If you hold the keys-to-the-kingdom and someone comes along and request that you share those keys, what are the odds you are going to honor such a request? Let’s say you posses the power, financially and militarily, to bully whoever you would like, along with the keys-to-the-kingdom. If you already hold all the power, why would you even entertain any such idea? Odds are, not going to happen.
This is exactly where our global monetary system stands today. The Federal Reserve Note (FRN) - the U.S. dollar - represents the keys-to-the-kingdom. The FRN, which is still the world reserve currency, is backed by military force and a criminal banking cabal that work in tandem with the federal government. This is the three-headed hydra of power that dominates the global financial system. The world has had enough. China, in the not too distant future, will be making a request of the IMF to change the world reserve currency system. This will be a formal request. China has already made informal requests and has been working on plans to dislodge the FRN from its abused position for the past few years.
I sat down with Jim Rickards, author, Road to Ruin: The Global Elites’ Secret Plan for the Next Financial Crisis, to better understand how these options will work. It is no secret that Mr. Rickards has worked with the Pentagon, discusses global economies with heads of state, and is in regular communications with some of the most influential people in the world. Who better to find out what could potentially happen with our currencies than someone who has an inside track?
How does one pry the keys-to-the-kingdom out of the hand that has held them since 1971? Through diplomacy, war, market forces? There is no simple answer. Once again, the key-to-the-kingdom is the FRN that dominates world trade and side-steps most currencies in the world.
The U.S. has controlling vote at the IMF, with 16% weighting versus all the other member nations. In order to make a policy change, a super-majority of 85% is required to veto, change policy, or adapt new policies. Funny how there is a 1% difference that allows the U.S. to single-handedly over-rule any vote it deems necessary. This is going to change, beginning in 2017. This change, which the U.S. is fully aware is coming, begs the question – why would you willingly hand over the keys-to-the-kingdom?
Currently, the BRICS nations hold, collectively, 14.9% of voting power within the IMF structure. With a 0.2% change to the upside, the BRICS would have controlling power of the policy changes and new policies adapted at the IMF. This change, according to Mr. Rickards, will take place in 2017 with the BRICS nations, collectively, gaining as much as 2-3% voting power. The controlling vote has just shifted from a single nation to a group of nations. That group of nations just happens to hate the FRN with an unholy passion.
At the G20 Meeting on September 4th and again at the BRICS Summit in India about a week ago, about ten days ago. Both issued final communiques and both made reference to this [the power of veto by the BRICS nations for passing IMF policies or policy changes]. The IMF said “yes in the 2017 we’re going to review the quotas and we think it’s time to increase the share of important developing economies…And the BRICS said the same thing “we recoginize and endorse the idea of the IMF increasing our share of the quota in 2017”. Everybody is on board. Bear in mind, at the G20 Summit President Obama was there. So, this isn’t going around the back of the United States. The U.S. is part of the G20 we’re on board with this change. Jim Rickards, The Daily Coin
So, the U.S. is going to hand over the controlling vote to the East. This will crush the petrodollar and shift global trade settlement to a global, unelected group of people that are accountable to no one and that wield the power to enslave entire nations with the stroke of pen. This is what’s coming. It sounds like 2018 is the year of a new trade settlement mechanism, the SDR, and the only remaining question is – where does that leave all those FRN piled up around the world? What happens when those FRNs are forced to move back home? Got physical gold?
Article reposted with permission from The Daily CoinDon't forget to Like Freedom Outpost on Facebook, Google Plus, & Twitter. You can also get Freedom Outpost delivered to your Amazon Kindle device here.