Currency Wars are Real—Yra Harris

2 jpgBy Greg Hunter’s   

Legendary trader Yra Harris says, “The currency wars are real, and the game is on.”  Harris says the global currency war is what helped Volkswagen gain market share in the last few years.  So, what is Japan doing?  It is cutting the value of its currency so Toyota will gain market share.  The currency war is also what’s been driving gold higher.  Harris says, “Is gold in a bull market?  Absolutely.  Is gold a tired bull for the moment?  Absolutely. . . . I think you’d be crazy to sell because there are so many variables of uncertainty.”  Harris goes on to predict, “What do I think is the most explosive event for gold?  It is the day Draghi (President of the ECB) can no longer jawbone quantitative easing.  He actually has to step up to the plate.”  Harris is counting on the Fed to continue to pump out dollars.  He says, “I can go to sleep at night and know one thing–the Fed will not allow deflation.”  The reason is simple, according to Harris, “We live on debt in this society.  Debt based societies cannot absorb a deflationary spiral.”  Join Greg Hunter as he goes One-on-One with analyst and trader Yra Harris.

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  1. forget gold

    “many variables of uncertainty” – oh dear, what a insight.

    crazy to buy gold in this market. gold has gone backwards in the last 2 years. there are better wealth protection plays. there are also capital growth prospects with little downside while the Fed prints. don’t listen to the fear mongers.

    • Greg

      Forget Gold,
      Gold has gone “backwards in the last 2 years.” In 2012n it was up 7%. You clearly do not know what you are talking about. Thank you for your comment even though the facts do not support your premise and I totally disagree with your analysis.

      • Angee

        the idiot that knocks gold, take a look at the charts.My 5 year old can even work it out. No wonder the country is in the state its in if the majority have no idea whats going on. I live in NZ (bottom of the world) and even people hear are buying gold. Im amazed at such a dumb comment.

        • Greg

          Thank you Angee for the comment.

    • Brent from Texas

      Crazy to buy gold in this market?? Gold has gone backwards?? What friggin’ planet have you been living on you moron?? I haven’t heard any fear mongerers on owning gold, silver and other PM’s on this issue, only people who are very educated and wise enough to know that paper anything backed by nothing will always fail. Perhaps Russia and China buying gold and many of the Euro countries repatriating their gold are foolish in your opinion? As long as the Fed keeps the printing press running non-stop, I’m going to keep “stacking” every chance I get. Just call me “crazy”.

    • Steve

      Germany repatriates its Gold.
      China outlaws Gold exports and enforces its domestic sale to its National reserves.
      Inflation figures supressed and skewed worse than the manipulation of the PM prices themselves by the paper contracts that cannot all be filled in the first place and WON’T BE at the end of this game of musical chairs ….and you think Gold has gone backwards??? You should go and work for the US Treasury or apply for a job in the white house. They will give you a press spot, a teleprompter and a camera to beat off to, and a nice big Govt salary paid for by newly printed Fedopoly money. Stop commenting on blogs and apply for a job as a professional liar or delusionary cult of personality worshipper. All Hail the Central Bank…except Germany that wants its Gold back but not so bad that it would demand it all at once which might be deemed as poking a hornets nest….woops, AlCIAda just popped up in Germany and Uncle Sam needs to ‘help’ put out another fire. The real terrorists live in London, NYC, Chicago and DC, and they are flipping off their contemporaries that hang out at the Shanghai Pact and are inviting them to a gang war par exellence. Race to the bottom, the only question is who can sustain their police state for the longest? The ‘business’ cycle they call it, but I prefer to call this one the end of the poker match, its All in and everyones packing nukes at the table, two guesses how this game works out in the end! Gold has gone backwards…pffft, gotta be kidding me man, wake up.

  2. therooster

    If the elite secretly want the world to move to gold-as-money, now that bullion values float in real-time, currency wars may be the strong medicine and the “necessary evil” in order for the market to make the transition. In a shift to real-time gold-as-money , the transition must be governed by the organic workings of the market and CANNOT be a top-down implementation. The legacy system (USD) would be under threat of a very sudden crash. In any migration, it’s imperative that neither system crashes during the process, whether it be the old legacy system (fiat dollars) or the new system (real-time gold). It appears that the elite are now relegated and limited to the scripted role of “carrying the stick”. It’s a tough job.

    We must as wise as serpents.

    • Greg

      Thank you Therooster for adding to this post.

    • justin king

      I’m feeling more like a VULTURE these days.= Wise, but creepy.

      • Greg

        Justin King,
        Protecting you and your family is the only reputable thing to do my friend.

    • Steve

      I would agree with that sentiment. The USD was set up in 1913 as the worlds biggest financial fraud instrument to be used as a bait and switch for real assets and as a Trojan Horse for stealing the wealth of foreign countries and last but not least the wealth of its own Citizens. It was never possible due to the inherant audibility of Gold backed swapping but in the 1930s–>1970s the US broke their side of the bargain and left the paper IOU in play with no backing what so ever…everyone accepted it in ‘good faith’ (or that they feared being invaded militarily?). Now the despots who control the banking system are exploding their own fundamental debt instrument, the USD and you can bet they are sitting on so much solid Gold per capita that they are expecting to live like kings in a new Gold standard that will be pegged to a World Currency…so they had hoped. But is it working out for them? Gold/Paper/Grain aside, how do you stop a nuclear war from irradiating your Gold? 😛 or 🙁 I mean. It is sad but true that this world has reached the end game scenario depicted 2000yrs ago in Johns Apocalypse. Sad but true.

  3. justin king

    The main idea that the FEAR OF DEFLATION is now the underlying world theme made alot pieces of the global puzzle fit together./// If Yra has a fund, I’ll join. He’s a wily fox.

    • Greg

      Justin King,
      I think Mr. Harris is pure analyst and trader. I agree he is a “wily fox.”

  4. art barnes

    Mr. Harris is a learned economic icon and understands that every political move including war in western societies is a function of economics motivations behind it. I wonder what he would say about the economic aftermath if ask about a strike on Iran’s nuclear facilities by the U.S. an or Israel. I believe a regional war in the Middle East better be quick and decisive or else that game changing event will cripple this fragile so-called jobless recovery. What a joy to listen to Mr. Harris as he tip toed around your hard questions, I got the profound impression that Mr. Harris senses a game changer in the future for the U.S. economy but would not come out and state it. Be that as it may, his prediction that the FED will not allow deflation at any cost is a truism & in my mind will be the ultimate future collapse of our economy because at some point inflation will really ramp up as a result of the non deflationary policy and take the economy over the hill.

    • Greg

      Thank you Art and Andy for weighing in here.

  5. AndyB

    Greg: re Yra’s comments that the gold bull is tired. I agree that in the near term, that could be true as the gold price suppression schemes of the FED/bullion bankers seemingly have no end, and the “captured” financial media puts out a daily gold bashing article. But in the mid term, the price will depend on the supply available to the free market, and that amount may be drastically limited due to: key sovereign producers retaining production in-country (representing over 40% of total global production!), the fact that the amount of the amount of scrap gold sent to refineries has been declining YOY, and the specter of resource nationalization when the SHTF. And, many noted geologists claim we have already passed “peak” gold and this is reflected in the dramatically decreasing ore grades mined over the last decade and the lack of any new “major” discoveries.

  6. Mitch Bupp

    The world is now based on credit … BINGO … many don’t have the money not to become a life long debtor who dies and the bank takes the house back from the estate … (I have seen this happen in about 10 percent of the foreclosed properties I have worked on)

    Also once again I point to the food stamp program and the $2000 cap in 1985 dollars keeps those who are trying to get independent when they live in 2012 and the $2000 in assets is worth only $750 inflation adjusted dollars…..

