Socio-Economics History Blog

Socio-Economics & History Commentary

James Rickards: Secret ‘Shanghai Accord’ (Feb 2016) Kills USDollar And Crowns SDR As World Currency

Click on image to listen to download MP3 file of interview.

Click on image to listen to download MP3 file of interview.

  • James Rickards: Secret ‘Shanghai Accord’ Kills USDollar And Crowns SDR
    by https://www.trunews.com/  
    (TRUNEWS) James Rickards says a secret deal has been struck to kill the US dollar, and replace it with a world currency called special drawing rights (SDR).

    Rickards made this statement in an exclusive interview Thursday with Rick Wiles of TRUNEWS while explaining that during a secret meeting in Feb. — being dubbed the “Shanghai accord” — the world’s central bankers decided the IMF’s SDR will replace the USD as the world’s reserve currency.

    James Rickards is an internationally renowned global macroeconomist, the author of the bestseller “Currency Wars: The Making of the Next Global Crisis”, and currently serves as the capital markets advisor to the Director of National Intelligence and the Office of the Secretary of Defense.

    In the interview Rickards said:

    * A secret meeting occurred in Shanghai on Feb. 26th between Janet Yellen (US Fed), Christine Lagarde (IMF head), Mario Draghi (ECB head), Jack Lew (U.S. Secretary of the Treasury), and all their central bank and finance ministry counterparts from Japan, China, Brazil, Russia, India, and South Africa.
    * During this meeting, a deal was struck — which he has named the Shanghai Accord — because of its similarities to the famous Plaza Accord of 1985, which was the last major central banker backed operation to detonate the US dollar.
    * Keep eyes on upcoming central bankers meeting in Washington D.C. on April 13.
    * A minimum of 10% assets in physical gold ownership is a great hedge against these emerging currency wars.
    * Major US dollar devaluation will cause significant inflation for average Americans because of their dependency on imported goods.
    * The IMF has begun enacting a 10-year plan, starting in 2010, for SDR’s to replace the US dollar as the main world reserve currency. A crisis could greatly accelerate this plan, which is published publicly — but hidden in economic jargon — on the IMF’s official website.
    * In Dec. 2015 Republican House Speaker Paul Ryan secretly red stamped a provision in the omnibus budget deal which gave China more voting power in the IMF.
    * The IMF votes were given in exchange for China’s support in allowing the SDR to be used as a global bail out fund in the next financial crisis.
    * More negative interest rates to come across the globe.
    * Central banks will eventually succeed in eliminating cash.
    * When economic collapse comes, there will be “money riots”, people will burn down banks, governments will respond with a neo-fascist police state and martial law.
http://thenewamerican.com/economy/economics/item/14579-killing-the-dollar-g20-imf-push-for-global-fed-global-currency

Click on image for article.

http://www.thenewamerican.com/economy/economics/item/4489-imf-report-promotes-world-currency

Click on image for article.

http://canadafreepress.com/index.php/article/54163

Click on image for article.

http://www.globalresearch.ca/the-financial-new-world-order-towards-a-global-currency-and-world-government

Click on image for article.

http://www.thenewamerican.com/world-news/europe/item/8864-vatican-council-calls-for-world-government-central-bank

Click on image for article.

http://www.breitbart.com/big-government/2016/02/23/governments-of-the-world-are-coming-for-your-cash/

Click on image for article.

end

April 13, 2016 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

The Probability Of The Economic Collapse Happening This Year Is Increasing: Chris Martenson

April 13, 2016 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , | Leave a comment

Janet Yellen Meets With Obama in Emergency Meetings As Crises Erupt Worldwide

Global economic, financial and currency meltdown approaching!

Global economic, financial and currency meltdown approaching!

  • Janet Yellen Meets With Obama in Emergency Meetings As Crises Erupt Worldwide
    by The Credit Suisse Fear Barometer just hit an all-time high as reports circulated through the alternative media that Barack Obama discussed the imposition of martial law when he and Vice President Joe Biden met with Yellen on Monday in an “emergency meeting.”

    The reports may be exaggerated but not the crisis-like feel of the meetings. This was reportedly a first: having the president and VP meeting directly with the Fed head. Does it have something to do with the “survival of the government” at a time when the US banking system may be facing a general default? According to some reports: “Members of the House and Senate are said to have been ‘up all night’ in discussions and meetings; with floods of phone calls back and forth. ”

    Pick of Problems
    What could be the problem?  Take your pick of dozens, literally!

    There’s South America’s largest country, Brazil.  It has the seventh largest economy in the world but these days it is mired in what’s been called a “depression.” Employment has cratered and price inflation keeps rising, bringing people out onto the streets in huge protests. Meanwhile, the huge corruption scandal having to do with Petrobas has sent many pols to jail and may soon claim the president who is facing impeachment.

    In Venezuela, where I just visited (and barely survived), to see hyperinflation in person the country is on the brink, pushed to the edge by the oil price collapse. People carry around backpacks full of Bolivars to get through the day. The murder rate in Caracas is so bad that people don’t go out at night. The morgues are full.  The streets are empty.

    Austria just made a historical first with its first bank “bail-in” amidst hurried meetings in Europe.  The failed Hypo Alpe Adria  bank – the Heta Asset Resolution AG – was forced by creditors into an involuntary “bail-in” after an $8.5 billion capital hole in its balance sheet became apparent. Austria is the first to use a new law now part of the European Bank Recovery and Resolution Directive to share losses of a failed bank with senior creditors as a way to slash bank debt.  It won’t work though.  This will see investors piling out of bank stocks which, in itself, can cause the bank to fail.  And once that happens, then the Cyprus-style depositor bail-ins begin.

    read more.

end

April 13, 2016 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , | 1 Comment

Ben Bernanke: “Helicopter Money May Be The Best Available Alternative”

Helicopter-Ben_Bernanke

  • QE, ZIRP, NIRP and now “helicopter money”, these are signs of global economic collapse. Did QE worked? NO! Did ZIRP worked? NO! Is NIRP working? NO! Will helicopter money work? NO! It will lead to a global currency crisis.
  • Ben Bernanke: “Helicopter Money May Be The Best Available Alternative”
    by Tyler Durden, http://www.zerohedge.com  
    Now that the prospect of helicopter money by the ECB has so infuriated Germany, the ECB had to reach out to Schauble to “mollify” the Germans who are dreading the second coming of monetary paradrops in one century, it was only a matter of time before Citadel’s most prominent employer opined. In a blog post earlier today, Brookings’ blogger and the central banker who together with Alan Greenspan has been most responsible for the world’s unprecedented debt pile and sad economic state, Ben Bernanke, took the podium to share his views on “helicopter money” head on.

    In “What tools does the Fed have left? Part 3: Helicopter money” the former Fed head who first infamously hinted at helicopter money in his November 2002 speech “Deflation: Making Sure “It” Doesn’t Happen Here” when he quoted Milton Friedman, once again started off with a Friedman quote:

    “Let us suppose now that one day a helicopter flies over this community and drops an additional $1,000 in bills from the sky, which is, of course, hastily collected by members of the community. Let us suppose further that everyone is convinced that this is a unique event which will never be repeated.” (Milton Friedman, “The Optimum Quantity of Money,” 1969)

    read more.

Counterfeiters_in_Chief_Draghi_Bernanke

We will all be trillionaires but can't afford breakfast !

We will all be trillionaires but can’t afford breakfast !

end

April 12, 2016 Posted by | Economics | , , , , , , , , , , , , , , | Leave a comment

Economic Collapse Is Erupting All Over The Planet As Global Leaders Begin To Panic

Global_Economic_Collapse_accelerates

  • Economic Collapse Is Erupting All Over The Planet As Global Leaders Begin To Panic
    by Michael Snyder, http://theeconomiccollapseblog.com/  
    Mainstream news outlets are already starting to use the phrase “economic collapse” to describe what is going on in some areas of our world right now.  For many Americans this may seem a bit strange, but the truth is that the worldwide economic slowdown that began during the second half of last year is starting to get a lot worse.  In this article, we are going to examine evidence of this from South America, Europe, Asia and North America.  Once we are done, it should be obvious that there is absolutely no reason to be optimistic about the direction of the global economy right now.  The warnings of so many prominent experts are now becoming a reality, and what we have witnessed so far are just the early chapters of a crushing economic crisis that will affect every man, woman and child in the entire world.

    Let’s start with Brazil.  It has the 7th largest economy on the entire planet, and it is already enduring its worst recession in 25 years.  In fact, at the end of last year Goldman Sachs said that what was going on down there was actually a “depression“.

