Ben Armstrong’s new video delves into the transformative shifts in the global economy, discussed in a thought-provoking interview, summarized here by the CoinSpeech team. You can watch Ben Armstrong’s video below.
The Imminent Arrival of Digital Economies
Armstrong opens with a stark message: “dollarization is coming, CBDCs are coming, tokenization is coming, digital IDs are coming.” These elements not only mark a paradigm shift but herald an entirely new infrastructure that demands urgent preparation.
The Decline of the US Dollar
For decades, the US dollar reigned supreme, partly due to its linkage with Saudi Arabia’s Petro dollar. Yet Armstrong points out, “the US dollar has been losing its status as the world Reserve currency for a long time… We’ve been hearing it forever.” The fading dominance is now accelerating with global economic realignments, including the rise of BRICS nations.
The Role of the Federal Reserve
A less conspicuous but equally significant event occurred around Christmastime in 2000, when “the Federal Reserve first started buying the debt of the US government.” This was a move previously associated with third-world economies and now symbolizes a troubling trend in the US’s financial strategy.
A Global Reset?
Armstrong mentions Christine Lagarde’s 2009 interview where she used the term “reset” at least 28 times. According to Armstrong, “these things that happen every single time we transition from one currency mechanism into the next currency mechanism,” signaling a major overhaul is on the horizon.
The Emergence of SDRs
Another crucial topic is the Special Drawing Rights (SDR). Introduced in 1969, SDRs are a potential alternative to the US dollar for global reserves. Armstrong explains, “any country that is sitting on dollar-denominated assets…can convert them into SDR denominated assets or instruments,” providing a mechanism to moderate inflation rates and stabilize economies.
Preparing for the Future
With 59 countries already joining BRICS and more showing interest, Armstrong states, “this is the emergence of this kind of dual economy that’s going to push us back towards One World Currency.” The global financial landscape is rapidly evolving, and individuals must pay attention and prepare accordingly.
Find more detailed discussion and insights from Ben Armstrong in the video below: