G20, SDR, China, & JR’s ‘Timetable for the Dollar’s Demise’

The G20 has welcomed China for getting approved to have Special Drawing Rights status from the International Monetary Fund (IMF) as China’s influence grows:

September 6, 2016

The G20 in China was immensely impressive – in a way that very few in the West are able to understand. I’ve been living in Asia on and off for 22 years now – and other experienced, trusted Asia hands have had the same impression. …

China – and “The Boss,” President Xi Jinping, in particular – seized this opportunity on the global stage with immense relish. …

It does not hurt that the proposals also tie in with Beijing’s drive for the yuan to become a key feature of the global monetary system, soon to be part of the IMF’s Special Drawing Rights (SDR) basket.

President Barack Obama, by the way, was not even a sideshow. http://www.telesurtv.net/english/opinion/The-Boss-at-the-G20-20160906-0016.html

September 5, 2016

HANGZHOU (Sputnik) — The leaders of the Group of Twenty (G20) states welcome the inclusion of the Chinese currency into the International Monetary Fund’s Special Drawing Right (SDR) currency basket, the draft version of the Hangzhou communique said, as seen by Sputnik.

“Following the IMF’s decision, we welcome the inclusion of the RMB into the Special Drawing Right (SDR) currency basket on October 1st,” the preliminary draft copy of the Hangzhou Consensus said. The communique also expressed support for the ongoing examination of the broader use of the SDR, including broader reporting in the SDR and the issuance of SDR-denominated bonds, “as a way to enhance resilience.”

“In this context, we take note of the recent issuance of SDR bonds by the World Bank in China’s interbank market. We welcome further work by the IOs to support the development of local currency bond markets, including intensifying efforts to support low-income countries,” the communique added. https://sputniknews.com/asia/20160905/1044966863/g20-yuan-imf-rmb.html

Economist Jim Rickards has pointed to two dates in September 2016 as being related to SDRs and the destruction of the USA dollar. Here is his timetable, of which the first item has happened:

September 2, 2016

A Timetable for the Dollar’s Demise

The next five weeks will mark one of the most significant transformations in the international monetary system in over 30 years. …

There are three major events happening in rapid sequence. Here’s the list:

On Sept. 4, the G20 leaders meet in Hangzhou, China

On Sept. 30, the yuan officially joins the SDR basket of currencies

On Oct. 7, the IMF holds its annual meeting in Washington, D.C.

You might be tempted to dismiss this calendar as “business as usual.” G20 leaders’ meetings happen every year. The SDR basket has been changed many times in the past. The IMF has global meetings twice a year (spring and fall). But it’s not business as usual. This time is different.

The hidden agenda involves the formal transition from a dollar standard to an SDR standard in world monetary affairs. It won’t happen overnight, but the elite decisions and seal of approval will take place at these meetings.

The SDR is a source of potentially unlimited global liquidity. That’s why SDRs were invented in 1969 (when the world was seeking alternatives to the dollar), and that’s why they will be used in the imminent future. …

On Oct. 7, 2016, the IMF will hold its annual meeting in Washington, D.C., to consider additional steps to expand the role of SDRs and make China an integral part of the new world money order.

Over the next several years, we will see the issuance of SDRs to transnational organizations, such as the U.N. and World Bank, to be spent on climate change infrastructure and other elite pet projects outside the supervision of any democratically elected bodies. (I call this the New Blueprint for Worldwide Inflation.)

Thereafter, the international monetary elite will await the next global liquidity crisis. When that crisis arrives, there will be massive issuances of SDRs to return liquidity to the world and cause global inflation. The result will be the end of the dollar as the leading global reserve currency.

Based on past practice, we can expect that the dollar will be devalued by 50–80% in the coming years. http://dailyreckoning.com/timetable-dollars-demise/

A few weeks ago, Jim Rickards posted the following:

August 15, 2015

The Day The Dollar Died Part I

Will history record September 4th, 2016 as the day the dollar died? Before continuing, let me make it clear that you aren’t going to wake up on September 5th to find anything noticeably different…

The dollar won’t lose its reserve currency status overnight. It won’t be instantaneously inflated into worthless piece of currency, and we aren’t going to see immediate 90% hyperinflation. None of these things are going to happen.

What I mean is that in the not-too-distant future, maybe five years, maybe three years, maybe less, we’ll look back and say, “That was the date when everything changed. That was the turning point for the dollar and we didn’t see it at the time.” But those who know what to look for will understand the significance of that date.

It all has to do with the International Monetary Fund (IMF) and something called the Special Drawing Right, or SDR for short. … The dollar replaced sterling over a 30-year process. Now we’re looking at the process of replacing the dollar with SDRs. And it could start September 4th. http://dailyreckoning.com/day-dollar-died/

While he may be considered off-base by many, the reality is that the Chinese see what happened as a step to dethrone the USA dollar as the world’s predominant reserve currency.

