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RE: Today Is the 45th Anniversary of The Most Destructive Event In Modern Monetary History
When I predicted that would happen, most people thought I was crazy and that the Renminbi wouldn't be approved for the SDR basket. I recognize China's moves and it knows that it can't rise to the top overnight. The SDR to China for the time being is a "useful idiot currency" until they're ready for what they want. Still, I agree with you and Rickards that we may have an SDR phase before we see a return to a commodity-standard. Ultimately, if we all pushed for this now, the SDR phase would be short, or non-existent.
Any commodity money that isn't market-produced — i.e., that amounts to a return to a government gold standard — is doomed. Moreover, the market has now produced mathematical (algorithmic) money from which there is no turning back. On the contrary, it will only get better (e.g., Steem) in that it will become easier and easier to use and as anonymous as users want it to be for any given transaction, not only undermining government production of, and control over, money but undermining government itself.
The state, in other words, has reached its apotheosis and will be in increasingly precipitous decline from here on out.
May your predictions turn out to be correct.