The Global Reset
- Author Michael Yates
- Published March 2, 2015
- Word count 941
Have you heard of the reset which the International Monetary Fund has planned for the world’s financial system? Likely you haven’t, but that’s ok, most people haven’t. If this weren’t the head of the most powerful financial institution in the world, it would be easy to write off as irrelevant, but the IMF has the power to pull this off.
But how? Quick answer, the SDR. The SDR is short for "Special Drawing Rights," which is IMF money, so to speak. Without getting into the complexities of it, think of it as currency for nation states only. Businesses and individuals cannot access SDR’s. SDR’s are what the IMF uses to bail out nations and "rebalance economies." They are digital, not hard currency. You cannot hold an SDR in your hand, nor can you write a cheque for one. What backs them? International currencies. Larger economies like the EU, USA, Britain, China, and others contribute their currencies to the IMF as donations to be used to maintain the global financial system.
When a nation like Greece gets in trouble, the IMF may choose to issue SDR’s, which can be converted into any currency required, so in the case of Greece, they would convert their SDR’s into Euros. Remember, SDR’s are digital only, and you could say they were created to be converted into another currency.
SDR’s were created in 1969 and are used by many nations. There were times when political forces attempted to make SDR’s the world currency, but none succeeded. But today more than ever, there is a growing consensus among nations to bring the SDR’s onto the world stage as the one world currency. Exactly what this would look like and how it would come to be are details only a handful of people know, but there is a meeting every 5 years to discuss the SDR and the next meeting happens to be in October of 2015.
Why this matters.
The past 5 years have seen calls from nations like Russia and China for a one world system, a one world currency, namely the SDR. Previously, these two nations were hold out’s to this system, but now both are vocal advocates of this monumental shift. That leaves no substantial resistance to SDR’s among nations, save countries like Iran, Syria, and smaller nations which have no say in these matters.
Back to the reset. The term "creative destruction" is popular among economists, it refers to the process of destroying something in order to birth something better. In this scenario, they would deem destruction to be "creative." This is exactly what the heads of large financial institutions, nations, and various global players have in mind. They have said so with their own words, and when people with this kind of power say they want to do something, it would be wise to remember it. It’s true they don’t always succeed, but usually they do.
The Global Reset will be a currency reset. Select currencies will be chosen to form a "basket" of currencies, which will be the privileged few to which SDR’s can convert to. Will other currencies still exist? This I don’t know, but even if they do, their value will be greatly diminished. As I write this, we already have a currency crisis developing in the world, as the US dollar has become so much more valuable than other currencies, in particular emerging nations.
Why this is a problem. The US dollar is the world’s reserve currency, so to trade with other nations, it’s usually necessary to convert your nation’s currency into USD. This becomes a problem when your currency is worth very few US dollars, it makes everything more expensive, too expensive. It can be a benefit for exports though, as other nations view your products as cheaper due to your currency being devalued, but unless the country is a major exporter, this isn’t enough to offset the devaluation disadvantage.
This trend shows no signs of changing, and will ultimately result in emerging nations being unable to pay back debt denominated in USD, or import goods required for their society. This is why we need a reset, among other reasons the IMF would state. If you listen to the IMF discuss the reset, it sounds like a necessary change and beneficial for global trade and commerce. But behind the few benefits are some very nasty hooks.
SDR’s will put control of the world’s money in the hands of a few. The money will have no intrinsic value, even worse than now where we merely trade pieces of paper with no intrinsic value, we’ll be moving to digital currency. With the click of a mouse, billions, trillions, or quadrillions can be given or taken away. That’s a lot of power. Many people understand the danger of a system like this and will therefore resist, the IMF and its allies already know this, which is why they believe they will have to orchestrate a crisis big enough to make the whole world beg for a new system. This is easy to do when you have the cooperation of the largest banks, governments, and institutions in the world.
The Global Reset will happen fast, you won’t be warned. You’ll either be ready in advance or you’ll be subject to whatever crisis unfolds. Whether it be a collapse of the banks, an economic collapse, a war, or all three is anybody’s guess, but it will be the world’s largest economic event in history.
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