Here's what it means for you, Lawyers argued a young girl willingly submitted to a man's sexual advances for money. According to Reuters, this move paves the way for the IMF to place the yuan on a par with the US dollar. As opposed to “sound money” which is backed by gold or some other valuable commodity, a fiat currency is backed by nothing more than faith in the government. The Death of the US Dollar in One Frightening Graph. "There's always a cost in doing that because when you're buying a currency, and selling a currency, there's always a difference. Experts predict this announcement will trigger one of the most profound transfers of wealth in our lifetime. This is the latest in a series of global Notice that the US dollar has now been the dominant currency for 88 years, about the same length of time as its predecessors. The Death of the US Dollar in One Frightening Graph. Remove at least some of your savings & retirement from the dollar-backed, paper-based financial system and protect it with the one asset that has outlasted every fiat currency ever invented for the last 5,000 years: Gold. As reported by The Wall Street Journal, the IMF officially green-lighted the acceptance of China’s currency – the Yuan – into the IMF’s foreign exchange basket. "For the Chinese it's a matter of face and it's a matter of prestige. China has been pushing to be included in the IMF basket, arguing it had a right to be there as the country is the second largest global economy. ( Log Out /  And now, the IMF has made the first move. ( Log Out /  I make it public -- IDEALLY -- to benefit others. The yuan will now make up part of the IMF's Special Drawing Rights (SDR) - an asset created by the IMF which serves almost as a currency. Victoria goes two consecutive days without a COVID-19 death for the first time since July, Live: New locations added to public health alert lists in Sydney and Melbourne, Trump pulls out of presidential debate after commission rules it must be virtual, 'Erratic' or reinvigorated, Trump's wild week has left him fighting for his political life, The super system is set for a shake-up. This marks the first time in history the IMF has expanded the number of currencies in the foreign exchange basket. Change ), You are commenting using your Facebook account. The dollar’s collapse means that every single one of your paper investments that are dollar-backed – stocks, mutual funds, money markets, cash accounts, etc – will go down right along with the dollar! Change ), You are commenting using your Google account. There are also ongoing concerns with the massive amount of debt held by a large proportion of Chinese banks. It’s obvious why experts say that the US dollar’s days as the world’s reserve currency are coming to a climactic end. Incubators in Ghana: Spiros Talks to Belinda from FI. She died and he walked free. Dr. Sjuggerud says if you own any US “paper” assets – and that includes stocks, bonds, or just cash in a bank account – you should be aware of what’s about to happen and know how to prepare. The announcement will start a domino effect, that will basically determine who in America gets rich in the years to come, and who struggles. Because the US dollar is now nothing more than a fast declining Federal Reserve note backed by a corrupt government that is saddled with $18 trillion in unpayable debt — growing by $10 million per minute! Mr Strachan said now the yuan was a reserve currency, the business case to do so was much stronger as it removed the costs of using a third currency, which most agricultural and resource commodities are traded in US dollars. The US dollar has been a fiat currency since Nixon closed the gold window in 1971 in what was the greatest heist in American history. Why? This means that the Chinese currency will now become a viable global alternative to the US dollar. OTC service as well. IMF set to name Chinese yuan as reserve currency. It shows the lifespan of dominant currencies going back 600 years. According to Reuters, this move paves the way for the IMF to place the yuan on a par with the US dollar. Starting late is equally good, The 4 Es – How Parents can cope with their children’s education during the COVID-19, How to make money investing in Stocks – Upcoming Webinar, Top 10 Smartphone brands capture 88% market share in Q2 2020 as Huawei and Samsung tie at 20%, Interview: Manufacturing charcoal from coconut waste in Ghana, What is the Agyapa deal? "Sometimes a very small difference, but when you're dealing with hundreds of millions of dollars it actually ends up being quite a large amount.". 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