Gold's role in global 'monetary reset' as U.S dollar loses its dominance - Maxime Bernier - Kitco News - Video

 

Gold will play a big role in the coming global 'monetary reset' as U.S dollar loses its dominance - Maxime Bernier

 

 

(Kitco News) - A global monetary reset is inevitable, as fiat currencies are being debased due to excessive money printing.The U.S. dollar will be dethroned as the dominant global reserve currency by currencies backed by a basket of commodities including gold, according to Maxime Bernier, Founder and Leader of The People's Party of Canada.

"A commodity-backed money system will happen," he stated. "I don't know when, but a fiat money system cannot live too long. And after many decades, with all this debt and money printing across America and Canada and Europe, it will have to end."

"We need to tell central bankers to have an inflation target of zero," he said. "After that, I believe we need to have a monetary reset internationally, having money that will be based on gold or other commodities, like we had in the 19th Century," said Bernier. ...

"We have inflation because of bad monetary policy," he explained. "We need to balance the budget. We need to stop spending money we don't have." ...

Inflation and Monetary Policy

Inflation is a tax, said Bernier, which transfers resources from the working population to the government.

"Now we have inflation in Canada at 8.1 percent, and inflation is a tax," he said. "The average income increase in Canada for this year will be around 5 percent. So every Canadian will be poorer by 3 percent. So we have a new 3 percent tax."

He was critical of Prime Minister Justin Trudeau's spending during COVID-19 lockdowns, saying that "The Bank of Canada was the ATM machine for the federal government," and that now Canadians are paying for this through higher prices.

Since 2010, Bernier has argued in favor of commodity-backed currency systems like the classical gold standard, which the U.S. and Canada adopted in the 19th Century.

"You can see a trend toward de-dollarization right now, with Russia and China and India," he said, referring to BRICS countries' plans to launch a new global reserve currency. "They're looking to have a new currency based on commodities, and maybe on gold… I'm more of a traditional guy, believing in a kind of gold standard that we had in the 19th Century."

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