Thursday, July 18, 2019

European Alternate Payment System to Circumvent US Iran Sanctions Nearly Ready

by Peter Schiff, Schiff Gold:

A European payment system set up to circumvent US sanctions on Iran will be ready soon, according to German Foreign Minister Heiko Maas.

This is yet another move in a global effort to minimize dependence on the US dollar.

According to an Al Jazeera report, Maas recently met with Iranian President Hassan Rouhani and Foreign Minister Mohammad Javad Zarif in Tehran in an effort to salvage the nuclear arms deal negotiated in 2015. Pres. Trump withdrew the US from the agreement last year.

Post-TEOTWAWKI: Groups and Retreats, Pt. 1

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from Survival Blog:

There are many articles on the internet concerning the benefits of forming a group of like-minded individuals who could support each other when times get “spicy” for months or even years, either in their own neighborhood or at a remote retreat.  These groups are sometimes referred to as mutual assistance groups. These articles are based on the premise that choosing a “lone wolf” approach after TEOTWAWKI is unsustainable in the long run, and that even expecting a single family to live and thrive on a remote mountaintop after a societal meltdown is unrealistic and ripe for tragedy in the long term. An important reason for the latter view is that a single family cannot maintain proper 24/7 security while tending to all of its daily needs over time.

Gold Reaches 5 Year High – Possible Bull Run Ahead

from Birch Gold Group:

Over the past few days, gold prices reached as high as $1,400, the highest in 5 years.

The jump in price followed news the Fed may act “dovish” and cut rates as soon as July. According to one CNBC article:

The central bank predicts one or two rate cuts in its set of economic predictions, but not until 2020. Despite cautious wording in the post-meeting statement Wednesday, markets are still betting the Fed cuts, as soon as July.

You can see the moment gold prices spiked in the chart below for spot gold:

American Consumers Prop Up the Economy. Wall Street Clamors for Multiple Rate Cuts. Fed Blows Off Wall Street

by Wolf Richter, Wolf Street:

The economy is in a “very good place,” says Trump’s man at the Fed. And the Fed’s favorite inflation measure ticks up.

The Fed’s message has been that it may consider cutting rates if the economy deteriorates, or if inflation falls further, but the economy is currently in a “very good place,” it says. And consumer spending, 70% of the economy, is growing nicely instead of deteriorating, and the Fed’s favorite measure of inflation has just ticked up. But don’t tell Wall Street.

Was this the Very Minute of Peak-Insanity in IPO Stocks?

by Wolf Richter, Wolf Street:

Those who bet on the most obvious short in the history of mankind got the heads handed to them.

Every stock-market IPO cycle has this minute. And afterwards is all downhill. And I wish I could be the guy who’d correctly pinpoint the very moment when peak-insanity in IPO stocks occurs, down not only to the day, but the very minute, and then bet on it correctly. So maybe I won’t be that guy, given that I’ve been on record for years as to why I’m not shorting anything anymore in this crazy market. But I have a candidate for this pinpoint minute of peak-insanity: Today at 9:59 a.m. Eastern Time.

The Weekly Perspective with David Morgan – Trade War and Rare Earths

by Kerry Lutz, Financial Survival Network:

David Morgan‘s weekly perspective…

Today’s monetary system is based upon a lie. The lie is that you can get something for nothing, or perhaps more simply stated, wealth can be printed. History has shown throughout 5000 years that whenever a country has tried to maintain this illusion (lie), failure has been the result. You Can Continue To Grow Your Wealth Regardless Of The Changing Winds Of Politics, The Economy And The Financial Markets. Let me show you how

Click HERE to Listen

Auto Loan Delinquencies Approaching Great Recession Peak

by Peter Schiff, Schiff Gold:

Auto loan delinquencies have surged to the highest level since 2011 and are approaching levels seen at their peak during the Great Recession.

The percentage of outstanding auto loans in serious delinquency (90 days or more past due) jumped to 4.69% in the first quarter of 2019, according to thelatest data from the New York Fed. At their peak during the recession, auto loan delinquencies hit 5.27%.

And the US Dollar’s Status as Global Reserve Currency?

by Wolf Richter, Wolf Street:

Renminbi gains, but in painfully slow micro-steps. Dollar & euro combined share slides.

How long can the US dollar maintain its status as the global reserve currency and as global hegemon?  That’s a question that comes up a lot, particularly among people who’d like to see it knocked off its perch. So here we go.

Total global foreign exchange reserves in all currencies ticked up to $11.4 trillion in the first quarter 2019, according to the IMF’s just released COFER data. USD-denominated exchange reserves rose to $6.74 trillion, with their share of global foreign exchange reserves ticking up to 61.8%.