(by Arsenio Toledo | Natural News) – Federal Reserve Chair Jerome Powell admitted in a speech that the American dollar is at risk of losing its standing as the world’s preeminent currency. He made this admission as he pushed for the United States to create a digital currency that he said would preserve the dollar’s status.
Powell made this claim during a speech at the “International Roles of the U.S. Dollar” conference hosted by the Fed. Powell warned that America needs to develop its own central bank digital currency (CBDC) to compete with similar digital currency in other countries.
“Looking forward, rapid changes are taking place in the global monetary system that may affect the international role of the dollar in the future,” said Powell. “Most major economies already have or are in the process of developing instant, 24/7 payments… And in light of the tremendous growth in crypto-assets and stablecoins, the Federal Reserve is examining whether a U.S. CBDC could also potentially help maintain the dollar’s international standing.”
Josh Sigurdson, host of “World Alternative Media,” warned that the creation of an American CBDC is part of the modus operandi of the Great Reset agenda, and people should pay more attention to Powell’s admission that the dollar could collapse.
“It says a lot when the Fed chair is admitting that the U.S. dollar may possibly face being depegged as a world reserve currency,” he said. “Just even alluding to it slightly is something that never happens unless it is like the end of the line [for the dollar] … and if that happens, obviously, we’ll see hyperinflation.”
Fed claims U.S. dollar could lose dominance if country doesn’t develop CBDC
Powell’s statements regarding a CBDC come after its four-month consultation with the public about the possibility of creating a digital dollar. The Fed itself is divided on the issue, with Vice Chair Lael Brainard being a key supporter and Fed Gov. Chris Waller making a case against an American CBDC.
“As we consider feedback … we will be thinking not just about the current state of the world, but also how the global financial system might evolve over the next five to 10 years,” said Powell. Read Full Article >