Friday, January 27, 2023

The death of the middle class is the death of civil society

by Claudio Grass, Claudio Grass:

Part I of II by Claudio Grass, Hünenberg See, Switzerland

The middle class in the West has been shrinking for years, but after the covid crisis and especially after the inflation explosion, whatever was left of it is now basically under threat of extinction. This has immense sociopolitical implications. When any society, at any point in history, becomes divided into haves and have nots, instability and dangerous tensions are quick to follow. The decline of Reason and respect for the fellow man and their property, feelings of injustice and desperation make any kind of debate and civilized dialogue impossible and the worst kind of “leaders” emerge to “represent” both sides.

NYSE suffers emergency shut down as tremors reverberate across critical financial infrastructure

from Health Ranger Report:



from Arcadia Economics:


The Coming Great Global Default

by Martin Armstrong, Armstrong Economics:

QUESTION: Dear Martin
Could you please describe more in detail what you are expecting when talking about the breakdown of the monetary system?
Will there be differences between countries like Germany and Switzerland for example? Especially regarding pension systems.
I assume, there might be big differences between countries.
Many thanks and best regards,

Indian Silver Imports Set Record in 2022

by Peter Schiff, Schiff Gold:

India’s love for gold is well-known. It is the second largest gold-consuming country in the world behind China. But Indians also have an affinity for silver.

Last year, silver imports into India hit a new record of  304 million ounces. That crushed the previous import high of 260 million ounces set in 2015.

More than half of the silver flowing into India is used in jewelry and silverware, and about one-third of India’s silver demand comes from investors in physical metal including silver bars and silver coins.

Big banks plot digital wallets for 2023 release

by Ken Macon, Reclaim The Net:

The push towards a digital economy.

Big Banks in the US, including JP Morgan, Wells Fargo, and Bank of America are planning to launch a digital wallet to compete with  and  Pay. The move, planned for the second half of this year, appears to be yet another push for a cashless society.

According to the Wall Street Journal, the new digital wallet will be managed by bank-owned Early Warning Services LLC (EWS), the company behind money transfer platform Zelle. The new digital wallet would allow consumers to pay merchants online through linked credit and debit cards.

Brazil’s Central Bank On The Verge Of Raising Its Inflation Target As It Spirals Into The Inflationary Abyss

from ZeroHedge:

Over the past year, we have repeatedly said that the endgame for this particular episode in central bank stupidity will be when the Fed is dragged, kicking and screaming, into hiking the US inflation target (read this, this and this).

And while it will take at least a few more years before the Fed admits defeat – should it pause and/or pivot it will take far shorter – one place where a central bank inflation target increase is imminent, is Brazil.

Gold’s Breakout: It’s Not the Inflation

by Jim Rickards, Daily Reckoning:

Most assets have a poor record over the past year. Gold is one of the few assets that posted a gain — not a major gain, but a gain.

Gold has really taken off since late October, from below $1,630 to almost $1,930 today. That’s a major move. What’s going on?

You might want to argue that it has to do with inflation. The trouble with that argument is that (official) inflation has been coming down for the past few months. Meanwhile, gold seemed to massively underperform with respect to the very serious inflation we saw earlier last year.

Swift Ends Cryptocurrency Access to Global Marketplace

by Martin Armstrong, Armstrong Economics:

SWIFT will no longer process currency transactions from bank accounts to crypto exchange, with a value of fewer than 100,000 USD, effective February 1st, 2023. The move is designed to reduce the access of crypto investors which is a step toward what I have been warning that governments will NOT allow private cryptos to compete. Governments have controlled official money and they have prosecuted those who dare to counterfeit their currencies. Even the Byzantine Empire would wage war to stop another from even imitating their currency.

Bakers in France Protest Over Energy and the Survival of the Baguette

by Mish Shedlock, Mish Talk:

French bakers are another casualty of the war in Ukraine. They demand government support to keep producing baguettes.

Concern Mounts Over Baguettes 

Please consider France’s Baguette Becomes Another Ukraine War Casualty

The fallout of the war in Ukraine is hitting even France’s iconic baguette, which was recently added to UNESCO’s World Heritage list. On Monday, French bakers took to the streets of Paris to protest soaring energy and other prices they say are imperiling their trade.

Tennessee Bill Would Establish State Gold and Silver Bullion Depository

by Peter Schiff, Schiff Gold:

A bill filed in the Tennessee Senate would establish a state bullion depository. This would not only create a safe place to store precious metals; it also has the potential to facilitate the everyday use of gold and silver in financial transactions in the Volunteer State and undermine the Federal Reserve monopoly on money.

Sen. Frank Nicely (R) introduced Senate Bill 150 (SB150) on Jan. 12. The legislation would establish a state bullion depository that could operate either “exclusively or non-exclusively” as a precious metals depository to “serve as the custodian, guardian, and administrator of certain bullion and specie that may be deposited with the depository by this state, a political subdivision, or another instrumentality of this state, or by a private individual, party, or other entity.”


from The David Knight Show:


Report: Socialist Argentina and Brazil Plan Joint South American Currency

by Christian K. Caruzo, Breitbart:

The leftist governments of Argentina and Brazil will soon begin proceedings for the creation of a new common currency, tentatively called “sur” (South), the Financial Times claimed in a report on Sunday.

The goal of the project would reportedly be reducing regional reliance on the American dollar and creating the world’s second-largest currency bloc with fellow South American countries. Far-left Brazilian President Luiz Inácio Lula da Silva promised the creation of the sur common currency while running for president – despite his criminal convictions – last year. Lula is currently in Argentina for a state visit to fellow socialist President Alberto Fernández.

We’re Just One Step Away from $5,700/oz Gold

from Birch Gold Group:

From Peter Reagan at Birch Gold Group

This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: Is $5,700 gold inevitable? Some mixed data from the world’s top mints on gold and silver demand; and how the global de-dollarization movement insulates nations from sanctions.