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Rude Awakening for the US in January? No, Just More Alarmist BS From Rickards

Courtesy of Mish

Best-selling author James Rickards writes Dear President Trump: America is in for a Rude Awakening in January.

Really? Let’s investigate.

Dear President Trump,

Over the last couple of years I’ve been all over TV… from Fox News to CNBC, CNN and Bloomberg. I’ve been telling our fellow Americans that the financial global elite was planning to issue their own globalist currency called special drawing rights, or SDRs.

And that those elites would use this new currency to replace the U.S. dollar as the global reserve currency.

Let’s stop right there for a second to take a peek at the IMF SDR Fact Sheet.

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. As of March 2016, 204.1 billion SDRs (equivalent to about $285 billion) had been created and allocated to members. SDRs can be exchanged for freely usable currencies. The value of the SDR is based on a basket of five major currencies—the US dollar, the euro, the Chinese renminbi (RMB), the Japanese yen, and the British pound sterling.

In his letter to President Trump, Rickards warns everyone that the “financial global elite plan to issue their own globalist currency called special drawing rights, or SDRs”, an event that actually happened about 48 years ago.

Total  US Dollar Debt Owed  vs SDRs

The total amount of SDR’s is a pissy $285 billion as of April 21, 2017.

Total Credit Market Debt Owed was 65.5 trillion in March of 2016. The Fed has since stopped publishing the number.

That is what Rickards proposes will cause a crash. The actual number is even smaller if one factors in Euro-denominated debt, Yuan-denominated debt, and Japanese-denominated debt.

Continue reading here…


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