by Natura Naturans
It seems the world knows the US dollar and all other Fiat currencies need replacing by a non inflatable stable currency. The impossibility of endless creation of more Crypto currency means no one country could use it to borrow as the US has creating endless debt. If this really happened all the enormous debt of countries would melt away in runaway Venezuela type inflation. Is this the Bank of England plan to destroy the US? It is the equivalent to going back to a gold standard as gold mining only increases the gold supply by less than 3% per year.
In Unprecedented, Shocking Proposal, BOE’s Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency
Then along came former Goldman banker and current (outgoing) BOE governor, Mark Carney, who in his lunchtime address laid out a shocking, radical proposal – perhaps the most stunning thing to ever be unveiled at Jackson Hole – urging to replace the US Dollar with a “Libra-like” reserve currency in a dramatic revamp of the global monetary, financial and economic order.
While it was unclear if Carney was focusing on Libra as the new reserve currency, or simply was hoping to find something against which the dollar could be devalued, the proposal was clearly shocking as it suggests that the central bank quiet acceptance of cryptocurrencies (especially in Japan) has been what many have speculated all along: a “currency” against which fiat money can be devalued in hopes of sparking fiat hyperinflation that inflates away record amounts of fiat debt.
Of course, such a new system would bring about the end of US hegemony, and effectively end the dollar-based global financial system, dramatically scaling back the US’s influence in the global economy, and making rising powers like China and Russia critical players an increasingly multipolar world…. especially if they propose a gold-backed dollar alternative to the world. That this would quickly emerge as the new reserve currency – together with whatever stablecoin/crypto central bankers deign to be the dollar’s replacement – goes without saying.
I don’t trust Crypto one bit. I have listened to my nerdy IT buddy extole the virtues of crypto and how difficult it is to create new coins and how safe it is, BUT crypto gets stolen ALL THE TIME, and huge thefts, in the millions. I don’t think the public will buy into this. All my retirement is in gold and property, and that’s doing just fine thank you. It’s quite clear that the government is spending and printing vast amounts of dollars, increasing debt exponentially. If a company started printing stock like that the stock price would dive to zero in no time.