Looking Ahead with The Jackass

148

It's another three-day US market holiday weekend so The Golden Jackass, Jim Willie, stopped by on Friday to discuss the present situation and look forward to what promises to be a volatile and unpredictable summer.

The primary topic that I asked Jim to address was the US dollar. However and as you might imagine, this took us down several different paths and it led to an interesting discussion. Among the topics covered:

  • the declining use of the US$ in global trade
  • the foundations being laid for a dollar alternative system
  • Turkish gold repatriation
  • DeutscheBank
  • the Italian Banks and the EU banking sector
  • and quite a bit more

These podcasts always prompt plenty of fresh thought and conversation so I look forward to seeing your feedback in the comments section. Thanks again to Jim for his willingness to share his insights with TFMR on such a regular basis.

TF

  148 Comments

Wingy
May 26, 2018 - 8:48am

Gold!

Gold with the Jackass!

AgAuMan
May 26, 2018 - 9:02am

silver

silver

indiana rod
May 26, 2018 - 9:17am

There's Hope For A Summit Meet Yet

Congress has taken it upon themselves to insure that the Summit meeting takes place.

They propose moving the site to Hong Kong in July to coincide with the International Ping Pong Tournament, a big event among Asia nations.

To celebrate the event they propose having every church on the island ring their Church bells.

It's called the Hong Kong, Ping Pong, Ding Dong Bell Bill.

mavens
May 26, 2018 - 9:22am

LMFAO

The opening intro music was quite the curve ball...

pabste
May 26, 2018 - 9:28am
Thomas More
May 26, 2018 - 9:29am

Frank

Nice change to the music!

Stevediva
May 26, 2018 - 11:22am

Jim Willie

I love's Jim's insight...

However is it just me or after 10 minutes of any JW recording does anyone else have to shut it off?

joeblack
May 26, 2018 - 11:38am

Jim Willie

has a voice for silent movies

AKA AuAgforever AIJ
May 26, 2018 - 11:48am

Jim Willie

I'm just searching for his next crypto recommendation ( such as Antshares / NEO )

  • He mentioned it at $ 0.87 / Now trading at $ 54.00.
    • ( why do you think I dumped my PM stocks? )
  • This is what the PM stocks USED to do. ( before the big clamp down )
    • Bought Seabridge Gold at $ 0.10 in 1998 / Sold it at $7.00 in 2006 I think?
      • while it eventually went to $30+ ( should have waited obviously )
  • I say stay nimble and adapt to the environment and don't waste time arguing about what the environment SHOULD be doing.
billhilly
May 26, 2018 - 12:29pm

THE MAGIC BANK ACCOUNT

THE AUTHOR IS NOT KNOWN. IT WAS FOUND IN THE BILLFOLD OF COACH PAUL BEAR BRYANT, ALABAMA, AFTER HE DIED IN 1982.

Imagine that you had won the following *PRIZE* in a contest:

Each morning your bank would deposit $86,400 in your private account for your use. However, this prize has Rules:

The set of Rules:

1. Everything that you didn't spend during each day would be taken away from you.

2. You may not simply transfer money into some other account.

3. You may only spend It.

4. Each morning upon awakening, the bank opens your account with another $86,400 for that day.

5. The bank can end the game without warning; at any time, it can say, "Game Over!" It can close the account, and you will not receive a new one.

What would you personally do?

You would buy anything and everything you wanted right? Not only for yourself, but for all the people you love and care for. Even for people you don't know, because you couldn't possibly spend it all on yourself - right?

You would try to spend every penny, and use it all, because you knew it would be replenished in the morning, right?

ACTUALLY, THIS GAME IS REAL!

Shocked ??? Yes!!!

Each of us is already a winner of this *PRIZE*. We just can't seem to see it.

The PRIZE is “TIME"

1. Each morning we awaken to receive 86,400 seconds as a gift of life.

2. And when we go to sleep at night, any remaining time is not credited to us.

3. What we haven't used up that day is forever lost.

4. Yesterday is forever gone.

5. Each morning the account is refilled, but the bank can dissolve your account at any time WITHOUT WARNING...

So, what will YOU do with your 86,400 seconds?

Those seconds are worth so much more than the same amount in dollars. Think about it and remember to enjoy every second of your life, because time races by so much quicker than you think.

So take care of yourself, be happy, love deeply and enjoy life!

