Posted on July 30, 2014 by Light Worker 29501
Ramadan is over. It is Friday, July 31st in Iraq. In about eight hours, business and government will resume. It would be a fitting end to Ramada to announce the new Prime Minister *AND* the revaluation of Iraqi currency to pre-Gulf War status.
A lot of things have been happening in Iraq in the last couple of months… Visa and Mastercard have both set up shop in Iraq. Mastercard offers a “SalaryCard” to enable international workers/contractors to easily get paid. These are apparently pre-loaded cards (ie. re-loadable debit cards).
In the last year, Iraq has been moved out of UN Chapter VII (Military Occupation), and sufficient infrastructure is now in place to support Iraq’s re-entering the global economy, which includes a stock exchange (ISX).
The fact that Visa and Mastercard are in Iraq does not give me the “warm fuzzies” in any way, shape, or form. Most of this has all the markings of a cabal-controlled addition to the central banking scam, which leads me to ask what happened to the big “July 20th” prediction of an IMF global currency reset?
IMF's Planned Global Currency Reset | Peak Prosperity.
IMF's Planned Global Currency Reset
There has been limited discussion on the Currency Reset proposed by the IMF which would appear to be planned for as early as July 20th, 2014.
I've written an article (see below) which contains some background information as well as relevant links and videos (including Christine Lagarde's cryptic message to the world's elites regarding this event).
The topic of a Global Currency Reset has been discussed by the experts Jim Rickards (in his latest book "The Death of Money") and Willem Middelkoop (with his book "The Big Reset").
I would love to hear your thoughts on what you think may happen with regards to a Global Currency Reset.
Here is my article:
The IMF’s Big Currency Reset – scheduled for July 20th
By Dan Fournier, July 13, 2014
Mark your calendars for July 20th, as some would speculate that it could be t-h-e date on which the doomed fiat currencies of the world are bound to meet their next savior.
Although it’s been quite sporadic and off the radar, there has been talk that the IMF (International Monetary Fund) may introduce either the idea of having a new ‘Global Reserve Currency’ or actually launch it.
Christine Lagarde, the Managing Director of the IMF, has even hinted at this last January in her ‘cryptic’ message to members of The National Press Club.
IMF & SDR Backgrounder:
The IMF currently has a quasi-currency called an SDR (Special Drawing Rights). It’s essentially a weighted “basket” of currencies (mostly the U.S. dollar, the euro, the British pound, and the Japanese yen) bundled together into one SDR unit. The weighted distributions (i.e., the SDR currency value) are updated daily and can be seen the IMF’s website.
SDRs were essentially created back in the late 1960’s and early 1970s as an emergency response to the U.S. dollar crisis that was taking place when President Nixon took the U.S. off the gold standard. At the time, confidence in the dollar was eroding rapidly with the likes of France and Switzerland dumping their dollars for gold.
The IMF feared that a global liquidity crunch would ensue and thus decided to create the SDR “fiat” currency out of thin air (as do all central banks in the world with their paper monies). They hoped that the new monetary instrument would alleviate the problem, which it actually did.
Global Bailout 2.0, IMF–Style:
Since history tends to repeat itself (“We learn from history that we learn nothing from history." – George Bernard Shaw), the IMF – which essentially acts as a global central bank – has been pondering a new [Ponzi?] scheme by which it can profit (by looting and plundering) from depressed countries’ financial mismanagement and misfortunes.
We needn’t look far back in the rear view mirror of history to have noticed the bailouts of the PIGS (Portugal, Italy, Greece, and Spain). The IMF has made substantial loans to these countries to bail them out of their excessive debt and deficit burdens, at a steep cost to their citizens of course.
We all heard of the nightmarish austerity terms that were shoved down Greece’s throat by the “Troika” (EU, ECB, & IMF) a few years back. To this day, Greece still needs to take that bitter medicine. Greece’s only chance at salvation would have been to drop out of the euro and return to their previous currency – the Drachma. Yet that could have caused a major calamity for the Eurozone since other countries in dire straits may have followed suit. They were told that it was absolutely out of the question.
Even worse, last year we got a taste of these organizations’ pure evilness when the EU and IMF packaged a “bail-in” (i.e., confiscation/theft of depositor funds of Cyprus’ citizens and businesses) deal back in April, 2013 to “ease” the country of its debts. Although this was touted as a “one-off” event by these global banksters, in fact it was a “test-run”, template, or model for future looting to come. Since then, many countries – including the U.S., Canada, Australia, New Zealand, etc. – have since introduced legislation allowing future bail-ins of their citizen’s bank accounts, much to the unawareness of its citizenry.
