Jim Rickards claims the next bubble pop, or liquidity crisis, will not be contained by the Fed themselves, but the IMF. He states that the 1914 England under stress passed the currency baton to US as we were neutral for the most part during WW1. I guess you could say there was a dual reserve currency for some time until Bretton Woods from '44 onward. That lasted through 1971. "King Dollar" from the 80's and 90's.
So Rickards claims there was always someone to pickup the mess.
Fast forward to 1998 there was a hedge fund collapse of Long Term Management. Rickards claims Wall Street bailed out that hedge fund to avert collapse.
In 2008, it wasn't a hedge fund collapsing, it was Wall Street. The Fed bailed them out.
But now the Fed has all the liabilities, who's gonna bail out the Fed? He says each crisis (financial) gets bigger than the one before. The only one left is the IMF which can print SDR's. It won't be used in our daily lives, but an inter-central bank currency so to speak.
Regardless, it will be inflationary. I'm curious as to your thoughts.