- This is a great interview on KingWorldNews of maestro James Turk:
I like to see all of the markets confirming each other and that’s what seems to be evolving. We should see the HUI and XAU break to new highs, while silver closes above $21 and gold takes out $1,300. … you want to see all markets confirming, and when everything is in gear this way, that is when the upside momentum begins to develop.
Today’s close is important because as you approach the weekend you tend to get strength anyway. So a strong close could bring in those buyers who don’t to be left standing at the station when the train leaves.
… With regards to silver, the previous intra-day high was $21.34 spot on the 17th of March, 2008. Taking out that high will confirm that this 3 year accumulation pattern is complete and sets up its next price target of $30 an ounce.
I think there is a possibility that the $30 level could be reached rather quickly, perhaps in just a few weeks, if the upside explosion we’ve been talking about this past couple of months continues to follow my expectations. ….“In that explosion type of scenario a 50 to 1 gold/silver ratio would put gold at $1,500.”
- The collapse of the USD can happen overnight. The dollar index has already dropped from 88.x to 79.x in a few months and has recovered a little today. The trend clearly is down, a much weaker USD. All the pressure on China to revalue its Yuan higher against the USD, may be missing the big picture. The CNY may be the only currency that is propping up the USD. Any large appreciation will probably lead to the collapse of the USD.
- Hyper-inflation is more probable as each day goes by. The USD is toast! The schedule to toilet paper status is debatable. But USD debauchery is a certainty. With its demise, we will see the beginning of a global currency crisis. All fiat currencies are essentially fraud run by privately owned central banks!
That Rumbling Sound Is the Dollar Giving Way
For nearly twenty years, we haven’t flinched from our prediction that the massive debt build-up of the last generation would precipitate out as a deflationary bust. That is what we still expect, although we now believe there is likely to be a hyperinflationary phase at some point as the financial system implodes. But the bottom line is that no matter how things play out, America’s standard of living will fall more steeply than at any other time since the Great Depression. As for the deflation-vs.-hyperinflation “debate,” it is useful only to the extent it helps predict how mortgage debtors will fare as this economic cataclysm plays out. We seriously doubt they will be “saved” by the kind of hyperinflation that would put hundred-thousand-dollar bills in Joe Homeowner’s wallet. Imagine how mortgage lenders would react if Joe could peel off three or four of those bills and say, “Okay, pal, we’re square.” This scenario will seem particularly unlikely to those who believe that these economic hard times have been engineered by Masters of the Universe intent on stealing our property. Trust us on this: If there’s a hyperinflation, it is the rentiers who will get screwed most ruinously, not the little guys.
Even so, that doesn’t rule out the prospect of a fleeting, hyperinflationary spike on the way down, since widespread notions concerning the dollar’s true value could change precipitously overnight. We mention this because notions are already beginning to change in ways that leave the dollar increasingly vulnerable to a global run. The exploding caldera of fear that will eventually bring this about bubbled to the surface yesterday when the Fed confirmed yet again that it is absolutely clueless about how to get the economy moving. The central bankers’ muddled talk of still more “quantitative easing” (QE2) is about as reassuring as the promise of more sanctions against Iran. Paul Krugman may be the last person in America who still believes that additional heaps of “stimulus” will do the trick. On Wall Street, however, the belief is clearly ascendant that QE2 will only wreck the dollar without providing any lift to the economy. That could explain why stocks fell yesterday while gold and silver soared. Not that the yahoos on Wall Street exhibited perfect knowledge. To the contrary, the broad averages shot up initially, driven by headless-chicken panic, and T-bonds finished the day with anomalously large gains despite the louche tittering about further easing.
Peter Schiff has provided the most plausible scenario for a hyperinflation. He foresees a day when confidence in the dollar collapses, as it eventually must, forcing the Fed to become the sole buyer of Treasury debt. When municipal and corporate bond traders realize on that same day that there is no official support for their markets, private debt will go into a death spiral, forcing the Fed to monetize all bonds. Under the circumstances, the Fed would not become merely domestic debt’s buyer of last resort, but the only buyer. Voila! Hyperinflation.
It should be noted that it is not some certain quantity of money injected into the banking system that will cause hyperinflation; rather, it will be the repudiation of all dollars already in circulation. Holders of physical dollars will panic to exchange them for anything tangible, causing the dollar’s value to fall to zero in mere days. Everything needed to trigger this collapse is already in the pipeline, and it is only the truly benighted, Nobelist Paul Krugman foremost among them, who cannot see the obvious. As for mortgage debt, you will still owe $250,000 on your home the Day After, except that your home will be much more deeply underwater than before – worth perhaps $20,000 instead of $180,000. Mortgage lenders will have to work with you – work with scores of millions of homeowners who are in the same boat – to bring about a reconciliation. No one can predict how already-unpayable mortgage debt will ultimately be paid, but it is almost certain to require a radical change in our laws in order to avoid the kind of social upheaval that could jeopardize the very rule of law.
