Socio-Economics History Blog

Socio-Economics & History Commentary

John Rubino: Elite Terrified of 1930’s Depression or Weimar Hyperinflation

  • John Rubino: Elite Terrified of 1930’s Depression or Weimar Hyperinflation
    by Greg Hunter’s USAWatchdog.com 
    Financial writer John Rubino says everywhere you look, debt is exponentially mounting. Nothing demonstrates the “imminent bankruptcy” problem better than the financial obligations of New York City. Rubino says, “They just announced that they have unfunded liabilities for retiree healthcare, just retiree healthcare and not the rest of their pensions, of $100 billion. That’s for a city, not a state or a country, and if you add their unfunded liabilities for their pensions, which is another $50 billion or so, and their official debt, which is $50 billion or so, you get $200 billion that New York City is on the hook for that they have not put money away for. If a private sector company had finances like that, they would be insolvent, and their accountants would force them to say that.”You can tell the same story for cities, states and countries around the world swimming in unrepayable debt. So, what will be done when bond defaults and financial failures begin? Will Trump let it go like the failed debt of Puerto Rico or have massive bailouts? Rubino says, “It’s possible that Trump will teach that lesson to the system, but I think the numbers are so big now the risk of a 1930’s style depression, or a Weimar Germany hyperinflation, is so great these guys are going to be terrified of anything that seems to be destabilizing. The pressure on whoever is in charge of the central bank or federal government is going to be to try to nip crises in the bud before they can really get going when you don’t know what is going to happen. For instance, New York City goes bankrupt, and that pulls down Chicago, and then that pulls down California. What does that mean? Nobody knows, and nobody wants to find out.”


    Rubino contends massive bailouts will explode in the next economic downturn, and they will have grave consequences for interest rates and the U.S. dollar. Rubino says, “They would say, hey, here’s $5 trillion to bail out states and localities across the country. People will see that and will worry about what that means for the value of the dollar. So, they sell dollars, and not just here, but all around the world. The dollar starts to fall, and interest rates start to go up. If the dollar is tanking, who wants to lend money to the federal government that is going to be paid back in a depreciating currency? So, our interest rates go up. That causes our interest costs to go through the roof and forces the government to borrow even more. . . . At some point, the whole thing blows up. There is a number out there when all this will happen. . . . So, the question is what is that number, and when do we hit it? . . . . The concept of fiat currencies will be called into question when all this happens. The dollar might lead this down or some other fiat currency might lead it down. . . .At some point, they will realize all the fiat currencies are basically in the same boat. . . . We can’t know the timing of this, but we can know what will do well when this happens, and that is gold and silver.”

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November 15, 2018 Posted by | Economics | , , , , , , , , , , , , | 1 Comment

THE FUTURE OF GOLD: As Economic Patterns Shift. Q&A with Lynette Zang and Eric Griffin

  • ITM Trading Streamed live 5 hours ago
    Link to Slides and Sources: https://www.itmtrading.com/blog/futur…
    Question 1. Niko: With all the current stock market volatility, I’m wondering if money market accounts are any safer of a position?
    Question 2. Nola S: How are collectible coins identified? Are these coins collectible: the $20 St. Gaudens, $10 Indian, $10 Liberty, & $1 Peace?
    Question 3. Kathleen D: explain the Exchange Stabilization Fund (ESF), it’s role in our economy as well as in relation to the Fed?
    Question 4. Richard W: If gold ownership is made illegal, what good is gold ownership as we probably won’t be able to find buyers?
    Question 5. Jason H: Let’s say I have 1oz of gold today given a spot price of $1,330 USD and I buy 380 loafs of bread @ $3.50 USD. Tomorrow comes and the entire world dumps fiat and goes back to gold & silver (or perhaps 100% PM backed fiat). Would this not result in a huge demand in gold thus increasing its value (or purchasing power) from say 380 loafs to 450?

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November 14, 2018 Posted by | Economics | , , , , , , , , , | Leave a comment

China to Adopt Gold Standard? | Alasdair MacLeod

  • SilverDoctors Published on Nov 12, 2018
    The coming credit crisis will be the catalyst for China to adopt gold into their monetary system, says Alasdair MacLeod of Gold Money. The coming credit crisis will hurt China’s economy the worst, MacLeod says. He proposes that China should issue a perpetual bond. The coupon on that bond would be payable in Yuan or gold at the users choice. If this were to happen, it would undermine the Dollar and send gold higher. Why does MacLeod believe China is headed toward a gold standard? He gives many reasons including: China has been acquiring gold, is the largest gold miner in the world, doesn’t allow gold to leave, and has the biggest physical gold delivery market.

