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:
"The question is if some want to move away from the dollar, what would be the effect on us? They would have to create an ecosystem whereby another currency becomes a better currency for them to use. It's also possible to have more than one large reserve currency." Jerome Powell pic.twitter.com/x7b95YVC1Q
— Geopolitics & Empire (@Geopolitics_Emp) March 4, 2022
the end of the petrodollar https://t.co/6rqNzNxkbg
— Tim Pool (@Timcast) March 2, 2022
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.”
Federal Reserve Chairman Jerome Powell just stated that it is possible to have more than one reserve currency.
This is going to happen faster than I ever thought.
— Pomp 🌪 (@APompliano) March 2, 2022
JUST IN: "Fed Chair Jerome Powell says it’s possible to have more than one global reserve currency."
What's this? Are they trying to soften the blow of a currency collapse? One of the Russia/China goals is to replace the dollar as the global reserve currency.
— Another One (@CalvinE43701301) March 2, 2022
I get the feeling that Jerome Powell’s comment of its “possible to have more than one reserve currency” will end in them issuing a gold backed CBDC
— 𝐧𝐢𝐤𝐜𝐚𝐧𝐭𝐦𝐢𝐧𝐞 (@nikcantmine) March 2, 2022
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.