September 18, 2013
Karen Hudes, a former 20-year employee of the World Bank, contends the US credit rating is on very dubious ground. Hudes says, “This is actually an underhanded move because they know the US dollar is going to lose its status as an international currency.”
The BRICS countries have already decided to not use the dollar as a reserve currency but instead, a basket of currencies, plus gold. This shows a huge lack of trust in the dollar.
She says something needs to be done to fix this – or it could make the The Great Depression of the 1930s pale by comparison. However, she says she believes this will cause the world to come together and sort this out lawfully – but in the meantime, we should look into things like Bitcoin (which she endorsed 3 times) and like gold – although she cautions that people have been hoarding it for centuries and that that there may very well be lots more of it out there than is generally known.
The longer it takes to sort out this currency time bomb, the better of a hedge that ownership of such other forms of currency puts us in, such that we can best position ourselves for the chaotic times ahead.
What would that look like to the man on the street? Hudes predicts, “Prices would change on a daily basis. They would double. The number of families that would be employed would be in the minority . . . there would be lawlessness.”