The world’s monetary system changes historically every 30 – 40 years. We have seen three changes just in the last century in 1914, 1944 and 1971. We are due to a change in the monetary world order, but what would replace the dollar standard and the US Dollar as the world’s reserve currency?
I approach this speculative topic by looking at an extremely big event that is happening on October 1st that is not reported at all in the financial media. The International Monetary Fund is adding the Chinese Yuan to its basket of reserve currencies called the SDR or Special Drawing Rights. The United States government fiscal year also ends on September 30th and Congress will have to approve another spending bill by September 30th for the United States government to still function from October 1st.
I look at other events and scenarios that could play a factor in the new monetary system if there is a change coming. Do not miss this episode!
IMF agrees to include China’s RMB in benchmark SDR currency basket
Enhancing International Monetary Stability—A Role for the SDR?
The New Case for Gold Hardcover by James Rickards
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