This is a brief news note. It looks like Jim Rickards has provided us a new date to keep an eye on. In his Strategic Intelligence newsletter, he says that the upcoming G20 meeting in September will start the beginning of the end for the petrodollar.
The Strategic Intelligence newsletter is a paid subscription service, but the twitter comments pasted in below give us an idea what Jim thinks on this and show that he believes that China will be making some interesting moves at the G20 meeting to be held there this fall.
I also got an email recently from Willem Middelkoop to let me know he is in China right now and will soon have out a new essay on SDR substitution at the IMF. Looks like some interesting news may be coming up soon and we will watch for it here.
Here are the twitter comments about Jim Rickards newsletter headline.
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RT @wmiddelkoop - @JamesGRickards @AgoraFinancial http://agorafinancial.com/editors/jrickards/ … predicts end of #Petrodollar
... will come to a head on September 4, in Hangzhou, China at the G20 Summit' - end #StrategicIntelligenceNewsletter by @JamesGRickards
@wmiddelkoop @JamesGRickards Hmmm. Wonder why that day. RMB inclusion into SDR is in October. Something else?
.@Sohtionghum @wmiddelkoop G20. Xi is President of G20 this year. Meeting in Hangzhou. It's China's coming out party.
Intruiging statement by @JamesGRickards - 'September 4, 2016 will be the day the dollar died.' #StrategicIntelligence #petrodollar #G20
Supports my tweets about coming changes to our monetary system during G20 leaders summit in September 4, in Hangzhou China #SDR #petrodollar
Rickards: 'IMF support for SDRs, Russian and Chinese support for gold, and Saudi Arabia’s search for a new benchmark for oil ..' -1
Added note: Here is a new blog article that looks at the new proposal from the Bank of England (BOE) to study a Central Bank Digital Currency (CBDC).
I will add that while it appears we may get some interesting news at the G20 related to the SDR, all the information I have right now suggests that we are still in the early stages of study by the IMF, BOE, etc. on all this. If we were to get another major global financial crisis, it might motivate policy makers to have more urgency for change. For now, it appears that they are just taking their time studying a variety of ways they could implement a new currency regime including a potential digital central bank currency that anyone could own as I have written about here in the past.
Nothing right now indicates we are close to any kind of major change like this in the monetary system actually being implemented. We will watch G20 closely this fall based on this input from Jim Rickards and Willem Middelkoop to see what news may come out of it that could signal we are beginning the process of possible changes.
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