By Nancy Thorner -
(Ms. Thorner expresses her opinions in her editorials, not necessarily those of Illinois Review)
The theory behind the Global Currency Reset is that the US Dollar (USD) would lose its position as a reserve currency because the US is overly leveraged and becoming less competitive compared to resource-rich emerging economies.
After all, the value of a currency is a barometer of people’s trust in the government and its ability to repay debts. If there is no trust, then you don’t have money. What you have instead is a collection of portraits of long-dead presidents.
According to James Rickard , via the Daily Reckoning in his article of 2/26/21, The Great Reset Is Here.
Rickards goes on to explain:
The Bretton Woods conference of 1944 set the global financial system that still prevails today.The period 1969-1971 can be regarded as the First Reset, which involved the creation of Special Drawing Rights (SDR, ticker:XDR), the devaluation of the dollar and the end of the gold standard.For years, commentators have discussed the next global monetary realignment, which is sometimes called The Big Reset or The Great Reset. [..]You cannot put negative interest rates on consumers until you eliminate cash. Otherwise, savers would just withdraw cash from the banks and stuff it in mattresses to avoid the negative rates. Implicitly, the European Central Bank [ECB] seems to agree.One of the ECB Board members says that negative rates (really confiscation) will be applied as a “penalty” against “hoarding” cash. In plain English, that means they will create digital money, force you to spend it, and if you don’t spend it, they will take it away as a “negative rate.Now all of the pieces of the global elite plan are converging. The International Monetary Fund [IMF] Special Drawing Rights [ SDR] issuance will reliquify global central banks that cannot print dollars. Then Central Bank Digital Currencies [CBDC] will be used to eliminate cash.
More here
Is something really a foot?
On Wednesday, Feb. 24, 2020, the Feds systems, Fedwire and Fed ACH that allows banks to send money back and forth between banks in the U.S., went down for several hours but came back on online later in the afternoon.
The Federal Reserve outage occurred the same week Fed. Chairman Jerome Powell spoke to Capitol Hill legislators about other progress the central bank has made on its consumer-focused payments system and efforts to develop a "digital dollar." Powell said this will be "an important year for the program's development.
“The "operational error," as the Fed described it, impacted, multiple services, including its pivotal automated clearing house system, which connects depository and related institutions sending electronic credit and debt transfers. There were no initial indications that foul play was suspected.”
Credit card outages follow
Two days after the Federal Reserve closed for a few hours, on Wednesday, February 24, 2021, on Friday, February 26, 2021 there was a global outage affecting Visa and Mastercard , which lasted for most of the morning for anyone trying to use one of the cards to purchase anything, anywhere.
Following reports of credit cards not working, KELOLAND News looked into reported issues with Visa, Discover and Mastercard. All three services had seen spikes in reported issues throughout the morning according to downdetector.com.
Visa customers reported issues, primarily in the area of payment processing, with apparent spikes in Atlanta, New York and central Kansas, with 911 issues reported by 12:30 p.m.
Mastercard customers also reported an influx of payment issues, with reported spikes in the Dallas and central Kansas area. Customers had reported 184 issues by 12:30 p.m.
Discover customers had reported far fewer issues to the site, mostly revolving around their mobile app, but there has been a slight increase in issues over their baseline.
No longer speculation
It seems clear that something is wrong in the global financial system, even though the Visa and Mastercard outages were brief. As Stefan Gleason, President of Money Metals Exchange set forth in his article of March 2, 2021, The Great Reset Is Coming for the Currency. Excerpts follow
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.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.
Yellen at the G7 Sumit of a few weeks ago, urged G7 finance leaders to “go big” with additional fiscal stimulus to recover from the coronavirus pandemic and told them that the Biden administration was committed to multilateral engagement and fighting climate change.
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.
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 also told Congress that the Fed is indeed “looking carefully” at issuing a digital dollar, calling it “a high priority project for us."
One world currency on the horizon
It is a given that our nation is in the process of eliminating cash and the dominant dollar for a one world currency, just like the Biden administration is trying to take total control of information and every other human activity.
Rough times are ahead for our nation in so many ways.
