Former Treasury official: If U.S. dollar loses global reserve currency status, there will be a complete economic IMPLOSION
Friday, March 31, 2023 by: Ethan Huff
(Natural News)
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.
Sources for this article include:
Bitcoin.com
NaturalNews.com