Here's wishing you a wonderful and beautiful day.

Start spending....

chrtoo
May 26, 2018 - 12:38pm

Thanks Craig!

For publishing in the open. Ideal for sharing!

CHR.

CC Horses
May 26, 2018 - 12:54pm

For The Longest Time (TSA Version)

Get ready for the TSA this summer.

Remy: The Longest Time (TSA Version)
Angry Chef
May 26, 2018 - 2:00pm

CLUES UNLOCK OBAMA I.D. MYSTERY: FBI Soviet spy files...

...SUBUD cult, and a dead body

https://theamericanreport.org/2015/08/19/clues-unlock-obama-id/

This is lengthy but the SWAMP is much deeper than anybody could have imagined.

scoremore
May 26, 2018 - 2:48pm
Angry Chef
May 26, 2018 - 3:37pm
SS121
May 26, 2018 - 3:48pm

ISO 4217 Codes (The 3-letter currency designators)

The ISO

https://en.wikipedia.org/wiki/International_Organization_for_Standardization

The International Organization for Standardization (ISO) is an international standard-setting body composed of representatives from various national standards organizations.

Founded on 23 February 1947, the organization promotes worldwide proprietary, industrial and commercial standards. It is headquartered in Geneva, Switzerland,[3] and works in 162 countries.[1]

ISO Standard 4217

https://en.wikipedia.org/wiki/ISO_4217

ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators

They are the group that sets the currency codes for all the world's currencies (USD, JPY, ALL, CNY, XCD, MMK, ..., ... )

Their CODE FORMATION determination process goes like this . . .

The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes(which are also used as the basis for national top-level domains on the Internet) and the third is usually the initial of the currency itself. So Japan's currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the names dollar, franc, peso and poundbeing used in dozens of different countries, each having significantly differing values.

There are exceptions and additions and much much more info per the wiki link, but the above short description catches the formation process for most of the world's current currency designators.

ISO 4217 Codes - The International Organization for Standardization (who ironically goofed up the order of their own organizations 3 initials!!) and the 3 letter designators for the world's currencies. Here are most of them-

AFN ALL DZD AOA XCD XCD ARS AMD AWG SHP AUD AZN BSD BHD BDT BBD BYN BZD XOF BMD BTN BOB BAM BWP BRL BND BGN XOF BIF CVE KHR XAF CAD KYD XAF XAF NZD CLP CNY AUD AUD COP KMF CDF XAF CRC XOF HRK CUP ANG CZK DKK DJF XCD DOP EGP XAF ERN SZL ETB FKP FJD EUR XPF XAF GMD GEL GHS GIP DKK XCD GTQ GGP GNF XOF GYD HTG HNL HKD HUF ISK INR IDR XDR IRR IQD IMP ILS JMD JPY JEP JOD KZT KES AUD KWD KGS LAK LBP LSL LRD LYD CHF MOP MKD MGA MWK MYR MVR XOF MRU MUR MXN MDL MNT XCD MAD MZN MMK NAD AUD NPR XPF NZD NIO XOF NGN NZD AUD KPW NOK OMR PKR ILS PGK PYG PEN PHP NZD PLN QAR RON RUB RWF SHP XCD XCD XCD WST STN SAR XOF RSD SCR SLL SGD ANG SBD SOS ZAR GBP USD KRW SSP LKR SDG SRD NOK SEK CHF SYP TWD TJS TZS THB XOF NZD TOP TTD GBP TND TRY TMT AUD UGX UAH AED GBP UYU UZS VUV VEF VND XPF YER ZMW

ISO 4217 Codes - The 3 letter designators (codes) for the world's currencies.

silver10sguy
May 26, 2018 - 3:53pm

Jim Willie Insight Excellent

Jim was helpful and insightful as the dollar role drops and gold/silver gain in importance. The fake media is clueless for the most part and most of my friends and family are going to be shocked as events eventually unfold. I can't believe the number of people both young and old that don't even know what the Petro Dollar is or what decade it began to take shape. Don't even get me started on some of the on campus interviews where college kids get interviewed about major historical events like the Civil War. I almost fell out of my chair when several college kids IN AMERICA did not know who won the Civil War. WTF?

Angry Chef
May 26, 2018 - 4:04pm

WHAT THEY DON'T WANT YOU TO KNOW ABOUT TRUMP...

