>> 29 May 2020

The Dollars And Deaths Of COVID-19
By: Bill Sardi

The U.S. economy has used phony numbers for a long time. The U.S. Gross Domestic Product has been falling for some time.

Cuts in government-funded services, including Social Security and Medicare were already in the works before the COVID-19 coronavirus outbreak.

President Trump offered reduced taxes for U.S. companies doing business overseas as incentive to bring their profits home. Some $465 billion of U.S. dollars were repatriated. But CEOs of U.S. companies bought back shares from their small stockholders and enriched themselves, double-crossing Trump’s plans to “make America great again.” Now President Trump has control as the federal government has a 3% stake in these companies via the COVID-19 bailout money. Now they have to start new ventures and hire Americans. >> 13 May 2020

Cash is Trash, Especially for the Post-COVID World
By: Thomas Luongo

There’s been a concerted effort recently among the oligarchs I like to call The Davos Crowd to demonize cash. From hedge fund manager Ray Dalio pronouncing ‘Cash is trash’ earlier this year to the fear-mongering surrounding COVID-19 making people fearful of dealing in cash because it might be tainted the anti-cash rhetoric has been amped up to eleven.

And it’s been no secret that the elite of the world want us to stop transacting in cash because it is something they can’t track. Sweden has flirted with the cashless society while the European Union did away with large denomination bills the same way the U.S. has been phasing them out. >> 20 April 2020

How to Think About the Fed Now
By: Jeff Deist, President of the Mises Institute

The Great Crash of 2020 was not caused by a virus. It was precipitated by the virus, and made worse by the crazed decisions of governments around the world to shut down business and travel. But it was caused by economic fragility. The supposed greatest economy in US history actually was a walking sick man, made comfortable with painkillers, and looking far better than he felt—yet ultimately fragile and infirm. The coronavirus pandemic simply exposed the underlying sickness of the US economy. If anything, the crash was overdue. >> 22 March 2020

The Crony Capitalist Thieves Are Back
By: David Stockman

Yet they now want the Fed to have expanded powers to buy corporate debt and who knows what else:

The Fed could ask Congress for the authority to buy limited amounts of investment-grade corporate debt. Most central banks already have this power, and the European Central Bank and the Bank of England regularly use it. The Fed’s intervention could help restart that part of the corporate debt market, which is under significant stress. Such a programme would have to be carefully calibrated to minimise the credit risk taken by the Fed while still providing needed liquidity to an essential market.

The bolded part is a risible lie. There is absolutely nothing wrong with the corporate debt market that even a modicum of honest interest rates could not handle. >> 24 December 2019

Paul Volcker: The Man Who Vanquished Gold
By: Joseph T. Salerno

Among other things, Volcker recommended a continuation of capital controls to prop up the inflated dollar’s overvalued exchange rate and a massive appreciation or “revaluation” of the currencies of less inflationary countries such as West Germany, placing the burden of adjustment to unrestrained US inflation on these countries. Volcker then planted the time bomb that would eventually detonate and seal the fate of the gold standard. He suggested to Nixon that if these measures did not work to sustain the pseudo–gold standard of the Bretton Woods System, a run on the US gold stock could only be avoided by unilaterally repudiating the postwar US pledge to convert foreign official dollar holdings into gold. Unfortunately, the Volcker Group report summarily dismissed the alternative of raising — possibly doubling — the dollar price of gold, i.e., “devaluing the dollar,” which would have increased the value of the US gold stock and facilitated the restoration of a genuine gold standard. >> 6 September 2019

Fake MAGA, Fake Markets
By: David Stockman

Sorry, folks. This is buck naked gibberish.

And it’s also a reminder of why the Donald doesn’t give a whit about the nation’s hemorrhaging fiscal accounts. During his first 31 months in office – and at the very top of the longest business cycle in history – he has added $2.7 trillion to the net public debt, yet he thinks it’s just ducky that the German government is getting paid to borrow money.

To the contrary, the race to the interest rate bottom is a historic financial catastrophe in the making, not some kind of international sports contest the Donald is losing; and if the other G-7 leaders were actually “giddy” about the slow-motion destruction of their bond markets and banking systems wrought by the ECB – then Drunk would be a better term for their mental condition. >> 9 August 2019

We're All Currency Manipulators Now
By: David Stockman

Call it the monetary theater of the absurd. After all, here is what a determined currency manipulator did between September 2002 and July 2008.

To wit, it pumped about $200 billion of new dollar liabilities into the world financial system, thereby expanding the Fed’s balance sheet by 26%. Clearly, global traders and US trading partners didn’t welcome that flood of freshly minted fiat currency because during the same period, the traded-weighted dollar exchange rate plunged by 25%. >> 13 June 2019

Putin, Xi To Cut US Dollar Out of Eurasian Trade
By: Pepe Escobar

Chinese President Xi Jinping was the guest of honor of Russian President Vladimir Putin. It was Xi’s eighth trip to Russia since 2013, when he announced the New Silk Roads, or Belt and Road Initiative (BRI).

