- James Rickards: Secret ‘Shanghai Accord’ Kills USDollar And Crowns SDR
(TRUNEWS) James Rickards says a secret deal has been struck to kill the US dollar, and replace it with a world currency called special drawing rights (SDR).
Rickards made this statement in an exclusive interview Thursday with Rick Wiles of TRUNEWS while explaining that during a secret meeting in Feb. — being dubbed the “Shanghai accord” — the world’s central bankers decided the IMF’s SDR will replace the USD as the world’s reserve currency.
James Rickards is an internationally renowned global macroeconomist, the author of the bestseller “Currency Wars: The Making of the Next Global Crisis”, and currently serves as the capital markets advisor to the Director of National Intelligence and the Office of the Secretary of Defense.
In the interview Rickards said:
* A secret meeting occurred in Shanghai on Feb. 26th between Janet Yellen (US Fed), Christine Lagarde (IMF head), Mario Draghi (ECB head), Jack Lew (U.S. Secretary of the Treasury), and all their central bank and finance ministry counterparts from Japan, China, Brazil, Russia, India, and South Africa.
* During this meeting, a deal was struck — which he has named the Shanghai Accord — because of its similarities to the famous Plaza Accord of 1985, which was the last major central banker backed operation to detonate the US dollar.
* Keep eyes on upcoming central bankers meeting in Washington D.C. on April 13.
* A minimum of 10% assets in physical gold ownership is a great hedge against these emerging currency wars.
* Major US dollar devaluation will cause significant inflation for average Americans because of their dependency on imported goods.
* The IMF has begun enacting a 10-year plan, starting in 2010, for SDR’s to replace the US dollar as the main world reserve currency. A crisis could greatly accelerate this plan, which is published publicly — but hidden in economic jargon — on the IMF’s official website.
* In Dec. 2015 Republican House Speaker Paul Ryan secretly red stamped a provision in the omnibus budget deal which gave China more voting power in the IMF.
* The IMF votes were given in exchange for China’s support in allowing the SDR to be used as a global bail out fund in the next financial crisis.
* More negative interest rates to come across the globe.
* Central banks will eventually succeed in eliminating cash.
* When economic collapse comes, there will be “money riots”, people will burn down banks, governments will respond with a neo-fascist police state and martial law.