- For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar.
- China, Russia, and India have cut deals in which they agree to accept each others’ currencies for bi-lateral trade while Europe, obviously, designed the euro to be a reserve asset and international medium of exchange.
- These were challenges to the dollar’s dominance, but they weren’t mortal threats.
- What’s happening lately, however, is a lot more serious.
- It even has an ominous-sounding name: de-dollarization. Here’s an excerpt from a much longer article by “strategic risk consultant” F. William Engdahl:
Read more at:Suddenly, “De-Dollarization” Is A Thing
- “No one really cares about the U.S. federal debt,” remarked a colleague and Economic Prism reader earlier in the week. “You keep writing about it as if anyone gives a lick.”
- We could tell he was just warming up. So, we settled back into our chair and made ourselves comfortable.
- “The voters certainly don’t care about the federal debt,” he continued. “They keep electing the same spendthrifts to office.
- “And the politicians know the voters don’t care. They also know that making more and more promises is the formula for getting reelected.
- “Deep down, the aging masses know they need massive amounts of government debt to pay their social security, medicare, and disability checks. On top of that, many of the so-called gainfully employed are really on corporate welfare; they hang their hats on government contracts to fund their paychecks.
Read more at:America Is Going Broke At Mach 30 “And No One Cares”
- We just got more evidence that the middle class is being systematically eviscerated. According to a GOBankingRates survey that was just released, more than half the country has less than $1,000 in savings. So in the event of a major economic disaster of some kind, over 50 percent of the nation is going to be completely out of cash almost immediately.
- For years I have been writing about the steady decline of the middle class in the United States, but I still get astounded by numbers such as these. According to this new survey, only 25 percent of all Americans have $10,000 or more in savings at this point…
Read more at:The Middle Class Is Being Destroyed: Now Only 25 Percent Of All Americans Have $10,000 Or More In Savings
- Housing markets are one itsy-bitsy recession away from a collapse in domestic and foreign demand by marginal buyers.
- There are two attractive delusions that are ever-present in financial markets:One is this time it’s different, because of unique conditions that have never ever manifested before in the history of the world, and the second is there are no cycles, they are illusions created by cherry-picked data; furthermore, markets are now completely controlled by central banks so cycles have vanished.
- While it’s easy to see why these delusions are attractive, let’s take a look at a widely used measure of the U.S. housing market, the Case-Shiller Index:
Read more at:Housing Bubble Symmetry: Look Out Below
- When will America finally wake up? The borrower is the servant of the lender, and we now have a colossal 20 trillion dollar chain around our collective ankles. We have willingly enslaved ourselves, our children and our grandchildren, and yet our addiction is so insatiable that we continue to add more than 100 million dollars to our debt load every single hour of every single day.
- The national debt is sitting at a grand total of $20,162,176,797,904.13 at this moment, but now that the debt ceiling has been lifted that number is expected to shoot up very rapidly toward 21 trillion dollars by the end of the year. The national debt had been held down by accounting tricks to keep it under the debt limit for many months, but every time this has happened before we have seen the national debt absolutely explode back to projected levels once the debt ceiling was raised.
Read more at:Debt Nightmare: Does Anyone Actually Care That Our Exploding National Debt Is Destroying Our Future?
- Dear President Trump,
- Over the last couple of years I’ve been all over TV… from Fox News to CNBC, CNN and Bloomberg. I’ve been telling our fellow Americans that the financial global elite was planning to issue their own globalist currency called special drawing rights, or SDRs.
- And that those elites would use this new currency to replace the U.S. dollar as the global reserve currency.
- I’ve even written about this extensively in my best-selling booksThe Road to Ruin and The New Case for Gold.
- I’m sure some people in the mainstream media thought I was out of line — but the United Nations and the International Monetary Fund (IMF) have both confirmed this plan to replace the U.S. dollar is real. I’ve made this warning many times, but it seems to be falling on deaf ears. That’s why I’m writing directly to you.
Read more at:America Is In For A Rude Awakening In January”
- Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week, Reuters reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along with a basket of currencies.
- According to Reuters, Maduro was referring to Venezuela’s current official exchange rate, known as DICOM, in which the dollar can be exchanged for 3,345 bolivars. At the strongest official rate, one dollar buys only 10 bolivars, which may be one of the reasons why Maduro wants to opt for some of the weaker exchange rates.
Read more at:Venezuela Is About To Ditch The Dollar In Major Blow To US: Here’s Why It Matters