Nothing, says Jim Rickards. The International Monetary Fund (IMF) has been working diligently to accommodate the Chinese renmimbi in its special drawing rights currency basket: the new currency allocation is now 42% dollars, 31% euros, 11% renmimbi, 8% yen and 8% pounds. In early 2018, a new banking system called Distributed Ledger Technology will be introduced, says Rickards, with the blockchain becoming available for “currency substitution.”
The IMF began advancing its plan late last year by supporting a UK Standard Charter Bank issue of bonds denominated in SDR’s —in a Distributed Ledger (e.g., blockchain). Since then, it has published a number of position papers detailing plans. REPLACEMENT OF THE DOLLAR AS WORLD RESERVE CURRENCY WILL HAVE A MAJOR IMPACT ON AMERICANS. If globalists have their way and the buck loses its place as the world’s only reserve currency, dollar value and purchasing power will DROP! Significantly!
Hackers broke through credit firm Equifax’s security and stole information on 143 million people over a period between mid-May and July of this year. The hackers gained access to names, Social Security numbers, birth dates, addresses and even some driver’s license numbers. They also got credit card numbers for 209,000 people.
To determine whether your information was exposed, use a secure computer and internet connection and go to https://www.equifaxsecurity2017.com, click “potential impact” and enter your last name and the last six digits of your SSN. Additional steps and considerations are outlined on the Equifax website, in this article, and in this one. There are many more. Good luck!
We will probably post additional information on this subject in next week’s blog. Let us know what your questions are and we will try to cover them.
Why Americans should love their odds. 2016 marked a major turning point for the United States – in which 99% of U.S. communities voted to move away from Marxism and back towards American exceptionalism, freedom and liberty. 2018 midterm elections are approaching and few, if any, of our 435 House and 34 Senate members running for reelection deserve to be returned to D.C.
Those same communities will now have a chance to REPEAL and REPLACE CONGRESS state-by-state, district-by-district. 99% for the people and only 1% for politicians are wonderful odds! Thus, if this political transformation doesn’t continue, we will have no one to blame but ourselves!
In defense of price-gouging. People who claim that price gouging in an emergency like Irma should be criminal fail to consider that it is the only practical way to allocate limited resources. As prices increase, individuals with adequate supplies will reconsider further purchases at elevated prices, leaving more to be purchased by those in real need.
Want to destroy ESPN and CNN forever? Cut the cord: get rid of your Pay TV Package. Even if you refuse to tune in to any of the mainstream media channels, they get paid anyway—through your cable or satellite bundle.
MARKETS – for the week ending September 8
Real money: Gold and silver rode NK concerns up another $21 and 30-cents to $1351.20/oz and $18.12/oz.
US stocks dropped: the Dow 0.9% to 21798 and the S&P 0.6% to 2461. Then on Monday, U.S. and global stocks came roaring back and precious metals retreated, as Irma and North Korean fears faded.
Mining stocks (the XAU Index) gained 1.2% to 91.65.
Crude oil (the WTIC Index) rose 19 cents to $47.48/barrel.
Commodities (GCC Index) eked 0.6% higher to 19.01.
Currencies. The Federal Reserve Note (= dollar, via USD Index) plunged another 1.6% to 91.33.
Cryptocurrencies. Bitcoin (BTC) crept $42 higher last week to close Friday at $4377.
For a free copy of our white paper on how to get started in the cryptocurrency space, send an email to [email protected]
US Treasury bonds kept climbing, as 10-year and 30-year yields fell 10 basis points each to 2.06% and 2.67%.
About the Author
Wayne Peterson is an independent Registered Investment Advisor and principal of Family Business Office, a comprehensive financial planning and asset management firm he founded in 1991. He has been publisher of the Transformation Watch newsletter since 2005. A U.S. Air Force Academy graduate, Peterson spent five years with the U.S. Marine Corps as a fighter pilot, followed by 20 years in aerospace management. For free weekly receipt of these financial blogs, subscribe here.
Peterson’s book, “But What If I’m Right?”, outlines the factors contributing to the impending global financial transformation and provides readers with recommendations to safeguard their families and their assets.