Trend Researcher Gerald Celente joins Russia Today on July 1, 2010 to discuss the US dollar and the IMF’s proposed solution to replace the world’s sole reserve currency:

You’re seeing a global meltdown. There’s no way out of this. Everyone knows that Greece isn’t going to be able to pay of its debt. And we just saw today Spain’s bonds being downgraded once again. No, there’s a global financial currency crisis. They’re coming up with another scheme. Just as the Euro didn’t work, now the IMF is going to come to the rescue, put together a basket of currencies for everyone to draw from, and that going to work?

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We can see a devaluation of the dollar. That’s what we’re looking for, rather than a high inflation. And we believe it is going to happen whether they call a bank holiday or not. In some way or another we’re going to see a dollar devaluation down the line.

Why replace one printing press with ten?

All fiat currencies are eventually doomed to fail, as they have always done throughout history. The Dollar, the Euro and any proposed IMF currency basket will end the same way, because the person and/or people in charge of the printing presses always lose control.

The dollar is not yet ready to completely fall apart. There is a strong indication currently that as assets around the globe are liquidated, capital is flowing back to the US dollar for, ironically, safety.

That capital, upon realizing the US is rapidly moving towards autocratic policies that restrict free trade (i.e. taxes and government regulation) and that US debt has become unserviceable, will just as quickly depart the dollar. It will be around this time that we may very well see a blanket dollar devaluation, essentially wiping out the purchasing power of anyone left holding Federal Reserve Notes.

Watch the video: