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Thursday Conversation - Holiday Jackass


It's not a full holiday weekend as the US markets will be open on Friday. Regardless, it's tradition around here to check in with Jim Willie for a mid-summer update so here you go.

As usual, we mainly tried to discuss three, major themes...though, as usual, the conversation often veered off to cover other areas, as well. For this podcast, those themes are:

  1. The recent news of the EU's INSTEX system and how this is the next stage in the decline of the petrodollar. What is INSTEX? See here: https://www.forbes.com/sites/francescoppola/2019/06/30/europe-circumvent...
  2. The global bond market. Will the entire world eventually move to zero or negative rates or will the "bond market bubble" finally burst?
  3. With gold finally breaking out of a six-year trading range, what should we expect next? And what about silver?

As always, major thanks to The Jackass for his willingness to share his valuable time. After all we've been through...and with where we are currently...there has never been a more important time to consider a subscription to The Hat Trick Letter. You can find out more information here:

Have a great day!



Jul 4, 2019 - 7:37pm

re: Honesty

For JW to be this honest has earned some respect.

Shit! Now you've piqued my interest and I'll have to listen!

Jul 4, 2019 - 7:35pm

Jackass is incorrect

China is not stable and will get more unstable

“The death of an independent Hong Kong will mean the death of the peaceful coexistence we have all come to take for granted.” #HKexit Kyle Bass tweeted

china is going to have to deal with Hong Kong uprise and trying to contain in from mainland China. I believe the US will support HK and try and humiliate China on the world stage by the way and means they are going to try and suppress this.

China is evil folks, it is no utopia the world will be drawn too!

Jul 4, 2019 - 7:25pm

Gold Break out


This video is a few weeks old now but is well worth watching as it gives a interesting perspective on the recent moves in the Mining Stocks

Jul 4, 2019 - 6:31pm


For JW to be this honest has earned some respect.

Jul 4, 2019 - 6:17pm

'Not the best candidate': Germans condemn choice for top EU job

If the European parliament approves Ursula von der Leyen’s nomination in two weeks’ time, the German defence minister will make for an unusual European commission president: a consensus candidate who has won the approval of western liberals and eastern rightwingers, yet is proving divisive in her home country.

The French president, Emmanuel Macron, has praised the 60-year-old for having “the DNA of the European community”, while the conservative Polish newspaper Gazeta Polska has hailed her nomination as a “historic choice”. However, in Germany the prospect of a German filling the commission presidency for the first time in 52 years has been met with outcries across the political spectrum.

The former leader of the Social Democrats (SPD) Martin Schulz described Von der Leyen as “the government’s weakest minister”, while his SPD colleague Sigmar Gabriel, a former vice-chancellor, called her nomination “an unprecedented act of political trickery”.

The Greens bemoaned Von der Leyen’s nomination as an “old-school backroom deal”, the pro-business Free Democrats said she was “not the best candidate”, the far-right Alternative für Deutschland said her selection would amount to “cheating voters” and even Manfred Weber, the candidate that Angela Merkel’s Christian Democratic Union had originally fielded for the top commission post, lamented a “sad day for European democracy”.

In a bizarre twist, Germany was the only of the 28 EU member states to abstain from the vote to nominate her.


Angry ChefRickshawETF
Jul 4, 2019 - 5:25pm


Sounds good but the American Patent Office was taken over by the British and the Queen's Privy Council in 1946. The keys to the internet and cryptography have been stolen by Hillary Clinton when she worked at the Rose Law Firm in the early 90's. And the Blockchain is a creation of DARPA. And we know that all of the uP's have built in hardware backdoors. We found this out a back in Q1/18 when the head of Intel sold a bag load of stock the week prior to this news coming out. The NSA demanded it of the uP's manufacturers.

So yes it's got potential but it's not secure.

Jul 4, 2019 - 5:13pm

Hedge Book

Assuming the context is mining, some companies forward sell their future production to lock in prices. It was popular with various gold producers 20 years ago. When the gold price took off, they lost a ton of money! The practice bankrupted Pusser Dumb, Sons of Guano, and Asshati, and almost bankrupted Buttock. That fucktard Random Elephant, former CEO of Buttock, is now on the board of Franco-Nevada. I vote against him every time, and also against the loathsome David Peterson, a former Liberal premier of Ontario.

Jul 4, 2019 - 4:40pm
Jul 4, 2019 - 4:23pm

It ain't the weekend, but it is a Holiday . . .

So, let's talk about cryptos.

Actually, not cryptocurrencies, but the blockchain. Jim Willie mentioned his financial problems related to property fraud in Costa Rica. I think the biggest game-changer that the blockchain can bring to our financial/economic system is the recording of title to property. Once transactions are registered on the blockchain, they are immutable, permanent, transparent, and not subject to fraud.

Costa Rica is hardly unique in the annals of fraudulent/corrupt governments and their coterie of sycophants who hide behind the corrupted [by them] legal system to do their dirty work. A trustless, decentralized record of true title to property (land, intellectual, artistic works, etc.) is the cornerstone of a just and fair system, where the criminal element is excluded. It may take a while, but the potential results are so obvious and beneficial, it is only a matter of time before the citizenry of the world demand this accountability.

A machine needs oil to lubricate its moving parts, and in the case of the blockchain, that "oil" is Bitcoin. If you don't understand how this all works, educate yourself.

Jul 4, 2019 - 3:25pm

Hedge Book?

What is it?

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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
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9/21 Noon ET Goon Brainard
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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
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Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
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9/16 8:30 ET Retail Sales
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9/16 2:00 ET FOMC Fedlines
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Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
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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
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9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
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Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
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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
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8/17 8:30 ET Empire State Manu Idx
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8/20 8:30 ET Jobless claims
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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
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8/3 9:45 ET Markit Manu PMI July
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8/5 8:15 ET ADP employment July
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Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
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7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
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