...& PIZZAGATE

WHAT THEY DON'T WANT YOU TO KNOW ABOUT TRUMP & PIZZAGATE

Warning. Parts of this are harsh. This not a swamp. It's a cesspit.

Ronnie 666
May 26, 2018 - 4:53pm

Kitco is part of the problem - here you see it in action

Kitco panel - gold is not going up because people are buying stocks ......pull the other one - Kitco is the problem.....

Where Are Gold Prices Headed? All-Star Panel Weighs In (Part 1)
Angry Chef
May 26, 2018 - 6:44pm

Communism is ISIS on Steroids

I spent two hours listening to this Documentary. You may want to make sure the gun grabbers ( Communists ) don't pull off their agenda. Otherwise you could end up like the 300 million documented in the documentary attached.

https://www.henrymakow.com/2018/05/communism-is-isis-on-steroids.html

sryutaro
May 26, 2018 - 7:23pm

Thank you for Fruitful Conversation

I appreciate you to set up the talk with Jim Willie. This time the cogs meshed smoothly and your conversation was fruitful even not enough length. I hope you to set up the interview with Jim every month.

cashonly
May 26, 2018 - 8:59pm

God bless Willie!

Love his views! Great bumper music!

imfd
May 26, 2018 - 9:04pm

Just seen on Twitter...new enemy !

"The MEK is an Iranian opposition group with a history of terrorism". They have a secret base in Albania apparently.

My opinion is that this may well be the latest incarnation of Al Qaeda, DAISH, ISIS, ISIL and every other US funded terrorist group for the last X number of years. It is no coincidence that "Al Qaeda" appeared just after peace in the world was secured by the downfall of the Soviet Union, no more enemies, we would now be able to save trillions of dollars that had up until now been spent of "defense" and instead spend it on good shit like the US taxpayers, and all this just months after we faced certain annihilation from North Korea, will the fear never end ?

Remember, you heard it here first, MEK, A Threat To The Entire World !!!!

SS121
May 26, 2018 - 9:07pm

Bretton Woods and the Reality of Global Currency Valuations

The Bretton Woods agreement established the USD as the World Currency.

Consequently all other currencies only have value in international trade because they are exchangeable for the USD.

Even when 2 non-USD currencies are exchanged they are exchanged based on each one's value relative the USD.

Section 14 of the Bretton Woods agreement basically said that all emerging currencies and new nations, not part of the original Bretton Woods agreement, and that wanted to trade internationally, would be brought in line with the standard and have their currencies valued relative to the USD also. And that's the way it is to this day.

No other currency has value except it's value be established in USD terms.

All the currencies below are able to trade and be recognized as having value by other countries ONLY because they are recognized and exchangeable for USDs.

USD/AFN USD/ALL USD/DZD USD/AOA USD/XCD USD/XCD USD/ARS USD/AMD USD/AWG USD/SHP USD/AUD USD/AZN USD/BSD USD/BHD USD/BDT USD/BBD USD/BYN USD/BZD USD/XOF USD/BMD USD/BTN USD/BOB USD/BAM USD/BWP USD/BRL USD/BND USD/BGN USD/XOF USD/BIF USD/CVE USD/KHR USD/XAF USD/CAD USD/KYD USD/XAF USD/XAF USD/NZD USD/CLP USD/CNY USD/AUD USD/AUD USD/COP USD/KMF USD/CDF USD/XAF USD/CRC USD/XOF USD/HRK USD/CUP USD/ANG USD/CZK USD/DKK USD/DJF USD/XCD USD/DOP USD/EGP USD/XAF USD/ERN USD/SZL USD/ETB USD/FKP USD/FJD USD/EUR USD/XPF USD/XAF USD/GMD USD/GEL USD/GHS USD/GIP USD/DKK USD/XCD USD/GTQ USD/GGP USD/GNF USD/XOF USD/GYD USD/HTG USD/HNL USD/HKD USD/HUF USD/ISK USD/INR USD/IDR USD/XDR USD/IRR USD/IQD USD/IMP USD/ILS USD/JMD USD/JPY USD/JEP USD/JOD USD/KZT USD/KES USD/AUD USD/KWD USD/KGS USD/LAK USD/LBP USD/LSL USD/LRD USD/LYD USD/CHF USD/MOP USD/MKD USD/MGA USD/MWK USD/MYR USD/MVR USD/XOF USD/MRU USD/MUR USD/MXN USD/MDL USD/MNT USD/XCD USD/MAD USD/MZN USD/MMK USD/NAD USD/AUD USD/NPR USD/XPF USD/NZD USD/NIO USD/XOF USD/NGN USD/NZD USD/AUD USD/KPW USD/NOK USD/OMR USD/PKR USD/ILS USD/PGK USD/PYG USD/PEN USD/PHP USD/NZD USD/PLN USD/QAR USD/RON USD/RUB USD/RWF USD/SHP USD/XCD USD/XCD USD/XCD USD/WST USD/STN USD/SAR USD/XOF USD/RSD USD/SCR USD/SLL USD/SGD USD/ANG USD/SBD USD/SOS USD/ZAR USD/GBP USD USD/KRW USD/SSP USD/LKR USD/SDG USD/SRD USD/NOK USD/SEK USD/CHF USD/SYP USD/TWD USD/TJS USD/TZS USD/THB USD/XOF USD/NZD USD/TOP USD/TTD USD/GBP USD/TND USD/TRY USD/TMT USD/AUD USD/UGX USD/UAH USD/AED USD/GBP USD/UYU USD/UZS USD/VUV USD/VEF USD/VND USD/XPF USD/YER USD/ZMW

The second one of the above USD valued currencies is no longer exchangeable / has any value relative the USD, ...no other currency would exchange for it either. It would become worthless, likely even in it's own country and likely very quickly.

The USD is the Currency Standard for all of the (est 180) world's currencies, including the Russian RUB, the Chinese CNY, even cryptocurrencies that have any value.

The Russian RUB is the currency standard for ZERO currencies.

The Chinese CNY is the currency standard for ZERO currencies

BTC - ZERO

Any currency besides the USD - ZERO

100%

imfd
May 26, 2018 - 9:20pm

SS121

I do enjoy your writings even though sometimes, when I am weak of mind, they can get too much for me, but believe I understand what you are saying, made even more clear by your post above. Given that I do not disagree with your thesis, might I ask you what you see happening in the future, and by that I mean, does the silver price chart cease to be relevant by the choice of those in charge, or by the real marketplace/demand taking control ?

boomer sooner
May 26, 2018 - 9:29pm

Study Suggests Medical Errors

Study Suggests Medical Errors Now Third Leading Cause of Death in the U.S.

Physicians advocate for changes in how deaths are reported to better reflect reality

Release Date: May 3, 2016

SHARE FAST FACTS

  • 10 percent of all U.S. deaths are now due to medical error. - Click to Tweet
  • Third highest cause of death in the U.S. is medical error.- Click to Tweet
  • Medical errors are an under-recognized cause of death. - Click to Tweet

Analyzing medical death rate data over an eight-year period, Johns Hopkins patient safety experts have calculated that more than 250,000 deaths per year are due to medical error in the U.S. Their figure, published May 3 in The BMJ, surpasses the U.S. Centers for Disease Control and Prevention’s (CDC’s) third leading cause of death — respiratory disease, which kills close to 150,000 people per year.

The Johns Hopkins team says the CDC’s way of collecting national health statistics fails to classify medical errors separately on the death certificate. The researchers are advocating for updated criteria for classifying deaths on death certificates.

“Incidence rates for deaths directly attributable to medical care gone awry haven’t been recognized in any standardized method for collecting national statistics,” says Martin Makary, M.D., M.P.H., professor of surgery at the Johns Hopkins University School of Medicine and an authority on health reform. “The medical coding system was designed to maximize billing for physician services, not to collect national health statistics, as it is currently being used.”

In 1949, Makary says, the U.S. adopted an international form that used International Classification of Diseases (ICD) billing codes to tally causes of death.

“At that time, it was under-recognized that diagnostic errors, medical mistakes and the absence of safety nets could result in someone’s death, and because of that, medical errors were unintentionally excluded from national health statistics,” says Makary.

The researchers say that since that time, national mortality statistics have been tabulated using billing codes, which don’t have a built-in way to recognize incidence rates of mortality due to medical care gone wrong.

In their study, the researchers examined four separate studies that analyzed medical death rate data from 2000 to 2008, including one by the U.S. Department of Health and Human Services’ Office of the Inspector General and the Agency for Healthcare Research and Quality. Then, using hospital admission rates from 2013, they extrapolated that based on a total of 35,416,020 hospitalizations, 251,454 deaths stemmed from a medical error, which the researchers say now translates to 9.5 percent of all deaths each year in the U.S.

More at link...

https://www.hopkinsmedicine.org/news/media/releases/study_suggests_medic...

boomer sooner
May 26, 2018 - 9:33pm

Talking about Iran

This recent video from Stefan was an eye opener. Iran infiltrating South and Central America.

Venezuelan Refugee Crisis | Joseph M. Humire and Stefan Molyneux
boomer sooner
May 26, 2018 - 9:43pm

When The U.S.

When The U.S. Government Defaulted

Posted on May 24, 2018bymacromon

One of the most pervasive myths about the United States is that the federal government has never defaulted on its debts. There’s just one problem: it’s not true, and while few people remember the “gold clause cases” of the 1930s, that episode holds valuable lessons for leaders today. – Sebastian Edwards, Project Syndicate, May 21, 2018

My friend, UCLA professor, Sebastian Edwards, is out with a must-read summer book, American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold.

https://macromon.wordpress.com/2018/05/24/when-the-u-s-government-defaul...

My key takeaway was

  • In April 1933, in an effort to help the US escape the Great Depression, President Franklin Roosevelt announced plans to take the US off the gold standard and devalue the dollar.
  • …this would not be as easy as FDR calculated. Most debt contracts at the time included a “gold clause,” which stated that the debtor must pay in “gold coin” or “gold equivalent.”
  • These clauses were introduced during the Civil War as a way to protect investors against a possible inflationary surge.
  • …the gold clause was an obstacle to devaluation. If the currency were devalued without addressing the contractual issue, the dollar value of debts would automatically increase to offset the weaker exchange rate, resulting in massive bankruptcies and huge increases in public debt.
  • Congress passed a joint resolution on June 5, 1933, annulling all gold clauses in past and future contracts.
  • Republicans were dismayed that the country’s reputation was being put at risk, while the Roosevelt administration argued that the resolution didn’t amount to “a repudiation of contracts.”

Just pass a retroactive law that nulls/rewrites contracts!?

Those that think you will pay off loans in a fast depreciating currency will probably be sadly mistaken. They will modify all contracts to keep up. But, no one holds metals cept those in the know , so no worries about confiscation this time.

Ronnie 666
May 26, 2018 - 10:19pm

Medical Error - very complex

To fully understand this analysis is very complex. In most cases you are not dealing with a healthy patient going in for an ingrown toenail and dying due to a error. That does happen but it’s a rare event. What is far more common is therapy for advanced disease that has both good and bad effects and sick patients die. Many of these events are called errors. These are not the sort of errors that should concern anyone. On the other hand the figures are grossly underestimated as many errors have long term effects that are not apparent. For example having one form of cancer therapy may cure you but the decision is made to have an alternate therapy which is not effective. The results may only eventuate years later and may not be considered an error which I think it is. The more you look into this the more complicated it gets and unfortunately it becomes a easy target to attack the medical profession. The result is that many problems of medicine today are based on defensive practice rather than good practice. You go after doctors who in most cases try and do what is best for the patient results in doctors following guidelines which very often produces the worst outcomes.

billhilly
May 27, 2018 - 1:37am

Cutting wood today...

My first big endeavor each spring is to refill my woodshed. It is however the toughest 2-3 weeks of the year.

After a long winters' slumber, it is good to stretch hibernating muscles and sweat deeply. But, as many of you may well know, wood cutting/gathering/stacking etc is a most strenuous task. By the end of the each day I am whipped. And with each added year to my tally the task only becomes more difficult.

My method now is to cut into rounds as much wood as I think I'll need to fill the shed. I gather quite the pile before doing the splitting and stacking. This is because I now use a commercial gas-powered splitter, which I rent from a place in town. I rent it for only a single day, around $ 100.00, but by picking it up at close of business on a Saturday and returning it at the open of business on a Monday I can get 36 hours of potential use out of it. And with the long days of light here now I certainly use as many of those as I can.

Looking at my wood stack though, my question is always, "is this enough" ? Having shorted myself more than once I now use this measure to guide my calculation; when I think it is enough, double it !

Then today, I had the thought, "this would also be an excellent way to gauge a Silver stack".

Keep stackin y'all !

wishing this were mine !!!

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Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess

Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits

Key Economic Events Week of 4/1

4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

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