Notice something from several days ago:

World Bank backs China’s push to challenge US dollar dominance by selling SDR bonds ahead of G20 summit

World Bank vice-president says more Special Drawing Rights-denominated bonds may be issued after debut sale this week …

The yuan will officially become a component currency in the basket calculating the value of the SDR, offering the yuan nominal international reserve currency status along with the US dollar, the euro, the pound and yen. http://www.scmp.com/news/china/economy/article/2012119/world-bank-backs-chinas-push-challenge-us-dollar-dominance

The idea that putting the Chinese currency in the SDR basket to reduce/challenge the dominance of the USA dollar is obviously not limited to Jim Rickards.

Once the USA does lose its status as the world’s reserve currency, the USA will experience problems 99% of Americans probably do not think is possible.

As well as, or worse, than Jim Rickards imagines–one day the USA dollar will lose 100% of its value. It will only be worth the dross in its coinage and whatever its cotton-paper currency is worth as trash.

The Bible also has an end time prophecy that those who read it may want to run:

2 Then the Lord answered me and said:

“Write the vision
And make it plain on tablets,
That he may run who reads it.
3 For the vision is yet for an appointed time;
But at the end it will speak, and it will not lie. (Habakkuk 2:2-3)

What is this end time prophecy about that should cause people to run? It is a prophecy about debt accumulation:

6 “Will not all these take up a proverb against him,
And a taunting riddle against him, and say,
‘Woe to him who increases
What is not his — how long?
And to him who loads himself with many pledges’?
7 Will not your creditors rise up suddenly?
Will they not awaken who oppress you?
And you will become their booty.
8 Because you have plundered many nations,
All the remnant of the people shall plunder you (Habakkuk 2:6-8)

The USA is believed to be the most indebted nation in the history of the world. Habakkuk’s prophecy is for the end time and cannot be directed towards the tiny nation called Israel. Israel simply does not have enemy creditors. But the USA has actual, past, and potential enemies as creditors.

Furthermore, consider that while the USA has been accumulating pledges in the form of US Treasury bonds and notes, the Chinese have been accumulating gold (see China, Gold, and the AIIB). Various ones in Europe have been repatriating gold from the USA, like the Germans (see Germany is repatriating and accumulating gold–why?). Germany is getting more gold. The Bible teaches that the final King of the North will accumulate gold and take it from Egypt in Daniel 11:40-43; cf. Revelation 18).

Consider that despite having misunderstandings of prophetic events, even secular sources are seeing that there is a trend to topple the USA as the world’s dominant economic power.

And, according to biblical prophecy that will happen–and it will be worse for the USA than what nearly all analysts believe is possible.

The Bible shows that a powerful international economic leader will arise (cf. Revelation 18) and it will NOT be the USA.

It is a well-known fact that the USA has greatly loaded itself “with many pledges” (treasury bills and bonds). It has also diluted the value of its currency by producing it without real backing.

This diluting of the value of currency (called ‘dross’ anciently) is condemned in the Bible.

4 Take away the dross from silver (Proverbs 25:4a).

22 Your silver has become dross, Your wine mixed with water. (Isaiah 1:22)

25 I will turn My hand against you, And thoroughly purge away your dross, And take away all your alloy. (Isaiah 1:25)

18 “Son of man, the house of Israel has become dross to Me; they are all bronze, tin, iron, and lead, in the midst of a furnace; they have become dross from silver. 19 Therefore thus says the Lord God: ‘Because you have all become dross, therefore behold, I will gather you into the midst of Jerusalem. 20 As men gather silver, bronze, iron, lead, and tin into the midst of a furnace, to blow fire on it, to melt it; so I will gather you in My anger and in My fury, and I will leave you there and melt you. 21 Yes, I will gather you and blow on you with the fire of My wrath, and you shall be melted in its midst. 22 As silver is melted in the midst of a furnace, so shall you be melted in its midst; then you shall know that I, the Lord, have poured out My fury on you.’” (Ezekiel 22:18-22)

Although the Bible warns against using dross and diluting the money supply, modern ‘experts’ have a different view. The wrong views on economics will lead to economic problems and ultimately the total crash of the dollar of the USA. China and others see some of this.

There are disastrous changes that will come to the USA (Daniel 11:39; Habakkuk 2:6-8).

Wealth will essentially be taken away from those who will remain in the USA after the start of the coming Great Tribulation (the same will essentially hold true for those in Canada, Great Britain, Australia, and New Zealand).

The SDR change, by adding the Chinese currency, is one further step towards the development of a ‘new world order’–an order not dominated by the USA and/or the UK and its Anglo-Saxon descended allies as the world’s economy .

Some items of possibly related interest may include:

America’s Day of Reckoning 2017 Dollar Collapse? Economist James Dale Davidson says that a financial bloodbath will hit the USA and there is nothing that Washington can do to stop it. He claims that at least 57 nations have gotten together to dethrone the US dollar as the world’s reserve currency. He claims this can happen any day or in a few months. He mentions China, Russia, the AIIB, and gold. He claims his track record in predicting massive shifts in the past should assure people that he is right about this. He claims that there will be massive unemployment, near elimination of social security benefits, and more. Is James Dale Davidson possibly right on any of this? Dr. Thiel goes over many of his claims and explains what the Bible shows related to the coming collapse of the US dollar. This is a video.
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Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.