Doug Casey: CBDCs are a disastrous idea. But that’s never stopped “the elite” in the past. First, they did zero interest rates and negative interest rates, which I thought was metaphysically impossible. But they did it. Then they went to massive “quantitative easing,” a dishonest euphemism for money printing.
The next thing is going to be Central Bank Digital Currencies (CBDCs), which will give them unprecedented control over the finances of the average person.
On the one hand, it should be cause for a revolution because it will actually turn people into serfs. But on the other hand, the average American has almost no understanding of economics. He has little grip on what’s going on and believes propaganda.
We’re going to get CBDCs in 2023, and this is one of the scariest things on the horizon.
International Man: What other macroeconomic and geopolitical trends do you see unfolding?
Doug Casey: These are a number of geopolitical trends unfolding.
First, let’s discuss China, the world’s biggest country.
There’s turmoil in China now, with large Chinese cities having been locked down due to the Covid hysteria. Perhaps it’s mainly a cover for Mr. Xi to crush revolutionary elements. Who knows? But that’s just one thing that China’s facing.
Most of their banks are bankrupt. All the money that Mr. and Mrs. Wu deposited over the years is very much at risk. That’s because banks have lent that money for schemes like the Belt and Road initiative, for building giant cities in the middle of nowhere, for building questionable highways and rail lines, and all sorts of showy infrastructure. Like most government projects, it will turn out to be a waste of capital.
What do you do if you’re an authoritarian dictator with unsound communistic instincts? He’s going to tend to use force and coercion to hold things together. He’s not going to liberalize more—the reason why China had its tremendous boom during the first 20 to 30 years after Deng took over in 1980.
President Xi, like other dictators or authoritarian types, is going to clamp down more, not liberalize.
It’s something the people who belong to the World Economic Forum will approve of. It was very successful from their point of view on the Covid front…
On that topic, I expect we’ll see a vaccine passport instituted this year, something like a supranational passport. You’ll still need your national passport, but you’ll also need your vaccine passport to go anywhere. It will be most inconvenient and controversial, but will further reduce the frequency and increase the cost of international travel. Greta Thunberg will approve.
Global warming, or climate change, as they like to call it now, will be another big theme for this decade. It’s one of the greatest scams and delusions in world history.
On the macroeconomic and global geopolitical fronts, we’ll see the rise of new trade blocks. China, Russia, India, Turkey, Iran, and other countries will start working together. They’re going to institute their own international settlement scheme equivalent to SWIFT. This will be very bad for the US and its major export, the dollar.
Meanwhile, the old alliance between the EU and the US is going to disintegrate. A lot of Europeans can see that the US was in back of the Nordstream pipeline’s demolition. They see that the US would like to basically de-industrialize Europe so that the US can assert hegemony over it.