Discussing De-Dollarization with Da Jackass

153

A perceived acceleration toward the end of US dollar hegemony has been a hot topic here at TFMR this week. Thus, we thought it should be the primary topic for our holiday weekend Jim Willie discussion, too.

There's no easy way to summarize this conversation with bullet points. Instead, just notice that we began the call by discussing de-dollarization and then just let it flow from there.

I think you'll find this interesting and informative. Thanks again to The Jackass for so freely sharing his time with us!

TF

  153 Comments

  Refresh
abundance
Sep 3, 2018 - 9:49am

AgstAger, from reading//hearing about other sites, sounds

like you have been lucky it didn't happen before now...

censorship is a Huge issue imo

Mickey
Sep 3, 2018 - 9:21am

Why it is great for the US To import

We never planned to pay in gold. Recall when Nixon took us off gold std.

great deal foe us to give fiat IOUs.

except we were also give fiat ious for pensions, soc security and medicare.

AgstAger
Sep 3, 2018 - 9:02am

FaceBook won't let me promote my blog...

I almost always spend a few dollars to 'boost' my posts linking to my new blogs on my Liberty Chronicle FB site. It helps to get it in front of an audience that might be interested in the topic. I always thought it was worth a few bucks because otherwise I might spend hours on a post that very few people even see. I've boosted dozens of such posts and never been rejected by FB.

I posted this blog to my Liberty Chronicle FB site yesterday morning and tried to boost it. For the first time ever, I was rejected by FB. The reason given: "Your add was not approved because your Page has not been authorized to run ads with political content." I've never boosted a link that DIDN'T have political content so they've clearly changed their protocols. You now have to be approved for political speech on FB. Political speech...by far the most important speech in a free society...is what FB refuses to boost unless your are first "authorized".

https://thelibertychronicle.com/mccain-and-obama-as-teammates/

Katie Rose
Sep 3, 2018 - 7:56am

It is 4:47 AM here ~ What INFO WARS says about gold

It is 4:47 AM here and I am exhausted. (I have no idea why I am up other than I simply could not sleep.

Since the censorship of Alex Jones by the big media giants, I find I am going to infowars.com more and more.

"Taking gold first, the World Gold Council (WGC) pronounces in its latest quarterly report (August 2018) that demand for gold has fallen by around 2 per cent to just below 1000 metric tons. By implication, this ties in with the decline in the dollar price of the yellow metal. The message is also consistent with the market narrative which spells out how new demand is concentrated in emerging market economies, especially China and India, and the sharp slowdowns there together with currency depreciation justifies a serious price fall (in US dollars).

This narrative is economic nonsense. With the stock of above-ground gold at near 190,000 metric tons, it is evident that the price depends on the heterogeneous expectations and preferences of worldwide holders of the yellow metal in all its forms (jewellery, bars, and coins) not on the additional trickle of demand identified in each quarter by the WGC or anyone else. Even so, malfunctioning markets for some time — especially under conditions of monetary inflation — can award flow narratives undue weight and this is maybe what has been occurring recently.

We turn second to the market for options on equities. We know from finance 101 that a holding in corporate bonds of company X is equivalent to an investment in riskless government bonds plus a kicker in the form of writing a put option at a low striking price (relative to present price) on the (hypothetically unleveraged) equity of X, collecting meanwhile the premium income. The risk (from the viewpoint of the investor in this combination) is that the equity falls sharply in price, meaning that the buyer of the put has a growing claim against the writer – equivalent to the corporate bond price falling far below par."

rest of article at:

https://www.infowars.com/when-will-the-corporate-debt-bubble-burst/

DAGEORGE42Texas Sandman
Sep 3, 2018 - 7:02am

Sandman is right on

Sandman is right on point....with any commodity, the cure for low prices is low prices....production is already down in 2018 vs. 2017....

mavens
Sep 3, 2018 - 4:28am

Just stacked again...

1,000 in face junk

3 ounces of gold.

Ozymandias
Sep 3, 2018 - 3:20am

Summary of Alasdair Macleod article.

"It is clear that recent dollar strength has been driven mainly by speculative flows on the assumption that the Fed’s interest rate policy, coupled with Trump’s trade policies, will create a credit crisis leading to demand for the dollar. While a credit crisis is inevitable, market assumptions are wrong for two reasons: foreign ownership of dollar cash and dollar investments are at an all-time record already, and the Fed will do everything it can to avoid such a crisis occurring.

Meanwhile, China’s economic planning continues regardless, and will lead to a massive increase in demand for energy, base metals and other industrial resources over the coming years. That process is starting now.

