In The News Today

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Bill Holter’s Commentary

Erik on the “privilege” of issuing the global reserve currency.

American Exceptionalism and the Reserve Currency_001

American Exceptionalism and the Reserve Currency_002

Bill Holter’s Commentary

He is saying fiat forever? Maybe he misses the point and does not understand? Gold IS money, everything else is credit…!

Rabobank: Yes, Gold Is Soaring, But Here Is What The Goldbugs Are Missing
July 28, 2020

By Michael Every of Rabobank

Golden Balls

‘Golden Balls’. That was the name of a not-very-successful UK game show from 2007. It was also what the British used to call David Beckham, arguably the most talented footballer of his generation locally. He bestrode the world football stage like a colossus from Manchester United to Real Madrid to LA Galaxy. Everyone around the world knew him and loved him. And yet, Becks never won anything when playing where it really mattered most – internationally, for England. There were several times when his England team almost nearly kinda could shoulda woulda won something…but never did. All they ever had were flashes of brilliance from Golden Balls and a memory of when they were winners in the distant past

All of which seems appropriate, to me at least, given there is so much obsession with gold at the moment. We are now close to USD2,000 and there seems no stopping it. Will we get to USD3,000, as one major bank with a Beckham-esque name is claiming, or will we go to USD5,000, as a razor-sharp friend suggested to me yesterday? Either is possible given the current trend. And, if you buy gold, technically that is going to make you money.

And yet that money is still going to be priced in US DOLLARS – and that gives the whole game away. Like fans of the England football team, gold fans can dream of the distant past when gold was the centre of the global monetary system; but they can keep dreaming if they think those days are ever going to return. Gold may be an appreciating asset, but all the evidence suggests that it won’t be one that is of any direct relevance to day-to-day life, finance, and business. Your currency won’t be tied to it. You won’t get paid in it. You won’t spend in it or save in it (other than to the switch back to US Dollars). You won’t be doing deals in it or importing in it.

Yes, as the gold bugs rightly point out, there are spooky parallels between today’s trends and those of the 1930s. Uncertainty abounds. We have political polarisation and the collapse of the centre almost everywhere, albeit tapered by the welfare state for now (on which front, the Republicans have apparently agreed on the details of a new US1 trillion stimulus package).


Bill Holter’s Commentary

Donald Trump Jr’s twitter account was taken down for posting this. Youtube and Facebook appear to have scrubbed this video also. Just one comment, if “they” don’t want you to see it?…The information is probably very, very real in our world of nothing but coordinated and choreographed bullshit! Post note; we are not doctors but they are in the video. What we seek is free speech for everyone which has already been severely restricted, this is just another prime example.

American Doctors Address COVID-19 Misinformation with SCOTUS Press Conference
July 27, 2020