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November 14, 2018 Posted by | Economics | , , | Leave a comment

SWIFT’s Iran Ban Will ‘Expedite Global De-Dollarization’ – Max Keiser

  • SWIFT’s Iran Ban Will ‘Expedite Global De-Dollarization’ – Max Keiser
    by https://www.rt.com/
    The blacklisting of Iran from international financial messaging system SWIFT serves as a warning to Washington’s enemies, but will hasten the demise of the dollar, stockbroker-turned broadcaster Max Keiser told RT.

    SWIFT, a system that facilitates cross-border payments between 11,000 financial institutions in more than 200 countries worldwide cut several Iranian banks, including the country’s central bank, off from its services on Monday. The move came as a result of US pressure and was described by US Treasury Secretary Steven Mnuchin as “the right decision to protect the integrity of the international financial system.”

    Max Keiser told RT that in pushing a hard line on Iran, the US will only force other countries to come up with alternatives, and stockpile gold to lessen their dependence on the almighty US dollar.


    read more.

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November 13, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

The Fall Of The US Dollar: Is The Return To A Gold Standard Inevitable?

  • Cambridge House International Inc. Published on Nov 2, 2018
    Is the return to a gold standard inevitable? Grant Williams, Senior Advisor at Vulpes Investment Mgmt, breaks down the history of the gold standard and the impact it will have on the future of world currency. This is a must-watch if you are reviewing your current investment portfolio.

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November 12, 2018 Posted by | Economics, GeoPolitics | , , , , , , , | Leave a comment

It’s Fraud & Theft, The Central Banks Get Special Set Of Laws To Steal Our Wealth: Mike Maloney

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!

http://www.wnd.com/2008/03/59405/

Click on image for article.

November 12, 2018 Posted by | Economics | , , , , , , , , , , , | Leave a comment

A Crack in the Gold-Silver Manipulation Dike?

  • A Crack in the Dike?
    by Theodore Butler, http://silverseek.com/
    Tuesday’s announcement by the Department of Justice of a guilty plea by a former trader of JPMorgan for systemic “spoofing” and price manipulation of gold, silver, platinum and palladium traded on the COMEX and NYMEX futures exchanges (owned by the CME Group) sure seemed like a very big deal to me for a number of reasons. The infractions occurred from 2009 to 2015 and the trader admitted to engaging in a conspiracy to commit market manipulation on hundreds of occasions, with the knowledge and consent of his immediate supervisors. Please take the time to read this, as it is remarkably plainspoken.

    https://www.justice.gov/opa/pr/former-precious-metals-trader-pleads-guilty-commodities-fraud-and-spoofing-conspiracy 

    … the announcement by the DOJ was remarkable in many ways, not the least of which is that this is a criminal case which involves jail time and not a civil case which only involves monetary fines. Also, the announcement makes clear that this is very much an ongoing investigation and it’s hard to see how there won’t be further fall out for JPMorgan, since it’s obvious the guilty trader was doing what others were doing at the bank. It’s also hard for me to see how a trader involved in systemic criminal market activity in coordination with other traders at the bank doesn’t equate to systemic criminal activity by the bank itself. Notable, of course, is that of all the blizzard of spoofing and short term price manipulation cases brought recently in silver and gold, this is the first to zero in on traders at JPMorgan.

    I am struck by the DOJ’s announcement not mentioning the CFTC, although I may be reading too much into that. Interestingly, the guilty plea covers the time the CFTC had a supposed formal investigation in place into a silver market manipulation as a result of the concentrated short position of JPMorgan revealed in the August 2008 Bank Participation Report; a five year investigation that went nowhere. There’s no question in my mind that the CFTC handles JPMorgan with kid gloves as a result of some type of free get out of jail card emanating from the Bear Stearns takeover of March 2008. The DOJ, much to its credit, doesn’t appear to be part of any such arrangement. That’s not to say that the CFTC won’t be involved as the DOJ pursues this case, just that it’s odd at this point that this is an exclusive DOJ production.

    read more.

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November 10, 2018 Posted by | Economics | , , , , | 2 Comments

Bank of England Refuses to Hand Over Venezuela’s Gold – Report

Remember the Golden Rule: “He who has the gold Rules!” © Reuters

  • Bank of England Refuses to Hand Over Venezuela’s Gold – Report
    by https://www.rt.com/
    The Bank of England (BoE) is refusing to release around $550 million in gold owned by Venezuela back to the country over the UK regulator’s claim of growing uncertainty about Caracas’s intentions for the 14 tons of gold bars.