The outlook for the dollar is therefore extremely bearish. Its purchasing power measured in commodity prices will fall, its relevance as a trade settlement currency will decline, and the excess deposit money in the US financial system will continue to work its way into rising domestic prices. Furthermore, when the credit crisis actually hits US financial markets, the only response the Fed can have is to flood markets with yet more money.

The confluence of current events and their prospective development appear to be extremely positive for precious metal prices."

https://www.goldmoney.com/research/goldmoney-insights/the-dollar-commodi...

You might want to read this by Alasdair also:

https://www.goldmoney.com/research/goldmoney-insights/john-law-300-years-on

Markedtofuture
Sep 3, 2018 - 1:24am

McCain Funeral a Career Politician Opportunity to bash Trump

Posted Sep 3, 2018 by Martin Armstrong

John McCain’s funeral turned into a political event where career politicians did nothing but used the opportunity to bash Trump. The hatred these people are spinning in the country is going to lead to bloodshed. They are convinced that if they can just keep talking shit about Trump they will get rid of him and restore the system to career politicians only who promise change with every election and then do the opposite. It is really becoming so blatant that they hate any outsider who will interfere in their private fiefdom. They could care less about the people and have no problem raising taxes and lowering benefits as they line their pockets from both sides. The simply assume if you keep telling the same lie always, then it will become fact. I was totally shocked to read the new Economist Magazine where they wrote that McCain was an “outspoken defender[] of free trade, workable immigration reform, balanced budgets and the rule of law against the ravages of President Donald Trump.” id/pg 28; Sept 1-7th 2018 edition. Trump has offered to eliminate all tariffs if everyone else will and cut such a deal as he did with Mexico. He has moved to freeze all government wages which most object to, and the Supreme Court upheld Trump on immigration. I just cannot fathom how what is being reported is just outright FALSE!!!! When the Economist writes this garbage, I really feel that all the news is becoming just propaganda to mislead the public for some hidden agenda. I do not understand how you can claim that Trump is engaged in ravaging the rule of law regardless of your political position left or right.

McCain had even publicly stated that the political system has declined, but he has done much to ensure it will decline further refusing to ever respect that the people voted for Trump because they were fed up with career politicians. Trump is no saint but McCain was no saint either. McCain even advocated ravaging the rule of law using the IRS to ruin adversaries. I have never been an admirer of John McCain and have seen his past as one giant cover-up to create a fake image of a man who simply had the privilege of a high ranking grandfather to escape responsibility for his actions. Nevertheless, I found it personally offensive that such a funeral was turned into a political event that is constantly trying to reestablish the elite ruling class of career politicians and refuse to respect any democratic process or that Trump is there not for personal qualities, but he was seen as the lesser of the evils compared to them. This view that I have encountered ever since Trump was elected was that the people are “stupid” and this is just a fluke that they think they can reverse with the help of the press to constantly talk negatively to unde4rmine the nation and people. They have refused to admit that their management of the country has led us down a path of absolute insanity.

My OPINION of John McCain has been shaped by his track record. It was John McCain who sponsored the Magnitsky Act to cover-up the attempt to manipulate the Russian elections in 2000. Many called him a war hero simply because he was captured. McCain is alleged by other POW’s to have been given the nickname “songbird”, for he would tell the Vietnamese whatever they wanted not to be tortured. He was always in favor of war. He endlessly argued for the war in Iraq, Afghanistan, Libya, Syria, and wanted to invade Ukraine against Russia. He wanted to bomb Iran. There have been plenty of people who viewed him as a war criminal or a traitor.

Meghan McCain in her eulogy for her late father, John McCain, used the event to attack President Donald Trump. She said “John Sidney McCain III was many things. He was a sailor, he was an aviator, he was a husband, he was a warrior, he was a prisoner, he was a hero, he was a congressman, he was a senator, he was a nominee for president of the United States.” She continued, “These are all the titles and roles of a life that has been well lived, they are not the greatest of his titles nor the most important of his roles. He was a great man. We gather here to mourn the passing of American greatness, the real thing, not cheap rhetoric from men who will never come near the sacrifice he gave so willingly, nor the opportunistic appropriation of those who live lives of comfort and privilege while he suffered and served.”

John McCain killed many sailors but his grandfather was a Four Star Admiral so he was transferred and escaped changed because he was PRIVILEGED.