    Ira is right! Debtnation! The borrow and spend economic model forgot the bills eventually come due. I liken our current economic model to a person juggling 10 credit cards and making payments by borrowing on one to pay the other …. Who would have thought?

    sorry but LMAO because too obvious to be a mistake! Or maybe the FED is a one tracked train that can only travel down one path? If that is the case then it is a flawed economic policy and an intentional fraud ….

    Me, I go with intentional fraud from the history of the central banking system.

    Thank You Greg and Ira ….

    • Greg

      Thank you Mitch for adding your perspective and analysis.

  7. Nathan Hale

    @ 16:30 “Fantasy World” !!!
    Every day when I open my door I have a recurring dream. There is a black and white spinning vortex and a four note motif played on a piano, then I hear Rod Serling announce “You’ve just crossed over to…….. THE TWILIGHT ZONE”.
    Like you say Greg “folks, you can’t make this stuff up!”
    On a positive note, some of my family members are starting to ask me how to buy AU and AG.

    • Greg

      Nathan Hale,
      Looks like your family members are finally waking up. If you need some help I wrote a “How to buy gold and silver a few years ago. Here’s the link. I do not sell gold or silver coins so I do not have a dog in the fight. Here’s the link:
      Thank you for sharing your story here.

  8. LGC

    Greg,Yra makes two great points, on gold needs platinum to sell at a prmium inorder for gold to move up and second the gold bull market is a tired gold market atleast temporarily. Good interview.

    • Greg

      I agree. I love a traders brain, don’t you? Yra is scary smart.

  9. Ken Wulff

    Could you please publish or send information on how I may order the book mentioned by Yra Harris, titled “The Rotten Heart of Europe” by Bernard Connolly? I tried the gmail address he stated but it didn’t work. thank you.

    • Greg

      I will get Yra to post a link omn his site or send me a link to post or both. I am working on it. So sorry you are not able to get the book.

    • Rebecca

      Yra Harris
      c/o Shepherd International
      141 W Jackson
      Suite 2270
      Chicago IL 60604-2679

      [email protected]

      Is where I have been able to order the book.

  10. Dale Holmgren

    I bought The Rotten Heart of Europe years ago and that is why I knew that the EU had zero chance to succeed, even as far back as 2006. Outstanding book, and Connolly was treated like dirt by the establishment. The other book I would recommend is The New International Money Game by Robert Z. Aliber. I had to wait years for the new edition to come out, but now it’s cheap and easily available on Amazon. Highly recommended – reveals all you want to know about how international finance markets really work. It’s like getting a first class education for the price of a used paperback.

    • Greg

      Dale Holmgren,
      Thank you for the comment and mini book report.

    • yra harris

      Dale—when I started in this busines 35 year sago and when in school working on graduate work on currency flows and multinationals,Aliber’s work was critical to my understanding–I use to leave the exchange and go to hyde park and sit in and listen to Robert Aliber on currency markets–no surprise that you have read bernard Connolly

  11. Liquid Motion

    Hi Greg,

    Once again we have it all summed up beautifully…
    – Pure fiat currency (post 1971)..Check
    – Debt binge…Check
    – Strong currency…Check
    – Stock Bubble…Check
    – Credit Bubble…Check
    – Economy built on Debt….Check
    – Bursting Stock bubble…Check
    – Black Swan event (Lehman)….Check
    – GFC….Check
    – Fiscal policy intervention…Check
    – Monetary policy intervention…Check
    – Currency debasement…Check
    – Weaker Currency…Check
    – Debt accumulation and transfer…Check
    – Deflation in House prices – Check
    – Solvency and Liquidity issues…Check
    – Stagnating economy …Check
    – More stimulus(Government spending)….Check
    – Depressed consumers…Check
    – Lack of Inflation…Check
    – Currency Wars….Check
    – Trade Wars….Pending
    – Trade protectionism…Pending
    – Global unrest…Pending
    – Trade embargos….Pending
    – Capital controls…Pending
    – Restricted international travel….Pending
    – Black Swan event …..???…Pending
    – World War…..Pending.

