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Dr. Jim Willie: Global Rejection of U.S. Dollar and the Expected Effects (Video)

Monday, July 10, 2017 13:41
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In many circles, Dr. Jim Willie needs no introduction. He is the often very “colorful” editor of The Hat Trick Letter which can be found at www.goldenjackass.com, and he is highly regarded as one of the leading experts in the gold and silver markets, as well as the global economy. Dr. Willie is also widely regarded for his forecasts on currency related collapses, bank defaults, and for the accuracy of his predictions dealing with gold and silver prices. 

In the following video, Right Wing News interviews Dr. Willie about the current state of the U.S. Dollar, and the global economic system as a whole. The interview begins with a brief discussion of how the “powers that be” are doing everything in their power to prevent the American people from learning the truth, largely through the use of “fake news.”

Eventually, the conversation turns toward potential trade wars that are heating up, and may even have the potential to send current NATO allies away from the U.S. and in the direction of Russia and China. No, we’re not talking about trade wars as a result of President Trump’s election, or his policies. The trade wars we discuss began under the watchful eye of President Obama, as evidenced by the infrastructure already built intended to accommodate future arrangements with Russia, despite the current sanctions against Russia.

We also discuss the U.S. Dollar continuing to lose its status as the World Reserve Currency, what that means for ordinary Americans, and what people can do to insulate themselves from the coming financial tsunami that will result. Among some ideas discussed are potentially transitioning into precious metals despite the markets being artificially manipulated, or even moving into crypto-currencies. For that reason, after the interview there is an article form Bloomberg titled, Some Central Banks Are Exploring the Use of Cryptocurrencies.

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Alexandria Arnold at Bloomberg writes:

In a world were financial transactions are largely electronic, central banks are exploring the idea of using virtual currencies, even as cyberattacks and price swings dominate the headlines.

“The central bank digital currency would be like a paper bill except digital,” Dartmouth College economics professor Andrew Levin said in an interview on Bloomberg Television. For example, “it would be representing a U.S. dollar, but it would be basically free to use.”

Dartmouth’s Levin tells Bloomberg TV why central banks are exploring the move to digital currencies. 

Source: Bloomberg

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Whereas credit cards charge transaction fees and interest, and paper currencies can be costly to process, digital currencies could be a “real benefit” to small businesses and consumers, Levin said.

Central banks from across Europe and Asia are looking into virtual currencies. In March, Vietnam’s central bank said it was “seriously” studying the possibility of using bitcoin. The People’s Bank of China has run trials of its prototype cryptocurrency, and the Danish central bank is considering minting e-krone. But Federal Reserve Board Governor Jerome Powell said in March the U.S. central bank is not considering a digital currency.

For a replay of the inaugural Bitcoin Facebook Live show launched yesterday.

Skeptics have questioned whether one of the key features of cryptocurrencies — their decentralized nature — makes them a good fit for central banks. But in a recent proposal published by Levin and Rutgers University economics professor Michael Bordo, the pair said central banks could provide a secure store of value in their own digital currency.

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“In contrast to bitcoin, the value of the central bank’s digital currency would be fixed in nominal terms,” Levin and Bordo wrote. “Moreover, the central bank’s digital currency could be implemented using an account-based system, thereby avoiding the resource-consuming ‘mining’ operations involved in generating virtual currencies like bitcoin.”

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IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:

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