Pointing a finger at evil wherever I see it.
Source: SchiffGold.com
There’s no sign of a slowdown in central bank gold buying.
In February, central bank gold reserves rose by another 52 tons, according to the latest data compiled by the World Gold Council.
It was the 11th straight month of central bank net gold purchases.
Continue reading “Central Bank Gold Buying Shows No Sign of Slowing Down – Schiff Gold 4/4/23”
Source: TheEconomicCollapseBlog.com
For decades, the U.S. dollar was the undisputed king of global currencies, but now dramatic changes are happening. China, Russia, India, Brazil, Saudi Arabia and other nations are making really big moves which will enable them to become much less dependent on the U.S. dollar in the years ahead. This is really bad news for us, because having the primary reserve currency of the world has enabled us to enjoy a massively inflated standard of living. Once we lose that status, our lifestyles will be much different than they are today. Unfortunately, most Americans don’t understand any of this. Even though our leaders have treated the stability of our currency with utter contempt in recent years, most Americans just assume that the dollar will always reign supreme. Meanwhile, much of the planet is preparing for a future in which the U.S. dollar will be far less important than it is right now. The following are 7 signs that global de-dollarization has just shifted into overdrive…
Source: LBCGroup.tv
Coinbase (COIN.O) debuted on the US stock market on April 14, 2021 – the same day US senators confirmed Gary Gensler to lead the Securities and Exchange Commission (SEC), the country’s top markets regulator.
Gensler, who has called the crypto sector a “Wild West” riddled with fraud, is now embroiled in a battle with the world’s largest publicly-traded crypto firm over a core debate: whether digital assets are investment contracts akin to stocks or bonds that should be regulated by the SEC.
Source: CoinTelegraph.com
The United States Federal Deposit Insurance Corporation (FDIC) has reportedly asked potential rescuers of some failed U.S. banks not to support any crypto services.
Source: Unz.com
The crashes of Silvergate, Silicon Valley Bank, Signature Bank and its related bank insolvencies are much more serious than the 2008-09 crash. The problem at that time was crooked banks making bad mortgage loans. Debtors were unable to pay and were defaulting, and it turned out that the real estate that they had pledged as collateral was fraudulently overvalued, “mark-to-fantasy” junk mortgages made by false valuations of in the property’s actual market price and the borrower’s income. Banks sold these loans to institutional buyers such as pension funds, German savings banks and other gullible buyers who had drunk the neoliberal Kool Aid believing with Alan Greenspan that banks would not cheat them.
Continue reading “Why the Bank Crisis is not Over – Michael Hudson 3/14/23”
Source: SchiffGold.com
As the old saying goes, if it looks like a duck, walks like a duck, and quacks like a duck, it’s probably a duck.
Well, if it looks like a bailout, walks like a bailout, and talks like a bailout, it’s probably a bailout.
Source: BitcoinMagazine.com
As unrealized losses piled up, Silicon Valley Bank (SVB) gradually, then suddenly became insolvent, followed by the collapse of Signature Bank and people beginning to wake up to issues pervading our financial system. Modern day bank runs, though digital, can force banks to sell reserve assets at a loss, inevitably leading to insolvency.
Source: LBCGroup.tv
Lebanon’s unofficial exchange rate soared to reach 100,000 LBP to the dollar on Tuesday morning; this means the currency lost around 98.5 percent of its pre-crisis value in 2019 in less than four years.
Source: SchiffGold.com
As we start to sort through the fallout of the failure of Silicon Valley Bank and Signature Bank and the government’s reaction to it, the next question is: what’s next?
Government officials and mainstream pundits insist everything is fine now. They say quick government action averted a crisis. But in his podcast, Peter Schiff said this is really just the beginning of the next financial crisis.
Continue reading “Peter Schiff: The 2023 Financial Crisis Has Begun! – SchiffGold 3/14/23”
Source: Reuters.com
In the middle of last week, Moody’s Investors Service Inc delivered alarming news to SVB Financial Group (SIVB.O), the parent of Silicon Valley Bank: the ratings firm was preparing to downgrade the bank’s credit.
Continue reading “Silicon Valley Bank’s Demise Began with Downgrade Threat – Reuters 3/11/23”
Source: ReclaimTheNet.org
Retired neurosurgeon Ben Carson, country music singer John Rich, and conservative commentator Larry Elder have bought a bank that they say will promote American values and protect customers from the cancel culture and de-platforming that has been seen in recent times.
Source: bullionstar.us
In January 2023, Singapore’s central bank, the Monetary Authority of Singapore (MAS) returned to gold buying again, adding a massive 44.6 tonnes of gold to its official reserves, and thereby boosting Singapore’s gold holdings from 153.8 tonnes to 198.4 tonnes.
In percentage terms, this gold buying represents an incredible 29% increase in Singapore’s gold holdings in just one month. In fact, this is Singapore’s second largest largest gold purchase ever in one month, the only gold purchase that was larger was when Singapore first bought 100 tonnes of gold from South Africa in 1968….
Source: SchiffGold.com
Violent protests in Nigeria reveal that getting average people to embrace central bank digital currencies (CBDCs) might be more difficult than government officials would like.
Nigerians recently took to the streets to protest a cash shortage caused by government policies adopted in order to push the country into the adoption of its central bank digital currency (CBDC).
Continue reading “Nigerians Not Eager to Embrace Central Bank Digital Currency – SchiffGold 3/7/23”
Source: SchiffGold.com
Every government policy has consequences – some intended and some unintended.
There is at least one serious unintended consequence of the economic sanctions levied against Russia after its invasion of Ukraine – an erosion of the US dollar dominance.
Reuters reports that recent oil deals between India and Russia have been settled in currencies other than dollars.
Source: LBCGroup.tv
Egypt’s annual urban consumer inflation rate in February leapt to a higher-than-expected 31.9 percent, its highest in five and a half years, from 25.8 percent in January, data from statistics agency CAPMAS showed on Thursday.
The soaring inflation follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting imports into the country.
The Egyptian pound has fallen by nearly 50 percent since March….
Source: LBCGroup.tv
Today, many small shops and bakeries in Lebanon no longer accept coins, including the 250 LBP coin, which weighs around 5 grams and is made of yellow brass, aluminum, and zinc.
Its value as a currency today is 0.0032 USD, while its metal value is 0.025 USD, which is equivalent to 2000 LBP. This means that the value of the 250 LBP coin as a metal is eight times higher than its value as a currency….
Source: LBCGroup.tv
Iraq’s central bank said on Wednesday it planned to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency.
Continue reading “Iraq to Allow Trade with China in Yuan – Reuters 2/22/23”
Source: Mises.org
The Missouri Senate today passed legislation that would prompt the state treasurer to hold at least 1% of state funds in gold and silver while eliminating all state income taxes on monetary metals.
In a growing national backlash to the rampant inflation caused by massive federal spending, debt, and central bank money printing, more than a dozen states are already moving forward on sound money bills during their 2023 legislative sessions.
Source: HumanEvents.com
As if we needed another reminder of why blockchain technology is such a critical innovation in the face of authoritarian government overreach, the SEC’s recent $30 million settlement with cryptocurrency exchange Kraken is a perfect example, capturing the attention of crypto enthusiasts around the world.
Continue reading “Kraken the Whip: The Feds’ Latest Assault on Crypto Freedom – HumanEvents 2/21/23”
Source: InternationalMan.com
International Man: Recently, there have been whispers about the Fed raising its official inflation target above 2%.
But before we get into that, we should define our terms.
What is the proper way to think of inflation and the Fed itself?
Doug Casey: First of all, the word “inflation” should be viewed as a verb, not as a noun. Inflation is an increase in the amount of money. This is why Bitcoin—which may have other issues as a money—is inflation-proof; it’s a mathematical certainty that no more than 21 million will ever exist. There are absolutely no limits to the supply of fiat dollars, however.
Source: PirateWires.com
The Biden Administration is quietly trying to ban crypto. Nic Carter explains in an explosive guest post for Pirate Wires.
-Solana
What began as a trickle is now a flood: the US government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry. And the administration’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts. However, the breadth of this plan — spanning virtually every financial regulator — as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely. Let’s dig in.
Source: LBCGroup.tv
Egypt’s annual inflation surged to a new high in January, as Egyptians continue to battle ongoing price hikes and a depreciating currency, the country’s statistics bureau said Thursday.
Continue reading “Egypt’s Inflation Continues to Surge as Food Prices Rise – LBCGroup 2/9/23”
Source: BirchGold.com
Much like the Patriot Act had little to do with making life safer in the U.S., the Biden administration’s “Inflation Reduction Act” has very little to do with reducing inflation.
Thanks to this “Inflation Reduction Act,” our lives are about to get even more expensive for just about everyone. If you’re saving money for retirement, heating your home or driving a car, well, get ready to start paying higher prices.
That’s because of several new taxes that were tucked away in the 274 pages of the Inflation Reduction Act. Those new taxes have become law as of January 1st, 2023.
Continue reading “5 Ways the “Inflation Reduction Act” Is Stealing Your Money – PeterReagan 1/6/23″
Source: LBCGroup.tv
Iran and Russia have connected their interbank communication and transfer systems to help boost trade and financial transactions, a senior Iranian official said on Monday, as both Tehran and Moscow are chafing under Western sanctions.
Continue reading “Iran, Russia Link Banking Systems Amid Western Sanction – LBCGroup 1/30/23”
Source: alt-market.us
The decline of a currency’s world reserve status is often a long process rife with denials. There are numerous economic “experts” out there that have been dismissing any and all warnings of dollar collapse for years. They just don’t get it, or they don’t want to get it. The idea that the US currency could ever be dethroned as the defacto global trade mechanism is impossible in their minds.
One of the key pillars keeping the dollar in place as the world reserve is its petro-status, and this factor is often held up as the reason why the Greenback cannot fail. The other argument is that the dollar is backed by the full force of the US military, and the US military is backed by the US Treasury and the Federal Reserve – In other words, the dollar is backed by…the dollar; it’s a very circular and naive position.
Source: TheCradle.co
Let’s start with three interconnected multipolar-driven facts.
First: One of the key take aways from the World Economic Forum annual shindig in Davos, Switzerland is when Saudi Finance Minister Mohammed al-Jadaan, on a panel on “Saudi Arabia’s Transformation,” made it clear that Riyadh “will consider trading in currencies other than the US dollar.”
Source: ReclaimTheNet.org
International money transfers are far from private according to findings by The Wall Street Journal and Sen. Ron Wyden (D-OR).
Regular readers will know Reclaim The Net covered the start of this investigation almost a year ago.
Law enforcement in the US can access international money transfer details without a warrant through a controversial surveillance program the Arizona attorney general’s office approved in 2014.
The program resulted in the creation of a money transfers database managed by the Transaction Record Analysis Center (TRAC).
Source: GoldSwitzerland.com
In this refreshingly fact-focused report, Matterhorn Asset Management (MAM) advisor, Ronni Stoeferle, takes a deeper look at the false “eco war” on gold.
In a world of ever-growing public narratives completely at odds with transparent reality (from “Putin’s” war to “Transitory Inflation”), it should come as no surprise that the current ESG and “Green Revolution Army” of the woke West has turned its political gun sights toward the one precious metal which serves as the greatest threat to a dying fiat currency system: Gold. With puffed chests and lofty claims, global environmental leadership has conveniently made a disingenuous but full-frontal assault on gold mining (and hence gold) as an environmental threat.
Continue reading “5 Reasons Why Gold Is Green – Ronni Stoeferle 1/13/23”
Source: Alt-Market.us
One of the most dishonest games being played in economics today is the attempt by various groups (political and financial) to deflect blame for the rise of inflation. The Biden White House and Democrats desperately want to blame Russia and the war in Ukraine, even though inflation was spiking long before the war ever started. The Federal Reserve pretended for years that inflation was not a threat at all despite numerous alternative economists warning what would happen. Now they blame supply chain disruptions instead of their own monetary policies. The GOP wants to blame Biden alone for the crisis while ignoring the dominant role of the Fed in the economy (and their unilateral power) over the course of multiple presidencies.
Source: GoldMoney.com
This article is in two parts. In Part 1 it looks at how prospects for gold should be viewed from a monetary and economic perspective, pointing out that it is gold whose purchasing power is stable, and that of fiat currencies which is not. Consequently, analysts who see gold as an investment producing a return in national currencies have made a fundamental error which will not be repeated in this article.
Source: BitcoinMagazine.com
The potential of losing your funds isn’t the only reason to secure your own bitcoin. It also ensures the price cannot be manipulated.
Are you keeping bitcoin on an exchange?
Let me tell you a story about what happens when you, and others, leave your bitcoin on exchanges. You might be surprised to hear what that means for your holdings. It might sound a lot like your own.
Continue reading “The Dangers of Paper Bitcoin – BitcoinMagazine 12/19/22”
Source: LewRockwell.com
Money is routinely defined by what it does, rather than what it is. That is unfortunate because its modern definition overlooks money’s important – but now forgotten – fourth function.
Aristotle observed that money is a medium of exchange, unit of account, and store of value. This definition omits the fourth function needed to explain money and currency in our modern economy.
Continue reading “The Forgotten Fourth Function of Money & G-SIBs – JamesTurk 12/20/22”
Source: GoldMoney.com
The FTX scandal has thrown the future of cryptocurrencies into doubt. Supporters of bitcoin, which has proved to be remarkably robust at a time when the whole cryptocurrency ecosystem is threatened by scandal and a systemic collapse, are still asserting that it is the future money.
This article addresses a number of issues that next year will make or break bitcoin’s claim over gold. Besides the interest of governments to prevent it having any monetary role, hodlers ignore the legal status of gold as money, and the different treatment likely to be accorded to bitcoin in criminal law. Furthermore, bulls of bitcoin are mainly only that: speculators hoping for a profit measured in their fiat currencies.
Continue reading “The Debate Between Gold and Bitcoin in 2023 – AlasdairMacleod 12/8/22”
Source: GoldMoney.com
At these times of growing confusion over the future of currencies’ purchasing power, it is time to remove all doubt in the definitions of the differences between money, currency, and credit. This article traces the history and legal background to these relationships.
Despite the failure of the Bretton Woods agreement in 1971 and the state propaganda that followed, the position is clear. Both historically and legally money is and remains metallic coin — principally gold — and the rest is credit.
Continue reading “Legal Definitions of Money and Credit – AlasdairMacleod 11/10/22”
Source: SchiffGold.com
The world loves dollars. Whenever there is a problem, people flock to the dollar as a safe haven. But the US has problems of its own. In a podcast, Peter Schiff said America’s problems will eventually catch up to the dollar and at that point, the greenback will crash.
Continue reading “When the Sucker’s Rally Ends, the Dollar Will Crash – PeterSchiff 10/24/22”
Source: GoldSwitzerland.com
One can’t emphasize enough how dangerous the current macro setting is in the wake of a deliberately strong and illiquid Dollar.
Biden, of course, says not to worry. We say otherwise.
Continue reading “How an Illiquid Dollar Ruins the World – MatthewPiepenburg 10/19/22”