    The smarty pants central planners have really cocked this thing up…for everyone. There is no escape from the Keynesian madness that we are witnessing. “Spending” he says , will resolve the economic malaise we find ourselves in. Consequences of that action will have compounding reactions in the order of a magnitude or two higher.

    Gold may be in a funk…..owing in large part thanks to the “free” money idiots… who want a “risk on trade” to kick start the wealth effect…and push the economy into positive territory.

    The trend is now set for a global stock market “RUSH”. Get out of the Bond play…we are now “fear less” …take on some risk….buy stocks and real estate…..forget about the DEBT problem…that’s for another day. Sure the FED wont stop printing…may be the motto…but when push comes to shove….they wont have the ammunition to fire to save the financial system when it implodes on itself.

    When it does …you better make sure you have your precious metals handy. AND IT WILL…as long as there exists systemic risk within the intertwined “bankrupt” global financial system that is built on quicksand and made out of paper…..literally…!!!

    • Greg

      Liquid Motion,
      All I can say is bravo!!!! I am standing and clapping–really no kidding!!!! Great comment and analysis!!!!

  12. Greg is an Idiot

    lol Greg, youre an idiot and no amount of proof will help your mental condition. you either love to be fooled or are a paid cyber warrior. i feel sad for you.

    • Greg

      Please give some analysis to back up your rant. “Proof”?? Let’s see some. Maybe I can be saved. Oh! and by the way,put your real name (one that can be verified) and something other than a gmail email. This is the comment of a coward. That’s right! I just called you a coward, and you are without any facts or courage to backup your postiion. Bring it on, and sign your real name with a real email address. I will NOT put up any more comments without a real name.

      • jc

        Greg don’t waste time on this. Ron Paul wants to do a interview with you. Foolish and unlearned questions avoid. Contact Ron . He really wants you to contact him.

        • Greg

          How do you know Dr. Paul wants to talk with me? Also, please email me. Just click on the “Contact” button at the top of the page just below the USAWatchdog logo.

  13. Greg is an Idiot

    and quit signing your name after ever post it looks stupid. its not an email.

  14. mark

    Yra stated that Cameron promised a referendum in the UK on the Euro. Wrong. It is to be on membership on the EU. Big Big difference.

    • yra harris

      Mark–yes you are correct but in my analysis the EURO will have much to do with it ;for with the Euro will come all types of obligations for credit guarantees—the U.K. is already subject to many of the EU’s rules but it does not bear the full faith obligations of membership in the Euro

  15. DAVE

    Hi Greg
    This is for all the Gold is Tired bugs

    In addition the news out of Europe was a shock

    Not to mention that Venezuela wacked its currency

    Seems as if the speed is picking up//IMO
    Great Reporting as always Greg
    Thanks Dave

    • Greg

      I believe gold and silver are the only things that will protect your wealth and save your bacon in the not too distant future. Thank you for the links and comment!

  16. Mitch Bupp

    Greg, I see a troll came out from under the bridge to yell at you. When they start personal attacks you know they have lost on the merits of the truth and facts. They use the time tested yet dishonorable practice of character assassination…..

    Keep up the good work Greg because many of us appreciate the sacrifice your making by being an independent journalist and not a corporate minion.

    Thank You, Mitch

    • Greg

      Thank you Mitch for the support.

  17. ReadMan

    I might be off on this. But I think the suppression of the metals along with other commodities is the same as a move by central planners to establish “Price Controls” through either dictate or manipulation. Price Controls seem to always fail and produce an even greater distortion of supply/demand. All it does is allow for some breathing room while the planners figure out how much damage their incompetence has produced.

    • Greg

      Love this line “All it does is allow for some breathing room while the planners figure out how much damage their incompetence has produced.” Priceless!! Thank you.

  18. Mike Bafta

    I think over here in England, we seems to be losing this war, because our currency has plummeted.

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