Socio-Economics History Blog

Socio-Economics & History Commentary

Egon von Greyerz: Dollar Going to Collapse, Debts Can Never Be Repaid !

  • Egon von Greyerz-Dollar Going to Collapse, Debts Can Never Be Repaid! 
    by Greg Hunter’s USAWatchdog.com 
    Gold and financial expert, Egon von Greyerz, says buckle your seat belts–a replay of the 2008 financial crisis will “soon return.”  Greyerz contends, “What happened in 2008 was expected by us for quite a long time.  The solution of $25 trillion to save banks and financial markets was not a solution.  It was just a temporary deferral of the problem.  The money, as we know, went into the banking system, and it didn’t go into the real economy.  The banks in Europe still have the same problems.  They are leveraged as much as before.  Deutsche Bank is leveraged 50 times.  U.S. banks are slightly less leveraged, but they have the derivatives that are not included on their balance sheets; of course, but if you include that, they have more leverage than the European banks. . . . We are now in a situation where every major economy in the world is in a total mess.”  Greyerz goes on to explain, “Japan’s economy is going to disappear into the Pacific.  China is having its problems.  Europe has problems.  The EU will never work and was not supposed to work.  The euro is an artificial currency and, in the long run, will not survive.  The U.S. stock market is at an all-time high, but that has nothing to do with the real economy which is an absolute mess.  So, the world has never been in a situation where all nations simultaneously are having problems that are insoluble.  Every major nation is running a deficit today.  So, right now, I think we are going to revisit 2008; but this time, there is no solution.
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    On the value of the U.S. dollar, Greyerz predicts, “The problem is it’s not just the dollar.  The dollar is the first one that’s going to fall, but all the currencies are in a race to the bottom.  Since 1913 when the Fed was created, we’ve seen a fall of 97% to 99% of ALL currencies against gold.”
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    So, what might this next financial calamity look like?  Greyerz, who controls the largest gold vault in Europe, says, “We are specialists in wealth preservation.  Our task is to analyze the risk and take all the measures possible to protect clients from the risk that we see, and the risks are bigger than ever in the world. . . . We are going to see a major financial disaster and possibly collapse.  The world has been living above its means for a hundred years.  It has gradually gotten worse as central banks have printed more and more money. . . . Just in the United States, in the last eight years, the debt has increased from $8 trillion to $17 trillion.  That is an increase of $9 trillion in just eight years.  That is more money than was created in the creation of the United States from over 200 years ago to when Bernanke took over.  That is happening everywhere in the world. . . . The dollar is going to collapse, and all the other currencies will follow.  It will then be revealed that all these debts can never be repaid.  Will they be repaid with inflationary money?  That’s not repayment.  In the end, there is going to have to be a reset; and I fear that, in the end, there will not be an orderly reset.  I fear we will have a hyperinflationary depression first and then a deflationary depression.”
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    On World War, Greyerz says, “That’s been the rule whenever an empire is collapsing.  The actions they take are they start wars everywhere because then you can frighten people and you can borrow more money.  Of course, to some extent, the United States has done that. . . . There could easily be a war, and just look at Ukraine. . . . Here we have a situation that just arose in the last six months that nobody talked about last year.  That, in itself, is a very dangerous situation. . . . Ukraine is just one situation.  When you take a look at what’s happening with Iraq, Saudi Arabia and the Middle East, it’s a very unstable situation also.  War is certainly a major part of the risks we have.”

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July 16, 2014 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

PM Fund Manager Warns of Derivatives Meltdown & “Open Season” On Your Bank Account!

  • PM Fund Manager Warns of Derivatives Meltdown & “Open Season” On Your Bank Account! 
    by http://www.silverdoctors.com/
    In the MUST WATCH video above, PM Fund Manager Dave Kranzler explains the colossal size of the derivatives market and the heads-Wall Street-wins / tails-Main Street-loses nature of this painstakingly rigged casino.
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    Do you think derivatives are unregulated? They are–until a series of bets goes bad and starts toppling a bank, at which point rules materialize out of nowhere and meticulously provide for the looting of your checking and savings accounts to pay off the bad bets made by your bank.

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    When (not if) the derivatives chain of dominoes starts to teeter, it’s going to be Open Season on your bank accounts.
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    Say, what interest rate is your bank paying you to take on such a huge risk, anyhow?

