While only a small number of Americans actually understand that the Council on Foreign Relations is one of many institutions that act as the ‘power behind the throne’ for the U.S. and other Western governments, what is most important for the people who reside in these nations under their control is when they publicly disclose policies or agendas that will play an important role for their futures. And on April 7, the current President of the CFR may have provided a glimpse into that future when he spoke to Congress and emphasized that the days of the dollar as the global reserve currency may be coming to an end due to the massive debt the U.S. has undertaken to try to sustain both the economy, and global hegemony over the world’s financial system.
Career diplomat and Council on Foreign Relations President Richard Haass claims that the growth of the public debt in the United States, now approaching $14 trillion, could cause the US dollar to lose its global reserve currency role.
WASHINGTON (Sputnik) — The growth of the public debt in the United States, now approaching $14 trillion, could cause the US dollar to lose its global reserve currency role, career diplomat and Council on Foreign Relations President Richard Haass said on Wednesday.
“Mounting debt will hasten the demise of the dollar as the world’s reserve currency,” Haass told members of the US Senate Foreign Relations Committee in testimony on the strategic implications of the US debt.
Haass warned that a “post-dollar world” will be more financially costly for the United States and will negatively impact the country’s political leverage to impose dollar-related sanctions. – Sputnik News
Ever since 2008, and even going back to the days following the stock market crash of 1987, the Federal Reserve has embarked on a program of an ever increasing money supply that has finally forced the central bank into a corner regarding interest rates. And for the U.S. government, which now requires between 20-33% of its budget to be subsidized each year with deficit spending, Washington is in a no win situation that is creating serious ramifications in the confidence of the dollar, especially from rising economies in both the Far East and Eurasia.
China and Russia have diligently created new infrastructures and monetary policies that are preparing the world for the day when the dollar is no longer the sole global reserve currency. And with this in mind, the only remaining questions to ask are, is the U.S. simply accepting the fact that the dollar will soon collapse from a global loss of confidence and are printing as much as a possible before that day occurs, or are both the central bank and Washington government ignorant to see what is already occurring, and believe that nothing they do will change the premise that the world needs the dollar in its current state no matter what.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.