Song Hongbing predicts the collapse of our financial system

The author of the recently released War on Money 5 (you can find our review of the book here), Song Hongbing, noted in [...] https://www.pinterest.com/pin/1085437947660215829/

The author of the recently published in Poland "War for Money 5" (our review of the book can be found here), Song Hongbing, noted in the book that we are facing the collapse of the current financial system. Of course, the fifth part of his popular economic and political series was written before the outbreak of the coronavirus, but that makes his predictions contained in this item even more intriguing. Song Hongbing: the collapse of the financial system is upon us In his latest book, Hongbing focuses on what has been happening for years in the Middle East and Southeast Asia. Of course, there is also the topic of the US and the entire financial system, which is now tottering towards collapse. The author points out, among other things, that there have already been many currency crises in the past, including those related to the dollar. He recalls, for example, the panic of 1978, when many countries began to sell off their holdings of American greenbacks while simultaneously buying gold and oil. The result was dangerous stagflation in the US. The Fed was even then ready to abandon the dollar and create a global unit of account out of SDRs. Eventually the situation was brought under control, but only thanks to the foresight and efficiency of the Fed chief, Paul Volcker. As a result of his policy of higher interest rates, the position of the dollar was maintained. What to do now? "It is possible that one day the world will again experience a panic similar to that of 1978, and then the world monetary system will have to be completely reorganized," - We further read in the book "War on Money 5". Hongbing also adds that in the late 1970s, the US was a country with little debt. This made raising interest rates feasible. Today, the situation is different. The Chinese expert went even further in his considerations, because he wrote that only in 2040 the American superpower will start drowning in its own debts and raising interest rates will no longer be feasible. Looking at what is happening now - it is difficult for the author of "The War..." It is difficult for the author of "The War..." to predict it - the scenario he outlined may turn out to be possible earlier. Hongbing's conclusions are less original. He believes that it may be necessary to return to a system based on gold. However, isn't this also an opportunity for Bitcoin? Write what you think about it! Tags dollar collapse financial crisis Song Hongbing War for money