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Thread: BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

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    BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

    After Jerome Powell's neutral-to-slightly-dovish-but-mostly-boring speech on Friday morning, investors could be forgiven for suspecting that this year's Fed-sponsored gathering in Jackson Hole might be disappointingly dull (especially with all that's going on in Trump's twitter feed, the escalating trade war and escalating geopolitical unrest).


    Then along came former Goldman banker and current (outgoing) BOE governor, Mark Carney, who in his lunchtime address laid out a shocking, radical proposal - perhaps the most stunning thing to ever be unveiled at Jackson Hole - urging to replace the US Dollar with a "Libra-like" reserve currency in a dramatic revamp of the global monetary, financial and economic order.






    While it was unclear if Carney was focusing on Libra as the new reserve currency, or simply was hoping to find something against which the dollar could be devalued, the proposal was clearly shocking as it suggests that the central bank quiet acceptance of cryptocurrencies (especially in Japan) has been what many have speculated all along: a "currency" against which fiat money can be devalued in hopes of sparking fiat hyperinflation that inflates away record amounts of fiat debt.


    Of course, such a new system would bring about the end of US hegemony, and effectively end the dollar-based global financial system, dramatically scaling back the US's influence in the global economy, and making rising powers like China and Russia critical players an increasingly multipolar world.... especially if they propose a gold-backed dollar alternative to the world. That this would quickly emerge as the new reserve currency - together with whatever stablecoin/crypto central bankers deign to be the dollar's replacement - goes without saying.


    Carney's proposal comes just a few months before he's due to step down from his position leading the Bank of England.


    We note that, because it is a well known fact that central bankers tend to speak the truth once they have quit their position of power and influence. Yet it is quite shocking for Carnery to do so while still in office; the bottom line, Carney sounded like nothing less than an Austrian-school economist, who admits that the existing neo-liberal/Keynesian system has collapsed.


    Speaking to fellow policy makers and academics at Jackson Hole, Wyoming, he said that in the short term central bankers must deal with the situation as it is. But he also warned that “blithe acceptance of the status quo is misguided,” and dramatic steps will ultimately be needed. It's what he said next that was stunning:


    "In the longer term, we need to change the game," Carney said. "When change comes, it shouldn’t be to swap one currency hegemon for another."

    https://www.zerohedge.com/news/2019-...g-dollar-libra

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    Re: BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

    I'm not sure if crypto-currency is any less barbarous than gold.

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    Re: BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

    reuters: France's Macron calls for agreement on financial aid to Africa
    PARIS, June 10 (Reuters) - French President Emmanuel Macron called on Thursday on G7 nations to find an agreement as part of efforts to reallocate $100 billion in International Monetary Fund (IMF) special drawing rights to African states.

    Macron told a news conference he would like the sale of gold reserves to help finance this planned aid for Africa.
    Could be bullish for gold. Zogger mutts tend to liquidate their country's reserves before a jump in the price of gold. 13 year Goldman Sachs banker Mark Carney did this to Canada. Perhaps too former Rothschild bank employee Macron?

    https://en.wikipedia.org/wiki/Mark_Carney
    In October 2012, Carney was named "Central Bank Governor of the Year 2012" by the editors of Euromoney magazine...

    Carney served as Chairman of the Bank for International Settlements' Committee on the Global Financial System from July 2010 until January 2012.
    Carney is a member of the Group of Thirty, an international body of leading financiers and academics, and of the Foundation Board of the World Economic Forum.
    National Post: Mark Carney, man of destiny, arises to revolutionize society. It won't be pleasant
    Jun 05, 2021
    What Carney ultimately wants is a technocratic dictatorship justified by climate alarmism

    In his book Value(s): Building a Better World for All, Mark Carney, former governor both of the Bank of Canada and the Bank of England, claims that western society is morally rotten, and that it has been corrupted by capitalism, which has brought about a “climate emergency” that threatens life on earth. This, he claims, requires rigid controls on personal freedom, industry and corporate funding.

