Sunday, July 5, 2020

VIDEO: The 2020 Economic Crisis. Global Poverty, Unemployment and Despair

by Prof Michel Chossudovsky, Global Research:

We are living one of the most serious crises in modern history. 

According to Michel Chossudovsky, the coronavirus pandemic is used as a pretext and a justification to close down the global economy, as a means to resolving a public health concern.  

A complex decision-making process is instrumental in the closing down of national economies Worldwide. We are led to believe that the lockdown is the solution.

Politicians and health officials in more than 150 countries obey orders emanating from higher authority.

Massive Shifts Underway, Rental Market Reacts in Near-Real Time: Rents Plunge in San Francisco & Oil Patch, Drop in Expensive Cities. But Long List of Double-Digit Gainers

by Wolf Richter, Wolf Street:

Rents in San Francisco are still crazy-overpriced.

There are now at least three factors that have plowed into the US housing market – and the rental market is reacting in near-real time to them: The unicorn-startup bust that began last year and built up into a crescendo this year; the Pandemic-inspired move to work-from-home; and the oil-and-gas bust that took on special vigor this spring when crude oil prices totally collapsed.

What Do The Charts Now Say About Gold & Silver?

by Steve St. Angelo, SRSRocco Report:

What a difference in the gold and silver prices since yesterday, eh?  On the last day of trading in June, both gold and silver hit important technical levels.  Gold closed at $1,800, and silver closed at $18.64.  And, during early Asian trading, both metals were up nicely.

However, that all changed this morning when the ADP Employment numbers showed a remarkable rebound along with positive news release of another “hopeful” pandemic vaccine.  Thus, the stock markets turned around while the precious metals sold off—basically, business as usual.

What Went Wrong In 1971

by Jan Nieuwenhuijs, Voima Gold:

The last remnants of the gold standard were abandoned in August 1971, when President of the United States Richard Nixon decided to close the gold window (foreigners couldn’t redeem dollars for gold at the Treasury anymore). From 1945 until 1971, the U.S. dollar was backed by gold, and served as the world reserve currency under a system called Bretton Woods.

The “Nixon Shock”—as the unilateral suspension of Bretton Woods is often referred to—brought about a sea of change in economies and societies around the world, because from that moment on all national currencies stopped having an anchor. Fiat currencies could be created boundlessly. To get an understanding of the changes since 1971, I decided to interview the gentlemen behind the website “WTF Happened in 1971?

Wouldn’t That Be Cool…

by John Rubino, Dollar Collapse:

Take a world that’s spinning out of control with debt, money creation and pretty much every other measure of financial danger flashing red.

Add the inevitable (given the above) precious metals bull market, with rising gold and silver taking the precious metals mining stocks – especially the little speculative ones – along for the ride.

Then toss in something new: a brokerage industry – led by trading apps like Robinhood – that has decided to make stock trading commission-free, leading millions of not-very-experienced investors to become trend-following day traders.

Central Banks Driving Gold

by Jim Rickards, Daily Reckoning:

Gold as an asset class is confusing to most investors. Even sophisticated investors are accustomed to hearing gold ridiculed as a “shiny rock” and hearing serious gold analysts mocked as “gold bugs,” “gold nuts” or worse.

As a gold analyst, I grew used to this a long time ago. But, it’s still disconcerting when one realizes the extent to which gold is simply not taken seriously or is treated as a mere commodity no different than soy beans or wheat.

The reasons for this disparaging approach to gold are not difficult to discern. Economic elites and academic economists control the central banks. The central banks control what we now consider “money” (dollars, euros, yen and other major currencies).