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July 16, 2014 Posted by | Economics | , , , , , , , , , , | Leave a comment

Pastor Lindsey Williams: 2015 – Elite Agenda – New DVD!

http://www.prophecyclubresources.com/2015-ELITE-AGENDA/productinfo/LW-2015EA/

Click on image to order DVD!

  • 2015 – Elite Agenda – New DVD From Pastor Lindsey Williams! 
    by James Harkin, http://www.lindseywilliams.net/ 
    The Elite have told me what will happen in 2015.
    I can keep silent no longer. I must tell you what I know. This DVD will be one of the greatest assets you will have in 2015 as you watch these events transpire. 2015 will be the most unusual year you or I have ever lived through.
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    It has been very difficult for me to produce this DVD. I could not decide how to tell you what I have been told in a way that will persuade you to believe it.
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    In this single DVD, I concluded that it would take several guests and even the heavens to try to describe what will happen in 2015. Never before in history have there been such unusual and startling events that will challenge your very soul.
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    Through the blood moons, God is trying to warn you. History is trying to tell you through the Cycles of Seven. The Elite have zapped you and you are wondering, “what in the world is wrong with me.”

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July 15, 2014 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

John Williams: U.S. Economy – Plunge, Stagnation & Turning Down Anew!

  • John Williams: U.S. Economy – Plunge, Stagnation & Turning Down Anew! 
    by Greg Hunter’s USAWatchdog.com 
    Economist John Williams says to forget about the so-called recovery.  What’s coming next is recession or worse.  Williams contends, “The fact that we saw a -2.9% contraction in the first quarter, in official reporting . . . you know the economy is in real bad shape.  It’s continued to the second quarter, and that will gain recognition as all the data gets published.”  Back in 2013, Williams predicted that it would be “game over” in 2014.  What are the statistics showing him now?  Williams says, “They are showing the economy continues to weaken, and it never recovered.  A second quarter contraction here would most assuredly be recognized as a new recession, and I contend we never got out of the old recession.  We had plunge, stagnation and, now, we are turning down anew.”
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    On recent news, the Federal Reserve ending the bond buying program in October. Williams says, “I expect the Fed will always be there to buy it.   I looked at their announcement, and the October end is preconditioned on the economy continuing to show positive economic results as the Fed expects.  That’s not going to happen.  The easings (money printing) that we’ve seen by the Fed have been aimed at propping up the banks by providing liquidity for the banking system.  It’s not stimulating the economy.  Former Fed Chairman Bernanke admitted the Fed was at a point where there was very little they could do to stimulate the economy.  The problem is keeping the banking system afloat.  A weaker than expected economy, and we are looking at something that is much weaker than expected, means the banking system is going to be under further stress.  It hasn’t recovered since the crisis of the panic of 2008.  So, the Fed will want to continue to provide liquidity.  The problem is that is not politically popular.  So, they have been using the bad economy to bail out the banking system, and that is going to continue.  I’ll be surprised if the ‘tapering’ actually comes to an end in October.”
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    So what happens when the second quarter economy comes in weaker than we are all being told?  Williams paints a grim picture and says, “A weaker than expected economy means the budget deficit is going to be worse than expected.  A weaker than expected economy will also tend to trigger selling pressure against the dollar.  I am still looking for a massive decline in the U.S. dollar.  A massive decline and a renewed recession can certainly be a trigger for that.”
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    read more!

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July 15, 2014 Posted by | Economics | , , , , , , , , , , , , , , , , , | Leave a comment

Mexico Looks To Back Peso With Silver: “Would Unleash a Global Power Shift”!

  • Mexico Looks To Back Peso With Silver: “Would Unleash a Global Power Shift”! 
    by Mac Slavo, SHTFplan.com 
    For many Americans the country of Mexico conjures up images of a third world nation. The poverty, lack of basic services, and extreme violence has left the populace so desperate that thousands of people on a daily basis head to the United States for a better life.
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    But according to Future Money Trends, all that could change in the near future as key Mexican financial leaders and politicians have been working to institute sweeping monetary change that, if implemented, could unleash a global power shift of epic proportions.
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    “Take just three or four men out of the ‘anti’ group,” says Hugo Salinas Price, a Mexican multi-billionaire and the man behind the monetary push, “and we could practically get a unanimous ‘yes’ vote in both houses.”
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    Like recent monetary shifts in Russia, China and the middle east that aim to divest themselves of US dollar reserve trade requirements, the news of such a move in Mexico has been downplayed. And though it is being generally ignored as a serious possibility, a powerful consortium of influential people in Mexico believe it is a realistic possibility, and one that could be responsible for shifting the balance of world power.
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    This could be a major turn of events that will have global implications. The action’s set to unfold in Mexico, where many of its most influential and wealthy citizens are demanding the country abandon its fiat currency, the Peso, and return to a silver standard.

