Who Bails Out Central Banks in Coming Chaos –James Rickards
By Greg Hunter’s USAWatchdog.com
(This in-depth interview (more than 1 hour) will take the place of the Weekly News Wrap-Up and the Early Sunday Release.)
Best-selling financial author James Rickards says “We are still in the aftermath of the 2008 – 2009 financial crisis.” In the up-coming book titled “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos,” the crisis of the Great Recession may be over, but “nothing is fixed.” Rickards explains, “I understand the economy has been expanding for 10 years, and we are not in a liquidity crisis at the moment and unemployment is low. We have come a long way from that. The fundamental problems that gave rise to that have not been solved. . . . So, unlimited guarantees, unlimited money printing and unlimited currency swaps and, yeah, they truncated the crisis, but all that happened was the bad debts, the leverage and the problems were now lifted up to the central bank level. You’ve got this progression. First, it is the hedge fund. Then, it’s Wall Street. Now, it’s the central banks. Who is going to bail out the central banks? That problem has not been solved, and it’s still on the table.”
Rickards says don’t think the Federal Reserve is going to come in and ride to the rescue in what Rickards is predicting to be a “coming chaos.” Rickards contends, “Interest rates are 2.25%, but that is not what you need to get out of a recession. I am not predicting one, but if the U.S. economy went into a recession . . . history in economics says you need to cut interest rates 4% to 5% to get the U.S. out of a recession. How do you cut interest rates 4% when you are at 2.25%? You can’t because there is not enough room. You get to 0% pretty quickly, and now what do you do? You are still in a recession and you go to QE4 (money printing), but how do you do that when the Fed balance sheet is at $4 trillion. You are at a boundary. You are at a confidence limit. So, the Fed is not ready for the next recession, and they can’t get there.”
Rickards is not seeing a recession anytime soon. In fact, he is not forecasting a recession until after the 2020 Presidential Election. What does that mean for the chances of a second Trump Presidency? Rickards says, “If you put recession odds at 35%, and that is probably high, then the inverse of 65% is his probability of winning. . . . Every month that goes by, the odds of a recession by next summer go down. So, the odds of Trump winning go up. . . . I don’t want to debate the economics of the Fed and what they are doing, but the Fed is doing what it needs to do to avoid a recession, and that improves Trump’s odds. Right now, I have Trump as the winner.”
After the 2020 Presidential Election, Rickards is much less optimistic and so are the wealthy elite. Rickards says, “The rich are building bunkers. Entrepreneurs are actually buying abandoned missile siloes with armed guards and steel doors. . . . Here’s another interesting thing, hedge fund billionaires may trade stocks, bonds and currencies all day long, but when you ask them where do you have your own money, every one of them that I have spoken to have gold, physical gold. . . . They all have gold. They don’t trade it, but they have it.”
Rickards covers a lot of ground in this in-depth interview that is more than one hour in length. Rickards talks about the new gold (and silver) bull market, what everybody, especially the small investors, needs to buy now, and talks about a gold price that is exponentially higher than today’s price. Rickards discusses the world’s massive debt, probability of big defaults and huge inflation all coming in the “Aftermath” of the coming crisis. Rickards also tells people what they can do to protect themselves.”
Join Greg Hunter as he goes One-on-One with James Rickards, multiple best-selling author of a new book titled “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.”
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After the Interview:
To buy a copy of “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos” click here. The book will be in bookstores on July 23.
Here is the honest reality we are headed for through the next decade in which the tribulation will occur concurrently:
BIS doesn’t have the power to do what he saying.
But what I find most disturbing is you predicting the time of Jesus’ return. How do you have the time frame figured? I ask because EVEN THE SON OF GOD doesn’t know and yet you do.
Wow, I have how you know and Jesus doesn’t ?
Good morning Galaxy!
Jesus told us to watch for we know not the day or hour:
Matthew 25:13 Watch therefore, for ye know not the day nor the hour.
But we were clearly warned that the day of the Lord which is a year long and AFTER the tribulation would not overtake those watching:
1 Thessalonians 5:1-4 But concerning the times and the seasons, brethren, ye have no need that aught be written unto you. (2) For yourselves know perfectly that the day of the Lord so cometh as a thief in the night. (3) When they are saying, Peace and safety, then sudden destruction cometh upon them, as travail upon a woman with child; and they shall in no wise escape. (4) But ye, brethren, are not in darkness, that that day should overtake you as a thief:
It was not until AFTER Jesus ascended that our Father revealed to Him the Revelation that He then gave to us that help us understand the mystery:
Revelation 1:1-3 The Revelation of Jesus Christ, which God gave him to show unto his servants, even the things which must shortly come to pass: and he sent and signified it by his angel unto his servant John; (2) who bare witness of the word of God, and of the testimony of Jesus Christ, even of all things that he saw. (3) Blessed is he that readeth, and they that hear the words of the prophecy, and keep the things that are written therein: for the time is at hand.
While I am not trying to declare a “day or hour” it is very apparent that the “times and seasons” of our Saviors return within the next decade are are easily discernible :o)
Please take some time to peruse my site as I think you will be blessed brother:
Love in CHRIST! Rob
Greg: He is full of bull-crap!! specially when you asked about the missing $21T. Bad accounting – BS!!! I know what W told me!
Great work Greg for bringing up the Missing Trillions even though he totally had a BS answer..
How nice, he WOULD be concerned if they were mis-spending 21 Trillion, but that’s the CATCH!! There is ZERO Congressional oversight, so no way to know if there are or not… Even “secret” weapons should be held accountable to select Congressional committees, they are supposed to be vetted for security secrets are they not?
PS: Him being invited to an invitation only Elite event says all there is to know about this guy, a total mouth piece
All of the missing 21 trillion is bad accounting, this site https://home.solari.com/dod-and-hud-missing-money-supporting-documentation/ clearly documents that fact.
What is much harder to know is whether any or all of bad accounting contributes to more debt or if the debt is incorporated into the countries financial situation. When there is inadequate supporting documentation, proper accounting would typically result in a write-off which affects the bottom line. FASAB 56 of course makes everything impossible to ever discover anything again. The period of time was 1998-2016 and could possibly be above and beyond but IMO could also be represented in the debt of the country. Bad documentation makes it impossible to know not just one half of the dr/cr equation but both. NO matter, the 21 trillion of bad accounting is completely unacceptable and a properly running organization would add substantial internal controls to prevent further leakage of the nations resources.
I know you have to walk a fine line otherwise if you beat up a guest too much they won’t ever want to come back… His reaction (at first trying to dismiss it as mere bad accounting then saying maybe its for top secret weapons) pretty much said it all. He’s an insider probably had to sign a million non disclosure agreements and the Pentagon and CIA screens every aspect of what gets written in his books. The sales of which are undoubtly the pay off for being their mouth piece.
“ just very sloppy accounting “
I gotta chuckle out of that one. Mr Rickards apparently still actively communicates with those in the defense & intel establishments . That said, I thought it was an excellent interview. Very informative
Pay attention to how Jim answered that question. Usually he is smooth and articulate. This is the first time I have ever seen him flustered…he stumbled over his speech and his tone and body language indicates that he was giving a BS answer. I like Jim but his answer was extremely disappointing.
Thanks Greg, this is the first time I’ve listened to Mr. Rickards, he explains himself clearly and concisely, and I particularly appreciated his emphasis about the importance of diversification.
JC … Richards knows the fundamental problems that have given rise to the economic nightmare we are in … have not yet been solved … and therefore he recommends buying precious metals for wealth protection … the US government needs to stop impoverishing the American people with it’s continual non-stop wars and the building of more and more tanks, planes, ships, nuclear weapons and stockpiling them at more and more military bases around the world … idiotically thinking that spending all this money on the military will “increase the national GDP” … when in fact all the spending on continual non-stop wars “is impoverishing the people” by undermining the saved wealth of Americans “through inflation of the money supply” … and putting “chains” on the CPI is a fools game trying to hide the general price increases that printing money out of thin air creates … so the US government “in an effort to boost the US economy” by spending money we don’t have on continual wars … is in fact “contracting the US economy” by destroying the American peoples purchasing power with monetary debasement … how long do these idiots in the US government think foreigners will continue to buy our “continual war debts” and cover our budget deficits?? … foreigners are buying “less” Treasuries (as our non-stop war debts continue to rise) … and lower demand for Treasuries “weakens the US dollar in addition” to all the dollars printed up to supposedly strengthen the US economy … and because the US dollar is the world’s Reserve Currency “it’s decline results in interest rates rising everywhere in the world” … thus slowing economic growth “worldwide” … forcing world central banks to artificially lower rates to zero (or negative) to try and keep their economies from slowing … so the idiotic US politicians expanding of the US money supply to fight continual non-stop wars “was a vain attempt to boost economic growth” … when simply stopping all the wars and closing our military bases around the world “would have done more to boost our economy” by keeping our budget in balance and lowering the need to print money out of thin air (that creates the inflation that makes things more expensive to buy … especially for people being artificially chained by a fake CPI) … so now we have Trump … who is boxed in a corner … he doesn’t want war “but needs war” to keep the factories producing weapons and keeping people employed (especially before an election) … he wants a strong dollar “but needs to lower its value” so our manufactures can sell their products overseas … so it looks like more war and more depreciating of the US dollar is in our future … thus the need to buy gold and silver!!
Look at the three year chart of gold (in every fiat currency in the world) and gold is making higher highs … “all” fiat currencies (every one of them) are being depreciated by their governments relative to gold … and yet the Central Banksters say “there is no inflation” … and they “need to do more QE” because there is a shortage of money in the world!! … the only person I can think of who believes these banksters is Stan!! … https://www.gold.org/goldhub/data/gold-prices
Most Americans don’t really care about gold or the banks … they have been brainwashed to believe that gold is just a useless relic and that banks are simply places to cash their retirement and work checks so they can pay their bills … whether gold is cheap or Deutsche Bank(DB) lives or dies is of little concern to most Americans … however … DB is now buckling (under a $49 trillion derivatives debt) … another “Lehman Brothers moment” is very near … the failure of Deutsche Bank will bring a global crisis for the entire financial system … as Deutsche Bank is interconnected financially to JP Morgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America as well as all the big banks in Europe … so it is time for the common people to seriously think about buying some gold or silver insurance protection … because the only solution the banksters have to try and save DB as a shell corporation … is to print even more fiat money (and lower interest rates) which will further weaken all the fiat dollars making gold and silver soar!
And gold and silver have been soaring … look at the performance of various assets from the 4th qtr of 2018 to the present … Gold is beating them all …
Gold is up 17.80% …
US Corporate’s up 9.67% …
US Treasuries up 7.75% …
High Yield Stocks up 5.41% …
S&P 500 up 3.38% …
Nasdaq up 3.12% …
Oil down 11.02% … https://www.bullionvault.com/gold-news/sites/default/files/best-performing-assets-end-of-june.png …
As for the Banks (something Stan should take note of) … the first half earnings of all “Big 5 US Banks” are nothing short of a disaster!! … https://www.zerohedge.com/news/2019-07-18/wall-street-trading-desks-suffer-worst-first-half-over-decade
Paul Joseph Watson Before Selling Out
Interesting interview. From my perspective, Mr. Rickards has always been an establishment guy; which is to say he always puts forth the bankster/Fed position as his preferred solution. I use his perspective on the missing $21 trillion as an example, where he shrugs it off as not really missing; but also note his mention of SDRs as a means of extracting the U.S. from our forthcoming financial debacle. In my view, the IMF is a terrible way to deal with our debt.
Nothing he said in here is new, so you’ll have to buy his book to see what solutions he recommends.
Thanks for the interview, Greg, (I understand if you choose not to post this, since I’m rather critical of Mr. Rickards’ positions)
Thanks, David, for your honesty and courage. I think you are spot on. If Rickards is rubbing shoulders with people like Tim Geithner, he would not have that preferred status if he wasn’t their spokesperson… a way for the Elite to float trial balloons. In that respect, his point of view is useful since it gives us a good idea of what the Deep State is thinking.
Clearly their plan is to move the world towards one central bank for the whole planet. That’s a prerequisite for one-world government. Rickard’s thesis “Who will rescue the central banks?” is a clever ploy to get us all thinking this is inevitable. The big question is whether China, Russia, Iran and others will go along with this scheme to rob the whole planet of freedom. I’m sure these countries are tired of Deep State hegemony via the Fed/USD trade sanctions, something that is only effective with the USD being the global reserve currency. Are they going to want to substitute Deep State hegemony via the USD for Deep State hegemony via the IMF? I don’t know, but I sort of doubt it. The best I can see is that we’re in a bit of a stalemate at this point, and thank God for that, otherwise none of us would have any freedom.
The world is run by counterfeiters. They counterfeit ‘legally’, because they also write the laws.
At one point Mr Rickards asked why the Fed thinks creating inflation is desirable. That should be obvious. The counterfeiters/bankers are running a Ponzi scam. All such scams must constantly grow or they collapse relatively quickly. Like any pyramid scheme. – The SDRs are just another level to the Ponzi. Pay off old ‘debt’ denominated in counterfeit notes, with the next tier of counterfeit notes.
Hmmmm . . . as long as people keep falling for it, the counterfeiters/bankers can do this Forever. Who knows , eventually they may issue Galactic ‘Super Special ‘ Drawing Rights (GSSDRs).
Agreed, You cannot down play $ 21 trillion as some accountancy error. It seems our elites want to extend the time before it collapses since they do not have their new digital currency in place. Why would they declare Bitcoin a new legal currency while it is too volatile and next to useless in doing transactions ? No one is going to use any new currency that can fall 10 % in a day when transacting,especially large ones. They want a useless one like Bitcoin so their new fiat one will be readily accepted. Also ,what is to stop them from changing the rules once their new one is established ? Rob Kirby thinks making Bitcoin a legal currency will affect metal prices in the short term. Can they build enough confidence in their new currency before TSHTF ?
Agree David… Mr. Rickards tried to spin the 21 trillion. Sloppy accounting? I think not. Another great guest and interview Greg. Thanks for taking us to school!
I agree I was listening intently right up until he said accounting error what a pack of lies. There is no one that can be as educated as this man and put out a line like that without knowing it’s a lie. BS
I have read most of Jim rickards books. He is now saying there is little chance of a ressession until after the 2020 election. What happened to his avalanche theory and how you can’t predict which snowflake will cause the avalanche and when?
I agree with you. There is no timetable using the snowflake analogy. But maybe book sales make a difference.
People talk about whether Trump or the Fed can postpone a financial crisis or recession until after the next election. The fact is that factors outside America could trigger the next meltdown, such as an implosion in China’s debt bubble.
Once again you are right. These are the people that make economic policy. Not President Trump.
The fact is, the globalist have been in control the whole time. How many times was China mentioned in this speech?
Boy….talk about a liquidity problem?
Chinese financial expansion can’t keep up with global demand. This could be the snowflake moment to bring down the mountain of debt. FYI the Chinese don’t have ESF to draw from.
Un S- I have determined none of the experts know when the SHTF. Though there is going to be some event that will start the Avalanche! I only wish I knew who, where , and when? I have all so read a couple of his books and his advice is good … have some gold, and silver; be out of debt as much as possible; have some cash; and be able to hunker down for a few months.
no recession when you can still lower rates – avalanche when you raise rates
Avalanche , you say https://www.youtube.com/watch?v=qLrnkK2YEcE&list=RDqLr
The effective reason Rickards says he is a statistician is because it lends him license to answer a question as a probability percentage, instead of straightforwardly (yes, no sir).
So many of these experts are spiritually effete. They purport to knowing EVERYTHING, so why can they not speak definitively. Or worse, they are like atheist Clif High who purports to knowing everything and also opines on anything and everything. At least Rickards exhibits some custody of his ego, enormous though it be.
Greg could take the advice of Jesus and tap his audience to be guests (Luke 14:21-24). There are probably a lot of outstanding men and women who are up to the task, but get overlooked because they are meek and blessed.
Another winner. Go the last one already paid for the new one on Apple Books.
People that probably need to read authors such as JR never would or will
JR providing lots of direction right now
Amongst a number of similiar commentators and analysts
Give the devil his due, globalists are clever and extremely patient. I doubt those back in 1913 had little regret in not living to see their glorious plan play out. The Fed’s job is coming to an end. Mission accomplished. Wealth first. Power second.
The global elite have not only built bunkers, but also their next offices are in place. The question at this point is, ‘Have they done enough damage or do they need one more ‘event’?’ Trump is going nowhere until he completes the job they selected him for.
MG … You say “Trump is going nowhere” … but Trump “can go somewhere very beneficial” not only for his election chances but for our American economy “if he uses his God given brains” … all Trump simply has to do is sign an Executive Order that gives a little “interest rate forgiveness” to the American people on the “usurious interest charges” imposed upon their credit card debts by the banksters … by simply signing an EO that reduces all credit card interest rates to what the banksters pay for money (2%) … Trump can with one stroke “even the playing field a little bit” for the bankster abused American people … Americans will thus “be able to get out of debt quicker” … and hence be able to once again “spend money” (boosting the economy) … of course the bankster loan sharks in Washington would have a brain embolism if Trump even considered such an idea to help the abused American people (instead of the banking special interests) … so Trump may have to add into his EO that the banksters “lost usurious interest rate charges” will be made up by the US Government printing the money out of thin air … and simply hand it to the banksters … the same way the US Government prints money out of thin air and hands it to the Military/Industrial Complex (to produce all the tanks, planes, ships and missiles of war needed to keep the continuous non-stop wars going) … “to boost the American economy”!!
You understand that was crash the system don’t you? Spoken like a true socialist. Please explain how your version of communism is better than anyone else’s. If you don’t like the rates, don’t borrow. The interest rate a person pays is based on risk, the rate of inflation and the time value of money in lower risk invests. Credit cards have fraud, bankruptcy and immense overhead.
And Trump doesn’t have the power to do what you are saying you to start with. He isn’t King
You may be a person of (your own) facts, but investigations start with grounds for suspicion and then try to prove the case by ascertaining the facts. You have the cart before the horse.
Let’s start with Facts… What’s your knowledge base? I know about credit card companies. I worked for one of the best run c/c in the world for 12 years. I know what it cost to keep one running. I know about the defaults and collections. I know about the costs of acquisition and serving.
The Fed Reserves cost to produce bonds is negligible. If you have a 2% rate on credit cards, it doesn’t cover the losses from Fraud by itself much less the cost of operations.
I understand where Paul is coming from. The little guy is being raped by the bank. As for as fact , which you claim I am one that makes up his own, you seem to forget how Trumps executive orders has faired so far.
Trump doesn’t set interest. There is no Presidential power to set interest rates. Plus in my own little fact word, we call it reality, Interest rates are set by the lenders, none of which are government entities. Credit card interest rates are some of the few rates that resemble a true market.
Back in reality, we understand that Banks are faith based entities as is our fiat currency.
Play along for a second and let’s pretend that the Never Trumper Montana believe we are all under the thumb of the Globalist. Would have he deregulated, cut taxes and worst of all proclaimed America First and meant it?
Or better yet, Trump Likes Paul’s plan and make a regal proclamation that after Aug 31st, any new charges on any US based credit card will be 2% (@ what? 2% a month, a year? Let’s go year). Any thing before that day is a t current rates and if you pay late, you get the default rate.
You know what happens at midnight on August 31? Your card doesn’t work. No one in business is going to loan you money where doing so bankrupts them. It doesn’t even cover the costs of swiping the card much less fraud at double that.
Also, most people have no idea the rate they are being charged because they are Dems and they are F’ing stupid. All they care about is instant gratification.
So having destroyed credit cards, basically stopped credit cards, that will send a ripple through the country. Companies will start calling every load they can so they won’t be next on the list. Credit will be impaired world wide. Banks image will be damaged and some may fail due to the fallout.
But the thing Paul misses most is Congress has the purse strings. How is he going to bail out the banks decimated by this hypothetical if Trump wrote such an EO.
Paul says it is the same way they give money to the Military Industrial complex except it isn’t. Bill come out of Congress and get voted on.
Color me a person who lives in the real world and even understands how some of it works.
Thanks for the lecture but my comment was referring to the Epstein situation and not credit cards.
Paul, so theft is ‘Godly’? Trump’s companies have filed for bankruptcy seven times, taking billions of dollars out of people’s pockets in the process. Exactly who do you think built Trump Taj Mahal and his others failures? Surely you know Trump was bailed out by the Rothschild banking family. This is a perfect example of the “bankster abused American people” you refer to. It is us the little people.
G500 and MG … No, theft is not Godly … that is why Jesus overturned the tables of the usurious banksters in his day!!
Bankruptcy is legal and patterned after the Jewish Jubilee year. Are you saying a legally executed bankruptcy is theft? Not according to US law. Many real estate organizations have gone broke. And what is crap about Trump being on the globalist’s side? Are you daft? The globalist weaponized the entire government against him.
What exactly is your point? Orange man bad
Galaxy, what you are saying is correct and cannot be faulted from a legal perspective.
However, it is morally dubious to declare bankruptcy in order to jettison a failing part of your business empire, knowing that this will likely destroy many peoples’ lives. The fact is that Trump has a history of serial bankruptcies.
This is a difficult subject as bankruptcy is a necessary part of capitalism. However, it raises the issue of moral hazard and whether the ease with which someone can declare bankruptcy encourages businesspeople to take unwarranted risks knowing that they will be able to get a free pass on their mistakes. Then again if people lend money without due diligence perhaps they should get their hands burnt.
The situation is similar to the massive gambling risks financial institutions took prior to the 2008 financial crisis knowing that if they paid off they would keep their profits and if they failed they would be bailed out.
Having said that I believe that it is necessary that nations default on their debt obligations as this is a different situation. Is a sovereign state truly a sovereign state if it cannot create its own money debt free?
Bankruptcy maybe legal but it doesn’t make it morally correct. Montana Guy is only pointing out the FACT that the Rothschild’s have assisted Trump almost unscathed in troubled times and now it’s pay back time with sleeping beauty Wilbur Ross as Commerce Secretary along with the rest of his Cabinet. Orange Man is not bad, only led.
I understand what you are saying. Bush and the Øbamachrist saw the banks got well by raping the little guys and it is still going on. But it ain’t the credit cards. It’s the 401-Ks and our other portfolios. They are sodomizing ever single American daily.
I look at other things that Trump CAN do legally. Bringing back industry that Bush and CLinton destroyed with NAFTA. THIS WAS AIMED AT DESTROYING MANUFACTURING IN AMERICA AND DESTABILIZING MIDDLE CLASS AMERICA.
IT WAS BRILLIANT in its evil simplicity.
Want to help the little guy, look at the hinkey stuff done and write Trump
G500 … Usury and War must be ended … to do so … we must go after it “where it lives” (in the minds of banksters and neocons) … and all their evil thoughts “must be purged on a daily basis” by watchdogs for Jesus!!
That’s why I voted for Perot Turns out he wasn’t the clown the media made him out to be
Bankruptcy is like a debt jubilee … giving the banksters low borrowing costs is like a debt jubilee … giving the Military/Industrial Complex huge contract is like a debt jubilee … giving Corporations low tax rates to bring their money back to America is like a debt jubilee … giving bailout money to the big banks and the Fed buying their toxic debt is like a debt jubilee … but when I propose a debt jubilee “for the average Joe” by giving him a lower interest rate on his credit cards … I’m called a “commie” ????
Trump was selected? Yeah righttt….
You wrote, “Trump is going nowhere until he completes the job they selected him for.“
What kind of mind buys into this? And does your job require regular mandatory drug tests? I can answer that ,,,, obviously not.
You don’t have to like Trump but could you be on the side of America, Please?
Nobody knows which side Trump is on. Do you have privileged access to the inner recesses of the Whitehouse? You seem very sure about a situation you couldn’t possibly know about.