John McCain, when a Lieutenant Commander in the U.S. Navy as a Navy pilot, played a hog-dog maneuver on July 29, 1967, that killed 134 sailors. McCain while on the deck of the carrier U.S.S. Forrestal, pulled a trick by doing a “wet start” up of his jet to show off. This created a large startling flame and sudden shocking noise from the rear of a jet engine. He also seems to have apparently armed a weapon that resulted in launching a powerful Zuni rocket across the carrier’s deck hitting other parked planes. The subsequent massive explosions, fire, and destruction went several decks below and nearly sunk this U.S. aircraft carrier. This stunt resulted in the deaths of 134 sailors and seriously injure another 161 sailors blinding some.

Any other Navy pilot causing this type of death and destruction would have been grounded and charged. Not McCain. For you see, his grandfather was a famous FOUR STAR Navy admiral and his father was at the time a Navy FOUR STAR admiral. McCain was simply transferred and everything was covered-up. What is alleged to have happened thereafter is on that mission in Vietnam, McCain was so disliked by other pilots for what he did and his privileged status, they deliberately left him out to get shot down pulling away to leave him flying alone as an easy target.

Wikipedia, not a reliable source to say the least for it is manipulated by government, says: “During the Vietnam War, he was almost killed in the 1967 USS Forrestal fire. In October 1967, while on a bombing mission over Hanoi, he was shot down, seriously injured, and captured by the North Vietnamese. He was a prisoner of war until 1973. McCain experienced episodes of torture and refused an out-of-sequence early repatriation offer. His war wounds have left him with lifelong physical limitations.”

John McCain admitted he confessed as a POW. Back in 1973, John McCain testified before a congressional panel about his time in captivity. He said he was denied medical care, beaten and placed in isolation. Curious, they say a liar who tells his story so many times, he forgets what he said before. In John McCain’s bestselling autobiography, Faith of My Fathers, published in 1999 when McCain had his eye on the presidency, he states plainly that he felt bad throughout his captivity because he knew he was being treated more leniently than his fellow POWs, owing to his high-ranking father and thus his propaganda value. Other POWs at the same camp Hoa Lo have bluntly stated that the Vietnamese considered him a prize catch. They even called him the “Crown Prince,” which McCain acknowledges in the book. That is not consistent with being tortured. It would only make sense where there was a threat of being tortured and he did whatever they asked as long as they DID NOT torture him. John McCain said he reached his breaking point and wrote a confession for war crimes, according to an official transcript:

They wanted a statement saying that I as sorry for the crimes that I had committed against North Vietnamese people and that I was grateful for the treatment that I had received from them. This was the paradox — so many guys were so mistreated to get them to say they were grateful. But this is the Communist way.

I held out for four days. Finally, I reached the lowest point of my 5 1/2 years in North Vietnam. I was at the point of suicide because I saw that I was reaching the end of my rope.

I said, O.K. I’ll write for them.

They took me up into one of the interrogation rooms, and for the next 12 hours we wrote and rewrote. The North Vietnamese interrogator, who was pretty stupid, wrote the final confession, and I signed it. It was in their language, and spoke about black crimes and other generalities. It was unacceptable to them. But I felt just terrible about it. I kept saying to myself “Oh, God, I really didn’t have a choice.” I had learned what we all learned over there.” Every man has his breaking point. I had reached mine.

Senator McCain appeared on 60 minutes and told Mike Wallace during an interview originally broadcast on October 12th, 1997 and then it was re-broadcast again on June 6th, 1999, that under threat of torture, he publicly issued a “confession” stating he was wrong for fighting for America. The transcript of the 60 Minutes interview from 1997 shows that McCain stated: “I was guilty of war crimes against the Vietnamese people” and “I intentionally bombed women and children,” which was the confession his North Vietnamese captors had him read.

WALLACE: (Voiceover) People who know McCain well say he can hold a grudge. He also has a legendary temper. But if McCain can be hard on his friends and even harder on his enemies, he can also be very hard on himself.

Sen. McCAIN: I made serious, serious mistakes and did things wrong when I was in prison, OK?

WALLACE: What did you do wrong in prison?

Sen. McCAIN: I wrote a confession. I was guilty of war crimes against the Vietnamese people. I intentionally bombed women and children.

WALLACE: And you did it because you were being tortured and you’d reached the end of the line?

Sen. McCAIN: Yes. But I should have gone further. I should have — I never believed that I would — that I would break, and I did.