    We know that many people are used to looking at Mexico as the violent, crooked, messed up country over the border… the one that sends all those illegals over here because even picking canteloupes for giant U.S. agri-businesses pays better than the job at home… it’s now time to rethink all that, because a silver standard in Mexico would unleash the biggest global power shift since Spain raided the Aztecs 600 years ago.
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    It’s unavoidable. History repeats itself, especially when its exactly the same economic situation.
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    read more!

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July 15, 2014 Posted by | Economics | , , , , , , | Leave a comment

Ron Paul: The Collapse Is Close!

  • Published on Jul 12, 2014
    In this heightened era of government tax and spend — where printing more money is the Fed’s only solution — even our allies are sprinting from the dollar. Nations like Russia and Japan could be turning to the gold standard, and the U.S. is none too pleased.

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July 14, 2014 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , | 3 Comments

Max Keiser: American Financial Quagmire Deepening!

July 12, 2014 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , | 1 Comment

Dr. Jim Willie: Systemic Breakdown of the US Economy and its Deadly Aftermath! (Part 2)

“A real big major split in Hollywood right now. It’s the Satanists versus the old line … And  you see it all over the place in performances by Madonna and Katy Perry and a few others and they have their Satanic symbols and the naïve public say ‘Oh isn’t that cute!’. … triangle with an eye on the wall .. ‘Isn’t that cute’ … They don’t even understand what these symbols are: Satanic symbols! We got one on the backside of the one dollar bill. … The bricks, the 13 bricks (layers of the pyramid) on the backside of the dollar bill … the 13 bricks signify the 13 families from the (Free)Masons and the Black Nobility. Black Nobility means: in Satan’s service. So many of the owners of the Federal Reserve are Satanists. Americans need to wake up!” – Quote from 36:55 onwards

  • Published on Jul 9, 2014
    In Part 2 of this interview, Dr. Jim Willie looks ahead at the fast developing events as the Systemic Failure of the US Economy gathers steam. The landscape of the Financial / Economic and Geopolitical world is fast changing and Dr. Willie’s insights into these issues is invaluable.
Who owns the world reserve currency, the dollar, the global monetary hegemony? Look at the Satanic capstone on your dollar bill. The Luciferian New World Order will be complete with the arrival of the Satanic capstone: the Anti-Christ, fake messiah, bringer of false peace, the white horseman of Revelation 6!

Who owns the world reserve currency, the dollar, the global monetary hegemony? Look at the Satanic capstone on your dollar bill. The Luciferian New World Order will be complete with the arrival of the Satanic capstone: the Anti-Christ, fake messiah, bringer of false peace, the white horseman of Revelation 6!

The Satanic capstone, the Anti-Christ, on your dollar bill !

The Satanic capstone, the Anti-Christ, on your dollar bill !

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July 10, 2014 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Central Bankers Now Provoking War Everywhere To Cover Up The Economic Collapse!

  • Published on Jul 8, 2014
    Get economic collapse news throughout the day visit http://x22report.com

    More news visit http://thepeoplesnewz.com
    Report date: 7.08.2014
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    UK manufacturing continues to decline. Small businesses are not seeing an improvement in the economy. The jobs numbers are falling but spending is declining, Walmart is concerned that the economy is not recovering. Obama asking for 3.8 billion for the illegal immigrant problem that the administration caused. US kidnaps Russian MP, might be used to trade with Edward Snowden. Ukraine waging full out war on the Ukrainian people and the central bankers/US government approve of this action. ISIS threatening all embassies around the world. Back in May the US state department sent explosives to embassies across the world. The US has a plan for civil unrest in the United States. Be prepared for a false flag event.

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http://americanfreepress.net/?p=9149

Click on image for article!

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July 10, 2014 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

Dr. Jim Willie: ISIS is Langley, Virginia – CIA! Iraq to be Broken into 3 Parts, Petrodollar Collapse, American War Empire, Satanic Wall Street / City of London Banksters ….

Click on image to download MP3 interview!

Click on image to download MP3 interview!

