The strength of the U.S. dollar is in incredible danger, especially as more countries around the world take BIG moves to distance themselves from relying on it. In fact, a new alliance of nations — which includes both China and Russia and which calls itself the ‘Axis of Good’ — even is WARNING America of their plans. In this clip, Glenn describes their 75 point plan that President Xi encouraged Westerners to read. If this leads to a COLLAPSE of the U.S. dollar, today’s inflation would become much, much worse. Russia and China are warning us of what’s on the horizon, so where is our U.S. leadership? Prepare for impact, Glenn says…
Below is a rush transcript that may contain errors
GLENN: All right. So the U.S. dollar has dominated the global financial system for a long time. And it is truly one of the main reasons we are so wealthy. Okay?
Because our dollar -- after World War II. Let me just explain this to you, quickly. After World War II, nobody had any gold, except the United States. We had almost all the gold from around the world. Because the entire western world was fighting against the Nazis and the Japanese. And they needed ships and planes. And bullets. And guns. And everything else.
And we were one of the only industrial powers that hadn't been bombed. So we had everything, plus we had cheap energy. And we had educated workers. We could transform our -- our plants to build anything.
We in three years, were building more planes, better quality than the Germans were producing. And they had had, you know, 20 years of building up these plants and getting it down.
So we were a to be reckoned with. And everybody had to buy the stuff from us, because it was really their only choice.
And they paid in gold. So that's one of the reasons why we were so successful. When we got off the gold standard, the world thought, okay. They're going to destroy their dollar. And they're doing what's right for America. And not what's right for the world. Because we promised them, a dollar would equal a dollar of gold. Then we changed. When we got rid of gold, we said, it's going to be the petrodollar. And it's going to be a deal we made with Saudi Arabia. That oil could only be purchased in U.S. dollars. Okay? So everybody had to hold those dollars. Because if you wanted oil, it could only be purchased in U.S. dollars.
So they kept all of our money into the banks. All of the sovereigns kept -- you know, gold, fat chance. And dollars in their banks. And that's how the world works.
Once the dollar is over, rocky, can be replaced, believe me, it will be.
So the international system is maintained by several dollar-dominated organizations like the IMF, the World Bank, the World Trade Organization. I want to point out that all of the board are on board, or all of the above are on board, with the Davos, and the great reset. And countries like Russia and China and Saudi Arabia know this.
So when we went into Ukraine, there was one action by the West that changed and accelerated absolutely everything. Everything.
It was the dollar-dominated system. It took hundreds of billions of dollars held by the Russians and made it go, poof. We ghosted hundreds of billions of dollars. Now, imagine if Saudi Arabia or China or anybody did that to us. If we were holding all of their money, and I'm going to show you how it's going to happen with China soon. Because of people like BlackRock. And what they're altogether with investments in China.
But imagine billions of dollars. Hundreds of billions of dollars, just disappear overnight, because China says, we no longer agree with you. But imagine if it wasn't in the stock market, it was actually dollars that were held instead of gold -- and the promise was, it will always be worth the price of gold.
So China, Russia, India, Saudi Arabia. Saudi Arabia. Remember, we don't have a gold-backed dollar. We now have a petrodollar. Saudi Arabia, a part of it. They were like, you know what, I just don't -- I think we should get out of the dollar business. Well, that's easy to say. Harder to do. Okay?
First, what they had to do was start to decouple from the entire thing.
And the Axis powers already had this in works. Iran announced that they were now officially ditching the dollar in trade. And they're -- and their growing ally now is Russia. They also announced similar trade plans with China, India, and Turkey. Iran, Russia, and Turkey.
So you know, that is -- that has never happened before. And that is literally what the Bible in end time revelation refers to as Gog and Magog.
The two -- the -- the coalition, if you will, that is the coalition of the Antichrist. Gog and Magog. That is Iran, Russia, and modern day Turkey. They met last month. And they all, but admitted a new anti-American alliance, that they call, quote, the axis of good. I would call it the axis of evil. But remember, in a time, where all good is made to be bad, and all bad is made to be good. They're calling themselves the axis of good.
As the western G nations met in June, another economic and military PAC was meeting nearly simultaneously. It was the BRICS summit, that nobody strangely was really covering or paying attention to.
BRICS is composed of BRIC: Brazil, Russia, India, China, and South Africa. It's just five countries, but the potential is massive. Each country has participation in their own individual trade blocs. For instance, Brazil is part of the South American free trade area, which has 11 members. Russia is part of the European economic union. The trade area with eight members. India, south Asian association, for regional cooperation. Eight members. China has their own partnership with 15 members. South Africa has a trade agreement with 34 member states. Now, I point this out, because this axis is a juggernaut. It could become a juggernaut.
And hostile to the U.S. dollar really fast. So at the beginning of the BRICS summit, President Xi was there. And he declared that the West was, quote, weaponizing the world's economy.
We were. Everything we do, if you don't agree with what the West is saying, particularly America, we'll cut you off. Well, that's not really a stable system.
So they got together, and the BRICS -- at the BRICS summit, they laid out 75 points. And here's what President Xi was saying. He urged people in the West to read it.
Now, why would he do that? Because he wants you to know, exactly what's coming.
For the economic axis of evil or good, to replace the dollar international system, they must first find a way to operate outside of the IMF, the World Bank, and the World Trade Organization. And the dollar is the last one. The IMF, the International Monetary Fund, and the World Bank. These are the ones that, you know, kind of settle debts and work together, and decide who is going to get some bailouts. Who is not. The WTO is the western trade agreement. And then the dollar is the one that everybody uses.
Points 37 and 38 are about, quote, enhancing cooperation on supply chains, between BRICS countries and their partners. And it goes into specifics. But it's clear what this is about. They're going to replace the World Trade Organization.
Point 39 talks about a, quote, new development bank that has just been opened in Shanghai.
That's their solution to both the World Bank and the IMF. Point 49 talks about the new intra-BRICS trade system, that can make transactions within their group. What does that mean? Do you remember when we kicked the world off of SWIFT? We'll get them now. They won't be able to make transactions because we're the only one with a system, that can make those inner bank and inner country transactions. We're going to kick them off of SWIFT.
Huh. There's a new intra-BRICS trade system, that will do what SWIFT used to do. The last thing is to ditch the dollar.
And they can completely circumvent western sanctions. But it also will mean, that half the world will dump their dollars.
You think there's inflation now, wait until half of the country's of the world, no longer need to use the dollar. No longer believe it's worth its weight in gold. And just dump them.
Putin said directly, right out in the open, during the BRICS summit. They are telling us, what they're going to do. They are urging us to pay attention.
And we are so arrogant, that we are not taking it seriously. Everything I pointed out to all those friends and economists that I've talked to in the last 20 years, that the dollar is going to be dethroned. And they said, no. Because there's no other system. You don't understand. And I said, I understand the free market, and humans enough, to know there's only -- there's a point of no return.
Where people say, you know what, it's not worth it. Let's build something else. And then clobber the dollar. That will never happen.
Well, I've lived in a point of history where I have seen things that cannot happen, happen.
By the way, if you have to live under this system, which we will, all of this goes through. I want you to know this. Brazil is the world's second largest soy producer.
Russia is the world's largest wheat producer. South Africa is top ten in corn. China has a quarter of the world's grain. India is number two in rice.
You add Saudi Arabia, and we're done. What is it we're doing? We should be reinforcing. We should be unleashing our energy -- our energy producers. We should be unleashing our farmers.
There's new stories out today, that 75 percent of the farmers and ranchers either sold off a good portion of their cattle for slaughter. And if they were growing crops, a third of it, they plowed under.
We should be going the opposite direction. We are regulating and squeezing our own people. And then pissing off the rest of the world.
Prepare for impact, because it will come. It's not a conspiracy theory. It is not insane. Russia and China are doing it now.