As the Great Reset proceeds from globalist think tanks and technology billionaires to allied media elites, governments, schools, and Woke corporations, what will be “reset” next?

Supporters of the World Economic Forum’s all-encompassing Great Reset agenda are eyeing BIG changes for the global monetary system.

Plans that might once have been dismissed as pure speculation or conspiracy theories are now being openly pushed by people who occupy the highest levels of power.

President Joe Biden’s economic policies were grafted directly from the “build back better" language of the Great Reset’s authors.

Biden’s agenda for the economy is now being spearheaded by Treasury Secretary Janet Yellen. The former Federal Reserve chair has taken a particular interest in stamping out cryptocurrencies and expanding the reach of the International Monetary Fund (IMF) – which could ultimately be the issuer of a new global digital currency.

Bitcoin’s recent surge to $1 trillion in market value (it has since pulled back some) irked central bankers and government officials.

While they have long complained that cryptocurrencies are, supposedly, a major vehicle for fraud and other illegal transactions, officials are now focusing their ire on crypto-mining’s energy usage.

Since the Great Reset prescribes a transition to a “sustainable” economy, anything tied to resource consumption is now subject to being attacked.

Yellen derided Bitcoin as “an extremely inefficient way to conduct transactions” because “the amount of energy consumed in processing those transactions is staggering.”

A report just released on Monday by Citi (“Bitcoin: At the Tipping Point”) makes the case that Bitcoin could become the currency of choice for international trade within seven years. That assumes governments won’t act in conjunction to ban or co-opt the technology to ensure they maintain “legal tender” monopolies.

In principle, Yellen and her global central planning cohorts support the digitization of money. In fact, they are enthusiastic about the prospects for replacing circulating paper cash with digital tokens.

They just want to make sure those digits are issued and controlled by governments and central banks.

'New Blueprint for Worldwide Inflation'

Last Thursday, Yellen told the G20 the United States would back a new issuance of the IMF’s international reserve asset, known as a Special Drawing Right (SDR).

The move, which reverses the opposition of the Trump administration, will direct liquidity to poor countries struggling to recover from the coronavirus downturn on their own.

SDRs were last issued in 2009, in part to address liquidity concerns, in part to build a precedent for something bigger down the road.

In 2011, the IMF issued its first blueprint for replacing the U.S. dollar as the world’s reserve currency with a global SDR regime.
And in 2016, the IMF added the Chinese yuan to the SDR basket, elevating China’s Communist government to prominence on the world monetary stage.

Economist James G. Rickards predicts, “Over the next several years, we will see the issuance of SDRs to transnational organizations, such as the U.N. and World Bank, to be spent on climate change infrastructure and other elite pet projects outside the supervision of any democratically elected bodies. I call this the New Blueprint for Worldwide Inflation.”

Rickards views the Great Reset of the monetary system as being ultimately bullish for precious metals. The push to digitize and globalize the U.S. dollar will only accelerate the demise of its value and increase the need for investors to hold tangible safe havens.

Yellen, Powell Openly Push for Digital Dollar

If the Federal Reserve, perhaps in coordination with the IMF, attains the ability to inject stimulus directly into digital wallets, then Quantitative Easing could take a whole new meaning. Central bankers could bypass Congress and distribute their own aid as they see fit.

Treasury Secretary Yellen recently told the New York Times, “Too many Americans really don’t have access to easy payment systems and to banking accounts, and I think this is something that a digital dollar — a central bank digital currency — could help with. I think it could result in faster, safer and cheaper payments.”

A central bank digital currency might also result in the imposition of negative interest rates or the automatic deduction of taxes with no way for holders to escape… except by exiting the dollar-denominated financial system entirely.

Federal Reserve Chairman Jerome Powell told Congress last week that the Fed is indeed “looking carefully” at issuing a digital dollar, calling it “a high priority project for us."

Anyone who is concerned about the prospect of being herded into a new digital currency regime should make it a high priority to own tangible money that exists outside the financial system.

No technology or government mandate can change the fact that gold and silver have universally recognized, inflation-resistant value.

Money Metals Exchange and its staff do not act as personal investment advisors for any specific individual. Nor do we advocate the purchase or sale of any regulated security listed on any exchange for any specific individual. Readers and customers should be aware that, although our track record is excellent, investment markets have inherent risks and there can be no guarantee of future profits. Likewise, our past performance does not assure the same future. You are responsible for your investment decisions, and they should be made in consultation with your own advisors. By purchasing through Money Metals, you understand our company not responsible for any losses caused by your investment decisions, nor do we have any claim to any market gains you may enjoy. This Website is provided “as is,” and Money Metals disclaims all warranties (express or implied) and any and all responsibility or liability for the accuracy, legality, reliability, or availability of any content on the Website.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD Weekly Forecast: Sellers gain confidence alongside the Fed

EUR/USD Weekly Forecast: Sellers gain confidence alongside the Fed Premium

The EUR/USD pair fell towards a fresh two-month low of 1.0900, finishing the second consecutive week in negative though little changed at around 1.0940.
Read full analysis
GBP/USD Weekly Forecast: Pound Sterling stays vulnerable ahead of UK inflation data

GBP/USD Weekly Forecast: Pound Sterling stays vulnerable ahead of UK inflation data Premium

The Pound Sterling (GBP) booked the second straight weekly loss against the US Dollar (USD), sending the GBP/USD pair to the lowest level in a month below 1.3050.

Read full analysis
Gold Weekly Forecast: XAU/USD holds above key support area after bearish action to start week

Gold Weekly Forecast: XAU/USD holds above key support area after bearish action to start week Premium

Gold (XAU/USD) declined sharply in the first half of the week but regained its traction after coming within a touching distance of $2,600.

Read full analysis
Bitcoin Weekly Forecast: Will BTC decline further?

Bitcoin Weekly Forecast: Will BTC decline further?

Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.

Read full analysis
RBA widely expected to keep key interest rate unchanged amid persisting price pressures

RBA widely expected to keep key interest rate unchanged amid persisting price pressures

The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.

Read more
Five best Forex brokers in 2024

Five best Forex brokers in 2024

VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals. 

Read More

Majors

Cryptocurrencies

Signatures