Is Trump on the side of America? That’s yet to be seen ie Iran, border wall, etc I voted for him and have my doubts By the way why are the Clintoons still running free
I agree completely regarding individuals and their disaster plans. When you peel them back, you often find a “single-point-of-failure”. Any action plan never incorporated into daily routine is not a realistic plan. Neither is faith in government to save you. And “winging it” won’t get you very far!
Keep it simple and live it every day. Inventory every ESSENTIAL human need in 15 minute increments over a one or two week period. Keep in mind Maslow’s hierarchy of needs. That will give you a starting point.
In terms of disaster plans, a single point of failure could be not understanding 1) a reasonable value for gold today and 2) how any reset is likely to play out. Very few gold bugs are willing to discuss a “realistic” value for gold today, as they all see it as a highly speculative question. How ridiculous is that? If a friend came to you and said, “I have a great business idea. Give me $10,000 of your hard earned money today and maybe, someday, if all goes well and the fat lady sings, I will give you a great profit in the future”, would you do that deal? Of course not! And yet gold bugs keep using the same logic. I don’t get it.
Here’s where Rickards comes up with his $10,000 value for gold today. On the surface it seems like a reasonable argument. He takes global M1 and divides it by official gold reserves.
What I would like is for people to poke holes in his argument, if you can. I’d like to see the pros and cons. The math starts @ 6:21. https://www.youtube.com/watch?v=I4xpZm7JlqU
Bill Holter suggests a value around $100,000 per ounce based on dividing US DEBT of $23 trillion by 8.133 metric ounces held at Fort Knox. ($80,172 to be exact). Of the two approaches to value, what do you think is the most realistic? What can we bet on.
Any input on this question would be very valuable. Thanks.
Hockey Puck 07/19/2019 •Your comment is awaiting moderation.
I wanted to understand Bill Holter’s argument for gold at $50,000 or greater. Here it is from 2015. Listen from 5:30-7:40: https://usawatchdog.com/china-could-reprice-gold-to-100000-per-ounce-bill-holter/
Holter makes a very interesting case, one that is diametrically opposed to Rickards point of view. So which one is the more real? Rickards point of view is that the central banks are firmly in control. Ya? Really? The global economy will just recapitalize with each country’s stated reserves without even a bona fide audit? Seems like Rickards is smoking Hopium. Holter’s p0int of view is that nations are independent and nations will have collateralize their own currency independent of whatever monetary system is adopted internationally. Is that reality? Will China and Russia use their gold reserves to destroy America economically?
These are big issues, folks, and deserve our serious consideration. I’m not smart enough to figure this out. Your insights would help a lot.
It seems to me that you’ve already figured it out.
Anyway, here are a few thoughts:
1. The term “money” is most useful when it is operationally defined. It is that which serves particularly well as: (a) a medium of exchange, (b) a store of value, and (c) a unit of account.” Attributes such as portability, and ease of identification and authentication are important determinants of moneyness.
2. IMO, it’s useful to think in terms of “MONEYNESS,” and not to reify it as some particular, unique thing. In other words, money is simply that which has a high degree of moneyness.
3. Ounces of gold and silver have a high degree of moneyness. So does fiat . . . if you don’t create too much of it or otherwise undermine “trust” in it. (Isn’t the root meaning of the word “credit” something like “trust”?). For very large transactions, treasury bonds and bills, and certain other recognized, liquid securities can and do have a high degree of moneyness — for a period of time and when trust is high.
4. Different monies can coexist if they can be traded freely so that their exchange values can be determined by “the market.” Thus, Gresham’s Law (that bad money drives good money out of circulation) strictly applies only when the exchange values of things with high degrees of moneyness are fixed by law. It follows that gold-backed Chinese yuan can circulate alongside fiat dollars . . . if markets are allowed to determine their relative values. However, as more fiat dollars are created or expected to be created, the lower its exchange value will become and the less useful it will become as a store of value . . . that is, until its moneyness is completely destroyed.
5. IMO, both Rickards and Holter are partly right and partly wrong in their fundamental assumptions. Moreover, the value of moneyness, itself, changes with the overall degree of trust, transparentness, justice, and overall economic and geopolitical uncertainty.
6. Gold and silver are so high in moneyness that their values relative to the values of other goods, services, and real estate (for example), could become much higher than today. And that value is NOT constrained by the aggregate amount of fiat in the world generally, or in particular countries. IMO, the aggregate value of gold and silver could be as high as (or even higher than) the present aggregate value of all fiat money AND all fiat-denominated financial securities . . . at least for a period of time.
7. All that said, I’m thinking a tenfold increase in the purchasing power of gold and silver is entirely reasonable.
8. But, then again, if commerce and trade get too dinged up, THAT might not buy us very much. Hence, the need for prepping.
Thanks for taking the time, William. I always value your detailed comments.
You raise some very interesting issues. I’ll try to keep it short.
1) With a potential collapse of the global monetary system, you intimate that a variety of solutions will be put forth. That’s quite interesting. The IMF will come up with its solution. Perhaps countries like Russia, China and others will propose alternative solutions. This could be a period of intense chaos where financial markets try to determine which “money system” is the most transparent and price itself accordingly. Does that make sense?
2) A collapse of the global monetary system means a total loss of confidence. This is a whole order of magnitude greater than what transpired in 2008-2009. National economies will be in disarray, not to speak of the global economy. What then will be the first order of business: (A) stabilizing the domestic front or (B) ensuring the longevity of the global economy (aka globalization). Is that a fair question? With the MAGA movement, trade wars, Brexit, the yellow vest movement, etc., I suspect that Scenario (A) will be the #1 issue on the table. Every country will be racing to stabilize their own domestic economy, hence their own currency.
3) That means we have competing gold backed currencies. Hmmm! My question is this: What mechanism exists today to audit each country’s gold reserves? Is it an IMF mechanism? Are we back to trusting the banksters again and their phony opinions? Or will countries like China, Russia, Germany and others demand that a genuine audit be conducted by an international panel of auditors that can’t be bribed?
4) The weakness in Rickard’s argument is threefold (A) he uses M1 (Really? The Debt/GDP ratio doesn’t matter?), (B) he uses stated gold reserves (Oh ya? USA still has 8.133 metric tons? Prove it!), and (C) he assumes the whole planet will want to continue with business as usual (i.e. USD/IMF hegemony. Really?). Something seems off with that picture. He may be right! I’m not so sure.
5) We know that the BRICS have been working on creating their own financial system for years. The last I heard, they were laying their own internet cable on the ocean floor so they can bypass New York. That’s pretty advanced planning don’t you think? Why would they do that if they weren’t planning to use it? With a total meltdown of the global monetary system, perhaps the BRICS will finally announce “We’re just going to do our own thing, thank you very much. Anyone who wants to join, let us know”. Yikes!
6) Will the USD/IMF have any credibility at that point? At the very minimum, they will have to prove up their reserves. Would that not be so? How else to restore credibility?
7) Who would join the BRICS? Australia is probably high on the list, Germany too. If Kirby is right about Germany doing war exercises with China, and Turkey is now using a Russian missile defense system, the signs are already in place that 1) the West is fracturing and 2) we are moving to at least a bipolar world. So now we have bipolar currencies. (Oy Vey! My wife is bipolar… just joking).
I like your idea of gold and silver being worth 10 times current prices. I think that’s reasonable, certainly with Rickard’s metrics. I just don’t know if Rickard’s metrics will prevail.
The other thing we must not forget is the issue of naked shorts. Naked shorts could very quickly become naked longs, bid the price up to $40-50,000 an ounce. All the gold bugs will screaming “See, I’m so smart, I told you so. Buy more. Gold is going to $100,000). So then every mom and pop buys at $50,000, the globalists cash out their longs, reverse position and you see gold tumble back to $15,000. The result? The Middle Class gets fleeced again. So be careful. Have a core position you never sell and if you intend to speculate a bit, know exactly how much it is, be disciplined and sell high.
That’s my two cents. Thanks again for your insights. If you think I’m way out on limb with these comments, please let me know. Always happy to look at things from another point of view.
Too long Who has time?
Good discussion; thanks!
Been thinking a lot about MONEYNESS. Very valuable! Bitcoin, near as I can see, is low on the list. That makes it a speculative asset.
Most people lack discretionary dollars necessary to buy gold and, in a real disaster of any significant magnitude, gold will be of little use. True, it may reserve wealth and even make you wealthier, but it won’t serve well as a medium of exchange for the items that you desperately need day-to-day.
Greg: You and I are in full agreement. Life will become very difficult indeed! If we start living today like we will have to survive tomorrow, then we’ll be able to manage our way through the tough times. We work everyday to be emotionally, spiritually, and physically ready.
Thanks for all you do!
Great advice Greg I haven’t had a phone for ten years and frankly don’t miss it We only eat out at reasonable places and here in Turkey you can eat good food ,cheaply Our TV is free with a satellite dish and our electric bill with AC during the heat of the day is around 35 dollars a month We use solar hot water This year I planted a nice garden on some terraced land and I’ve now got a bumper crop I’ve got some extra cash and I’m looking closely at the metals recently Mining stocks as well look like buys
I’m off to Warsaw next week to deal with some real estate I own there Will report to you anything of interest
Silver will be a good medium for trade, as will food, alcohol, cigarettes and medicines if things get as bad as we think they will have to so that everything can reset. That gigantic Shiite sandwich of debt has to dissipate. Lives will be hard and crime and poverty will be every where.
Just my 2 centavos and worth every cent I am charging
You’d better have a cache of weapons to protect all that because in a world in which fiat money is useless, you will have societal chaos. Guaranteed!!
Trade or barter will only exist if there is some degree of civility and recognition of laws. Desperate people will do desperate things. How do you expect to use your silver coinage in times of savagery?
Map this out logically. Don’t assume everyone is stacking like you or willing to play by the rules.
Look up ATF Form 4s and then comment on my level of preparation. I assume nothing. I expect anarchy for a period of time. I expect to have to defend those I hold dear with deadly force.
Anyone that is on this site should be smart enough to have multiple weapons and ammo. More than that, they should be versed in their use. I live in the Hinterlands and we have a like minded group. But to be honest, few know everything I have and where it is.
“few know everything I have and where it is”… the key to success.
Like you I sense that the bursting of the gigantic debt and everything bubble will bring about a global banruptcy, creating the necessary conditions of chaos, civil unrest/ racial war and blood thirsty savagery.
There is nothing about these luciferians that gives me any degree of comfort….. they will ensure their own safety before they consider the welfare of the masses. Each man to his own. That is what we need to observe. Well organized and supplied State malitia could possibly be a solution. It wont work for everyone. Self inflicted Depopulation is in the cards.
G-500 You forgot to mention that ammo will all so be a great medium of exchange!
People use the same argument not to eat healthily, ‘it’s too expensive’. The reality is that junk food can be pretty expensive whilst a bag of sweet potatoes is relatively cheap. People just don’t want to eat healthily so it is just an excuse. In the long run if you lose your health it works out much more expensive. People don’t buy gold and silver because they don’t want to not because they can’t afford it. They always have money to smoke and drink etc. As for you point about it being useless as a medium of exchange, perhaps we won’t have a complete breakdown in society. Nobody really knows what the outcome of all this will be because as humans we have never encountered this situation before.
Uncommon: A 2018 Fed Reserve study found that almost 40% of American adults wouldn’t be able to cover a $400 emergency with cash, savings or a credit-card charge that they could quickly pay. I’m sure there are folks who have misaligned priorities, but there are a lot of families struggling.
As Greg often says, store food, water, toiletries, clothing and other items to see you through the rough times. Prepare food at home, grow your own food, and have alternative methods for cooking.
Yet a lot still smoke and drink.
They may drink even more with what’s in store for them sadly I drink too once in awhile As a matter of fact I’m looking forward to the great beer in Warsaw next week Happy hour steins of Czech and Polish beers for 6 Zloty or a dollar and a half Gotta love Poland
David, quoting the 2018 Fed report,” 12 percent would not be able to cover it”.
