andrew henderson menu

Andrew Henderson

Founder of Nomad Capitalist and the world’s most sought-after expert on global citizenship.

ABOUT THE COMPANY

What we’re all about

MEET OUR TEAM

Meet our 95+ global team

CONTACT US

We’re here to serve you

FAQS

Your questions answered

TESTIMONIALS

Read our testimonials

NEWSLETTER

Get free email updates

NC-image-menu

ACTION PLAN

Our flagship service for entrepreneurs and investors

ACTION PLAN ELITE

Create your Action Plan directly with the Mr. Henderson himself

CITIZENSHIP BY DESCENT

Claim a second passport based on familial connections

ALL SERVICES

Click here to see all our products and services

PASSPORT INDEX

Discover the world’s best passports to have in an ever-changing world

CITIZENSHIP MAP

Explore the citizenship options using our interactive citizenship map

TAX MAP

Explore the tax details for countries using our interactive tax map

ALL RESEARCH

Click here to see all of our research and interactive tools

THE WORLD’S #1 OFFSHORE EVENT

Learn from a curated “Who’s Who” of business speakers from around the world, get our latest R&D updates, and rub shoulders with successful people from all corners of the world.

NOMAD CAPITALIST THE BOOK

Andrew Henderson wrote the #1 best-selling book that redefines life as a diversified,
global citizen in the 21st century… and how you can join the movement.

Now France wants an end of the US dollar

Finance

October 18, 2022

Dateline: Makati, Philippines

Paul Krugman may be wrong on just about everything, but when he says “Fiat money is backed by men with guns”, we can find a point on which to agree.

His point here is a perfect metaphor for the state of world currencies.

In the latest development of dying fiat currency wars, France is lashing out against the dollar after its largest bank, BNP Paribus was fined $9 billion and a 1 year ban on trading in dollars.

Now the French prime minster Michel Sapin is calling for “rebalancing” of world currencies… and the end of the US dollar. He wants to bring the euro into more prominence in world trade, and plans to bring this up next week when he meets with eurozone finance ministers.

What did BNP do “wrong”?

BNP’s crime was to help countries like Iran, Sudan, and Cuba process $30 billion in transactions.  This is illegal under USSA law, since the empire has sanctions against these regions.

Basically, the current American empire is setting the rules of the world on how the game will be played.

And it’s not just France. It’s also not just switching from dollars to euros.

Russian companies are also diversifying away from the dollar. Because of the strong arm of American imperialism and its sanctions that give it the ability to freeze funds at any moment, the Russian firms are being forced to settle many contracts in Asian currencies, mainly the Chinese yuan.

The trend around the world is clearly to avoid trading in US dollars where possible. Chinese officials are calling for a “new and more efficient system” where the dollar is bypassed, and the renminbi becomes the world’s reserve currency. Central banks and national governments worldwide are starting to hold larger proportions of non-dollar currencies. 

In May this year, two banks in China and Russia signed deals to skip the dollar and pay each other in local currency.

Between all the moves mentioned above, and the US’s continuing reliance on debt being financed by developing countries in Asia via their cheap labor, the rebalancing that the French prime minister is calling for will happen.

And as China is set to overtake the Land of the Free as the world’s largest economy in the near future, look to them to lead the charge into the new non-dollarized era.

As it stands now, there are no world currencies left that are backed by anything but guns. We live in a fiat world. The American empire currently has the biggest guns- but it also has the largest deficit of any country on the planet.

How long can the dollar hang on based on military might and “faith”?

We don’t know. But reserve currency status cannot last forever. A good survival plan during these times of turmoil is:

1. Diversify your holdings. This doesn’t mean having accounts at Wells Fargo and Bank of America. This means setting up foreign bank accounts, owning some precious metals, and even some bitcoins. You can’t afford to be caught off guard and leave your future in the hands of reckless bureaucrats.

2. Have an escape plan. Second passports are essential, but expatriation can be a useful option to escape the final throws of a dying empire.

3. Bet on opportunity. In recent history, America has been where things are happening. Everyone looked to American entrepreneurs to lead the way in many industries. But times have changed. There’s a deadness in the Land of the Free that’s palpable. Opportunity has shifted. To Asia. To South America. Even to Eastern Europe. I have been traveling around the globe and identifying promising investments in up-and-coming areas- and there are many of them. Wealth doesn’t disappear, it just shifts.

4. Protect your assets. Clearly, keeping your money in a bank, even a safe deposit box, isn’t safe, when the laws let anyone with the proper badge reach into  your account and take whatever they’d like for whatever reason. It’s important to know where your money is safest, and in what form.

The US dollar continues to lose ground to other currencies, despite it being backed by the largest military in history. It can throw its weight around in some cases, but even this tactic is losing steam. As the trend of countries around the world willing to do business in other currencies continues, there isn’t much the US government can do to prevent the eventual loss of world currency status.

Fines, sanctions, and wars may continue in the future, but these will only serve to sink the dollar even faster.

Get Tips to Reduce Taxes and Build Freedom Overseas

Sign up for our Weekly Rundown packed with hand-picked insights on global citizenship, offshore tax planning, and new places to diversify.

No spam, unsubscribe at any time.

Nomad Capitalist Background
Nomad Capitalist Action Plan
Legally Reduce Your Taxes and Diversify Your Wealth
Nomad Capitalist has helped 1,500+ high-net-worth clients grow and protect their wealth safe from high taxes and greedy governments. Learn how our legal, holistic approach can help you.