  • Dr. Jim Willie: ISIS is Langley, Virgina – CIA! Iraq to be Broken into 3 Parts, Petrodollar Collapse, American War Empire ….! 
    by http://www.tfmetalsreport.com/ 
    Bombs bursting in air. Gave proof through the night, that our Jackass was still there…
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    O
    n Wednesday, our pal Jim Willie stopped by Turdville as our guest for this week’s Access2Access presentation. Vault subscribers asked an abundance of terrific questions and Jim generously donated over 80 minutes of his time answering them.
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    In some ways, I want to apologize for letting this run 80 minutes. I know you’re busy, too, and likely don’t have the time to listen to the entire presentation. That’s OK. Maybe break it up into several sittings? If you do, you’ll hear Jim discuss:
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    If he sees anything significant coming in July
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    The real reasons and sponsors of the fighting in Iraq
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    His preferred ratio of gold and silver holdings
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    Under-the-radar developments with the big, European banks
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    He even gives us his darkhorse World Cup winner and much, much more

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July 10, 2014 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Did the “Central Banks’ Central Bank” Just Call for a Stock-Market Collapse?

Carroll_Quigley_Tragedy_n_Hope2

  • The BIS, FedRes, ECB, IMF, World Bank, BOE … and practically all central banks are privately owned Illuminist corporations. Their owners are the Satanic bloodlines, the Old Black Nobility of Europe headed by the British Monarchy. Their objectives are: Luciferian New World Order, Global Supra-National Central Bank, One World Currency backed by gold –> ‘666’!
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  • This coming collapse is more than a stock market collapse. It is a global economic, financial and currency collapse. The drums of their Satanic WW3 Is beating louder and louder.
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  • Did the “central banks’ central bank” just call for a stock-market collapse? 
    by on June 30, 2014, http://notquant.com/ 
    Don’t look now, but the Bank for International Settlements (BIS), which is often referred to as the “central banks’ central bank”, just advised the world’s central banks to stage a market collapse now rather than later.
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    For anyone claiming that the many global critics of central banks are a “bunch of doomers”, that argument has now been officially buried, as the world’s premier forum of central bankers just sounded the alarm themselves:
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    The risk of normalising too late and too gradually should not be underestimated… The trade-off is now between the risk of bringing forward the downward leg of the cycle and that of suffering a bigger bust later on .”
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    So what was that about “bringing forward the downward leg of the cycle”?   For anyone who thinks collapses aren’t planned, let’s call that “Exhibit A”.  So much for free markets.  Let’s be clear:  The same forum of the world’s central bankers which recommended this monster bubble in the first place  and enriched the world’s top-1% to historic levels, is now discussing “bringing forward the downward leg of the cycle“.  Is there anything that isn’t planned?
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    Oh well, so much for our roaring equity markets. Those are apparently about to be sacrificed in a planned collapse — er, sorry, in a “bringing forward of the downward leg of the cycle“.   Not that our soaring markets were indicative of any underlying economic health anyway.   The BIS was kind enough to point out to it’s member central-banks that, markets are not only officially broken but the disconnect between markets and economic reality is your fault guys.
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    “Financial markets have been exuberant over the past year, at least in advanced economies, dancing mainly to the tune of central bank decisions. … Growth has disappointed even as financial markets have roared:  The transmission chain seems to be badly impaired.   …  Over time, policies lose their effectiveness and may end up fostering the very conditions they seek to prevent”.
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    The BIS is worried about the bubble it recommended in the first place:
    Well it’s all very nice that the BIS has warned that the world’s central banks have now officially broken markets and created a new bubble.    But there seems to be some serious double-speak involved in the language of “recovery” and “new bubble creation”.  Literally everyone in central-banking-land agreed that the bubble needed to be reflated after the housing-bust.  But now that it’s been reflated there’s a rather ironic concern that…uh oh… we reflated it.
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    Hello?
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    read more!

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Josiah_Stamp_BOE_on_Bankers_n_Slavery

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July 10, 2014 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , | Leave a comment

Countdown to Petrodollar Collapse: Saudi Arabia Will Be The Last Staw!

PetroDollar_Scam_Breaking_Down

PetroDollar is dying!

PetroDollar is dying!

