Epoch Times Article on the SDR Quotes Willem Middelkoop & Dr. Warren Coats

Readers here know that we have often featured comments by both Willem Middelkoop and Dr. Warren Coats in regards to prospects for the SDR to some day replace the US dollar as the global reserve currency. So its encouraging to see this article in The Epoch Times that quotes both Dr. Coats and Willem Middelkoop on this topic. Below are a few excerpts from the article and then a few added comments.

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"After “in-depth, candid and constructive talks on China-U.S. relations” both countries reiterated this point, stating they will explore “broader reporting of accounts and statistics in the SDR and the issuance of SDR-denominated bonds,” according to the Global Times.

But it’s not only Chinese state media that thinks the United States and China are really working together on this one—of course falling short of stating outright the SDR should replace the dollar as the world reserve currency.

Willem Middelkoop, author of “The Big Reset” and long-time student of the IMF, thinks making the SDR world reserve currency is the final goal, not only of China and the United States.  

“Behind the scenes, the system preparations have been made to the international monetary system which will allow us to introduce the SDR as one of the world’s reserve currencies, as a world reserve currency which could become and replace the dollar.”

. . . . 

He (Willem Middelkoop) also explains why the G20 hasn’t stated this goal explicitly: “It’s not in the United States and the IMF’s interest to make a large promotion about this. You have to be a well-informed analyst to see the changes and to understand how important these changes are. They are spun to appear to be small changes.”

. . . . .

According to the former head of the IMF’s SDR division Dr. Warren Coats, China does plan on completely replacing the U.S. dollar in the long term and that private bond issues like the one from the World Bank are necessary to build capital markets and pricing mechanisms for the SDR.

“That goal to replace the dollar and euro and other currencies as international reserves with the SDR remains the overriding vision that China has in mind,” he said. “Any serious undertaking to promote the SDR as an attractive, viable international reserve asset requires an extensive private use of SDRs, like the World Bank bond and there needs to be lots more of that.”

. . . . .

"Dr. Coats would like to see the SDR reflect a basket of goods and services to ground the SDR in the real economy."

Click here to read the full article and see what Dr. Coats says about the IMF using gold to back the SDR under current rules. 
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My added comments: In doing research for articles here I come across quite a few articles these days on the SDR and how it might replace the US dollar. Unfortunately, many of these articles are not completely accurate or in some cases not very accurate. This is why it is important for people to listen to true experts like Dr. Coats who is a former head of the SDR Division at the IMF. You don't have to wonder if he knows the details of the subject matter regarding the SDR.

For many years people like Jim Rickards and Willem Middelkoop have been working to educate people on this topic and have generated a lot of interest in it (including my own). This is because any major change to the global monetary system like replacing the US dollar with the SDR will very likely have a real impact on the average person that they might actually see in the daily lives. Right now, it's somewhat of an unknown how long something like this might take as this article points out. But surely it is important that more people realize it is possible and that they should try to learn as much as they can on the subject so as to have an informed opinion on it. So we tip our hat to The Epoch Times for this article and for their selection of experts to quote! I should note also note that The Epoch Times has been running a series of articles covering this issue for some time now so readers might want to do a google search for some earlier articles.

If this topic can move into media publications that can reach the general public in a broader way, perhaps I can finally retire from blog article writing and just leave the existing articles on the SDR archived online as resource for anyone that can use them. :-)

Added note: Anoop Singh (Gateway House) writes this article calling for almost exactly what Jim Rickards has been predicting now for several years (empowering the IMF to use the SDR to replace the US dollar in the next big financial crisis)