20181102-James Rickards-Dollarization 2.0


Economic Discussion （The Petro dollar is Dead… World Currency, with James Rickards）:

Christine Lagarde , Managing Director of IMF  in a conference talked about dollarization 2.0.  She said: “ For instance, think of countries with weak institutions and unstable national currencies. Instead of adopting the currency of another country – such as the U.S. dollar – some of these economies might see a growing use of virtual currencies. Call it dollarization 2.0.”


Q by host:  The Central Banking system is looking to take over crypto market and replace the dollar with some type of crypto currency?

A by James:  I think what she really means is de-dollarization – to replace the dollar with IMF crypto not BTC.   The IMF probably is thinking replace the USD with a global money like SDR.
They definitely wanted to replace the dollar with SDR, that has been in the work since 1969.   What is new is that they suddenly realized SDR can be not just be a currency but it can be traded in exchange and used on distributed ledger (blockchain), that will empower the users doing the financial transactions without  relying on the FED, the Treasury or the dollar payment systems.   I think crypto currency have a future but NOT BTC or ETH.   ETH will have its main usage to run smart contracts.   I don’t think BTC have much future but blockchain technology does. 
I think the future of digital currency is controlled NOT by the web but by the central governments.


Q by the Host:  Is everything being transferred to the Central Banking System where today we have the FED that is kind of intertwined with the government  but really not part of a government and they created currency.   Is the process moving to China or some entity that is not part of any country?

A by James:   Yes，the IMF and its SDR and it has nothing to do with any country.  I don’t think anyone really wants Yuan or Ruble since China and Russia are communist countries.


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