled resources," in effect "a tripling in the IMF’s resources over the next decade, enough to maintain their current share of global external liabilities." This is, in effect, a global bailout fund to finance the transition to a China-dominated world.
Note: George Soros, the powerful hedge fund short seller, has long wanted to diminish the role of the U.S. in the world, including the use and value of the dollar. He had previously proposed what he calls “an annual issue of Special Drawing Rights (SDR)," viewing the SDR idea as a variation of a global tax to finance more foreign aid. SDRs, created by the International Monetary Fund, have been defined as a form of international reserve currency intended to “supplement the existing official reserves of member countries” in transactions with the IMF. What Soros proposes would greatly alter and expand their use.
Carney explained his plan: "Transitions between global reserve currencies are rare events given the strong complementarities between the international functions of money, which serve to reinforce the position of the dominant currency. And the most likely candidate for true reserve currency status, the Renminbi (RMB), has a long way to go before it is ready to assume the mantle. The initial building blocks are there. Already, China is the world’s leading trading nation, overtaking the US at the start of this decade. And the Renminbi is now more common than sterling in oil future benchmarks, despite having no share in the market prior to 2018. The greater use of the Renminbi in international trade is also leading to its growing use in international finance. This has been enabled by reforms to China’s monetary, foreign exchange, and financial systems that have liberalised and improve its financial market infrastructure, making the Renminbi a more reliable store of value. The Belt and Road Initiative could foster further take up of the Renminbi in both trade and finance. "
These are earth-shattering developments, reflected in business publication headlines such as:
It's WAR. Who's on OUR side?
For America's Survival,