from Peter Schiff:
by Steve St. Angleo, SRSrocco:
The four-decade long monopoly of the U.S. Petro-Dollar as the world’s reserve currency is coming to an end. Unfortunately, most Americans have no clue that when the Dollar loses its reserve currency status, life will get a lot tougher living in the U.S. of A. Let’s say, Americans will finally receive “Precious metals religion.”
The U.S. Dollar Index fell considerably yesterday and is now down below a key support level. In early morning trading yesterday, the U.S. Dollar Index fell to 91.46, down 73 basis points:
According to technical analyst, Clive Maund, in his recent article, DOLLAR update as LOSS OF RESERVE CURRENCY STATUS LOOMS..., he stated the following:
The dollar is on course to lose its reserve currency status. This is not something that will happen overnight, it will be a process, but at some point there is likely to be a “sea change” in perception, as the world grasps that this is what is happening, which will trigger a cascade of selling leading to its collapse, whereupon gold and silver will rocket higher.
In that article, Clive posted the following chart on the U.S. Dollar Index (USD index) and its key support level:
As we can see, traders are looking closely to the Key support area at 92.5 for the USD index. With the USD index now below that key support area, it could spell real trouble for the Dollar if it closes below that level at the end of the week. After the markets opened today, the Dollar fell to a low of 91.08. So, it looks like the Dollar will close this week well below the key support area.
Now, part of the reason for the selloff in the Dollar may have been due to the disaster that took place in the 10-year U.S. Treasury Repo market today. According to Zerohedge’s article “We’ve Never Seen Anything Like This”: Repo Market Snaps As 10Y Suffers “Epic Fail”:
The pressure on the U.S. Treasury 10-year repo market is likely a reaction to what came out of the annual BRICS summit in China yesterday, According to the article, Escobar Exposes Real BRICS Bombshell: Putin’s “Fair Multipolar World” Where Oil Trade Bypasses The Dollar:
“To overcome the excessive domination of the limited number of reserve currencies” is the politest way of stating what the BRICS have been discussing for years now; how to bypass the US dollar, as well as the petrodollar.
Beijing is ready to step up the game. Soon China will launch a crude oil futures contract priced in yuan and convertible into gold.
This means that Russia – as well as Iran, the other key node of Eurasia integration – may bypass US sanctions by trading energy in their own currencies, or in yuan.
This announcement by Putin that oil trade should by-pass the Dollar came a few days after China announced that they plan to start trading oil on their Shanghai Exchange in Yuan, which will be backed by gold. While we have heard for years that China was going to back their currency or trade with gold, we now see actual plans to start implementing it sometime this year.
By China backing its new oil trading benchmark in Yuan with gold, it provides countries with a great deal of confidence in trading oil in another fiat currency besides the U.S. Dollar. Thus, countries that acquire a lot of Chinese Yuan by trading oil don’t have to worry about devaluation as they can convert Yuan into gold.
The Petro-Dollar system that has been the foundation of world oil trade for the past four decades is now about to become obsolete. Even though many countries will continue trading oil in Dollars in the future, a larger percentage will likely move into trading oil in Chinese Yuan as it provides a “gold-backed protection” against fiat currency devaluation.
Not only is the Petro-Dollar under severe pressure, so is Middle East’s largest oil exporter that was the foundation of this monetary system back in the early 1970’s. Ever since the price of oil peaked in 2014 and has fallen by more than half to $49 currently, this has put an enormous strain on Saudi Arabia’s financial bottom line. In the past three years, Saudi Arabia sold over $250 billion of its foreign exchange reserves, which are mostly in U.S. Treasuries, to fund its national government.
Read More @ SRSrocco.com
by Jim Rickards, Daily Reckoning:
Over the last couple of years I’ve been all over TV… from Fox News to CNBC, CNN and Bloomberg. I’ve been telling our fellow Americans that the financial global elite was planning to issue their own globalist currency called special drawing rights, or SDRs.
And that those elites would use this new currency to replace the U.S. dollar as the global reserve currency.
I’ve even written about this extensively in my best-selling booksThe Road to Ruin and The New Case for Gold.
I’m sure some people in the mainstream media thought I was out of line — but the United Nations and the International Monetary Fund (IMF) have both confirmed this plan to replace the U.S. dollar is real. I’ve made this warning many times, but it seems to be falling on deaf ears. That’s why I’m writing directly to you.
Here’s the proof that the U.S. dollar is under attack, right in front of our eyes:
The UN said we need “a new global reserve system… that no longer relies on the United States dollar as the single major reserve currency.”
And the IMF admitted they want to make “the special drawing right (SDR) the principal reserve asset in the [International Monetary System].”
More recently, the IMF advanced their plan by helping private institutions, such as the UK’s Standard Chartered Bank, issue bonds in SDRs.
Although our mainstream media ignored this major event, the UK media reported:
This is all happening. And on January 1st, 2018, this trend to replace the U.S. dollar will accelerate. That’s when the global elite will implement a major change to the plumbing of our financial system.
It’s a brand-new worldwide banking system called Distributed Ledger Technology. And it will have a huge impact on seniors who are now preparing for retirement.
When this system goes live, many nations will be able to dump the U.S. dollar for SDRs.
For now, the U.S. dollar is still the world’s reserve currency. Other nations have to hold and use the U.S. dollar for international trade, instead of their own currencies.
This creates a virtually unlimited demand for U.S. dollars, which allows us to print trillions of dollars each year to pay for wars, debt and anything we want. It keeps our country operating.
Now, we can see that the global elites are working to unseat the U.S. dollar as the global reserve currency.
Here are the three key pieces of information that prove this will happen.
Fact #1 — The IMF issues a globalist currency called special drawing rights, or SDRs.
Fact #2 — The IMF has confirmed they want to replace the U.S. dollar with SDRs.
Fact #3 — The IMF has confirmed Distributed Ledgers can be used for “currency substitution”… and they’ve even set up a special task force to speed up implementation.
The IMF is using this technology to create an SDR payment system, because that’s the currency they issue.
As you know, Christine Lagarde, head of the IMF, is the woman in the middle.
When asked about the task force, she said:
“As I see it, all this amounts to a brave new world for the financial sector.”
Yes, a brave new world where the dollar is no longer the world reserve currency.
Barbara C. Matthews, a former US Treasury Department attaché to the European Union, has reached the same conclusion.
She said the link between the globalists’ currency and Distributed Ledgers “is impossible to avoid.”
And that “the IMF seems to be exploring the possibility of permitting a broader use of [their globalist currency] beyond internal transactions among member central banks.”
Make no mistake, if the IMF is planning to use Distributed Ledgers to replace the U.S. dollar with SDRs. And just to be clear, when SDRs take over, the American people will be left with devalued dollars.
Read More @ DailyReckoning.com
by Alex Christoforou, The Duran:
More excerpts from “Crooked” Hillary Clinton’s new book, ‘What Happened’ are making the rounds on the interwebs.
The latest insider election secret that HRC is revealing details how then US President Barack Obama assured Hillary she had won the US Presidency the night before Trump trounced her in the electoral college…take out the millions of votes Hillary won in California and the popular vote would have also tipped in Trump’s favor.
24 hours before telling her that she had to concede to a victorious Trump, Hillary wrote that Obama whispered to her…
“You’ve got this. I’m so proud of you.”
The kicker is that Hillary’s husband, former President Bill Clinton told his her:
“You might lose.”
Not clouded by ideology and all those “feelings”, Bill Clinton saw the writing on the wall…his wife as a terrible, if the not the worst, politician of all time.
After her defeat to Trump, HRC wrote…
“I was numb. It was all so shocking.”
The Daily Mail UK reports…
Hillary Clinton got an election-eve assurance from President Barack that turned out to be historically fake news when he told her the election was in hand, the failed nominee writes in her new memoir.
The nation’s first black president gave a hug to the woman he believed would break another historical barrier and carry on his legacy during their last night campaigning together at a packed outdoor evening rally in Philadelphia.
Just hours later, Obama was counseling Clinton to concede on election night, Clinton writes, in a portion of the book reported by CNN. He didn’t want her to drag out the angry and prolonged campaign.
Read More @ TheDuran.com
by Susan Duclos, All News Pipeline:
It appears that the Clinton campaign’s “digital” guru, Peter Daou, has decided that Hillary supporters need an online “sanctuary,” billed as “Media for the 65.8 million,” where Clinton supporters can create virtual cards with quotes on them and even add an image if they so choose, much like the highly popular “memes”. The website’s name is “Verrit” which claims that it “collects and contextualizes noteworthy facts, stats, and quotes for politically engaged citizens. Each “verrit” is a verified item of information marked with a 7-digit identification code.”
Hillary Clinton herself has endorsed this site, which states on the page she linked to while endorsing it via Twitter, that it is for the 65.8 million people that voted for her, and its “purpose is to become their trusted source of political information and analysis; to provide them (and anyone like-minded) sanctuary in a chaotic media environment….”
On that page, Daou highlights a couple his own questions via Twitter, offering an explanation of why he created this website, saying “I can name thousands of people I connect with on Twitter who are #StillWithHer. Where is THEIR big media profile? Have they EVER had one?”
Let me answer that before detailing how the website is being panned by liberal media and conservative alike, as well as the “problems” the site has already experienced and how those that did not vote for Clinton have basically turned the site into the laughingstock of the Internet already.
Yes Clinton supporters have had a “media profile,” and it is called the mainstream media, the same media that did everything in their power to influence voters before the election… and failed. The same media that publicly admitted they were “promoting” her even before she announced she was running for president.
CLINTON SUPPORTER ‘SAFE SPACE’ WEBSITE PANNED BY LIBERALS
Most would expect conservative leaning media outlets and Independent Media sites that fought against Clinton becoming president would generally pan this type of propaganda website that uses the #StillWithHer as their rallying call, apparently not understanding the election is over and Hillary Clinton lost the electoral college decisively, which despite their constant claim of Hillary won the popular vote, when frankly, that means nothing since America has always used the electoral college as its voting system.
What is surprising though is how the liberal media and blogs have reacted to this website, with outlets such as Washington Post declaring in their headline “Verrit, the pro-Clinton ‘media platform’ that’s looking worse and worse.” (Archive is link here)
A couple of brutally critical key quotes from that article shows that it isn’t just “conservatives” that see this Verrit sites as some type of “safe space” for Clinton supporters:
This isn’t especially useful to anyone. The only thing Verrit is capable of debunking is parodies of Verrit. False statistics from elsewhere don’t come with codes that users can check against the site’s database. Neither, of course, do real ones. Verrit’s collection is finite — filled only with carefully curated cards that confirm Clinton voters’ views. It serves no purpose except to spare those voters the need to confront beliefs that conflict with their own.
Verrit has taken all the worst parts of today’s liberalism and turned them into a website. It is a safe space for middle-of-the-road Democrats, seeking to shelter them from conversations that would help far more than they hurt, based not on any actual issue of identity but instead on their preference for a candidate who was defeated 10 months ago. It’s only going to help them lose again.
The left-leaning Politico website is even more brutal as they headline with “This Pro-Hillary Website Looks Like North Korean Agitprop,” where their sub header states “Peter Daou, the prickly pro-Clinton operative, has launched a propaganda rag so shameless it would make Kim Jong Un blush.”
Who would buy stock in a twice-defeated presidential candidate?
If the candidate under question is Hillary Clinton, that zealous buyer would be Peter Daou, one-time rocker, seasoned political blogger, former campaign adviser to John Kerry and Hillary Clinton, ambitious litigant, propagandist and internet entrepreneur. A couple of days ago, Daou launched his self-funded Verrit.com, a slavishly pro-Clinton site (endorsed by Hillary!) to carry on her failed crusade.
The derision greeting Verrit is so universal it inspires sympathy for Daou, as Gizmodo, the Washington Post, Outline, New Republic, New York, The Ringer and others have broken its back with their snap judgments. “Verrit, a Media Company for Almost Nobody,” read one headline. “No One Asked for Verrit, But Here We Are,” stated another. “What Is Verrit and Why Should I Care? (Unclear; You Shouldn’t.),” said a third. “Peter Daou Continues to Embarrass Hillary Clinton,” asserted the best in show.
One example they missed comes from the progressive liberal website slate, where the title basically says it all “Clinton Confirms That Democrats Will Relitigate the 2016 Primary Until the Sun Swallows the Earth.”
Much like her new book is doing, while blaming Bernie Sanders, Barack Obama, the DNC, democratic voters, Russia, James Comey, women voters, and misogyny, for an election she lost.
From her book to her endorsement of this new Hillary supporter “safe space” website, even Democrats that were her donors and surrogates for her campaign are sick and tired of her constant complaints, blaming everyone, and her narcissistic desire to stay in the spotlight, as they are saying “The best thing she could do is disappear. She’s doing harm to all of us because of her own selfishness. Honestly, I wish she’d just shut the f— up and go away.”