    British officials are insisting that measures aimed at preventing money-laundering are taken, The Times reports. The Venezuelan government is reportedly expected to provide a clarification about its plans for the gold.

    “There are concerns that Mr. Maduro may seize the gold, which is owned by the state, and sell it for personal gain,”
     the media reports citing unnamed sources.


    Reports emerged earlier this week that the Venezuelan government had been trying to reach the gold belonging to the country for two months. The talks had reportedly come to a standstill due to increased difficulties in obtaining insurance for the shipping that is necessary to move a large gold cargo.

    Last week, Venezuelan gold exports became subject of another round of US sanctions against the Latin American country. The latest penalties target both US individuals and corporations involved with gold sales in Venezuela.

    Over the past several years, Washington introduced a wide range of punitive measures against the Bolivarian Republic, hitting its finances, debt issuance and business activity of state oil company PDVSA. US authorities accuse Venezuela’s current government and its leader Nicolas Maduro of violating human rights and undermining democracy.

    Venezuela, which is currently in the throes of a severe economic crisis, has recently made attempts to eliminate reliance on US-controlled financial institutions and instruments, including the US dollar. Last month, the country committed to trading in euros, yuan and ‘other convertible currencies’ amid US penalties.

    Over the past three years, Venezuela has been using its gold as collateral to get billions in loans from international lenders. However, swap agreements became difficult for Venezuela in 2017 after Washington banned US financial institutions from financing operations there.

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November 10, 2018 Posted by | Economics | , , | Leave a comment

Is Donald Trump Moving Us Toward A Gold Standard?

https://www.newsweek.com/trump-jackson-slave-native-american-568346

Trump has already honored Jackson by hanging his portrait in the Oval Office just days after moving into the White House. But Trump and those around him have invoked the example of the man who served as president between 1829 and 1837 since before he even moved into the house Jackson once called home. Source: Newsweek

  • “The Bank War was the name given to the campaign begun by President Andrew Jackson in 1833 to destroy the Second Bank of the United States.”
    – History Channel

  • Is Donald Trump Moving Us Toward A Gold Standard?
    by , http://jaytaylormedia.com/, 9 July 2018
    A few weeks back, an article by Hugo Salinas Price crossed my desk, discussing “Triffin’s Dilemma,” which I found of theoretical interest. But given time constraints I read it quickly and then put it on the back burner. But the concept of theoretical suddenly changed to extremely important when my friend David Jensen called me to suggest that there is a method to Donald Trump’s seemingly mad economic and geopolitical policies including tariffs and the reversal of the Iranian nuclear deal that Obama orchestrated. Moreover, David is convinced that Triffin’s Dilemma not only explains Trump’s political success and the reasons for his policies but that we may be nearing a massive tectonic shift in global markets as a result.

    Trump became President because he appealed to the forgotten middle class, most of who live in what elite snobs of both political parties refer to as “flyover country.” They happen to be mostly white and, whether Republican or Democrat, more conservative. Many of them used to vote Democrat but because Democrats have learned to rely on immigrants and a growing number of Marxist-indoctrinated college youths, they have largely forgotten about the interests of middle class white Midwesterners. That is a very large group of people hurt very badly by a massive loss of wealth-creating jobs in manufacturing and mining. The standard of living has plunged since the early to mid 1970s primarily for people in the Midwest. The question is, why?

    Triffin’s Dilemma provides the answer and David’s call made me aware of that. The article by Hugo is titled  Donald Trump’s “Madness,” which you can read here: http://www.plata.com.mx/enUS/More/353?idioma=2. Hugo explains Triffin’s Dilemma as follows: “If the dollar – such as it is – (or any currency) is going to be the basis of the world’s monetary system, and therefore required by all Central Banks (CBs) as Reserves, there is only one way that these CBs can obtain those Reserves: their countries are forced to undersell all US producers, in order to be able to sell more to the US, than they buy from the US. The difference between the dollars they get from sales, is more, than the dollars they spend to buy from the US. That difference – known as the US Trade Deficit – flows to the CBs of the world and swells their Reserves.”

    read more.

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November 10, 2018 Posted by | Economics | , , , , | 1 Comment

LIVING THROUGH A COMPLETE COLLAPSE: Boots on the Ground with Fernando “FerFAL” Aguirre

  • ITM Trading Published on Nov 8, 2018
    In this video Lynette Zang Interviews Fernando “FerFAL” Aguirre; a father, husband and survivalist that has lived through the Argentine socio-economic collapse of 2001, and the consequences such collapse had in the years that followed. He’s the author of numerous articles found on line and is recognized among the survival and preparedness community for his personal experience and no-nonsense approach to survivalism. He’s also the publisher and owner of “Surviving in Argentina”, a blog he keep up with updated articles, posts as well as reports of the situation in Argentina.

