IMF 'currency substitution' -- Rickards has been warning about the plan by the IMF to facilitate 'currency substitution', by which countries that hold US dollar reserves can swap them for SDRs without having to dump their dollars onto the market and cause a dollar crisis.
One of the obstacles in moving toward the SDR reserve system is that not enough SDRs are held yet by the countries of the world, and currency substitution will allow these countries to obtain large amounts of SDRs.
He says the 'currency substitution' process could start as early as July. Sounds ominous, but on the other hand it's a way to gradually transition the financial system from dollars to SDRs without wreaking havoc on the dollar. The dollar havoc will come eventually, but by then the SDR system will be sufficiently in place to take over as the replacement. I think that's the plan anyway.
Rickards says the IMF also plans to use a DLT/Distributed Ledger approach for the SDRs, but unlike Bitcoin/crypto, where there is theoretically no 'trusted 3rd party', the trusted 3rd party will be the IMF itself (ie, the global financial cabal), and that will give the banksters even greater control over world finance. That's what they hope for anyway.
