There are many financial and geopolitical events all coming together, culminating or beginning within the next couple of weeks. The two most notable are what will happen in Greece and Ukraine. There have also been many other clues pointing to some sort of event coming to pass. In southern drawl, you might say “somethin’s fixin’ to break”.
We have previously covered Greece and how it’s exit or default could affect Europe, the West, derivatives and ultimately the global financial system. We have also looked at Ukraine and the potential geopolitical/military ramifications involved. As of now, the Greeks have not yielded to taking on more debt and the cease fire in Ukraine never even took hold. What I want to look at today are two seemingly unimportant and entirely disconnected events that may turn out to be of utmost importance AND very connected.
Chinese New Year begins this week on the 19th and the gold/silver fixes are being altered in a very big way. I know what you are thinking, “so what?”. Please follow this thought process through, I have a theory and it will not take very long to find out whether or not it is valid.
The Chinese are a very methodical people. They believe in their “rural calendar” which most Westerners would call ritualistic or even superstitious. For instance the Chinese make plans and even business decisions based on this calendar. The calendar is based on the solstice year and 12 zodiac signs which Chinese believe “influence” personal traits, abilities and thoughts during the year and for those born in any particular year. True or not, the Chinese believe it and their actions are definitely affected by their calendar. They also are famed for making “five year plans” and look very far (100 years or more) into the future. Unlike the West who looks only to the next quarter, the Chinese look out to future generations (plural). They are also famous for making policy decisions which implement at the beginning of their New Year.
We also know the gold and silver fixes will be changed beginning in March. What was once five or six cigar smoking “gentlemen” in London deciding the morning and evening prices was recently pared down to only four. Now there will be 11 participants. The “fix” will now be done electronically and include 11 separate banks …several of which will be Chinese.
I mentioned a “theory” above: I believe there is a very good chance the way business is done will change with and as the Chinese New Year comes in. The Chinese understand the West may very well be thrown into chaos by the Greeks fracturing the Eurozone, Ukraine becoming a hot war zone, both, and or with many additions. As I have maintained over the last two years, I believe the Chinese have been accumulating gold and plan to eventually peg their currency to it. They have set up currency swaps and clearing facilities in a dozen “hubs” all over the world including Western capitals such as London, Zurich and Sydney. They have been preparing for this for several years. The Chinese have also backed Russia during her recent time of need and also signed several oil, gas, pipeline, currency, clearing and credit facility deals with them. Russia has in fact gone live with an alternative clearing system, 91 financial institutions have already joined. It is clear Russia and China are “partners” now and intend to be in the future.
I have also maintained the Chinese want to eventually see a “cash” market for physical gold and silver to actually “make” price rather than the paper markets of London and New York. The SCO has recently been opened and beginning to function in Shanghai, it is this “cash and carry” market that I believe will soon be “making” price. The Chinese fully understand the COMEX is a fraudulent casino. It is fractional reserve in nature and absolutely minuscule in relation to cash markets as to their inventory. For example, China imported 10 times the amount of gold in January as COMEX claims as available for delivery. China’s imports for just one month completely dwarf what COMEX delivers for an entire year. $10 billion or less could wipe this Western pricing mechanism clean with mere pocket change in today’s world.
Let me ask a few questions so you might understand how this could go down. If several Chinese banks are part of the new “fix”, what will happen if these banks decide on a higher price than that desired (and until now “forced”)by the Western banks? This process will be a “supply and demand” function where a clearing price is “discovered”. If the process is truly physical in nature, what will happen if these Chinese banks bid, and bid hard for physical metal? So hard in fact that delivery is made impossible? Do you see where this is going? I am asking a very real question, will (can?) the Chinese hijack this process and actually make whatever gold or silver price they desire? The answer is yes they “can”, the only question remains “when will they?”.
Before moving on, this train of thought fits perfectly with several of my past thoughts, namely, the physical and paper metals markets diverging and doing so in “gap” fashion. It is my firm belief we will go to sleep one night and wake up to a very changed world, my thoughts can be found here.
The “fix” is only one small cog in the wheel of coming change. Logistically, everything is very well in place for this change to occur. The Chinese have trade deals, currency swaps and trade credit facilities in order. Both the Russians and Chinese have clearing systems and credit card facilities in place. Militarily, Russia has moved hardware into place and also courted the Greeks (which by the way may be the reason they refuse European offers?), French, Germans and others.
A move “logistically” on the part of the Chinese and Russians is now doable and can be expected at any moment. The two seemingly unimportant and disconnected events of a new calendar year and new fix process may well be the doorbell. We will soon see. Please keep in mind, if it is not “now” …it WILL be. The Chinese and Russians have not done everything they have over the last several years to remain engulfed in a fraudulent and one sided monetary system …and one which they have little power over. I am not saying that any new system will be “Nirvana” nor will it not eventually be abused by its masters. What I am saying is this new system will initially (before abuse) be one where the weights and measures are fixed and thus more fair.
To finish, let me hypothesize a bit more. I think the Chinese will “peg” gold and maybe even silver to the yuan. They will do this via use of the daily fix price and they will thus bust the COMEX wide open. COMEX vaults will be emptied in an overnight arbitrage fashion and the dollar will begin a hyperinflationary implosion. Let me ask you a couple of questions so you may understand “how” this can easily be done. If China decided to push the fix price up to an arbitrary number of $1,500 per ounce, how could naked COMEX shorts then raid the futures market? Could they really be taken seriously that gold was actually dropping in price? No, arbitrage will set in immediately gobble up inventory. Let me explain this a little further because I believe it’s where we are surely headed. Several sources have contended the “cash” market for large gold orders is currently trading with premiums of 50% or even more. The COMEX apologists have and will surely say “this cannot be because arbitrage would surely step in and raise paper prices”! I agree, this would be absolutely so in fair markets …but this is a perfect example of how COMEX is operating. Before you call me a “whiner” please take into account the other side of the equation. As I just wrote yesterday, COMEX gold as of the Feb. gold contract has not only seen the open interest dry up drastically going into first notice day as it always has, it also saw the amount initially “standing” drop by 90% since FND. These standing longs walked away from 23 tons of gold which they had already fully funded the accounts for delivery. Why? As I wrote yesterday, I believe they are being “bought off” for the very reason of discouraging the arbitrage trade! Were China to create an “official gold price” via the new fix process, higher than COMEX …then how would the COMEX discrepancy be explained? The answer is …it could not. This is a very big problem and one which will expose the current fraud and reveal the ugly truth!
It is in this fashion we will see gold and silver in dollar terms explode upward. The fraud of the West will be exposed by empty vaults and unfilled offers at the London fix. The dollar will collapse versus the yuan and newly gold ratio’d ruble. Dollars will stampede our shores as the only place to spend them as foreign trade in dollars will dry up (this has already begun). It will be this wave of dollars bidding for everything from eggs to toilet paper to gasoline which will jack prices to unheard of levels. The Federal Reserve can try to “buy” as many of these homecoming dollars as they please …with newly printed dollars of course. Functionally it will not work as the supply of new dollars to “buy” old dollars will only increase supply and dilute value. I believe this scenario has a decent chance of being triggered as the “year of the goat” begins! We do not have but a few days to see what, if any changes are in store.
They also have a hub in LA and Canada.
http://www.reuters.com/article/2014/11/22/us-china-los-angeles-yuan-idUSKCN0J605B20141122
yes T, they have circled the globe.
Absolutely fantastic piece Bill.
The scenario you described no doubt will be very close to the reality we soon will see.
A few days ago I posted a comment that I concluded based on my considerable research on the daily going ons that something could soon break.
Your article only supports my belief that the time could very well be close at hand.
In the end Bill as you state. Maybe the when might be off but the WILL is almost a certainty now.
The desperation to keep equity markets up and PMs down is so obvious that it only further supports the argument that FIAT without sound value backing is dead in the water.
WE WILL SEE A MAJOR RESET SOON.
Be wise, be prepared and hope that the Western World leaders soon come to their senses.
Man cannot survive on debt alone.
Thanks Mike, we’ll see.
I also found it interesting that the Kaspersky Lab revealed the NSA backdoor EQUATION group hacking tool then within a day or two said ” Yep our new SWIFT System is already tied to 91 users” Almost as if to say “We are on to you and you cant disrupt our system”.
They really stepped up getting this launched early since last I heard it wasnt going to be up and ready till this June.
Things are happening really fast.
Great article. Thanks Bill.
thanks T, I had heard May but they wanted to move up the date because of what is happening with sanctions.
Real estate prices will go up or down in dollars?
too broad a question, where? what type? when? what time frame? I do not have a crystal ball and whatever I answer will be speculation.
Very interesting piece which brings one question as I do not get it yet :
Why these people would pay tens % premium for real physical gold while they can buy at the SGE (or its international version in the free trade zone) for nearly zero premium (cf. Koos Jansen articles) which deliver about 2000 real tons/year ?
the premium I was talking about was to entice NOT to take delivery.
OK thanks. But in these conditions who would be crazy enough to not “take delivery” if such premiums are routinely paid ?
Besides, Jim Willie stated that one of his contact that some large gold OTC purchases in asia or middle east were often made with 20/30% premiums on comex/london prices. My previous question was in fact about these trades/deals.
Maybe they want the cash to buy something other than gold
then why own a gold contract? If you want beans, oil or whatever, why not just buy it?
Cause if you wait a month longer and collect the cash premium on your gold contract you can buy 30% more beans. Sure beats 2% yielding treasuries!
My question was : if you have just to buy a gold contract and take delivery to get a nice profit on premium paid to liquidate the contract, it would be a crowded trade and every HF would buy gold futures and take delivery but that is clearly NOT the case nowadays.
Regarding premium paid on gold physical delivery it makes no sense while shanghai provides 200 tons/month except if you do not want to buy futures or for a reason or another you cannot buy chinese gold because of re export issues from the free trade zone shanghai gold exchange.
Andrew Maguire has stated on KWN about 3 weeks ago that a brand New physical PM exchange is about to go live in a few weeks(we will see). He further indicated that this New physical PM exchange will provide direct access to the wholesale market without going through the LBMA or Comex. Up until now, the end user hasn’t been able to DIRECTLY access the wholesale market. As institutions, producers, refiners and millions of end users all share the same platform and enjoy complete anonymity from the BB’s; it removes the power away from the BB’s concentrated hands. And this is why Andrew believes it is a game changer. The BB’s will no longer be able to front run trades and it will result in Physical trumping Paper, and possibly making the Comex and LBMA irrelevant.
Again, we will see. I am not sure where this Exchange is located or when the actual launch date will be.
http://kingworldnews.com/andrew-maguire-death-knell-lbma-massive-short-stops-gold/
physical will take precedence in pricing.
Totally agree with your summation of the Chinese thought process, as it pertains to the passage of time. Nothing they intentionally do is by accident. Action is taken only after careful, in depth consideration of all possible outcomes.
The only ‘wild’ card in your prognosis of unfolding events to be, is the act of some government or governments in concert, upsetting the game table and scattering the pieces about in a fit of rage, because things won’t go the way they want them to and they are losing. When all else fails? Go to WAR.
kick the table over.
Golly Bill, I’m still tryin’ to understand the Mayan calender, and now the Chinese?
When’s Penecost?
Lent began yesterday.
I’m thinking your playing with me now trying to get me to open my mouth just to change feet.
?
Some recent evidence of “dollars stampeding” home as China ceased buying US Treasuries a year ago and has since been slowly selling them off, with their most recent (December) sales of $6 billion. Russia also sold off their most US Treasuries in one month, in December to the tune of $22 billion, leaving them with just $86 billion on their books. Japan joined in on the US Treasury selling in December of $10 billion worth.
just yesterday I saw and outflow f $175 billion for Dec. That is huge
Sorry but to say that Japan is selling treasuries is a stretch and if they did sell a little it would be for normal reasons. The amount that a country holds goes up and down each month. Sometimes it increases or decreases for several months in a row. When they go up that means they are bought. But when they go down that does not mean that they necessarily sold because some or all of the decline could be simply be because some of the bonds matured. As far as the data goes, Russia appears to be the only one that is seriously decreasing it’s holdings. China has not seriously decreased it’s holdings. Please note I said seriously. A relatively small drop in China’s holdings could be at least in part because of maturing bonds. The same can not really be said of Russia. Russia for several months looks like they sold some treasuries.
the important thing is that China’s holdings are no longer going up …they are no longer a buyer. End of story.
Oh please! It has happened before where China for a number of months let their treasury holdings decline and all of a sudden China buys again. Not saying it will happen again this time but it may only be temporary like before. It would not surprise me if one or two months this year the amount that they hold goes up. And you can’t really say they are no longer a buyer. In months that had a small decline they may have had some treasuries mature but only put some of that money back into treasuries. Is that possible? The answer is yes!
they used to buy $50 billion+++ per month this has already clearly stopped for over 1 year now. PULLEASE! China is no longer a buyer of U.S. Treasuries …THERE, I said it again and guess what? It’s true!
Bill,
You stated that China is no longer a buyer of U.S. Treasuries.
If China is no longer buying Treasuries, then why did the amount of China’s Treasury holdings increase in January, May and August of 2014 as the data shows?
http://www.treasury.gov/ticdata/Publish/mfh.txt
And here is the Treasury International Capital (TIC) report that shows Foreign Net Purchases of U.S. Long-Term Securities from April 2014 to December 2014.
http://www.treasury.gov/ticdata/Publish/snetusq.txt
It shows that China was a net purchaser of Long-term Treasuries in each of the last three quarters of 2014.
Also this week the WSJ stated that China was a big purchaser of Longer-term Treasuries in 2014.
http://www.wsj.com/articles/china-gobbles-up-longer-term-u-s-debt-in-2014-helping-keep-yields-down-1424381644
You see Bill back in November of 2013 China announced that it will stop increasing it’s foreign currency reserves. Unfortunately some people misunderstood and wrongly reported that China was no longer buying Treasuries. That is not what China meant as the evidence shows.
So yes, China is clearly still buying Treasuries. They are buying Longer-term Treasuries while at the same time reducing their holdings of Shorter-term Treasuries, probably as those bonds mature.
Now may be you meant that China is no longer seriously increasing their total Treasury holdings and really did not mean that they no longer buy Treasuries at all as you stated.
This all began because OutLookingIn’s original post above clearly had several erroneous claims that I just wanted to correct.
their Treasury holdings are no higher today than they were back in 2013. They are no longer a significant buyer which is why Belgium picked up the baton last year.
What did I say. China is still buying Treasuries. According to the latest TIC report the China’s holdings increased by over $37 billion in March 2015. Even Russia increased it’s Treasury holdings.
http://www.treasury.gov/ticdata/Publish/mfh.txt
Why is this not on ZeroHedge and KWN? They had no problem reporting that China was supposedly “dumping” Treasuries when they really were not. I found rarely do you get the whole truth from the alt media.
Bill, in regards to this Grexit. The longer this thing is dragged out delayed. The more I think it’s just a dog and pony show. Are these newly elected commies just part of the controlled opposition? I don’t know money masters have kept this ponzi going for some time now. Masters of paper ponzi paradigm is exactly what they are. The world is held hostage by central banking. Wouldnt a gold backed yuan limit government powers to manipulate the masses too much? Not exactly what governments like. I agree economic mother nature will take over at some point & things aren’t sustainable but not sure how far down the road that day is. Here’s an interesting perspective on Grexit.
Silver Update 2/11/15 Unpayable Debt: http://youtu.be/8UbpSavipOM
I think there is far more happening behind the scenes than we know.
End of grexit, tsipras bowed to banksters : http://www.zerohedge.com/news/2015-02-20/330-billion-reasons-why-grexit-can-was-kicked-down-road
The timing of your writing is eerily coincidental to an article I just read about Russia’s government encouraging its businesses to convert their dollars to rubles. I realize there may be many dynamics involved here but when I read this I had a vision of Putin looking like the proverbial cat that swallowed the canary.
I think absolutely yes.
I absolutely agree something big is coming. Your prognostications are excellent, and might very well unfold the way you describe them, but I suspect a multilateral strategy is in the works. Strategically it makes sense to coordinate “the attack” across multiple fronts/countries concurrently, or closely spaced together. Since Saudi Arabia stabbed Russia in the back by enabling the oil price drop, I have to believe they have a target on their back. The Middle East is in total turmoil and the kingdom is exposed on multiple fronts, so fomenting unrest there is a logical part of the plan. Iran is probably driving this. China could push the precious metals/dollar attack you wrote about, and India could add pressure by removing all import restrictions driving demand much higher. Greece is no doubt woven into the fabric of the plan. Russia and China both have sophisticated hackers, as does the Syrian Electronic Army. The blur of an asymmetric, unconventional war is totally to their advantage. With an indecisive President at the helm, this would leave him fumbling for a response.
all very possible if not probable.
Some great logic as always Bill, thanks.
The tinder has been laid, but I suspect the match will be struck when the appropriate parties have shed much treasuries and gobbled up the easy gold. But exactly where is all this gold the Chinese and Russians are hoovering coming from?
we don’t know but can only guess Western vaults.
Bill: I see the USD being devalued in 2 or 3 steps by as much as a total of 70% over the next 12 months. Want imported goods; plan to pay dearly. The various dollar stores selling cheap crap from China might have to be renamed “The Benjamin’s Stores”. Not so sure that locally or even nationally produced goods will be affected that much; I really don’t see hyperinflation coming in this process; the current police state, even as totalitarian as it is becoming, couldn’t handle the societal unrest. Hope I’m right; I’m too old for Mad Max.
…so is Mel Gibson.
Incidentally they’re releasing a remake of Mad Max soon…called ‘Fury Road’
are you sure it won’t be called “real world”?
Ha, ha. Let’s hope not. Well it doesn’t have ol’ Mel in it anyways.
it cold not, he is old like me.
Bravo. I love guys who think out of the box.
Thanks Derrick.
Another thought provoking missive. . . .
I have noticed that some of the knockdowns of Silver and Gold occur when Chinese Markets are open (even though this is also when the NY Globex is also open).
Is it possible that the Chinese are learning from their Comex benefactors and can take the PM markets down on their own – at least until there is no more physical to be had?
the answer is yes, although many of the knockdowns occur when China is a lunch break.
If someone has Marcos gold hoard of 173,000 or 280,000 tons of gold captured after WWII, THEN this could be a long process to cause the USA to run out of gold. Sterling Seaburg: Gold Warriors, etc. Any possibility those huge tonnages existed then or now?
See my article from last Feb. “Yamashita;s gold”.
Excellent article on Yamashita’s gold. The Search function above works excellently. I realize that the information that KH was spreading was quite humorous and that she would rely on the notion that the ones that bought into her BS would not dare ask elementary questions. And she was correct.
She has upped her propaganda game now to 1.715 million tons of “Secret” Gold located in the Philippines. Oh, I can see your big smile now. 😀
Well, I guess it has been revealed that it is KH that can’t keep a secret now. According to KH, this Gold is held in a Trust Account for humanity along with many other assets, diamonds, art, etc. This trust was set up in the 1950’s.
Now get this, again according to KH, these assets are insured for theft. Forget where it is stored and the amount of security that would be required, etc., Can you imagine what the premium of the annual insurance policy would be? Oops, KH wants to keep that one secret. 😀
Proof of Insurance? Nope, that needs to be kept secret too. 😀
Now, if one does the math, this would be the largest Trust in the World by asset value. Has this trust ever been audited? No according to KH. Imagine that no audit since in over 60 years. Sound familiar. 😀
I could go on and on here, but one last thing. The largest Trust in the Word has only one Trustee. Of course, the Trustee does not have a public biography, but big deal. He has to be very smart because last year he hired KH to be the Trust’s legal council. It was easy because he is the one and only that makes these kind of decisions. 😀
All stop, but a little Friday humor for all. Of course for KH’s followers and believers, this is serious stuff. Thanks for all your commentaries Bill. You are one of the best.
thanks Macray, after I wrote the article she pestered me for a month or so and would not let it drop as I asked these simple questions. Finally I told her to go away! She sent scans of “certificates” showing “bazillionz”. I told her I had 500 million billion ounces secretly stored in a safe place and had a certificate showing ownership …asked if she could arrange a loan for a measly $1 billion …I had the collateral of course. She finally went away but still pops up every once in a while.
What do you think the ‘good ole boy’ gold price fixers are thinking about the new kids in the gold pricing group? Do you think they will try very hard in preventing the Chinese from establishing the new fix?
good luck with that.
There’s an assumption you make that China wants the price of gold to go up. While anyone who owns something wants it’s price to go up, what if they aren’t done selling Treasuries and buying gold? And what if they want a changed world, but want to do so carefully without destroying the current world economy? What if they want to let the current system to implode on it’s own? What if they join the commercials in pushing the price down, so they can buy gold cheaper? They are the largest buyer correct? Your thoughts?
could be, but how much gold is there to hooverize?
Agree. With mines being shuttered, and a limit to Western gold making up the different in world demand, the suppression game will end as it did in 1968. Just not sure the Chinese will force the issue when they can keep selling treasuries and buying the last of the gold we will sell them. Actually, I don’t see why the Chinese don’t use the current environment to scoop up these mines that are for sale. That might be the ultimate signal our vaults are empty. Buy all our gold and then take away the sources for future gold.
Sad Western leaders so short sighted.
they have been buying mines all over the world for the last few years.
I read yesterday Barrick having trouble selling mines, thus my comment.
I love your writing! I have learned a lot from you. Thanks so much.
very welcome Eric.
Could be the Chinese have also heard the stories of a huge, unknown hoard of gold and are playing their game slowly “just in case”.
If they pull the plug and are not the biggest golden boys in town, their in trouble.
But if they take their time, stacking and stacking, at some point the physical mkt will reveal an unknown hoard if there is such.
One thing Bill’s above article does show is their patients and long term thinking.
But no matter, the future is in wealth, not paper obligations.
A further thought to above:
Could be the end game is not so in “how much”; but in who has the most.
it always is.
there is no “secret hoard”.
Totally Agree Bill – There is no secret hoard
However, there are a few that want that story distributed. I love how it is referred to as secret. If Gig heard it, it is no longer secret.
😀
Very good questions, Eric. I’ve always thought about those questions myself. And I always come to the conclusion that it’s like knowing you need to go to the dentist but there is never a good time to do. But waiting will just make the pain much worse and the cure more expensive.
or your teeth finally …just fall out?
I don’t know if I have ever seen so much of important insight written in such a small space!!!
Should be some kind of “Pulitzer Prize” for that!!!
Congrats and Thank You !!!
thanks Rich, …or a 1st class ticket to a FEMA camp?
May I ask a few questions?
1. How many elite bankers of the West have the Chinese killed lately?
2. How much gold in Ukraine or Libya or elsewhere have the Chinese stolen?
3. How many Chinese newspapers or TV news programs warn the citizens of the evils of the Rothschild clan, the Rockefellers or of a fractional reserve banking system?
I think we need to remember two famous quotes by George C. Marshall (of Marshall Plan fame) in 1947:
1. When told Mao Tse-tung and his followers were communists, Marshall remarked: “Don’t be ridiculous. These fellows are just old-fashioned agrarian reformers.”
2. Marshall boasted that he disarmed 39 anti-communist divisions “with a stroke of the pen.” This doomed Chinese freedom.
To me, it seems the Chinese tyrants know which side their bread is buttered on. They are not really against the West; they are against freedom as are the elites of the world. The elites know all the things described in Bill’s enlightening article above. The elites would be happy to use the Chinese financial and military strength to further enslave the world.
I provided quotes from 1947. The Chinese are not the only ones who make long-term plans. So do those who wish to enslave all nations.
pretty sure Libyan and Ukraine gold was not stolen by China …though, it may now be residing within their borders!
For sure.
Chinese new year is like this each year, I think. The rush in Jan to stock up for new years, then a pause, and a usual downtic for a week, as the Yellen gang punch out the gold price to boost their paper ponzi. Then it rallies again. Same, same.
not this year, the world is changed.
It looks like the last gold bulls realize that new lows are coming :
http://news.goldseek.com/CliveMaund/1424704740.php
Maund has “such” a great track record.
He is just doing some technical analysis with a little salt of COTs and other factors to ponder his results.
From a technical point of view he is clearly right, the gold bull has alreday faded away and IF us dollar breaks up another time to the upside, the odds are high for new lows.
I hope you will be right and that chinese powers will finally break the anglo gold cartel (and hopefully sooner rather than later) but it would be an act of financial war with the west and from what I can see (I may be wrong of course) but they do not want to appear as the bad cop (it’s Putin role but not currently in a position to accomplish this herculean task).
If a new big crimex attack for new lows is in the making for this or the next quarter, I do not know at this stage what could prevent it to happen as it looks as the west has still some few bars to deliver to the east…
Ok Bill But what about still more one T treasuries detained by China and wasted in your scenario
I long avery day for your senseful comments
one more thanks
Thanks, Treasuries will be sold.
Taking back control.
Jim Sinclair motivated me to take back control.
Nations of the world need to do the same but just at a much larger scale.
I sold my house, paid off my bills and now live within my means and no longer am I a resident of Slavelandia.
Greece can do the same.
Default on their crushing debt burden that they can never hope to pay back without giving away their ability to rebuild a sound economy and pride.. Forget this game of kicking the can down the road and renaming its obligations.
Greece like each of us must live within its means and take back control of its destiny.
Return Greece to a world of honest money, fiscal discipline and genuine democratic self-government.
Take back control and rebuild on sound fiscal principles.
None of this can occur for anybody unless we tell the truth and accept our mistakes.
This giant Ponzi scheme is nearly done.
everything “defaultable”, will.
It looks like greece sold out to EU banksters as usual.
Hi Bill,
Very thoughtful article as usual, not sure that the Chinese banks will initially want a higher price for gold with the new fixing in March (eventually they will), lower PM price for the moment is to their advantage as they are accumulating. In essence I agree with you’re thought but not so sure about the timing.
Kind regards,
Daniel
we’ll soon see.
the agreement to further discuss
http://www.consilium.europa.eu/en/press/press-releases/2015/02/150220-eurogroup-statement-greece/
and must be approved by the parliament on Monday.
Do you think this agreement was made in order to be rejected by the greek parliament in order to justify grexit ?
don’t know, you have the crystal ball, what does it say?
European politics are even much more predictable than central bankers (more money for banks mantra). I have been living for décades in Europe and apparently apart Orban, europe as a political project is a religion, you can despise it but you are then automatically labeled as crazy, marginal, extremist.
It would be very strange for a party like syriza which is smae sex marriage supportive and mass immigration (ie exactly the gospel used by european overlords for décades) to break free.
Obviously if china come with 100 billion it could chnage a little bit but china is so mean !
My bet is even the crystal ball has been taken back by the REPO boys so we have no way to look into the future.lol
No way out here but to either default or forgive most of the debt.
Anything else is just more of the same can kicking.
At some point the healthy euro partners will likely bail.
The truth will be hidden until the last possible moment.
Very soon the physical PM market will get flooded with buyers.
Time is short. all in my humble opinion
bottom line is Greece cannot pay.
Your absolutely right Bill.
Greece cannot pay this huge debt.
This can only end in one of two ways.
Default or significant write off..
Thats all there is to it.
Todays last minute Time Out Deal is just that in my view.
An effort to slow down the huge amount of withdrawals that were occurring at Greek Banks…..possibly.
First the deadline was wed. then it was Friday…now it is Monday…laughable
Mother Nature is home.
the current greek polys now know just how tough it is.
will they stick to why they were elected? i bet they turn out to be “politicians”. leopards changing spots etc.
…or, they accept another, better deal. From Russia and ultimately backed by China. Do you see how cheap and inexpensive it now will be for the East to break NATO into pieces? For almost no money at all, they can “win” by taking Greece away. A pipeline deal and $100 billion cash upfront makes Greece viable again …and breaks NATO/Eurozone into fragments. “Cost effective” and very smart!
Europe has also been very hurt by the sanctions. Money talks.
I suspect that soon many countries will refuse to go along with the sanctions and Europe will regain the will to control their own destiny.
Western influences will weaken because Europe cannot continue allowing itself to be controlled from outside influences.
Bill is right..Greece accepting help from China and Russia is likely much easier to swallow.
Keep in mind that Germany has paid a significant cost in supporting these sanctions.
Expect an escalation in the effort to mislead the public.
To close. Is Europe healthier today as a result of western pressure….
As I see the “big” picture economic history has been established in an environment of abundant and therefore comparably readily available natural resources.
However we very well may be moving to a new paradigm where natural resources become more scarce and therefore more valuable.
To prepare for the above, one can acquire and store all the goods one might need for the future while these goods are readily available, or one can stack a supply of a concentrated natural resource useful for trading in the future.
IMO PMs will serve the above purpose because their ratio of availability (or scarcity) seems to be holding constant with consumables.
If above is true, and if one wishes to maintain current standard of living; then one should acquire PMs at today’s price in quantity sufficient to cover a chosen time period.
For example if annual family expense today are $50,000 per yr and one wants protection for 5 yrs; then a stack of $250,000 in today’s price should be considered.
I feel the above will take place no matter what China, Russia, or Greece decide to do.
The eastern block is reacting to all this just as each western citizen should be acting because the eastern block is more socially minded, while the western leaders (bankers) are only concerned with their own well being.
yes.
Bill, Just a thought here. The world relies heavily on the USA for commerce and world trade, a fall over here would be catastrophic for the world in general. Since the world is slowly turning from the Zionist banking system. Which will in return usher in the Republic, now we all know the bankers dozen has stashed all of the gold off shore. The new Republic now has no gold because of their crimes against humanity and hording of all true valuables. But I think you are overlooking the fact that, the USA which is now under Republic rule is holding 4 Trillion IQD. The debt the USA has accumulated over the years, is basically owed to the federal reserve which is the bankers dozen. Which the Republic now controls along with the CIA. So the good ol USA owes 14 Trillion to the federal reserve, 4 trillion to China. So, now the Republic can wipe out the debt owed to the feds. When the IQD RV’s @ say 3.86 x 4 trillion = 15,400,000,000,000.00 that cash will sit in a vault as black gold credits, overnight showing the USA now has a surplus after paying China back, of 11,400,000,000,000.00!! No more debt overnight. Thank you US Defense Secretary Ashton Carter and President Ham for reinstating the Republic. And hats off to all involved in this endeavor, Whites Hats and anyone else that participated. You are right in the aspect that this is going down very soon! This doesn’t even touch on the Leo Wanta funds! Trust in our Creator is the best idea, this may sound crazy. But seek your answers from your own higher self you will be amazed of the clarity of discernment you will receive. My higher self, showed me where the gold is hidden. It’s in many places but I’m aware of a large stash.
“It’s in many places but I’m aware of a large stash.” Where? China? Or underground and not mined yet…part of the deep storage gold?
After all I wrote, that is your question. How will you prove me right or wrong! A very remote island with lots of bankers, it is hidden in plane site. Bermudians see the facility daily and don’t questions the armed guards!
as you can only be proven correct “when they show us the gold”.
Your thoughts on the IQD saving Americas economy?
IQD? Do not know what it is but don’t believe anything can save the U.S. economy other than a total restructuring. I do not believe we have a magical stash of gold.
Why peg gold to the Yuan ???? Circulate gold backed currency where the unit of account is weight and unfixed to the restraints of a FIXED peg. Another currency would be a good market choice, especially one that is debt-free ….. just what the market is calling for.
Bullion is now a debt-free real-time (floating) market currency …. all thanks to the advent of free floating fiat currency. How many realize that ?
bullion is not truly floating with COMEX contracts shackling it down.