    But now the crisis in Brazil has escalated significantly. I want to share with you an excerpt from a recent article entitled “Brazil: Economic collapse worse than feared“.  I know, that title sounds like it comes directly from The Economic Collapse Blog, but I didn’t write it. It actually comes from CNN… 

    Amid political chaos, Brazil’s economic collapse is worse than its government once believed.

    read more.

end

April 12, 2016 Posted by | Economics, Social Trends | , , , , , , , , , , | Leave a comment

The Coming Collapse Will Be Talked About For Centuries… If We Are Even Still Here To Talk About It

  • Published on Apr 9, 2016
    Jeff is interviewed by Herchel 36 from Truth is Stranger than Fiction on the Beat 106 FM in Southern Spain. Topics include: the success of the Anarchapulco 2016 Conference, government is an unnecessary evil, transitioning to statelessness, Liberland, the TDV investing approach and The Beginners Guide to Investing, TDV Groups, the Shemitah event and the Super Shemitah economic crash in 2016, massive money printing and negative interest rates, most people are entirely unprepared, the cost of living is steadily increasing, hyperinflation in Europe, massive shortages in Venezuela, one world government and currency, dumbing down the population, the introduction of the Federal Reserve act and removal of the gold standard, the threat of a cashless society, the evils of central banking and the resulting impoverishment, depopulation, no-one notices as we enter the brave new world.

end

April 11, 2016 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

James Rickards: Biggest Collapse Ever – Get Gold Now. Gold $10,000 to $50,000 per Ounce

  • James Rickards: Biggest Collapse Ever – Get Gold Now. Gold $10,000 to $50,000 per Ounce 
    by Greg Hunter’s USAWatchdog.com 
    Financial expert and best-selling author James Rickards says another economic collapse is coming. Rickards contends, “It’s very clear, and you can prove this scientifically.  The next collapse will be bigger than anything in history or maybe since the Bronze Age or the fall of the Roman Empire.  Why do I say that? . . . We have these things coming together.  The system is larger.  That means systemically it is exponentially more risky.  The central banks don’t have any dry powder, and it is just a matter of time before the collapse comes.  In 1987, the stock market fell 22% in one day, not in a week or a month, but one day.  Today, that would be the equivalent of a 4,000 point drop. . . . In 1998, the Long Term Capital crisis shut almost every stock and bond exchange in the world.  In 2000, the Dot Com; 2007, the mortgage crisis; and in 2008, you had Lehman and AIG (failures).  In other words, these events are not rare, and they happen every three, four or five, six or eight years.  It’s not like clockwork, but nobody should be surprised if it happened tomorrow.  We’ve got the systemic scale.  We’ve got exponential increase in risk.  The central banks are out of dry powder, and it’s been eight years since the last one.  It’s just a matter of time.”


    Rickards, whose latest book is called “The New Case for Gold,” says the yellow metal is a necessary survival tool to combat the next crash.  Rickards, explains, “Part of the reason for having gold is, the next time, the response is going to be very different.  The last time, they printed money to bail out the system.  They can’t do that again because they never took the money back.  The balance sheets are still bloated. . . . All the global central banks are in terrible shape.  The central bank balance sheets look like really bad, highly leveraged hedge funds.  So, what are they going to do instead?  . . . . They are going to flood the zone with trillions of SDR’s (Special Drawing Rights currency from the IMF).  That’s going to be highly inflationary.  The other thing that’s going to happen is they are going to lock down the system.  They are not going to bail out the banks.  They are going to close the banks, close the exchanges and suspend redemptions in money market funds.  They will reprogram the ATM’s so you can only get $300 for gas and groceries.  It’s going to look like Greece or Cyprus.”

    read more.

end

April 8, 2016 Posted by | Economics | , , , , , , , , , , , , , , | Leave a comment

The Rally is Over, Crash to 6,000 Dow by 2017 – Harry Dent

  • For the record: I am not in agreement with Harry Dent on his views on gold. Hyperinflation or Deflation, gold is the asset class to be in. Some say that in a deflationary environment, gold does even better. I tend to agree.
  • Published on Mar 28, 2016
    GUEST: http://HarrDent.com Get his New Book! 