A former Obama aide describes it as “the Hillary Show, 100 percent. A lot of us are scratching our heads and wondering what she’s trying to do. It’s certainly not helpful.” (Source – The Hill)
Other headlines and reactions to the Verrit site can be seen at Washington Free Beacon, who concludes “It Appears Clinton Is Only Person Who Likes News Platform Verrit.”
THE TROLL JUST GOT TROLLED ‘BIGLY’
Well it didn’t take long after Hillary Clinton endorsed the Verrit website for the site to crash, with Daou claiming it was because of DDoS attacks, but as a “digital” guru, it didn’t look good to go down so soon after creating the website, but the most hilarious aspect of Daou’s Twitter trolling of anyone and everyone that ever said anything critical of Clinton or her campaign, even supporters that held her accountable for her own loss, is how Daou the troll, is now being trolled by others who are creating their own Verrit “verified facts’ and quotes.
Read More @ AllNewsPipeline.com
from HA Goodman:
You won’t hear about THIS on CNN.
by Michael Krieger, Liberty Blitzkrieg:
Being called a traitor by Dick Cheney is the highest honor you can give an American, and the more panicked talk we hear from people like him, Feinstein, and King, the better off we all are. If they had taught a class on how to be the kind of citizen Dick Cheney worries about, I would have finished high school.
– Edward Snowden
Today’s post will focus on the political environment I’d like to see, not in my ideal fantasy world, but within the context of the system we have today.
As things stand, we’re being bombarded relentlessly about how divided we are as a people and how these divisions have become insurmountable. By constantly focusing on genuinely divisive social issues, the media creates a self-fulfilling prophesy, which merely serves to divide us further. Allowing ourselves to be pitted against one another redirects much of our political energy, and ensures we will never unite and face the real existential threats to the nation.
The truth of the matter is this. We as Americans have a legacy that consists of certain key principles enshrined in our Constitution. The most important of these are the first ten amendments to our founding document, known as the Bill of Rights. These simple yet timeless passages inform us we posses certain liberties that should never be infringed upon no matter what emotional state the public or politicians happen to be in at any given moment. They protect us not just from the government, but also from the periodic unrestrained, authoritarian passions of each other.
While the Bill of Rights represents a core set of principles the nation was founded upon, they are very much in jeopardy in practice. The 4th Amendment has more or less vanished into thin air as a result of the hysteria generated from two failed government crusades, the “war on drugs” and the “war on terror.” Both of these “wars” have served little purpose other than to manufacture enough fear so the general public accepts a creeping unconstitutional surveillance state. With the right to privacy sufficiently weakened, we now see certain factions going after the most important right of all, the right to free speech. If free speech ends up being lost, the American experiment will be over.
As such, the current state of affairs presents both an existential threat and a fascinating opportunity. Since the Bill of Rights itself is under attack by authoritarian factions on both the “right” and the “left,” we are gifted with a critical issue that can hopefully unite the majority of us. If we can’t agree that these core civil liberties represent a fundamental part of the American experiment, then America no longer exists. Indeed, the defining feature of a real patriot isn’t flag waving and cheerleading televised invasions, but a tireless commitment to the civil liberties expressed in our Constitution. There aren’t many things in life worth dying for, but that’s one of them.
A healthy political environment would consist of a vast majority of the U.S. population being vigorously protective of the Bill of Rights and the civil liberties enshrined in them. This would force politicians of all stripes to instinctively proclaim their undying allegiance to such ideals, thus making it unthinkable for any of them to pass laws or advocate for executive orders that infringe upon these rights. The present environment is pretty much the exact opposite. Large segments of the population have been so bombarded with endless fear-mongering they’ve been conditioned to beg politicians to do away with civil liberties in order to provide security. This is a rejection of our true heritage and is the most unpatriotic thing a U.S. citizen can do.
We currently reside in a country where the consensus position of most establishment politicians from both the Republican and Democratic cults is to push for a reduction of civil liberties in the name of safety. This has become particularly perverse following our nationwide mental breakdown during the post 9/11 period, and it continues to get worse and worse. It’s no coincidence that things have so fundamentally deteriorated in our society and economy since that gruesome attack. As a people, we turned our backs on our heritage and assumed the role of fearful subjects, as opposed to engaged, active citizens. Politicians have taken full advantage of our deranged submissiveness, and the results are all around us. We now live in a predatory, unaccountable oligarchy.
