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

 

 

 

The Senate's Coronavirus Relief Package Must be Stopped!

Mike Whitney • March 26, 2020

The Senate’s $2 Trillion Coronavirus Relief Package is not fiscal stimulus and it’s not a lifeline for the tens of millions of working people who have suddenly lost their jobs. It’s a fundamental restructuring of the US economy designed to strengthen the grip of the corrupt corporate-banking oligarchy while creating a permanent underclass that will be forced to work for slave wages. This isn’t stimulus, it’s shock therapy.

Who can survive on $1,200 for one, two or three months time? And what happens to the millions of people who paid no taxes last year? Are they supposed to scrape by on nothing? Congress knows that most households live paycheck to paycheck. With no savings how will they pay the rent, the electric bill, the phone and the cable? Congress is quibbling over an extra $600 per month unemployment for those who are lucky enough to get it, when most people are just trying to figure out how they’re going to survive, how they’re going to pay the mortgage, when they’ll be able to go back to work, and whether their job will still be there when this nightmare is finally over?

Did you know that “if you don’t already have direct-deposit information on file with the IRS from previous tax returns, you won’t get the emergency funds for up to 4 months”? That means millions of people will have zero income for 4 months! What will become of them? Where will they go? Who will provide them with shelter and food? Shouldn’t congress be asking these questions?

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Yes, the U.S. Treasury Department has standby plans to seize all your silver & gold holdings

Submitted by IWB, on May 18th, 2016

We already know that the Criminal’s EO’s authorise him to seize almost everything Whenever. Now you can scratch off “almost”. Actually, this was written up before he even got elected by the crooked Diebold machines…….

 

Treasury claims power to seize gold and silver — and everything else

Submitted by cpowell on Sat, 2007-10-06 17:01. Section: Daily Dispatches | Confiscation

1p ET Saturday, October 6, 2007

Dear Friend of GATA and Gold:

Because of recent inquiries to GATA about the possibility of an attempt by the U.S. Government to confiscate privately held gold and silver bullion and coins and shares in companies mining the precious metals, we’re republishing here the correspondence between GATA and the U.S. Treasury Department on the subject in 2005.

The Treasury Department was surprisingly candid in that correspondence, asserting the U.S. Government’s authority, in declared emergencies, to confiscate precious metals and to restrict ownership of mining shares — and to confiscate and restrict every other financial asset as well. So perhaps precious metals investors shouldn’t feel too paranoid.

Confiscation has never seemed to GATA to be a serious or imminent threat. While the U.S. Government in 1933 did demand the exchange of circulating government-issued coins for paper money (proceeding to devalue the paper money after the gold was surrendered), that gold then was a huge part of the country’s money supply, and amid the national economic collapse at that time the government could make a plausible complaint against “hoarding.” There are no such circumstances today, gold no longer being in general circulation as currency. (Yes, we’re working on that.)

But of course lately the arrogance and imperiousness of the U.S. government have far exceeded even the paranoia of precous metals investors. Certainly capital controls may be imposed in the United States in the next currency crisis, and it’s not far from capital controls to even more brutal interventions in the economy.

GATA’s correspondence with the Treasury Department on the subject of confiscation is appended, along with the preface that appeared with the correspondence when it first was published.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

http://www.gata.org/node/5606

 

If you have silver coins, gold, mining interests…..at a whim, it all belongs to Him. And we’re not talking God here.

Bobby

 

Source:  http://investmentwatchblog.com/yes-the-u-s-treasury-department-has-standby-plans-to-seize-all-your-silver-gold-holdings/