Maxime Bernier predicted that the existing monetary system will be replaced by commodity-backed fiat money systems in the future.
Since 2019, The whole world has seen a huge downturn in the global economic sector because of the entry of the Covid-19 pandemic. In particular, the United States Federal Reserve changed its policies to print huge money supply, obviously to maintain & manage its loan programs for other countries. Fed policies resulted in a hike in the inflation of the US economy significantly.
On 12 August, Maxime Bernier, founder of the People’s Party of Canada, appeared in an interview with Kitco news to share his point of view on the wrong things that are associated with the current existing traditional Monetary system.
According to Bernier, the current Monetary system will reset shortly and future money will be backed by the commodity value. He also pointed out that countries like China & Russia are planning to introduce money backed by Commodity assets like gold.
“A commodity-backed money system will happen. I don’t know when, but a fiat money system cannot live too long(…) After that, I believe we need to have a monetary reset internationally, having money that will be based on gold or other commodities, as we had in the 19th Century.”
Bernier also pointed out the issues associated with the existing monetary system and claimed that it is giving freedom to the US Fed to do anything like excessive printing of money and rising federal debt burdens, which are causing only an increase in the inflation rates.
“We have inflation because of bad monetary policy. We need to balance the budget. We need to stop spending money we don’t have.”
No need of CBDCs
Bernier also said that the US Fed wants to control the whole money & funds held by citizens and the concept of the Central Bank Digital Currency (CBDCs) will help them significantly.
According to Bernier, there is no need to bring CBDC, or say Digital Dollar, because existing debit cards and e-transfers-based payment systems are already better at their level.