This isn’t to say issues beyond civil liberties are unimportant or should be discarded. What I’m saying is we need to take a step back as a people, assuming we still want to function as a nation, and look at our first principles. It’s imperative that we focus at least some energy on the really big picture items that should unite us all. We need to make civil liberties a suicidal line for any politician to cross, which would put them on notice that we will not be so easily manipulated. Once we’ve reaffirmed consensus on some core principles, all the other issues can and should be vigorously debated by various factions and political parties.
As things stand today, nothing seems to unite us, and mainstream politicians in both major parties tend to exhibit widespread authoritarian tendencies. We saw it with Bush, Obama and now Trump. The only way to break the cycle is for us to unite on certain core issues and say enough is enough.
Read More @ LibertyBlitzkrieg.com
by Carey Wedler, Activist Post:
The Federal Emergency Management Agency (FEMA) has suffered from a shoddy reputation for quite some time, particularly after its failed response to Hurricane Katrina in 2005. As the Gulf coast recovers from Hurricane Harvey and Hurricane Irma approaches Florida, FEMA faces further failure as its funds near depletion.
Bloomberg reported Tuesday that the agency is nearly broke and is expected to run out of money on Friday, according to a Senate aide. According to the outlet:
As of 10 a.m. Tuesday morning, FEMA’s Disaster Relief Fund, which pays for the agency’s disaster response and recovery activity, had just $1.01 billion on hand. And of that, just $541 million was ‘immediately available’ for response and recovery efforts related to Hurricane Harvey, according to a spokeswoman for FEMA who asked not to be identified by name.
The $1.01 billion in the fund Tuesday morning is less than half of the $2.14 billion that was there at 9 a.m. last Thursday morning — a spend rate of $9.3 million every hour, or about $155,000 a minute.
The Trump administration has already asked Congress for nearly $8 billion in additional funds, though Reuters noted that request may be delayed unless Congress raises the debt limit, as Secretary of the Treasury Steven Mnuchin has asked it to do.
“Without raising the debt limit, I am not comfortable that we will get money to Texas this month to rebuild,” Mnuchin told Fox News.
Even the $8 billion sum is only a drop in the bucket compared to the estimated damage Harvey incurred. Texas Governor Greg Abbott expects recovery and rebuilding will cost between $150 to $180 billion.
Unsurprisingly, Brock Long, head of the U.S. Federal Emergency Management Agency, told CBS News that state and local governments need to step up their efforts.
“People cannot depend solely on the Federal Emergency Management Agency to, you know, be responsible for a majority,” he said, CBS reported Sunday. He said Texas is already serving as a good model for non-federal preparedness.
Regardless, as Hurricane Irma — deemed one of the strongest Atlantic hurricanes ever to hit the Atlantic — strikes Puerto Rico and other islands as it approaches Florida, Georgia, and South Carolina, FEMA’s prospects are not looking good. According to Elizabeth Zimmerman, who served as FEMA’s associate administrator for the office of response and recovery until January, “If it’s down to $1 billion or less, then I would say there’s a great concern.”
Read More @ ActivistPost.com
from TRU News:
Sooner than expected, President Donald Trump will have an opportunity to shape U.S. monetary policy with the announcement Wednesday that Federal Reserve Vice Chairman Stanley Fischer is resigning effective in mid-October.
Fischer’s resignation letter to the president states:
I am writing to inform you that for personal reasons it is my intention to resign from the Board of Governors of the Federal Reserve System on or around October 13, 2017.
It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System. During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans. Informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system stronger and more resilient and better able to provide the credit so vital to the prosperity of our country’s households and businesses.
Fischer is the former chairman of Citigroup, and also served as governor of the Bank of Israel, as first deputy managing director of the International Monetary Fund, and as the chief economist at the World Bank. He also taught economics at MIT for more than 20 years—former Fed chairman Ben Bernanke was a student.
Currently, three other seats on the seven-member Board of Governors are vacant, and Chairwoman Janet Yellen’s term expires in February. Prior to Fischer’s announcement, analysts were predicting National Economic Council Director Gary Cohn would be the president’s choice to succeed Yellen.
The president will now have the opportunity to replace all but two members of the Board of Governors at the Fed during his current term in office.
Read More @ TRUNews.com