- We are seeing the beginning of the global monetary crisis. It will spread like wildfire from Europe to Japan and finally America. When these major currencies collapse, it affects the entire world. Practically all countries have reserves in USD and many have it in Euro or Japanese Yen. Will currencies in other countries be affected? I think so. Collapse of major currencies will affect all currencies. Dennis Gartman gies his views to Lara Crigger:
Dennis Gartman is the mind behind The Gartman Letter, a daily newsletter discussing global capital markets. For over 20 years, The Gartman Letter has tackled the political, economic and social trends shaping the world’s markets, and Gartman himself is a frequent guest on CNBC, Bloomberg and other financial media outlets.
Recently, IndexUniverse Associate Editor Lara Crigger sat down with Gartman to discuss his thoughts on the fate of the euro, including how Greece could doom the dollar, why you should dump dollar-denominated gold and whether inflation or deflation is yet in store.
Crigger: Recently we’ve been seeing the dollar trade higher relative to the euro. Is this due to strength in the dollar, or is it weakness in the euro?
Gartman: The latter. Actually, the euro isn’t just weakening relative to the U.S. dollar. The euro is weakening relative to the Australian dollar, the New Zealand dollar, the Canadian dollar. While it’s holding its own relative to the other European currencies that are not members of the European Monetary Union—the pound sterling and the Swiss franc—the euro is very weak relative to dollars overall. So I think that argues that the euro that is weak, not the [U.S.] dollar being demonstrably strong.
Why is that so? It’s because of the problems that are extant right now with Greece. We know the problems that Greece has fiscally, and if Europe—or really, Germany and France, because for all intents and purposes, that’s who the European Monetary Union really is—if Germany and France come to Greece’s aid, then who’s next? Maybe then Portugal. And if they bail out Portugal, then Spain’s next. Where does it stop? It doesn’t.
Crigger: So which is worse for the euro: a Greek default or a Greek bailout?
Gartman: I think a Greek bailout would be worse. Again, if they bail out Greece, then it’s only a matter of time before the next group asks to be bailed out. If they were to throw Greece out of the European Union and out of the political union, and say, “You know what guys? You never had the stream of income that you said you had; you have a horrifyingly tax-averse public, who is at the same time even more horrifyingly willing to drink at the trough of federal payments … you lied to us. You’re out.” If they did that, then maybe that would be beneficial. But are they really going to do that?
Crigger: With this bleak situation facing the European Union, is the euro doomed?
Gartman: Yes. For all intents, I think the euro is doomed. There were many who said they didn’t think the euro would make it past the first important recession. Well, this is really the first important recession since the creation of the euro. And I’ve been surprised it has lasted as long as it has. Honestly, I think the euro is a doomed currency.
But these things take time to play out. The euro will still be extant by Feb. 28. It will still be around by March 30. It’ll probably still be around by the end of April, and the end of this year, and it will probably still be here a year and a half, two years from now. But I think these are terminal problems that the monetary union and the political union are facing, and it’s only a matter of time before it ceases to exist. Will it happen overnight? No. It will happen in a slow, very painful, long-standing, horribly drawn-out, ugly affair.
Crigger: A few years from now, when we look back at this time, are we going to say the Greece crisis was the turning point?
Gartman: I think the turning point was in late November of last year. That’s when I think the market began to understand that there were problems coming. What was important was that the technicians saw it first. The euro broke its uptrend that had extended back for 18 or 20 months. Now we understand why it broke.
Crigger: The European Monetary Union expended so much time and effort in creating the euro. Won’t that help propel the euro forward?
Gartman: That has propelled the euro forward. That’s why the euro made it to fruition in the first place, in that so much mental capital and political capital had been expended in the 20 years to get it up and running. So much so, that even though Germany was not enamored with the notion of a unified currency, everyone else had spent so much time and there was so much invested in it, that they had to go with it. They had to bring it to the market.
