Viewing a response to: @recursive/re-dollarvigilante-today-is-the-45th-anniversary-of-the-most-destructive-event-in-modern-monetary-history-20160817t025943927z
On Sep. 30th, yuan officially becomes part of the SDR basket of currencies. The World Bank has been approved to issue SDR bonds in China so China can invest in them and move away from the dollar. Other institutions and countries may follow suit. The SDR perhaps will become the 'world money' to replace the dollar as the world's reserve currency, as some experts like Jim Rickards suggest. Whether or not this is 'part of a larger, long-term movement to bring the dollar to its knees' is anybody's guess. But Rickards thinks as well that the rise of the SDR and the elimination of the dollar is part of 'piecemeal engineering' employed by the global elites to change the world slowly, one piece at a time, in ways that nobody notices. Btw, the SDR was invented by the IMF in 1969, just a couple of years before Nixon's uncoupling of the dollar from gold Buy gold and silver, Any weakening of the dollar is only good for the precious metals!
| author | tarack |
|---|---|
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<a href="http://archive.is/DfAKR" target="_blank">When I predicted that would happen</a>, most people thought I was crazy and that the Renminbi wouldn't be approved for the SDR basket. I recognize China's moves and it knows that it can't rise to the top overnight. The SDR to China for the time being is a "useful idiot currency" until they're ready for what they want. Still, I agree with you and Rickards that we may have an SDR phase before we see a return to a commodity-standard. Ultimately, if we all pushed for this now, the SDR phase would be short, or non-existent.
| author | fintekneeks |
|---|---|
| permlink | re-tarack-re-recursive-re-dollarvigilante-today-is-the-45th-anniversary-of-the-most-destructive-event-in-modern-monetary-history-20160817t093016917z |
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Any commodity money that isn't market-produced — i.e., that amounts to a return to a *government* gold standard — is doomed. Moreover, the market has now produced *mathematical* (algorithmic) money from which there is no turning back. On the contrary, it will only get better (e.g., Steem) in that it will become easier and easier to use and as anonymous as users want it to be for any given transaction, not only undermining government production of, and control over, money but undermining government itself. The state, in other words, has reached its apotheosis and will be in increasingly precipitous decline from here on out.
| author | freeradical |
|---|---|
| permlink | re-fintekneeks-re-tarack-re-recursive-re-dollarvigilante-today-is-the-45th-anniversary-of-the-most-destructive-event-in-modern-monetary-history-20160817t132717414z |
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| author | karnal |
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| permlink | re-freeradical-re-fintekneeks-re-tarack-re-recursive-re-dollarvigilante-today-is-the-45th-anniversary-of-the-most-destructive-event-in-modern-monetary-history-20160817t184253200z |
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In the time between 1971 and now, the USA have become one of the largest colonial empire of history, mostly thanks to the unlimited funding that free-floating US dollar, and the ability of the Fed to pump freshly minted money into the government chest by buying government bonds have made possible. If allowing the US dollar to become free-floating was a plot to undermine the hegemony of the USA and its currency, it has epically failed.
| author | recursive |
|---|---|
| permlink | re-tarack-re-recursive-re-dollarvigilante-today-is-the-45th-anniversary-of-the-most-destructive-event-in-modern-monetary-history-20160817t085824183z |
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