Get ready, folks! We’re in for a roller coaster ride. Brace yourselves as we plunge into a world where the almighty U.S. dollar may lose its crown. Ex-CIA and Department of Defense advisor, James Rickards, has made a chilling prophecy. He dares to predict that on August 22, the U.S. dollar’s reign as the world’s reserve currency and the go-to medium for exchange will crumble. Shocking, isn’t it?
A Date with Destiny
Rickards states that this date isn’t plucked out of thin air. In fact, he links it to a seminal event in international finance. “On August 22, about two-and-a-half months from today, the most significant development in international finance since 1971 will be unveiled,” Rickards announces. This day coincides with the unveiling of the BRICS+ Leaders Summit plans to substitute the dollar in global trade. Deja vu, anyone?
Flashback to 1971, on the very same day, the U.S. dropped the gold standard. Rickards argues, “It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.”
The BRICS+ Power Move
The BRICS+ bloc, with its plans to introduce a new currency, has the potential to shake the very foundations of our global economy. This audacious move is set to “affect world trade, direct foreign investment, and investor portfolios in dramatic and unforeseen ways,” creating an “unprecedented geopolitical shockwave.“
The expansion plans of the BRICS+ bloc is no joke. Eight countries have already applied for membership, with another twelve showing keen interest. Yes, you read that right! Saudi Arabia, a crucial player in establishing the petrodollar system, is among these interested nations.
The New World Order
Consider this: BRICS countries comprise 30 percent of the world’s surface, produce 50 percent of the world’s wheat and rice, own 15 percent of the planet’s gold reserves, and account for 40 percent of the world population. Now, put Saudi Arabia in the mix, and you’re looking at a new world order, my friends!
So, what happens when this formidable bloc launches its new currency? Rickards predicts that it would not simply “fall on an empty field.” Rather, it will be seamlessly integrated “into a sophisticated network of capital and communications,” substantially boosting its chances of success.
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Digital Money for a Digital Age
This new currency is anticipated to be pegged to a basket of trade commodities or gold and will likely be digital, not paper. For it to succeed in replacing the U.S. dollar, Rickards believes, an alternative to the U.S. bonds market needs to be established.
The Downfall of the Dollar
The grand scheme to replace the U.S. dollar as the world reserve currency is largely due to Washington’s “weaponization of the dollar through the use of sanctions,” Rickards observes. It seems the U.S.’s heavy-handed use of sanctions has been a catalyst, hastening the process of de-dollarization.
The message is clear: The world is ready for change. The wheel has been set in motion, and there’s no stopping it now. According to Rickards, the process of de-dollarization could occur at a “much faster” pace than he previously anticipated. This is due to various countries opting to carry out trade and financial transactions in local currencies, and the “growing strategic relationship” between Beijing and Moscow.
In the grand scheme of things, whether this prophecy will come to fruition remains to be seen. Until then, we can only watch, wait, and wonder about the fate of the U.S. dollar.
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