Posts Categorized: In The News

Posted by & filed under In The News.

Bill Holter’s Commentary

You can bet this deal will not look or work out like similar deals done in the past with South American countries. This is China they are dealing with!

Silk Road Fund, General Electric Set Up Energy Infrastructure Investment Platform
November 10, 2017

BEIJING – The State Administration of Foreign Exchange (SAFE) said Thursday that the Silk Road Fund and General Electric (GE) had established a joint energy infrastructure investment platform.

The fund and GE Energy Financial Services signed a deal to create an investment platform in Beijing in November, SAFE said in a statement.

“The two sides will make joint investment in infrastructure projects in the fields of power grid, new energy, and oil and gas, in countries and regions along the Belt and Road,” SAFE said.

“The cooperation between the Silk Road Fund and GE will not only boost cooperation between high-end manufacturing companies from China and the US, but also promote economic development of the regions where their investment goes,” the statement said.

Designed to finance the Belt and Road Initiative, the Silk Road Fund was founded in December 2014 and is jointly backed by China’s foreign exchange reserves, China Investment Corp, the Export-Import Bank of China and China Development Bank.

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Posted by & filed under In The News.

Jim Sinclair’s Commentary

Well our worse fear has come true. We were not conspiratorialists but rather seeing clearly.

Tin foil hats are REAL!

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Bill Holter’s Commentary

When is a default, not a default? In the past pretty much always, it will be interesting to see the rationale behind this one not being a “default”?

Default Day Looms For Cash-Strapped Venezuela
November 10, 2017

Caracas (AFP) – Venezuela slipped inexorably towards a formal debt default Friday, with analysts saying it was all but inevitable for the sinking OPEC state which owes about $150 billion.

“With Venezuela’s state-owned oil company having reportedly failed to make a principal payment on a bond that has now matured, credit default swaps are likely to be triggered on Friday,” market analysts Capital Economics said.

A group of creditors assembled under the aegis of a global financial body, the International Swaps and Derivatives Association (ISDA), will meet in New York at 11:00 am (1600 GMT) to review whether an overdue $1.1 billion payment on a bond issued by Venezuela’s state oil company PDVSA has triggered a “credit event.”

“They can either make a decision at this meeting or vote to have another meeting to discuss the question further,” an ISDA spokeswoman told AFP by email.

President Nicolas Maduro’s cash-strapped socialist government must repay at least $81 million on another PDVSA bond by this weekend, at least $1.47 billion interest on various bonds by the end of the year, and then about $8 billion in 2018.

That’s a tough prospect, as the country has less than $10 billion in hard currency reserves.

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Bill Holter’s Commentary

Yay rah rah common core! Just throw more money at it, that should do the trick?

13 Baltimore High Schools Have Zero Students That Are Proficient In Math
|November 9, 2017

For the past several weeks, one Fox affiliate in Baltimore has been publishing some staggering stories about the Baltimore public school system under an investigative series called “Project Baltimore.” Just a few weeks ago we noted one of those stories in which an undercover teacher admitted that public schools routinely pass kids that never even bother to show up for class a single day during the school year.

Now, a stunning new installment of the Project Baltimore series from Fox 45 reveals that 13 public high schools sprinkled around Baltimore, of the city’s 39 total, had exactly 0 kids that tested proficient in math.

An alarming discovery coming out of City Schools. Project Baltimore analyzed 2017 state testing data and found one-third of High Schools in Baltimore, last year, had zero students proficient in math.

Project Baltimore analyzed 2017 state test scores released this fall. We paged through 16,000 lines of data and uncovered this: Of Baltimore City’s 39 High Schools, 13 had zero students proficient in math.

Achievement Academy

Carver Vocational-Technical High

Coppin Academy

Excel Acadamy @ Francis M. Wood High

Forest Park High

Frederick Douglass High

Independence School Local 1

Knowledge and Success Academy

New Era Academy

New Hope Academy

Northwestern High

Patterson High

The Reach! Partnership School

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Jim Sinclair’s Commentary

The most endangered specie on the planet in on two legs. It is the pensioner.

The Ponzi scheme that’s more than 100x the size of Bernie Madoff

November 10, 2017

By January 1920, much of Europe was in total chaos following the end of the first World War.

Unemployment soared and steep inflation was setting in across Spain, Italy, Germany, etc.

But an Italian-American businessman who was living in Boston noticed a unique opportunity amid all of that devastation.

He realized that he could buy pre-paid international postage coupons in Europe at dirt-cheap prices, and then resell them in the United States at a hefty profit.

After pitching the idea to a few investors, he raised a total of $1,800 and formed a new company that month– the Securities Exchange Company.

Early investors were rewarded handsomely; within a month they had already received a large return on investment.

Word began to spread, and soon money came pouring in from dozens, then hundreds of other investors.

By the summer of 1920, the company’s founder was receiving more than $1 million per day from investors.

His name was Charles Ponzi. And as you could guess, it was a total scam.

Ponzi wasn’t really generating any investment returns. He was simply taking the new investors’ money to pay the old investors.

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Jim Sinclair’s Commentary

Too late, her fate is sealed.

Who Got To Her? Brazile Suddenly Changes Tune On DNC ‘Rigging’ For Hillary
November 7, 2017

Was the 2016 Democratic Party primary process between Hillary Clinton and Bernie Sanders a “fair” fight?

“I believe it was,” said former Democratic National Committee interim chair Donna Brazile, who was suddenly singing a very different tune Tuesday in an interview with CBS.

In her new book released Tuesday, “Hacks: The Inside Story of the Break-ins and Breakdowns that Put Donald Trump in the White House,” Brazile had said exactly the opposite – indicating she doesn’t believe “the fight had been fair.”

Brazile explains that, when she took the helm of the DNC, she promised Sanders she “would get to the bottom of whether Hillary Clinton’s team had rigged the nomination process, as a cache of emails stolen by Russian hackers and posted online had suggested.”

Clinton vs. Sanders not a ‘fair’ fight

The following is an excerpt from Brazile’s new book describing the moment she discovered a eye-opening deal between Clinton and the DNC that, she says, “looked unethical” and “compromised the party’s integrity”:

I had tried to search out any other evidence of internal corruption that would show that the DNC was rigging the system to throw the primary to Hillary, but I could not find any in party affairs or among the staff. I had gone department by department, investigating individual conduct for evidence of skewed decisions, and I was happy to see that I had found none. Then I found this agreement.

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Bill Holter’s Commentary

In the old days, $4 billion would cause a $40 drop. It seems not much bang for their buck anymore!

Gold Slammed After Someone Pukes $4 Billion Notional In Gold Futures
November 10, 2017

As we approach the European close, the dolar index just spiked and precious metals (and crude) were pummeled. Gold futures tumbled on massive volume as over $4 billion notional was purged instantaneously…

Over 30,000 contracts ripped through gold futures – over $4.2 billion notional – in the space of a minute. That’s around 10% of a normal days’ volume.

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NOTE – $1281 is the 100-day moving average that has been an equiliborum level for the last few weeks…

Silver was hit too as the dollar spiked…

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Bill Holter’s Commentary

More sealed indictments?  Maybe, just maybe they are pulling the drain plug?

 

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Bill Holter’s Commentary

We used to do this as kids when our parents were out, now a machine does it for us? Can a machine be “grounded” for being bad?

Echo Breach Cops Raid Music Fan’s Flat After His Alexa Amazon Echo Device ‘Holds A Party On Its Own’ While He Was Out
November 8, 2017

A MUSIC fan has been left with a huge bill after his voice-operated Amazon Echo device threw a house party while he was away.

Cops were forced to break into Oliver Haberstroh’s flat in Hamburg, Germany, after neighbours complained about deafening music blasting from inside – but found the apartment empty. clip_image002

The smart speaker system allegedly blasted music at 2am while Mr Haberstroh was drinking with friends

Mr Haberstroh claims he walked out of his flat to meet friend on Friday night after checking that the lights and music were switched off.

He wrote on Facebook: “While I was relaxed and enjoying a beer, Alexa managed on her own, without command and without me using my mobile phone, to switch on at full volume and have her own party in my apartment”

“She decided to have it at a very inconvenient time, between 1.50am and 3am. My neighbours called the police.”

After knocking on the door, the officers called an expert to break the lock open – and refused to hand over keys for the replacement until they’d been paid for the locksmith.

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The American Dream Is Now A Nation Of Low Paid Bartenders And Waitresses
November 4, 2017

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“In our own times we see that politicians raised under neoliberalism are unwilling and unable to effectively use real Keynesian policies: they can’t do stimulus, when they try, they give the money primarily to the rich.

They grew to power by being neoliberals; faced with new times they cannot change. In France we saw the main center-left party (really a neoliberal party) implode because it would just not change, and throughout the West center-left neoliberal parties are dying for just this reason. The world has changed, the people who run those parties cannot change…

Our societies have failed to run themselves acceptably since 2008, and the youngs have no attachment to the status quo since it never ever worked for them. Change is thus not only possible, it is now inevitable.”

Stocks were rallying off the jobs report.

The American dream is now a nation of low paid bartenders and waitresses, living from paycheck to paycheck, preyed upon by corporate behemoths in healthcare, housing, and finance. They are a sleeping giant.

And because of the increase in wickedness, the love of many will grow cold. But those who stand to the end, firm in the faith, will be saved. And the good news of the kingdom of God will be given as a witness to all nations.

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Bill Holter’s Commentary

They do tell the truth once in a while!

Sean Parker: We Built Facebook to Exploit You
November 9, 2017

Facebook’s founding president Sean Parker — Justin Timberlake in The Social Network, if that’s how you keep track of the platform’s key players — sat down with Axios’s Mike Allen at an event in Philadelphia this week.

Parker, who now chairs the Parker Institute for Cancer Immunotherapy, was there to discuss advances in cancer research — but nevertheless managed to squeeze in a few comments about building Facebook. What he had to say is not going to make Zuck happy.

Confirming what you basically know, but probably don’t want to think about too closely, Parker explained just how he and the other early Facebookers built the platform to “consume as much of your time and conscious attention as possible.”

He described the system of users posting content and receiving likes as “a social-validation feedback loop … exploiting a vulnerability in human psychology.”

“We need to sort of give you a little dopamine hit every once in a while, because someone liked or commented on a photo or a post or whatever,” Parker said.

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Bill Holter’s Commentary

This topic is heating up for Hollywood and elsewhere. “Cheese pizza” though called by many a conspiracy is 100% real and an abomination. There is no penalty strong enough for this evil!

Exclusive: LAPD Confirms They Are Investigating Hollywood Pedophile Ring After Corey Feldman Files Formal Report
November 7, 2017

The Los Angeles Police Department is investigating a rumored Hollywood pedophile ring after Corey Feldman filed a formal police report identifying the men he claims sexually abused him as a child.

‘Corey Feldman filed a report with the Los Angeles Police Department. There is no further information at this time, and his report is being investigated,’ a spokesperson told DaillyMail.com on Tuesday.

Feldman revealed he had filed a report on Monday.

‘IMPORTANT CAMPAIGN UPD8: I JUST COMPLETED A FORMAL SIT DOWN INTERVIEW W @LAPDHQ SPECIAL DIVISION, & GAVE THEM ALL THE INFO I KNOW! THIS WAS OFFICIALLY THE 1ST FORMAL REPORT EVER TAKEN ON ANY OF MY CASES, AS SBPD NEVER FOLLOWED UP BACK IN 1993, & HAS NO RECORD OF MY COMPLAINTS,’ wrote an animated Feldman on Twitter.

He then added: ‘THE LAPD WILL BEGIN AN OFFICIAL INVESTIGATION NOW! THINGS R HEATING UP, IM PRAYING 4 SAFETY!’

Just last week, Feldman revealed the identities of two alleged child molesters he claims took advantage of him and other adolescent screen stars years ago

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Bill Holter’s Commentary

A well written and factual article by Joseph Lauria pulled down by HuffPo. Before even reading it, I figured if HuffPo pulled it down…it must be true! “Follow the money” has always been true, this is just another example.

HuffPo Yanks Article On Russiagate Hysteria By Award Winning Journalist Joe Lauria – So Here It Is
November 7, 2017

Award winning journalist and UN correspondent of 25 years, Joe Lauria, penned an outstanding article on the origins of “Russiagate” which he published to the liberal Huffington Post this week.

24 hours later, HuffPo yanked the article – leaving a dead link and a sad message in its place.

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Perhaps the insights offered in the article didn’t quite conform to HuffPo’s approved narratives, or maybe it has something to do with Lauria’s new book “How I Lost By Hillary Clinton,” with a forward written by Julian Assange.

Considering Joe Lauria’s tenure as the Wall St. Journal’s UN correspondent of nearly seven years, as well as the Boston Globe’s for six – covering just about every major world crisis over the past quarter century, his unique perspective on the matter merits a read.

