Varoufakis warns of dollar crisis…

Yanis Varoufakis is well known in European circles as an economist. He claims to have attended a meeting at the BIS where central bankers discussed economic meltdown

The Bank for International Settlements hosts bimonthly meetings of senior officials from member central banks who freely discuss their concerns. These meetings are conducted under Chatham House rules. Varoufakis claims to have attended one of these meetings, or one extremely like it. But these days of AI-generated videos putting words in someone’s mouth should make us treat all information sources with caution.

That said, this video does appear genuine and the content makes sense, rather than culled by an AI engine. The reason for reposting it is that if it is genuine and not AI-generated, central bank officials share the concerns which we have been writing stridently about particularly in recent months. And like us and Varoufakis, they are aware that there is little they can actually do to prevent a G7 financial collapse, centred on the US dollar. Their machinations will probably lead to capital controls and market closures without notice.

Enjoy is probably not the right command:

Varoufakis says,

“Three days ago I was invited to what was described as an "informal consultation" in Basel, Switzerland—when I arrived, I realized this was an emergency gathering of central bank officials from across the Western world, and the panic in that room was palpable. A senior Fed official stood up and said words that made everyone go silent: "We need to stop pretending this is manageable—Treasury demand is collapsing, repo markets are breaking, and after Saudi BRICS, three of our largest foreign holders want out; this is crisis management now." What I learned violates multiple confidentiality agreements, but people deserve to know: central banks are dumping US Treasuries through hidden offshore channels to avoid triggering the crash they're trying to prevent, they've drafted emergency protocols for capital controls and bank holidays, and they're calculating $3-5 trillion in pension fund losses they have no tools to stop. A Nordic central bank official told me privately: "We've run the scenarios—there's no pathway where this ends well; best case is slow decline over a decade, worst case is sudden crisis with market freezes and social unrest, and we're basically praying nothing goes wrong while we prepare emergency measures." The timeline? 12-18 months maximum before crisis, possibly compressed to months or weeks if BRICS launches their currency or another geopolitical shock hits—and the people responsible for preventing financial collapse just admitted they have no solution.”