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(Kitco News,Tues. Aug. 15th, 2023)- There are factions within the U.S. supporting a global move to dump the dollar and dethrone it as king of reserve currencies, according to Andy Schectman, President and Owner of Miles Franklin. One of the primary, Tues. Aug. 15th, 2023 reasons why there is an intentional effort to weaken the dollar is to create an environment that facilitates the introduction of a central bank digital currency (CBDC) and a new monetary system, explains Schectman.
The trend to move away from the U.S. dollar is accelerating and goes far beyond the attempts by the BRICS nations to settle trade in local currencies and stop using the greenback, Schectman told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.
The U.S. is facing unsustainable debt levels, and there are only a few ways to fix this — “you can inflate, you can default, or you can find a villain,” Schectman said.
And by weaponizing the U.S. dollar, the U.S. is creating a global movement of countries choosing to turn away from the greenback, including Saudi Arabia.
“You have pushed Saudi Arabia away by telling them you’re going green, by inflating the currency, by destabilizing the bond market, and vilifying fossil fuel usage. It would be a lot easier to see the dollar lose its petro status – as a settlement for petrol, which would massively decrease the demand for the dollar,” Schectman said. “And now you have a villain — it’s OPEC, and it’s Xi Jinping, and it’s Putin that have created this moment.”
To learn more about why Schectman sees de-dollarization as a deliberate effort from within the U.S. and which factions are behind it, watch the video above.
Schectman admits that this is just a theory, but it is based on a number of indisputable facts and points out that several powerful individuals have clearly stated they want to see the greenback fail on a global stage.
Schectman is referring to Jared Bernstein, who is the chairman of President Biden’s Council of Economic Advisers, and who in 2014 penned an op-ed in The New York Times titled ‘DeDethrone ‘King Dollar.’ In it, Bernstein wrote that “new research reveals that what was once a privilege is now a burden,” and to get the American economy back on track, “the government needs to drop its commitment to maintaining the dollar’s reserve-currency status.”
In 2018, Bernstein wrote another op-ed in The Washington Post, stating that “if one consequence of the Trump era is that the dollar loses some degree of its reserve status, I will consider that a good thing.”
And if people in power wanted to de-throne the greenback, is there a better way than weaponizing the dollar, Schectman asked.
“How else do you pay off debt? As interest rates rise, debt accumulation is increasing at a pace that the world has never seen. At what point do you realize that there is no way to pay it off, and rather than falling on the sword and being blamed for destroying the American way of life … you find a villain,” he said.
Why this is a lead-up to a CBDC
A central bank digital currency comes into play as a way to introduce a new monetary system, which is one of the logical conclusions in this theory, Schectman explained.
Another key individual who is close to the White House is National Economic Council Director Lael Brainard who is a big supporter of a central bank digital currency, Schectman pointed out.
“You have one advisor wanting to get rid of the banks and get a CBDC and another wanting to get rid of the dollar’s reserve status,” he said. “Is it coincidental? I guess it could be. Or is there a modicum of a chance that some or a lot of this is designed in a very nefarious way to level the playing field or to get out of this debt-based Keynesian economic experiment and start over?”
For all the pros and cons of a CBDC, watch this video with Rich Checkan, President and Co-Founder of Assets Strategies International.
To get more insight into how a CBDC could be introduced and the role gold will play in that scenario, watch the video above.
There are already 130 countries, representing more than 95% of global GDP, exploring a CBDC. This is up from just 35 countries in May 2020.
“[A CBDC] is coming. There is no question about it. The only question is, do you need an event in order for it to be accepted? No one wants to give up their privacy,” Schectman noted. “Do we see that event? And if we do, then things get very frightening very quickly for a lot of people in this country.”
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com