Some 41 nations are now wanting a new global currency for trade purposes. This event is scheduled to happen at the coming BRICS conference in South Africa, August 22. Russia and China are behind this new change and the many indebted nations with dollar debt support this global change. It is likely that the nations which become members of this new BRICS currency will be encouraged to DEFAULT on their dollar debt.
This new digital currency (let's say it is the Yuan) will be backed by gold (in some fashion). The current idea is to define the new currency in grains of gold (much like the prior exchange rate under the Bretton Woods system). Under this system $35 in dollars could command 1 ounce of gold (in exchange). This may not be allowed for the first year or so but the idea is to define the new currency unit in terms of gold.
Russian economists are behind the details for this new currency. The rouble is currently backed with gold (in some fashion) but the key to a real gold standard is to define the monetary unit and then allow convertibility into gold when a nation is dissatisfied with the management of the system. The prior Bretton Woods system collapsed because the USA mismanaged its economy (inflation) and France and Britain chose to exit their dollars held (as reserves) in exchange for gold.
A new gold standard must be administered by a creditable institution which provides transparency on all issues of trade. My sense is that this New BRICS bank will be creditable. We are heading for a major Apocalypse in our financial system by the end of 2023. The August 22 date is crucial as we will get final information on what is being planned (and when the system will commence). Watch what happens as the dollar system will suffer greatly when confidence wanes (for the $) and this new currency emerges.
The big news in the USA is the FEDNOW system which starts later this month. This new settlement system will work for a time (maybe a couple of years). Some 57 banks are already part of the system. In time the FED will own every bank deposit system (in the nation) as the FED will act as the monitor and authority for all USA financial transactions. We could all be customers of the FED within a year or so. But can a FED coin (a CBDC) work in a world where BRICS nations use gold as backing?
Keep in mind that a CBDC is a virtual coin (monetary unit) which is created out of nothing and which has zero intrinsic value. It is essentially an 'imaginary' coin which gets created and distributed via our computer systems. It will most likely be REJECTED for international trade if the BRICS currency is actually backed and convertible into physical GOLD. Gold is NOT imaginary! A CBDC is imaginary (if unbacked)! Will the FED wake-up and make their CBDC convertible into silver or gold? As of today, they manipulate the $ with their master computers and their trading.
A Financial Apocalypse is on the horizon as the BRICS will force our American $$$$$$$ to implode (at some point). When will this implosion happen? It could be later this year or early next. I am watching the events with this BRICS currency as there are now some 41 nations which desire to be part of this new system. A nation like Argentina will likely DEFAULT on their dollar debts as they transition to this new BRICS currency. Many other small nations will do likewise!
All nations with unpayable dollar debts will be encouraged to default IMO. They can then join the BRICS system with a clean slate. The IMF and the FED will be impotent to stop this default situation. Russia hates the dollar as this gives the USA the ability to sanction their nation and also freeze $ deposits which the Russians hold in their $ accounts. Billions of Russian dollar deposits are frozen by America. Biden and his cabal can do this as the dollar is digital/virtual. The current system is in the control of America and Swift. This will change with the new BRICS system.
We are obviously heading for a huge financial APOCALYPSE in the near future. The dollar is likely to IMPLODE at some point down the road. America is trying to manipulate the dollar with their computer control system but this will not WORK when the new BRICS system is installed. The dollar is heading for implosion at some point. My sense is prior to the end of 2023. Now is the time to get into some physical gold and/or silver (if you want protection with your savings). Buy now as the prices are SUPPRESSED (artificially). This will change once the new BRICS system is viable!
America is deeply in DEBT and we have been living on borrowed funds for decades. We have borrowed from the entire planet and our trade deficit shows the numbers. As I write our trade deficit is OVER $1 trillion (annually). America has borrowed and spent with borrowed $$$$$$ since we left the Bretton Woods system in 1971. Nixon closed the gold window and America borrowed additional trillions to buy commerce from the World. To date we have paid back ZERO. Borrow and Spend has been our MANTRA! Shame on America is my view!
www.usdebtclock.org
Get psychologically aware of the situation and you will survive in the coming financial APOCALYPSE. We need a NEW SYSTEM for the planet...but this can not happen until people wake-up to our prior history. Change will eventually happen is my view. We need to END all money from this planet. Smart Phone Apps can replace money. We need to think big and recognize that the END of an AGE is here. The Kingdom Age is what we need going forward. This can happen AFTER the coming APOCALYPSE!
Have a great day! I am: Donald B. Swenson, Economist/Philosopher, donaldswenson.blogspot.com.
http://kingdomecon.wordpress.com
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