Concerns Surround IMF Plan to Flood World With Liquidity — U.S. Dollar’s Status as Global Reserve Currency at Risk

• Concerns Surround IMF Plan to Flood World With Liquidity
  by ALEX NEWMAN, https://www.theepochtimes.com/
  U.S. dollar’s status as global reserve currency at risk amid CCP-backed IMF plan to boost global liquidity by funneling $650 billion to governments and pharmaceutical interests
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  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.
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  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.
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  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.
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  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.
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  “The United States and our G7 partners are actively considering a global effort to multiply the impact of the proposed Special Drawing Rights (SDR) allocation to the countries most in need,” the White House said in a statement.
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  For well over a decade, leading commentators and even political leaders around the world—including Communist Chinese central bank officials and numerous European leaders—have called for making the SDR into a true global currency.
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  Those calls are growing amid the push for a “Great Reset.” The “reset” plan, which would transform everything from business to governance, is being promoted by the United Nations, the World Economic Forum, the IMF, the British monarchy and other power centers as a way to improve the world.
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  Ostensibly aimed at making the world more “green” and “sustainable,” the shift would require a much larger role for the public sector at the national and international level while moving the world away from what remains of the free-market system. Widespread proliferation of new technologies associated with the “Fourth Industrial Revolution” are a critical component of the effort, too.
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  A restructuring of the international monetary system led by the IMF on the way to the globalization of currency—with the looming SDR issuance as a major step—is likely to play a key role in the global reset as well.
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  Just as significantly, the developments taking place at the IMF will empower global organizations to channel ever-larger sums of wealth from people in the United States and other major economies into projects selected by those organizations and their member governments.
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  Powerful global interests, for instance, are pushing to use the new SDR “allocation,” as the issuing of new SDRs is called, to finance everything from mass international COVID vaccinations to policy transformations around the world.
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  Experts and former officials also told The Epoch Times that the addition of a new layer of unbacked financial instruments on top of an already unstable global financial system would help further debase the world’s leading national currencies.
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  The implications are enormous—especially for the U.S. dollar and the global economy. Yet, with a handful of exceptions, major media in the United States have been largely silent on this issue.
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