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Is $USD going to be replaced by SDR as main World Reserve Currency?
Old 04-02-2016, 10:30 AM   #1
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Is $USD going to be replaced by SDR as main World Reserve Currency?

I run into this article and not sure how true it is in regard to consequences of USD replacement by the SDR. What do you think?

James Rickards: Secret 'Shanghai Accord' kills USD and crowns SDR TRUNEWS with Rick Wiles
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Old 04-02-2016, 10:48 AM   #2
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This is a conspiracy theory planted by the Martians to distract people from the Mars landing funding, as the Martians want to keep their xenophobic society free from the smelly humans.
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Old 04-02-2016, 10:57 AM   #3
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The Most Valuable Financial Book in America


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If you are an American or own any assets priced in U.S. dollars, then you absolutely MUST know what’s revealed inside Jim Rickards never-before-published book, “The Big Drop: How to Grow Your Wealth During the Coming Collapse”.
But I'm guessing this coincidental meeting on February 26th has nothing to do with Mr. Rickards' book release...

Oh and...

Quote:
A minimum of 10% assets in physical gold ownership is a great hedge against these emerging currency wars.
... which you can conveniently purchase through Agora Financial.

This is like the "End of America" series... which I'm pretty sure we're up to over 100 videos now and the "real crash" is now certain in 2016... after it didn't happen in the previous 20 years they claimed it. They're selling you something.
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Old 04-02-2016, 11:27 AM   #4
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Yup, it's all super nefarious and super, super top secret. So secret, in fact, that SDRs have been around since 1969 and the IMF gives updates on their super-secret public website:

Quote:
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is currently based on a basket of four major currencies, and the basket will be expanded to include the Chinese Renminbi (RMB) as the fifth currency, effective October 1, 2016. SDRs can be exchanged for freely usable currencies. As of November 30, 2015, 204.1 billion SDRs had been created and allocated to members (equivalent to about $285 billion).
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Old 04-02-2016, 12:26 PM   #5
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A few years ago I red the "Currency Wars" by Jim Rickards and most of facts presented in that book and logical conclusions drawn by those facts made sense. However most of Jim Rickards presentations since that book (as well as Death of Money and other doomsday books) are pointing to certain "investments influence in order to prepare". Therefor I am still not sure how to view him as an honest (although sometimes wrong) recognized Financial guru who tries to warn/advise people or a tricky sale person influencing your investments.
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Old 04-02-2016, 12:43 PM   #6
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Originally Posted by VFK57 View Post
...a tricky sale person influencing your investments.
This.
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Old 04-02-2016, 12:48 PM   #7
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It will never happen. The USD is the safest and most sound currency in the world. And it will be for the foreseeable future.
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Old 04-02-2016, 12:51 PM   #8
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Therefor I am still not sure how to view him as an honest (although sometimes wrong) recognized Financial guru who tries to warn/advise people or a tricky sale person influencing your investments.
I'd favor tricky salesperson.

I didn't listen to the interview, and won't. But just look at how the interview is presented:

Quote:
In the interview Rickards said:

A secret meeting occurred in Shanghai on Feb. 26th between Janet Yellen (US Fed), Christine Lagarde (IMF head), Mario Draghi (ECB head), Jack Lew (U.S. Secretary of the Treasury), and all their central bank and finance ministry counterparts from Japan, China, Brazil, Russia, India, and South Africa.

During this meeting, a deal was struck — which he has named the Shanghai Accord — because of its similarities to the famous Plaza Accord of 1985, which was the last major central banker backed operation to detonate the US dollar.

Keep eyes on upcoming central bankers meeting in Washington D.C. on April 13.

A minimum of 10% assets in physical gold ownership is a great hedge against these emerging currency wars.

Major US dollar devaluation will cause significant inflation for average Americans because of their dependency on imported goods.

The IMF has begun enacting a 10-year plan, starting in 2010, for SDR’s to replace the US dollar as the main world reserve currency. A crisis could greatly accelerate this plan, which is published publicly — but hidden in economic jargon — on the IMF’s official website.

In Dec. 2015 Republican House Speaker Paul Ryan secretly red stamped a provision in the omnibus budget deal which gave China more voting power in the IMF.

The IMF votes were given in exchange for China’s support in allowing the SDR to be used as a global bail out fund in the next financial crisis.

More negative interest rates to come across the globe.

Central banks will eventually succeed in eliminating cash.

When economic collapse comes, there will be “money riots”, people will burn down banks, governments will respond with a neo-fascist police state and martial law.
So there's a "secret" meeting with the world's central bankers, including the U.S. representatives. At this meeting they all decide to "detonate" the dollar.