    http://DentResearch.comhttp://EconomyAndMarkets.com 

    TOPICS IN THIS INTERVIEW:
    01:05 Harry’s Last Predictions Correction
    01:45 Oil Price for 2016: $10 to $60 for Next Decade
    04:15 Everything in Bubble including Gold
    04:50 China’s Economic Deception
    05:20 Biggest Global Bubble Burst in Next 4 Years
    07:25 Central Banks Will Keep Printing into Catastrophe
    09:50 Will Gold Rally or Crash? Not Good in Deflation
    14:30 Dent’s Economic Models
    17:20 Where’s the Silver Lining? Will Improved Technology Help?
    20:00 Worse by 2020 to 2022

end

April 6, 2016 Posted by | Economics | , , , , , , , , , , , , , , , | Leave a comment

Bo Polny: A Crash of Biblical Proportions is Coming! Gold & Silver to Skyrocket

  • Bo Polny: A Crash of Biblical Proportions is Coming! Gold & Silver to Skyrocket
    by Greg Hunter’s USAWatchdog.com   (Early Sunday Release) 
    Market cycle analyst Bo Polny says don’t bet on the U.S. dollar or the stock market to hold their value in 2016. Polny contends, “The dollar is going down with the stock market.  It did in December of 2015.  It did in August of 2015, and the dollar is falling right now again.  As soon as the stock market gets started to the downside, the dollar is going to go with it again.  So, the dollar is going to go down with the stock market with this next meltdown.  What’s going to end up happening when they hit the cycle low is what they did the last low (2009) and had QE 3.  Guess what, that’s going to mean (in the next crash) QE 4.  Then, that will mean they will be printing money like crazy.  Let’s say there is a 20% drop on the dollar, even 10%.  Everybody goes to sell the bonds.  If the 10-year is only giving 1.7% yield, if the dollar drops 10%, they are losing 8%.  If the dollar drops 20%, they are losing 18%.  So, all these countries will be losing on billions or trillions of dollars of bonds, and then you will get afire sale on bonds. Everyone will be dumping the bonds because they will be trying to get rid of them as fast as possible.  That is what’s going to happen when they announce QE 4.”

    How long will the stock market take to bottom in the next crash? At some point, the stock market will “walk off a cliff.” According to Polny, “It will go straight down . . . Yes. . . . I want to educate the world as to what I see because this is important.  What’s coming is Biblical.  People need to understand this.  This is not going to be a 1,000 or 2,000 point crash.  What’s coming is going to be world changing.  It’s going to come quick and fast, and what is going to rise out of the ashes is gold and silver.  If you don’t have it, you are going to have a big problem.”

    Polny says the time it takes the stock market to hit bottom from its prior top is getting shorter. The 2007 top to the 2009 bottom in the stock market took a little less than two years.  The latest top happened in July of 2015, and Polny says this top to bottom crash will take half the time of the last crash.  Polny predicts, “The next bottom will happen between now and this coming August. . . . This is going to be Biblically bad . . . . You are going to have a day where the Dow might drop 4,000 points . . . the next turn is going to be a crash low, and that’s supposed to come in the next few months.  Being long in the market is crazy.  We keep having lower highs. . . . Being long in the market is extremely dangerous.”

    Polny closed by pointing out, “The reason for the crash will be because gold and silver will be exploding higher. That is going to create a huge derivative issue.  That, then in turn, triggers the collapse and the meltdown of the stock market.”

end

April 5, 2016 Posted by | Economics | , , , , , , , , , , , , , , , , , | Leave a comment

Japan Economic MELTDOWN! Increase QE and Decrease Interest Rates

Japan_Abe_helicopter_money_drop_QE

BOJ-Hari_Kiri_commit_suicide

end

March 30, 2016 Posted by | Economics | , , , , , , | Leave a comment

Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash “Gift-Certificate” Money Drop To Young People

Japan_Abe_helicopter_money_drop_QE

  • Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash “Gift-Certificate” Money Drop To Young People
    by Tyler Durden, http://www.zerohedge.com  
    The Swiss, the Finns, and the Ontarians may get their ‘Universal Basic Income’ but the Japanese are about to turn the Spinal Tap amplifier of extreme monetary experimentation to 11. Sankei reports, with no sourcing, that the Japanese government plans to unleash “vouchers” or “gift certificates” to low-income young people to stimulate the “conspicuous decline” in consumption among young people. The handouts may not be deposited, thus combining helicopter money (inflationary) and fully electronic currency (implicit capital controls and tracking of spending).

