Next Crash Worse than 1929 & 2008 Combined-Michael Pento
By Greg Hunter’s USAWatchdog.com (Early Sunday release)
Money manager Michael Pento says the next crash will be one for the record books. Pento contends, “If you look at any of the economic data coming out, it screams recession. It will be one of the worst recessions since 2008 and 1929—combined.” This is a description of a global depression. Pento contends, “Unfortunately, I think that’s exactly where we are headed. It’s not my opinion. It’s not a Cassandra. It’s not my view. It’s the entire view of all global markets. China is 45% down. There’s a bear market in Europe. There’s a bear market in Japan. There is a bear market in most of the United States.”
Why is it going to be so historically bad this time around? Pento says, “In prior recessions, the Federal Reserve was allowed to lower the borrowing costs significantly and dramatically. For instance, the Fed Funds Rate, that interbank lending rate, was 5.25%. Today, it’s between .25% and .50%. The Fed is unable to reduce borrowing costs to the consumer. All they can do is take back their measly .25% rate hike that they did in December. So, there is no debt service relief coming from the Federal Reserve. That’s number one. Number two, a normal function of recessions is a surge in the deficit. We saw this in the Great Recession from about $200 billion a year to $1.5 trillion a year. This time, if they skyrocket again . . . who’s going to buy that Treasury debt? There’s no more QE. China is a huge seller. Japan is a huge seller. So, interest rates are going to rise because sovereigns are insolvent. It’s not the banks that are insolvent anymore, although that is still the case to a great degree. Central banks are insolvent, and sovereign governments are insolvent. That’s why this is no normal recession.”
So, does Pento think the Fed is going to reverse course and cut rates back to where they were in December. Pento predicts, “Yes, I do. So, I think there is a pause or maybe they raise rates one more time in March. The clueless morons that run our central bank are looking at the unemployment rate and are worried about hyperinflation because too many people are producing. If you look at commodity prices, equity prices, junk bond spreads, if you look at actual data coming out, we are in a magnificent manufacturing recession across the globe. . . . Everything is down and slowing dramatically.”
Pento is forecasting a global depression, and Pento contends, “It’s happening. It’s happening now. This is not your garden variety recession. You have impotent central bankers and impotent sovereign nations. How many more empty cities is China going to build without destroying their currency? . . . . There are going to be global sovereign defaults, and those defaults are going to take the form of defaults through monetization and inflation. That is where we are headed.” Pento warns that until the Fed starts printing massive amounts of money to turn the imploding economy around, “It’s going to be a devastating, metastasizing global depression. It’s on its way.”
On gold, Pento says, “Your golden life preserver is going to be gold. It’s the only thing that is going to work when you have depression, insolvent nations and massive monetization of all outstanding bonds. I would definitely get physical gold.”
Join Greg Hunter as he goes One-on-One with Michael Pento of Pento Portfolio Strategies.
(There is much more in the video interview.)
After the Interview:
Michael Pento’s website is PentoPort.com. You can find free information, articles and podcasts there. Pento wrote “The Coming Bond Market Collapse” in 2013. It lays out a lot of what is happening now and what he predicts will happen in the not-so-distant future. It will also tell you “How to survive the demise of the U.S. debt market.” Scroll down on the home page of PentoPort.com and click on the book cover to order a copy.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
“Central banks are insolvent, and sovereign governments are insolvent.”
You just have to wonder why a country like Australia with the second largest amount of gold mining production doesn’t just turn in their depreciating australian dollars and buy up their domestic gold mining production.
China the world’s number one gold producer keeps all its gold in China (though not necessarily with the People’s Bank of China)
Russia, the number three producer of gold in the world exchanges roubles for a good portion of its domestic gold mining production
https://smaulgld.com/russian-gold-mining-production-vs-reserves/
Right on time Smaugld!! Thank you form posting this info. I guess you should do what the Rich and central banks are doing.
Greg
Australia has bought into Keynesian economics promoted by the western central banks…. Remember, these countries are run by politicians.
Jeff L
The new PM for Australia is an “ex” Goldman Sachs man and by all accounts a significant partner/part owner.
The NZ PM is an ex-Merrill Lynch man, and immediately prior to him coming back to NZ to “look after us”, he was a member of the Foreign Exchange Committee of the New York Federal Reserve Bank.
Perhaps these two south pacific countries are run by banksters/central bankers not politicians at all. Both these men enthusiastically embrace the TPP concept……now there is a surprise…NOT!
Cheers
Col
Colin & Jeff L
Both Australia and New Zealand are controlled by the Crown /City of London Corporation. Politicians are the public face of this evil Cabal. Sovereignty does not exist…but the Bankers pulling the strings behind the curtains do. I have said many times how the TBTF Banks are the breeding grounds for the scum that infect our society and then undermine everything we live and breathe for ….through example…the pretence of globalisation (death of industry) , free trade (death of jobs), TPP (death of democratic/judicial process).
Would it surprise you if I said to you that the United States of America are really just colonies of the Crown too.
Excellent point SIG. Absolutely true.
SIG, Jerry,
true.
Australia has become Marxist
http://www.armstrongeconomics.com/archives/42591
SMAULGLD,
It looks like the US has a lot of gold….so what is the problem. I ask because I keep hearing the gold has been sold or has been taken in some way…
Thanks
The US doesnt make any public statements about the amount of gold it has. Neither Fed officials, the President nor the Treasury ever mention it, they never discuss adding to it, or even mentioning the existence of it.
It therefore appears to many that since the US doesnt’ discusss the importance of gold and has not provided an audit of For Knox in over a half century that perhaps it might not be there
Greg: Mike P forgot to mention who was causing all this pain the world. IT’S THE BANKSTERS AND FEDERAL RESERVE BANKSTERS. THEY ARE THE ELITE’S CAUSING THIS AND PLANNING THIS!! WHY DOES NO ONE WANT TO POINT THESE SLIME OUT!??A
As an Australian I despair at our policies. People don’t realise that we are borrowing money from countries that are printing money to kingdom come. We pay them interest on it. John Howard (ex prime minister) spent 11 long years paying our debt off from the previous labor government and in 2 years the labor government took us to 200 billion debt and by the time they were kicked out of office it was just under 300 billion and because they created structural debt for the current government, we are at about $350 billion. We should print $100 billion and buy all the gold from Australia (400 tons) and as much as we can elsewhere and get ready for the storm.
We are going to get sucked into the vortex like most western countries when the stormfront hits. At least we can recover from our stupidity by mining and pastoral lands not sold to the chinese. Expect foreign company taxes when everyone wants gold and food is hard to get.
Whilst I watch this trainwreck
Have some cash
Dry Food and frozen food
Personal protection
Precious metals
Gold mining share options (only Newcrest is availabl)e. Not a big fan of this company but it will have to skyrocket no matter what and the options will be retirement day )
Gold mining shares (my picks) (not financial advice-)
Northern Star resources (growing gold production by 100k oz per year, year on year from current leases. Stole 2 mines from barrick for $14 and $45 per ounce in the ground right next to their operations, so no infrastructure needed.
All in sustaining cost at AUD 1,050 (with energy going down in price and are installing heat to power plants which will reduce operating costs. Sales of AUD 1550-1600 gold price.
No debt and they fund mining activities from cashflow. and are always drilling and finding gold seams. Great geological minds.
One of the few mining companies to pay a dividend twice a year.
Super smart MD and team who owns a lot of shares and run the company tightly.
Shares since I bought them a year or so ago have gone from 89 c to $3.20 and can only see one direction (up) if the AUD stays the same or gets worse relativve to the USD.
If Von Eck (mellon) and Blackstone would stop buying large chunks of shares and then selling them and then buying them back again, the price would only be going one way.
Not implying anything, just saying!!
Santa Barbara Mines (paying off their debt quarter on quarter (after a big problem in the solomons island mine which they have sold off). They have managable debt
Similar all in costs as northern star, so lots of upside.
Evolution Mining – Bought a 500,000 oz mine recently which pushes them into number 2 gold mining company on the Australia exchange by oz output (700k approx p.a.).
A reasonable chunk was financed with equity, so the debt position managable.
Bottom line. Outside of the US, gold mining is going up.
Visit Perth in Western Australia, where the Perth mint is.
I never have problems buying precious metals from the shop. Just the wholesale that gets clogged up.
Anywhoo, the outcome is not in question, just the severity of it and the way it affects each country.
