The last 3 months have seen Russia’s “de-dollarization” plans accelerate. The UK signed a currency swap agreement with China, then Turkey cuts ties and mulls de-dollarization. Russian and Chinese central banks have agreed a draft currency swap agreement. The more economic sanctions the U.S. lobs at Russia, the more they will be forced away from a U.S. Dollar-denominated trading system and into one which faces China and India.
According to David Stockman, investors need to brace themselves for historic and worldwide financial destruction. The Fed has not only painted itself into a corner with no way out by its policies, we are seeing U.S. foreign policy collapsing as well. The stock market, fueled indirectly by the Fed, has gone straight up for the last 62 months giving an illusion of economic growth; however, this fairytale will not have a happy ending.
A record number of Americans have renounced their citizenship. The Treasury Department is required to publish a quarterly list of those renouncing their citizenship; however, that number may actually be understated. With that said, 576 have renounced their citizenship this quarter making it 1677 for this year so far.
Auto sales have been one of the few drivers of this so-called recovery. They have been pushed up by easy credit, longer terms, lower credit quality, and sky-high loan-to-value ratios. These loans lock the buyer out of the market for years to come; thus, expect things to collapse.
According to UN, global food prices hit a six-month low in July led mainly by sharp declines in grains, oilseeds, and dairy, which balanced out rising meat and firm sugar prices. They go on to say that food prices will remain stable for 10 years? Don’t count on it. Anyway, take advantage of these current low prices and ensure your long term food supply is in place.
The activist group Gun Owners of America, in an open letter, corrected Obama that the second amendment does not give citizens the right to bear arms, but protects that pre-existing right. The government does not grant rights. It’s all about the language folks.
The interesting thing about the recorded sounds, by NASA, of various planets in our solar system is that everything, and everyone, makes a sound. To that end, make it a good one folks.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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