– Jim Willie: DOLLAR DEATH: Global Trade Using Dollars Down 50%! (Grams Gold, Dec 26, 2014):
This transcript of the interview with Jim Willie in early December 2014 highlights the importance of gold on the world stage, as well as other important events that are taking place.In the video interview titled, “No Prisoners in the Global Money War,” Willie says, “I think we have acceleration on the systemic breakdown globally. There is no asset foundation to the US banking system anymore. It’s just a bunch of ‘spinning derivatives on computer trades’.
In another year, there may not be any bilateral between South American nations in the dollar.
In a few years, what trade WILL be in the dollar?On the world front there are huge events that are happening:
- OPEC decided not to cut production
- China and India are working on big barter deals
- Deutsche Bank has stopped physical gold trading
- There was a $250 rise on the gold market on Wednesday . I think it was a test, before COMEX is killed
- India removed their restrictions on gold imports
- Shale and oil sector in the US is about to collapse from high yield junk bonds
- Turkey has worked out a deal with Russia where they are not going to use the dollar. Turkey has some huge energy projects
- Italy and France are on their deathbed. Unemployment is going through the roof. Debt and GDP ratio are out of sight
- Swiss referendum put at risk the entire Swiss reserves and banking system
- US bond yields are collapsing
- Ukraine gold is all gone
- The gold forward rate has turned negative-gold is in backwardation
- Auto and student loans are now the new subprimes. They’re all going to go bust
- World Trade Using Dollars Has Decreased 50% in 10 Years
- The percentage of global trade using US dollars about 10 years ago used to be around 70%
The dollar percentage of global trade is now around 37%. We are still doing dollar trade. But it is decreasing. There are deals between Russian and South America to supply food. Brazil and Argentina just struck a deal not to use any dollars in trade. In another year, there may not be any bilateral between South American nations that’s in the dollar. [10:34]
- The US is going to suffer deeply from the damage to the entire shale oil sector.
- Their junk bonds are about to explode and become the new
- ‘sub-prime’.
- It’s not just car and student loans in the US, it’s shale sector loans. They are all going to blow up.
Every big story has a gold reason behind it. The US went after UBS in Switzerland and claimed they had a lot of foregin accounts and illegal, tax dodging accounts. The Dept of Treasury in the US took control of UBS in 2011.The Chinese have set up an remnimbi hub in Toronto and Vancouver. It is used fro large scale currency translation between the yuan and a lot of other currencies. And we have RMB pill boxes, 3 of them in North America.On Germany wanting their gold back (repatriation):
Why did the Germans ask for their gold to be repatriated in the first place?
The US got wind that Germany was working vigorously toward a return to the gold-backed mark. And that Central Europe would go along with it. The US government shared with Berlin their plan, in mid 2011, of their plan with Ukraine of cutting off the gas lines. The Germans said to Washington, “Are you out of your minds?” And they said, “We want our gold back, you idiots!”
The Germans are not going to take an 8% hit their economy just because the US wants us to cut off Russia. [35:00]
Ukraine is a very troubling country as they have been siphoning and stealing gas for a decade or two. Russia is glad someone else brought attention to Ukraine, because we have an excuse to cut them off now. Russia is playing an interesting chess game. They are saying now that maybe they won’t complete the pipeline that will go through Hungary and Bulgaria and Austria to make its way to Germany. [44:00]
All roads lead to Germany. It’s the center of Europe and its biggest economy.
Every big story has a gold reason behind it. The Saudis caught wind of their gold in the Swiss Banks being stolen by London and the US.
It’s the most powerful industrial sector . They’ve got extra trade surplus. I’ve been assured that Russia will not cut off gas to the European market. They are going to continue to use it to threaten the Europeans to break away from the US and NATO and even kill the Euro currency.My attention is more on the Iranian gas pipelines that are now blocked by ISIS and Syria. If the US succeeds in making a permanent war zone in Iraq and Syria …The Iranian gasline must make it to the Mediterranean in order to supply the European market.The Israelis have just struck a royalty deal with Syria. The Saudis interrupted the funding for the Iranian Pakistan pipeline, but it will be revived. I’m much more focused on the petrodollar .