The report said, “75 percent of U.S. adults said they were “doing okay” or “living comfortably”—up 12 percentage points from 2013.” History gives valuable perspective. Living through the Dust Bowl was ‘struggling’.
“People living in the most deprived areas of England were more than four times more likely to smoke in 2016 than those living in the least deprived areas.”
“A person’s likelihood of smoking1 increased in line with the level of deprivation in their neighbourhood2, according to new analysis by Office for National Statistics (ONS) and Public Health England.”
Cigarettes are very expensive in Britain due to the tax. I understand that their are psychological factors at play here e.g. stress, dissatisfaction with life etc. but disadvantaged people are spending money on something which is certainly not a necessity for survival (quite the opposite).
Using the “Kiss” method: Gold in 1980 spiked to $800 when the Feds lost control of the gold market. We will assume this is a baseline for an “unmanipulated” (market) price. Based on inflation alone (likely conservative, since inflation is likely understated), gold should be $2,486.
In 1980, the national debt was approximately $900 billion. Today, it is at a minimum $22 trillion, roughly 24 times higher. Twenty-four times our inflation adjusted gold price of $2486 brings you close to $60,000 per ounce. If you include the “lost” $21 trillion, you can basically double that number. $120,000 per ounce gets you in the neighborhood of Holter’s number…and should keep you in beans and rice.
I can see the VERY rough logic of dividing money supply by ounces of gold to arrive at an estimate of the potential dollar price of gold (if a gold-backed dollar is assumed and the gold that is supposedly held by the treasury is pledged for that purpose and actually exchanged — on demand — for dollars).
That is essentially Mr. Rickards’ approach, although he doesn’t assume 100% backing by gold. However, one big problem with his approach is the smuggled-in assumption that — going forward — the government’s budget deficit disappears in order to avoid having to obtain more gold every year to back the newly created dollars used to finance the government’s ongoing budget deficits.
Mr. Holter is similarly challenged in dealing with the ongoing budget deficits and their effects on the values of gold and dollars going forward. Moreover, to my knowledge, Mr. Holter has never explained the logic in dividing the DEBT by ounces of gold . . . although, perhaps, he is using debt as a rough approximation of the store of value function of outstanding debt instruments (such as bonds) that would somehow be sold to buy gold (thus driving down the price of bonds while, simultaneously, driving up the price of gold).
As an aside, I think I do understand Mr. Hunter’s insinuation that there could be outright default on the debt. No doubt that would provide a large impetus for moving to a gold-backed dollar with a VERY high price for gold. And, I think, that would also destroy the government’s ability to borrow money on a grand scale. Which would, by itself, cause huge economic disruption, unemployment, etc. in the short and medium terms.
IMO, there just isn’t any way out of this mess that doesn’t involve massive pain.
Hi William: Are we having fun yet? Just playing with numbers and ratios to compare 1980 (when “they” lost control) to today to get an idea of how gold might perform.
Debt has functioned as money in terms of its capacity to drive up asset values into the stratosphere. To support those asset values in a fiat implosion, gold would have to assume like value or the assets would have to crash to maintain an equilibrium. (Run-away debt has arguably been more the driver of asset values than has M1. M1 likely understates the effects on asset values.)
In my first “model”, I recognize that inflation should to some degree have been driven by the runaway debt…which suggests a degree of double counting. But the debt has moved largely into housing and financial assets while consumer inflation has remained (officially) tame. So, one can argue that it is reasonable to apply (most of) the debt multiplier in addition to the official inflation rate.
I doubt a model exists that can accurately predict the gold price or any other component of an emerging economic reset. That said, people continually use Mark Twain’s quote about history rhyming rather than repeating (always without attribution), and historical ratios may give us insight into how the gold “poem” rhymes in 2020. Correlation vs. causation: Sometimes variables move together without one causing the other. Remember, “Nothing is new under the sun…”
Have fun…while we can. I am…
P.P.S. “To support those asset values in a fiat implosion, gold would have to assume like value or the assets would have to crash to maintain an equilibrium.”
Either way, the holder of gold wins. The number doesn’t matter. Purchasing power does…
….”IMO, there just isn’t any way out of this mess that doesn’t involve massive pain”
I believe you have captured their inner thoughts and actual understanding of the matter. They aren’t clueless…they know exactly what the end game is. It may not be tomorrow or in 5 yrs, but it will come before the middle of this century.
Re: Ongoing government deficits. Understood. But I cannot imagine a scenario where government programs and spending will not reset also. Reset = collapse and abandonment of programs en masse. There will be no way to support them in the absence of monetary profligacy. (We won’t recognize health care after the reset.) These reductions alone should result in a 25% reduction in GDP.
Pain? You bet. I absolutely agree.
P.S. If you look at the ratio of the gold price to debt in 1980 and apply that ratio to our current debt of $22T, you get a $20,000 gold price…or $40,000 if you include the additional/missing $21T. One could argue that debt to GDP levels were still within reason in 1980 and the ratio should be much higher today since vastly more fiat should be seeking to escape to gold with debt levels threatening system stability. So, at least to me, a price between the two approaches seems reasonable…say, $80,000. Advantage, Holter.
Steve, William. Thanks for the brilliant discussion. One question remains. Is there any independent and transparent mechanism to audit central bank gold reserves? Is our only option to trust the bankers again? If there is no mechanism, I suspect we’re looking at a period of unbelievable speculation. Add to this the issue of naked shorts/naked longs… we’re looking at volatility like we’ve never seen before. Don’t you think? This could get insane.
1. I would think that central banks would enjoy different degrees of trust. Those enjoying lower trust would trade at a higher discount to gold.
There was a period in US history when each bank could issue its own banknotes. The banknotes of different banks had different discounts relative to gold, depending on reputation.
2. I think that your point about PM derivatives manipulations potentially magnifying volatility and risk during periods of upward trends in spot PM prices is valid and important.
3. Indeed, I sometimes wonder whether central banks sometimes try to increase the volatility of PM prices precisely in order to damage the “moneyness” of PMs relative to fiat and, hence, to depress their prices in terms of fiat.
I’m surprised Jim Rickards didn’t talk about China and the role they will play in the global currency reset. After all AIIB just hit a milestone.
100 nations have now joined their international banking system. While some scoff at the predictions that have been made about China that have not come to past ..yet, no one can explain why two former treasury secretaries , Hank Paulsen ( Bush admin.) and Timothy Giethner ( Obama admin.) have been working with the PBOC to set up a Yuan trading platform inside our banking system, and why
the central banks are hoarding gold? I think the answer is obvious.
They are planning for a global currency reset. While the details have yet to be revealed, based on his post throughout the years Jim Rickards knows that China and gold will be the main players in it. Having said that, the question is will they wait until after the 2020 election to pull the trigger? In my humble opinion, I don’t think anyone really knows. If there is default in the credit default swaps with Deutsche Banks derivatives, it could be tomorrow. Who knows? But know this. Rising gold prices are a signal of pressure building inside the central banks, and unless they smash the pricing back down again, like they did in 2012, this whole thing could go up in smoke rather quickly triggering a reset. Two things I’m looking at. The next quarterly money velocity report, and whether gold makes it above 1700.
No, there’s nothing to see here. Move along.
This is what Jim Rickards was saying only a year ago.
And now we’re being told that the reset will hinge on the 2020 election? More can kicking.
I don’t understand his 10% gold allocation recommendation. For a decade now, spanning 4 books, he’s laid out a long detailed story of debt monetization and its sundry consequences. He can deliver a 30-minute answer from memory that includes dozens of financial measurements that portend doom and devastation ahead. Given all this I would expect him to highly recommend over-weighting your gold allocation to somewhere in the 30-50% range. There’s an inconsistency to his message that I can’t resolve in my head.
Re: 10% of portfolio in gold versus 30-50%
It seems to me that Mr. Rickards could be implicitly admitting that no one, not even him, knows what actually will happen. What if gold is confiscated, or made unlawful for certain transactions, or its price gains are taxed away as “windfall” profits? What can you “afford” to lose?
William … The Military Industrial Complex should be very fearfull their “windfall profits” will be taxed away by us … if they dare blow up the world with more continuous wars and thus need to confiscate away “our real savings” in gold and silver to pay for all their purposely created wars (because they can’t get China to buy our Treasuries any longer)!!
Hi HP: You kicked off this discussion about the gold price, and while one can have a pretty clear sense of direction, the best we can do on price is an educated guess. The odds of having any transparency with regard to U.S. gold holdings are low, unless crisis and competitive gold-related currency revaluation forces the hand of the Treasury Department. This could happen…but all bets are off if the gold is “gone”.
A lot of folks are betting on the physical market ultimately destroying the manipulative impact of the Comex and LME, so gold and silver can move freely with supply and demand as primary price drivers. Volatility will likely be with us until the metals find their equilibrium prices unfettered by the “false supply” currently created in the “paper” markets.
With regard to “this could get insane”, there is no better marker of insanity than the “budget” and debt increases pending approval in the house and senate. These people are either morally bankrupt or have lost their ever-loving minds. Most of us suspect it is both.
Restraint is a trait of a bygone era and recklessness is the order of the day. What people do not realize is that recklessness thrives for a short time only because it feeds on the stability and storehouses of a preceding period of restraint. I suspect this is not only true in the financial arena, but in the political and social realms as well. We are living on the edge, and destroying our legacy “wealth” across the all aspects of society. There will be a reckoning.
The move away from the dollar by other nations (and abandonment of U.S. Treasury bill purchases) is the death knell. Using the swift system as a weapon has been a tactical success and a huge strategic error. The long game is the one the matters…and the U.S. has failed miserably in this regard.
We do the best we can, and try to enjoy each day. Best wishes to you, William, Greg and the rest of the crew here at the Watchdog.
Should be a good interview but i will miss the WNW… )-:
Well folks as Rickard’s says “the secret of wealth preservation” is in buying precious metals … investors have been listening and buying silver at an accelerating pace since June … increasingly aware that “silver is insanely cheap compared to gold” offering a reward to investors even greater then gold as a precious metal holding … have you noticed that in the last week silver has moved up $1.00 dollar? … now if silver continues up “at the current rate” … in just four weeks time silver will break above $20 dollars … keep that $20 dollar price in mind people (it is very very important) … for as you look at 40 years (of a developing century long logarithmic chart on silver) … https://static.seekingalpha.com/uploads/2019/7/16/410007-1563316811789367.png … you will notice a giant “cup and handle” pattern has formed … and importantly … silver will break out of the “handle of the cup” – at the $20 dollar level – which can be reached “at the current rate of silver’s advance” in only four(4) weeks (near the end of August 2019) … so watch the birds folks … silver will rise “like a great white whale” when the $20 dollar level is breached and as resistance levels for silver are few and far between … when the breakout of the handle occurs … silver will advance “very rapidly” into the hundreds of dollars per ounce range (as the height of the advance in a cup and handle formation at a minimum equals the depth of the cup) … so “watch the birds people” as silver rises … https://www.youtube.com/watch?v=eLTlfljynV4 … don’t short silver just to be a contrarian … you should be doing what the Central banksters are doing (buying gold and silver) … it is time to think like a bankster (JP Morgan Chase obviously knows of this long term silver chart formation and have been buying tons and tons of silver) … do you think the banksters are planning to lose all their investment capital by buying silver?? … and thus you should be doing the opposite of them?? … that’s like buying Deutsche Bank (at the same time hedge funds are pulling billions of dollars out of that bank) … just to be contrary!!
As for me … I’m in … I’m in after him … I strike full … full in … no … you’ll not escape me this time white whale … I spit my last dollar at thee!!! … https://www.kitco.com/charts/livesilver.html
Interesting. It looks like silver tried to break out of jail. Another few minutes and it would have made it.
William … many men have been lost financially trying to catch the white whale … “forget those men” the time to strike is now … “get in after him” as Ahab says … but unlike Ahab … and lets hope we catch the white whale while we are still alive!!
44:30 minutes in the interview, look at Jim’s face when Greg basically said that he wasn’t going to divulge the fix. I don’t think he was happy. He’s trying to sell a book.
