For some time, I've been predicting the emergence of a "multi-reserve currency" world, a bit of a paradigm shift that the world has not really ever experienced as a permanent feature of its financial system for a very long time, centuries probably.  To be sure, there were periods of exception to this coming paradigm shift, as when during a brief period between the World Wars both the British pound sterling and the US dollar both served as reserve currencies. But the period was more of an interlude period of the transition from the British pound  to the American dollar. What I'm talking about is a world were multiple reserve currencies coexist as a relatively stable feature of the financial system for a prolonged period of time.

I have had several reasons for advancing such a notion, but there are two in particular that I have repeatedly argued in various forums, most particularly with Catherine Austin Fitts' quarterly Solari wrap-ups. The first of these reasons is the emergence of bilateral currency and trading deals that began to emerge in the Shanghai Accord, or so-called BRICS, nations.  These deals it should be noted were not designed to replace the US dollars reserve currency status as much as simply to bypass its use as such. Over time, with enough such agreements, a critical mass could be reached when other currencies, not strong enough to be a global reserve currency on their own, could become strong enough to be used as reserve currencies for regional trading blocs, such as precisely the BRICS nations. Such arrangements would give the nations so agreeing a means and method to resist the bullying from Swampington DC, provided that independent means of clearing could also be established in addition to Swampington's SWIFT system.  Over the years, we've watched as Russia quietly built out such a system - let it be remembered that it did so with quiet Japanese help - and China of course has also been engaged in the process. As we'll discover in a moment, a critical inflection point appears to have been reached, and now the subject of regional reserve currencies is being openly broached, which strongly suggests and implies that "units-of-account" are already in use in international financial clearing apart from the US dollar.

My second reason for arguing that we will witness the emergence of regional reserve currencies, and hence of a "multi-polar reserve currency world," is that this would be a much easier transition stage for Mr. Globalooney to manage than a direct leap to a global currency system via central bank digital currencies or some other mechanism.

With that in mind, note the following story spotted and shared by M.W.:

Brazil and Argentina to start preparations for a common currency

Note what the article says:

Brazil and Argentina will this week announce that they are starting preparatory work on a common currency, in a move which could eventually create the world’s second-largest currency bloc.
South America’s two biggest economies will discuss the plan at a summit in Buenos Aires this week and will invite other Latin American nations to join.
The initial focus will be on how a new currency, which Brazil suggests calling the “sur” (south), could boost regional trade and reduce reliance on the US dollar, officials told the Financial Times. It would at first run in parallel with the Brazilian real and Argentine peso.
Granted, such a "currency union" is note exactly the same thing as the creation of a regional reserve, but as the article also makes very clear, such a status would almost inevitably accrue to it. And an Argentinian-Brazilian regional currency union has two other factors that would argue for its inevitable success: firstly, the cultures of the two countries are similar, as are the cultures of all Latin American countries. They are, in short, culturally much more cohesive than, say, the European union, with its mix of Latinate, Slavic, and Germanic cultures. Whether this cultural similarity would be enough to surmount the traditional instability of South American governments and their financial policies remains to be seen, but my point is, the creation of such a union between Argentina and Brazil would create a kind of financial gravity in South America that would quickly reach out to engulf the other large economies there, Chile, Columbia, and Venezuela.
As the article points out, the idea has already spread to other lesser-known currency unions:
A currency union that covered all of Latin America would represent about 5 per cent of global GDP, the FT estimates. The world’s largest currency union, the euro, encompasses about 14 per cent of global GDP when measured in dollar terms.
Other currency blocs include the CFA franc which is used by some African countries and pegged to the euro, and the East Caribbean dollar. However these encompass a much smaller slice of global economic output.
But there's a fly in the ointment, and this fly is significant enough that it may end the whole experiment, and again, it has to do with culture. To paraphrase Leonard Wibberly's Mouse that Roared, culture is mightier than money and finance, though money and finance speak louder and stronger at any given moment. (The original quotation was The pen is mightier than the sword, though the sword speaks louder and stronger at any given moment.)  There's a hint in this article that the tug of war unfolding in Brazil over its last federal election results is a direct consequence of the Brazilian left's "internationalism":
An official announcement is expected during Brazilian president Luiz Inácio Lula da Silva’s visit to Argentina that starts on Sunday night, the veteran leftist’s first foreign trip since taking power on January 1.
Brazil and Argentina have discussed a common currency in the past few years but talks foundered on the opposition of Brazil’s central bank to the idea, one official close to the discussions said. Now that the two countries are both governed by leftwing leaders, there is greater political backing.
And as we've seen elsewhere in the world with these grand technocratic schemes, culture can never be reduced to mere technocratic processes, and people want, and will defend, their traditional culture.  It remains to be seen if Mr. Globalooney will heed the lesson, and drastically change his 'thinking", or whether he will continue to drone on like Baron von Bomburst, Ketchup Kerry, and Al "Igor" Gore at Davos, oblivious to the people.
See you on the flip side...

Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".

No Comments

  1. Robert Barricklow on February 9, 2023 at 11:57 pm
    The Hypocrisy Just Makes me Cry

    Go 41:00 de-dollarization and the forms it is taking.

  2. InfiniteRUs on February 5, 2023 at 11:31 am

    Well, according to one Australian activist, Brendon Lee O’Connell on YouTube, the plan is to form a multi-polar new world order with huge regional prison blocks with their own digital currencies and a new cold war between them. During the cold war robot armies and millions of drones will be built under the pretext of looming war between these different blocks but in reality may be designed with back doors in the chips allowing them to be turned against their own people.

    • InfiniteRUs on February 5, 2023 at 11:41 am

      I honestly don’t think we will make it to this take over the whole world plan B. Since medical tyranny plan A didn’t go so well and according to their models I suspect they are a bit leery of trying the possible plan B and may go to straight to a possible emergency back up if all else fails nuclear plan C. Any day now in fact.

  3. anakephalaiosis on February 5, 2023 at 6:34 am

    A South American “dollar” won’t save papacy, from facing a Latin “Protestant reformation”, that is just waiting to happen.

    Jesuit-CIA is desperately trying to contain a narrative, that is based on papal infallibility, that plays with Jesus dolls at midnight mass.

    A Latin “dollar”, as a means to infiltrate BRICS, collides with the Scythian narrative, that defines Elohim-Yahweh as basic astronomy.

    When Protestants define their Scythian roots, papacy is doomed.

  4. tyrtul on February 4, 2023 at 7:26 pm

    The idea of a “multi-reserve currency” world does not appear feasible or sustainable. Why? Because there will be no anchor to these regional reserve currencies. And if there is an anchor, the anchor will become predominant and the currency secondary. The anchor of course is defined money.
    The term “reserve currency” was likely concocted post Bretton Woods. It was probably used to describe how all the world’s currencies would be pegged to the dollar and the dollar would be anchored at $35 for a troy ounce of gold. Of course, because the Americans are “not agreement capable”, the currency and trading deal failed after less than 30 years.
    The world’s experiment in floating currencies is in the home stretch to financial destruction. It’s been hastened not by Russia’s development of an alternative to the SWIFT system, but by Russia declaring that the ruble is defined as 0.002 of a gram of gold, and rubles or gold may be used to settle purchases of oil, wheat, and other commodities from Russia.
    A return to the Great Power rivalries and monetary trading system of 1870 seems more likely than a continuation of the world of 2023.

  5. marcos toledo on February 3, 2023 at 6:54 pm

    Why not bring back precious metals like good old gold, and silver and throw in diamonds, emeralds, and rubies for good measure something real instead of legalized counterfeit?

  6. Robert Barricklow on February 3, 2023 at 11:40 am

    Read this yesterday on South American regional reserves and thought of your long standing prediction of multi-reserve currencies. Another one comes to fruition.
    In fact I was talking about the West’s absolute stupidity in weaponizing reserve currencies and stealing gold reserves from other countries. Either stupidity; or, out right traitors bringing down their country purposely. Maybe even, cutting off their own noses; to spite their neocon faces.
    The Russians, Chinese, India,[BRICS} are already doing it. Even The Out House of Saud’s petro-dollars, have been torpedoed by the neocons. The exceptional privilege has been sacrificed by the neocons for some ungodly reason; showing power not only corrupts their heart, but their minds, as well.
    Although in by-pass status now, it doesn’t take too many grey cells to extrapolate into the near future, and beyond. Our leadership’s corruption is destroying the empire from w/in; as it has done to many others throughout time.

    Time marches on…
    Mr. Global Baloney continues to force his image down the throats
    of just too many nations, that desire their own sovereignty.

    • anakephalaiosis on February 5, 2023 at 7:10 am

      ‘Exceptional privilege’ can only be produced by patriarchal authority, and no one has such blessings these days.

      ‘Filioque’ was the inflection point, when the Church of Rome began to eat the sowing seed, promoting child sacrifice.

      Vatican only produces Nero and Caligula, because its minions are socially conditioned, to drink the Kool-Aid.

      Abram was the first proto-Scythian revolutionary.

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