Socio-Economics History Blog

Socio-Economics & History Commentary

Ringing In 2018 With Jim Willie

Click on image to play the MP3 interview.

  • Ringing In 2018 With Jim Willie
    by Turd Ferguson,
    Our old friend, Jim Willie, joins us for our annual tradition where we wrap up the year that was and look ahead to the year that will be. As we like to do, we simply had three primary topics for The Jackass. The questions are framed and then Jim fills in the blanks. As we wrap 2017 and look toward 2018, the topics are:

    1. Interest rates, QE and the global bond market
    2. The accelerating movement toward de-dollarization and risks to the petrodollar
    3. How geo-politics and war are impacted by #2 above

    You’ll no doubt enjoy this 65-minute call. It’s going to be a wildly unpredictable and volatile 2018. My hope for everyone listening is that it begins with a safe and relaxing New Year’s weekend.


January 2, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , | Leave a comment

US Gold of Low Purity & That’s Why Audit of Reserves Will Never be Allowed – Expert Tells RT

Where’s the gold?

  • US Gold of Low Purity & That’s Why Audit of Reserves Will Never be Allowed – Expert Tells RT
    The United States doesn’t let anyone see its gold reserves. Even if the Treasury has the number of billions it claims, they are not tradable, warns Singapore’s BullionStar precious metals expert Ronan Manly.

    The US government claims to hold 8133.5 tonnes of physical gold in its official reserves. Fifty-eight percent is reportedly held in Fort Knox, Kentucky, 20 percent at West Point in New York State, 16 percent is said to be at the US Mint in Denver, Colorado and five percent is held at the NY Fed.

    “The entire story around the US gold reserves is opaque and secretive. There has never been a full independent audit of the US gold reserves, and the custodians of the gold, the US Mint and the Federal Reserve of New York will not let anybody into the vaults to view the gold or to count it,”Manly told RT.

    However, despite the numerous accusations against the US Treasury that it has much less gold than it claims, there is another reason, according to the expert – US gold is of bad quality.

    “Even the details that have been provided on the supposed US gold holdings show that a majority of the gold bars are low purity and in weights that don’t conform to the industry standard ‘Good Delivery” gold bar specifications,”
     says Manly.

    “So even if the US has the amount of gold it claims to have, most of this gold would not be acceptable for trading on the international market, and could only be used in swap transactions with other central banks that wished to swap Good Delivery gold bars for low purity and unusual weight US held gold bars,
    ” he added.

    read more.


January 2, 2018 Posted by | Economics | , , , , | Leave a comment

Fatal Blow to The Petro-Dollar Coming into View in 2018 | Jim Willie

  • Published on Dec 31, 2017
    The U.S. Dollar is not ruling the seas of global commerce anymore. In 2018, non-Dollar platforms will continue the Dollar’s decline, Dr. Jim Willie tells Silver Doctors. The Dollar has been the world reserve currency for decades, but the increase of non-Dollar trade is threatening the Dollar’s dominance.


January 2, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Clif High: Soaring US Economy and More 2018 Predictions

  • Greg Hunter Published on Dec 26, 2017
    Internet data mining expert Clif High has a brand new report called “Soaring Twenties.” Clif High says there is good news coming, but not just for 2018, many years after. Clif High explains, “There is a really interesting set of data that’s been building for some time, and we have had this big flush of long term data, which is why I decided to do this report that is going out five years. I named it the “Soaring Twenties,” even though we are not into the 2020’s. . . . Our 2020’s, to some extent, are replicating the kind of language in the newspapers and limited news reels they had at the time of the 1920’s. Only instead of being “The Roaring Twenties,” we’re going to have a “Soaring Twenties.” Clif High also talks about a coming “bond debacle,” soaring gold and silver prices in 2018 . . . the future of Bitcoin and other crypto currencies, “legal actions will be taken” against the bad actors in government and the “Deep State.” Clif High also predicts some “fantastic levels of business failures.”


December 30, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , | Leave a comment

Part 4 – The Transition to a New Financial System Has Begun – 2008 Was Just a Warning

  • ITM Trading Streamed live 7 hours ago
    Slides and Links:…
    The explosion in the speculative derivative market in 2008 killed the fiat money system and central banks know it. Governments and central bankers know that when the next financial crisis becomes obvious to the public, all confidence in the current system and those that the run it, will be lost. Therefore a “trustless” system is required.

    In 2009 Bitcoin was introduced as a decentralized alternative to fiat money. Promoted as being “outside” the current system and as good as gold, many that promoted physical gold and silver (the public enemy of central banks and governments) began to promote crypto currencies.

    In 2017 Bitcoin rose over 2,200% and Wall Street began to legitimize crypto currencies and create a new market. Adoption of the new money standard is underway. But the biggest risk are the $1.7 Quadrillion derivative bets, many of which are legacy derivatives. There is no market for these bets.

    If blockchain technology is truly transparent and tamper proof, how can shifting garbage from one financial system into the new system help? To fully embrace a new financial system, the old one MUST reset. That’s why governments, central banks and the 1% have been accumulating gold. Their preference for you is cyber, they can see and control that. But for themselves? Physical gold, the proven flight to safety asset.

    Previous Parts
    Part 1:…
    Part 2:…
    Part 3:…


December 29, 2017 Posted by | Economics | , , , , , , , , , , , , , , , , , | Leave a comment

Jim Willie: China and Russia Now Have CRITICAL MASS To Dethrone King Dollar

  • Jim Willie: China and Russia Now Have CRITICAL MASS To Dethrone King Dollar
    Jim says the link is integrated: The Oil-Yuan-Gold triangle signed the death warrant, and the Gold Trade Note will be the dagger to the heart…

    by Jim Willie of Golden Jackass
    The many new integrated non-USD platforms devised and constructed by China finally have critical mass. They threaten the King Dollar as global currency reserve. Clearly, the USDollar cannot be displaced in trade and banking without a viable replacement for widespread daily usage. Two years ago, critics could not point to a viable integrated system outside the USD realm. Now they can. The integration of commercial, construction, financial, transaction, investment, and even security systems can finally be described as having critical mass in displacing the USDollar. The King Dollar faces competition of a very real nature. The Jackass has promoted a major theme in the last several months, that of the Dual Universe. At first the USGovt will admit that it cannot fight the non-USD movement globally. To do so with forceful means would involve sanctions against multiple nations, and a war with both Russia & China. Their value together is formidable in halting the financial battles from becoming a global war. The United States prefers to invade and destroy indefensible nations like Libya, Iraq, Ukraine, Syria, and by proxy Yemen. The USMilitary appears formidable against undeveloped nations, seeking to destroy their infra-structure and their entire economies, in pursuit of the common Langley theme of destabilization. In the process, the USMilitary since the Korean War has killed 25 million civilians, a figure receiving increased publicity. The Eastern nations and the opponents to US financial hegemony will not tolerate the abuse any longer. They have been organizing on a massive scale in the last several years. Ironically, the absent stability can be seen in the United States after coming full circle. The deep division of good versus evil, of honest versus corrupt, of renewed development versus endless war, has come to light front and center within numerous important USGovt offices and agencies.

    The shape of the US nation will change with the loss of the USDollar’s status as global currency reserve. The starting point for the global resistance against the King Dollar was 9/11 and the onset of the War on Terror. It has been more aptly described as a war of terror waged by the USGovt as a smokescreen for global narcotics monopoly and tighter control of USD movements. Then later, following the Lehman failure (killjob by JPMorgan and Goldman Sachs) and the installation of the Zero Interest Rate Policy and Quantitative Easing as fixed monetary policies, the community of nations has been objecting fiercely. The zero bound on rates greatly distorted all asset valuations and financial markets. The hyper monetary inflation works to destroy capital in recognized steps. These (ZIRP & QE) are last ditch desperation policies designed to enable much larger liquidity for the insolvent banking structures. Without them, the big US banks would suffer failure. They also provide cover for the amplified relief efforts directed at the multi-$trillion derivative mountain. In no way, can the global financial system tolerate unbridled monetary inflation which undermines the global banking reserves.

    read more.


December 29, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , | Leave a comment

The Central Banks Position Themselves To Transition The World Into Their New System

  • X22Report Published on Dec 27, 2017
    Consumer confidence declines while the spread between current future expectations is the widest in history. MasterCard reported that the retail season is off to a great start and it beat all records. But looking at the data it barely is above 2016 and if you go back in time it is well below the previous years. People using debt is not a good indicator on how the retail industry is really doing. Most of the products will be returned and the debt for most retailers is coming due in 2018.The Government report shows the market is overvalued. The central banks begin to position themselves to transition the world into their cryptocoin.


December 28, 2017 Posted by | Economics | , , , , , , , , , , | Leave a comment

The Economic Collapse, Transition Revealed, Just Look At The Clues

  • X22Report Published on Dec 26, 2017
    2017 has been a horrible year for retailers many have gone bankrupt and many have closed thousands of stores. This holiday season most likely will not be any better and we will probably see more store closures. Housing prices have reached a point where they are now out of the reach of the everyday person, classic sign of a bubble. The Fed knows that they have created bubbles and this is why they are raising rates. Saxo bank says the petro-yuan will overtake the petro dollar. The new National Security Strategy lays out the plan for a the transition and spells out that China will be the next superpower and the reserve currency.


December 27, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , | Leave a comment

The Petro-Yuan Bombshell and Its Relation to the New US Security Doctrine

  • The Petro-Yuan Bombshell and Its Relation to the New US Security Doctrine
    by Pepe Escobar,
    “Russia and China … have concluded that pumping the US military budget by buying US bonds … is an unsustainable proposition …”

    The new 55-page “America First” National Security Strategy (NSS), drafted over the course of 2017, defines Russia and China as “revisionist” powers, “rivals,” and for all practical purposes strategic competitors of the United States.

    The NSS stops short of defining Russia and China as enemies, allowing for an “attempt to build a great partnership with those and other countries.” Still, Beijing qualified it as “reckless” and “irrational.” The Kremlin noted its “imperialist character” and “disregard for a multipolar world.” Iran, predictably, is described by the NSS as “the world’s most significant state sponsor of terrorism.”

    Russia, China and Iran happen to be the three key movers and shakers in the ongoing geopolitical and geo-economic process of Eurasia integration.

    The NSS can certainly be regarded as a response to what happened at the BRICS summit in Xiamen last September. Then, Russian President Vladimir Putin insisted on “the BRIC countries’ concerns over the unfairness of the global financial and economic architecture which does not give due regard to the growing weight of the emerging economies,” and stressed the need to “overcome the excessive domination of a limited number of reserve currencies.”

    That was a clear reference to the US dollar, which accounts for nearly two-thirds of total reserve currency around the world and remains the benchmark determining the price of energy and strategic raw materials.

    And that brings us to the unnamed secret at the heart of the NSS; the Russia-China “threat” to the US dollar.   

    The CIPS/SWIFT face-off
    The website of the China Foreign Exchange Trade System (CFETS) recently announcedthe establishment of a yuan-ruble payment system, hinting that similar systems regarding other currencies participating in the New Silk Roads, a.k.a. Belt and Road Initiative (BRI) will also be in place in the near future.   

    Crucially, this is not about reducing currency risk; after all Russia and China have increasingly traded bilaterally in their own currencies since the 2014 US-imposed sanctions on Russia. This is about the implementation of a huge, new alternative reserve currency zone, bypassing the US dollar.   

    The decision follows the establishment by Beijing, in October 2015, of the China International Payments System (CIPS). CIPS has a cooperation agreement with the private, Belgium-based SWIFT international bank clearing system, through which virtually every global transaction must transit. 

    What matters, in this case, is that Beijing – as well as Moscow – clearly read the writing on the wall when, in 2012, Washington applied pressure on SWIFT; blocked international clearing for every Iranian bank; and froze $100 billion in Iranian assets overseas as well as Tehran’s potential to export oil. In the event that Washington might decide to slap sanctions on China, bank clearing though CIPS works as a de facto sanctions-evading mechanism.

    read more.


December 27, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , | 1 Comment

More Truth Bombs On The Way Which Will Bring About A Credit Crisis: Bill Holter

December 26, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , | Leave a comment

The Dollar’s Reign As The Global Reserve Currency Is Running Out – Fast

  • The Dollar’s Reign As The Global Reserve Currency Is Running Out – Fast
    by Tyler Durden,
    The dollar’s hegemony over the global financial system can’t last forever. Like all things, it will eventually come to an end.

