There’s been plenty of chatter concerning the International Monetary Fund (IMF). These “discussions” range from criticisms to dystopian warnings. No matter what degree of negativity you may have received from these messages, they point to a common “endgame”—a Bretton Woods 2.0, a concept introduced by IMF Director Kristalina Georgiev in her article, “A New Bretton Woods Moment.”
Many of the criticisms come off as apocalyptic musings from the extreme end of economic perception. Yet, not all should be written off too hastily. Distinguishing the real from “fake” may be the most prudent move, especially if you care about your wealth.
Noble Intentions Through Coercive Means?
This constitutes the main allegation aimed at the IMF: humanist intentions achieved through coercive (read: anti-humanist) means.
The biggest point of contention is that the IMF has only one solution to every problem: centralized planning and intervention. It doesn’t matter what the problem is—poverty, pollution, or pandemic—the solution is to centralize and micro-manage all actions.
The problem with this approach is that it crushes “localities” in favor of the “state,” allowing a minority of elite officials to determine and control the actions of the majority. It’s a top-down approach that’s degrees away from totalitarian rule.
The second point of contention is the IMF’s misguided notion of equality. From Georgieva’s article:
• “Digitalization also helps with financial inclusion as a powerful tool to help overcome poverty.”
• “Rising inequality … demand[s] strong education and training systems—to increase opportunity and reduce disparities.”
• “For the most unequal countries, closing the gender gap could increase GDP.”
There’s nothing wrong at all with providing “fair opportunities.” But that’s not what the IMF is after. They’re trying to dictate “fair outcomes”; achievable only if you eliminate competition and control wealth allocation (think Marxism).
To control outcomes, the state needs 100 percent control over the process. But who’s going to control this process? Certainly not any sovereign nation. Perhaps a group of economic elites operating above and beyond any central bank, like the IMF itself?
If so, how might the IMF achieve such a colossal power play?
If You Control the Money, You Control the People
No matter how enormous or complex this project sounds, the answer is deceptively simple and inconspicuous, though reliant on key parties to play their part: central bank digital currencies, aka CBDCs.
Take the Federal Reserve. The Fed is trying its best to get money to Main Street—the segment of society that actually produces goods. But the Fed must go through the commercial banking system. With a CBDC, the Fed would be able to bypass banks and inject money directly to corporations (or individuals).
But even then, what will America produce? Because the U.S. dollar is the world’s reserve currency, the U.S. has an incentive to continue running a trade deficit, importing lots of goods while exporting dollars into the global economy. Yet this crushed America’s manufacturing base, while foreign countries bought our assets—Treasuries, equities, or real estate.
This is the Triffin paradox that John Maynard Keynes warned against in the wake of the Bretton Woods system. It’s also what prompted the creation of the IMF’s Special Drawing Rights (SDRs) in 1969.
Keynes’s solution was to create a currency that wasn’t issued or controlled by a single sovereign nation (as what had happened with the U.S. dollar once elevated to the status of the world’s reserve currency). Hence, the role not only of SDRs to take over as the world’s reserve currency but for the IMF to take over as the world’s central bank.
And as the saying goes, if you control the money, you control the people.
An IMF Takeover Would Result in Global Economic Failure
This sounds like a prophetic statement on an apocalyptic scale. But it’s not. It’s based on a fundamental principle that any business person should understand.
Right now, there are two economies: the financial economy and the real economy. The former is fueled by money and credit, the other, by the production of goods.
No real economy can survive without production.
But if a single institution were to intervene in the “real” economy, obfuscating interest rates and manipulating the money supply, micromanaging the entire process, what might you get? You get what we’re seeing now: a wealthy financial economy (i.e., Wall Street) and a declining real economy (i.e., Main Street). It gets worse. Such machinations will invariably produce inflation (or hyperinflation), which may be the endgame for a great number of businesses and households.
Since 1913, the dollar had lost over 95 percent of its value. Imagine this taking place on a global scale, where only one central bank—the IMF—calls the shots and has the means to exert full economic control.
More disturbingly, what motivation does the IMF have to help “all countries” by flattening out the outcomes? In a capitalistic society, the motivation is profit and secondarily a better lifestyle.
Business revenue isn’t in the IMF’s mandate.
On a side note, IMF officials aren’t even elected. They select and promote their bureaucrats from within their exclusive and elitist ideological circle.
Elitist governance operates off the presumption that the majority of the people don’t have the capacity to think and act in their own best interests—hence, they need a governing body to control their actions.
In short, the state—not freedom—is what people need. And all of this goes under the deceptive banner of humanism and equality. It’s a game driven by the greed for power—nothing more, nothing less.
It’s time to defund these institutions—pulling your money out of a system they aim to digitize and control—by purchasing “non-CUSIP-listed” gold and silver coins!
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By Anthony Allen Anderson, Senior Partner