    Since Ben Bernanke reminded the world of the existence of government printing-presses, echoed Milton Friedman’s “helicopter drop” solution to fighting deflation, and decried Japan for not being as insane as it could be… it has only been a matter of time before some global central bank decided that the dropping of cash onto the populace was the key to economic recovery. Having blown their wad on QQE (and been left with a quintuple-dip recession) and unleashed NIRP, it appears Japan has reached that limit. As Bloomberg reports, 

    read more.

We will all be trillionaires but can't afford breakfast !

We will all be trillionaires but can’t afford breakfast !

end

March 24, 2016 Posted by | Economics | , , , , , , , , | Comments Off on Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash “Gift-Certificate” Money Drop To Young People

Central Banks Are Already Doing the Unthinkable – You Just Don’t Know It

helicopter-money-drop-Europe_mario_draghi

  • Central banks are already doing the unthinkable – you just don’t know it
    by The lords of finance are losing their touch. Institutions which dragged the world from its worst depression since the early 20th century are finally seeing their magic desert them, if conventional wisdom is to be believed.

    Eight years on the from the Great Recession, voices as authoritative as the International Monetary Fund and the Bank of International Settlements – dubbed the ‘central bank of central banks’ – have called time on the era of extraordinary monetary policy.

    Having hoovered up $12.3 trillion (£8.5 trillion) in financial assets and carried out 637 interest rate cuts since 2008, central banks have been stunned back into action in the last six weeks. The Bank of Japan kicked off a new round of global easing with its decision to cross the rubicon into negative interest rate territory on January 29.

    Eurozone policymakers followed suit earlier this month with a triple whammy of interest rate cuts, €20bn in additional asset purchases a month, and an unprecedented move to allow commercial banks to borrow money at negative rates. The Federal Reserve has also taken its foot off the pedal by slashing its expected interest rate hikes from four a year to just two.

    read more.

end

March 21, 2016 Posted by | Economics | , , , , , , , , , , , , | Comments Off on Central Banks Are Already Doing the Unthinkable – You Just Don’t Know It

Death of U.S. Dollar as Governments Dump U.S. Debt at RECORD RATE!

March 18, 2016 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , | Comments Off on Death of U.S. Dollar as Governments Dump U.S. Debt at RECORD RATE!

Jim Rickards: Why Gold Is Going To $10,000

  • Published on Mar 15, 2016
    Bestselling author Jim Rickards sits down with Hedgeye CEO Keith McCullough to discuss his new book “The New Case for Gold” and why a cocktail of factors makes it more critical than ever for investors to protect their portfolios with gold.

end

March 17, 2016 Posted by | Economics | , , , , , , , , , , , , , | Comments Off on Jim Rickards: Why Gold Is Going To $10,000

Michael Pento: Record Swings of Deflation and Inflation Coming. Global Currency Depreciation Derby-Gold Big Winner

  • Michael Pento: Record Swings of Deflation and Inflation Coming. Global Currency Depreciation Derby-Gold Big Winner
    by Greg Hunter’s USAWatchdog.com
    Money manager Michael Pento says the Fed and other global central banks are “not going to stop manipulating the markets.” Pento explains, “There is no escape from the manipulation by central banks and manipulation of asset prices. There is no escape of manipulation of interest rates, of money supply growth, of stock values and of bond prices. They can never stop. . . . Just a hint that this massive manipulation of all markets and asset classes might end someday sends them crashing. So, there is no escape in Japan, China, Europe and the United States. That means we are headed for massive bouts of wild swings between inflation and deflation, the likes of which we have never before seen in the history of economics.”


    Pento contends the manipulation will stop when countries “lose control of their currencies.” Pento contends, China may be the first big domino to fall and points out, “China is going to lose control of its currency. They have more bad loans today, about $650 billion worth of defaulting loans, than our entire subprime mortgage market circa 2006. Their currency has to collapse. They are trying to manage this, and they manage everything to the hundredth decimal point in China. China manages everything, and they admit to it. . . . They are trying to not let bad loans wash out. They are trying to keep them afloat. What’s going to give way is their currency. The renminbi is going to collapse. That has massive repercussions to all those East Asian trading blocks and their relationship to the dollar’s value. This is not going to go away. China is a Sino scam artist country, and it will collapse just like the rest of the world’s markets and economy.”

    read more.

end

March 17, 2016 Posted by | Economics | , , , , , , , , , , , , , , | 1 Comment

Follow

Get every new post delivered to your Inbox.

Join 1,139 other followers