OK, why? Why does the U.S. want to tank the dollar? U.S. representatives are at the meeting and presumably agreed to this. Also, why does China want to tank the dollar? They have $2Trillion in dollar assets (about 2x the size of their GDP). They've accumulated those assets precisely trying to inflate the U.S. dollar. But now they want to tank it?

BUY GOLD

SDRs (my readers don't know what they are, but scary stuff.)

Also, IMF - Scary international organization.

And China, - doubly scary and suspicious too that the country with the world's 2nd largest economy would be given more influence at international economic institutions.

And bailout funds - because bailouts are scary. But forget we said that central bankers were trying to precipitate a financial crisis. What they really want to do is bail one out (depending on which you find scarier, the crisis or the bailout).

Finally, if that's not all scary enough, "money riots," martial law, and neo-fascist police states.

BUY GOLD

Not even the slightest attempt is made to connect any of the bullet points into any kind of coherent story. It's all just a bunch of scary sounding buzz words.
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Old 04-02-2016, 01:15 PM   #9
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Trunews

I didn't get any further than that.
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Old 04-02-2016, 01:41 PM   #10
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Trunews

I didn't get any further than that.
Yeah.

Where do people find these nutbar websites?

Why do people find these nutbar websites?
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Old 04-02-2016, 02:28 PM   #11
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Why US wants a cheaper dollar (not a crush but weaker) is because China wants a cheaper Yuan (Government still sets exchange rates), EU wants cheaper Euro (by doing QEs and implementing negative rates), Japan is doing their QEs to weaken the Yen etc. That is the Currency War Mr Rickards described in his book, all major Industrial Powers are trying to shift trade balance their way in a low or no world economic growth environment. Does not it makes sense?
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Old 04-02-2016, 04:02 PM   #12
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Does not it makes sense?
It does not mostly because it's not nearly that simple.
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Old 04-02-2016, 04:14 PM   #13
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Also, IMF - Scary international organization.
I don't know, a conspiracy to tank the economy sounds exactly like the kind of job the Impossible Mission Force would take on.
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Old 04-02-2016, 04:16 PM   #14
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Originally Posted by VFK57 View Post
Why US wants a cheaper dollar (not a crush but weaker) is because China wants a cheaper Yuan (Government still sets exchange rates), EU wants cheaper Euro (by doing QEs and implementing negative rates), Japan is doing their QEs to weaken the Yen etc. That is the Currency War Mr Rickards described in his book, all major Industrial Powers are trying to shift trade balance their way in a low or no world economic growth environment. Does not it makes sense?
If the U.S. wants a weaker dollar, why did Yellen raise rates in Dec 15?

If China wants a weaker Yaun, why have they been selling U.S. dollars?

Quote:
China’s foreign-exchange reserves shrank to the smallest since 2012, indicating that the central bank sold dollars as the yuan’s retreat to a five-year low exacerbated depreciation pressure.
What if Mr. Rickards held a currency war and nobody came?
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Old 04-02-2016, 04:23 PM   #15
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Old 04-02-2016, 04:50 PM   #16
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Scream and shout?

I prefer to "twist and shout".

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Old 04-02-2016, 07:56 PM   #17
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Wow, such an important meeting, yet, they can't keep it secret?

Here are the codes to fire all the US nuclear arms (I got them from the Internet!):

197757654830948743626289040908278218616512
087238763441273698834506499999999999999999 (hah - a long string of the same number always throws them off!


And don't ya just love it when some scammer is yelling " It's a secret patented process!!!!' Ummm, patents are public buddy - no secrets allowed.

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Old 04-03-2016, 04:44 AM   #18
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Does not it makes sense?
Does that sentence?

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Old 04-03-2016, 11:12 PM   #19
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....Therefor I am still not sure how to view him as an honest (although sometimes wrong) recognized Financial guru who tries to warn/advise people or a tricky sale person influencing your investments.
Just close your eyes to the truth, that is how to view him as honest.
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Old 04-03-2016, 11:37 PM   #20
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Where do people find these nutbar websites?
By nutbar websites, I assume you mean any that have Rickards talk on this topic. The "nutbar" website where I heard Rickards was recommended by some people on this discussion forum (Topic was podcasts that people thought worth listening to). I started listening to Financial Sense Newshour Podcasts fairly regularly after some on this board recommended them. Rickards was a guest this week -
Jim Rickards on his Book: The New Case for Gold | James J Puplava CFP | FINANCIAL SENSE .
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