One World Currency
One World Currency by Nick Giambruno for International Man
It was perhaps The Economist’s most bizarre issue to date…
In January 1988, the magazine published a feature article titled “Get Ready for a World Currency.”
The article called for countries to give up their monetary sovereignty in favor of a world central bank, which would issue a new global currency. It suggested the name “phoenix” for the currency.
The article recognized that most governments wouldn’t participate under normal circumstances. It claimed it would take a crisis.
The 31-year-old article concluded with a prediction:
Pencil in the phoenix for around 2018, and welcome it when it comes.
Now, 2018 has come and gone. But the prospect of a global financial crisis ushering in a world central bank and a new global currency is increasingly plausible.
As I’ll explain shortly, this is bad news for the U.S. dollar.
For months, I’ve been telling my readers that an epic market crash is very likely before the end of Trump’s first term…
That’s because the magnitude of a crisis is directly related to the amount of malinvestment getting flushed from the economy.
In other words, the bigger the boom, the bigger the bust.
And right now, there is an unprecedented amount of malinvestment waiting to be flushed, thanks to seven years of 0% interest rates and the $3.7 trillion the Fed “printed” after the 2008 financial crisis.
The Fed inflated the housing bubble with about two years of 1% interest rates. So it’s hard to fathom how much it distorted the economy with seven years of 0% interest rates.
The Fed ended up creating not just a housing bubble, or a tech bubble, or a bond bubble, but an “everything bubble.”
It’s the biggest bubble in human history.
When it pops, people will panic and demand that politicians do something.
This will be the perfect opportunity for the globalists to finalize their pet project: a global central bank that issues a global currency.
In that sense, The Economist’s 2018 prediction may end up close to the mark.