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WATCH Jerome Powell: It Is Possible To Have More Than One Global Reserve Currency


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I have previously reported on the end of the petrodollar

It’s no secret that the U.S. Dollar has lost over 95% of its value since 1954. Rampant money printing by the Federal Reserve, and poor fiscal choices by the U.S. government have led to a slow collapse of the Dollar.

The advent of decentralized private sector and non-profit cryptocurrency options has provided quite a bit of competition for the now overprinted and ailing fiat money systems which exist globally.

It will be interesting to see how the monetary landscape evolves moving forward, but one thing is for certain: we must embrace private and truly decentralized cryptocurrencies, but we must never allow for CBDC slavery.

Jerome Powell, the head of the U.S. Federal Reserve recently went on record to say that it is entirely possible to have more than one global reserve currency.

This is a monumental moment for those who follow crypto, and another signal that the U.S. Fed will attempt to issue a CBDC as a competitive alternative to Bitcoin, Ethereum, XRP, ADA, and other private digital currencies.

My bet is that the CBDC will fail as the other options continue to gain traction due to the complete collapse in trust between people and the institutions of old.

Here’s more on the story:

Coin Telegraph previously reported that Russia has already signaled that it aims to eventually move away from the Dollar:

The official said that MFA Russia isn’t excluding the possibility of replacing the U.S. dollar with “some digital assets” alongside other currencies:

“It’s possible to replace the U.S. dollar with other currencies, both national and regional, as well as some digital assets in the long term.”

 

NATIONAL POLL: Is CNN The Enemy Of The People?

ProCoin News reports that the U.S. Federal Reserve is exploring a CBDC:

The United States Central Bank, commonly known as the Federal Reserve, has recently announced the release of a new whitepaper that discusses the pros and cons of launching a central bank digital currency (CDBC).

The whitepaper, however, does not conclude with whether the Federal Reserve was actually going to launch a digital dollar which left some readers confused.



 

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