FX Street: Globalists Poised for a "Great Reset" - Any Role for Gold?
Article by Stefan Gleason in FX Street
Although the apparent results of the 2020 election are still being contested, members of the global ruling elite are already looking forward to a post-Trump era in American politics – and a post-vaccine world economy.
They have encapsulated their policy agenda for 2021 and beyond into two words: “Great Reset.”
The notion of a Great Reset comes directly from the World Economic Forum.
The globalist organization has been actively pushing it for months via a series of policy articles on its web site.
The Great Reset agenda entails “harnessing the fourth industrial revolution” and “redrawing the geo-political map of the world” in pursuit of an “energy transition” that makes “economies more sustainable” while advancing “equity, inclusion and social justice in the workplace” so that the global economy can “build back better.”
Earlier this month, Canadian Prime Minister Justin Trudeau, speaking to a United Nations video conference, said, “This pandemic has provided an opportunity for a reset… This is our chance to accelerate our pre-pandemic efforts to reimagine economic systems that actually address global challenges like extreme poverty, inequality and climate change.”
As both Winston Churchill and Rahm Emanuel said, “never let a good crisis go to waste.”
So what would a Great Reset mean for the monetary system?
The Great Reset that globalists have in mind would give central bankers more power to pursue costly and draconian environmental and social justice objectives that have traditionally been outside the scope of their mandates.
The Federal Reserve recently signaled its participation in the Great Reset by joining the Network for Greening the Financial System (NGFS), a global group of central banks and regulatory bodies dedicated to implementing the Paris climate agreement and other “green” priorities.
The Fed’s “dual mandate” of stable prices and full employment is now effectively an unlimited mandate. It includes raising price levels to impose higher rates of inflation on workers and savers.
Central bankers and Keynesian economists dogmatically believe their theories are superior to a sound money system. They are more likely to double down – implementing a digital dollar.
Gold’s role in the monetary system post-Great Reset will be to reflect its excesses and failures. In fact, the precious metal has been playing such a role ever since the U.S. moved to a purely fiat Federal Reserve note.
Gold prices have risen 50x over the past 50 years as a reflection of the loss of the dollar’s purchasing power.
Thus, a de facto gold standard is still in force – and will continue to be regardless of what the Great Reset brings.
Those who own precious metals are effectively making a Great Escape from the global fiat regime entirely and resetting their purchasing power in ....
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