From establishment mouthpieces in the West to the brutal Communist Chinese regime’s propaganda outlets in the East, discussion and even brazen calls for ending the U.S. dollar’s (USD) prized status as the global reserve currency are increasingly coming out in the open. Of course, as The New American magazine has documented extensively over the years, the eventual implosion of America’s fiat currency — and all that entails — has been in the works for quite some time. What is remarkable now, however, is that the prospect is being trumpeted in headlines around the world as Beijing loudly pushes for a global currency and what it calls a “new world order.”
The real culprits behind the decline of the dollar, of course, include wild debt-based currency printing by the privately owned U.S. Federal Reserve and a broader global agenda to build what both China’s dictatorship-run Xinhua “news” service and the Western establishment often refer to as a “new world order.” However, instead of pointing to the true causes of the potential looming implosion of America’s fiat currency, the party line in China and the West alike seems to be: Blame it on the U.S. Constitution, the political system created under it, and reluctance among some lawmakers to continue raising the debt limit indefinitely.
Prominent American and British media outlets have even been publishing pieces openly discussing the possible end of the dollar’s reign in recent days. “The sun is setting on dollar supremacy, and with it, American power,” declared an October 14 headline in the U.K. Telegraph, one of Britain’s most influential newspapers. Among the U.S. press, the New York Times, for example, ran a piece late last week entitled “At Risk: Currency Privilege of the Dollar.” Another NY Times article, also published on October 16 in the Economic Times, warned: “Dollar's role as world's leading reserve currency may be at risk.” CNBC, meanwhile, headlined its own article about it, “Default fears put dollar's reserve status at risk.” There were plenty of others, too.
Despite the fact that the U.S. government takes in more than enough in taxes to pay its existing bills without more borrowing — though it would certainly require cuts in spending — senior bureaucrats and officials around the world have been busy making similar remarks about the demise of the dollar. International Monetary Fund (IMF) boss Christine Lagarde, for example, said if Congress refuses to raise the already sky-high debt ceiling to allow even more borrowing, it would cause so much disruption in the world economy that “the standing of the US economy would, again, be at risk.” Swedish Finance Minister Anders Borg said: “As it is an enormous advantage to be a reserve currency it seems completely insane to even contemplate creating insecurity around that status.”
In other words, allow Washington to borrow ever-greater sums that the American people will never be able to repay, or have the dollar implode — which is exactly what can and will happen if America’s fiat currency loses its status as the global reserve. Of course, there are excellent reasons to consider that increasingly likely scenario, and there have been for many years. However, the establishment press has remained largely silent about the potentially earth-shattering developments, until now at least, while concealing the true nature of the problem: The inherent flaws in the fiat, debt-based monetary system itself.
As Western media outlets and officials were starting to tepidly discuss the end of the dollar, the Chinese Communist Party-run propaganda apparatus — literally an extension of the regime — was going full throttle. It was not the first time China’s despots had openly called for dethroning the U.S. currency, but it was certainly the loudest to date. In a scathing editorial published by the regime’s Xinhua global news service, which doubles as an intelligence-gathering operation, the mass-murdering dictatorship in Beijing explicitly declared that the world should dump the dollar, create a new global reserve currency, and build a “de-Americanized” so-called “new world order” remarkably similar to the one described publicly by President George H.W. Bush.
“As U.S. politicians of both political parties are still shuffling back and forth between the White House and Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” wrote Xinhua’s Liu Chang in an editorial that sent shockwaves around the world and was undoubtedly approved by top communist officials. “Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated, and a new world order should be put in place.... To that end, several corner stones should be laid to underpin a de-Americanized world.”
Blasting Washington, D.C., for its lawless “regime-change” schemes around the world and its attempts to build a “global empire,” the piece lambasted the U.S. government for meddling in other countries under the guise of protecting supposedly “vital” national interests in “nearly every corner of the globe.” Despite Beijing’s own unparalleled history of brutality and mass murder, the unconstitutional and out-of-control actions of successive U.S. administrations have given the Communist Chinese regime more than enough ammunition to complain with a straight face: “torturing prisoners of war, slaying civilians in drone attacks,” “fighting unwarranted wars under the cover of outright lies,” and much more.
