by Scott McKay | August 14, 2015 9:05 am
Secretary of State John Kerry’s latest statement aimed at pressuring Congress to ratify the Iranian nuclear deal hints at utter catastrophe for the American economy if it’s voted down, and an incredulous Glenn Beck is demanding a full-scale media investigation of his claim.
From The Blaze…
Kerry was speaking at a Reuters event when he warned that if the deal doesn’t pass, “That is a recipe very quickly, my friends, business people here, for the American dollar to cease to be the reserve currency of the world – which is already bubbling out there.”
“For him to say that, that’s a very big deal!” Beck remarked. “Remember when I said the United States dollar would not be the … economic reserve currency? What did they say about me? … I was a kook for seven years for saying that! Now you have the head of the State Department coming out and saying, ‘If you don’t go with that vote, the dollar will lose its reserve currency.’”
Beck said most Americans don’t understand the implications of what will happen if the dollar is no longer the reserve currency, but it would mean “economic Armageddon” and “the end of America as we know it.”
“What everybody does is currently, instead of holding gold, they hold dollars in their bank. … If they say, ‘You know what? I’m going to get rid of these dollars and I’m going to go with the ruble.’ … All this money, all this cash is now in the system that had been locked up in vaults. You have hyperinflation overnight.”
Beck said “every dollar you have earned, every dime you have in the bank is suddenly worthless” and “we are Zimbabwe overnight.”
“Wow. I think that’s the most disturbing thing I’ve heard,” Beck said. “Where the hell is the press? Did you just hear what the State Department just said? Where the hell is the press!”
Beck said America is likely even “closer to the end of the reserve currency status” than he thought.
“Please dear God, protect us. Please, God, protect us. Protect this nation. And see the people who are actually turning towards you. Wow,” Beck concluded.
The threat of losing the dollar as the world’s reserve currency doesn’t come from not following through on the Iran deal, of course – unless it’s a straw that breaks the camel’s back among the many examples of nonexistent or feckless American leadership on the world stage thanks to the Obama administration’s managed national decline.
It comes from two things – an increasingly powerful and hostile axis between the Chinese, Russians and now Iranians, and an increasing unease on the part of world markets with the gargantuan size of our national debt.
The dollar is still empirically the best choice for the world’s reserve currency, as the other options all have far larger problems. But Beck is correct to recognize what could happen if our current fiscal mismanagement isn’t brought to heel, and soon. Kerry is lying, as usual, in linking the potential loss of reserve-currency status to the Iran deal, but the threat is indeed out there.
Source URL: https://rightwingnews.com/economy/john-kerrys-iran-deal-or-else-comment-drives-glenn-beck-up-the-wall/
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