    Carney’s views are important because he is UN Special Envoy on Climate Action and Finance. He is also an adviser both to British Prime Minister Boris Johnson on the next big climate conference in Glasgow, and to Canadian Prime Minister Justin Trudeau.

    Since the advent of the COVID pandemic, Carney has been front and centre in the promotion of a political agenda known as the “Great Reset,” or the “Green New Deal,” or “Building Back Better.” All are predicated on the claim that COVID, and its disruption of the global economy, provides a once-in-a-lifetime opportunity not just to regulate climate, but to frame a more fair, more diverse, more inclusive, more safe and more woke world.

    Carney draws inspiration from, among others, Marx, Engels and Lenin, but the agenda he promotes differs from Marxism in two key respects. First, the private sector is not to be expropriated but made a “partner” in reshaping the economy and society. Second, it does not make a promise to make the lives of ordinary people better, but worse. Carney’s Brave New World will be one of severely constrained choice, less flying, less meat, more inconvenience and more poverty: “Assets will be stranded, used gasoline powered cars will be unsaleable, inefficient properties will be unrentable,” he promises...

    [Steven] Koonin [former undersecretary for science at the Obama-era U.S. Energy Department] notes in his book that Carney “is probably the single most influential figure in driving investors and financial institutions around the world to focus on changes in climate and human influences upon it…. So it’s important to pay close attention to what he says.”
    Edit to add: BoC sell-off was in 2016, under BofC Governor Stephen Poloz, not Mark Carney. And it was a bottom.
    My memory was mistaking the gold sell-out with the earlier BofC pre-bailout of 'sub-prime' (CMHC) mortgages even though Canada did not have a real-estate correction in 08-09. http://gold-silver.us/forum/showthre...iled-in-Canada

    https://resourceworld.com/none-canada-sells-gold/
    Will Canada’s sale of its gold become known as “Poloz’s Bottom,” named after BofC Governor Stephen Poloz? It’s possible, especially if gold was to rise sharply in the coming years, as it did following “Brown’s Bottom.”
    Also just came across this recent report:

    CBC: Former Bank of Canada governor Mark Carney says he'll do 'whatever' he can to support the Liberal Party
    Apr 09, 2021
    As speculation about his political future heats up, former Bank of Canada governor Mark Carney made it clear Friday that he's a big-L Liberal supporter who will do "whatever" he can to advance the party's interests.

    Carney has been touted by some pundits and political observers as a possible future Liberal Party leadership candidate.
    Patriotism seems and feels like terrorism to the fallen feminine

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    Re: BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

    I am in favor of replacing the dollar with this barbaric form of money:

    https://i.postimg.cc/m2PvLyHz/F600-B...-A67-F3-FA.jpg

    https://i.postimg.cc/xCsZYXj3/850434...11042-C3-A.png
    https://constitutionalmilitia.org/
    "A well regulated Militia being NECESSARY to the security of a free State"

    "That whenever any Form of Government becomes destructive of these ends, it is the most Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness." July 4, 1776

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    Re: BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

    Monty, those dollars are generations apart. Check out current year:


    https://mobile.twitter.com/drjacobsr...19812420993031


    hyper- prefix
    Definition of hyper- (Entry 2 of 2)
    1 : above : beyond : SUPER-
    hypermarket
    2a : excessively
    hypersensitive
    b : excessive
    Patriotism seems and feels like terrorism to the fallen feminine

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    Re: BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency

    Quote Originally Posted by keehah View Post
    Monty, those dollars are generations apart. Check out current year:


    https://mobile.twitter.com/drjacobsr...19812420993031



    hyper- prefix
    Definition of hyper- (Entry 2 of 2)
    1 : above : beyond : SUPER-
    hypermarket
    2a : excessively
    hypersensitive
    b : excessive
    I know they are, but I do think they get the message out there.

    As for the current year, we haven't seen anything yet.
    https://constitutionalmilitia.org/
    "A well regulated Militia being NECESSARY to the security of a free State"

    "That whenever any Form of Government becomes destructive of these ends, it is the most Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness." July 4, 1776

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