Then it offers its “solution.” The dictatorship’s vision for a “new world order,” as described in the editorial, would include submission to “international law” by “all” nations. “Furthermore, the authority of the United Nations in handling global hotspot issues has to be recognized. That means no one has the right to wage any form of military action against others without a UN mandate,” the communist dictatorship’s propaganda outlet continued, echoing recent calls by UN boss Ban Ki-moon and agreements signed by the regimes ruling over Brazil, China, Russia, India, and South Africa (the so-called BRICS).
Apart from empowering the UN as a true global government, Xinhua said the world financial system was in need of “substantial” reforms — but not the type of changes sought by advocates of honest money or free markets. Among other schemes, the editorial called for rulers of poorer nations to have “more say” in globalist institutions such as the World Bank, which an insider told The New American is thoroughly corrupt, and the IMF, widely touted by the establishment as the ideal candidate to assume a new role as the central bank of the world.
“What may also be included as a key part of an effective reform is the introduction of a new international reserve currency that is to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States,” Xinhua continued. “Of course, the purpose of promoting these changes is not to completely toss the United States aside, which is also impossible. Rather, it is to encourage Washington to play a much more constructive role in addressing global affairs.”
Of course, some U.S. establishment outlets, missing the point, downplayed the communist dictatorship’s global ambitions. In reality, though, despite the apparent uneasy mix of tensions and business cooperation between China and the West hyped in the media, the globalist clique that dominates the political and financial systems of the Western world is pushing the exact same goals. Consider, just as one of countless examples that could be cited to illustrate the point, calls made by billionaire financier George Soros to have the Chinese regime serve as a leader in the new world order. “They have to own it in the same way as the United States owns ... the current order,” he explained.
Other top insiders have expressed similar sentiments as they work to build up China and its totalitarian-minded allies around the world while bringing America and its fiat dollar down using lawless wars, currency printing, massive debt, “climate” schemes, and more. The BRICS rulers, meanwhile, share the same vision, as they outlined in the “eThekwini Declaration” signed earlier this year in South Africa. The late Venezuelan strongman Hugo Chavez also called for a “new world order” with a neutered America during a visit to Beijing. And senior personnel at globalist outfits like the immensely powerful, U.S.-based Council on Foreign Relations have been more than happy to help — as evidenced most recently by the exposure of CFR Latin America boss Julia Sweig’s affection for the communist Castro regime and other totalitarian-minded forces operating in the region.
The real cause of America’s current travails — and the threats to the U.S. dollar — have nothing to do with failing to promptly raise the debt ceiling when ordered to do so by Obama, the IMF, and the dictatorship ruling over China. The fact that the U.S. government has foisted $17 trillion worth of impossible-to-pay debts on the American people and future generations to finance lawless wars and unconstitutional activities is a far more serious problem. Meanwhile, the Federal Reserve creating trillions in new currency out of nothing and loaning it out with impossible-to-pay interest attached makes it all but inevitable that the dollar will eventually crumble, like all fiat currencies in history over the long run.
The fact that one of the most ruthless autocracies in world history wants to further empower the dictator-dominated UN and create a new world currency should sound a blaring alarm in the minds of anyone and everyone who cherishes liberty, Judeo-Christian traditions, honest money, limited government, national sovereignty, and American values. If Washington, Beijing, and the global establishment were interested in true solutions, they would work to end the Fed while restoring sound money and respect for the U.S. Constitution. The globalist end game, however, is not to fix the problems, but to exploit the chaos to advance a world currency and the unprecedented control over humanity such a scheme would inevitably bring about. The American people must resist.
Alex Newman, a foreign correspondent for The New American, is normally based in Europe. He can be reached at