No Longer GOLD? Future reserve currency will be digital – Ben Swann



No Longer GOLD? Future reserve currency will be digital – Ben Swann

Transcript:

#Russia #China #dollar #Currency #Gold

a new deal between Russia and China
could be another blow to the US dollar
no Russian President Vladimir Putin and
Chinese President Xi Jingping say they
will explain a use of the ruble and the
wand when it comes to financial trade
between the two countries Russia has
also called on Brazil India China and
South Africa to use national currencies
at between BRIC countries a move which
could ease reliance on the US dollar and
protect against sanctions investigative
journalist Ben Swan is fallens story and
joins us for more Ben I'm talking about
money so I got to bring you into this so
positive news mostly came out of this
weekend for the u.s. except in this case
because you have a Russia and China
making their own deal regarding currency
and the trade between the two countries
so what does this exactly mean for the
US dollar well it's not it's certainly
not good for the US dollar on a lot of
levels look these BRICS nations that you
mentioned Brazil South Africa China
Russia and India have been doing this
for some time it's certainly not new and
over the course of about the last decade
those BRICS nations have came together
with exactly this purpose in mind to
lessen the dependency on the US dollar
as a reserve currency as the world's
reserve currency and to just strengthen
their own economies and when it comes to
you know nationalism there's a lot of
talk about nationalism here in the
United States and Trump being a
nationalist but but these countries in
terms of nationalism are just looking
out for themselves to say how can we
strengthen our own economies how can we
strengthen our own currencies and how
can we lessen dependency on the US
dollar it's not good for the US dollar
but it is good for those nations
economies okay for us here at home
though what is the benefit though of
having the dollar as the dominant trade
currency because it doesn't only affect
us economically I think there's some
national security factors as well
involved well absolutely but look at the
obviously if you are the world's reserve
currency it brings a lot of stability to
your currency above everyone else which
is obviously a huge factor it's why the
US dollar is certainly more stable than
a lot of other currencies around the
world
having said that we continue to watch
the devaluation of the dollar take place
but there's also an issue in terms of
how the u.s. is able to continue to fund
and continually fun Wars
the world that are endless continued to
essentially apply so much sanction and
economic pressure on other countries
that we do it's all because of the US
dollar being the world's reserve
currency it gives us a certain level of
power that other countries don't have
and so it funds our military yes but
it's also the leverage that we use
against so many other countries around
the world if you lose that status as the
world's reserve currency you don't have
the same kind of leverage that you once
had does that mean that we don't have to
pay for the wars either and we don't
necessarily have to be the world police
keeper I mean I'm gonna get fine I'll
just start there okay I think it would
never get to pay for these wars that's
never gonna happen
well and we saw over these past few
months with the issues going on in
Venezuela in other countries the gold
standard something that the US dollar
has not been based off on for decades
that more countries are starting to
build up gold any chance that we could
have gold actually become a worldwide to
actually be the currency used I don't
think so as long as the US has has
authority over it because we don't hold
near as much gold as other countries
that would be terrible for the US dollar
if gold were the backing for the world's
reserve currency China is way ahead of
us in terms of that Libya was way ahead
of us in terms of that who knows where
their gold is now but but the bottom
line is it's not good for us India would
be a way ahead of us I think it's much
more likely that digital currency takes
over that space as opposed to gold well
real quick I've got to bring did you
mention the digital currency this
weekend at the g20 going into a lot of
people work talking about what role was
there going to be in an international
policy about policing digital currency
did that happen this weekend at the g20
and what was it well I think there's a
lot of talk about it the problem is who
controls that and and and governments
never liked the idea of the thing that
makes cryptocurrency great is something
called decentralization decentralized
currency that people have control over
what government scottie
likes the idea of a decentralized
currency that they do not control
China's not gonna like that Russia is
not gonna like it the u.s. doesn't like
it India doesn't like it so that I think
what everyone's looking at doing is how
do they control the positives of digital
currency without what they would see as
the negatives of decentralization well
I'll be interested to see what kind of
conversations went on those are the kind
of things that have in the back room
that don't necessarily come out
the notes from the principal thank you
so much for joining us Ben

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