Fingers crossed over here. Seems scary in the US. Thoughts with you guys.
Keep writing songs.
My latest uplifting song after a few melancholy ones.
https://soundcloud.com/neville-greenwood/let-the-light-in
You’re onto something there.
PS. NST purchased @ .08, SBM @ .20c all through a special fund. Fun watching the markets work. But you are correct….big money are playing them as their capital base increases as well as ranking on S&P.
Fund managers are participating in the great awakening…where the gold miners become the new financials. Who would’ve thought that Printing Money was as easy as digging a hole in the ground??
😉
Greg, could you please answer me this, Why don`t you ask some of your guests about china repricing gold in april, as the watch dogger (jerry) repeats in every weeks comment . That is of coarse , if you believe china is going to reprice gold in april, Do you?
To add to me last comment, If this repricing of gold from china were true, Would not people like michael pento, greg mannarino , and especially rob kirby and bill holter be commenting on it.
Here is some information on the upcoming Yuan gold fix.
https://smaulgld.com/china-flexes-its-gold-muscle/
I think China would only “revalue” the price of gold once it knew it had as much gold as it could extract from the west. At that point unilaterally revaluing gold higher would increase the value of their then current holdings AND also stop the slide in the Yuan.
It would also make whatever price on the comex irrelevant as China would acquire any gold at the newly fixed price on the SGE
Smaulgld, from your link: “We have long held that the U.S. based COMEX, where gold futures contracts are traded, will not “collapse” or default, but rather will become less relevant in setting the price of gold.” That would be the same COMEX that has close to 300 ounces of paper gold for each ounce of physical gold?
Yes, that number has come down to about 148 to one as of January 22.
It doesnt’ matter WHAT the ratio is -once traders accept the fractional reserve trading contracts around a small pile of gold or silver, it carries on becaue Comex traders don’t care and are not interested in “standing for delivery” and the largest traders are the bullion banks themselves.
Here is why Comex wont default http://www.silverdoctors.com/why-comex-wont-default/
The farce will only cease once the pricing mechanism is wrested from it perhaps by the Shanghai Gold Exchange
Smaulgld, thank you for the Silver Doctors link. Farce is a good description of the Comex activity. By the way, how did you get your logo on your posts?
Silver doctors republishes many Smaulgld posts that’s why the smaulgld logo is on the post!
Smaulgld, I meant your posts here, not on Silver Doctors.
I think If you have a web site in your user profile the software picks up the logo
SMAULGLD
I think that’s a sure bet. I also don’t believe that the Exchange Stabilization Fund will continue to mop up U.S. Treasury Bonds
once the Gold Benchmark is reset. They’re only interest was to hold their finger in U.S. Treasury dike long enough for the Chinese to finish CIPS.
I agree Jerry. Even they are probably tired of wasting the wealth (fruit of OUR labor) they stole from us to keep us floating to steal the rest of it.
Personally, I think you are giving the chins too much credit. They are being used same as us. Yes, the gold is moving east…it is not going to end up in their possession.
I think we all know where it will end up. If it is not there already.
Where? I guess I’m the only one that doesn’t know.
Assets are being sold to service debt and meet margin obligations, often for pennies on the dollar. The result being that asset prices are collapsing. Equity and value levels have drastically declined. This triggers more selling of distressed assets. Credit levels shrink as the value of underlying collateral vanishes. Cash flow dries up and debt service becomes impossible, generating more asset sales and bankruptcies become common place. This now becomes a self-reinforcing cycle.
Welcome to the depressionary “vicious circle” of systemic deleveraging. Exactly what Mr. Pento has set out. It’s a long depression (not recession) that is about to deepen and become much, much worse.
Greg,
If gold miners suddenly started finding gold everywhere they dig a hole you wouldn’t have to be a rocket scientist to figure out what would happen to a gold backed currency. In a world awash in oil what happens to an oil backed petrodollar?
MAL: I think the petrodollar is being artificially maintained. There was an excellent interview with Rob Kirby on the SGT Report. The ESF (exchange stabilization fund) is used to prop up the markets. http://sgtreport.com/2016/01/americas-most-closely-guarded-secret-the-covert-fund-that-controls-it-all-rob-kirby
Hi all,
I am new to this. Can someone recommend good gold miners to buy?
Thx!
Caligirl,
Buy the physical metal in coin form first. Here’s how (and I do not sell anything):https://usawatchdog.com/how-to-buy-gold-and-silver/
Greg
Greg:
I have combed the internet and your advise on how-to-buy-gold-silver is the best. No BS, just the consolidated facts. Real simple.
Anyone who desires to acquire gold and silver will be well served following your advise period.
Thank you Sayonara. You still need to hold some cash. It will work very good for a short time.
Greg
Hello Greg,
Reading your link I have a question regarding storage as suggested in our article. With the Dodd/Frank act we are now unsecured lenders to the banks. If there is a bank failure bail ins allowed by law. If you had PM’s in a safety deposit box aren’t they also considered bank assets? If you had a bank failure would you have access to your safety deposit box? Thank you for your hard work for us!
Radarnj,
They usually only open a box if the bank goes under. That’s why I say check your bank. The other reason the Feds would open a safety deposit box is if the individual who is renting the box is in some sort of financial legal trouble. I also say get a safe and install it in a secure hidden place.
Greg
Yes Greg … the old saying is if you don’t hold it you don’t own it.
Radarnj,
What is in the safe deposit box that you rent belongs to you. The bank just owns the actual box, not what is inside. As far as having access to your safety deposit box if your bank fails, the FDIC states that in general, the full contents of your box should be available the first business day after the bank closes. See “When can I have access to my safe deposit box?” in the link below.
https://www.fdic.gov/consumers/banking/facts/payment.html
Normally there is nothing wrong with having your valuables including precious metals in a safe deposit box but times are not normal. I agree with Greg about getting a safe especially if you have a large amount of precious metals.
indeed JMiller … times are not normal.
I’m not associated with “Mint Products”…but I buy 1/10 oz, 1/4 oz, 1/2 oz, 1 oz, Gold Eagles and pre-1965…..90% silver coins from this company, for several years. You pay $6.00 for US Mail deliver, usually with-in 7 days. Mixed bag pre-65 silver is comprised of dimes, quarters and half dollars. It can vary depending on the amount from $80…..to hundreds, depending on how much you want. There are many others. This one works.
Not making a recommendation to invest in gold miners, but for those interested in gold mining shares and don’t want to pick them, there are ETFs GDX and GDXJ that are baskets of gold miners and junior gold miners.
Caligirl –
Bob Moriarty, founder of 321gold.com has recommendations from time to time about gold stocks. I used to own gold stocks but lost them during my divorce settlement. She got the gold mine and I got the shaft.
Thaddeus
Caligirl,
One of the guests on this show, David Morgan, mentioned a couple of gold fund managers in a recent webcast, one of which runs the Tocqueville Gold fund. Personally I also like a company that buys up bankrupted gold mines, First Mining Finance, FFMGF on the NYSE.
Caligirl:
Take Greg’s advice and buy Physical: PMs in your possession have no counter party risk The problem with stocks is that they have significant counter party risk:
l. the normal operating risks of a corporation, plus
2. nationalization/expropriation/excessive fees and royalties from the host country.
3. If you use ETrade, Scott Trade, et al, your stock purchase is in street name; if these firms get into financial problems, much bigger pockets than yours will be at the head of the line, if there is anything left when the smoke clears.
I sincerely believe that if we get a SHTF scenario, Obama (or successor) will invoke provisions of the NDAA giving the USG total control over all commerce, including mining. Note that the USTreasury claims “deep storage” gold on its balance sheet. My personal belief this “asset” is, in reality, proven reserves yet to be mined in Nevada, Idaho, etc. Once the USG grabs all the mining companies, how long do you think other countries won’t do the same? Thus all mining stocks become worthless.
Caligirl:
In addition to gold, SILVER COINS (not really discussed by this interviewed guest) are very important to have on hand. I think the primary object is preserving some measure of wealth by having precious metals to use for a new monetary means of exchange AFTER the crash when/if the dust settles. So the focus in survival through the worse of a collapse must be food, water, batteries, flash lights, protection, survival supplies etc. (as much as you can store). Say a person isn’t completely ready when everything falls apart, and they need a sure way to do some bartering, if the supplies they have on hand aren’t particularly appealing to that person they’re trying to barter with, rather than using the most expensive, precious coins (gold), the less expensive silver coins make a lot more sense to barter with if one has to use them at this point…
Ask for investing advice on the web and the lunatics come out of the woodwork. Invest in bankrupt gold mines….what could possibly go wrong?
I wouldn’t trust that advice unless of course he was your brother.
Hello Smaulgld, I went to your link to read the info. Within the info it listed the “Top 10 Gold Reserves by Country”. It lists the United States coming in #1. I would have never guessed that would be the case since we didn’t/couldn’t pay back Germany. Or are those just un-audited numbers? Tks!
“Un-audited” . Bingo!
The last time the US gold reserves were partially audited, was when President Dwight D. Eisenhower ordered the Treasury to audit in 1954. A group of Congressmen accompanied by Fed and Treasury officials were shown one small bullion room at Fort Knox. Supposedly a number of bars were “examined” for what, who could know! Proper weight? Serial numbers? Purity? This was the extent of this “official audit”!
62 years ago!
Just goes to show that even then, the Pres. of the US, house, etc. were just puppets…they have just gotten worse since.
You know folks, at that time people were a hell of a lot more savvy about the cruelness of life. Look now at how weak and shallow most are.
Most today will have no idea what happened and look for gub to save them. All by design.
jackie
Yes those are the officially reported numbers. Keep in mind the US has not had an audit of the gold it holds at Fort Knox (most of their gold) and at the NY Fed since the 1950’s.
The gold that Germany has not got back yet is held at the Fed. This is supposed to be allocated to Germany and does not belong to the US or the Fed. if you google “German gold repatriation” one of my articles should show up, if not, add “smaulgld”
The US wouldnt pay back Germany its gold from US gold, but rather the Fed would just return the gold that it holds in it vaults that Germany set to it.
Greg and I were just commenting off line that the amount of gold that the US claims to have hasn’t changed since 1971 which calls into question the US gold holdings.
Jim Rickards thinks those are the real numbers…
I, of course, am not Smaulgld, so, please excuse me if it seems I’m “butting-in” in replying to your question. Many, many people, including media pundits, make a fundamental error concerning gold holdings, so I would like to take this opportunity to elaborate a specific point.
In short, it was the Federal Reserve Bank of New York who failed to repatriate Germany’s gold, not the United States Treasury.
Very often, the gold held by the Federal Reserve Bank of New York is confused with the gold reserves of the United States. The gold reserves owned by the United States (alleged or actual), are not the stock from which the German gold was not repatriated.
The United States Treasury (allegedly) holds some 8,000+ metric tons (“tonnes”) of gold, primarily at Fort Knox, Tennessee and West Point, New York. There are no other publicly-known claims on this gold, by Germany or anyone else.
There is (allegedly) more gold than that held at the Federal Reserve Bank of New York, in Manhattan. But, that is not specifically the gold of the United States. That is where the unrepatriated, German gold is (allegedly) held. Whether the German gold, or any gold, is actually held in the vault in Manhattan (connected to the vault of the former JPM building, now owned by the Chinese), has nothing to do with the U.S. gold reserves. (Perhaps the United States also holds some reserves at the Federal Reserve in New York, this I don’t know, but that is not the repository of gold for the United States.)
The gold reserves of the United States undergo a periodic, non-public audit, as reported by the US Treasury. The gold holdings of the Federal Reserve Bank of New York aren’t, apparently, audited, and certainly not publicly.
Occasnltrvlr great accurate summary!
8133 tons is the official number and it’s held at Fort Knox Kentucky (not Tennessee)… Chip
If the gold was there it would be held out for all to see to shore up the dollar. Sorry, it isn’t…… I also don’t care if you separate the Fed from the Treasury. That still doesn’t explain Germany not getting their gold…….. Have another excuse more plausible ?
Remember how the LBMA showed off their gold to visiting Bob Pisani (CNBS) ? He walked thru to specifically show it was all there. Problem was the gold bar he held up DIDN”T MATCH the #’s that were suppose to be there.
Furthermore, there’s only so much gold in the world and the gold moving east has to be coming from somewhere (funny how such a HATED mineral we dig up just to bury again (Buffett) is in such demand). Our gold has been sold to keep the price down (except for the times we use the ravaged and plundered countries to steal that “hated” gold. Iraq, Libya, Ukraine, Egypt, Greece (and Syria if they could) come to mind.
We sold our souls, gave away military secrets, sell our cherished country to anyone with a buck (or Yen), so do you really believe those controlling the purse strings would give a second thought to selling our gold ? Really ?
Dr. Warren Coats (former head of SDR Division at IMF) says that if we get another big crisis it could be the trigger that leads to major monetary system change. He proposes a ‘Real SDR’ global reserve currency backed by a basket of goods. He answered questions about his proposal in a recent interview here: https://t.co/fKDAyiTivj
Larry
The way I read international trends in banker-controlled market and asset prices, trade alliances and economic policies and banking law changes, I see everything pointing to a hidden agenda and strategy for a transition from the US petro-dollar hegemony to a new international monetary system with a more powerful, internationally integrated global government. This is not accidental collapse – it’s a systematic program unfolding; not that transparent to all but rather obvious when you have most of the pieces of the puzzle in front of you. I can’t understand why few if any top analysts apart from people like William Engdahl, Stephen Lendman and journalist David Ike, are joining the dots and/or putting the puzzle together. How do you explain the apparent superficial perspectives of top analysts, not those controlled by corporate media; I’m referring to independent analysts? Why are they so slow?
greg sig
tks from jim willie
Silence is Golden01/23/2016 •
I read this story on the web. It was posted Bill Murphy – Le Metropole Café who had received a letter from a reader via email. Anonymous sender…
“Bill,
I have been working in a chemical plant and have been there for 39 years. We have about 400 people working at the site. I can’t talk to anyone about what is going on with the financial system because nobody wants to hear any of this, they either don’t believe it or their eyes glaze over and they change the subject. I gave up trying to tell people what is coming years ago.
There is one man at the plant that knows what is going on with the worldwide financial system. He is the production superintendent for the plant, reports to only the plant manager, I have two supervisors between him and myself. Last night he called me about 8pm, which was very unusual because we normally stay in touch through email or sometimes, very seldom though, he comes to the unit I work in and we discuss what is going on at that time. His daughter works for Koch Industries in Wichita in marketing. She called him yesterday and told him they had a meeting with one of the Koch brothers giving the meeting. He came out and told his employees that we were about to go into unprecedented times. He said that their company was cash rich and they would be able to ride out the coming storm. One of her coworkers asked if we were going to have a recession or a depression. Mr. Koch answered that no we were going to have an economic collapse with a 40% devaluation of the dollar. I know you know who these Koch brothers are, with the money and inside connections they have wouldn’t you presume they have inside information.
My superintendent’s daughter told her father that Mr. Koch sounded just like him with the speech he gave, because her father has been telling his 2 daughters for years to get ready for the collapse and they have. My job allows me to read probably 11 hours a night when I work days and on weekend days. I started researching our financial system in 2008 because of what went down back then. It is totally amazing to me now that we have a system that is totally manipulated by TPTB constantly and people don’t have a clue about what is really going on. We really do live in the Matrix”.
This cuts to the heart and confirms what many of us know and think …and what a few have said. It has to be taken at face value but the actors and insider (Koch) all seem to be genuine with a very believable storyline.
Jim Willie CB
6:26 AM (11 hours ago)
to me
rich
very rich
scary
very scary
ugly
very ugly
thanks
big thanks
jim/
Allen – not to make fun of your post but it sounds remarkably like Simone’s response on where Ferris Bueller was ….
Economic Professor (Ben Stein): Bueller? Bueller? Bueller?
Simone: “Um, he’s sick. My best friend’s sister’s boyfriend’s brother’s girlfriend heard from this guy who knows this kid who’s going with the girl who saw Ferris pass out at 31 Flavors last night.”
The grapevine effect can be awfully distorting. (unreliable). From what I know of the Koch brothers, they’d be the last people on earth who’d give a rats behind about ‘saving the average man’s (financial) ass.’ Employee or otherwise.
@Mark R : Are you a disinfo troll? Your last post was on 11/19/15 when you stated that gold will decline down to $800 or possibly $700. and everyone would throw in the towel. Yep, that’s what you posted..
“Mike R
11/19/2015 •
Gold holders who bought with prices above $800, are going to throw in the towel, as prices could easily decline to $700 or lower, as long as the dollar gets stronger, and oil prices stay low.”
My input is if Allen is not creating fiction somehow, he’s probably correct. It’s been told for many years the next banking crisis will lead to a Bank Holiday and devaluation of the currency. Everyone expects QE but I expect a haircut instead. The only question is when will this happen? Don’t take my word for it but how about the Vice President of the U.S.A.? https://youtu.be/d-cLZai63GA
Mike R / Beligarant;
I would like to take credit for the post, reality is… It was SIG’s post I copied/pasted. I passed it to Jim Willie, he liked it, also.
al ols
Haircut….more like Buzz cut….right to the bare bone.
Its coming and that is as certain as the Sun will rise today and every day.
It is absolutely disgusting how we as humans have such a high degree of misplaced trust and inaccurate understanding about our creation and ownership. Very few fully appreciate how this world really works or indeed what purpose we really serve. We are fed information /trained with knowledge, given certain rights and freedoms to keep us pacified. In actuality from the moment we are born……. we are not free until the day we die.
Mike I liked it al ols
Mike R,
This story was posted because it was verifiable by Bill Murphy. There is much more to it than mere conjecture or confirmation bias .
Re-read the story …Koch Bros weren’t saving anyone’s ass….they were calling it as they see it (KNOW). Inadvertently it could be seen as a warning…but to me….. this is the insider spilling the beans unintentionally…..because they need to ensure longevity of their business.
Thanks Al.
It struck me as relevant and sufficiently important. It appears JW thinks it is too.
Best
SIG 😉
Your a smart guy SIG. Jim has all day to work on one project. I vote Sig for president.
JC,
You’re an honest. sincere man with integrity to boot.
I could never be the CIC. It would mean that I would divest myself of my citizenship as have all the Presidents since Washington. Swearing allegiance to an Offshore Entity/Government implies that I would commit an act of treason ….in turn that would necessitate that my actions are for the Corporate (advancing their mandates), not for the individual (citizens). Knowing what I know about the Declaration of Independence, the Taxation system, the Rule of Law governing the country and how the people have been deceived not only brings me to tears it reminds me that my place in this world is better far removed from the evil treacherous thieves that work to remove the rights of free humans.
It is never a pleasant task unmasking the truth…in fact for some it can be/is life threatening. Making change is nigh on impossible. Collectively we must work to usurp or arrest the power from these criminals. It is not the function of one individual…it will necessitate the cooperation of the masses. I can do my part by bringing a greater awareness while I have the capacity and the tools to achieve that aim. The onus is then on those who choose to seek freedom. We will not live under their satanic paradigm forever. However action will be required before too much longer. They are advancing their ideology and the pieces are fitting into place very quickly.
Greg
Congrats on a very powerful interview.
MP tells like it is…lots of facts….no conjecture…very difficult to argue with anything he said. I will be listening to this entire interview more than once to take it all in.
Great work.
Cheers
Col
Colin, What kind of farming do you do? DB.
db
I am an Angus cattle breeder.
I get to play God!
Cheers
Col
Greg,
I have gone down the proverbial rabbit hole from information furnished by Rob Kirby about the Exchange Stabilization Fund. I am now convinced more than ever that China will determine the fate of the petrodollar, thanks to funding from the ESF since 1934. The World Bank in essence has been grooming China and the BRIC nations to be the replacement system for the Bretton Woods System and the dollar.
In other words, the United States gets to take the fall for the worlds economic debt, when they pull the plug on the dollar (possibly in April). I can’t understand why they would reset the Gold Benchmark with China unless weren’t planning on using the Yuan as the Worlds new Reserve Currency. Have doubts? Explain why Iran is making deals with China. They know. http://thebricspost.com/iran-not-likely-to-back-away-from-china-but/#.VqVkwHzrsfg
Addendum to my last post.
To give you an idea how embedded the Chinese are with our government, take a look at this information. Elements of the Chinese military has been given access to sensitive information on over 21 million veterans.
https://investmentwatchblog.com/chinese-military-hacks-the-va-records-of-21-million-vets-in-preparation-for-martial-law/
At first glance one would conclude this to be the normal fear porn that alternate media sites like to peddle, but I know for a fact that over 185,000 CCW permit documents have been lifted from my state by DHS. I’ve even signed my name to a class action suite against the Federal Government for this unauthorized access. To date we have been stonewalled. The obvious question is why would DHS want them? The answer is found in another question. Why would DHS purchase 2.5 Billion rounds of hollow point bullets?
Jerry, as to your question why give the Chinese information on veterans? Because we are the ultimate enemy. The government trained us so they know our skill level. As to why did HS buy so many rounds of ammo? Because they are afraid.
Faith.
It drives me over the wall. I can’t even get an cough drop for my wife without her being physically present because of the privacy laws, but yet our government can lift my personal records without my authorization. Something is terribly wrong.
Perhaps you overlooked this…
…see you in May.
You only recently came to understand the ESF?
Don’t you understand the term, “bloviation”?
Jerry began calling “D” day in early December(or was it Novenber?). EVERY happening with a date attached to it was “D” day. Everyone else wasn’t paying attention or was just too stupid…… Well, look it up, I told him back in December NOTHING would occur from these dates and announcements. I clearly said nothing would mean anything UNTIL China announces their gold holdings.
That’s were we are. No SDR announcements. No IMF announcements. No China “Comex” matters. ONLY China’s declaration of gold holdings matters. Which coincides with my earlier post regarding US gold holdings and the real question “where’s the gold coming from ?” Simply follow the gold and you will know the answer.
Jeff.
I said it was my opinion. You can take it or stick it. I don’t care. For the record I was right about the IMF giving SDR rights to China in November. You overlooked that one pal.
That was common knowledge Jerry. Stating that was like stating the obvious. You just like to post how you have some holy grail to these simple posts and THEN tell everyone how they are “uninformed”. Your comment “stick it” shows where you’re coming from. That’s really the best you can do ?
“I said it was my opinion”…… No, you don’t ever give your opinion. You cut and paste and copy others thoughts and then insinuate the rest of us just don’t get it. That’s the really stupid part. Most everyone here already gets it and are anything but uninformed….. “stick it” class act stupid response.
“For the record I was right about the IMF giving SDR rights to China in November”…… No Jerry, on all your prognostications you inferred such and such event was the end of the dollar and rise of the Yuan. On all your stated events and NONE of them effected the dollar or Yuan….. Sorry, YOU overlooked that one pal.
Jeff.
Do your friends and family know you’re this insecure? Whatever I said …I take back.
Jeff.
You’re right. Nothing is happening. Go ahead and put some money in the stock market. I hear Tech stocks are trending up. If you’re looking for a good job, I hear IBM is hiring to. Things are great all over. There’s really nothing to worry about. I’ve been misinformed by Bill Holter and Rob Kirby and Jim Willie. My apologizes!
Occasnltrvlr
What does your handle mean…. occasional transvestite? I’m sorry . I just can’t take anyone serious that has a name like that.
Now you criticize posters for their handle and insult them with childish transvestite slurs ? And I’m insecure ? And you point to my friends and family ? And you change the subject and assume (and tell me sarcastically) I’m into the market.
No Jerry. I simply posted that you keep talking about “informants” and call the “next” event as “D” day and you’ve been wrong. Sarcastically saying you’re sorry while accusing others of sexual and social problems is so stupid. I use that word “stupid” because that IS your style. Your posts ALWAYS include a demeaning suggestion that the rest of us ” still don’t get it”. And that’s my rub. Cut and paste to your hearts desire but stop insinuating we don’t get it.
Greg,
You can’t make this stuff up. China telling George Soros to stick it.
http://www.businessinsider.com/china-warned-george-soros-against-war-on-the-renminbi-2016-1
I have to laugh, when I read some of the comments about the Chinese. They’re getting ready to seize control of the worlds Gold and we sit here on top of the worlds largest pile of debt and hand out advice. That’s so American. Hubris to the very end.
thanks Greg
please turn up your mic…I can hardly hear you.
Pento sure is fired up…..
The light in the tunnel is getting brighter and brighter and I can assure you it is not the sunshine at the end of the tunnel. It is starting to get real ugly.
The most recent example with store shelves being cleaned out do to a snow storm demonstrates that an economic implosion will be nothing less than devastating for the populous at large.
Just look what is happening in Venezuela right now. And this is absolutely coming to America. Oh, it is already here, our northern friends in Canada are now in the process of implosion. The Loonie is dropping like a rock. This is for real and “When” is happening now.
Greg, it feels like the tempo of bad news on a worldwide level is ratcheting up. Soon this charade will collapse from its own weight. When it does, look out! Thank you for another outstanding interview and warmest regards from the Rockies. Go Broncos!
Hi Greg…another great show. another factor in this global economic implosion, and I think its a huge factor is the global climate chaos. That is doing huge harm to the global economy already.
Greg, I read your link some time ago. It and your interviews gave me the confidence to make the necessary changes I had only been thinking about and not acting on.
Tomorrow, I will once again pull my accumulated direct deposits out of the bank and re-channel that paper. I feel like I got a late start, but you gave me the grit to make a move. I’ve been conditioning myself to live on very little pocket cash, as I had previously mentioned, going two weeks on $25 fluid cash. I stick to it. Any surplus after bills, taxes, insurance, etc., goes into short and long-range provisions and hard assets.
Thank you for sharing your strategy.
Greg
Dear DLC,
If there is some odd, pervasive, altering event, there will be some period of time during which people will be confused about what they should accept as having value. During that time, printed FRNs may be held in high esteem.
In my opinion, holding the equivalent value of a few months’ worth of expenses in physical paper isn’t a bad idea.
OCCASNLTRVIR
Yes.
In a major life altering event, there’s a high likelihood that
our modern day methods of communication would come down. I believe for this very reason that paper cash/traditionally used coins may be accepted for a short time as a method of exchange, and so keeping this stuff on hand in small denominations is a real smart idea (I would think having a good radio that doesn’t rely solely on electricity is also prudent).
DLC. I have a new found respect for your understanding. I thought I had everyone beat on how little money too live off of, you got me beat only by a small margin. Smiles.
Oddly enough, Catherine Austin Fitts at Solari Report says the market is overly nervous given the fundamentals and wonders why pundits are talking the market down so much — and she is neither a liar nor a dolt.
Given the fundamentals? How can she tell with government sanctioned accounting fraud? I have two BS degrees in accounting and I can’t tell. Yes, she may be smarter than me but math is math. And those little footnotes on financial statements take it to the Twilight Zone, not to the reality of fundamentals.
We don’t even have to look at the fraud. ALL the reports are showing contraction.
G500,
I have heard CAF state one thing on a show like this and then do an about face a week later on another show. I do respect her, the govt went afetr her with a lot of fury and I think she is very knowledgeable, but I believe they really got to her and she treads lightly.
Rupert, Willie and a few others have called her out on this.
She always comes out with an optimistic angle at the end of one her “views”.
Diana Dee Jarvis, CAFitzz will be on coasttocoastam Wednesday. She is smart, I have a hard time seeing how she gets things right when all other forecast show a different direction. If she is guessing she is good at it.
Hi Greg,
Perhaps the Central Bankers want to destroy all the fiat currencies by 2018 and start their own digital currency. Attached is an interesting article:
http://thegreatrecession.info/blog/cashless-society-global/
I’ve been hearing a lot about “cashless” societies in the news media lately.
All the better to track your activities with, my dear!! Even our local Farmer’s Market has the ability to process credit card transactions since last year. It’s just a matter of time I think, and goes hand in hand with a one-world government.
DEEPEST apologies to “The Bluegrass State,” Commonwealth of Kentucky residents, within whose borders Ft. Knox lies.
They are called Federal Reserve NOTES, for a reason. And they will ultimately become as worthless as confederate currency.
Of course, a significant percentage of the world is penniless and a good portion of the developed world has no savings — living pretty much, pay check to pay check. So when the reset happens and you finally have a repudiation of fiat currency, most people will start over from the same place they’re in now — at the zero marker.
They won’t experience the crisis in terms of ‘a loss of savings’ because they have none. They will experience the crisis from the stand point of a sudden lack of consumer goods, food, jobs, etc.
The conversation regarding how to protect your savings, applies to a very small subset of society. And yes, gold and silver will do the trick, provided that the powers that be don’t confiscate it from us (or try to blame those who had the forethought to accumulate it — using them as a convenient scapegoat).
It would not surprise me if the governments of the world try to convince rank and file citizens that only central banks should now be allowed to hold it in safe keeping — as a way to protect the new currencies that will emerge after the great re-set.
And for those of us who do have savings or who have tried to accumulate some hard assets, the problem is that we will be in a very tiny minority. Our voices may matter little and easily drowned out by the sheep (I mean citizens), who have accumulated nothing to protect themselves and will be all too happy to have everyone in the same boat they find themselves.
That will be the final, terrible irony. To be right… to be vindicated in the end… and yet be prevented from obtaining any benefit or advantage. If you think about it, that is the world we have been living in for some time — those who do the right thing are punished and those who do the wrong thing are rewarded.
If there is still a country left on earth where you can be rewarded for doing the right thing, please let me know where that is, as I will gladly move there tomorrow.
Dude, The Confederate currency my Daddy gave me is extremely valuable. But that is collectors value something that Fed Reserve Notes won’t have.
G5, Every time you refer to someone as ‘Dude’ I am reminded of a story about when the kids started wearing their hats sideways … seems that the homeless boys down Hollywood Blvd. needed to eat and ended up selling themselves on the street and soon found that the bill of their hat was getting in the way of their work!! Just saying, DB.
+1. If those currently in power are able to finish off the rest of us who are “doing the right thing” the earth will be a very sad place. But hey, I am often told that I am the problem because I just want to be left alone, that collectivism under gub protection is where it is at.
My hope is that at least the animals will be spared from satan.
Eric – I’m afraid that you are so right. Unfortunately, the Grasshoppers outnumber the Ants probably 10 to 1…
I recently listened to an interview on the Suspicious Observers website (about solar news) with a few Astronomers talking about the societal collapse that would happen if a solar storm wiped out the Earth’s electric grids. Two said they had prepared and would be able to last for some time, but one of them admitted that he had not prepared anything for such a scenario and said if that happened, he would just wait until dark and “take what he needed from those who had provisions.” It made me sick to my stomach to listen to him, but I know many Grasshoppers would do the very same thing.
But no matter what the outcome, I’ll always choose being an Ant over a Grasshopper every day of the week and twice on Tuesday. And if that guy comes to my home, he may not make it out. As they say, “trust in God, but keep your powder dry”.
Eric, brilliant comment and spot on!
Bill Holter’s interesting take on the “swift boats” getting mixed up in Iranian waters:
Please read:
“The day after, we saw 10 U.S. captured sailors on their knees as they were said to have “strayed” into Iranian water. The official U.S. account has changed at least twice. We heard “mechanical failure” at first, this is unlikely as there were reportedly two separate vessels. If one had mechanical problems, the other could have tied off and either towed it or held it steady until help could arrive
. Then the story changed to “navigational” problems. This one I believe …but not the official story they “strayed” into Iranian water. Again, if it was just one boat, maybe their navigation system malfunctioned …at the same time their communications failed …MAYBE?
But both boats …at the same time lost their comm and navigation systems? Probably a better chance one of these sailors winning the Powerball lottery two weeks in a row! Speculation on my part, I believe the electronics were somehow hacked or blocked just as happened with the Donald Cook in the Black Sea in late 2014.”
Never saw it from this angle….
Remember the drone Iran captured in 2011? Iran claimed they hacked it, and the West scoffed. Looks like Iranian hackers might be better than the West wants to admit.
Good point Diana!
Greg
WD. Iran had a perfect chance to make themselves appear to be friendly, and cooperating with America. They blew that one.
How? I am not taking Iran’s side, I am talking about the cover up story. Furthermore the prisoners and boats were released…we should have got the other prisoners as well.
Image is everything. I agree we should have gotten all of them back even if we go to war over it. I am saying Iran could have helped there image sway from being a terrorist country if they give back all the prisoner’s without putting on a parade of insult.
It was primed to make a bad deal…which we made.
How could Kerry leave those other guys behind?
So sad
I love to listen to Michael Pento, he never fails to get outraged by the outrageous central bankster clowns and the rest of the circus.
He made a lapsus lignua when he said the ECB prints 60 trillion (should have said 60 billion) every month, but this is another great interview.
MP has called it as it is….a Depression. To hell with Official statistics…I never believed them anyway.
