Posted by: John Gilmore | September 16, 2006

World Bank Head Sees Dollar’s Role Diminishing

Here we see yet another article speaking about the U.S. dollar’s demise. If you’re wondering – the same people who control the world’s central banking system – also control the IMF (International Monetary Fund) and the World Bank.

Based on recent mainstream media rhetoric and the actions of the Federal Reserve – I believe we’re being prepared for the imminent destruction of the value of the dollar.

Regardless of what we’re told by mainstream media – here’s what’s really happening:

1. The Federal Reserve has started us on a path that will lead to hyper-inflation – which will eventually destroy the value of the dollar (all of the Fed’s ‘programs’ have resulted in the printing of trillions of new dollars)

2. Mainstream media is deceptively disguising what is really happening – by printing various articles about how other nations and organizations (IMF, World Bank, United Nations, Russia, China, India, etc.) are concerned about our government’s ‘fiscal policies’ – calling for a new global reserve currency to replace the dollar.

3. Once inflation takes off and the dollar begins a rapid decline in value – we’ll most likely see the Fed ‘take action’ by increasing interest rates to ‘tame’ inflation. Of course, they created this inflation – but we’ll never hear the truth explained by mainstream media outlets.

4. The rapid rise in interest rates will be the final nail in our economic coffin. Our economic situation will rapidly deteriorate from here as we deal with a worthless currency and sky-high interest rates.

This economic turmoil will spread world-wide – and then we’ll see the proposed solution. The solution will involve a new global reserve currency and a new global monetary system.

We should remember that we’re seeing mainstream media articles today regarding the dollar’s demise – because they know what’s coming. The decline of the dollar will not surprise the global elite – they’ve planned it.

jg – October 1, 2009
___________________________________________

World Bank Head Sees Dollar’s Role Diminishing

By EDMUND L. ANDREWS

Published: September 28, 2009

New York Times

WASHINGTON — The president of the World Bank said on Monday that America’s days as an unchallenged economic superpower might be numbered and that the dollar was likely to lose its favored position as the euro and the Chinese renminbi assume bigger roles.

“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” the World Bank president, Robert B. Zoellick, said in a speech at the School for Advanced International Studies at Johns Hopkins. “Looking forward, there will increasingly be other options to the dollar.”

Mr. Zoellick, who previously served as the United States trade representative and as deputy secretary of state under President George W. Bush, said that the euro provided a “respectable alternative” for financing international transactions and that there was “every reason to believe that the euro’s acceptability could grow.”

In the next 10 to 20 years, he said, the dollar will face growing competition from China’s currency, the renminbi. Though Chinese leaders have minimized their currency’s use in international transactions, largely so they could keep greater control over exchange rates, Mr. Zoellick said the renminbi would “evolve into a force in financial markets.”

The World Bank, which is financed by governments around the globe and lends money primarily to poor countries, has no say over the economic policies of large nations or over currency matters.

But Mr. Zoellick’s comments were unusual, in part because he seemed intent on being provocative. He argued that the United States and a handful of other rich nations could no longer dominate the world economy and suggested that America was losing its clout. He also took issue with a central piece of the Obama administration’s proposal regarding the country’s financial regulatory system.

“The greenback’s fortunes will depend heavily on U.S. choices,” Mr. Zoellick said. “Will the United States resolve its debt problems without a resort to inflation? Can America establish long-term discipline over spending and its budget deficit?”

Mr. Zoellick criticized President Obama’s plan to put the Federal Reserve in charge of reducing “systemic risk” and to regulate institutions considered too big to fail. Saying that Congress had become uneasy about the Fed’s exercise of emergency powers to bail out financial institutions and prop up credit markets, Mr. Zoellick argued that the Treasury rather than the Fed should get more power because the Treasury was more accountable to Congress.

“In the United States, it will be difficult to vest the independent and powerful technocrats at the Federal Reserve with more authority,” Mr. Zoellick said, adding that “the Treasury is an executive department, and therefore Congress and the public can more directly oversee how it uses any added authority.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: