US Dollar Tokenization Test Goes Live- Lynette Zang
U.S. Dollar Tokenization Test Goes Live
Lynette Zang: 11-22-2022
I wonder how hard it is to talk out of both sides of your mouth at the same time, because central bankers do that all the time.
And even in this update in the prelude to a CBDC, Central Bank Digital Currency, what does the fed say? We're still studying this, we're still studying this, we're still studying this, but at the same time, oh, don't call it a CBDC, let's call it a CE.
I'm gonna explain that in a minute. And they're gonna come out with something that is already being tested and guess who the Guinea pig is? Hmm? Your deposits?
U.S. Dollar Tokenization Test Goes Live
Lynette Zang: 11-22-2022
I wonder how hard it is to talk out of both sides of your mouth at the same time, because central bankers do that all the time.
And even in this update in the prelude to a CBDC, Central Bank Digital Currency, what does the fed say? We're still studying this, we're still studying this, we're still studying this, but at the same time, oh, don't call it a CBDC, let's call it a CE.
I'm gonna explain that in a minute. And they're gonna come out with something that is already being tested and guess who the Guinea pig is? Hmm? Your deposits?
More News, Rumors and Opinions Tuesday Night 11-22-2022
KTFA:
Samson: Exchange offices indicate two reasons behind the rise in dollar prices in Iraq and expect a further rise
22nd November, 2022
Some banking offices revealed, on Tuesday, that the denial of some banks to enter the currency auction and the new instructions of the Central Bank are behind the rise of the dollar against the Iraqi dinar.
The owner of the Al-Waha office, Hussein Al-Moussawi, said in an interview with Shafaq News agency, "The central bank's suspension of 14 banks from entering the currency auction is behind the rise in dollar prices in the local markets."
KTFA:
Samson: Exchange offices indicate two reasons behind the rise in dollar prices in Iraq and expect a further rise
22nd November, 2022
Some banking offices revealed, on Tuesday, that the denial of some banks to enter the currency auction and the new instructions of the Central Bank are behind the rise of the dollar against the Iraqi dinar.
The owner of the Al-Waha office, Hussein Al-Moussawi, said in an interview with Shafaq News agency, "The central bank's suspension of 14 banks from entering the currency auction is behind the rise in dollar prices in the local markets."
The Central Bank had decided on November 6 to stop dealing in “dollars” with four banks for audit purposes whose names are linked to corruption files, while some parties said that the US Federal Reserve stopped financial transfers to 14 Iraqi banks on charges of smuggling money from the currency auction.
He added, "The bank's new instructions, which will be applied on the first of next January with regard to obtaining currency in the bank's auction, which will also include exchange offices, is to apply through the electronic platform and directly to the central bank," noting that "the bank will also be able to disclose all the names that are sold to by these banks and exchange offices.
Al-Moussawi also indicated that, "These complex instructions, which are rejected by banks and exchange offices, are expected to raise the dollar above 1,500 dinars during the coming period."
It is noteworthy that the prices of the dollar rose gradually during the past days, to reach today the price of 100 dollars on the Kifah Stock Exchange 148,900 Iraqi dinars. LINK
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Samson: Amer Al-Jawahiry : The country needs an economic renaissance through investing in major projects and with an international partnership
22nd November, 2022
The consultant in economic development and investment, Amer Al-Jawahiri, stressed the country's need for a major economic renaissance.
He told the National Iraqi News Agency that the country's economy cannot be advanced without major investment projects that generate money in order to gradually reduce dependence on oil as the only resource for the annual budget.
Al-Jawahiry added that the first signs of this renaissance are the establishment of major joint investment projects with the countries of the region and other countries, in addition to activating the agreements concluded, especially with China.
He explained: Among the major projects is the Nibras Petrochemical Project, in partnership with the global Shell company, which must be activated by setting a specific time period for its completion.
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Courtesy of Dinar Guru
Frank26 [Community Member bank experience] FRANK: You called me 2 days ago. You were very excited. Something happened. You were minding your own business and walked into a bank correct? MEMBER: I live in the state of Florida. The bank I'm talking about is called Truist in the Orlando area. I know the VP of the branch that I went to visit...I saw she was alone in her office and I invited myself in... [Post 1 of 7]
Frank26 [Community Member bank experience Continued] MEMBER: A little history - I had reached out to her about a year ago and she said I can't talk about this at the branch. Maybe I can talk to you some other day. Well that other day came a year later, which was last week...I was very direct...we talked about 20 to 30 minutes...My first question to her was, If she's aware of currencies that are going to be included in her bank system or if she and her staff are learning any new protocols on currencies that are going to be coming into trading where we can come and exchange. [Post 2 of 7]
Frank26 [Community Member bank experience Continued] FRANK: You sit down...then out of the blue you just come out and ask, 'Is your bank doing any procedures right now. Any work right now on foreign currency that's going to be exchanged?' MEMBER That is correct...I said...Are you gong to be exchanging any currencies in the near future that your new protocols are set in place for. She said, 'yes.' I said, 'There is the Iraqi dinar and...Vietnam dong that I am currently invested in. Are you guys going to be exchanging any of these currencies in the near future?' [Post 3 of 7]
Frank26 [Community Member bank experience Continued] She said, 'Yes.' I said, 'I know you're not allowed to tell me the dates or rates or anything like that, but will this happen before the end of the year or is it going to happen next year?' She said it's going to happen before the end of this year. I said, 'Interesting, what protocols do you have that I can come in and exchange my currencies?' I go, 'I know you're not a large participant in this process, I'm assuming you're a satellite bank... you're going to be able to assist in the process?' [Post 4 of 7]
Be sure to check Dinar Guru for the rest…………..https://www.dinarguru.com/
IMPORTANT UPDATES! Markets, Stocks, Fed, Dollar, Debt, Economy, MORE!
Greg Mannarino: 11-22-2022
ALERT! Silver Warehouses Prepare for FINAL Silver Deliveries in DECEMBER 2022! PREPARE!!
(Bix Weir) 11-22-2022
It will be very interesting to see how much Physical Silver Bank of America has to deliver on the COMEX in December for their MASSIVE SILVER LEASE set to expire on Dec 31st.
This mechanism is all part of the HUGE Silver Price Suppression that started 2 years ago and is set to END by December 2022.
This is the End of the operation that the CFTC's Rostin Behnam called the "Silver Tamp Down!" Pure fraud at the highest levels of the US Government...WELCOME TO AMERICAN EXCEPTIONALISM!!
Economic Thoughts From Mike Maloney and Peter Schiff Tuesday 11-22-2022
Mike Maloney: Brace For Impact!
11-22-2022
Something didn’t look right. But what was it? Last week Mike Maloney and Jeff Clark presented some incredible data showing the conundrum that central banks find themselves in.
But Mike wasn’t quite happy with the way the charts were delivered. They could have been clearer.
The story was there in the numbers, but it was lost to all but the sharpest of eyes. So this week Mike chose to expand on that same data in order to show clearly, as plain as day, why it is now time to tighten your safety belt and brace for impact.
As Mike says, “This is NOT going to be a soft landing”
Mike Maloney: Brace For Impact!
11-22-2022
Something didn’t look right. But what was it? Last week Mike Maloney and Jeff Clark presented some incredible data showing the conundrum that central banks find themselves in.
But Mike wasn’t quite happy with the way the charts were delivered. They could have been clearer.
The story was there in the numbers, but it was lost to all but the sharpest of eyes. So this week Mike chose to expand on that same data in order to show clearly, as plain as day, why it is now time to tighten your safety belt and brace for impact.
As Mike says, “This is NOT going to be a soft landing”
Peter Schiff - ALERT!! - Major US Banks Will Declare Bankruptcy Soon After The Fed Does This
11-22-2022
In today's video, Peter Schiff talks about the federal reserve and central banks that caused inflation around the world. According to Peter, inflation is only going to get worse and it's never going back to the 2% that the fed is trying to achieve.
The Only Year in History When Treasuries Have Lost More Than Stocks
Michael Gayed: The Only Year in History when Treasuries have Lost More than Stocks
Palisades Gold Radio: 11-22-2022
Tom welcomes back Michael Gayed, Portfolio Manager at Toroso Asset Management. Michael is the author and publisher of the Lead-Lag Report.
Michael discusses how insane this year has been and how this is the only year in history where treasuries have lost more money than stocks. The only period it can be compared with is 1931. We're in very abnormal territory.
People can get overly comfortable if something isn't happening immediately. We saw that with FTX and Lehman Brothers collapses.
Michael Gayed: The Only Year in History when Treasuries have Lost More than Stocks
Palisades Gold Radio: 11-22-2022
Tom welcomes back Michael Gayed, Portfolio Manager at Toroso Asset Management. Michael is the author and publisher of the Lead-Lag Report.
Michael discusses how insane this year has been and how this is the only year in history where treasuries have lost more money than stocks. The only period it can be compared with is 1931. We're in very abnormal territory.
People can get overly comfortable if something isn't happening immediately. We saw that with FTX and Lehman Brothers collapses.
The beauty of FinTwit is the ability to see the short-term perspective of investors. Michael says, "When investment becomes religion, it's time to lose faith." This is what happens in markets people get overly confident in markets, and we're seeing margin calls in crypto.
Usually, margin calls aren't limited to just one asset class. He explains the terms risk on and risk off. For the bulk of this year, Toroso's signals have been risk-off and defensive. The melt-up scenario is still very much in play, but we're in a recession.
Melt ups are basically just FOMO which eventually fizzle out. A split government isn't a bad thing for markets and the economy. The best thing is to lower fiscal spending to reduce inflationary pressures long term. In many ways, the Fed may be trying to counter seasonality.
The strength in the dollar is usually tied to a good treasury market, but this year is the exception. The persistence of the dollar has been relentless until recently. The bear market will continue to take some time to play out.
We're setting records for the rate of change in many areas. All the statistics are showing that something is not normal. All investors can do is hope that it ends, and Michael is seeing some reason for optimism.
Gold needs the dollar to underperform, and the market needs to believe that a bear market will persist.
The link between miners and gold price is not that correlated. Miners are dependent on additional factors like energy and input costs to consider. At some point, we end up in a similar debt to GDP situation with that of Japan.
Who knows where we will be in another ten years.
Time Stamp References:
0:00 - Introduction
0:35 - Sanity Check
3:26 - Contagion & Risk
8:54 - Melt Up Thesis
16:22 - Fed & China
18:48 - OPEC & SPR
21:53 - Commodities & Lumber
23:50 - Dollar Strength
26:25 - Foreign Dollar Demand
29:39 - Gold & The Dollar
32:17 - Gold Miners
33:29 - Layoffs & Retail
36:44 - Pivot & Future Inflation
38:49 - Brazil
40:45 - Wrap Up
Talking Points From This Week's Episode
- Why this year is highly abnormal in U.S. history.
- Risk on and off metrics and why he is positioned defensively.
- Why a split government is good for the economy and inflation expectations.
- The outlook for gold and correlations with miners.
News, Rumors and Opinions Tuesday AM 11-22-2022
RV Excerpts and Rumors from the Special Restored Republic via a GCR Report as of Mon. 21 Nov. 2022
Compiled by Judy Byington
Global Currency Reset:
RV Highlights Wolverine Chat Room: On Sat. night 19 Nov. all remaining U.S. troops were withdrawn from Iraq. Also on that same Sat. 19 Nov. Dinar rates were released at $4.81 in country and $11.90 in the U.S. Iraq and Kuwait will share the Golden Dinar.
On Thurs.17 Nov. the BRICS Nations of Brazil, Russia, India, China and South Africa portals were activated on the Quantum Financial System. That meant the US Dollar and UK Euro now had Zero value, but were being held up artificially on the Market so as to not cause chaos. …Charlie Ward
RV Excerpts and Rumors from the Special Restored Republic via a GCR Report as of Mon. 21 Nov. 2022
Compiled by Judy Byington
Global Currency Reset:
RV Highlights Wolverine Chat Room: On Sat. night 19 Nov. all remaining U.S. troops were withdrawn from Iraq. Also on that same Sat. 19 Nov. Dinar rates were released at $4.81 in country and $11.90 in the U.S. Iraq and Kuwait will share the Golden Dinar.
On Thurs.17 Nov. the BRICS Nations of Brazil, Russia, India, China and South Africa portals were activated on the Quantum Financial System. That meant the US Dollar and UK Euro now had Zero value, but were being held up artificially on the Market so as to not cause chaos. …Charlie Ward
Sat. 19 Nov. MarkZ: “My contacts expect a very busy week beginning early in the week. There is a whole lot of chatter right now for Iraq and for Monday for us to start exchanges.”
Thurs. 17 Nov. Bruce: “Redemption Center Staff were on call as of Fri. noon and through the weekend to start appointments on Mon-Tues. 21, 22. Last Tues. 15 Nov. they began redemption of boxes of Zim Sheet Bonds in Zurich and Miami.”
A Private Banker said that his US Treasury Contact informed Bank of America that Gold and Gold-backed assets opening day was on Fri. 11 Nov. German and Yellow Dragon Bond liquidity would soon follow, with the redemption process beginning in Miami, Zurich and the Philippines this last week.
Timeline:
Wed. 9 Nov. 2022: FTX Crypto Currency Company caught in criminal money laundering scheme, with implications far larger than anyone can imagine. https://youtu.be/20BEJouWBgY
Thurs. 10 Nov. 2022: The next day Bitcoin went bankrupt.
Fri. 11 Nov. 2022 Gold-backed Assets Opening Day for the Banks.
On Thurs. 17 Nov. 2022 the BRICS Alliance (Brazil, Russia, India, China, South Africa) Portals were activated on the Quantum Financial System.
Read full post here: https://dinarchronicles.com/2022/11/21/restored-republic-via-a-gcr-special-report-as-of-november-21-2022/
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KTFA:
Samson: Oil prices rise after the denial of OPEC oversupply
22nd November, 2022
Oil prices rose in early Asian trading today, Tuesday, a day after Saudi Arabia, a key member of OPEC, denied increasing oil supply
Brent crude futures rose 52 cents, or 0.59%, to $87.97 by 04:07 GMT. Meanwhile, US West Texas Intermediate (WTI) crude futures rose by 28 cents, to $80.27 a barrel. Both benchmarks fell more than $5 a barrel in the previous session after some media outlets reported that an increase of up to 500,000 barrels per day would be considered at the OPEC+ meeting on December 4
Prices rebounded quickly in full after Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom was committed to production cuts and was not discussing a potential increase in oil production with other OPEC oil producers
The Organization of the Petroleum Exporting Countries (OPEC+) and its allies (OPEC+) recently cut production targets and Saudi Arabia's energy minister was quoted as saying this month that the cartel would remain cautious about oil production due to uncertainty about the global economy
Capping market gains was rising COVID-19 cases in China as the country grapples with a nationwide outbreak of the disease that is nearing its peak in April LINK
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Courtesy of Dinar Guru
Nader From The Mid East People...keep saying the exchange rate that's in the budget. Me, I don't think its in a budget because the budget have nothing to do with the rate...Maybe I'm wrong. I hope I'm wrong but I don't think I'm wrong.
Frank26 We already have a seated government, it's just not announced. Let them announce it when they give you the budget law because then that seated government will bust open the piñata of the budget and that budget is explosive!
IMF SAYS: "World Trade Slowing To Critical Level." YIELD CURVE CONTINUES TO INVERT.
Greg Mannarino: 11-21-2022
End the dollar's hegemony! China buys a lot of gold from Russia
Deepin Moments: 11-22-2022
"Given that Russia has been hit by Western currency sanctions, China and some other countries must reduce their reliance on the dollar as soon as possible," Nikkei Asia quoted several analysts as saying.
According to a report released in November by industry group the World Gold Council, central banks bought a net 399.3 tons of gold from July to September this year, more than four times more than in the same period a year earlier.
The latest buying is up sharply from 186 tons in the previous quarter and 87.7 tons in the first quarter, while year-to-date buying alone exceeds any full-year performance since 1967.
China Just Revealed its Russia and Iraq Oil Masterplan to Collapse the US Economy
China Just REVEALED Its Russia & Iraq Oil MASTERPLAN To Collapse The US Economy | NEW Petrodollar
Investing Future: 11-21-2022
China's Insane Masterplan To Replace The Petrodollar With The Petroyuan
With The Help Of Iraq and Russia ‘First, regarding China, Iraq’s newly-appointed Oil Minister, Hayyan Abdul Ghani, shows no signs of reversing the extraordinary ‘oil-for-projects’ agreement that was signed between Iraq and China in the middle of 2019.
Last week, in fact, after Ghani’s appointment to his new post by new Prime Minister, al-Sudani, local state-endorsed news agencies reported that Iraq’s Oil Exploration Company OEC and the China National Offshore Oil Corporation CNOOC had begun multiple seismic surveys as part of the first phase of wide-ranging offshore oil and gas exploration between Iraq and China.
China Just REVEALED Its Russia & Iraq Oil MASTERPLAN To Collapse The US Economy
Investing Future: 11-21-2022
China's Insane Masterplan To Replace The Petrodollar With The Petroyuan
With The Help Of Iraq and Russia ‘First, regarding China, Iraq’s newly-appointed Oil Minister, Hayyan Abdul Ghani, shows no signs of reversing the extraordinary ‘oil-for-projects’ agreement that was signed between Iraq and China in the middle of 2019.
Last week, in fact, after Ghani’s appointment to his new post by new Prime Minister, al-Sudani, local state-endorsed news agencies reported that Iraq’s Oil Exploration Company OEC and the China National Offshore Oil Corporation CNOOC had begun multiple seismic surveys as part of the first phase of wide-ranging offshore oil and gas exploration between Iraq and China.
According to a separate statement from OEC Director, Ali Jassim, CNOOC has started implementing a joint study contract for two-dimensional seismic and geophysical surveys to explore hydrocarbon gatherings in the Iraqi offshores north of the Arabian Gulf.
This aligns entirely with the directive of the Iraqi government in October to include ‘vital and strategic projects’ in the 2019 oil-for-projects agreement between Iraq and China.
These ‘vital and strategic projects’ include: roads, bridges, infrastructure, energy, oil and electricity, according to Haider Majid, spokesperson for the General Secretariat of the Council of Ministers.
Having effectively now given China the power to do whatever it wants in terms of offshore oil and gas development, Iraq is also allowing Beijing to expand its reach further into key onshore fields as well.
Knowing the trade conflict going on between the US and China, it is clear now that Iran has chosen the side they are betting on. Rejecting the current leading currency in the world in favor of the emerging yuan struck some investors making them keep a closer eye on the yuan as a currency and as a replacement for the petrodollar.
Coincidentally Saudi Arabia also wants to cut ties with the US after their unnecessary sanctions on allied country Russia and threats given by Joe Biden due to OPEC wanting to sustain economic growth in their countries amid the pending global recession which is partly due to high inflation rates in the US.
Second, regarding Russia, Iraq’s new Oil Minister also shows no sign of reversing his predecessor’s intention of allowing Russian oil giant, Lukoil, to move ahead with the exploration and development of the huge Eridu oil field, despite Russia’s invasion of Ukraine in February.
Located in Block 10, around 120 kilometres west of Basra in southern Iraq, the preliminary consensus opinion was that the field contained between 7 and 10 billion barrels of crude oil reserves. This alone would have made it the biggest oil discovery in Iraq in at least 20 years, but subsequent Russian oil industry estimates point to reserves of up to 12 billion barrels of oil.
With a remuneration fee of US$5.99 per barrel – among the highest of all Iraq’s awards under its technical service contract model – and likely peak production of between 250,000 and 300,000 bpd, Lukoil was awarded a 60 percent share in Block 10 in the fourth round of licensing in 2012, along with a 40 percent stake being given to Japan’s Inpex.
Before Russia became a political and economic pariah of the West, following its invasion of Ukraine, Moscow held all the cards in its dealings with Iraq and stalled the development of Eridu as a bargaining tactic to get a better deal on its development of nearby West Qurna 2.
At that point back in 2021, Lukoil had a 75 percent stake in West Qurna 2, which it still retains, and had already spent over US$8 billion on developing it, but was only being compensated US$1.15 per barrel recovered.
China Shuts Down the US From Weaponizing the Dollar For Global Dominance
THIS IS HUGE! China JUST SHUT DOWN The U.S From WEAPONIZING The Dollar For Global Dominance
Tech Revolution: 11-20-2022
When strong nations bully smaller nations and target people, they should expect a harsh response. And any direct military involvement on the part of the West in the continuing conflict in Ukraine is quite unlikely. Therefore, many people are demanding that Russia be subjected to severe economic penalties.
Now, public support has been strong for the decision to penalize the Russian central bank and exclude six Russian institutions from the SWIFT financial system.
The new restrictions on Russian commodities exports might cause chaos in international markets. And it may also contribute to the inflationary trends that have already led to soaring food and energy costs in recent months. Some experts have even called this "weaponizing the US currency" and said it must be stopped.
THIS IS HUGE! China JUST SHUT DOWN The U.S From WEAPONIZING The Dollar For Global Dominance
Tech Revolution: 11-20-2022
When strong nations bully smaller nations and target people, they should expect a harsh response. And any direct military involvement on the part of the West in the continuing conflict in Ukraine is quite unlikely. Therefore, many people are demanding that Russia be subjected to severe economic penalties.
Now, public support has been strong for the decision to penalize the Russian central bank and exclude six Russian institutions from the SWIFT financial system.
The new restrictions on Russian commodities exports might cause chaos in international markets. And it may also contribute to the inflationary trends that have already led to soaring food and energy costs in recent months. Some experts have even called this "weaponizing the US currency" and said it must be stopped.
The United States is arming itself with the dollar to maintain its economic and geopolitical dominance worldwide. In fact, it thinks rival companies pose an existential danger.
The US contributes around 20% of the global GDP. And dollars are used for more than half of all international trade and monetary reserves. Now, this is the result of the Bretton Woods Accord of 1944. The impact was magnified when the Nixon shock of 1971 severed the dollar's relationship with gold.
And the United States was, therefore, able to regulate the cash flow. The centrality of the dollar, which the then-French finance minister described as an "exorbitant privilege." And this makes it simple for the United States to cover its trade and budget deficits.
Moreover, because of its ability to buy goods and pay off its debts in domestic currency, the country is buffered from the effects of a global currency crisis.
US quantitative easing and other monetary measures can boost the dollar's worth and provide the US an economic edge. However, the dollar's actual strength lies in its connection to sanctions programs.
Now, Washington may weaponize money transfers because of laws like the Patriot Act, the Trading With the Enemy Act, and the International Emergency Economic Powers Act.
In addition, the proposed Defending American Security from Kremlin Aggression Act and the Defending Elections From Threats by Establishing Redlines Act will increase the capabilities of this arsenal. The United States now has unparalleled power over international economic activity thanks to its acquisition of Swift data.
Swift is the worldwide messaging system of the Society for Worldwide Interbank Financial Telecommunication. So, individuals, businesses, governments, and even nations can be hit with sanctions. And due to secondary restrictions, companies, banks, and individuals from other countries are prevented from conducting business with the sanctioned organizations.
Basically, the United States has the required linkage to prosecute the offender or act against its American assets. This can happen if the offending dollar payment passes via a bank in the United States or the American payments system.
And with this power, the United States can punish foreign companies and individuals that do business with or provide financial support to a designated foreign terrorist organization. Criminal prosecution can potentially disrupt financial, trade, and currency markets. Furthermore, this has the potential to significantly hamper the operations of non-Americans.
Listen to this. For breaking sanctions against Iran, Cuba, and Sudan, BNP Paribas SA paid $9 billion in fines and was banned from dollar clearing for a year. Banks, including HSBC Holdings Plc, Standard Chartered Plc, Commerzbank AG, and Clear stream Banking SA, have all paid hefty fines for similar infractions.
United Co. Rusal had difficulty refinancing its dollar borrowings due to secondary penalties. And this occurred because international corporations, banks, and exchanges were pressured to cut ties with the Russian firm.
So, even though the company only sells 14 percent of its products in the US, doesn't use American banks, and is listed in Moscow and Hong Kong, its bonds and shares still went down.
Unstoppable Crash Worse Than 2008 Coming: James Rickards
Unstoppable Crash Worse than 2008 Coming – James Rickards
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Six-time, best-selling financial author James Rickards says the upcoming book “Sold Out” lays out the case why a huge crash is already a certainty sometime in 2023. In a nutshell, broken supply chains have already caused big inflation, and the Fed is raising rates to tamp it back down.
On top of the perfect storm of inflation and prolonged supply problems, we have the recent meltdown of the FTX crypto currency exchange. Rickards says, “It is definitely going to cause sequential collapses in the crypto world, but will it jump the fence into the broader financial world?
My expectation is it will, but it can take six months or more to play out. . . . We probably have an acute global financial crisis coming anyway.
Unstoppable Crash Worse than 2008 Coming – James Rickards
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Six-time, best-selling financial author James Rickards says the upcoming book “Sold Out” lays out the case why a huge crash is already a certainty sometime in 2023. In a nutshell, broken supply chains have already caused big inflation, and the Fed is raising rates to tamp it back down.
On top of the perfect storm of inflation and prolonged supply problems, we have the recent meltdown of the FTX crypto currency exchange. Rickards says, “It is definitely going to cause sequential collapses in the crypto world, but will it jump the fence into the broader financial world?
My expectation is it will, but it can take six months or more to play out. . . . We probably have an acute global financial crisis coming anyway.
If FTX never existed, I would say we are staring at a worse financial crisis than 2008. Throw FTX on top of that, and it’s like throwing gasoline on a fire. It will accelerate the fire. So, we’re probably going to have problems anyway, but the FTX implosion just makes it worse.”
As far as the dwindling supply chains, Rickards says, “The old supply chain has collapsed. A new supply chain will emerge, and I talk about that in my book and what it will look like. Right now, we are in a very messy middle period where things don’t work well.
It’s like a vase. You knock over a vase, and it breaks into 5,000 pieces. You can’t put it back together. You’ve got to go get a new vase. We broke the vase, and we are shopping for a new one. We are not there yet. We are just cleaning up the mess. . . . Russia invades Ukraine. The Ukrainian plastic conduit factory shuts down, and all of a sudden, the BMW production lines are shut down because they cannot get a part. Again, this is another example of how this is all falling apart, and it’s not going to be put back together quickly. There will be a new supply chain, and I call it supply chain 2.0, but we are in that in between time, and it’s going to be just a mess.”
Rickards says the Fed is going to keep raising rates because that is what they keep telling the public. Rickards says, “They are telling us what they are going to do, and you should believe them.”
Rickards says we do have inflation, and it’s going to be with us for awhile, but we are also going to get deflation too. Rickards points out, “Why does Warren Buffett and Brookshire Hathaway have $130 billion in cash? Buffett is one of the greatest investors of all time. Why isn’t he out there buying stocks? Again, why does he have $130 billion in cash?
It’s because Buffett sees what I see. Yes, this thing is going to completely crash. It’s a really good idea to have cash because you can go shopping in the wreckage and pick up some bargains. My point is, we don’t have to guess. Look at the Treasury yield curve.
Look at the euro/dollar futures yield curve. Look at other metrics, and guess what it looks like? It looks like 2007. Everything I am describing, but not quite as extreme by the way, was true in 2007. . . . These euro/dollar futures were behaving then exactly as they are now.
Except now, the inversion is even worse, which means we are in for a worse crisis than 2008. It’s coming. Everything I said has nothing to do with FTX. Throw FTX on top, and as I said, you are throwing gasoline on a fire.”
After the inflation, Rickards says count on big deflation. He will explain exactly how that happens in the 58-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with six-time, best-selling author James Rickards. Rickards’ new book “Sold Out” will be coming out in early December.
https://rumble.com/v1vkqxi-unstoppable-crash-worse-than-2008-coming-james-rickards.html
News, Rumors and Opinions Sunday 11-20-2022
KTFA:
Samson: Experts: Iraq loses 2.5 billion dollars a month because of the holidays
20th November, 2022
The network of field advisors estimated, on Sunday, that Iraq loses about $2.5 billion a month due to official holidays
Network member Qahtan Al-Hasso said, in a statement reported by the official newspaper, that "Iraq is at the forefront of countries that disrupt the official working hours of the private and public sectors on various national and religious occasions and for various reasons," noting that "these holidays are causing a clear recession on the one hand, and a significant decline in the educational level." On the other hand, not to mention the delay in several important projects in reconstruction and development
KTFA:
Samson: Experts: Iraq loses 2.5 billion dollars a month because of the holidays
20th November, 2022
The network of field advisors estimated, on Sunday, that Iraq loses about $2.5 billion a month due to official holidays
Network member Qahtan Al-Hasso said, in a statement reported by the official newspaper, that "Iraq is at the forefront of countries that disrupt the official working hours of the private and public sectors on various national and religious occasions and for various reasons," noting that "these holidays are causing a clear recession on the one hand, and a significant decline in the educational level." On the other hand, not to mention the delay in several important projects in reconstruction and development
Al-Hasso added, "Some countries, such as Sweden, are given nine days annually, while in Germany it is between 10 and 13 days, depending on the state, and in Spain it is 14 days, while Jordan has 15 days off, and Egypt has 16 days a year," noting that "Iraqi events add holidays." Sudden, often imposed by security, political or religious situations
He pointed out that "economists estimated vacation losses for a full month at more than two and a half billion dollars, if the average employee salary is calculated at 500 dollars per month at least depending on the number of employees in Iraq, 5 million employees in various sectors of the country, according to the readings of some institutions." competent research
He explained that "the abundance of holidays and official and unofficial religious events not only affects the economy, but also affects all facilities of life, especially study and scientific sobriety," assuming 52 weeks in the year, "which includes two days of each week as a holiday, so the total number of holidays on Fridays and Saturdays is 104." days a year, to which 18 official occasions are added, which is equivalent to 36 vacation days a year, by calculating the dropout of employees and students a day before or after the holiday
And Al-Hasso indicated that "there is a system followed by the Iraqis (between the two holidays is a holiday) that is within the 18 days, and on this basis we are talking about more than (176) days of vacation, noting that they are holidays that do not include personal leaves for illness, travel or childbirth, and in isolation about the days of religious events and others known as consensual, as the government announces the holidays for the two holidays for a full week to be in line with the two sects and their vision of the crescent LINK
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Samson: Iraq ranks globally in the "bribery" risk index
20th November, 2022
Iraq ranked 163 globally in the 2022 edition of the annual bribery risk index prepared and issued by the international organization (TRACE) specialized in monitoring and combating corruption in all its forms in the fields of finance and business.
According to the table prepared by the organization, "Iraq ranked 163 globally out of 194 countries included in it," noting that "Iraq occupied the same position for the second year in a row."
According to the index data, “Iraq scored an average of 68 points for the following areas: Opportunities: the risks of bribery arising from the interaction between companies and the government (74 points), deterrence and law enforcement: measures that deter bribery and the extent of their application (75 points) and transparency: the extent of transparency at the government level (73 points). Supervision and oversight came: the ability of civil society to supervise and follow up (46 points).
And in the Arab world, according to the organization, Iraq ranked 12th after Jordan, which ranked first with the least Arab countries in the risk of bribery and 65th globally, Tunisia second and 76th globally, the UAE third and 79th globally, Kuwait fourth and 111th globally, and Oman fifth and 128th globally. Lebanon sixth and 130th in the world, Morocco seventh and 140th in the world. Qatar came eighth and 149th globally, Sudan came ninth and 150th globally, Saudi Arabia came tenth and 157th globally, Egypt came eleventh and 161st globally, and Iraq came twelfth and ranked 163 worldwide.
The first ten places in the world with the lowest risk of bribery were taken by Norway, New Zealand, Sweden, Switzerland, Denmark, the United Kingdom, Australia, Finland, Japan and Canada, respectively.
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Samson: Hamza Al-Jawahiry : The thieves of public money .. enjoy influence and must be sentenced to the most severe penalties
20th November, 2022
The oil expert, Hamza Al-Jawahiry, affirmed: The thieves of public money enjoy influence, and they must be sentenced to the maximum penalties.
He told the National Iraqi News Agency : It is not enough to issue prison sentences against those who are found guilty of stealing public money and then smuggling it, pointing out the importance of the verdict also covering everyone who stands behind them, who helps them and covers them up, and who participated with them in concealing their crimes as quickly as possible.
He stressed: The implementation of the rulings with these people is a good start for fighting corruption, and the concerned agencies should expedite the arrest of the thieves of public money and not leave them free to move freely and enjoy influence and the power of stolen money. LINK
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Courtesy of Dinar Guru
Frank26 [Iraq boots-on-the-ground report] FIREFLY: We see the United States of America money department has put 14 of our banks on a black list. They are being investigated for corruption. FRANK: Only because the governor of the CBI did it first... FIREFLY: These banks were smuggling money from the auctions to other countries...this is extremely good for us...
Pimpy They're not going to tell people when they actually change the rate...they're not going to announce it. It's illegal for them to do this. What we see is a lot of articles speculating.
MARKETS A LOOK AHEAD: Central Banks Are Now In Their ENDGAME, And That Is NOT GOOD.
Greg Mannarino: 11-29-2022
Global Treasury Dump Is Getting Worse - China’s Selling Big!
Sean Foo: 11-18-2022
The US treasury dump is accelerating as countries are furiously exiting US bonds during this currency crisis. Not only is China selling off their bonds, but US allies including Japan are also exiting the treasury market as rate hikes continue to get worse.
And there's a good chance the money is moving in other assets like gold. If this bond crisis gets worse, it could guarantee a recession and even trigger a potential bond market collapse. Here's what you must know!
0:00 China Is Dumping Record Amounts
2:36 Why China Is De-dollarizing
4:35 Where China Is Investing Those Dollars
7:17 It's A Global Treasury Dump!
9:32 If A Bond Collapse Happens...
11:51 Prepare For Pain
More News, Rumors and Opinions Saturday Night 11-19-2022
TNT:
Tishwash: Al-Sudani issues a package of decisions affecting high-ranking positions in Iraq
The Iraqi Prime Minister, Muhammad Shia'a al-Sudani, announced the withdrawal of the protections of former presidents and ministers who assumed their duties after 2003.
The decision also included canceling the allocations for the three presidencies for President Abdel Latif Rashid and Speaker of Parliament Muhammad al-Halbousi, in addition to al-Sudani himself.
He also withdrew protections from the former presidents of the republic, Fuad Masum and Barham Salih, and the protections of former prime ministers Iyad Allawi, Ibrahim al-Jaafari, Nuri al-Maliki, Haider al-Abadi, Adel Abdul-Mahdi and Mustafa al-Kazemi.
These decisions, which seemed shocking to senior Iraqi officials, come in an attempt by the prime minister to restructure state institutions and pressure government spending.
TNT:
Tishwash: Al-Sudani issues a package of decisions affecting high-ranking positions in Iraq
The Iraqi Prime Minister, Muhammad Shia'a al-Sudani, announced the withdrawal of the protections of former presidents and ministers who assumed their duties after 2003.
The decision also included canceling the allocations for the three presidencies for President Abdel Latif Rashid and Speaker of Parliament Muhammad al-Halbousi, in addition to al-Sudani himself.
He also withdrew protections from the former presidents of the republic, Fuad Masum and Barham Salih, and the protections of former prime ministers Iyad Allawi, Ibrahim al-Jaafari, Nuri al-Maliki, Haider al-Abadi, Adel Abdul-Mahdi and Mustafa al-Kazemi.
These decisions, which seemed shocking to senior Iraqi officials, come in an attempt by the prime minister to restructure state institutions and pressure government spending.
As is the norm in post-2003 Iraq, former senior officials usually maintain several government protection regiments, even years after leaving office.
The Prime Minister's decisions also included the deduction of two and a half million dinars from the salaries of members of his government, and the reduction of exaggerated government spending in Iraq.