The next country to fall victim to the prying clutches of the IMF was the Ukraine. First, the country fell victim to a botched coup orchestrated by the U.S. diplomat Victoria Nuland and the other neo-conservatives of the Obama administration. Now, the ensuing civil war in the country is underway as a backdrop to a new cold war brewing between the U.S. and Russia.Relevant Links about bail-ins:
- Cyprus-Style Wealth Confiscation Is Starting All Over The World
- Financial Cleansing: The Cyprus Bail-in Template by grtv
- The Real Story Of The Cyprus Debt Crisis (Part 1)
- Christine Lagarde – The Most Dangerous Woman in the World – IMF Advocates Taking Pensions & Extending Maturities of Gov’t Debt to Prevent Redemption
Which country will be next for the U.S. and IMF to plunder? My feeling is that at this juncture, it won’t be an individual country since the world is starting to catch on. Rather, it will be a more sneaky and indirect form of theft and plundering – via the proposed new Global Reserve Currency, be it a revamped SDR or similar worthless fiat instrument. Let’s explore some possibilities.Relevant Links about the botched coup:
- The famous “F**K the EU” audio recording of Victoria Nuland (via Youtube)
- Globalresearch.ca’s American Conquest by Subversion: Victoria Nuland’s Admits Washington Has Spent $5 Billion to “Subvert Ukraine” article
- Globalresearch.ca’s “F**k the EU”: Tape Reveals US Runs Ukraine Opposition article
- PaulCraigRobert.org’s US and EU Are Paying Ukrainian Rioters and Protesters — Paul Craig Roberts article
Possible options for a new Global Reserve Currency:
Which of these options do you think is more likely? Option #3 is a strong contender; American policy makers and central bank executives are too ignorant and think that they can continue to create new dollars for years to come. It’s the same for the unelected technocrats in Europe with the euro. In other words, they will want to keep their Ponzi schemes going on for as long as possible. The risk, however, is that a sudden and quick dollar collapse would leave them completely naked with no way out, essentially stripping liquidity from the global financial markets and setting the stage for a major depression.Option #1 – The IMF introduces a ‘Multi-Currency SDR’ including the Renminbi
It is difficult to say which new currencies would be added to the current four (dollar, euro, pound, and yen) but one could easily assume that the Chinese Renminbi would be one of them, possibly along with the Indian rupee and the Russian ruble. Since China is a few years away from the internationalization of the Renminbi, they could benefit in participating in this new SDR since it does so much trade with many member countries of the IMF.
This option would also lend itself to an additional means by which the IMF and the U.S. could continue their creation of debt. In other words, an SDR bond market would likely be promoted (to replace the dying US Treasury market). SDR bonds would then replace Treasurys as the liquidity ‘instrument du jour’ in global finance.
Option #2 – The IMF introduces a ‘Gold-Backed SDR’
As countries around the world are cognizant that the central banks of the four most important currencies are all devaluating their currencies by simultaneously printing gigantic and unprecedented amounts of money, they would likely ask for an SDR that is actually backed with something that has value. After all, these countries do have the bulk of the world’s gold reserves (at least according to the World Gold Council, but for which we know is absolutely not the case).
But the problem with this strategy is that there are simply too many units of these currencies in existence. It would certainly be impossible to completely back it with gold. They could only partially back it, perhaps with only less than 10% gold. History has shown that partial backing of a currency with precious metals never works; it has only worked with 100% backing.
Option #3 – The IMF maintains the status quo (does nothing)
The underlying argument supporting this option could lie in the fact that the IMF is, after all, a puppet organization of the U.S. In fact, the United States has veto power over all important actions by the IMF. This means that even if the IMF and its executive members opt for introducing a new SDR (before the next crisis hits), the U.S. can tell them no.
Many would argue that Option #2 is better. But there is one card that could easily throw a monkey wrench into the mix. That is, official gold reserves held by the member countries would need to be properly updated and restated. It is currently estimated that China has somewhere between 4 and 6 thousand tons (as opposed to the “official” World Gold Council figure of just over 1 thousand tons). Once China would officially restate its reserves, this would cause a major shock to the dollar and the US Treasury market. And this would obviously hurt China greatly since it is the single largest holder of Treasurys (with over 1 Trillion $U.S.) outside of the U.S. Moreover, the U.S. would also need to restate its reserves; but since it is not allowing an audit of the Federal Reserve’s gold holdings, this would be a problem. Furthermore, there is substantial evidence that they have dumped most of their physical gold on the market to suppress the price of gold (in order to prop up the dollar). The bulk of the gold from New York and London has flowed to Eastern Asia in the last few years.
Major conundrums for both the U.S. and China
For the U.S., an SDR could provide a really good safety net. But the reality of it losing its hegemonic superpower status as the global financial leader with the world’s reserve currency may prove too much for it to give up. A world in which the U.S. dollar is no longer the world’s reserve currency would be disastrous for the country, as it would lead to further and very painful economic decay.
Will China go for it? On the one hand it has the largest U.S. Treasury reserves for which it doesn’t want to lose its investment. But on the flip side, it could represent a means by which it could partially internationalize the RMB before it completes the process several years down the road. That doesn’t mean China isn’t already trying to accelerate the process. Although it has been kept fairly quiet, they are trying to find more Asian partners with deep pockets along the Silk Road to fund its own IMF style bank. The AIIB, or ‘Asian Infrastructure Investment Bank’ is a development bank that is currently proposed by China as an alternative to the IMF. After all, Asian (and Middle-Eastern) countries have very little influence and receive few benefits from the IMF. So why not create their own central bank?
So what will it be?
Will the IMF really instigate a Global Currency Reset on July 20th? It is certainly possible although one would have to think that the green light would first have to be given from Washington. Dealing with crises in the past has usually been reactive in nature. Thus, being proactive could prove much more beneficial, as another (most likely larger) global financial crisis would be utterly destructive for an already fragile global economy.
But why do it now? Why on July 20th? The date could have been chosen based on the numerology of the number "7" as suggested by Christine Lagarde in her January press conference (i.e. the corresponding numerology of 07/20/2014 is 0+7+2+0+2+0+1+4 = 16 which 1 + 6 = 7); or it could imply that the G20 group of countries would be in agreement with the Global Currency Reset. July 20th also falls on a Sunday. This kind of currency reset could only happen on the weekend when markets are closed. In practical terms, this could give time for the NYSE Euronext (the parent company and operator of several major market exchanges in North America and Europe) to close for several days as would be needed to avert panic selling in the markets; it would also give them time to restate and rebalance certain accounts in the new SDR terms.
It will be interested to see what happens on July 20th. Perhaps nothing will hit the news headlines and people will go along with their daily routines. This could actually be the scariest scenario of all, as we’ll be left in the dark as to the day the next currency crisis will hit us all. When it does, will the world be prepared?
Thanks to: http://lightworker29501.com