I saw Jim in two other interviews this week saying basically the same thing.
I totally disagree with Jim about inflation. True inflation, not “Govt. core inflation BS” is real. John Williams states that it’s in the double digits. I see it in real estate, insurance, taxes, FOOD, medical… you know.. the things that matter Jim.
You want math? Couple that with stagnant or dropping wages and low paying insignificant jobs and you have the equivalent of hyperinflation in relative affordability terms.
On the Epstein thing. He knows and speaks to many of the people that most likely are implicated in the crime so he is very cautions saying anything about this hot potato.
I was looking to a true Hunter WNW with commentary. This interview/WNW thing doesn’t cut the mustard in my book.
Nevertheless, a good interview and one can glean some info from this.
Yep, buy my book and I’ll tell you what’s really going on. No thanks.
Yes Greg, this site is here for free and appreciated much. And I contribute when I can, without you asking. That’s the difference.
Thanks for that nibble on chapter 6 Greg.
I’m curious if Geitner was proposing a gold backed bond as his “guaranteed” payment vehicle.
If this is a blanket “guarantee” across all financial instruments, WHO would technically be issuing the gold backed bond is the question?
A Fed or a Government OR an IMF guarantee???
At any rate ,an accounting of reserves and a weighting in gold vs the “guaranteed” “underlying” asset would have to default along some cash or dollar metric..
Been a while since I commented, but I’ve been here a while.
Buy a Silver Eagle instead.
James G. Rickards. The man is an enigma, shrouded in mystery, wrapped in a riddle. Off-the-charts intelligent, but methinks there’s a bit of duplicity to his character. Skidmore and Austin Fitts uncover a $21 trillion shortfall across 2 (just 2) departments of the government, and Jim chalks it up to “really bad accounting?” I call BS! Kirby is all over this like white on rice: they “printed” the $22 trillion and stuffed it away and use it to interfere in any and all markets, which is the equivalent of saying that there are NO MARKETS – just a giant, vacuous, mendacious hall-of-mirrors, i.e. an illusion.
Greg: your predilection for offering a forum to many, and oftentimes divergent, points of view is the benchmark of “The Fourth Estate.” Keep going!
Matt … Talk about an enigma, shrouded in mystery, wrapped in a riddle … here is one … politicians are very willing to raise the minimum wage that employers have to pay workers “to put more money in peoples pockets” … but when the money has to come from the government … like taking the chains off the CPI “to put more money in peoples pockets” … they are completely against it!!
Then there is this one … take the chains off interest rates (by lowering them) to increase the banksters income (essentially giving the special interest banksters “free money”) … but don’t take the chains off the CPI to increase the household incomes of ordinary Americans (so they can go out and buy things) increasing corporate profits and getting the economy moving again!!
No Sunday Watchdog …….ohhhhhh no’ssss USA Watchdog withdrawal ……LOL
Good job Greg very through interview.
“No inflation to speak of ” ….my wife says rickards is FOS……….also…. I believe they control “inflation ” by slamming the prices of gold & silver by dumping billions of dollars of paper gold at 3:30 am off & on throughout the year ( a psychological war in some respects ) . After all the media says gold is down & the GDP ( generally dumb public) believe it until it bites them & squeezes them financially .
“It’s a sad day when the central bank wants inflation & cant get it ”
The clowns who run the “central bank ” need to LIVE in the real world & they would see REAL INFLATION ……..the central banker’s cherry pick what the use to count inflation so that the inflation numbers are low so the US government does not have to pay out more in Social Security $$$$.
Humm “traumatized by the gold bear market since 2011”
You mean the rigged – suppressed – manipulated – bear market given us by the corrupt wall street bankers with the US government’s blessing & kept there by fat finger dumps of paper at 3:30 am throughout the year? That bear market?
“Missing 21 trillion is bad accounting” ………IF that was all it was ….why did the US government make – classify the books off limits to the public & made it a national security issue ? Bad accounting does not pass the smell test . I believe Mark Skidmore & CAF long before I believe what a lawyer & member of the CIA says.
Da Yooper, I would not characterize the central bankers as “clowns” … they are extremely, extremely intelligent! The Fed employs a whole bunch of PhD physic majors and sociologist. Their supper computers rival anything anywhere! There goal is to keep the people around them wealthy! And they could care less about you and me .. They are not here to cater to the little guy (Period)! I am not sure why people would think otherwise? And they do know history extremely well … if the masses go hungry, their heads will roll! And until the masses in the USA get informed (which will never be), they have a free hand rule! Sun Tzu – All warfare is based on deception … it seems to me they are winning!
Greg: if we assume that both John Williams’ and the Chapwood Index’s estimate of inflation at a range of 7-10% annually since the beginning of this century is accurate, then we have not had positive GDP (except for a very few Quarters) for 20 years. The reason is that true GDP has to be reduced 1:1 by the actual inflation for the period covered. Since no one has ever claimed even 7% GDP, the true GDP has been negative for at least 2 decades.
Keeping the above in mind, Rickards re inflation and GDP is somewhat disingenuous although he has interesting analyses and many are spot on. But we have to remember that he is Deep State due to his work in financial gaming for the Pentagon. His dismissal of the $21 Trillion as a sloppy accounting error indicates that he is an apologist (and perhaps enabler) of government criminality.
You were right there on the cusp….why didn’t you elaborate on the Inflation-GDP issue? If I may…..
Inflation and GDP metrics have changed over time. So much so that the data that is produced is in essence propaganda. It is a fabrication.
BEA Fairytales are made from:
Hollywood royalties ( Songs, TV and Movies) which are at best inaccurate, inconsistent and unreliable;
Revenue from Scientific research and development.
When analysts and financial supremos alike, refer to Debt:GDP ratios (for eg.), they are part of the propaganda machinery.
One cannot ascertain true statistical representations if the denominator is invalid.
If we apply the logic in simple terms…..a negative GDP will result in a very different set of stats. One that in fact dramatically states that America is BANKRUPT.
Of critical importance also, you mentioned that GDP has been negative for at least 2 decades. I concur and in fact this supports exactly the points I have been making in my comments. America (and for that matter the rest of the world) is in a Depression…. in fact a Great Depression. Any period of 6 or more successive years of no or negative growth satisfies the definition.
The Great Lie incorporates fictitious unemployment numbers (refer Shadow Stats.), inflated GDP(Goods and services produced) and false Inflation readings. If we were to measure our so called “economic expansion / growth” via our standard of living, we should evidence a dramatic improvement thereof. FACT: Our collective standard of living has gone backwards for over a half century.
The US has chosen to use the GDP figure as the “Leading” metric to determine “how well the economy is doing” since coincidentally 1944. It was never designed to perform that task. It is now the “heartbeat” du jour of our country’s well being.
To make sense of my preamble consider Washington’s strategy. They have methodically and continuously avoided providing hard answers to the severe unemployment crisis by reference back to “Higher GDP” & “Recovery”. They have the citizenry spellbound by their craft. Congress will not pay attention and you can forget the political class as they both are transfixed with the GDP status (the Economy if growing). The rhetoric is stupefying ….. “as long as GDP is growing we are doing great” !!
Where are we now? They , the inept ruling elites, have created a permanent class of jobless Americans. The inequality is off the scale. The poverty is a non-issue. The standard of living has not improved. Wage growth is non-existent.
My question at this juncture is how do we get to zero or negative GDP as measured by the BEA? The answer is we probably won’t. They will avoid divulging the truth when in reality we all know that we are (as a country) in truly bad shape. With consumption falling, Government spending dropping and Exports getting smacked, what is left to balance out the positive GDP. False Accounting from Investments that’s what !!!
Plain and simple we have avoided confronting economic reality. We have chosen to pursue the Fairytale instead. The decision making process is not ours to make but we live an breathe the effects.
To respond to the “chance of recession”…… this is a non-issue in the context of what I have presented. What that implies is TRUMP is an automatic re-election for a second term. We will not see an “Official” recession or depression here in America. It has been and will continue to be obfuscated. Orwellian by nature is the only way to describe it.
Blow-off top completed in Gold. Enjoy the ride down
Bullish Flag pattern. Study it. There is still time to learn.
“Bullish Flag pattern. Study it. There is still time to learn.”
Seems to me that the bullion banks purposefully killed the breakout that should otherwise have occurred. But the amount of contracts outstanding was over a million as of last week. This is a very dangerous level for those who are short, but it could also be a level that ends additional speculator momentum. Yet with the right event in the news, the longs could resume buying in earnest again.
It will resolve to the upside. I fully expect contract numbers to expand.
They may attempt to kill….but that continues to be met with strong resistance.
Stan, do you really hope millions of people lose their fortunes just because you have a little internet feud with Jerry?
How small of you.
Hahahahaha Stan is funnier than Rodney Dangerfield
Stan … K.Wayne is correct … if you want to sell gold … wait for gold to get to around $2000 … you can sell it at that point and wait for a normal correction back down to about $1600 (then don’t forget cover your short position) … as gold will then begin to rise to $3000 plus!! … https://www.kitco.com/news/2019-06-25/images/Stewart_0625_1.png
PS: Stan … I would suggest you try and control yourself and “don’t sell gold when it closes the gap at $1500 to $1550” … yes … it will correct a little at that point … but “it is not worth the risk” of getting caught in a very very powerful up-move to the $2000 level!!
PSS: Stan … also take notice of the green circle “in the oscillator graph at the top of the gold chart” (that occurred back in August 2009) … we have now just gotten another such “impulse signal” (this is the sort of impulse you get before a “major upward move in the gold price”) … and is not a “sell signal” as I think you are perceiving it to be!!!
PSSS: Stan … You know … I’ve been thinking about what Armstrong recently said … that gold will peak in 2023-24 … if that is the case looking at the above chart … you “may not” want to short gold at $2000 to possibly play a correction … as that will be the time period of “peak gold” (according to Armstrong) … and market enthusiasm and excitement may simply power gold higher (it may not correct at $2000) but simply explode upward to $3000 or $7000 or $10,000 in a blow off top!!
I remember you laughing at me when I shorted Gold at $1874 years ago.
Funny how some things change….whilst others stay the same. I’m still laughing at you.
You are the epitome of incredulous.
Stan … shorting gold at $1874 will have “not done you any good” if you continue to wait to cover your short at $1874 or higher!!
Stan , why do you bother commenting, NO ONE IS LISTENING TO YOU.
Thank you very much, great interview & discussion. Rickard’s discussion of the history of debt and where do we go from here was outstanding and very informative. His advice regarding New Zealand & missile silo accommodations for the super rich was right on; how do you get there — logistics and infrastructure.
An acquaintance of mine who lives in DC has a second home in W.VA. Her biggest concern is DC traffic during a crisis. She has a bicycle, but W.VA is a long bike ride and she would necessarily be leaving her SUV behind, not good. Her latest thinking is really hoping that she is prepared enough to get out the door and on the road ahead of the first wave of evacuees… good luck with that.
Thanks Greg. After additional thought, the size of Deutsche Bank’s derivative portfolio (if that’s the correct term) could almost be seen as a poison pill. In other words, it became so huge as not only as an investment vehicle, but also as an financial weapon to ensure that Deutsche Bank would be bailed out — otherwise the dominoes would fall, bank by bank by bank. Then again, maybe it just seemed like a good idea at the time…
Thanks for the interview Greg. I pay close attention to Rickards as he IS an insider and gives us a lot of background as to what the elites [which he is a part of] are thinking. But OTOH the man is a weasel and will only go so far as to the question about the missing 21 trillion dollars.
911 happened the day after Rummy admitted over two trillion couldn’t be accounted for and that got memory holed the next day. Fast forward 18 years later and there is a ‘missing’ 21 trillion dollars between DOD and HUD and most likely a lot more that we don’t know.
That is not just BAD ACCOUNTING. That is a pile of bovine scatology that I’m not buying and thank you for asking him about it. You dangled the bait and he wouldn’t bite. Not that I’m not surprised. TPTB usually telegraph in advance what they are planning on doing as they think the sheep too stupid to discern what they are doing.
