I get really sick of the fearmongering pitches about the “death of the dollar,” but readers keep asking so I thought I should take a quick look today at one of them. This is a pitch from Nick Giambruno about a “Reset” of the US Dollar, and in many ways it’s effectively a repeat of the “IMF SDR Bogeyman” pitch that we saw in heavy volume from Jim Rickards about five years ago.
Here’s a little summary from Giambruno’s order form, to give you the general idea:
“Is the IMF moving in to… Raid Your Retirement?
“You could lose everything you’ve worked your whole life for….
“Unelected bureaucrats at the IMF and the World Economic Forum, along with radical environmentalists…
“They’re rolling out an alarming plan called the ‘Great Reset,’ to potentially control your life and destiny.
“Soon, the elites could issue their new world reserve currency and take down the U.S. dollar.
“Americans who worked all their lives could wake up and realize that their 401(k) and savings are slashed.
“You could be stripped of the right to own property or pay higher property and income tax… and a new ‘World Tax’….
“Here’s the most shocking pronouncement made by the World Economic Forum:
‘… You’ll own nothing and you’ll be happy… You’ll have to rent everything you need’
“Is THAT how you imagine your life or your retirement?
So you can see why people feel panicked, right? Especially if you’re at all predisposed to believe conspiracy theories about world governments and black helicopters and some Illuminati that’s keeping you down. That sends people into subscribing to the newsletter, in this case The Casey Report (one of their “entry level” letters, $49 renewing at $129).
Yes, the dollar is likely to lose value over time (as it has for decades, sometimes quickly but usually slowly)… yes, there are ways to hedge against that… yes, government policies may change and taxes might go up… and no, the World Economic Forum is not about to strip you of your property rights (that “you’ll own nothing and be happy” quote, which caused a panic last year, was a technological prediction about the Uberization of the economy… not a policy strategy), and you’re not going to wake up tomorrow and find that the IMF suddenly stole 31% of your 401(k).
Let’s go over what it is he’s pitching, you can think it over yourself, and maybe, once your heart rate comes down a bit, you can make a rational choice about whether or not you feel like subscribing to Giambruno’s newsletter.
“I believe the IMF … central bankers, economist, royals, and selected politicians…
“They’re all using the global pandemic to push for a reset of the entire financial system.
“To potentially issue a new global reserve currency.”
That’s all about the IMF’s