According to the decisions, the Iraqi Prime Minister canceled the allocations for hospitality, treatment, and renting private planes for the three presidencies, including his office.
Earlier, Al-Sudani decided to cancel 20 Iraqi embassies abroad due to the lack of Iraqi expatriates there, in addition to the huge funds allocated from the annual budget for them and their diplomatic staff.
During the past week, the force assigned to protect the former Prime Minister, Mustafa Al-Kadhimi, numbering about 100, received orders to withdraw and leave its location near his house in the Green Zone.
Muhammad Shia al-Sudani assumed the position of prime minister on the 27th of last October, after the Iraqi parliament approved, by an absolute majority, his cabinet. link
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Courtesy of Dinar Guru
Nader From The Mid East Don't be surprised if the rate is not in the budget. If they don't pass the budget from here to December it's gonna take them 2 or 3 months to try again...I'm 99% sure they're going to pass the budget before 2023
Bruce [via WiserNow] ...we are hearing from two or three different sources that the weekend should be good for us - in terms of notifications...Saturday and Sunday, which makes Monday /Tuesday look good for exchanges...one of our sources has said regarding our exchanges, Monday and Tuesday will be magical days for us... I'm excited about what should happen this weekend and I hope you guys are too.
The Mechanics of Fiat Money Destruction | Alasdair Macleod, Quinton Hennigh & Jay Taylor
Liberty and Finance: 11-17-2022
Human beings have been capable of believing, ever since Eve ate the forbidden fruit in the Garden of Eden, that they could be like God simply by obeying, without limit, their hedonistic instincts.
The big lie most relevant to this week’s show is the one told by Lord John Maynard Keynes in 1935 when he suggested that societies could become rich by consuming more than they produce. To lend credence to that lie, Keynes required honest, market-driven money, gold, to be replaced by fiat money that is manufactured by debt.
What Keynes didn’t reveal (and politicians chose not to know) was that at some point in time, as debt outgrows income, those units of currency become worthless through either the fires of hyperinflation or via national insolvency.
Most vulnerable of all, during either an inflationary or deflationary outcome, are banks that have loaded up their balance sheets with the very debt from which fiat money was created.
Alasdair points out the market mechanics which have brought the western world to the precipice of self-destruction. To stay in business these banks have no choice but to unwind debt from their balance sheets resulting in a national collapse of business activity.
Judging the history of nations, that will likely result in a reset of our monetary system.
We can only hope any new monetary system will be based on gold and/or silver than can lead once again to honest and stable growth.
Despite the decline in stocks and bonds this year, gold has held up reasonably well. There are many new gold discoveries from which investors may anticipate major gains over the coming months.
A Wave of Junk Debt Could Force the Fed to Pivot
Danielle DiMartino Booth: A Wave of Junk Debt Could Force the Fed to Pivot
Palisades Gold Radio: 11-19-2022
Danielle discusses the amount of work that goes into every press release the Fed puts out. They have a hypersensitivity to how and what they place in these releases.
Powell has a largely thankless job, and the question is are they relying on lagging information. Danielle recently nicknamed Jerome Powell "make my day Jay" when he was told the markets were up during a press conference.
We're seeing larger moves in housing than was expected. Home prices are falling in half of the U.S. while some regions see prices still increasing as some people see it as an opportunity. Amazon needs to match consumer demand, and we see them laying off people as demand declines.
Danielle DiMartino Booth: A Wave of Junk Debt Could Force the Fed to Pivot
Palisades Gold Radio: 11-19-2022
Danielle discusses the amount of work that goes into every press release the Fed puts out. They have a hypersensitivity to how and what they place in these releases.
Powell has a largely thankless job, and the question is are they relying on lagging information. Danielle recently nicknamed Jerome Powell "make my day Jay" when he was told the markets were up during a press conference.
We're seeing larger moves in housing than was expected. Home prices are falling in half of the U.S. while some regions see prices still increasing as some people see it as an opportunity. Amazon needs to match consumer demand, and we see them laying off people as demand declines.
We're now seeing surplus inventory in the supply chains that no one is buying. Powell's pain point will come when something critical breaks in the credit markets. A yield curve inversion signalled that credit would be tightening.
However, now the way to interpret it is in terms of banks extending credit. If banks can't see profit in lending, they won't lend, and then the economy will slow.
Lastly, Danielle discusses the recent FTX crypto exchange collapse and the concept of Central Bank Digital Currencies. Tom notes that the Ontario Teachers Pension had 90+ million invested in FTX. This is not the place you expect to find your pension plan investing diligently.
Time Stamp References:
0:00 - Introduction
0:38 - Fed & Press Releases
2:28 - Powell Nickname
5:13 - Carvana & Auto Sales
7:59 - Housing & CPI Metrics
13:22 - Wage Price Spiral
19:07 - CPI & PPI Numbers
23:05 - Fed Politics & Recessions
27:40 - Powell & Credit Markets
33:20 - Fed Data & Actions
35:33 - U.S. & U.K. Pension Systems
38:12 - Crypto & Regulators
40:05 - CBDCs & Governments
44:55 - Wrap Up
Talking Points From This Episode - The Fed's micromanaging approach to press releases. - The Recent Fed press statement and Jerome's responding aggressively to being told markets we're up. - The housing markets and excess supply in goods that no one is buying. - The problems with pensions and the crypto markets.