Monday, November 29, 2021

Jackass’ Red Glare Upon The Petrodollar

by Turd Ferguson, TF Metals Report:
For your holiday listening pleasure, Jim Willie returns for a comprehensive discussion of the petrodollar and how current events around the Arabian Peninsula are a sign of great distress for this monetary scheme.

Again, what is the “petrodollar”. The idea was championed by Henry Kissinger in 1973 as a way to create ongoing demand for US dollars by maintaining the pricing of crude oil in dollars only. The effects of this were two-fold:

To create constant demand for dollars…dollars which were now completely unhinged from any gold backing…and this demand would soak up any excess supply of new currency being printed in the US for military and social purposes.
To force oil-exporting nations to keep their foreign currency reserves in dollars, thus creating an ongoing demand for US treasury bonds. This constant demand for bonds would help to keep interest rates…and thus the US debt service cost…unnaturally low.

Click HERE to Listen

Silver Is Now Offered At a Discount

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by Keith Weiner, Silver Seek:
Have you ever been in a discussion about gold, when someone blurts out “we don’t have enough gold to operate a gold standard!” We have a standard retort. “Oh, that’s interesting. Please tell us how much gold you think would be necessary, and how you calculated it.”

We have never heard a coherent answer to this question. Most people just don’t like gold, and will say whatever words they think will dismiss the monetary question entirely, without actually having to address the issues.

The common answer from the gold community is not much better, “We could have a gold standard, if gold was at the right price.”

US Auto Sales Sag, Hyundai Meets Carmageddon

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by Wolf Richter, Wolf Street:
So let’s see how we can put a positive spin on this.

Ford, GM, Hyundai and others tried hard to curtail their sales to rental car companies, or whatever. That’s was the theme among analysts on Monday, after automakers reported crummy June new vehicle sales.

What really happened?

Rental car companies continued to trim their fleets as they’re traversing their own structural hell, squeezed by ride share companies and falling used car wholesale prices. They’re not buying as many vehicles anymore because they don’t need more, regardless of what automakers are trying to do to sell them more.

Reserve Currency Issuer Plus Global Pariah = Historic Monetary Reset

by Andy Hoffman, Miles Franklin:
The gold Cartel will eventually collapse – just like all Cartels before it, like the London Gold Pool in 1968, before gold surged from $35/oz to nearly $900/oz a decade later. However, in the meantime, we must continue to fight a monetary battle to the death – which mathematically, must be won by sound money; as, per the immortal theme of Gresham’s Law, good money always chases out bad. Not to mention, Economics 101; as, per last week’s “Precious Metals’ ultimate downside protection,” the mining industry has been so decimated by two decades of price suppression, supply is guaranteed to plunge indefinitely. This, as the terminal, malignant phase of history’s largest, most destructive fiat Ponzi scheme causes global Central bank printing presses to be turned up to “ludicrous speed” (Spaceballs reference).

Can You Hear Me Now? Ok. Maybe later.

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from Jesse’s Café Américain:
Ok. Maybe later.

“Rome and the whole pagan world was mad.

But those who had had enough of transgression and madness, those who were trampled upon, those whose lives were misery and oppression, all the weighed down, all the sad, all the unfortunate, came to hear the wonderful tidings of God, who out of love for men had given Himself to be crucified and redeem their sins.

When they found a God whom they could love, they had found that which the society of the time could not give any one—  happiness and love.”

Henryk Sienkiewicz, Quo Vadis, 1905

Gold Up 8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} In First Half 2017; Builds On 8.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} Gain In 2016

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by Mark O’Byrne, Gold Core:
– Gold up 8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in first half 2017; builds on 8.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} gain in 2016
– U.S. dollar down 6.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} – worst quarter in seven years
– Gold higher in all currencies except Draghi’s euro
– Gold outperforms bonds; similar gains as stock indices
– S&P 500 and Dax outperform gold marginally
– World stocks (MSCI World) up 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}; gold outperforms Eurostoxx (+6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}) & FTSE (+2.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528})
– Silver up 3.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in first half ; builds on 15{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} gain in 2016
– Stocks, bonds, property buoyed by stimulus
– Resilience in gold as world struggles to hold confidence
– “If one hasn’t diversified this would be a good time to do that” – Shiller

RON PAUL: NOT A ‘TOTAL SHOCK’ IF STOCKS PLUMMET 25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} AND GOLD SOARS 50{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} BY OCTOBER

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from InfoWars:
“If our markets are down 25 percent and gold is up 50 percent it wouldn’t be a total shock to me,” said Paul

A painful correction is coming and there’s little that can be done to prevent it, according to former Republican congressman and libertarian firebrand Ron Paul.

A painful correction is coming and there’s little that can be done to prevent it, according to former Republican congressman and libertarian firebrand Ron Paul.

Speaking to CNBC last week, the former GOP presidential contender argued the economy is not as strong as Wall Street consensus believes, and the situation could turn ugly as soon as October.

New Syrian Banknotes With Portrait of Assad Printed in Russia – Central Bank

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from Sputnik News:
New Syrian banknotes with the face of Syrian President Bashar Assad were printed in Russia in 2015, Duraid Durgham, the governor of the Syrian central bank, told Sputnik on Monday.

DAMASCUS (Sputnik) — On Sunday, Durgham announced the introduction of the 2,000-pound ($3.9) note featuring Assad, the first notes to depict the president since his inauguration 17 years ago.

“The 2,000-lira [another name for the Syrian pound] note was printed in Russia, just like other banknotes in several recent years, and has protective advantages limiting the possibility of currency counterfeiting,” Durgham said.

The Real Indian Currency Crisis (Things You Don’t Hear In The News)

by Hard Assets Alliance, via Market Oracle:
Jayant Bhandari writes: On November 8, 2016, Indian Prime Minister Narendra Modi dropped a bombshell. In a televised address at 8:00 pm, he declared that after midnight—four hours later—banknotes with face values of INR500 (US$7.50) and INR1,000 (US$15) would no longer be legal tender.

These bills comprised 86{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the monetary value of currency in circulation, so to say that panic ensued would be an understatement. The market stayed open all night as people rushed to buy gold, Rolex watches, and anything else they could get their hands on to use up their cash.