First they met in Moscow, signing multiple deals. The most important is a bombshell: a commitment to develop bilateral trade and cross-border payments using the ruble and the yuan, bypassing the U.S. dollar. >> 20 May 2019

Not Just a Trade War, But a Shooting War With China
By: Doug Casey

The Chinese came from nothing; only 40 years ago, they had nothing but a billion impoverished peasants. No money. No technology. No power. Today, they’re on par with the United States. But, if this trend continues – which it will – their economy will be triple the size of the US economy in 20 years.

Not just a trade war, but a shooting war with the Chinese seems inevitable. Because when tensions build up between states they eventually fight with each other. >> 16 May 2019

Central Banks’ Crusade Against Risk
By: Thorsten Polleit

Since the latest the crisis in 2008/2009, central banks around the world have been doing their best to expel risks from financial markets. By lowering interest rates, fixing them at extremely low levels, or issuing more credit and money, monetary policymakers make sure that ailing borrowers are kept afloat. In fact, central banks have put a “safety net” under the economies and the financial markets in particular. As it seems, this measure has been working quite effectively over the last ten years or so. >> 10 May 2019

Moves in Gold & Silver Will Be 1970s on Stilts
By: Egon von Greyerz

My long standing target for gold of $10,000 in today’s money and much, much higher in inflationary terms, is now more probable than ever. But I hope it will never be achieved. When gold goes to $10,000, it won’t be under the same circumstances that we saw in the 1970s. Gold then went from $35 in 1971 to $850 in January 1980 – a 24x explosion in very different conditions. >> 3 May 2019

Let Venezuela Decide Its Own Destiny
By: Patrick J. Buchanan

U.S. intervention in a nation of 30 million people, with an army of scores of thousands of troops, would enable Maduro to cast himself in the role of martyr of Yankee imperialism.

Finally, time is on our side, not Maduro’s.

The Venezuelan economy, one of the richest in the hemisphere owing to the world’s largest oil resources, is now in shambles. Some 3 million people, 1 in every 10 Venezuelans, have fled the disaster that Maduro and his mentor Hugo Chavez created.

The currency is sinking to Weimar levels. Oil exports are falling. Shortages of food and medicine are spreading. Power blackouts have been reported. It is difficult to foresee any turnaround the Maduro regime can execute to revive the economy or prevent the continued exodus of its people. Most of the nations of Latin America are with us and against Maduro. >> 2 May 2019

Bubble, Bubble, Double Trouble
By: David Stockman

The Donald was at it again in Wisconsin this weekend, reiterating his patented boast that the US economy is booming like never before.

We’re now the No. 1 economy anywhere in the world and it’s not even close,” he said on Saturday night at a rally in Green Bay, Wisconsin.

“At the end of six years, you’re going to be left with the strongest country you’ve ever had,” he said.

We beg to differ, profoundly. The debt- and bubble-freighted US economy is actually running out of gas after a long, artificial cycle of tepid expansion; and so far the Donald’s Trade Wars and fiscal borrowing binge have only piled more debilitating baggage on America’s deeply impaired economy. >> 12 April 2019

Living a Legend
By: Anne Williamson

If the American people fail to stand for Julian, then the nation – in time – will be truly lost, and it won’t be because of the horrors of a financialized economy and a paper currency alone.

Without open debate conducted under the auspices of a universally-supported First Amendment, the walls of what Americans thought was liberty’s fortress will crumble. The surveillance economy will prosper and eventually collapse into a dystopian reality.

I can’t say the inattentive and endlessly bickering Americans deserve better, but their posterity certainly does. >> 8 April 2019

2020: Socialist America or Trump's America?
By: Patrick J. Buchanan

Under “modern monetary theory,” currency is a public monopoly for the government, and unemployment is evidence that the monopoly is choking off the needed supply. So print the money necessary to get to rising wages, full employment and a booming economy.

To achieve Bernie Sanders’ Socialist America, the filibuster would have to be abolished, easily done, and the Constitution altered, requiring the support of three-fourths of the states, not so easy. >> 22 March 2019

Central Banks Are Messing With Your Head
By: Thorsten Polleit

They do not see — often misguided by mainstream economics — that the root cause of the trouble is central banks’ downward manipulation of market interest rates in the first place, which is made possible by central banks running an unbacked paper money system.

To conclude: The indisputable insight that central banking brings about a “Revaluation of all Values”, which is neither in the economic interest of the people nor ethically justifiable, should encourage efforts to put an end to central banking.

Any such effort must propagate the intellectual insight that central banking is very harmful to the society, and it also requires truly bold and determined action, for “We know that no one ever seizes power with the intention of relinquishing it,” as George Orwell put it. >> 30 January 2019

Tax the Rich?
By: Laurence M. Vance

“The rich” don’t need to be taxed any higher. They and many Americans who make far less than $1 million a year already pay the vast majority of the income taxes that feed the federal leviathan. And not only do “the poor” pay little or no income taxes, they receive tax refunds from the government of money they never paid in via refundable tax credits. I think the problem is rather that the Congress spends too much money. The national debt is not $22 trillion because “the rich” haven’t been taxed enough. >> 7 January 2019

Our Enemy, the Fed
By: Tom Woods

The Fed has destroyed the value of the dollar, which has lost 95 percent of its value since the Fed’s creation.

The Fed gives rise to moral hazard, since financial institutions know that they can always be bailed out with Fed-created money if things should go terribly wrong. >> 29 May 2018

Putin Warns of Financial Crisis The World ‘Has Not Yet Seen’
By: Lew Rockwell

“The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said.

In addition to traditional forms of protectionism such as trade tariffs, technical standards and subsidies, nations are increasingly using new ways to undermine their competition, like unilateral economic sanctions. And nations which thought they would never be targeted by such measures for political reasons are now being proved wrong, Putin said. >> 22 September 2017

'A US Trade War With China Will End US Monopoly on Global Financial System’
By: Jim Rogers & RT News

It will be the end of the US monopoly on the global financial system, says Jim Rogers. >> 13 August 2017

Statist Monetary Cranks
By: Gary North

The greenback monetary cranks have always been opposed to the Federal Reserve. Why? Because the regional Federal Reserve banks are privately owned. They hate all private banking. They are committed statists. They originally were people of the Left in the late 1880’s. Today, they are found on the Right, but they are in no way defenders of the free market. They want Congress in control of money. >> 24 July 2017

The "Chuck Prince Market" Redux — Only More Dangerous
By: David Stockman

We are at that moment again. Only this time the danger of a thundering crash is far greater. That’s because the current blow-off top comes after nine years of even more central bank policy than Greenspan’s credit and housing bubble.

The Fed and its crew of traveling central banks around the world have gutted honest price discovery entirely. They have turned global financial markets into outright gambling dens of unchecked speculation. >> 9 June 2017

Bank Failures Hither and Yon
By: Douglas French

Grant’s Almost Daily reports that despite the seemingly calm economic winds, “Banco Popular has managed to run the ship aground. In order to shore up their sickly balance sheet, the acquiring [Banco] Santander will issue a €7 billion rights offering to shareholders. Banco Popular’s equity and junior debt are wiped out, to the tune of €3.3 billion.” >> 23 June 2016

Brexit: What Is It About?
By: Paul Craig Roberts

The EU serves Washington and the One Percent. It serves no one else. The EU is a murderer of sovereignty and peoples. The intent is for the British, French, Germans, Italians, Greeks, Spanish, and all the rest to disappear as peoples. Brexit is the last chance to defeat this hidden agenda, and apparently, the British will vote tomorrow without having a clue as to what is at stake and what the vote is about. >> 8 June 2016

Free Money From the Robots!
By: Gary North

It rests on the universal assumption of all socialist thought, namely, the assumption that nature imposes no inherent limits. Therefore, scarcity is the product of evil institutions — institutions based on private ownership. “Property is theft,” announced Proudhon. So, socialists conclude, the state should steal it back from the thieves and give it to everyone. This has been the socialist party line for 200 years. >> 21 April 2016

German Gold and the Crooked NY Fed
By: Arthur M.M. Krolman

Same Questioner: Germany has asked to repatriate their gold. And they haven’t gotten all their gold back. And I was wondering why they haven’t got all their gold back when they asked for it three or four years ago. >> 20 April 2016

Monetary Reform: Fiat vs. Market
By: Gary North

There is an answer: central bankers do not trust other central bankers. They do not trust the reliability of civil governments. They know that when push comes to shove in the business cycle, other central bankers will crank up the printing presses. When this happens, they all want to be in gold. So should the rest of us. To keep their credit worthiness in a crisis, they have to own gold. So do the rest of us. >> 23 March 2016

Trade Deficit Angst
By: Walter E. Williams

Let’s look at the political angst over trade deficits. A trade deficit is when people in one country buy more from another country than the other country’s people buy from them. There cannot be a trade deficit in a true economic sense. Let’s examine this. >> 11 February 2016