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November 9, 2018 Posted by | Economics | , , , , , , , , , | Leave a comment

Gerald Celente: Global Economic 9/11 Debt Bomb Ahead

  • Silver Bullion Published on Nov 4, 2018
    Veteran trends forecaster, Gerald Celente of Trends Research Institute, speaks with SBTV about how the gold price performed from the 80’s to today – the peak in 1980, why the gold price was flat in the 90’s and what fueled gold in the 2000s. Gerald also gave a price forecast based on the current geopolitical and economic situation now and the trends he sees in the future. Discussed in this interview:

    06:34 The US going off the Gold Standard in 1971.
    11:36 Gold prices in the 80’s and 90’s.
    12:46 Catalyst for the gold bull market in the 2000s.
    14:13 Trends Research forecast for the gold price.
    19:55 Government gold confiscation?
    21:59 Low interest rates juicing equity markets.
    27:42 US a fascist state?

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November 8, 2018 Posted by | Economics | , , , , , , | Leave a comment

ALERT!! JP Morgan BUSTED for Rigging Silver Market!! (Bix Weir)

  • RoadtoRoota Published on Nov 6, 2018
    VINDICATION!!! I wonder if JPM’s Jamie Dimon and Blythe Masters will GO TO JAIL for this? I think this is a great test for the Trump Administration as well as the CFTC to see if they believe in the RULE OF LAW…WHERE’S CHRIS GIANCARLO?!

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November 7, 2018 Posted by | Economics | , , , , , | Leave a comment

JPMorgan Gold-Spoofer Admits “Manipulating Precious Metals Markets” For Years

  • JPMorgan Gold-Spoofer Admits “Manipulating Precious Metals Markets” For Years
    by Tyler Durden, https://www.zerohedge.com/
    There was a time when the merest mention of gold manipulation in “reputable” media was enough to have one branded a perpetual conspiracy theorist with a tinfoil farm out back. That was roughly coincident with a time when Libor, FX, mortgage, and bond market manipulation was also considered unthinkable, when High Frequency Traders were believed to “provide liquidity”, or when the stock market was said to not be manipulated by the Fed, and when the ever-confused media, always eager to take “complicated” financial concepts at the face value set by a self-serving establishment, never dared to question anything.

    In what may be the first major bullion-bank trader coming clean, a former JPMorgan precious-metals trader admitted he engaged in a six-year spoofing scheme that defrauded investors in gold, silver, platinum, and palladium futures contracts.

    John Edmonds, 36, of Brooklyn, New York, pleaded guilty under seal on Oct. 9 in the District of Connecticut to commodities fraud, conspiracy to commit wire fraud, commodities price manipulation, and spoofing. As Justice notes in a statement:

    read more.

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November 7, 2018 Posted by | Economics | , , , | Leave a comment

ROGUE MORNINGS: Rush To Secure Gold, Mueller Scare & 30 Trillion Pledge!

November 7, 2018 Posted by | Economics | , , , , , , | Leave a comment

Gold Rush Home: Venezuela Wants $550 Mln Bullion Reserves Back From UK – Reports

Remember the Golden Rule: “He who has the gold Rules!” © Reuters

  • Gold Rush Home: Venezuela Wants $550 Mln Bullion Reserves Back From UK – Reports
    by https://sputniknews.com/
    Caracas has been looking to wean itself off of the US-dominated financial institutions and instruments, ditch the dollar and turn to euros and the yuan for international settlements month amid multilayered US sanctions Venezuelan officials have described as “illegal.”

    The Venezuelan government is looking to repatriate 14 tons worth of gold bars worth about $550 million from the Bank of England out of fear that the holdings may be affected by US sanctions, Reuters reports, citing two sources said to have direct knowledge of the situation.

    According to one of the sources, the Bank of England has expressed an interest in what exactly Venezuela plans to do with the gold. The shipment back to Caracas has been held up for nearly two months, with a source saying the holdup has to do with the difficulty in obtaining insurance for such a large shipment.

    “They are still trying to find insurance coverage, because the costs are high,” the official said, without clarifying which side is responsible for the holdup. The Bank of England and the Venezuelan Central Bank did not respond to a request for comment from Reuters.

    read more.

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November 7, 2018 Posted by | Economics | , , , , , | Leave a comment