A Deflationary Depression is what we are witnessing. Why because the collateral values are being interrogated and tested every day since this year began (and even through last year – on energy assets). Bankruptcies, Insolvency of the Banks and Banking system, negative Global Growth, increased unemployment and stagnant global trade round out the picture nicely.
Bill Holter called it The Margin Call. Its here and NOW.
We have ridden through the eye of the storm (GFC) / tread water for the better part of 6 years. We are now exiting the eye and entering the most severe part of the Storm. This is in fact the Perfect Storm – and its an especially bad situation caused by a combination of very unfavourable circumstances.
The deflationary depression will only enter the Hyper Inflationary Depression phase when the Central Bankers collude to print QE in the 100’s of Trillions $$$.
Whilst the news across the Globe of the shrinking value of Stock markets is alarming as is the dramatic layoffs that are occurring with the Oil Glut and price destruction…let us turn our attention away from the BRICS and everything Golden…to that little acronym PIIGS….the same one that got all the attention a few short years back.
We have all been distracted but we should quickly re-focus our attention on what is now occurring in Italy…..A Run on the Italian Banks. Massive non performing loans will require the Largest Banks to be bailed out (IN). Deposit holders are running scared.
http://www.dailymail.co.uk/wires/reuters/article-3408198/Some-Monte-Paschi-customers-withdraw-savings-banks-stock-sinks.html
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12111265/Is-Italy-the-next-Greece.html
Greece / Cyprus were fine examples of what can happen when the Debt is Bad and the Banks require re-capitalising. When you are talking about the 8th Largest Economy in the world…as Italy is…then the matter is magnitudes higher. Risk goes exponential from here. Draghi will need every ounce of assistance from the ECB, FED, BOE, BOJ and the PBOC. You wonder why the UK wants out of the EU !!!
The saddest part is yet to materialise. When the system breaks …we then see the nasty side of the economic downturn, when the masses turn on the governments…massive civil unrest and a decaying social structure. This is all ahead of us. Be prepared.
SiG: There have been riots in Moldovia because the government there has stolen a billion dollars. I was watching the latest SGT report and he mentioned trillions that have been sucked into the MIC black hole at the Pentagon. Is anyone marching on DC or their local government state capitol due to massive theft or malfeasance? No.
As for massive civil unrest in the US the pump has been primed by the MSM. I expect there will be race riots in the US, again, in most democratically controlled cities. I hope I am wrong but I see the sophists are out there. Look at the Oscars. Some actors are actually saying that the US is a racist country. I consider such comments to be nothing but incitement and hyperbole. By summer people will be primed to let off steam and I expect to see a repeat of Baltimore on a larger scale. I hope I am wrong!
Oh, I agree with you about all of the statistics. Nothing but lies. It reminds me of Orwell and 1984 and The Ministry of Truth. Sure.
Wow, I think this is Michael Pento’s best interview yet. It was like an epiphany for me when he said words to the effect that “Global sovereign defaults [on bonds] will take mostly the form of defaults through monetization and inflation.” If I understand that correctly, what it means is that the bond bubbles bursting (ie; can’t be repaid with existing currency) means inflation and possibly hyperinflation depending on the dollar value of the bonds that must be repaid in NEWLY CREATED currency units, or in other words: bond bubble burst => monetization => inflation.
I would love for someone to take the time to go into detail about the :”mechanics” of monetization. I think it means that the Federal Reserve creates new currency to pay off bonds that come due for repayment, but how does it do that? I thought currency was created by issuing bonds (IOUs), but how does the FED create currency without borrowing it into existence?
Great show Greg, keep up the great work,
Ron
the Chinese prefer platinum over gold,
and probably most other Asians have the same preferenc,
and royalty,
is this counted in the equation of value in metals? store of value, a neo backing for currency reset,
or is platinum simply a secondary metal primarily for industrial use with no store of value status?
The US Mont made platinum coins for a while then stopped but I believe they are making these again?
Anyone know?
Greg, great interview. Pento is always a great and concise interviewee. He says all central banks and countries are insolvent so there is no more aid coming absent monetization. Do u think that is the case, or do u think they can extend this facade with SDR loans, as Jim Rickards contends? Either way, doomsday but one is more extend and pretend.
Thanks again Greg for a great interview.
So, what will all this mean at the grocery store? I have been told that when the back glut of goods finally sells at retailers, those items that they are desperately discounting to get rid of, ordinary items will become unavailable, including parts for machines. Is this true, Greg?
Also, what about the cashless world the elites supposedly want? Where is gold, then? I see a big black market ahead.
Oxfarmer, I too am waiting to see what happens when the last “dominoes” of the supply chain fall. As I’ve mentioned, I work on the retail window at the post office. And being an extrovert, I engage customers, when I can, about the economy, etc. A customer told me just this week that her company was starting to have trouble getting parts to make their products. Since this is only 1 instance it may not indcate much. Only time will tell. Am also watching the volume of Amazon to see when that falls. But since the shipping “dominoes” are falling, once manufacturing inventories are depleated, that domino falls. And then its only a matter of time before the middle men like Amazon/eBay ” dominoes start to fall. And t.f. the micro delivery “dominoes”, like USPS, Fedex, UPS (Fedex has already announced layoffs) will start to wobble. JMHO…
The GOVERNMENTS are the culprits.
They have all run up so much debt that they will NEVER,EVER, PAY BACK.
Why do we still allow them to do this?
They have destroyed world economy with their failed systems of Socialism.
When the crash finally happens. ..everyone will know why it happened.
Politicians and their benefactors…..have done this for the past several decades.
Greg
Another great interview. Interesting positions
Thanks 500!
G
The G-500 moslem update :
http://www.thegatewaypundit.com/muslim-scholar-says-allah-allows-muslim-men-to-rape-non-muslim-women/
Saud Saleh allegedly made the comments on television
Express.co reported: AN ISLAMIC professor has allegedly claimed Muslim men are allowed by Allah to rape non-Muslim women in order to “humiliate” them.
Professor Saud Saleh – from Al-Azhar University in Cairo, Egypt – reportedly said rape is allowed between times of “legitimate war” between Muslims and their enemies.
What a peach.
In a television interview Saleh appears to try to discourage the purchase of slaves from Asian countries for sex, claiming Allah has given Muslim men a “legitimate” way to have sexual relations with slave women.
The controversial professor allegedly said slavery existed before Islam and anyone could trade “freeborn men and women” but that Islam put slavery “into order” by regulating when it was allowed.
The religion of piece.
G 500,
Based on another post here I will no longer capitalize the word islam or muslim. What a religion….
Maybe Mohammed should convert to Christianity!
G 500 and WD. I find it difficult to accept any one willing to molest a 9 year old girl, for the sake of multiplication of a structure. Muhammad was a old man with lust problems. The Quran should be banned from the planet earth. That’s what I think. James Carl Davis.
G500
Do you remember the movie El Sid? It was based on the Muslim invasion of Spain during the 1400’s. Of course my favorite is 300. The Muslim invasion of Greece. Throughout history the Muslims and the Europeans have both done their share of invading countries to spread their religion and culture. In my way of thinking there’s nothing new. George Soros just happens to be pushing the immigration issue in Europe to the max to collapse the EU. The Muslims are as much a victim to global tyranny as we are.
Jerry,
Not so…Not when there “faith” or word calls for destruction and death of those that disagree… this is not a religion not even close, Barley any of them stand up against the radical islam. They are not innocent at all.
G5, To tell you the truth I no longer read Mohammads’ comments, as astute as they may be, because with him being unable to come out and say that the violent behavior of Muslims around the world is wrong and is fundamental to their ‘Faith’ makes him and his comments irrelevant. DB.
No real money. No government surplus. We are bankrupt. We are no longer a nation of hard working productive people. How could it not be worse?
At least we have not resorted to killing each other in the streets yet.
High speed comment. I run Re-lighting crews for Food stores, Commercial electrical installations and Solar roof installations on Malls in GA, NC, and Alabama. I burn through 20 americans in a 6 week project. How do I solve this????????? Hire Hispanic crews…they are use to working. I am so disappointed in Americans. But, after 7 years, the obama administration and corrupt congress have destroyed american workers………FEED THAT DOG, IT WON’T HUNT. It’s really simple.
