The Bank of England Governor, Mark Carney said at an annual gathering of central bankers held in the US that the world’s reliance on the US dollar “won’t hold” and needs to be replaced by a new international monetary and financial system based on many more global currencies.
Mark Carney is set to leave the BoE in January, which might explain this controversial statement from him. It’s not uncommon for heads of the central banking system to speak more freely when their time is almost up, its a great time to test the waters on controversial ideas as personal repercussions become irrelevant on departure.
“The deficiencies of the international monetary and financial system have become increasingly potent. Even a passing acquaintance with monetary history suggests that this centre won’t hold” – Mark Carney
Carney suggested that a solution for further monetary issues was to create a multipolar global economy rather than waiting for ChinBoEa’s renminbi to challenge the dollar. He suggested more thought should be given to creating a global electronic currency that could act as “synthetic hegemonic currency . . . provided . . . perhaps through a network of central bank digital currencies”.
A global currency is inevitable, and might I add, has been the plan for a very long time. As the Worlds elite push ever further for BoE and centralisation of power, a global currency seems like a no brainer. Using a single monetary system the Worlds Economy can be controlled and manipulated at will by a handful of people. The fate of 7 Billion people are at the whims of this small number of sociopaths, what could possibly go wrong!
Further Reading: Financial Times