So again thank you for the interveiw with him and it’s timely as Lynette Zang just interviewed him as well. I appreciate anything he says but I wouldn’t trust him farther than I could throw him.
Great interview but I am having WNW withdrawals.
Question. If you can print money and manipulate things but you lose money, does that add to the debt?
The only way that the debt could have been increased by the Øbama and it not have a severe inflationary effect is that there where a lot of losses.
I have said before that so called missing 21 Trillion is gone. It’s either been spent on things, lost or is a ledger error. When I had to straighten out error made in a small county’s ledger, there were issues but it was easy to see anomalies. But I cared. There is a reason for the saying, “Close enough for government work.”
What should really be driven home is that the real debt is 21 Trillion or even 42 Trillion… It is closer to 200 Trillion. That is a real number. The way a corporation would have to report their debt.
Greg, these other numbers are a distraction from the real number which is scary
Galaxy 500, I believe you are close on your estimate of our “true” national debt of about 200 Trillion.
In approximatelly 2006, a U.S. Representative told me, face to face, if the truth be known, (at that time) the national debt was approximately 68 Trillion!
It’s basic GAAP accounting. We are technically bankrupt. Lucky for us, the rest of the world is more bankrupt than we are
I assume your 200+ TLN “real” debt includes the unfunded liabilities?
Corporations are only required to recognize a debt if there is an legal obligation to pay it.
Does the Government have any degree of discretion with regard to settlement of the so called unfunded components of the Debt? IMHO the Government will do what it damn well likes and if it choses to default /not honor it’s debts….then that will be its course.
The 200 Trillion is what a corporate entity would have to list using GAAP. Current law obligates the government to pay is. But Does the government have any discretion? Dude, those fine people in Congress have all the discretion to pass another law saying they don’t have to pay us a penny. Or they can print money to the point that your Social Security check won’t cover a cup of coffee at Starbucks. Either of those action will likely cause an uprising. We old people that paid these MFers our money with the understanding of getting it back will be very unhappy. Some violently so.
Ask yourself why the Age for SS hasn’t been raised, benefits cut, etc. Because it is political suicide. Someone will have to have the will to address these problems and I believe that person is Trump.
The Gov’t and the Fed are well known for not observing GAAP.
They are a law unto themselves.
Ignorance when it comes to Debt will continue the pattern. Isn’t that obvious.
You even said it…..America is Bankrupt.
We know what happens when the Gov’t shuts down because it runs out of credit…..don’t we….!!!
And we know what happens before they fall. Pandemonium
GOD HATES THOSE THAT USE DISHONEST WEIGHTS AND MEASURES….PROVERBS
Jim does a fine job of explaining how “The” most dishonest and corrupt country in the world tries to weasel it’s way not out of trouble but into deeper trouble going forward…
The everything bubble gets bigger and bigger and guess who will have to foot the bill when they burst ???
So to quote Gerald Celente ……Will it be JUST-US or JUSTICE that will be forthcoming????
“Rickards is not seeing a recession anytime soon…”
Two things hide the fact that the country is already in a depression. One, an enormous amount of public debt being accumulated and two, a massive network of social welfare programs. Without the debt the GDP would be a negative integer, somewhere around -2.6%. And of course the social welfare programs mask the real problem. If it weren’t for EBT cards and other subsidies lines would be a mile long at food banks and homeless shelters. People can keep telling themselves that the economy is booming but the facts suggest otherwise.
I find it interesting – bad accounting? 21 Trillion. Bad accounting? Please. I think that is a topic he is not comfortable in exploring. Remember he is still in the game and is working with certain agencies and does not want to jeopardize such relationships. I cannot believe that Dr. Mark Skidmore could screw up or that the documentation that was redacted by the Federal Government was TOTALLY or MOSTLY inaccurate. Jim is a very smart guy but he has a lot of contacts that he does not want to be burned. Dr. Skidmore has a well-educated team that researched the missing 21 trillion – this is huge. Now that the Federal Government’s budget/spending operations are classified. Where is the trust? At Redhat my old CEO Matthew Szulik – in order for companies to trust you, you must be transparent. Transparency breeds trust. I think more and more governments and people are losing trust a.k.a faith in the integrity of our monetary system.
He was very nonchalant about a 1 TLN $$ discrepancy in his explanation. That is not an insignificant amount of money to be “missing”. He made it sound like a rounding error.
Whiskey Tango Foxtrot !!!
Thanks for a great interview, Greg. I appreciate you pressing him on the $21 trillion missing dollars. I would have guessed that answer. It doesn’t mean he is right. I’m also not convinced Rob Kirby is right. How does Kirby know the money hasn’t been spent? Rickards’ answer seems consistent with his belief system…he trusts the government. In this interview, he says he doesn’t question the morality of the Fed. Rickards has the “best case scenario” of the government. Holter/Sinclair/Kirby have the “worst case scenario of our government.” We are likely to find out, soon, who is closest to being right.
The Government is the solution to all of our problems!!
That’s funny … like Bill Clinton thought Epstein was the solution to all his girl problems … we should lock up the government … but like Epstein the government will likely “get a plea deal” because it works for the CIA!!
CIA Paulie Or Mossad or perhaps both Where is Giz- lane by the way?
I know Wayne … that was my counter-sarcasm to enforce your sarcasm!
Rickards says, “The rich are building bunkers. Entrepreneurs are actually buying abandoned missile silos with armed guards and steel doors.”
Sounds like these Entrepreneurs are expecting anarchy, or at least enough social unrest that they feel compelled to live in a fortified shelter and employ armed guards.
Seems that the one area of universal agreement is social breakdown is coming. Regardless of the cause, social unrest seems to be the true underlying fear.
A shot of whiskey.
There was a time in America when a man could trade one bullet for one ounce of whiskey. (OK, one loaded round of ammo)
Ammo has been used as currency in the past. If everyone is so worried about social unrest, it may be that ammo will become a currency once again. Water, flour, sugar, salt and pepper, canned goods, band aids and medicine will be high value items. Junk silver may also be highly prized. Some nicely landscaped fortifications around the house my be highly beneficial. Switching from civilian thinking, to military thinking, may also be a good strategy.
What’s coming? Who knows? What’s the end result? Anarchy? Social unrest? Breakdown in distribution? Interruption of services? Violence? Nothing at all? Your heartfelt answers will guide you. Will things ever get better? Yes. But not before things get worse. This of course is simply my view. Yours may vary.
Better add yeast to my short list above. Alcohol and bread. Both would be worth a lot, when there is none. So don’t forget the yeast.
This whole thing about gold/silver: Need I remind folks that U.S> mint silver dollar is rated at $1. Hugo S. Price talked about face value. Use your head.
Greg. Jim Rickards called your interview with him “possibly my best interview ever.”
Possibly my best interview ever. Deep dive with USAWatchdog on my book, #Aftermath, and the Fed, the economy, policies and more.
Jim says debt fluctuations – both up and down – depend on what period of time we are in (ie. war time vs non war-time). I don’t believe gross debt has declined at any time since 2000 crisis. What could he possibly be referring to? 1940s to Vietnam War era? Confusing.
Forgive me, Jim Rickards, but $21 TRILLION of accounting plugs that would essentially double the official debt accumulated since the founding of the USA is far more damning than “bad accounting” .
I am sorry Greg, but I won’t be buying Rickards new book like I havent bought any of his books! Thanks Larry
Greg: Your USAWatchdog continues to shine. Thank you for your impeccable interviewing skills. Rickard’s finding pennies and nickels in the couch comment was a new analogy for me! I so dearly like to learn. Thank you both.
Yeah….kind of gives you an insight into how bad it really is from an insiders POV, Huh? Sometimes an interview with a guy connected to USGov/Fed/DeepState braintrust like Rickards gives the man on the street forewarning he would not get elsewhere……if you listen intently. The man on the street needs more time to get ready…….
His comment about having a silver monster box handy was another freudian slip and big tell……should have included some junk silver in there as well.
I don’t trust this guy as he’s a bit of a snake oil salesman. An insider who tries to paint himself as an outsider. He was a part of the LTCM debacle. He claims all US gold is still in Fort Knox when many reputable people say it isn’t. Trust the Fed he says. And buy my book.
Bad Accounting: HA HA HA HA HA HA HA. Did you see his face when he said that! 21 trillion dollars is 21 million million dollars. Nothing to see here. Move along. Look at the company Rickard keeps, the Council on Foreign relations and Larry Summers, who by the way was one of those listed who flew on Epstein’s plane. You should ask Rob Kirby, Bill Holter and Gata what they think of Rickards.
What a bunch of neocon idiots … the principle of “freedom of navigation” was violated by the UK when they seized an Iranian tanker entering the Mediterranean … but now after two UK tankers were captured by Iran “as payback” … British officials are scrambling … calling for Iran to recognize the principle of freedom of navigation or face a “robust” response!!
Do you think the US neocons running America are any smarter then the UK idiot neocons? … consider the fact that US neocons sent all our chip manufacturers to China (to make all the electronic chips used in all our military equipment) … and they couldn’t figure out in their dumb low IQ brains that “back doors” would be put into all our military weapons electronic chips (that would make our weapons go off course or malfunction on a simple signal from China or their Russian ally)? … what a bunch of screwed up idiots are running our country … remember what happened recently to the USS Donald Cook in the Black Sea … “an unarmed Russian plane” sends out one microwave signal … and the all the ships computers go down … our most sophisticated advanced military ship in the entire world lay dead in the water (from an “unarmed” Russian plane) … serves the idiot neocons right for shipping our jobs to China “to make an extra buck” (that they could have easily “just stole” like that $21 Trillion … no …they had to take away our jobs? … it’s because their “real agenda” is … “the total destruction of our Constitutional Republic”)!!
Only now after it is too late to fix (without replacing every Chinese chip used in all our military equipment) do the dumb ass neocons say “perhaps we shouldn’t be using anything with Chinese chips in them?” … and these are the morons in charge of our Nation!! … idiots who also think “blowing up the Nations deficit with printed money out of thin air to fight continuing non-stop wars “will boost our economy” (even if our US dollar goes to zero)!! … https://www.zerohedge.com/news/2019-07-19/banned-china-made-surveillance-cameras-still-operational-sensitive-us-bases
Thank you, Greg! Very enjoyable interview! Yes, it’s best for someone of limited finances to buy a single gold coin, silver coins would be alright. And it is too bad that Skidmore, a professor of economics, and Fitts; secretary, director, founder, President and other lofty titles of finance should get caught up in some poor accounting mistakes. It’s fortunate to have guests who represent the deep state, that can clear things up for the working man. Get a few SDRs in your pocket and y’all be fine! If things get real bad, let them eat cake, of course! Ha ha
I’m a little confused, Jim mentioned that there is no correlation between Gold and The Stockmarket, yet Martin Armstrong states that they rise and fall in unison.
Is Epstein a Mossad asset?
Rickards is on record saying if Trump wins gold will go up $100 immediately. Didn’t happen but he still claims that he predicted Trump to win.
Where’s the “disclaimer” that Rickards is just a guesser like everyone else?
Greg and Watchdogs,
Is Jeffery Epstein working for Israel?
He WAS until recently
If the $23T in debt is a big deal then the $21T in missing money is a big deal. A claim could be made that both the $23T and $21T are no big deal because of the $1000T in derivative products but that just means our problems are much worse than financial analysts can comprehend.
I think more dems are sceered.https://www.washingtonexaminer.com/washington-secrets/pew-91-democrats-see-violence-next-in-war-of-words
Been having some great guests on lately, Greg. Thanks! Like to see Jim Willie next. He has great inside contacts who give good clues on how close the end is. I disagree on portfolio holdings, though. I say 95% in physical silver, and 5% physical cash ($20’s and lower). “Be the bank (ball), Billy, Be the bank (ball)”. -love Chevy Chase. So far so good, with a break even around $10.25 since 2001. And no need to attend the future bank runs.