- Pastor Lindsey Williams, ex-missionary to oil workers on the Alaskan pipeline, produced this new series of DVDs to tell the public what the Illuminati elite plan for America and the world. This was produced in January 2010. Topics covered includes:
- Derivatives problem will cause a global financial collapse. Dubai City and Dubai World bankruptcy. What has Dubai World got to do with the derivatives market?
- Afghanistan, Pakistan and Yemen are mainly sabre rattling to distract the sheeple from the main issue of economic and financial collapse.
- Health care bill is really a total government take over. Read the fine print: gun confiscation, euthanasia, RFID micro-chipping, bigger government ….
- Oil prices will rise correspondingly with the devaluation of the USD.
- Oil will still be priced in USD. In fact crude oil is still the standard currency of the world. By watching crude oil prices, you will be able to tell how much the USD is being devalued.
- The Illuminati elite have everything to gain with the economic collapse of America. They will be able to buy up assets at pennies to the dollar.
- Hyper-Inflation is coming. Within 2 years the USD will be dead.
- Who are these ruling elites? What are their nationalities, race or ethnicity…? Their god is the ‘prince of the power of the air’, Satan.
- and many more issues ….
- See also:
Lindsey Williams: The Elite Speak (Disk 1 of 3), The Coming 12 Months.
Lindsey Williams: Reality Disk 3. World War Planned After 2 Years. It Will Be Triggered In The Middle East!
Lindsey Williams: Hope Disk 2. Within 2 Years The Dollar Will Be Worthless. Gold And Silver Are The Currencies Of The Elite!
Lindsey Williams: Tragedy Disk 1. The Illuminati’s Plan For The Next 2 Years!
Ex. British Military: The Illuminati Plans World War 3 in 18 – 24 Months!
Holes In Heaven: HAARP and Advances in Tesla Technology ! Mind Control, Weather Modification and Warfare!
Jesse Ventura: HAARP – Weather Modification, Military Defence and Mind Control!
Mind Control: The Ultimate Brave New World by Dr. Nick Begich
Weather Warfare Weapons – Part 1
Weather Warfare Weapons – Part 2
- Although, I am unable to confirm this, there is more than a grain of truth in this. China will not publicly acknowledge this as it will drive up the price of gold.. All the talk about central banks no longer interested in buying physical gold from the IMF is pure propaganda. It is the attempt by the gold cartel to manipulate the price of gold lower to protect their fiat currencies. Many Asian central banks are looking to buy gold and dump the USD! This looks like the trigger for the next gold rally to $1500/ounce minimum. Remember, after India bought 200 tonnes from the IMF, gold went on a run to $1226/ounce! The reality is, China need to dispose of its US$2.5 Trillion of USD denominated reserves, mostly treasuries and USD. They need to buy something like 5,000 – 6,000 tonnes conservatively, to shore up their gold reserves. Pravda reports:
China has confirmed the intention to purchase 191.3 tons of gold from the International Monetary Fund at an open auction, Finmarket news agency said.
World central banks started to increase their gold reserves after prices on gold began to climb in 2001. The IMF sells gold within the scope of a program to diversify sources of income and achieve an increase in lending.
The IMF announced an intention to sell 403.3 tons of gold in accordance with the adequate decision made by the board of directors of the fund in September of 2009. India, Mauritius and Sri Lanka purchased about 212 tons of the amount at the end of 2009. India purchased most – 200 tons.
China’s interest in international trade is connected with the development of the nation’s economy, as well as with the growing consumer demand in the country.
“Chinese officials have confirmed previous announcements from IMF experts and said that the purchasing of 191 tons of gold would not exert negative influence on the world market. China is interested in the development of the domestic consumer market,” the agency reports.
Most of Chinese citizens believe that investing in gold jewelry is a good way to avoid inflation, Rough & Polished agency said. The IMF has received the profit of $7.2 billion from gold sales. A part of the funds is to be used for crediting poor countries.