- I do not deal in unsubstantiated speculation. I deal with facts. This coming One World Currency and Global Central Bank is an Illuminist plan. These people have engineered this ongoing global economic collapse to drive the world to their pre-planned solution: A Global Luciferian Police State –> ’666′.
- They are about to initiate phase 2 of their plan: total economic, financial and monetary collapse leading to world war. By triggering a collapse of the USD, they want to start off their global monetary/currency crisis. How do you get sheeple all over the world to accept your One World Currency? By destroying all fiat currencies. Again I repeat: buy physical gold/silver to protect yourselves. All fiat currencies and paper assets (derivatives, stocks: except gold/silver mining stocks, insurance policies…etc) will be debased.
- What you need (ie for survival) will skyrocket in price ie hyper-inflation. What you want (luxury and not a necessity) will go down in price ie asset deflation. Putting it another way: goods that usually need financing/borrowing will go down in price eg. house, car.. goods that are normally dealt in cash will go up in price eg. food, wheat, petrol, gas… basic necessities.
The Globalists Plan for a Coming World Currency
What used to be talked about as “conspiracy theory” is now being discussed openly among the nations of the world. A global currency called the “Bancor” may soon be the global currency, and along with it a global central bank.
“Give me control of a nation’s money and I care not who makes her laws.”
Those were the words of Mayer Amscel Rothschild of the Elite Rothschild Banking Family of Europe. And it is apparent that those in power hope to gain control of not only a single nation’s money, but of all nations’ monetary systems into a single Central Bank with a Global Currency. In that instance, whoever controls the monetary system of the world, will in effect control the policies and laws globally as well. One of the preliminary measures of incorporating a global currency, however, seems to be the destruction of currencies around the globe in order to justify its inception.
Steps for bringing about this New World Order currency have been in the works for a long time, and the proponents are patient and deliberate. Calls for a global currency began to come about after WWII, when John Maynard Keynes and the British government proposed the “Bancor” as a world reserve currency. Although it has taken time and effort, it looks as though the current economic crisis has set the stage for the demise of the dollar as a world reserve currency to make way for the proposed Bancor.
The Federal Reserve and our government are also in on the plan apparently, as the Fed continues to devalue the dollar through “easing” as they call it, or printing more and more of it. Our government then continues to grow and spend more and more as well, only to exacerbate the problem. Of course, Secretary of Treasury Timothy Geithner said back in 2009 that the U.S. would be open to a world currency as well!
Geithner then went on further to say however, that ” ..But you should think of it as rather evolutionary building on the current architecture, rather than to moving us to a global monetary union.” Geithner obviously knows that increasing the use of SDRs to the IMF will eventually make way for “a global monetary union” as he puts it. How do I know this? In a recent document by the International Monetary Fund, drafted on April 13, 2010 titled Reserve Accumulation and International Monetary Stability , the report shows that while there are benefits to the use of SDRs, there are also some limitations and drawbacks. One of those drawbacks stated in the same document is the fact that the SDR is not a currency:
From SDR to Bancor. A limitation of the SDR as discussed previously is that it is not a currency. Both the SDR and SDR-denominated instruments need to be converted eventually to a national currency for most payments or interventions in foreign exchange markets, which adds to cumbersome use in transactions. and though an SDR-based system would move away from a dominant currency, the SDR’r value remains heavily linked to conditions and performance of the major component countries.A more ambitious reform option would be to build on the previous ideas and develop, over time, a global currency. Pg 26. (emphasis mine)
Also to be noticed is the latter portion of the video, where Geithner says these very pertinent words:
“It is very important just to underscore that… the future evolution of the dollar’s role in the system, depends really primarily on how effective we are here in the United States, in getting not just recovery back on track, our financial system repaired, but we get our fiscal position back to the point where people will judge it as sustainable..”
If these are the parameters for avoiding a global currency, then we are in serious trouble. It looks as though we may see the bancor soon.
In an article by James Turk on Kitco.com, he states clearly that the Fed is printing too much money and rapidly devaluing the dollar. He states in the article that commodity prices are rising not because of good economic activity, but because of what the Fed calls “quantitative easing“.
Carrol Quigely stated a similar development of a world bank in collaboration with central banks around the world, but with far more sinister motives and not the rosy picture Mr. Stephen Gallo is painting:
“The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.”
Tragedy and Hope: A History of The World in Our Time (Macmillan Company, 1966,) Professor Carroll Quigley of Georgetown University
The housing market collapse, auto industry government takover, Wall Street and Banker bailouts, as well as the reduction in manufacturing here in the United States among other things, are all contrived events by the Elites in order to systematically crush our economy and our currency, in order to make way for this ominous takeover of the world’s monetary systems and the completion of a New World Order Feudalistic Dictatorship.