Reproduced below for your edification:

The Democratic Money Behind Russia-gate

As Russia-gate continues to buffet the Trump administration, we now know that the “scandal” started with Democrats funding the original dubious allegations of Russian interference, notes Joe Lauria.

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Bill Holter’s Commentary

…And it’s gone! There will be no difference with “paper” gold and silver, if it’s not in your hand or SAFELY stored “it ain’t”!

‘$300m In Cryptocurrency’ Accidentally Lost Forever Due To Bug
November 8, 2017

More than $300m of cryptocurrency has been lost after a series of bugs in a popular digital wallet service led one curious developer to accidentally take control of and then lock up the funds, according to reports.

Unlike most cryptocurrency hacks, however, the money wasn’t deliberately taken: it was effectively destroyed by accident. The lost money was in the form of Ether, the tradable currency that fuels the Ethereum distributed app platform, and was kept in digital multi-signature wallets built by a developer called Parity. These wallets require more than one user to enter their key before funds can be transferred.

On Tuesday Parity revealed that, while fixing a bug that let hackers steal $32m out of few multi-signature wallets, it had inadvertently left a second flaw in its systems that allowed one user to become the sole owner of every single multi-signature wallet.

The user, “devops199”, triggered the flaw apparently by accident. When they realised what they had done, they attempted to undo the damage by deleting the code which had transferred ownership of the funds. Rather than returning the money, however, that simply locked all the funds in those multisignature wallets permanently, with no way to access them.

“This means that currently no funds can be moved out of the multi-sig wallets,” Parity says in a security advisory.

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Bill Holter’s Commentary

…and it’s not even winter yet?

A Major Vulnerability Has Frozen Hundreds Of Millions Of Dollars Of Ethereum
November 7, 2017

Today is not a good news day for Ethereum. A vulnerability found within a popular wallet has frozen potentially hundreds of millions of dollars of the crypto currency in a second setback in recent months.

Parity Technologies, the company behind widely used wallet service Parity, today disclosed an issue that could enable the contents of a wallet to be wiped.

The issue affects multi-sig wallets — a technology that uses the consent of multiple parties for additional security on transactions — that were deployed after July 20. In other words, ICOs that were held since then may be impacted.

It’s a kicker because it is the second time in just a few months that a major Parity bug has been unearthed with potentially costly repercussions for Ethereum, which is the world’s second highest-valued crypto currency with a total market cap of over $27 billion. Back in July, a vulnerability in Parity led to 150,000 ETH (then worth around $30 million) being stolen.

That bug was fixed July 19 — hence the significance of the July 20 date — but one positive element of that first scare is that many in the Ethereum community, and particularly those who have held ICOs, backed away from the technology in favor of alternatives. Even those who did use Parity may not have opted for the multi-sig wallet.

But still it is a major security issue with wider implications. Parity explained that it found the problem when one user’s wallet was wiped:

Following the fix for the original multi-sig issue that had been exploited on 19th of July (function visibility), a new version of the Parity Wallet library contract was deployed on 20th of July. However that code still contained another issue – it was possible to turn the Parity Wallet library contract into a regular multi-sig wallet and become an owner of it by calling the initWallet function. It would seem that issue was triggered accidentally 6th Nov 2017 02:33:47 PM +UTC and subsequently a user suicided the library-turned-into-wallet, wiping out the library code which in turn rendered all multi-sig contracts unusable since their logic (any state-modifying function) was inside the library.

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To our dear readers,

Everyday we move closer and closer to motivations for rebellion.

Here is one I find most interesting because of the villainous perp in the first example.

People have asked me the why of the “Holter- Sinclair” collaboration.

The answer is simple.

Bill Holter is right.

He has a great ability to write about such things in an informative and helpful presentation so as to get you out of harm’s way.

Judging from history, and day to day events, which are reported differently by official media sources in totally contrary ways (some group is lying), History suggests that a revolution of the people or of the government against the people is a clear and present danger everywhere.

Bill and I make a good team while we both know that shutting up and heading for the USA hills probably would be the best course of action.

The most intelligent people may well be those who are featured in a TV documentary, “The Last Alaskans.”

Personally, I love Heimi, who has to be the only Jew living at 50 degree blow zero F. with no neighbors for hundreds of miles, and none required.

Jim

Class Warfare: People Are Out For Blood
November 7, 2017

Roughly two thousand years ago, the government of ancient Rome was facing a serious problem.

