The governor of the Bank of England, Mark Carney says the dollar has become too dominant and could be replaced by digital assets.
Due to changes taking place in the global economy such as China’s increasing dominance, Carney says stockpiling dollars has become a barrier to global trade.
If the share of trade invoiced in a digital currency were to rise, shocks in the US would have less potent spillovers through exchange rates, and trade would become less synchronized across countries
Mark Carney - Central Bankers Meeting, Wyoming
His jaw-dropping words mirror that of Christine Legard, the new head of the European Bank, formerly head of the IMF.
It seems the financial heads of the world are starting to realize the inevitable. And we all know XRP is designed to be the new bridge between FIAT currencies, the new global currency…
One Coin to Bridge Them All
Carney questioned the dollar’s title as the global reserve currency and stated it could be replaced a ‘digital currency alternative’.
The move could alleviate dependence on the dollar and potentially end the low-interest rates, low inflation and the boom/busts of the past century.
Carney cited the move from the UK pound to the dollar over a century ago and said the dollars market dominance has reached that level and is now a barrier to sustainable recovery.
Those in the know such as Christine Legard, Brad Garlinghouse and the XRP Army know full well that this replacement currency is XRP.
It was designed purposefully for this role and when it takes the helm of world global currency those invested will become disgustingly wealthy.
And in the Darkness Bind Them…
Carney also said a digital asset, backed by a conglomerate of nations would unlock the hoarded dollars kept for uncertain times.
Stockpiled dollars cover the government in times of financial uncertainty, but creates rises on the cost of borrowing, stifling the global economy.
The dollar’s influence on global financial conditions could similarly decline if a financial architecture developed around the new [digital currency] and it displaced the dollar’s dominance in credit markets. By reducing the influence of the US on the global financial cycle, this would help reduce the volatility of capital flows to emerging market economies
Mark Carney - Governor, Bank of England
Digital assets like XRP could alleviate this dependency and free up this stored cash, allowing for a new more stable global economy, more importantly, growth.
He also said that having a global digital asset to bridge all FIAT would change the way financial crises play out, allowing the entire ‘basket of currencies’ to take the financial hit of a recession.
Rather than the dollar which historically collapses and takes down every other currency with it.