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The evolution of credit
The evolution of credit After fifty-one years from the end of the Bretton Woods Agreement, the system of fiat currencies appears to be moving towards a crisis point for the US dollar as the international currency. The battle over global energy, commodity, and grain supplies is the continuation of an intensifying financial war between the […]
The Ins and Outs of Whose Money is it Anyway?
The Ins and Outs of Whose Money is it Anyway? “Inside, Outside…. Leave me alone! Inside, Outside … Nowhere is home! Inside, Outside … Where have I been? Out of my brain on the 5:15…” — The Who There’s been a massive reaction to Credit Suisse analyst Zoltan Poszar’s note about the birth of a new Bretton Woods […]
After the Gold Standard, Government Grew While the Dollar Shrank
After the Gold Standard, Government Grew While the Dollar Shrank Public-domain image via Picryl.com Why ending the gold standard led to a bigger government and a smaller dollar As The Hill’s Robert P. Murphy notes, most Americans associate the end of the gold standard and the ensuing dollar erosion with Nixon and his 1971 decision to […]
The dollar’s debt trap
The dollar’s debt trap On the fiftieth anniversary of the Nixon Shock, this article explains why fiat currencies have become joined at the hip to financial asset values. And why with increasing inevitability they are about to descend into the next financial crisis together. I start by defining the currencies we use as money and […]
A Look Back at Nixon’s Infamous Monetary Policy Decision
A Look Back at Nixon’s Infamous Monetary Policy Decision Putting the World on a Paper Standard Half a century ago one of the most disastrous monetary policy decisions in US history was committed by Richard Nixon. In a television address, the president declared that the nation would no longer redeem internationally dollars for gold. Since the […]
Central Banks Are Now in the Endgame
Central Banks Are Now in the Endgame Central bankers were handed the Midas curse half a century ago. Midas turned everything that he touched into gold– even his own food. Exactly 50 years ago (15 Aug, 1971) central bankers were handed a much worse curse by Nixon. But instead of turning everything into gold, their […]
A Look Back at Nixon’s Infamous Monetary Decision
A Look Back at Nixon’s Infamous Monetary Decision A half century ago one of the most disastrous monetary decisions in U.S. history was committed by Richard Nixon. In a television address, the president declared that the nation would no longer redeem internationally dollars for gold. Since the dollar was the world’s reserve currency, Nixon’s closing of […]
How Iran Will Determine If The US Dollar Remains The World’s Reserve Currency
How Iran Will Determine If The US Dollar Remains The World’s Reserve Currency For almost two centuries, Sterling reigned supreme as the world’s reserve currency, propping up the vast British Empire which was the world’s superpower during the 19th century and the early 20th. Then, in the span of just a few months, everything changed […]
The Credit Cycle is on the Turn
THE CREDIT CYCLE IS ON THE TURN We are on the verge of moving into an era of high interest rates, so markets will behave differently from any time since the early-1980s. There are enough similarities with the post-Bretton Woods era of the 1970s to give us some guidance as to how markets are likely […]
The Fed’s Easy-Money Policies Aren’t Helping Income Growth
The Fed’s Easy-Money Policies Aren’t Helping Income Growth Back in August, Bloomberg interviewed Karen Petrou about her research on quantitative easing and the Fed’s policies since the 2008 financial crisis. What she has discovered has not been encouraging for people who aren’t already high-income, and in recent research presented to the New York Fed, she […]
The Road to 2025 (Part 3) – USD Dominated Financial System Will Fall Apart
The Road to 2025 (Part 3) – USD Dominated Financial System Will Fall Apart It’s our currency, but it’s your problem. – U.S. Treasury Secretary John Connelly to European Finance Ministers, 1971 Today’s post will cover a topic that consumed my thoughts for many years, but one I haven’t discussed much lately. Namely, the terminal […]
The yuan-oil future and gold
The yuan-oil future and gold “There can be little doubt that the introduction of the yuan-denominated oil future has been a major strategic step for China.” Regular readers of Goldmoney’s research will be aware that we were among the first to alert western financial markets that China would introduce a new oil futures contract priced […]
The Petrodollar’s Biggest Challengers
The Petrodollar’s Biggest Challengers Established in the early 1970s, the petrodollar has secured the United States’ influence over the oil trade for over 40 years, but recently, it is clear that this monopoly is slowly beginning to fall apart. Due to the plummeting value of the dollar, the debt from the Vietnam War, and excessive […]
Path to the Great Reset
PATH TO THE GREAT RESET Gold has been money for most of recorded human history. Industrial capitalism operated on a global gold standard up until the world wars shredded Europe’s economy. In 1933, President Roosevelt criminalized private gold ownership using an executive order, and the U.S. government forced citizens to sell their gold at a […]