Here you have it. The real reason oil is crashing, and why you should be making final preparations. The Answer: The elites are using it to crash the petrodollar.
http://sputniknews.com/columnists/20160121/1033486596/secret-behind-next-global-crash.html
Before you go into the normal kneejerk reaction, you might want to consider the fact that the Rockefellers pulled their money out of oil last year. That alone should tell you something.(my speculation) There will be no recovery in oil. Behind closed doors the BRIC alliance has agreed to settle all payments with the Saudi’s in Gold in exchange for collapsing the Petrodollar. Now you know the real reason why the Chinese want to reset the Gold Benchmark in April.
P.S. If you remember, the Saudi’s had their Gold stolen by the western banking cabal, and then had one of their crowned Princes attacked in Paris as he was preparing to meet with representatives of the BRIC bank in 2014.
Addendum to last post.
Here’s the other piece to the puzzle. More Yuan devaluations coming. Add to oil collapsing and you have the perfect brew to kill off the dollar.
http://www.marketwatch.com/story/time-to-brace-for-further-devaluation-of-the-yuan-2016-01-24
Jerry,
The article said there would be a recovery in oil?
WD
Sorry I missed that. It ain’t coming back. The Russians and the BRICS control it now thanks to Morgan Stanley. I’m going to post a link tomorrow showing the tanker import locations worldwide. It blew my mind. 130 tankers lined up to unload on the Asian coast including China.Only 30 tankers for the entire United States. The oil spigot for the U.S. is slowly being closed.
Jerry Oil is going higher, much higher. I read everything you read and more. They can say what they want, it’s going higher.
Can we talk logic for a moment…..Oil is priced in dollars (for now) right ? You yourself believe an event is coming to significantly devalue the dollar (and spike the Yuan). At that moment oil (and gold) will skyrocket. All hard assets will.
To add pressure on the oil price we both know war will break out at the same time. War and a devalued dollar means higher oil.
Jerry, I don’t want to argue with you. I would rather enjoy a pleasant discussion with you. Life is short.
Precious metals is our only savior against a deflating currency, why is it then, that every financial adviser only recommends 10 -15% in our portfolios?
A savior is is at least worth 85 – 90% in my books.
FC: I stopped listening to the MSM about financial things after they failed to warn people like myself and I lost my house. I have been able to purchase a modest home, since. then and start over. Many people have still not recovered. I cannot say how painful this process has been and how humiliating. I will never forgive the financial media. Ever. They lied and were well compensated by their masters for telling those lies. I consider most of them to be nothing more than trained puppets.
Same here Faith. I lost thousands. Nothing like loosing hard earned cash with no apology.
JC: I talk about it because I want other people to learn from my mistake. I am one of the lucky ones. I was able to rebuild my credit after a foreclosure and bankruptcy and have been able to buy a small home and start over. I consider myself one of the lucky ones. I have been able to rebuild my life and have been able to accumulate a small amount of silver and cash in case of an emergency. The facts are that 60% of the US population doesn’t own anything and do not even have $1000 in savings. I am planning on starting a garden in a few weeks. Nothing large. I would like to have fresh greens and some herbs. Keeping it simple.
Good to hear that you have the strength to move forward, where many have given up.
Main Sewage Media, is where the affluent deliver the effluent and it’s sound advice to stay clear of the torrent flow.
FC: I consider myself one of the lucky ones because I have been able to start over. I am blessed and I am grateful for a second chance.
FC that would be too many eggs in the same basket. There are many tangible items to invest in. IE oil, land, food ..
JC, I should explain my percentages were based on available cash and didn’t included property and alike.
Hi everyone.
Been a while since I’ve written, but do check your website daily.
I noticed he said he would be an accumulator of a small amount of silver, but a large accumulator of gold. Why only a small amount of silver? Even if gold only goes to 2500 in todays dollar, you can’t use it very well for most transactions. Plus, purchasing even an ounce of gold here and there takes a fairly large amount of money for middle class. Where as silver I can pick it up ten or so ounces at a time very easily.
Is he suggesting silver will not do well?
Tony
Actually Pento did not say he was a large accumulator of gold. He said he has a small position in gold, 15-20%. I think he is saying that silver will do ok. And it would be good to have some for smaller transactions if needed but gold in a severe crisis has and will probably outperformed silver as was the case during the severe hyperinflation of the Weimer Republic. This is especially true for the week between Oct. 16, 1923 to Oct 23, 1923 where silver increased only 36% while gold increased 1266%. Personally I am about 50/50 each in gold and silver.
Also Pento says to have a high level of cash. So where does he have his cash? Money markets, Treasury bills, etc… It is probably in his brokerage cash account. How safe is that in a complete financial collapse that happens overnight like some of you believe?
JMILLER
I have $10,000. dollars cash stashed in fireproof boxes in four locations. One of them is stored with my wife’s Christmas mess. I learned from my grandpa (who lived in the depression) not to keep it in the bank box. He said during the depression a government regulator was always there to examine the contents.
Jerry,
Why was there a government regulator there every time to examine the contents? Keeping cash in a safe deposit box was and current is not illegal. In all the time I spent reading about safe deposit boxes, which is somewhat extensive, the only time I heard that the I.R.S. or a government agent had to be there, it turned out to be a hoax. Like the one that says that FDR had all safe deposit boxes sealed and they only could be opened up in the presence of an I.R.S. agent so they can supposedly confiscate your gold. I have found no law that required that some Federal government agent be there when you open up your box back in the Depression. No detailed account by any one. Now may be the state in which your grandpa lived had some regulation. When you say government regulator do you mean a bank regulator and not someone like an I.R.S. agent? If it was a state-chartered bank it may have been a state government regulator and not federal. I would be interested in hearing a little more detail about this if you have it.
Although this was in the UK, and a few years back, read this in context of the so-called “Forfeiture laws” in the USA.
“Members of the public who have innocently and legally stored their valuables were ‘inevitably’ going to get swept up in the disruption, it was predicted.”
http://www.telegraph.co.uk/news/uknews/2066470/Safety-deposit-box-raids-yield-1bn-of-drugs-cash-and-guns.html
I sometimes disagree with Jerry. This is not one of those times.
Occasnltrlvr,
You correctly state that the incident in the article happen in the UK and not the U.S. but you forgot to point out that it did not involve bank safe deposit boxes but deposit boxes with a private company known to cater to criminals.
I’ve notice there are two general philosophies on this site.
1) Those who believe, at some point, things will work themselves out and they are interested in “paper assets” to protect their wealth.
2) Those who think it will collapse and destroy all paper assets. The only means or wealth that are accepted, being commodities. A number two pencil will be worth something..to someone who has a need. Paper will have a new use, in the outhouse.
I really don’t see Federal Agents hunting down individuals with minor holdings in Gold and Silver either.
I agree James, but US gold mines and foreign holder at the Fed are a different story.
Greg
Clive Maund discusses how high the market will bounce.
Maund’s analysis is always entertaining and interesting.
http://www.clivemaund.com/article.php?art_id=3694
Louise Yamada believes something close to that. She is looking for a test of the break down level at 2000 for the SP500.
I loved this interview Greg. I think it sums up how crazy things are in the economy world wide and here clearly.
When do the Wall Street “investors” start jumping out of windows?
Everything is fine. That is the reporting from the folks attending the conference in Davos last week. Here is a quote from a prominent CEO :
“In one of my posts, I described the gulf between media reports of impending economic doom and the quiet confidence of 60 global business leaders as they look ahead to a healthy 2016. And I know Anuj was pleased to report that:
“Professor Nouriel Roubini of New York University actually stated that if there was any place in the world where he would prefer to gestate a start-up, India comes a close second after Silicon Valley. I tend to share his optimism, considering how much real estate they are currently consuming!”
Everyone needs to chill and look forward to the 2016 unbridled optimism. What does record low in the Baltic Dry Index and Trillions upon Trillions of debt matter?
There is no such this as a worse tragedy or a worse disaster. Unless it happens to you. So are you saying it is going to affect you??
Greg,
For whatever its worth AIIB, is making top level moves in Germany in preparation for ____________.
http://www.ft.com/intl/cms/s/0/b7c7b4a8-c38c-11e5-808f-8231cd71622e.html#axzz3yHOrKJie
I left the reason blank, so your readers can put in whatever they like according to what they think is going to happen. The great part about a survival situation is, in the end you get to find out how really smart you are. Like Mike Tyson said “Everybody has a plan, until you get punched in the face”.
Greg,
Here is another indicator that ___________ is about to happen.