  • ” ‘The day’ of reckoning is very close at hand and is inevitable. …. It is my expectation that we will hear any day now from the Saudi Arabians. … Should Saudi Arabia make an announcement of accepting another currency, the dollar will probably gap down 2-3 points initially and never again return to these current ‘heights.’ … In my opinion, our markets and banking system will not hold together more than 2 weeks after any such Saudi  announcement and it could be much faster .. - Quote
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  • Saudi Arabia Will Be The Last Staw
    by Bill Holter, http://blog.milesfranklin.com/ 
    Vladimir Putin spoke last week to Russian diplomats and in my opinion “told it like it really is” whether we like it or not.  He said that “the time of U.S. domination has ended and Russia will be reintegrating the Eurasian landmass (former USSR), while promoting better relations with Europe, ‘which is our natural partner’. “  The full story can be found here.
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    The following is just a sample of what has happened in just the last week alone.  Mr. Putin made this speech and also made the statement that the U.S. was trying to “blackmail” France into not doing business with Russia.  France signed a yuan swap deal with China followed by the head of France’s central bank saying flat out that the world will be encouraged to diversify away from using the dollar.  Also from France, the CEO of energy giant Total said he believes “there is no reason to pay for oil in dollars”.  South Korea announced direct trade with China where no dollars will be used.  Saudi Arabia, Egypt and Jordan all called troops to defend their borders with Syria and Iraq in anticipation of ISIS turning their sights towards them.  The largest bank in Austria revealed that their bad loan portfolio increased by 40%.  In the U.S., the big news was the creation of 288,000 “new jobs”.  Unless you look under the hood you will not hear that 500,000 full time jobs were lost and 800,000 part time jobs were created.  These are all big individual stories and all have something to do with a weakening dollar, a weakening United States and reasons to move away from the dollar.
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    Almost everything that is now happening (almost exclusively bad) revolves around the dollar.  Actions by the U.S. that are now more and more obvious and desperate are designed to prolong the dollar’s life and actions by foreign nations are simply the preparations for when the day does finally arrive.  “The day” of reckoning is very close at hand and is inevitable.  We have lived for several decades where we “borrowed to buy” and paid with a currency that we can print freely and never really settled.  We never “planned” to settle …this was the plan.
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    One by one our allies are leaving us.  Britain has already announced direct currency swaps with China.  France is doing business directly with Russia.  South Korea is also doing direct business with China.  All of these deals are with the exclusion of U.S. dollars.  Each individual deal that is done is another chip away at the dollar.  It is my expectation that we will hear any day now from the Saudi Arabians.  They are the absolute trump card and should they announce any deal with any partner in any currency other than dollars, “the day” will have arrived.  Should Saudi Arabia make an announcement of accepting another currency, the dollar will probably gap down 2-3 points initially and never again return to these current “heights.”  No matter how it is spun by the press, Washington or Wall Street, please know that life as we knew it will have changed.  For us Americans, there will be no going back.
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    In my opinion, our markets and banking system will not hold together more than 2 weeks after any such Saudi  announcement and it could be much faster (as in the next day or even same day).  This is not me “crying wolf”.  The wolf is at the door and if you put the international pieces together this is clear.  Life inside of the U.S. (and all over the world) will change.  Our standard of living will be crushed.  What “dollars” you have left after the smoke clears will purchase far less than they do today.  In my opinion it will take 10 to 20 years before our ship can possibly be righted but never to the status that we have enjoyed so far during our lifetimes.
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    Please do not be fooled or lulled into the “it can’t happen” here syndrome.  Who would have thought that Britain, France and South Korea would ever defect their business practices away from the U.S.?  This has all happened in a very short time span.  I can’t tell you strongly enough that Saudi Arabia will be the last straw, this is only be a matter of time.  We know that even our closest allies are moving away from the dollar and we also know that Saudi Arabia has had several top level talks with both Russia and China recently.  How much more of a “2+2=4″ equation do you need?

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July 9, 2014 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

John Rubino: Money Bubble Will Pop!

