Book contents
- Frontmatter
- Dedication
- Contents
- Prologue
- Introduction
- Chapter 1 The History of Money
- Chapter 2 Central Bankers: The Alchemists of our Time
- Chapter 3 The History of the Dollar
- Chapter 4 A Planet of Debt
- Chapter 5 The War on Gold
- Chapter 6 The Big Reset
- Epilogue
- Appendix I Demonetized Currencies (1700-2013)
- Appendix II Wall Street Fines (2000-2013)
- Bibliography
- Register
Chapter 6 - The Big Reset
Published online by Cambridge University Press: 12 December 2020
- Frontmatter
- Dedication
- Contents
- Prologue
- Introduction
- Chapter 1 The History of Money
- Chapter 2 Central Bankers: The Alchemists of our Time
- Chapter 3 The History of the Dollar
- Chapter 4 A Planet of Debt
- Chapter 5 The War on Gold
- Chapter 6 The Big Reset
- Epilogue
- Appendix I Demonetized Currencies (1700-2013)
- Appendix II Wall Street Fines (2000-2013)
- Bibliography
- Register
Summary
New rules have been discussed not only inside the advanced economies, but with all emerging economies, including China.
‒ Jean-Claude Trichet, former president of the European Central BankPoliticians in Washington have done nothing substantial but postpone once again the final bankruptcy of global confidence in the US financial system.
‒ XinhuaWith the status of the US dollar as the international reserve currency being shaky, a new global currency setup is being conceived.
‒ Zhou Ming, General Manager of the Precious Metals Department ICBCThe world is moving step by step toward a de facto Gold Standard, without any meetings of G20 leaders to announce the idea or bless the project.
‒ Ambrose Evans-Pritchard, international business editor, The TelegraphI believe that basically the system is broke[n] and needs to be reconstituted. The system we now have has broken down, only we haven't quite recognized it. So you need to create a new one and now is the time to do it.
‒ George Soros, hedge fund managerINTRO
The world economy and its currency system can be compared to supertankers. All route changes have to be planned well in advance. If history has taught us anything, it is that a currency tends to lose its world reserve status over a long period of transition. The ‘endgame’ is often drawn out over decennia. The British pound first suspended its gold standard at the start of World War I in 1914, but it was not until 1944 that the dollar became its successor (during the last Big Reset).
Although the US understands that the dollar will one day lose its world reserve currency status, the Americans will try to maintain their monetary supremacy for as long as possible. Actually, it was already apparent to the Americans back in 1971 that the endgame for this dollar-based system had begun. For over 40 years, the US has used all its power, creativity and flexibility to keep its monetary allies on board. Every trick in the book has been used to convince countries to support the dollar and to marginalize the role of gold.
- Type
- Chapter
- Information
- The Big ResetWar on Gold and the Financial Endgame, pp. 186 - 265Publisher: Amsterdam University PressPrint publication year: 2015