U.S. Dollar Loosing World Reserve Currency Status
By: David Deschesne
Fort Fairfield Journal, November 9, 2016
With a national debt rapidly reaching $20 trillion and the unchecked printing of billions of new dollars into circulation daily, the Federal Reserve's private paper debt money system is rapidly losing its status as the world reserve currency.
Economics researcher, Dr. Jim Willie predicts an initial devaluation of the Federal Reserve Note of 30% in the immediate future. He expects there to be another 30% devaluation six to eight months later, followed by a long series of 20% devaluations over the next several years, until we reach a point in about 4-5 years when our currency is completely devalued, and worth about 10% of what it is today.
“The subject is not one that is taught in schools until well into the graduate school level in most cases, so unless a person has done independent research on the subject, the average American cannot comprehend how painful it will be for individual American families not if, but when the inevitable finally happens,” wrote Michael DePinto from freedomoutpost.com. “Losing the World Reserve Currency status is a process, just like losing the world’s faith in the U.S. was a process. Both are processes that have been well underway for the better part of the last two decades, especially this past decade. Roughly ten years ago, 75% of global trade was denominated in U.S. Dollars, and that makes sense. After all, we’ve been the Reserve Currency. [However] over the last ten years, that figure has dropped to roughly 35% of all global trade which is now settled in U.S. Dollars, because countries are rushing to distance themselves from the U.S.”
The Federal Reserve is a private, for profit banking corporation created in 1913 by Congress in order to create money out of thin air and loan it, at interest, to the U.S. government and citizens. These loans of artificially created “money” are then paid back, with interest, with still more borrowed paper money—making the debt impossible to ever pay off. The U.S. Constitution has never been amended to allow anything other than gold or silver coin to be used as money in the U.S. Rather, the Congress in 1933, declared the use of gold to be “against public policy,” adjudged the possession of gold illegal, and arbitrarily declared the private, debt-based Federal Reserve Note to be “legal tender” as money in the U.S.
As more of the paper money is printed into circulation it looses more and more of its value, causing those who loan money to the U.S. on one day to be paid back in dollars that are worth less than they were when they were loaned.
The Chinese Yuan is now poised to become the new world reserve currency and since nearly half of the food used in the U.S. is imported, prices can be expected to rise astronomically as the U.S. dollar is desired by less and less countries to settle our debts.