    The only question left, as MacroVoices’ Erik Townsend puts it, is whether we’re in the second inning and there’s going to be another hundred years of the dollar serving as the world’s global reserve currency? Or whether we’re in the bottom of the ninth and it’s all about to fall apart? Or maybe somewhere in between.

    In an interview with Jeffrey Snider, CIO at Alhambra Partners, Luke Gromen, founder of Forest for the Trees, and Mark Yusko, founder and fund manager for Morgan Creek, Townsend explores the issue in greater detail. For many, the decline of the dollar as the world’s reserve currency is difficult to imagine. But the first blow to the petrodollar system has already been delivered: By refusing to accept oil payments in dollars, Venezuela has demonstrated to the world that an alternative system to the petrodollar is indeed possible. Furthermore, Latin America’s socialist paradise has begun publishing an oil-price index denominated in yuan. We’ve also highlighted reports that Russia, Venezuela and Iran – three countries that have trouble accumulating dollars because of Treasury Department sanctions – are considering launching a cryptocurrency backed by oil. 

    read more.


December 26, 2017 Posted by | Economics | , , , , , , , , , , | Leave a comment

Jim Willie: Launch of Petro-Yuan

    December 22nd:  topics covered include the Petro-Yuan launch out of Shanghai with vast implications like completion of the RMB-Oil-Gold triangle and foundation for the Gold Trade Note used in crude oil market, the gradual displacement of the Petro-Dollar and the phased end to the Dollar global reserve currency status, implications toward pressures to launch the New Scheiss Dollar currency to guarantee uninterrupted supply chains to the USEconomy, the vast influence of Russia & China in the geopolitical events like Syria and Saudi Arabia and Iran in neutralizing (even surpassing) the US power game, the financial sector outlook for the new year 2018 with many non-USD platforms finally coming into place which will force significant changes, some comments on the EU disintegration with focal points in Italy (broken banking system) and Germany (objection to sanctions), and the attacks on humanity with respect to health regarding obesity/ diabetes as well as risks from laced vaccines and chemtrails and GMO foods.


December 23, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , | Leave a comment

Gold, Yuan or Crypto: What Will Replace Dollar Hegemony?

  • RonPaulLibertyReport Streamed live 11 hours ago
    All Empires have collaborators and accomplices. Creditors, vassals, and partners will play ball with the Empire if they see it in their interest to do so. But once the Empire over-stretches militarily or financially (or both) the search for the exit door begins. Ron Paul discusses the race to get away from the dollar on today’s Liberty Report!


December 23, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , | Leave a comment

Russian Central Bank Adds 900,000 Ounces of Gold To Reserves in November

  • Russian Central Bank Adds 900,000 Ounces of Gold To Reserves in November
    Russia’s annual gold additions to reserves through November of over 214 tons is a record. Russian Gold Reserves Climb to 1828 tons, sixth behind the People’s Bank of China.

    Since June 2015, the Central Bank of Russia has added over 548 tons of gold to reserves. November’s 27.99 ton gold addition brings Russia’s Central Bank holdings to 1828.88 tons; the sixth most of any nation, close behind the People’s Bank of China.

    Overall Russian reserves rose from $424.857 billion in October to $431.636 in November. Russian holdings of U.S. Treasuries top $100 billion for seventh month in a row. Gold reserves worth $76.1 billion constitute 17.6% of overall Russian reserves.


December 23, 2017 Posted by | Economics | , | Leave a comment

London Analyst: Gold Manipulators Lose Control in 2018?

  • SilverDoctors Published on Dec 21, 2017
    Alasdair MacLeod says demand in 2018 for gold could overwhelm America’s attempts to suppress the price of gold. The White House’s isolationist economic policy coupled with Chinese rejecting the U.S. Dollar in trade will push the Dollar’s value down and gold’s price up. China will soon roll out a yuan denominated oil futures contract. MacLeod says this new contract could be used together with Dubai’s gold contract. In this way, countries could convert their oil sales into gold. This increase demand for physical gold could overwhelm America’s and London’s attempts to suppress the price. And contrary to conventional wisdom, interest rate hikes do not push gold prices down, MacLeod says. The Fed’s rate hikes next year will be bullish, not bearish for gold.


December 22, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , | Leave a comment