Bank Bounce Back is Baloney: Gold Will Glow
By: Gerald Celente

The Panic is on

This unprecedented bashing of bank stocks is a clear signal of great financial distress — the causes and effects of which we have detailed in our Trends Journals, Trends Monthly, Trend Alerts and Trends in the News broadcasts. In addition, with central banks imposing negative interest rates, it is less profitable for banks to lend, thus reducing their earning power, and adding more downward financial pressure during a time of increased distress. >> 24 June 2015

Ben Bernanke’s Bromance
By: Thomas DiLorenzo

Former Fed Chairman Ben Bernanke is in love with another man – Alexander Hamilton. Defending his man’s honor on his personal blog published through his new employer, the left-wing Brookings Institution, Bernanke recently said he is “appalled” that the U.S. Treasury Department is considering removing Hamilton’s mug shot from the ten dollar bill and replacing him with a woman (Bella Abzug? Elinor Roosevelt? Oprah? Who knows). >> 26 May 2015

Kiss your Pension Fund Good-Bye
By: Martin Armstrong

Between the court ruling and the Obama administration’s push for stronger fiduciary rules send a strong message that government can much easier seize the pension fund management industry of course to “protect the consumer”. >> 21 May 2015

Why Europe Will Lead the Charge to Eliminate Cash – the Next Step in a Global Meltdown
By: Martin Armstrong

The next step in the game will be CAPITAL CONTROLS. When the European government realizes that they cannot eliminate cash without the rest of the entire world doing so simultaneously, money will move out even faster from Europe, driving the dollar to excessive highs. They will most likely follow the same script as they did in Cyprus, imposing currency controls to prevent money from fleeing. >> 24 November 2014

Sell, Sell, Sell…….The Central Bank Madmen Are Raging
By: David Stockman

The global financial system has come unglued. Everywhere the real world evidence points to cooling growth, faltering investment, slowing trade, vast excess industrial capacity, peak private debt, public fiscal exhaustion, currency wars, intensified politico-military conflict and an unprecedented disconnect between debt-saturated real economies and irrationally exuberant financial markets. >> 21 November 2014

As The “Sanctions War” Heats Up, Will Putin Play His ‘Gold Card’?
By: John Butler

The topic of ‘currency war’ has been bantered about in financial circles since at least the term was first used by Brazilian Finance Minister Guido Mantega in September 2010. Recently, the currency war has escalated, and a ‘sanctions war’ against Russia has broken out. History suggests that financial assets are highly unlikely to preserve investors’ real purchasing power in this inhospitable international environment, due in part to the associated currency crises, which will catalyse at least a partial international remonetisation of gold. Vladimir Putin, under pressure from economic sanctions, may calculate that now is the time to play his ‘gold card’. >> 29 May 2014

The End of Economic Freedom
By: Murray N. Rothbard

Wake Up America

And so fascism is here – and it doesn’t even work. We have sold our birthright of freedom for a mess of inedible pottage. Our economic dictators should at least heed the warning of their predecessor, Field Marshal Hermann Goering. After his capture by the Allies, Goering stated: Your America is doing many things in the economic field which we found out caused us so much trouble. You are trying to control people’s wages and prices – people’s work. If you do that, you must control people’s lives. And no country can do that part way. I tried it and failed. Nor can any country do it all the way either. I tried that too and it failed. You are no better planners than we. I should think your economists would read what happened here.” >> 11 April 2014

The U.S. Dollar: Currency Masquerading as Money
By: Donald W. Miller, Jr., MD

People consider Federal Reserve notes, U.S. dollars, to be real money. This includes their digital equivalent in bank and credit card statements and Treasury-issued base metal coins. As a unit of account, all goods and services, and land and labor are priced in U.S. dollars. Declared legal tender, Federal Reserve notes are the country’s medium of exchange. >> 31 March 2014

Are Cryptocoins Money?
By: Michael S. Rozeff

Gold is a free market and international unit of account. It got that way without a Pharaoh. It got that way because of its properties as a good that was internationally valued and recognized, by its durability, divisibility, high value per unit of weight, relatively low variation in supply, and so on. Once it became a numeraire, paper certificates could be issued against it. It still remained the numeraire. >> 28 March 2014

Let Them Eat iPads: 14-Years Of Data Debunk Fed’s Inflation Shortfall Canard
By: David Stockman

This is not simply another case of “Let them eat iPads” cynicism. Hitting the wholly arbitrary 2% inflation target is sacred doctrine inside the Eccles Cathedral, and Yellen takes her scriptures, along with her money printing, every bit as literally did as the legendary William Jennings Bryan. Indeed, failing the inflation target “from below” amounts to a Cardinal Sin. >> 22 January 2014

The Supreme Court Case That Handed America Over to the Bankers
By: Gary North, Mises on Money

The legal issue: Could the state of Maryland tax the Second Bank of the United States? It was a private bank.