Bitcoin may benefit as IMF head calls for new “Bretton Woods” agreement

Nicholas Say
Nicholas Say

Bitcoin may be a beneficiary of a new monetary world order. The established financial system is under a tremendous amount of strain, and trillions of dollars have been created over the course of 2020. Additionally, most governments are running massive deficits, which is unlikely to end anytime soon. The new managing managing director of the IMF, Kristalina Georgieva, thinks that drastic action may need to be taken.

She commented,

“Today we face a new Bretton Woods “moment.” A pandemic that has already cost more than a million lives. An economic calamity that will make the world economy 4.4 % smaller this year and strip an estimated $11 trillion of output by next year. And untold human desperation in the face of huge disruption and rising poverty for the first time in decades.”

Why it matters: Central banks have created a monster, and the COVID-19 political reaction is clearly being used as a tool to introduce a new global monetary order. More than 1.5 million people die in the USA every year from the top three causes of death, none of which are COVID-19. Using this kind of language is obviously manipulative, and designed to scare people into accepting massive changes that are likely to benefit the people at the top of the economic structure. CBDCs are probably going to be a part of this new monetary system, although it is also likely to make alternative assets more popular, as central planning generally leads to terrible economic consequences.