The tributium capitus, or poll tax, they had imposed across their provinces was becoming unpopular.

And there was a growing minority of Roman subjects who felt they were being forced to pay an overly burdensome and disproportionately high tax bill.

Things got so bad that there were small revolts, especially in one of Rome’s critical eastern provinces where many simply refused to pay.

Eventually the authorities were able to round up the leader of the movement– a youthful, charismatic local artisan who was brought before the provincial prefecture.

After reviewing the evidence, though, the prefecture found that the leader had actually done nothing illegal… and according to ancient texts, announced to the public:

“I have examined him in your presence and have found no basis for your charges against him. . .”

But the crowd was out for blood. They thought the resistance leader was arrogant and disrespectful of their values. And they wanted him put down for good.

Plus, the central government in Rome wanted to send a strong message to strike fear in those subverting their authority and not paying tax.

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Bill Holter’s Commentary

In order to serve on a jury I believe one must be able to answer who is buried in Grant’s tomb as a prerequisite? Knowing the difference between right and wrong would only be a bonus question!

Senator Menendez Juror Asks Trial Judge: ‘What Is a Senator?’
November 7, 2017

On their first full day of jury deliberations at the bribery trial of Senator Robert Menendez, a juror asked the judge a basic question: What is a senator?

U.S. District Judge William Walls declined to answer the question, and he refused that juror’s request for a transcript of Monday’s closing argument by Menendez’s attorney, Abbe Lowell. The panel had returned to the Newark, New Jersey, federal courthouse Tuesday after spending about 75 minutes deliberating the day before. Walls told jurors that they should rely on their individual and collective memories to determine how to define a senator.

The juror’s question, odd as it may have seemed, may have related to whether Melgen could have been considered a Menendez constituent. Defense attorneys said during the trial that Menendez regarded it as part of his Senate work to look after the interests of people beyond his home state. In his closing argument, Lowell reiterated that Menendez never introduced legislation that benefited Melgen.

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Bill Holter’s Commentary

People will starve when this turns and spikes higher, it’s called “hyperinflation”!

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Bill Holter’s Commentary

A visual extreme!

The Last Time This Happened, Gold Soared More Than 500%
November 5, 2017

From Justin Brill, Editor, Stansberry Digest:

It’s one of biggest extremes we’ve ever seen…

Are we approaching another massive turning point in the markets? If the following chart is any indication, the answer is a resounding yes…

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The chart shows the commodities-to-stocks ratio over the past 47 years. This ratio compares commodities – as tracked by the S&P GSCI Commodity Index – with the benchmark S&P 500. The red circles show times when commodities have become extremely expensive relative to stocks. And the blue circles show times when commodities have been extremely cheap compared with stocks.

As you can see, this ratio has now fallen to an extreme level rarely seen over the past five decades…

In fact, it is now even lower than either of the previous two bottoms…

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Bill Holter’s Commentary

Our journalists would NEVER do this as they have the utmost integrity! (sarc) It does make sense though if you listen to them for 30 seconds…?

Russia Dossier Investigators Suspect Reporters Were Paid To Spread Collusion Claims
November 5, 2017

The role of reporters is taking on added importance in federal court battles over the infamous Russia dossier that leveled unverified charges of collusion against the Donald Trump campaign.

In U.S. District Court for the District of Columbia, Fusion GPS, the dossier’s financier via the Democratic Party and the Hillary Clinton campaign money, is fighting a House committee chairman’s bid to find out if the opposition research firm paid journalists.

In U.S. District Court in Florida, a self-described dossier victim wants a judge to order the news website BuzzFeed, which published the dossier in full, to disclose who gave it to them.

The cases underscore how a Moscow-sourced memorandum created as opposition research against Donald Trump in the presidential campaign last year often dictates the debate about politics and reporters’ rights in Washington.

Rep. Devin Nunes, California Republican and chairman of the House Permanent Select Committee on Intelligence, signed a subpoena to force a bank to turn over Fusion’s financial records. He wants to know who paid for the dossier, which was written in a series of 18 memos by former British spy Christopher Steele. He relied almost exclusively on unidentified Kremlin sources.

