Gold Will Play a Big Role in The Coming Global Monetary Reset as US Dollar Loses Its Dominance—Maxime Bernier
The comments below are an edited and abridged synopsis of an article by Cornelius Christian
A global monetary reset is inevitable as fiat currencies are debased due to excessive money printing. The US dollar will be dethroned as the global reserve currency by currencies backed by a basket of commodities including gold, according to Maxime Bernier, leader of the People’s Party of Canada (PPC).
Bernier said that excess money printing and rising federal debt burdens have led to high inflation—8.1% as of June—in Canada.
Inflation is a tax, said Bernier, that transfers resources from the working population to the government. “The average income increase in Canada for this year will be around 5%,” he said, “So every Canadian will be poorer by 3%. So we have a new 3% tax.”
He was critical of Prime Minister Justin Trudeau’s spending during Covid lockdowns, saying that The Bank of Canada was the federal government’s ATM machine, and that Canadians are paying for this through higher prices.
Since 2010, Bernier has argued in favour of commodity-backed currency systems like the classical gold standard, which the US and Canada adopted in the 19th century.
In March, Bernier tweeted his opposition to central bank digital currencies (CBDCs), fiat digital tokens issued and controlled by central banks, which would serve as a form of money.
“There’s no way we can trust central bank digital currencies after the seizure of truckers’ accounts and Russia’s reserves,” he tweeted, referring to the Canadian government’s seizure of bank accounts during the anti-mandate Freedom Convoy protests, and Canada’s confiscation of Russian assets due to the Ukraine conflict. “[CBDCs] will be used by governments to crackdown on dissidents and implement a social credit system as in China.”
Canada is currently developing a CBDC, and the US is researching the concept. Bernier said that debit cards and e-transfers accomplish many of the goals of CBDCs, and that a peaceful revolution would be needed to thwart their imposition.
“If they are imposing a central bank digital currency, I believe the people will wake up, and I hope they won’t be able to do it,” he said. “We must inform the population about that, and as a political party, the PPC, that’s what we are doing.”