![]() However, there is always the risk that things will never go as planned, resulting in extreme stress in the financial markets. This might be the most preferred method for the majority of people. Countries may also decide to write off all debt every 15 years or so. Willem Middelkoop, author of The Big Reset: Gold Wars and the Financial Endgame feels that global powers might decide on using the IMF’s Special Drawing Rights (SDR) as the new universal currency. A global currency reset might occur very soon. Once the GCR process is complete, the world will start recovering based on the new financial monetary system. This is expected to cause a sharp rise in gold prices as people seek out the financial stability provided by the yellow metal. Currencies of all nations will revalue based on the value of their assets. Instead, gold or some other instrument will be used as the new standard. dollar will eventually lose its place as the global currency. Basically, GCR refers to a process where the U.S. This is when the concept of GCR strengthened. After the 2008 financial crisis, experts started predicting that the current financial system was on its last legs. ![]() Top Kremlin economic aide Arkady Dvorkovich said China and Russia would “state their stance that the global currency system needs smooth evolutionary development.”īrazilian President Luiz Inacio “Lula” da Silva said he was keen to explore “the possibility of new trade relations not dependent on the dollar” and India has also said it is open to the debate.The system led to a situation where the world ended up with more debt than assets. REUTERS/Manuel SilvestriĪs leaders of the Group of Eight rich nations and the major developing powers traveled to Italy for a three-day summit starting on Wednesday, it seemed unlikely the currency debate would get a specific mention in summit documents.īut both G8 member Russia and emerging power Brazil - which like China and India is a member of the “G5” that joins the second day of the summit on Thursday - echoed China’s calls for the currency debate to be taken up by world leaders. ![]() Hu is on a state visit to Italy and will attend the summit by G8 and G5 leaders in L'Aquila. China's President Hu Jintao and his wife Liu Yongqing (centre R) tour Saint Mark's square in Venice July 7, 2009. ![]()
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