• kevin cross

Government Digital Currency

UK breaks the link between £ sterling and gold

On 20th Sept 1931 the UK Government broke the link between the pound £ sterling and gold so that it no longer had to be sold at a fixed price. This was a response to investors withdrawing huge sums of gold & foreign currency from the London markets.

New money system set up after second world war.

In 1944 after the second world war, countries came together in a place called Bretton Woods , New Hampshire USA, and set up International Monetary Fund (IMF). This new organisation oversees the system that we have to this day and has seen some important changes. One change that sent shock waves across the world was when the link between the US Dollar $ and gold was broken.

USA breaks link between $ US dollar and gold.

On 15th August 1971, the then USA president Richard Nixon announced on TV that the USA would no longer exchange the dollars held by foreign governments for gold. Some reports say that the French Government sent a warship to Manhattan to collect gold as they were already suspicious of whether there was actually enough Gold in the USA to cover the US dollar notes. In any case, the US dollar became known as the reserve currency with most important commodities such as oil being traded in US dollars .

Idea of a global digital currency by Mark Carney in 2019

On 23 August 2019, the then Governor of the Bank of England was Mark Carney. At a speech in Jackson Wyoming, USA, he suggested a global digital currency to be backed by central banks , to stabilise financial markets which have become unsettled by trade and currency disputes .

According to "Radical" by Maajid Nawaz, "Central bankers are clamouring to fend off the advancement of decentralised currencies [eg Bitcoin] so as to maintain their global control, by creating their own centralised alternative: Central Banking Digital Currencies. (CBDC)" Nawaz points to a Reuters report last year sept 2021. about (CBDCs) which says that bitcoin and suchlike could weaken government control of money.

New World Order

On 21st March 2022, President Joe Biden was speaking at the Business Roundtable office Washington DC. He appeared to give away some intelligence information: "As one of — as one of the top military people said to me in a secure meeting the other day, 60 — 60 million people died between 1900 and 1946. And since then, we’ve established a liberal world order, and that hadn’t happened in a long while. A lot of people dying, but nowhere near the chaos. And now is a time when things are shifting. We’re going to — there’s going to be a new world order out there, and we’ve got to lead it. And we’ve got to unite the rest of the free world in doing it" [Video time 1420mins at end of speech]

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