John McCain has done his best to keep POW information secret. In 1989, legislation began in the House of Representatives known as Truth Bill 1989 which would have compelled the complete transparency regarding all POWs and missing men from Vietnam. It included: “[The] head of each department or agency which holds or receives any records and information, including live-sighting reports, which have been correlated or possibly correlated to United States personnel listed as prisoner of war or missing in action from World War II, the Korean conflict and the Vietnam conflict, shall make available to the public all such records held or received by that department or agency.” John McCain opposed this bill with the Pentagon. He created his own legislation that restricted the number of documents to be released on POWs, which became known as the McCain Bill. This is what became law in 1991. It destroyed any access to the truth.

Later, John McCain stuck is fingers in the Missing Service Personnel Act, which had been revised in 1995 by families demanding to know what happened to their missing POWs. The Act stated: “Any government official who knowingly and willfully withholds from the file of a missing person any information relating to the disappearance or whereabouts and status of a missing person shall be fined as provided in Title 18 or imprisoned not more than one year or both.” A year later, in a closed House-Senate conference on an unrelated military bill, John McCain, attached an amendment to the act that eliminated any such enforcement removing all criminal penalties while deliberately reducing the obligations of commanders to report on their men who were POWs or missing to the Pentagon. It was McCain who blocked the families from knowing what happened to their missing loved ones. Meanwhile, I do not believe that anyone has ever seen the full transcript of what John McCain said for the Vietnamese. The Pentagon has a copy of the confession but refuses to release it thanks to John McCain’s legislation that was self-serving. Pentagon Refuses to Release John McCain Confession

There were 173 men left behind. According to sources, they were simply executed by the Vietnamese when they were no longer a bargaining chip. There are other POWs who have come out opposing John McCain. Naturally, nobody is given credibility against McCain by the press or Congress.

https://www.armstrongeconomics.com/armstrongeconomics101/opinion/john-mc...

Joseph Warren
Sep 2, 2018 - 10:35pm

The ‘Debt’ is a Fraud

IMO one reason China was transformed from a country who couldn’t even feed their population in the 1970s, to a major industrial & financial power - - was to help cover up the banksters’ fraud. When the purchasing power of their fiat debt notes had been destroyed by 95%+ over the last century, (through their long time running of the printing press) it starts to become noticeable eventually. Even the propagandized American populace may wake up. What better way to keep the scam going than to have Chinese slave labor put cheap goods on U.S. shelves ? Today it’s an exception to see consumer goods made in the USA. In addition, the Chinese would park those dollars in US paper & keep interest rates down in the US.

Of course, ordinary Americans are blamed for ‘living beyond their means’. And even some noted anti- Deep State commentators say we must pay for ‘our profligate ways’. But these same people fail to ask how much better off Americans & their families would be if 95%+ of their earnings and savings hadn’t been cleverly stolen from them for more than 100 years ?

’Debt’ resets miss the point. The ‘debt’ is a fraud based on a fraudulent system. Counterfeiters have no legitimate claims on those who they gave funny money to. Time to think outside the conventional box, or ‘debt’ will be used to fool us into accepting slavery forever.

The only economist who gets this is Michael Hudson. He came to the subject first as an historian, not an economist. That enabled him to view the subject in unconventional ways -

https://michael-hudson.com/2018/08/and-forgive-them-their-debts/

P.S. - Another reason the globalist totalitarians built up China was to be a model for the technocratic, monopoly-of-everything New World Order IMO. David Rockefeller loved Mao and the Communist Chinese model.

Ozymandias
Sep 2, 2018 - 9:03pm

Thanks Craig, JMBullion now accepts ACH

JMBullian now accepts ACH transfers as a payment option at checkout. I will use them more now.When I initially raised the issue with them they said that they might do it in the future. I think our fearless leader convinced them that it would be in their best interest to do so.

Keep stacking!!

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 9/28

9/29 8:30 ET Advance trade in goods
9/29 9:00 ET Case-Shiller home prices
9/29 10:00 ET Consumer Confidence
9/30 8:15 ET ADP employment report
9/30 9:45 ET Chicago PMI
10/1 8:30 ET Personal Income and Spending
10/1 8:30 ET Core Inflation
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/2 8:30 ET BLSBS
10/2 10:00 ET Factory Orders

Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Recent Comments

by Outback, 11 min 43 sec ago
by Dr Jerome, 16 min 7 sec ago
by Turd Ferguson, 24 min 56 sec ago
by Ned Braden, 26 min 13 sec ago
by bpete, 27 min 13 sec ago

Forum Discussion

by Green Lantern, 9 hours 50 min ago
by KevinBenavides, Sep 27, 2020 - 6:01pm
by SteveW, Sep 27, 2020 - 3:47pm
by 11IMIX, Sep 27, 2020 - 10:45am