In this report, I cover the U.S. markets after the close from London on Friday, August 23rd, 2019. I look at how the stock market indexes dropped almost 3% and how gold and silver rallied over two per cent on the day.
This evening I also look at an article on Zero Hedge in which they cover a speech by the Bank of England governor Mark Carney at Jackson Hole in Wyoming. In his speech, Mr Carney called for the scrapping and replacement of the current fiat dollar-based monetary system.
For once it looks like a Central Banker is admitting that the current monetary and financial architecture of the world is kaput and needs resetting. Governor Carney hints at "Libra Like" currency to replace the dollar.
My conclusion, as well as Zero Hedge's, is that whatever happens gold should also play a big part in whatever new monetary construct the powers that be are considering for replacing the current bankrupt fiat currency system.
"In Unprecedented, Shocking Proposal, BOE's Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency": https://www.zerohedge.com/news/2019-08-23/unprecedented-shocking-proposal-boes-mark-carney-urges-replacing-dollar-libra
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Thanks again, Maneco64. I wonder how the reset wealth will be distributed.
@cv3, It's difficult to say but I would speculate that those who think they are wealthy will have a shock. I think the important thing is to preserve what you have been able to accumulate or save.
He must of listening to your channel and learnt something. Through your wisdom, he has conformed to your views.
However, he will walk away with a big pay packet and let us pick up the bill!
In a way I hope if happens soon, kinda fed up with all this waiting and manipulating. Plus it might finally wake people up to what is really going on 💯🐒
Hi @vibeof100monkeys, I thought it was happening back in 2008 and I was prepared for it and they were able to keep it going but I'm patient and I'm prepared for it now and will be patient too.
Indeed that's all we can do I guess. Glad it didn't go in 2008 as I was not prepared a little more so now, the best I can be. Still a long way too go but much more than I was. Have crypto and some silver buy looking to growing a lot more and alternative ways to earn 💯🐒
Why do you think Chinese government oppress Hong Kong? I think because they are ready to ditch USD. They used Hong Kong to convert CNY to USD through HSBC. But they have less need to do so now because Shanghai Cooperation Organization has begun to use the gold backed crypyocurrency.
Interesting they are using the global backed currency . What is the gold backed crypyocurrency?
China and Russia use their cryptocurrency to trade each other and book the result. They finally balance the books settling by gold. James Rickards talks about it many times in his recent interviews.
Thanks for the reply and explanation. Now, I understand.