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I urge everyone to take 21 minutes (16.8 minutes at 1.25x speed) and listen to Andy Schectman. Andy is a fellow that I follow including Peter Schiff, Lynette Zang, Mike Maloney, Robert Kiyasoki and others.https://youtu.be/ZUqWEViDt64
In this video he explains what I have been trying to pass on over the past many months regarding what I refer to as the currency wars. I am of the full belief that what he says will come true. It is what the fore mentioned people like Zang and Maloney have been preaching about since the Great Financial Crisis in 2008, that the US Dollar will lose it's supremacy as the world's reserve currency, a title it has held since 1944 and how in 2019 the Bank for International Settlements (BIS) ( https://www.bis.org/ ) secretly elevated Gold from a tier 3 asset class to tier 1 alongside the USDollar as a world reserve currency.
He also explains how the Central Banks, who are under the umbrella of BIS, reclaimed all their gold from the US based Fort Knox in 2019 and ever since have been buying record amounts of gold.
And possibly more importantly he describes what this means for the US Dollar (and of course this would include the Cdn Dollar and other fiat currencies of the G7 nations) and the implications a depreciating currency has on a countries traditional assets like stocks, real estate and bonds.
I know I have shared this many times in blogs and Facebook Lives but it's always good to hear it from the expert that I learned it from and why I keep stating how everyone should own silver and/or gold. The physical stuff, not the digital kind that will depreciate in value when the currency does and also does not allow you to take delivery of the physical asset unless you have a large deposit, usually well over the $500,000 value.
Lastly, a quick comment on what transpired today in the banking crisis.
1. Credit Suisse, one of the world's Systemically Important Banks https://www.fsb.org/2022/11/2022-list-of-global-systemically-important-banks-g-sibs/ borrowed $50 Billion when they couldn't find anyone willing to help them out of their financial mess. The Saudi's walked away Tuesday evening stating they wanted nothing to do with CS.
2. Apology. Yesterday on a Facebook Live I stated that none of the Canadian banks were on the SIB list but I was wrong. TD Bank and Royal Bank.
3. This afternoon it was formally announced that the "Big Banks" of the USA would deposit money into the smaller banks that are hemorrhaging to provide them with liquidity. This is a neat way to slowly reduce competition and put the financial power in fewer and fewer hands. No mention of how many more times they will do this but rest assured the Big Banks have received over the past week a massive influx of deposits as clients moved their assets out of the regional banks to the Big Banks which is not likely to end anytime soon. This helped rally share prices in the US of bank stocks and other market participants but the question is, how long until more and more of the regional banks simply throw in the towel, the damage has been done, their liquidity has been exposed and now they are indebted to Big Brother.
DETAILS OF BIG BROTHERS "LOVE" FOR FIRST REPUBLIC BANK IS BELOW.
*BAC, C, JPM, WFC EACH MADE A $5B DEPOSIT *GOLDMAN SACHS AND MORGAN STANLEY EACH DEPOSITING $2.5B, *BNY-MELLON, PNC BANK, STATE STREET, U.S. BANK EACH DEPOSIT $1B *TOTAL OF 11 BANKS MAKE UNINSURED DEPOSITS OF $30B INTO FIRST REPUBLIC BANK
That is massive and all for just one bank! There are dozens more! To some it may appear they put a bandaid on a knife wound but in my opinion this is a slow and methodical friendly takeover that will take awhile. Who's next? Invest wisely and carefully, things change fast these days and they have given us time to prepare. Yours in Faith, Family and Finance, Daryl Cooper