My feeling on the July interest rate meeting is 0% cut, 25% same, 75% raise. I think that .3% PPI will be used as an excuse. Then keep any equity sell-off contained with the PPT and ESF. But the bottom line is I don’t care, cause my boat isn’t taking on water like everyone else’s.
More popcorn pleeeeesa
Danny, not Billy. Just popped up from the subconscious. Looks like it’s back to shorting Netflix, for you day traders 🙂
Greg, I trust his judgment. His opinions are just that, and he has facts or inferences to back him up. No one can be sure of the future. We just make necessary decisions based on our knowledge and education. I don’t think many are better educated than him. This was a very good interview. He is telling all how to prepare. Take advantage of his advice. Take care. Doug.
If Epstein is a Mossad asset it could explain why Israel has such widespread support from high level politicians. They were filmed on the island.
Why have America and Americans strongly supported Israel since way before Epstein?
Jewish/Israeli/Mossad conspiracy theories are the sign of a weak and lazy mind which believes whatever it sees on the internet and is too lazy to dig for the truth.
Is this Robert Lykens?
Quoting from the article.
“But another possibility rears its ugly head. In an article for The Daily Beast, investigative journalist Vicky Ward quotes a former senior White House official, in turn quoting Acosta’s response to questions about Epstein during his interview with President Donald Trump’s transition team:
“I was told Epstein ‘belonged to intelligence’ and to leave it alone.””
I am not saying that this is irrefutable evidence, merely that questions need to be asked and this is one avenue to explore.
When “intelligence” was mentioned you immediately thought “Mossad”. Why?
Because of Epstein’s connections and clients. This is definitely an angle that should be investigated.
Acosta does not answer the question when asked if he was made aware that Epstein was an intelligence asset.
OThe Zionist [email protected] American patriot
Not all Americans are so supportive of Israel Christian radicals and Jewish Americans do certainly People are waking up though slowly As for your nonsensical comment about weak and lazy minds you must be kidding right
It’s those sneaky Jews is it? So you think the Jews are blackmailing DC for support? Where do you antisemites come up with this crap from? Israel is our only friend in the ME.
Oh by the way, I see what you have tried to do there. Conflate Israel with all Jews. Nice try but not all Jews support Israel and some protest against it. We are used to the Zionist playbook now.
Right, and you pulled that right out of Alinsky. And The Elder Scrolls.
Israel is the land that the One True God have his people the Jews. Yes, I understand how people like you lurk with evil in their hearts against the People of God. You almost seem reasonable sometimes. And the You seek to conflate them with evil.
Have you not read the Word?
Er hello… Is anybody home? You are the one who posted about the necessity of killing women and children in war were you not. You are a radical extremist. Take a look in the mirror.
I guess everybody should go back to their ancestral homelands of two thousand years ago then. That means all non native Americans back over to the old world. Where did your ancestors come from?
Exactly what he tried to do Its always what they do
The point I was making further up is that investigations start with grounds for suspicion and work their way up to establishing facts. Based on the allegations that epstein is an intelligence asset (which Acosta failed to deny when questioned) and the connections he had there are grounds for the suspicions I raised above. The island may have been a honey trap intelligence operation. If this was run by a foreign intelligence agency this is a matter of national security and should be investigated.
Epstein’s longtime consort is/was Ghislaine Maxwell, daughter of Robert Maxwell who was widely suspected of being a super spy involved both with the Russian and Israeli intelligence services. It’s been reported that a number of former heads of Mossad attended Robert Maxwell’s funeral.
But then, Robert Maxwell was such a charming personality in both British and American elite social circles, that he may have had connections with CIA and FBI as well.
I think it is useful to suspect that — to one degree or another — all of the intelligence services both meld with and are factions of the numerous criminal gangs that compose the global fascist cabal. Sometimes their interests align; sometimes they don’t.
Yes good points William. Maxwell was definitely one of the connections I was thinking of. It is definitely a possibility/liklihood that certain intelligence agencies (CIA, MI6 and Mossad) murge together at the highest levels. Some people have tried to blame the Russians for this but this guy has received high level support from within America so I think that is highly unlikely.
You can’t reason with a guy like 500 He wrote “ have you not read the word” Forget him ,he’s gone
Un … Or maybe, just maybe Epstein worked hand in hand with the dark state to black mail other politicians and rich influentials? I think of Hillary Clinton and gang. NO, NO not her and her side kick Billy boy (bad me for thinking such bad thoughts)! She and her pals (Oboma regime) would never ever, ever think of black mail for political gains … yeah the jews, that is it … bad, bad Israel did it!
If he is an intelligence asset (which Acosta failed to deny he had knowledge of) it clearly begs the question which intelligence agency or agencies. This guy had links to Israel. Go stick your head back in the sand. If any politicians are being compromised (blackmailed) we need to know before we are dragged into a war with Iran.
Why stop with it It’s very relevant and totally connected to Epstein but I know that interferes with your narrative Shame on you Greg
Un – He is most likely an intellegent asset, we agree. As to whose (?) you and I have no F$%#ing clue. So do not purport to know. If I had to guess, it is either British (MI6 … like uh he was like associated closely with like prince Andrews … like uh, like maybe like high up like British connections?) or connected with the dark side of the CIA. As per go stick my head in the sand – Dude – grow up! As I have astutely observed … if a person can not fight with facts, they fight with name calling … don’t be that guy!
I would like to see a rather stable economy to insure Trump’s reelection. And sure each economic stable month of such between now and that election time insures the better chances of a Trump reelection. But the peoples are getting hit with inflation at the gas pumps and with food. Just about everything I buy has gone up at least 10% in the last year. If the inflation keeps up for another 18 months, the mood of the people may be change yet again. If they go with the Democrats, there will be a rapid deterioration that may not be recoverable.
Those who won’t believe in God (figuring then there won’t be any Hell for them to go to in the after-life for doing evil here on Earth) … are still going to Hell … the Hell “we create” for them here on Earth … so you banksters and pedophiles should prepare yourselves by looking at what has happened to El Chapo … imagine this Drug King Pin is now complaining about a lack of fresh air, clean water and sunlight as “total torture” (what torture did you do to our children with your heroin, cocaine and methamphetamine’s Chapo)!! … https://www.zerohedge.com/news/2019-07-20/el-chapo-arrives-supermax-prison-after-disappearing-two-days
A sentence of life plus 30 years was handed down on Wednesday to El Chapo … to carry out this sentence in full … lets make sure we get samples of El Chapo’s DNA … so we can clone him after he dies … and then lock up his clone for 30 years!!
As for the Banksters and Pedophiles sentenced to be hanged until they are dead, dead, dead … we will need to get two(2) samples of their DNA … so that after we hang them, we can hang their second clone and then hang their third clone to carry out the sentence in full!!
Rickards is a good analyst. He’s been saying the same thing for many years. Personally, I think he’s a bit too close to the Tower of Sauron in Mordor. I’m not sure who’s side he’s on.
But thanks for the interview.
Roughly, ten yeas ago, I read an article about the future. The article made the claim that the political pendulum would be allowed to swing back to the right, through controlled opposition. A delay tactic. In the article, it was assumed the the left would go along the same way the right always goes along to get along. I don’t recall any mention of socialism in the article.
The article stands today as an illustration of how far we have come in ten years. The article itself was a swing and a miss. It did not see the huge upheaval in politics. Socialism and Islam are both becoming mainstream in American politics.
As Ben replied: “A Republic, if you can keep it” That too, may be a swing and a miss. We have gone from covered wagons to covered head, in Congress. What a long strange trip its been. Sold out, every step of the way.
Still can’t perceive any relief for the working class people of the world. If President Trump can turn this all around and restore law and order, truth and justice, peace and good will among men, it would be a modern day miracle. I believe in miracles, but prepare as though I didn’t.
It’s weird, in as much as what I see with my eyes, compared to what I see through the eyes of faith. I will be sooooo happy, to see our Lord come into the picture; to the point of taking full control. I prepare in the hopes of seeing that day. I don’t foresee ever going back to business as usual. (I know… I should change my name to Pollyanna.)
Before Humans were created, Lucifer and the fallen Angels were expelled from Heaven and sent to earth. Then God said to Lucifer, I will wager my Ultimate Power Control and Master of the Universe position, in a 6000 year “bet”. I will create the human race to “vote” for the winner, and power of Master of the Universe. Rules were set in place on what Lucifer can and can’t do down here DURING the contest. Our goal as humans are to worship the Father we want to spend eternity with. And we don’t get a second chance. That’s it basically in a nutshell. Just a few more years to go before the contest is over.
SH … If that’s the deal God made with Lucifer “it was a bad deal” … since when should Lucifer get the right to have his “fallen Angels” use pedophilia, blackmail, continuous wars, murder of babies, etc., etc. to “fix the vote” (the way Demon-rats normally do)!!
Let us hear the conclusion of the whole matter: Fear God and keep His commandments: for this is the whole duty of man.
For God shall bring every work into judgment, with every secret thing. whether it be good, or whether it be evil.
Ecclesiastes 12: 13, 14.
I have found Scriptures that make me believe that there will be a second chance for the human race. (all the non believers, from all of history)
Thank you nonetheless for your encouraging words.
And for those Atheists who don’t believe in God or Hell … you better believe that “men of God” will create a Judgement Day (Tribunals) to bring to justice all those evil ones who rape, murder and kill children, etc. … so God or no God … you evil people out there hurting our children sexually, with drugs, etc., etc. will be punished … and we can do it “for all eternity” … because we have the scientific means to do it now … all we need to do is collect the DNA of all these child murders and then after whipping them and putting them to death … we can bring them back to life (using cloning technology) and whip them and put them to death again … and again … and again … for all eternity!! … I pity all those who still do evil and don’t believe in Hell!!
And it will be an “Eternal Hell” of suffering … imposed upon all evil peoples “souls” (their individual DNA code) … judgement that is completely independent of what “private beliefs they hold” concerning whether God or Hell exists or not!!
Think if you do your evil “in privacy” (on some island provided by Epstein, etc.) you will get away with it?? … that it will be a “victim-less crime” because you can throw the dead child’s body to the sharks after abusing them sexually? … better think again … the NSA has everything bugged and stored on quantum computers … so you evil people will be caught and brought justice!! …
you know I always felt like Americans were like the junk yard dog who has just awakened to knowing somethings just not right in his junkyard. the 21 missing trillon has got one of his eyes opened and he’s sniffing the air like mad. God help the elites( and Richards is one of them) when that dogs hair starts rising and his teeth start to show . Thanks for all you do Greg!
Greerrr … ruff … ruff … ruff !!!
Pretty cool comment. As a watchdog, I like the junk yard dog analogy.
Greg, as usual, I love you man!!! Please don’t be offended, BUT (there’s always a big but), Jim Rickards says that $22 trillion is “Bad Accounting” and you didn’t question that. I think it makes sense to dig deeper on that one. Sounds like Old Jim signed a paper where he can’t talk about it.
Some people have been in a panic for decades expecting the end. But it hasn’t come yet. If and when it does it really won’t matter. There is only one plan to make for the future and that is to get your ready for His coming.
You have to read this and the ZH comments…
It is time for new beginnings … it is time to bring an end to all the non-stop wars … it is time to bring “The Vision of Jesus” … To All the World (Peace and Goodwill Toward all Mankind)!! … https://www.zerohedge.com/news/2019-07-21/trump-backs-down-pips-squeak
More BS from the Fed … Powell claims: if he backed our money with gold “it would prevent the Fed from pursuing full employment” … right … so Powell, where was the Fed when employment was crashing in the US (as companies took their factories out of America because the Fed was following a “strong dollar policy” while the Fed was debasing our currency with QE (to help the banksters) … forcing the common people in America to get three(3) “low paying jobs” to survive … hey Powell how about starting to count “the full employment number” by using the social security number of the employed people … instead of how many low paying jobs have been created … and start realistically counting people as out of work who can’t still get a job after their unemployment checks run out!! … https://www.zerohedge.com/news/2019-07-21/why-powell-fears-gold-standard
The way the Fed calculates “Full Employment” … is if one person held 320,000,000 jobs and 319,999,999 people were out of work … the Fed would consider the Nation to be “fully employed” … we have morons running our economy (I mean ruining our economy) … Bernanke didn’t even know gold was money!! … hey Powell … tell all your stupid PhD economists to add up the social security numbers “of working age” people and then compare that number to the number of people working (where their social security number is counted only once even if they hold two or three small jobs) … how about beginning to use the brains God gave us … count “the people working” … “not jobs created” … to determine whether we are at “Full Employment” … instead of your “schooled experts” trying every conceivable way to “P”ile your fiat “h”igh and “D”eep!!!