Check out the list of stores that are closing. There may be one near you.
http://retailindustry.about.com/od/USRetailStoreClosingInfoFAQs/fl/US-2016-Store-Closings-All-Retail-Chain-Store-Locations-To-Be-Closed_2.htm
Happy days are here again. Oil just went above $30. WRONG!
http://www.usatoday.com/story/money/markets/2016/01/26/chinese-stocks-dive-oil-falls/79334862/
Let me get out ahead if the MSM spin. Its the weather that’s causing stocks to decline. RIGHT. Its the __________ that’s about to happen.
I don’t want it all to implode, I could lose my job at Walmart.
Love it Mike. Be not afraid Barney Sanders will save the day.
Greg,
If things weren’t sobering enough, you really need to take a look at the Dallas Feds production report. The information in it is staggering.
http://www.dallasfed.org/microsites/research/surveys/tmos/2016/1601/tmos1601.pdf
I’ve done business in Texas for years. Their business models for industry were always top notch. When the largest most productive State in the Union shows negative growth and declining production, it time to pay attention. Oil is not the only industry in Texas, so don’t think the report is centered around that.
As (V the guerilla) has penned this was a brilliant move by the Russians and the BRIC alliance. Russia essentially has gained control of the worlds oil, and its pricing, with this move.
http://www.reuters.com/article/us-rosneft-morganstanley-commodities-idUSBRE9BJ1FU20131221
Now it becomes even more clear, why the Chinese want to reset the Gold Benchmark in April. The United States is caught in a classic pincer move between Russia and China to control the worlds economy. Stay tuned folks, its about to get real interesting.
P.S.- sorry for posting so much Greg. It just keeps coming in waves.
Jerry
This will be huge if it happens but I quote from the article;
“The sale is also subject to regulatory approvals in the United States, the European Union and certain other jurisdictions, the bank said in a statement.”
Cheers
Col
Check the date. Investment banks were getting out of commodities.
Aha.
I have made that point many times with one called Mohammad and stated it on this blog last year and this (recently too). Some people cannot see the forest for the trees.
Price of Oil was manipulated to the upside just like Gold is suppressed/manipulated to the downside. Take away the players and BINGO …you have price discovery.
Greg
Negative interest rates……..Negative low-grade oil price.
What’s next!
Cheers
Col
http://oilpro.com/post/21619/negative-crude-oil-price-happening-north-dakota
Ummmmmm……..an oil subprime??????
……..maybe?????
Cheers
Col
New article posted:
http://antoniusaquinas.com/2016/01/26/another-constitutional-convention-an-idea-whose-time-has-not-come/
Antonius
A very thought provoking article….love the comment re Rubio.
Cheers
Col
Greg, Mr. Pento and watchdog folks, I have a somewhat off topic question that I’m searching for an answer to. What would happen if the U.S. dollar were to be devalued by 40% all at one time? What would be the overall ramifications to our economy?
What would happen to folks that have mortgages on their homes or vehicles?
Would this not trigger massive inflation?
God Speed.
Addendum to my above post. Would a sudden 40% devalue of the U.S. dollar not trigger massive financial shock waves throughout the rest of the world? Seems as if it would cause at least a few other countries to go into a economic nose dive?
Thank You.
“What would happen if the U.S. dollar were to be devalued by 40% all at one time?”
Thank you, ED1, for asking for opinions. These are mine:
First off, it’s critical to understand exactly what “devalued by 40%” means, and how this could happen. Keep in mind, the intrinsic value of every fiat currency is zero. So, the USD only has any value when it is measured against something else.
So, to devalue it by 40% would mean that it would have to be devalued against EVERYTHING: gold, AUD, steel, movie tickets, hamburger…you get the picture. The only way I can think of to accomplish this would be to demonetize existing USD and issue a replacement currency.
A huge, key piece of this puzzle is what happens to USD not held by US entities, and not held domestically? Would there have to be two currencies? (Jim Willie has prognosticated on this at great length.) But, for simplicity, let us first examine only what would happen domestically.
A 40% devaluation would be very significant “wealth” confiscation and reduction in disposable income, big time. So, one could anticipate a huge drop in consumer confidence and consumer spending, and a major contraction in GDP. Given that the USA remains the world’s largest importer, I would expect that this would cause a world-wide economic depression.
If the devaluation was only domestic, and not to offshore USD, I would expect US Treasury interest rates to skyrocket and offshore USD to become as scarce as hens’ teeth, as the rest of the world now owning UST’s would strive to carpet-bag every US asset they could get their hands on. They would need to sell their Treasurys for the non-devalued USD, making them scarce. (Of course, the Fed could buy “offshore” Treasurys for newly-issued, non-devalued USD, if they really wanted to put the USA in deep misery.) This picture gets pretty complicated, pretty fast.
If the devaluation was to all USD worldwide, some international trade would continue, but the world’s monetary system would collapse. All confidence in the USD would be lost, and, contrary to popular opinion, there is not yet any viable, ready substitute.
With regard to personal debts such as mortgages and auto loans, I would not anticipate seeing them being reset to the devalued rate of the new currency. This would be by rule, edict, or law, and let’s face it, “we the people,” nowadays, always lose.
Occ,
I put to you that a Devaluation does not necessarily have to occur by/through direct actions of the Govt./Fed….viz-a-viz a formal devaluation.
Debasement of the Dollar is another stealth form of devaluation. When (not if) it is done in magnitudes of the current monetisation of debt, perhaps we can all bare witness to the dramatic repercussions felt in the drop in the dollar’s worth in a short space of time.
Your words “If the devaluation was to all USD worldwide, some international trade would continue, but the world’s monetary system would collapse. All confidence in the USD would be lost, and, contrary to popular opinion, there is not yet any viable, ready substitute”…..
….. is eerily reminiscent of what is slowly occurring.
http://www.zerohedge.com/news/2016-01-26/comex-snaps-gold-dilution-hits-record-542-oz-gold-claims-every-ounce-physical
Latest article says there the COMEX has had gold removed for delivery and the ratio has increased from around 300 ounces per contract to a new high of 542 ounces per contract.
“As the chart below shows – which is disturbing without any further context – the 40 million ounces of gold open interest and the record low 74 thousand ounces of registered gold imply that as of Monday’s close there was a whopping 542 ounces in potential paper claims to every ounces of physical gold.”
http://www.zerohedge.com/news/2016-01-26/comex-snaps-gold-dilution-hits-record-542-oz-gold-claims-every-ounce-physical
Faith,
That is stunning leverage and thus stunning demand! Thank you for posting this.
Greg
Mr. Hunter, I agree. I remember the comments made by Mr. Roberts when he was your guest and he thought that 300-to-1 was over the top. And now this? Stunning.
Faith,
I think it means the game is wrapping up. How much longer can it go on?? We are going to see this year or early next year at the latest.
Greg
Something just “SNAPPED” !
The paper gold to physical at the comex JUST BLEW UP!
COMEX deliverable gold stock is now 73,979 ounces
Yet open interest sits at 40 MILLION ounces!!!
That’s a ratio of 542 paper claims per 1 ounce of physical gold!!! KABOOM.
OutLookingIn
Let’s see….physical gold claims to paper have gone from 300:1 to 542:1 in a matter of days.
Hmmmm…..wonder how TPTB, da Fed and the ESF get on with this challenge.
Interesting times!
Cheers
Col
Oops I meant paper to physical!
When you think about it Colin, that’s just a little over 2 tonnes of gold bullion. The SGE sweeps that off the trading floor at end of day! lol
Just in case people doubted the real value of gold: “Since the beginning of the 21st Century, as people awoke to Y2K that did not end the world, there has been one ‘currency’ that has outperformed all its peers in terms of preserving wealth and maintaining purchasing power…” http://www.zerohedge.com/news/2016-01-26/best-performing-currency-21st-century
I’ve been noticing local bricks and mortar branches of National Banks are closing in some locations in NJ, TD, BOA to name a few. Then I notice the properties just ‘sit there’ with no real estate signage, maintenance, etc.? Just another observation of the times we are entering.
Yes Notyourpatsy In my neighborhood there is a home that has been empty for seven years now. I have tried to contact the bank that owns it, and noticed it has changed hands at least two times. The banks will not talk to me about buying it. It leads me to think they are using empty homes to cover digital currency. Or it could be they don’t want to reveal how many people can not buy a home in this bad economy.
Weeell Michael,
Here is is almost a year later and still now crash….
Perhaps next year?