You knew this couldn’t continue, right? Just printing numbers with dollar signs on special paper and believing in it as a source of enduring value … no way.
Someone was going to have to call bullshit and they did, last week. It was the International Monetary Fund (IMF) calling for a ‘new Bretton Woods moment.’
You don’t have to know the history of global fiscal management to know what that means — national currencies with one of them (the dollar) as the designated reserve currency for most transactions are on the way out. Politicians all over the world have doled out $7.5 trillion of pure sugar so far in 2020, no nutrition behind it, to bail out their own buddies with bullshit dollars.
The IMF, World Bank and other self-proclaimed Adults at the Table have a New World Money Order in mind that is very simple. It’s Digital. And it is co-created and managed by Central Banks from multiple nations, not just one. There it is. That’s the New Bretton Woods.
Except for the slight detail of which nations get to take the place of the U.S. Empire. Oh right, and also the fact that the U.S. Empire shows zero signs of willingly relinquishing the privileged position it has massively abused.
People in the U.S. would have to pay more for stuff. I think it could be the best thing that has happened since the country was founded. Childhood’s End, after 400 years of just taking whatever was in reach.
Time to grow up.