© Corbett Report
We've all seen some version of the following chart:
© Corbett Report
It purports to show the changeover in world reserve currencies from one era to the next, which not coincidentally tracks the rise (and fall) of the various colonial empires of the last several hundred years, from the Portuguese to the Spanish to the Dutch to the French to the British to the current era of Pax Americana.
The implication is obvious: No empire lasts forever, and sooner or later that empire will fall, and with it the world reserve status of its currency.As Mike Maloney points out in a
recent video, this chart is wrong "because the world didn't have a reserve bank that was doing international settlements or acting as a hub of any type of monetary system until the Bank of England." Prior to the Bank of England's establishment (discussed in my documentary
Century of Enslavement: The History of the Federal Reserve), there were predominant currencies, but nothing like a "reserve" currency.
That being said, the point stands: Empires
do rise and fall, and in the era of world reserve currencies and international settlements, their currency's status as a world reserve falls with them.
The other implication of this chart stands out like a sore thumb:
The American Empire's time is running out, and the dollar is going to go down with it.It's a theme I've discussed many times on the podcast, and something I've written about in detail over the years. The dollar is dying; everyone knows that. But the world reserve currency does not simply
vanish; it is
replaced. So here's the real question: If the dollar is going to go down, what will replace it?
Comment: See also: