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Showing posts with label monetary system. Show all posts
Showing posts with label monetary system. Show all posts

Saturday, May 13, 2017

Palestine could create a sovereign crypto-currency to help break away from Israeli hegemony

As countries like Japan and Australia rush to embrace crypto-currencies like Bitcoin into their economic and monetary systems, one nation that has lived in poverty and in the shadows of a strong economic power is looking at creating their own sovereign crypto-currency as a means to break away from Israel's hegemony over them.

The Palestinian government, and in particular their Monetary Authority, on May 12 announced that they are looking at a Bitcoin type solution to function as their primary currency for the future.

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Palestinian officials are planning for the territory to have its own digital-only currency within five years, a move designed to safeguard against potential Israeli interference, the head of the Palestine Monetary Authority (PMA) told Reuters. 
Palestinians have no currency of their own and use the euro, U.S. dollar, Israeli shekel and Jordanian dinar in their daily lives. 
But with limited control over money supply and ultimately, inflation, authorities are mulling a bitcoin-style solution, Azzam Shawwa said. 
"That is something we would like to see," Shawwa said. "It will be called the Palestinian pound." 
Shawwa spoke to Reuters on the sidelines of the annual meeting in Cyprus of the European Bank for Reconstruction and Development. The EBRD said during the meeting it would start investing in the West Bank and Gaza via donations 
The PMA says on its website that it aimed to become a "full-fledged and modern central bank" for an independent Palestine. 
But it is unclear how the planned e-pound would skirt the 1994 Paris Protocol agreement which gave the PMA the functions of a central bank but without the ability to issue currency. The protocol recommended the use of the shekel and gave Israel an effective veto over a Palestinian currency. 
There are practical reason why Palestinians might consider a digital currency. The authority has no money-printing facilities of its own so all cash and coins currently come in from elsewhere. 
"If we print currency, to get it into the country you would always need clearance from the Israelis and that could be an obstacle," Shawwa said. "So that is why we don't want to go into it." - Reuters

Monday, May 1, 2017

Silver, not gold, was the basis for monetary systems across the world including the U.S. and China

Despite the fact that the United States was primarily on a gold backed monetary system until 1973, and where it was also the foundation for a global monetary system through the Bretton Woods accords of 1946, an interesting piece of history shows that not only was the dollar originally created using the auspices of silver, but so was the Yuan, the Yen, British Pound, and most currencies used in Latin America.

When the Spanish owned claim to the entire new world thanks to Christopher Columbus and an agreement signed by the Pope, the output of silver generated from North, Central, and South America was so great that it usurped gold's longstanding position as the basis for money, and spread across the globe to become the foundation for many of Europe and Asia's currencies.

US-Trade$ 1873-1878
Hong Kong was a British colony from its founding in 1841 until its handover to China in 1997. But the Hong Kong dollar isn't derived from the British pound. It doesn't even come from the U.S. dollar. In fact, the Hong Kong dollar and the U.S. dollar are both derived from the same source: the Mexican or “Spanish” dollar. So were the yuan, the yen and most of the currencies of Latin America. 
The Mexican or “Spanish” dollar was in wide use from the 1500s until the middle of the nineteenth century. If not the first global currency, the Mexican dollar was at least the first Pacific currency. Divided into pieces of eight, it is the currency of pirate legends and songs. It was minted in Mexico starting in 1536 from silver mined in Central Europe, in northwestern Mexico, but most of all in the “silver mountain” of Potosí in today's Bolivia. 
For four hundreds of years the Mexican dollar was, if not quite “the world’s first global currency,” then at least the key lubricant that greased the wheels of the world's trade. Most world histories are written from an Anglo-American perspective, as if the Americas suddenly sprang onto the stage in 1776 and China in the 1840s. In reality, as Gordon and Morales write, Latin America and East Asia were already important parts of the global economy in the 1600s. 
Even if there is some truth to the claim that Britannia ruled the waves, the Mexican dollar ruled the ports—on both sides of the Pacific. The British couldn't even get their own colonists to use the pound. Hong Kong, Singapore, Australia and Canada (to say nothing of the United States and Latin America) all used the Mexican dollar. And after the Mexican dollar finally slipped from the scene in the nineteenth century, it was the U.S. dollar that replaced it, not the pound. 
But the key to it all, then and now, was China. For the hundred years from 1540-1640 China was the vast sink into which the world's silver drained. The newly globalizing world—Europeans, but also Ottomans, Indians and especially Americans—all wanted what China had to offer, porcelains and silks most of all. But Chinese merchants wanted only one thing from the rest of the world: money. And in sixteenth century China, money meant silver. - National Interest
So the next time an analyst suggests that the world's currencies need to return to a gold standard for monetary stability, remember that the greatest economic growth in history took place when much of the globe was using silver rather than gold as it primary form of money.

Tuesday, February 28, 2017

After years of vilifying Bitcoin, now the Mainstream Media sees it as a savior for China's monetary system

First they ignore you, then they laugh at you, then they fight you, then you win.  These were the words of a famous revolutionary who used non-violent protest as the means to overthrow the British Empire from its hold over India.

Now in 2017 there is another revolution going on that is for the future of the world's money.  And where even as recently as three years ago the mainstream establishment media was both scoffing at and vilifying the advent of crypto-currencies and those who embraced them, on Feb. 27 that same mainstream media is now hailing Bitcoin as the potential savior for the monetary system of the world's second largest economy.

China’s new bank regulator, Guo Shuqing, is by all reports the reformer the second-biggest economy desperately needs. His 17 months as stock market watchdog served up so many directives so rapidly that traders called him “Whirlwind Guo.” 
He arrives on the banking scene at a moment when China’s financial system is in a whirl of its own. The immediate challenge - murky, debt-laden banks threatening China’s economic outlook - is well known. But a longer-term threat, an existential one, is landing along with Guo: a Chinese government version of Bitcoin that makes you wonder if the nation will even need banks in 10 years. 
In creating its own cryptocurrency, Beijing is taking the whole if-you-can’t-beat-them-join-them concept to new heights. Earlier this month, the People’s Bank of China sent shockwaves through Bitcoin circles by halting withdrawals and bringing the heads of cryptocurrency exchanges in for a good talking-to. Then last week, the PBoC announced it’s going digital in a big way. As China mints its own block-chain medium, will it ban Bitcoin transactions? Given the tight correlation between zigs in the yuan and zags in Bitcoin values, the PBoC’s entry could be a game changer - and not necessarily for the worse. - Barron's

Sunday, February 19, 2017

Is Germany's gold repatriation in preparation for end of Euro as Chancellor Merkel questions solvency of the currency

Sometimes events that coincide with certain actions taken are little more than coincidental, or at most unforeseen consequences of those changes to the norm.  But for the most part in the political sphere, when actions are taken they are done with a purposeful agenda in mind, as validated by a quote made 80 years ago by then President Franklin Roosevelt.
“In politics, nothing happens by accident. If it happens, you can bet it was planned that way.”
Now with this in mind there were two key activities and comments that took place in Germany over the last seven days which can easily lead to a conclusion that the largest economy in the Eurozone is expecting a mighty sea change to Europe's current monetary system.

Germany has finally received half of the gold they initiated repatriation of

Over the past 10 days Germany finally received a large portion of the gold they demanded be returned from both the New York Fed, and from banks throughout Europe that have held their gold since the end of World War II.  And in an op-ed from CNBC a few days ago, the question as to why they wanted or needed this gold was asked.

An official announcement last week that the Bundesbank had pretty much repatriated half its gold reserves ahead of schedule has once again sent the rumor mill into overdrive. 
And the talk has now stepped up a notch with the Bundesbank confirming Thursday that it has already moved 583 tons of gold out of New York and Paris. Its plan to hold half its gold in Frankfurt is now three years ahead of schedule. 
Reporting the news, Reuters said that some argue the world's second-biggest bullion reserve "may be needed to back a new deutsche mark, should the euro zone break up." This seems pretty far-fetched, especially given that the Bretton Woods system of fixed exchange rates ended back in the 1970s. Could Berlin really be prepping for the fall of the euro? - CNBC
Yet speculation in the business media is not enough to validate why Germany is choosing to focus on their gold repatriation now after saying three years ago that it was no longer a concern.  That is until we look at comments made by Chancellor Angela Merkel on Feb. 18 where she finally admitted that there are serious problems with the Euro, and even went as far to blame Mario Draghi and his monetary policies done through the European Central Bank.
Two weeks ago, German finance minister Wolfgang Schauble confirmed Donald Trump's charge that the Euro is far "too low" for Germany, but said he is unable to do anything about it and instead blamed Mario Draghi. “The euro exchange rate is, strictly speaking, too low for the German economy’s competitive position,” he told Tagesspiegel on February 5. “When ECB chief Mario Draghi embarked on the expansive monetary policy, I told him he would drive up Germany’s export surplus . . . I promised then not to publicly criticise this [policy] course. But then I don’t want to be criticized for the consequences of this policy.” 
Then, on Saturday, his boss German Chancellor Angela Merkel echoed her finance minister, and also admitted that the euro is indeed "too low" for Germany, but once again made clear that Berlin had no power to address this "problem" because monetary policy was set by the independent European Central Bank. 
"We have at the moment in the euro zone of course a problem with the value of the euro," Merkel said in an unusual foray into foreign exchange rate policy. - Zerohedge
But the problems with the Euro currency go far beyond the ineptitude of the former Goldman Sachs banker who plays the role as Master of the Universe over Europe's monetary system.  This is because the rising tide of populism has become a real threat to the end of the Euro and even the European Union, with Italy, France, the Netherlands, and possibly even Greece all threatening to leave the currency and Union should elections pan out as currently predicted for these nation states.

Germany's biggest financial fear is inflation, and over the past several months their economy has been experiencing sharp rises in prices as debt, liquidity, and even banking problems hover like Black Swans over their, and the entire EU financial system.  And it is becoming apparent that the Germany government is taking no chances by accelerating their repatriation of their gold, because the writing appears more and more on the wall that gold will be the money of choice after the next crisis hits.

Saturday, January 28, 2017

Make Money Great Again: Petition to have government cease taxation on purchases of gold and silver

Alasdair Macleod is a long time precious metal analyst, and relative of a former Chancellor of the Exchequer (equivalent of U.S. Treasury Secretary) in Britain.  And just a few days ago he created a petition for Donald Trump, the newly election U.S. President, to sign an executive order eliminating taxes on the purchase of physical gold and silver.

Calling the movement Make Money Great Again (MMGA), Macleod believes this is the first step in changing the environment for gold and silver to return to being real money from its current status simply as a commodity, and open the door for it to become a part of the monetary system once more as originally deigned in the Constitution.

Make Money Great Again: Vote for Gold
THE PETITION: MAKE MONEY GREAT AGAIN 
We The People request the new administration Make Money Great Again; that gold and silver may freely be used as money alongside United States dollars. 
The Constitution explicitly recognizes gold and silver as money. We therefore petition that:
  1. All tax discrimination against gold and silver must cease, including the removal of all capital gains tax on holdings of, and transactions in gold and silver, and;
  1. That all impediments to using gold and silver as constitutionally-recognized money be removed.
We Petition the Administration to sign this Executive Order to Make Money Great Again. - MMGA
Making money great again by eliminating taxes on gold and silver is already occurring at many state levels, including a recent bill being brought to the House floor in the coming days in the state of Virginia.  And as this movement continues to grow at the local level, it will put more pressure on the Federal government to re-institute gold and silver as part of our overall monetary system.

Wednesday, December 14, 2016

At the normal historic 10:1 ratio, gold should be at over $9000 and silver over $1000 to backstop current debt and money supply

As of Nov. 30, the U.S. Department of the Treasury claims in their monthly report that they have a total of 261,498, 926 ounces of gold contained in bullion, coins, blanks, and miscellaneous products.


In addition, the national debt for the United States is approximately $19.8 trillion as of Dec. 1, with $1.48 trillion of that being physical currency in circulation.

Yet the power of the U.S. dollar being the recognized global reserve currency is based upon its being backed by gold, as determined back in the 1940's during the Bretton Woods conference.  And despite the fact that the U.S. Treasury closed the ability for other nations to exchange dollars for gold when former President Richard Nixon closed the 'gold window', it did not stop the caveat that the dollar must be tied to gold in some capacity.

Ie... this is why the Federal Reserve holds reserves in gold even today despite the deception that Fed Chairmen such as Ben Bernanke gave to Congress and the American people that gold is no longer money.

So with this in mind, what should the real price of gold in dollars be today to backstop the current debt and monetary expansion that exists in the global economy?  And just as important, what should the price of silver be if allowed to reside at its historic 10:1 ratio to gold when the manipulation of the metals finally ceases.

For the reported amount of gold the U.S. is believed to hold, the current dollar price to backstop $19.8 trillion in debt would set the price at $75,717.  However, as most of the debt held domestically and offshore is in Treasury Bonds rather than physical cash, let's break it down instead to what the value of gold should be for the amount of actual currency in circulation.

$1.48 trillion / 261,498,926 = $5659 per ounce.

Yet these number are also limited as they reflect simply the bare amount of currency in circulation, but not representing all money used in financial transactions (electronic banking).  So for that we need to look at an approximate number, which is calculated to a relative degree of accuracy by the Debt Clock website, which estimates the current monetary base as being over $3.6 trillion.

$3.61 trillion / 261,498,926 = $13,820 per ounce.

Over time the expansion of the dollar monetary base has become extremely convoluted since its recognition as the global reserve currency.  And this is due to the fact that not only are dollar denominations used as currency, but also bonds and derivatives are considered by many to be as good as money.  So with that in mind we could probably safely put the true price of gold to be somewhere in between the reported amount of dollars in circulation, and the estimated total amount of dollars used between cash and fractional electronic banking.

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The invisible hand of the markets will always eventually push asset prices back to their true value, as manipulations can only be done for a finite period of time before they cause distortions elsewhere that lead to financial calamities... as we are seeing right now in the monetary distortions occurring in both India and Venezuela.

So how long can the government suppress gold and silver prices to protect their dollar expansion, and keep the true price from breaking through in the markets?  No one really has an answer to this but historically, no fiat currency system has ever survived to 50 years of use, and we are now within the final five years of that mean.

Tuesday, June 28, 2016

Former Fed Chairman Alan Greenspan says if we went back to a gold standard, the global monetary system would be fine

There is a new adage based off an old one that goes, in the land of negative interest rates, the one without yield is king.  This of course is a reference to our ongoing global fiat currency system that is now at $10 trillion in negative yields and counting, versus gold which intrinsically has no yield unto itself, but protects wealth by never losing purchasing power despite inflation or deflation.

And with the world's central banks at a nexus where they no longer have any options or solutions to stave off an oncoming liquidity and financial crisis, the architect of this system is changing his tune and advocating that the ONLY real solution, and answer to the world's monetary problems is a return to a gold standard.

Former Fed Chairman Alan Greenspan: "If we went back on the gold standard and we adhered to the actual structure of the gold standard as it exited prior to 1913, we'd be fine.  Remember that the period 1870 to 1913 was one of the most aggressive periods economically that we've had in the United States, and that was a golden period of the gold standard.  I'm known as a gold bug and everyone laughs at me, but why do central banks own gold now?" - Zerohedge

Wednesday, April 20, 2016

Chinese gold fix just the fist step in a two year plan to move away from dollar hegemony

Analysts in Hong Kong admitted on April 20 that the implementation of the new Chinese gold fix is just the first step in a multi-year plan to move the Far Eastern economy completely away from the dollar, and back to a gold backed monetary system.

The new gold pricing mechanism that started on April 19 at the Shanghai Gold Exchange will allow China to eventually move all price discovery away from London and the U.S., and then use their authority to bring gold back into the trade and currencies over the next few years.


China's shift to an official local-currency-based gold fixing is "the culmination of a two-year plan to move away from a US-centric monetary system," according to Bocom strategist Hao Hong. In an insightfully honest Bloomberg TV interview, Hong admits that "by trading physical gold in renminbi, China is slowly chipping away at the dominance of US dollars." Gold, silver, and petroleum "are the three USD-based commodites that China wants most control of" according to Hong but "gold in particular is one of the commodities that China is hoarding very hard." - Zerohedge

Tuesday, March 8, 2016

The Central bank of central banks (BIS) recommends new financial model and puts gold standard as a new alternative

In a recent presentation by the Bank of International Settlements, or as it is known to the masses the central bank of central banks, the head of the bank's Monetary and Economic Department recommended that the global economy needs to get rid of its current debt-based monetary system, and move to another that provides more stability with less inflationary and deflationary extremes.

And in presenting his proposal to other members of the BIS, one of the alternative systems that is on Claudio Borio's recommended sheet was a return to a form of the gold standard.


This presentation suggests an alternative lens through which to view the global economy's struggle to achieve sustainable and balanced growth, reflecting a failure to prevent the build-up and collapse of hugely damaging financial booms and busts. A symptom of the current malaise can be seen in interest rates that have been exceptionally low for an exceptionally long time, with a record high amount of global sovereign debt trading at negative yields. To break out of this trap, there is a need to take a longer-term view and rebalance policies towards structural measures, abandoning the debt-fuelled growth model that has brought us to the current predicament. - Claudio Borio 
And an additional commentary on this recommendation was made by Economist Jim Rickards: 
It's interesting that they included the Classical Gold Standard period in their comparisons. Why include gold as a baseline case unless there was some chance of going back to gold? 
The main point they are making is that inflation and deflation show up more in asset prices than consumer prices. While consumer price swings have been modest, asset price swings have been huge and dangerous. Asset price bubble bursts impose huge hidden costs and are dragging down productivity because of the misallocation of capital.
So, there are a lot of "hidden costs" in debt-fueled expansions. Once these costs are taken into account, periods without as much debt or asset bubbles (such as the gold standard period) look like a better growth model by comparison." - Lone Star White House

Monday, January 11, 2016

Global financial system has two options: Collapse, or Jubilee

Back in 2013, Dr. Jim Willie reported on a secret treaty that was signed by more than 120 nations to bring about a currency reset, and the return of a gold backed monetary system.  However, this treaty was broken in early 2014 by none other than the United States when they financed the Kiev coup as a way to stave off their losing control over the world's reserve currency.

Following this event, China began to accelerate the means to end dollar hegemony by duplicating nearly all Western financial constructs through entities like the AIIB, the BRICS Bank, the Shanghai Gold Exchange, CIPS (Chinese SWIFT), free trade zones, and the new Silk Road.



Yet since nations were not allowed to facilitate this reset, economic and monetary destruction has simply increased, and as we see through the first week of 2016, the crossroads has now come upon the world which has a choice on what their futures will bring.

They can either choose collapse, or follow through with their original 2013 intention and declare a debt Jubilee.



Monday, October 5, 2015

Got Karatbars? The battle is on for gold or bitcoin after the coming currency reset

A global currency reset is inevitable, and will occur no matter what governments and central banks do in the interim to try to kick the can of their fiat currency system down the road a little bit longer.  But the important thing to determine is what will come out of this reset, and which form of backing, either physical or digital, will win out as the foundation for the next monetary system.

Former head commodities trader Blythe Master left J.P. Morgan Chase under the dark of night to begin a new company that seeks to integrate the entire paper market system under blockchain technology.  Blockchain of course is the system that brought the world Bitcoin, but Masters believes it can also provide the banking elite the means by which to control the entire financial system using a digital footprint.

But the world is both not ready for, nor enamored with, a completely digital form of money, and as such there is a second driving force that seeks to return monetary systems and currencies to what had worked for thousands of years.  This system of course is based on physical gold, and the battle is on between those that have gold and want a gold backed system (East, BRICS), and those who do not and want a digital one (US, Eurozone) to win this all-out battle for monetary supremacy.

The problem of course is that the majority of producing nations as well as consumers believe more in gold than than they do in digital money backed by nothing.  If you take the BRICS nations alone for example, they represent a lion's share of actual producing nations, and over 40% of the global population.  So while a small portion of Pacific Rim nations along with the U.S. and Europe hope to keep the ponzi fiat scheme going by transitioning into a blockchain and digital technology, if they have nothing to sell, and are unable to buy from nations that don't want zeros and ones for payment, then all that will come of this is a way for Wall Street and Western governments to perform limited transactions among themselves while the majority of their populations experience shortages in just about everything, including food, energy, and of course, Chinese made goods.



A switch to a digital monetary system will cost you nothing, as it will simply transition your paper dollars into electronic code.  But if the new system that wins out is one that is backed by gold not code, then you will lose everything as your dollars will be worthless, and your standard of living will become third world.

So with shortages in precious metals occurring all across the world as the East sucks up every ounce they can find in the gold markets, what is available for you to be able to purchase affordable gold, and protect yourself from the outcome of the next reset?

The answer lies in a company called Karatbars




Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, you can have the power to move your money into a free e-wallet that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.



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?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.

Tuesday, June 16, 2015

The real reason for war on cash emerges… last desperate effort for the banks and government to steal it

The most ironic dichotomy in finance today is that even after tens of trillions of dollars were printed and exported by the Federal Reserve into the global economy since both the Credit Crisis of 2008, and the subsequent implementation of Quantitative Easing programs over the past five years, there remains a liquidity crisis around the world that is leading to not only a shortage of cash, but a rare move by the banks into running negative interest rates on borrowing.  And with most of this cash being kept out of the general economy where the velocity of money could relieve many of the bottlenecks causing the liquidity crisis, the banks are left with a tremendous quandary of how they can access cash without using the printing press.
It is for this reason that university professors, economists, think tanks, and even some politicians are calling for an end of physical cash, and a move towards a completely electronic system where the central banks can seize absolute control over money and finance, and besides protecting themselves from a currency collapse, use this power to dictate the spending and savings habits of every person in the world.
Consider this Jekyl Island part II.
 
Read more on this article here...