EDITOR'S NOTE: Unintended consequences. Second order effects. Two concepts that often distinguish responsible from myopic leadership; focusing too much on the ball versus seeing the wider field and the dynamics that transform it. Any competent person who knows anything about money might guess that printing too much money can cause inflation. We certainly don’t want to hear academic experts saying that they forgot about this basic principle. Yet, that’s what IMF director Kristalina Georgieva just said, and it reflects all central banks. A huge, collective, and disappointing “OOPS!” And now the citizens of the world are stuck having to deal with the consequences of their central banks’ monetary myopia. The IMF takes all of this to a whole new level. Bear in mind, the IMF is composed of “unelected officials” who somehow emerged as the primary authority over the world’s global accounting practices. They are the experts who nobody ever elected and who also screwed up big time, Yet, they claim to have the answer because they’re supposedly “that smart”; yet they couldn’t see the wider field for the ball, so to speak. On a separate note, there’s something else at play. The IMF is doing a revaluation of the Global SDR Basket this July 31, 2022. Will China’s SDR holdings increase? And if so, will the US have a smaller slice of the pie? You know what this means if it does happen: if the US dollar is no longer the largest reserve currency in the SDR basket, America will lose its international veto rights, further weakening its status in the global economy, and the overall value of the dollars in your bank account. If this foreshadows a dismal fate for your money, then it spells out a necessary case for owning physical gold and silver.
During an IMF “Debate on the Global Economy” Thursday, International Monetary Fund Director Kristalina Georgieva hinted that the world’s economic overlords may have screwed us all.
IMF Director sums it up:
- We printed too much money and didn’t think of unintended consequences
- We are acting like 8 year olds playing soccer chasing the ball pic.twitter.com/36eWvBVmx2
— Plan Marcus (@plan_marcus) April 21, 2022
Source: Your News
Originally published by Your News.