September 25, 2009
"Federal Reserve needs to cut US Dollar in half over next 14 years"
Jim Rickards, director of market intelligence for scientific consulting firm Omnis, shares his outlook for the dollar. Jim cracks the code of "Fed Speak" to tell us what is really going on with the Global Banking Elite and their plans for the future.
Rickards says that they are planning for a gradual, steady decline of the dollar, but that it will eventually crash.
Adds that it's hardly a coincidence that a Federal Reserve governor would have an op-ed piece in the Wall Street Journal on the same day that the G-20 meets.
Summary of op-ed piece: Fed's Warsh: Policy Normalization Likely Before Need Is Obvious:
Kevin Warsh op-ed piece: The Fed's Job Is Only Half Over:
Rickards says he feels this has to do with gold and pre-empting the eventual collapse of the dollar. He points out that a Fed Governor can't talk about a collapsing dollar because it would lead to exactly that, so Warsh has to speak indirectly.
Rickards says the Fed needs for the dollar to go down by half over the next fourteen years. We have 60 trillion dollars of liabilities with no feasible combination of growth in taxes to fund those liabilities.
But what they really want to do is displace the dollar with IMF SDR's, which are Special Drawing Rights.
The announcement at the G-20 is that the International Monetary Fund is being annointed as a global central bank.
More in the video.
