Yesterday The Epoch Times posted an article about some of the plans that will impact America’s currency.
The article reports:
A controversial plan to boost global liquidity means the days of the U.S. dollar being the undisputed king of the international monetary system may be coming to a close, experts told The Epoch Times.
Losing that status could contribute to a serious crisis for the United States involving a dramatic loss of economic purchasing power, a geopolitical realignment and everything associated with those shocks.
The Biden administration-backed International Monetary Fund (IMF) proposal to issue an unprecedented $650 billion U.S. dollars’ worth of new “Special Drawing Rights” (SDRs) this year alone will also help re-shape the international financial system.
That is more than twice the total amount of SDRs created by the IMF throughout its entire history.
The SDR is a sort of proto-global currency, based on a basket of leading currencies, dubbed an “international reserve asset” by the IMF. Each government receives an amount of SDRs proportional to its stake in the international organization.
The unprecedented new issuance, which has the support of both Beijing and Washington, will contribute to sidelining the U.S. dollar’s role as the global reserve currency, analysts warned. The Chinese Communist Party is expected to be a leading beneficiary.
It’s time to take another look at the end goal of Cloward-Piven. A website called “James 4 America‘ explains:
First proposed in 1966 and named after Columbia University sociologists Richard Andrew Cloward and Frances Fox Piven, the “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.
Inspired by the August 1965 riots in the black district of Watts in Los Angeles (which erupted after police had used batons to subdue a black man suspected of drunk driving), Cloward and Piven published an article titled “The Weight of the Poor: A Strategy to End Poverty” in the May 2, 1966 issue of The Nation. Following its publication, The Nation sold an unprecedented 30,000 reprints. Activists were abuzz over the so-called “crisis strategy” or “Cloward-Piven Strategy,” as it came to be called. Many were eager to put it into effect.
In their 1966 article, Cloward and Piven charged that the ruling classes used welfare to weaken the poor; that by providing a social safety net, the rich doused the fires of rebellion. Poor people can advance only when “the rest of society is afraid of them,” Cloward told The New York Times on September 27, 1970. Rather than placating the poor with government hand-outs, wrote Cloward and Piven, activists should work to sabotage and destroy the welfare system; the collapse of the welfare state would ignite a political and financial crisis that would rock the nation; poor people would rise in revolt; only then would “the rest of society” accept their demands.
America’s role as the global reserve currency is what has kept us afloat during the runaway spending Congress had undertaken during the past sixty years. There was never any thought given to the amount of debt they were creating and who would eventually have to pay that debt off. Eventually the chickens were bound to come home to roost. It looks like eventually is getting very close.