You know … I was just thinking … perhaps Trump “needs to sell” all our weapons of war “to other people” (and build completely new ones for ourselves) … because there are Chinese computer chips (with back doors in them) in all our current weapon systems … and of course we don’t want to be completely defenseless … but … after we re-build our defenses using US manufactured chips (from companies we know are not traitors) … then … let’s seriously begin to impose a meaningful “war products tax” on the Military Industrial Complex … to force these manufactures into making consumer goods that we can sell to the world to balance our trade deficit … products that don’t kill people!!
Rob Kirby said the biggest story was the money stolen. I say that is a distraction and the biggest story is that the entire Justice Department and Intelligence apparatus of the Country was turned against a duly elected President by the former President
Can you say default?
Buckle up boys and girls. While we here in the west are conditioned to being hosed over by debt default, that is not the case in China. When it comes time to pay, the Chinese have, and always will, expect payment. The bigger problem is, China has invested all of its new found wealth in a bunch of losers like Deutsche Bank in hopes of making a quick profit from low hanging fruit. Fruit that is rotten to the core. I hate to say it, but Bill Holter was right. It’s a race to the bottom to see who gets there first. With the defaults happening in rapid pace in the east, and Deutsche Bank losing a billion dollars a day, China just might be the winner. My take. A gold backed reset is waiting in the wings. Forget about the elections.President Trump may want to wait until after the 2020 elections to push the reset button, but with these recent events in China, it’s out of his control.
Code blue! Code blue! Breath sucker…….. breath.
Today, we have had our third water main break this year.
The whole town is without water again.
It is always a WTF moment when you open the tap and nothing comes out.
However, it is a good reminder that we could see a time where nothing works.
Trump knows we have a huge budget deficit … so why is he spending huge sums of money to build a “100 square mile military base in the Middle East” … can’t he be “a little cost effective” and just build a 10 square mile base for the Patriot missiles needed to defend the Saudi’s?? … why such a big (100 square mile base) if Trump says “we are not looking for a war with Iran”?? … seems to me preparing “such a big base” is a telltale sign “we are preparing to go to war” … meaning oil prices shooting up to hundreds of dollars per barrel … which will completely destroy the world economy … got some gold?? … but most especially … better get get some silver fast … JP Morgan Chase has already accumulated tons of silver … they have all the silver they need to bail themselves when Deutsche Bank goes under … now all the banksters need to do (to bring down the world’s economies) is create a false flag (like the WTC false flag was used) to create the proper conditions for silver to rise!! … WAR!!! … https://www.zerohedge.com/news/2019-07-22/us-starts-staging-troops-key-saudi-military-base-used-during-all-previous-middle
The War Drums have started beating … and the current price of WTI crude oil as of July 19, 2019 is $55.71 dollars per barrel … as people are in only a moderate war panic … silver should be selling for about half the oil price $27.85 … but what does this $27.85 price mean “in the bigger picture for silver” … https://static.seekingalpha.com/uploads/2019/7/16/410007-1563316811789367.png … it means “a breakout” from a long term cup and handle formation … portending … a coming silver price in the “hundreds of dollars per ounce”!!!
This is why physical gold and silver in hand is better then owning real estate that the government knows you own!! … https://www.zerohedge.com/news/2019-07-22/illinois-lawmakers-push-property-tax-hikes-fund-affordable-housing
Greg, Breaking ‘sad’ news….a ‘fake’ slap and seal trial to cover up ?
Flynn never testifies…. A corrupt Judge ? Looks like Hillary’s off the hook? lol
Last hope is that jury sees thru it – ignores the Judges instructions and finds him guilty anyway?
Court records show = https://brassballs.blog/home/hillary-clinton-trump-brian-maccauley-behavioral-operations-group-white-canvas-ekim-alptekin-bijan-kiani-kian-rafiekian-kristen-verderame-cia-
Pre-trial review today
Post hearing…court proceeding and ‘new’ theory interjected AFTER the defense rests?
Smell a rat?
Wrap on trial today: https://youtu.be/ybBwA4q8DtA
All just a part of the ‘old energy’ gang=
Odds that Trump will EVER drain swamp ?
Likely not = prepare for socialism and complete control by the NWO…= actually it will be much like a Nazi/fascist group that, like Greg Mannarino says is buying up the world, hiding behind a Marxist mask so people blame them …either way…wave goodbye to the Constitution and your Bill Rights so’ their’ 1984 rights of ‘some’ piggies have more rights than the others = total cronyism! Any reformation back to the U.S. Constitution will like now be of the more violent roads in history?
Seems Prosecutor FAILED to introduce his own evidence so he would LOSE the case on purpose? Who told him to lose the case is the Greek’s question=
and here we go again? Another Sessions? Barr recuses himself from Epstein case?
Harry the Greek @thaaak · 9h9 hours ago
Barr recuses himself from Jeffrey Epstein sex trafficking case https://nytimespost.com/barr-recuses-himself-from-jeffrey-epstein-sex-trafficking-case/ … via @The NY Times Post
Greg, Seeking the truth and sharing it could become a crime?
Kevin Shipp makes it on Q today https://qanon.pub/ ….post 3464
Q !!mG7VJxZNCI ID: 6b697b No.7136147 📁
Jul 22 2019 15:40:20 (EST)
Dark to LIGHT.
Hunters become the HUNTED.
This is not another 4-year election.
IMHO puts Shipp in the inner circle. Don’t understand his earlier comment re Janda.
So much going on on the 5G front….check out http://irregulators.org/
Get them on your show??
Also WeAreTheEvidence.org ….founder Dafna Tachover….an amazingly knowledgeable person and story……took 5G in schools to the Israeli Supreme Court and won! Heard her speak in Calif two weeks back for 2 1/2 hours…..wealth of knowledge….delightful human being. Get her on the show???
Keep up the good work.
Do you remember me posting information on your site a few weeks ago about secret military operations going on around the Midwest? Well nothing has changed. They’re still going on.
Then you have Schiff coming out, requesting military tribunals be broadcast to the public. Weird ? It is my opinion that the Jeffrey Epstein net is much bigger than anyone can imagine, and that it is intertwined with the international banking cabal. Once the truth leaks out, you will see a mad rush to exits like you’ve never seen before as these criminals turn on each other. And Deutsche Bank ? It’s right in the middle. Talk about a perfect scape goat to blame the global economic collapse on. It couldn’t be more perfect.
What the heck? Why all the concern now?
I’m being told by my sources, that the operation that is coming is so massive, that some military bases are being outfitted with equipment to accommodate military tribunals. While I’m not totally convinced of this, it does makes perfect sense to me since so many of the bases are already equipped with FEMA facilities. In addition the army has been recruiting detainment and relocation specialist for years, that once again I have posted on your site.
Galaxy 500 and others mock my belief that that Trump is ‘selected’, bought and paid for by banking elites who rescued him from 7 bankruptcies. I appreciate passion but emotions do not trump facts. As FC replied, think ‘Wilbur Ross’ and banksters.
Fact: Trump’s 2017 ‘Tax Cuts and Jobs Act’ lowered the corporate tax rate to 21 percent from 35 percent, among other cuts.
The Institute on Taxation and Economic Policy (ITEP) reports that just 60 corporations alone were “able to zero out their 2017 federal income taxes on $79 billion in U.S. pretax income”. This included the likes of Amazon, Netflix, Chevron, Eli Lilly. “Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion”.
Feeling like Trump like represents us little people means nothing. Critical open-minded independent thinking will lead to a different conclusion.
Interesting … so what are they saying? … Al Gore was right?? … what happened to the mini-ice age??? … who funded this “study”???? … https://www.zerohedge.com/news/2019-07-22/new-climate-study-warns-london-hot-barcelona-2050
Good job Greg. I always enjoy the views of your guests. I have respect for Mr. Rickards but his comment that 21 trillion was just an accounting error blew my mind. Even more startling since your previous guests’ headline was”$21 Trillion Missing Biggest Story on Planet – Rob Kirby” . Days later and I’m still thinking about it.
People who are spending $10,000 dollars for one(1) electronic fiat Bitcoin … https://www.kitco.com/news/2019-07-23/images/Bitcoin_0723.gif … can right now buy seven(7) ounces of real gold (outside the banksters system) … https://www.kitco.com/charts/popup/au0365nyb_.html … or six hundred and four (604) ounces of real silver (also outside the banksters system) … https://www.kitco.com/charts/popup/ag0365nyb_.html … and both physical gold and silver are unaffected by shutdowns of electronic trading and banking systems (that can easily occur during an economic meltdown) when you need your money the most!!
Why both Flynn case and Epstein case coming into a collision and melding?
Summation of amazing fact never reported in the Flynn/Kian trial ?:
Seal the docs and seal them so they can hang the evidence on Trump and he can not unseal it to prove his innocence…since even the President can not ‘unseal’ court records?
Just in = Kian Guilty, Flynn With Get Substantial Assistance or will it get overturned via Rule 29 ? WHY IS TRUMP NOT BEING ADVISED OF THIS AND WHY NO MSM REPORTING OF THIS? Sad STATE of affairs in spades…Pray for Trump he is in quicksand for sure…
Ah- maybe this is why Fox News is not reporting =
***LOTS OF GOOD PICS TO GO WITH THE ABOVE IN IT***
Fox News ‘correspondent/contributor is a registered ‘foreign agent for Victor Pinchuk, a UKRAINIAN billionaire?
It is with Ukraine and Pinchuk.
Pinchuk has donated over $25 million to the Clinton Foundation.
Source is the Clinton Foundation:
Schoen is a “legal spy” because he filed the correct paperwork with the Justice Department.
Others who fail to comply can end up in jail like Russian Spy, Mariia Butina.
Or be subject to a $4,657,568.91 fine like the law firm of Skadden and Alps.
*** SO MUCH MORE IN THIS ARTICLE***
Anyone starting to feel like they are being ‘played’ by Fox News?
One like Trump might re-consider his ‘friendships’ at Fox? Does he really know? Is he really just keeping his friends close OR his ‘enemies’ closer?
Greg, Is this true? Know anyone that can confirm it?
BibleBeltMomma ⭐️ ⭐️ @BibleBeltDarlin · 17h17 hours ago
So the magic word is “asylum”.
Only in America, do the Democrats push for Asylum seekers.
They receive $2,100 immediately in monthly income on day one, and American citizens who’s paid into social security their entire life, can only draw $1,400 after a lifetime of working.
“REALLY BAD ACCOUNTING”
Not a chance in H*ll. He won’t touch the 21 missing trillion issue with a ten foot pole. Scary. Either he doesn’t know well enough to what occurred or he is deliberately diverting attention to the elephant in the room.
Come on, Greg. We’re trying to converse here but you update the comments so infrequently it’s impossible.
Now tell me how your site’s free and I should start my own website.
At least set your site to update automatically without your having to read and approve every comment.
I get it now: 2A isn’t a Zionist, isn’t pro Second Amendment, and isn’t an American patriot. He’s just a troll.
You insult our host because he doesn’t serve you your favorite beverage quickly enough; You ungrateful boor!
Thank you Greg for not pulling any punches! Shear genius by you to feature the fair unbiased outlook from Jim Rickards! Truely a stallworth in financical and other vision beyond the common clan. May our dear savior Jesus keep and protect you and your listeners! I always walk away from your interviews with a positive outlook. YbiC, Christopher. PS. Thank Greg for being there!
Bang! He is in Australia soon , can’t wait.
Ride the wave Greg, taking you away form denial and to an honest reality.