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Bill Holter’s Commentary

Presented with no comment as none needed…

New FOIA Documents Reveal FBI Scramble To Preserve CFIUS Records In Uranium One Scandal
November 5, 2017

An internet researcher has uncovered what appears to be proof that the FBI was investigating the Uranium One deal back in 2015 – months after the Peter Schweizer book Clinton Cash exposed the scheme, along with an article in the New York Times which laid out allegations of criminal malfeasance by the Clintons, their charitable foundation, and several associates.

Twitter user Katica (@GOPPollAnalyst) – who notably discovered Hillary Clinton’s IT guy ‘Stonetear’ asking Reddit users how to strip Clinton’s name from archived emails – discovered several Preservation and Records requests sent by an FBI special agent to various agencies involved in the approval of the Uranium One deal on August 28th, 2015, as first published by The Conservative Treehouse. Katica found the requests buried in an FBI file released via the Freedom of Information Act (FOIA).

Revealing Timeline

While the Clinton email investigation was launched in March of 2015 after it was revealed that Secretary of State Hillary Clinton used a personal server and non-approved email accounts to conduct government business, reports from August, 2015 revealed that the FBI investigation was actually a criminal probe – though most assumed it was simply covering Clinton’s mishandling of classified information and not the content of her emails.

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Bill Holter’s Commentary

When reading this, please keep in mind my recent article “The plan comes together?”

‘Respect China’s Political System’: China Warns Trump On Eve Of His Asia Visit
November 5, 2017

On the eve of Donald Trump’s first trip to Asia as US President the government owned Chinese English language newspaper Global Times – which is often used by the Chinese government to express views the Chinese government does not wish to state officially – has published an editorial warning Trump to respect China and its political system and to discard ‘Cold War thinking’.

China’s relations with the Trump administration have gone through complex stages, with Donald Trump and China’s President Xi Jinping appearing to hit it off during their first summit meeting in Florida in April, but with relations subsequently coming under strain because of the two countries’ differing approaches to the North Korean crisis and because of disagreements on trade issues. In addition there are the long-running sore of the US-China dispute over the South China Sea and the status of Taiwan.

However the comments by President Trump which have probably incensed the Chinese leadership most were certain comments he made over the course of his recent speech to the United Nations General Assembly, in which he criticised socialism in the most trenchant terms

“The socialist dictatorship of Nicolas Maduro has inflicted terrible pain and suffering on the good people of that country. This corrupt regime destroyed a prosperous nation by imposing a failed ideology that has produced poverty and misery everywhere it has been tried……..

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Bill Holter’s Commentary

The “petro-yuan” is going to be a reality soon!

A Currency War Will Escalate as China’s ‘Petro-Yuan’ Is Set to Challenge the U.S. Military-Backed ‘Petro-Dollar’
November 3, 2017

One quote that always crosses my mind regarding the decline of the U.S. dollar and the state of geopolitics associated with it, is by Gerald Celente, founder of the Trends Research Institute who said that “When all else fails, they take you to war.”

As the U.S. dollar continues to lose its status as the world’s premiere reserve currency, the reality of a world war seems inevitable, especially when major countries such as China, Russia and Iran are making strategic moves to bypass the U.S. dollar in favor of other currencies such as China’s ‘Petro-Yuan’. China has made the decision to price oil in their own currency the “Yuan” by a new gold-backed futures contract which will change the dynamics of the world’s economy. China is preparing to launch the petro-Yuan later this year that will eventually threaten the U.S. dollar as the world’s reserve currency.

At the end of World War II, the international economic system was in shambles, so a plan was devised to create a new economic system. By July 1944, more than 730 delegates arrived at the United Nations Monetary and Financial Conference in Bretton Woods, New Hamphire and signed on to the historic Bretton Woods agreements which was a plan to set up a system of rules, regulations that eventually led to the creation of the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF). The IMF’s main purpose was to prevent any temporary imbalances of payments. The framework of the Bretton Woods agreements was to control the value of money between various countries. Each country had to have an established monetary policy that kept the exchange rate of its own currency within a fixed value in terms of gold. By 1971, the U.S. terminated the convertibility of the U.S. dollar to gold (at the time, the fixed rate of gold was at $35 an ounce) ending the Bretton Woods system allowing the U.S. dollar to become a fiat currency which has allowed central banks (especially the Federal Reserve bank) to “print money out of thin air.”

China’s move will have consequences. For starters, it will certainly undermine Washington’s ability to impose economic sanctions on any nation at will and at the same time, will slowly diminish the purchasing power for U.S. consumers as imports become more expensive.

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