Dateline December 14, 2015. Two new financial indicators are rocking the markets just two days away from the Fed's biggest policy decision in a number of years. First, oil prices fell to below $35 a barrel with natural gas prices falling to their lowest since 2002. And secondly, the bond markets are starting to crack, with liquidity problems in the junk bond market eerily forecasting the 2010 crisis that led to the start of Quantitative Easing.
As you can see from the above chart, the last time oil prices were this low and liquidity problems occurred we were in the middle of the Great Recession.
Yet with all the talk over the past few years about the dollar, the Yuan, and about ongoing currency wars, one thing seems to have fallen off the radar, and that was the fact that following the 2008 October crisis, central banks began transacting not in the dollar or in their primary currencies, but instead they traded in gold.
The one real form of money.
Alan Greenspan, the venerable former Federal Reserve chairman, speaking to the U.S. Congress in 1999, said, "Gold still represents the ultimate form of payment in the world. Fiat money, in extremis, is accepted by nobody. Gold is always accepted."
In 2002, in a speech given before the Economic Club of New York, Mr. Greenspan also said, “As recently as a decade ago central bankers, having witnessed more than a half-century of chronic inflation, appeared to confirm that a fiat currency was inherently subject to excess.” He confirmed what Aristotle stated 2,500 years ago when he said, “In effect, there is nothing inherently wrong with fiat money, provided we get perfect authority and god-like intelligence for kings.” - Goldbroker
During the 2008 crisis several transactions of the Bank for International Settlements (BIS) involved gold. What is significant in this is that gold is being used in international settlements again after so many decades of being sidelined in the monetary system. Gold’s old emergency usefulness has resurfaced, albeit behind closed door sat the BIS in Basel. The transactions themselves confirm that gold is being used in this manner, which is a dynamic confirmation of gold's return to the monetary system.And perhaps it is not ironic that following the 2008 crisis, Russia, China, India, and a few other nations we now know as the BRICS began purchasing physical gold in record numbers, and have systematically moved most of the world's gold from the West over to the East. And they have done so following the same intentions that the BIS used in their realization that fiat currencies, including the dollar, cannot function outside of a stable and controlled financial system, and are worthless in a real monetary crisis.
As we come to the end of 2015, and enter into a year where market indicators like oil, bonds, equities, and currencies are screaming that we have entered into a new recession, what potential magic tricks do the central banks have since interest rates are already at zero, and Quantitative Easing has surpassed the point of diminishing returns (see the fact we are all in a deflationary environment)? The answer is that there is nothing left but hyper-inflation for the banks to attempt, and this, along with doing nothing short of a Jubilee reset, will stop the inevitable from happening.
So if the answer for any monetary crisis is the use of gold, and a return to a gold based monetary system as was done by the central banks themselves following the 2008 collapse, how can we as individuals protect ourselves in both the short and long terms from a complete loss of wealth, and to be on the ground floor of what the world will transition to next? Because if you don't get your protection now, policies are being put in place where you may never be able to.
“A finance ministry official said if banks fail to win over temples, the government could intervene directly as it is looking for a big boost to the scheme to keep both imports and the current account deficit under control.” - Mises
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The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold. And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?
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