  • John Rubino: Money Bubble Will Pop! 
    by Greg Hunter’s USAWatchdog.com 
    John Rubino, author of the new book “The Money Bubble,” can sum up the ongoing global financial problems in a single phrase: “There is too much debt.” Rubino goes on to say, “Debt works the same way for a country as it works for an individual or a family, which is to say if you borrow too much, then your life basically craters. Everything gets harder to do, and you end up doing things in order to deal with your past mistakes that you would never do normally. You start trying absolutely crazy things, and that’s where the world’s governments are right now. . . . We are doing all these things that are essentially con games and getting away with it so far because a printing press is a great tool for fooling people. I don’t see how we can get away with it too much longer.”
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    On the subject of increasing oil prices because of Middle East turmoil, Rubino says, “If gasoline goes to $5 a gallon in the U.S., which it could easily, that’s like a massive tax increase. This would come at a time when things are not that good and consumers are starting to borrow more and more money again. Governments are already deeply in debt. The derivatives markets are marching towards quadrillion dollars of notional value. The system is incredibly fragile because we borrowed too much money. . . . which causes us to do crazy things to prevent this fragility from turning into a 1930’s style depression or a Weimar Germany hyperinflation? That’s really where we are right now.” What could pop this “money bubble”? Rubino says, “The Middle East could be the catalyst that blows everything up. Derivatives could blow everything up. Japan is insanely indebted right now. . . . A currency crisis there could reverberate around the world. There are big problems everywhere you look.”
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    On the subject of public compliancy with an enormous financial system that has never been fixed, Rubino explains, “Most people sense that something is wrong. They don’t think the country and world are being run right, but it has been going on for a very long time. They are questioning whether it could go on forever. They have been hearing these gloom and doom predictions for a very long time, and they haven’t played out yet. The reason for that is a printing press is an amazing tool for fooling people.” Rubino also contends, “We could spend the entire show just going through the lies we are being told, one by one, with the stock market and LIBOR and gold manipulation and all the rest.” Let’s not forget money laundering for drug cartels and terrorists, where big banks are only fined in place of criminal charges. Rubino says, “There are crimes basically across the spectrum and nobody goes to prison, for this is a sign of how completely the banking system owns the government now. . . . They basically have made themselves immune to prosecution at a personal level. We could talk about this all day long and not run out of crimes to discuss.”
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    read more!

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July 9, 2014 Posted by | Economics | , , , , , , , , , , , , , , , , , | Leave a comment

Germany Missing 45% of its Gold ‘Stored in US’!

July 8, 2014 Posted by | Economics | , , , , , | Leave a comment

The Almighty Dollar Is In Peril As The Global ‘De-Dollarization’ Trend Accelerates!

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  • The Almighty Dollar Is In Peril As The Global ‘De-Dollarization’ Trend Accelerates! 
    by Michael Snyder, http://theeconomiccollapseblog.com/ 
    As the Obama administration continues to alienate almost everyone else around the entire planet, an increasing number of prominent international voices are starting to question why the U.S. dollar should be so overwhelmingly dominant in global trade.  In previous articles, I have discussed Russia’s “de-dollarization strategy” and the fact that Gazprom is now asking their large customers to start paying in currencies other than the dollar.  But this is not just a story about Russia any longer.  As you will read about below, China and South Korea have just signed a major agreement to facilitate trade with one another using their own national currencies, and even prominent French officials are now talking about the need to use the dollar less and the euro more.
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    John Williams of shadowstats.com recently said that things have never “been more negative” for the U.S. dollar, and he was right on the mark.  The power of the almighty dollar has allowed all of us living in the United States to enjoy an extremely high standard of living for decades, but as that power now fades it is going to have profound implications for the U.S. economy.  In future years the value of the dollar will go down substantially, all of the imported goods filling our stores will become much more expensive, and it is going to cost the federal government a lot more to borrow money.  Unfortunately, with the stock market hitting all-time record highs and with the mainstream media endlessly touting an “economic recovery”, most Americans are not paying any attention to these things.
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    French oil giant Total is one of the largest energy companies in the entire world.  On Saturday, Total’s CEO made an absolutely stunning statement.  According to Reuters, he told reporters that there “is no reason to pay for oil in dollars”…
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    “Doing without the (U.S.) dollar, that wouldn’t be realistic, but it would be good if the euro was used more,” he told reporters.
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    There is no reason to pay for oil in dollars,” he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.
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    If Gazprom’s CEO had made such a statement, it would not have really surprised anyone.  But this came from a high profile French CEO.  A decade ago, it would have been unthinkable for him to say such a thing.  Wars have been started over less.  Virtually all oil and natural gas around the planet has been bought and sold for U.S. dollars since the 1970s, and this is an arrangement that the U.S. government has traditionally guarded very zealously.  But now that Russia has broken the petrodollar monopoly, the fear of questioning the almighty dollar appears to be dissipating.
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    And at this point even French government officials are not afraid to publicly discuss moving away from the U.S. dollar.  Just check out what French finance minister Michel Sapin said to the press this weekend
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    read more!

Economy-RIP-tombstone

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July 8, 2014 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

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