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News, Rumors and Opinions Friday Afternoon 11-29-2024

Gold Telegraph: The World is Catching up

Nov. 28, 2024

The Czech Republic’s central bank aims to double its gold reserves to 100 metric tons within three years.

He says: “We need to reduce volatility; we need an asset with zero correlation to stocks, and that asset is gold.”

Gold is the foundation of the monetary system.

What do the 1930s and today represent in the United States? The net worth of the top 0.1% of the population is roughly equal to that of the bottom 90% combined. So, what happened in the 1930s?

Those dismissing the record pace of insider stock dumping overlook clear historical patterns. Meanwhile, central banks face massive unrealized losses, limiting their ability to print endlessly in the next major crisis. Now is the time for outside-the-box thinking.

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To all the American readers and viewers, I would not be able to do what I love without you all.

Happy Thanksgiving. I hope it’s golden.

Buy now, pay later is surging in the United States. I warned about it years ago. Now, many people cling to it just to survive. This will end in tears. How this program is even allowed still baffles me.

BREAKING NEWS: AN EX-CHANCELLOR IN THE UK IS WARNING THAT A PLAN BY BRICS COUNTRIES TO CREATE A SEPARATE BANKING PAYMENTS SYSTEM COULD RENDER INTERNATIONAL SANCTIONS USELESS.

The world is catching up.

“Lord Lamont of Lerwick warned that a rival payments system would be a major threat to the Western-led financial system if it ever came to pass…”

Source: https://www.irishnews.com/news/uk/new-brics-banking-system-would-render-sanctions-useless-ex-chancellor-warns-GCMF6U5ZY5KRJHFU3SJHB4IT54/

Testifying before Congress as Fed chairman in 2015, Janet Yellen tersely informed the House Financial Services Committee “I don’t believe that the Fed should chain itself to any mechanical rule.” Unchained from rules—now that’s tyranny. – @judyshel

https://www.wsj.com/opinion/trump-is-right-to-put-the-screws-on-the-fed-interest-rates-inflation-4709d07a

In my conversation with @judyshel, she shared a powerful story involving Janet Yellen, the current U.S. Treasury Secretary:

In a July 1996 Federal Reserve meeting, Janet Yellen argued for a 2% inflation target, citing a Keynesian perspective tied to “money illusion.”

She explained that giving workers a nominal 1% raise during 2% inflation effectively cuts real wages without them noticing. This perspective was met with laughter around the table. However, the laughter was clearly at the expense of regular Americans, whose purchasing power would be eroded.

https://dinarchronicles.com/2024/11/28/gold-telegraph-the-world-is-catching-up/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man  What is expected from Iraq is a real effective exchange rate.  I think that is what's coming.  I think everybody has that expectation and they're openly telling them that expectation is real.  They're doing it through media.  That's happening.  TV outlets have been describing the on goings in Iraq and also the neighboring countries and the trading partners.  To me the expectations are amazing.

Militia Man  They're talking about "financial risks".  They weren't talking in that way when they were moving forward into an international world with the 1310.  They're talking about preparedness for a change...They're focusing in on their banking sector.  Article quote "These days there's growing interest in the banking sector in general both government and private sectors... The banking sector is looking to be in good shape for this new stage.  That's what they're presenting...

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Reviving the Gold Standard: Judy Shelton’s Proposal for a Gold-Convertible Treasury Bond

25 November 2024

Gold prices are significantly down on Monday morning. As the U.S. enters a shortened trading week due to the Thanksgiving holiday, the general market sentiment appears more optimistic, which is unfavorable for precious metals typically seen as safe-haven assets.

This improved risk appetite can be partially attributed to President-elect Trump’s selection of hedge fund manager Scott Bessent for the position of Treasury Secretary. The appointment of a financial industry insider to this key economic role has seemingly boosted investor confidence in the incoming administration’s economic policies. The price of gold is trading at $2642.39, down $73.80. The price of silver is trading at $30.39, down 95 cents.

Judy Shelton, a long-time advocate for sound money, has proposed an innovative approach to reintroduce a gold standard for the US dollar. Her plan involves issuing a 50-year Treasury bond that would be convertible into gold, potentially to be initiated by President Trump on July 4, 2026. This proposal aims to address the current monetary system’s shortcomings and restore stability to the dollar by tying it back to a tangible asset.

The concept of a gold-convertible Treasury bond serves multiple purposes. Firstly, it provides a mechanism for discovering the appropriate price for gold convertibility without the need to abolish the Federal Reserve or make drastic changes to the current monetary system.

Secondly, it would effectively utilize the United States’ substantial gold reserves, which are currently undervalued on government ledgers. By offering gold redeemability, the government could potentially issue extremely long-dated debt at lower interest rates, as the risk of future dollar devaluation would be mitigated. This approach aligns with Shelton’s view that currency should be a standardized measure for public use rather than a policy instrument for managing the economy.

Read Full article here:  https://www.usagold.com/reviving-the-gold-standard-judy-sheltons-proposal-for-a-gold-convertible-treasury-bond/

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Stock Market Highs, Consumer Lows: Adam Taggart on America’s Economic Divide

Kitco News : 11-29-2024

With U.S. debt surpassing $36 trillion and a debt-to-GDP ratio at 120%, Adam Taggart, host of Thoughtful Money, breaks down the alarming implications for the economy and investors.

 In this in-depth conversation, Taggart examines the growing divide between Wall Street and Main Street, inflation’s impact on purchasing power, and the challenges of navigating an overvalued market driven by narrative and exuberance.

Taggart also delves into the Federal Reserve’s unusual rate-cut strategy amidst record debt, Trump’s pro-growth policies, and what it will take to transition to a stronger economy.

From the rise of gold and Bitcoin to the debate over fiat currency, sound money, and central bank digital currencies, this is a must-watch for anyone seeking clarity in a confusing economic landscape. Don’t miss it!

00:00 Introduction

 02:04 Consumer Behavior and Economic Indicators

 03:51 Market Sentiment and Investment Trends

05:26 Bitcoin and the FOMO Effect

 07:37 Stock Market Valuations and Investor Expectations

 11:30 The Divide Between Wall Street and Main Street

14:11 Trump's Economic Policies and Future Outlook

18:51 Federal Reserve and Interest Rate Predictions

 21:35 Conclusion

https://www.youtube.com/watch?v=Rpg3U9qlIWo

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