If you think things look a little sketchy for America going forward, just imagine the day when the rest of the world quits clamoring for US Dollars and the demand for said dollars goes crashing down. The standard of living in America will start to be put under serious pressure because we WON'T BE ABLE to borrow or print our way into a lifestyle we can't afford.
Think of it like this;
Your childhood friend who you haven't seen for 30 years shows up in your driveway. He's driving a huge pickup and pulling a huge 5th wheel camper. Wow! What have you been up to you ask. Oh just been living the dream! We are putting the final touches on our new home so bought a camper and truck to travel around in until our lake home on Minnetonka is finished.
You quickly add it up in your mind and you realize that this dude has some bucks to be living the life that he just explained.
A few months later you read in the paper that this dude was arrested for stealing clients money and spending it on himself. In reality this arrest record reports that his real assets were almost nothing. Now you know the REST OF THE STORY.
The same thing will be true when America falls and we look at the balance sheet and see $100 trillion of obligations and no money in the bank and no way to print the money that the world now wants.
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Is the global dominance of the U.S. dollar in danger? In recent weeks, there has been lots of speculation about the introduction of a new BRICS currency that would be backed by gold. In this article, my goal is to sort through what is true and what is not true.
From August 22nd to August 24th, the 15th BRICS summit will be held in Johannesburg, South Africa. Back on July 5th, RT sparked a firestorm of rumors when it reported that a decision to introduce a new BRICS currency that would be backed by gold would be made prior to the upcoming summit in Johannesburg...
BRICS is set to introduce a new currency backed by gold, in contrast to the credit-backed US dollar, with the decision coming a month ahead of the bloc's summit in Johannesburg. With the growing initiative, more and more countries are lining-up to join the group.
In the aftermath of that report, many prominent voices were warning that the U.S. dollar was in big trouble.
For example, author Robert Kiyosaki boldly declared that the U.S. dollar "will die"...
The end of the U.S. dollar is near, said the best-selling author of 'Rich Dad Poor Dad' Robert Kiyosaki, citing an upcoming BRICS summit in South Africa as a trigger.
Kiyosaki is projecting that the BRICS group, comprised of Brazil, Russia, India, China, and South Africa, will announce their new gold-backed digital currency during its summit on August 22-24, and it will have dire consequences for the U.S. dollar.
"August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die," Kiyosaki tweeted last week. "Trillions of US $ rush home. Inflation through the roof."
Without a doubt, the dominance of the U.S. dollar is under threat from multiple directions.
But a new BRICS currency will not be introduced during this upcoming summit.
During an interview with Bloomberg, one of the top executives at The New Development Bank publicly admitted that the creation of a new BRICS currency is "a medium to long term ambition", but he also confirmed that such a currency will not be introduced right now...
The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, doesn't have any immediate plans for the group to create a common currency, its vice president and chief financial officer said.
While the members of BRICS - Brazil, Russia, India, China and South Africa - are pushing to conduct more trade between each other in local currencies, they aren't ready to challenge the global dominance of the dollar, Leslie Maasdorp said in an interview on Wednesday with Bloomberg TV's Haslinda Amin.
"The development of anything alternative is more a medium to long term ambition," he said. "There is no suggestion right now to creates a BRICS currency."
But that doesn't mean that really big things aren't happening.
And during this upcoming summit, finding more ways for BRICS countries to settle trades "in their own national currencies" is something that will be on the agenda...
Sooklal says BRICS, which is made up of Brazil, Russia, India, China and South Africa, is looking to strengthen economic ties among member nations by settling trades in their own national currencies.
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"What we have said and we continue to deepen is trading in local currencies and settlement in local currencies."
Sooklal adds that the decision of the US and its allies to impose financial and economic sanctions against Russia for the war in Ukraine has catalyzed the move of the economic bloc to shift away from the dollar.
They really do intend to move away from using the U.S. dollar.
This is a process that will take time, but the dominance of the U.S. dollar in global trade is definitely starting to erode.
So whether the BRICS countries choose to establish a new currency or not, the truth is that things are changing.
The U.S. dollar will never again be as dominant as it once was, and great economic chaos is ahead of us.
The western elite had dreamed of uniting the entire globe under one economic and financial regime, but right now the very deep divisions between east and west continue to grow with each passing day.
Remember that the US Dollar is based totally on FAITH AND CONFIDENCE IN THE US GOVERNMENT. One day, maybe soon, the world will cease to have faith and confidence in the US Government and when that day comes they will flood to someplace that backs their currency by something more than air and empty promises.
We hope that day doesn't arrive until after the rapture but there can be no promises of that.
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