Lest you think that the People’s Republic of China is not involved in seeking to dethrone the US dollar as the world’s reserve currency, Hu Xialoian, Vice-Governor of the People’s bank of China, on Friday said that the currency of the International Monetary Fund (IMF) can serve that purpose instead of the dollar.

This is no surprise as the Governor of the People’s Bank of China called for this “adjustment” in international finance as far back as 2009

What most people don’t understand is that Timothy Geithner, the US Treasury Secretary and out of the closet globalist, has been pushing this agenda since 2009 himself.

In fact, it was in March of 2008 that Geithner, as the then President of the New York Fed, openly called for a “Global Monetary Authority,” a euphemism for an international financial dictator.

A year later, when confirmed as Obama’s new Treasury Secretary, Geithner gave a speech to the Council on Foreign Relations saying that the United States “would be open” to a suggestion by the Chinese that the dollar be replaced by the SDR (currency of the International Monetary Fund) as the world’s reserve currency.

Say what?

Interestingly, at a White House press conference a few hours earlier, President Obama had said the exact opposite when he reaffirmed his commitment to keeping the dollar strong (you really need boots to wade through the BS here, as the man has just proposed a budget with a deficit of $1.65 trillion – meaning we will borrow 45% of the US budget, pushing the dollar further into the mud as a degenerating global asset)

We should not forget that Geithner sits on the Board of Directors of the Bank for International Settlements the planet’s financial control authority at this time.

As I have stated in earlier posts, the results of such a move will reduce the value of the dollar in relation to other world currencies and dramatically increase the cost of imported goods as – it is currently doing (have you been to the gas station lately?)

On Wednesday, March 9th (before the tsunami and before the nuclear explosions) I sent an alert to Inner Circle members warning of a possible stock retreat. On Thursday the Dow Jones fell 228 points, it was up 60 points on Friday but fell 51 points Monday, another 138 Tuesday and 242 points today.=

The prediction was not tied to any natural disaster; it was based on the fact that despite the November elections, our government has not found a way out of this nation’s quagmire of debt for which we are paying more than $4 billion dollars a day interest.

Silver, Chinese Yuan, Cash.

Keep your powder dry

Creative Commons Attribution: Permission is granted to repost this article in its entirety with credit to John Truman Wolfe and a clickable link back to this page.

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