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It is clear to me that the world will have a new global monetary agreement at some point in the near future. The budget suggested by the President of the United States is, as expected, delusional: record-setting deficit spending simply cannot continue. At this point in the game, deficit spending is inflationary, and it is quickly inflationary. By this I mean that the more government spends, the more it must do so by diluting the value of the US dollar, so that the cost of living goes up. (I am simplifying for the sake of convenience, though haters are welcome to beef with me in the comments about the economic details).


With 1 in 7 American households on food stamps, it is clear that cost of living is a major issue. But this issue does NOT just affect Americans. Because the US dollar is the world reserve currency (world reserve currency = currency used to price international commodities and currency most stored by central banks), many other nations base their monetary policy (monetary policy = policy for handling money supply and value of a given currency) around the US dollar. If the US dollar maintains a policy of devaluing its currency, other nations will follow suit and devalue their currencies. This may sound stupid, and in fact it is, but it is not entirely stupid, as the process of separating from the US dollar can be one that is immensely painful in the short-term.

So, what's going to happen? Where do we go?

It is clear to me and most of us living in reality that the system is reaching a breaking point. Global currency devaluation have sent food prices soaring, which has fueled riots and regime changes, and has put an additional 44 million people in extreme poverty since June 2009.

Think about that. 44 million!!! Last time I ever complain about anything in my life.

So I see two options in the near future:

1. A disorderly, chaotic shift away the US dollar. This will mean the US dollar loses a lot of value, and that many other currencies do as well.

2. An orderly shift away. This means the monetary authorities of the world, specifically the IMF, World Bank, and G20, agree to move away from the dollar and introduce another currency as the world reserve currency. The IMF recently put out a paper on issuing a world currency, which is a very big deal.

Option #1 could lead to global hyperinflation. Imagine if all currencies were worthless. What would be the price of anything? The entire world would need to get re-priced. This sounds impossible and inconceivable. I venture to say while it would certainly be an epic disaster, probably involving lots of deaths, rioting, destruction, etc., it would not last for a very long time and the world would build a new monetary system rather quickly. In this new monetary system, we would come to learn that everything is A LOT cheaper than what we have experienced. It will be a blessing in disguise, and this new monetary system will prove to be the birth of a renaissance.

Option #2 simply means more poverty in the US and much higher prices, and as the IMF, World Bank, and G20 are fundamentally corrupt institutions designed to enrich the international banking cartel, it would mean more wealth in the world is siphoned off to them. It remains to be seen if people would put up with a new monetary system that these powers impose upon them, or if the citizens of the world would reject it. Unfortunately, I think most people are simply too uneducated to understand what is really going on here, and that they will accept it.

At this point, if I had to guess which scenario is going to happen, I would say Option #1 -- global hyperinflation. It is not pretty, but is it better than Option #2? I think so, because global hyperinflation clears the slate and lets us build something new, while Option #2 just adds another layer of big, incompetent, parasitical government run by bankers to the mix. It is not has chaotic, but it is not a free society either.

Hopefully I am wrong. Hopefully there is some option I am not considering that is much more pleasant than either of the scenarios proposed here. Though I don't see it. The best solution would be to DRASTICALLY cut government spending, and impose some type of debt cancellation policy so as to reduce the debt level in a way that does not destabilize the global economy. These ideas are not discussed outside of Ron Paul and the handful of members in Congress who support him. Paul is head of the Monetary Policy Sub-Commitee in Congress, though I don't think that is enough. The rest of Congress wants lots of spending to satisfy the promises they made to their lobbyists, the Federal Reserve and the President obey the bankers, and the people by and large have no idea about anything and have no real desire to learn.

Fortunately, I do think the system will self-destruct, and thus there is an opportunity to re-build the world's money supply, for those interested in doing so.

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