PETRODOLLAR
It is looking dead. First of all, about a year ago, some big events occurred in Saudi Arabia that was evident that a divorce had occurred between them and Washington. There have been monthly meetings since March of this year between the ministers of China and the Saudis in Beijing. nThey are talking abut funding of new projects, cultural exchanges, cooperation, banking facilities. The US threw the Saudis under the bus.When Obama had a meeting with Kind Abdullah that lasted no more than 15 minutes, there was something that went wrong in that meeting. Here’s the big element that’s not in the news: 2 years ago the Saudis caught wind of their gold in the Swiss Banks being stolen by London and the US.Every big story has a gold reason behind it. The US went after UBS in Switzerland and claimed they had a lot of foregin accounts and illegal, tax dodging accounts. The Dept of Treasury in the US took control of UBS in 2011. I looked to see what’s behind all of this. They didn’t want to capture makes $100 million in tax revenue? That’s lunch money!
What was really behind it that’s where a lot of Saudi gold was stored. The story several months ago, the US wants the entire region of Emirate’s gold.
Half of the $2.2. trillion is located in the UAE, United Arab Emirates. The Americans and London are stealing guld Emirate gold in Switzerland. It’s going straight from there to the refineries and then to Hong Kong and Beijin and Shangai.
The Saudis don’t like it. They own a lot of Treasury Bonds and they own about 2/3 of the $2.2 trillion is in dollars. I think Saudis are doing China’s bidding . This all works to China’s favor. I believe they want to keep a lower cost for the growth of China’s expanding economy.
The US is going to suffer deeply from the damage to the entire shale oil sector. Their junk bonds are about to explode and become the new ‘sub-prime’. It’s not just car and student loans in the US, it’s shale sector loans. They are all going to blow up. 59:44
The Saudis are about to introduce a Russian pricing system in Chinese renminbi for oil.
The number one and number two oil producers,
Saudi and Russia, are going to set the oil price –
and are going to ignore the
American influence for setting that price.They are tolerating the theft of Saudi gold and behind the scenes they are making friends with Iran to avoid conflict with Russia.The Saudis are trying to allow for a transition from the American devils to the Chinese devils.
There is a lot covered. The writer is correct, a lot happened in 2014. OPEC’s refusal to cut production told the world the US is finished. As long as the US had the big money behind them, they were okay, but with the loss of market for the use of the dollar, the FED must be sitting on piles of paper money nobody wants.
The US abused their position as world reserve currency so much, and blew up any nation that asked for review or replacement, the world had to find a quiet way to dispose of the chokehold the US held on the world.
Hugo Chavez was the man who figured it out by introducing the first electronic currency, the Sucre, in 2010. His organization was so small, it flew under US radar. Russia and China were paying attention, and they adopted Chavez’s system. They started with a trade agreement between each other, then went on to recruit much of the world. Most African emerging economies, including South Africa, much of South and Central America, India, Japan, Iran, many middle eastern nations, including Turkey and Qatar, did business with them avoiding the dollar. Australia and New Zealand dumped the dollar in 2013. Canada dumped the dollar as well. BRICS has emerged as the new economic leader, and the fools running the US seem to think as long as they can lie about it, it will be okay.
The US has about 37% left according to this article, that means nearly 70% of the world has abandoned the use of the dollar……………technology has made the need for any world reserve currency obsolete. This was a death blow to the US, and the man who authored it is six feet under, so the US cannot go after him.
Obama’s futile attempts to get the world behind the US in war anywhere shows how desperate the US has become. But, the US is bankrupt, and nobody will partner with a pauper.
Saudis and Russia will set the oil price…………that sounds about right to me. If they get too expensive, the US can produce their own oil, so they need to tread carefully. It would be smart to keep the price down so there is no need for the US to retool. However, the statement that the Saudis and Russia are the highest producer of oil, the US is the #1 producer of oil.
The US has a new method of confiscation that has caused many Russians abroad to shift their wealth back to Russia. The US has lost all its hard won credibility because they have crooks and criminals in power, and the people have no voice. The government steals from the people on a regular basis, our police steal cash from motorists………..nothing is done about it.
Americans have lost their country, and the great nation that looked for truth is gone.
Depressing…….