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A perfect Storm is hitting the diverse Bond market. Witness a diverse set of very serious if not calamitous warning signals, many noticed but not well as a collection to signal imminent financial crisis. In the Jackass opinion, the Systemic Lehman Crisis has begun. Witness the many warning signals…
Jim Willie is back with an update on the internal, external and systemic factors currently hitting the gold market and a whole lot more…
A Perfect Storm is hitting the Gold market, with an internal factor (return to Quantitative Easing on steroids), an external factor (Shanghai Gold Exchange taking market share), and a systemic factor (Basel 3 Rule permitting Gold in account ratios)
U.S. TBOND AS GLOBAL SUBPRIME BOND
The USTreasury Bond is the global subprime bond, and the outcome will be a much bigger bond market crisis than in 2008. It is often called the Everything Bond Bubble.
the Systemic Lehman Crisis has begun. Witness the many warning signals:
enormous USGovt debt heading for over $1.2 trillion this fiscal year
a gigantic mass of BBB-rated corporate bonds now measured at $3.3 trillion
a badly inverted USTreasury yield curve with all points upside down
heavy reliance upon derivative machinery to produce fake bond demand
strained primary bond dealers who cannot find investors
dwindling USFed cash reserves which worsen each month
anomalies with respect to Interest on Excess Reserves
an official Fed Funds rate above many bond yields along the maturity spectrum
GOLD STANDARD COMING INTO VIEW
The Gold Standard is step by step coming into view. Consider it arriving on a four-legged table, each with strong legs. Given the steadfast vicious defense of the King Dollar and its hegemon court, all transformations and transitions must be gradual, subtle, and deep. During the last two years, the Jackass has regularly made the claim that the Gold Standard would see it initial implementation in the trade payment form. This has turned out to be the case.
GOLD TRADE NOTE – commercial global trade payment
BASEL-3 RULE CHANGE – gold as countable asset in ratios
PANDA BOND ISSUANCE – gold backed sovereign bonds
REGIONAL GOLD CURRENCY USAGE – decentralization
Expect regional themes to dominate, as the Dual Universe comes into form. The East will prefer to trade in Chinese RMB terms, and often in Euro terms. The West will prefer to conduct trade in USD terms, but also British Pounds in trace amounts within the old colonies
The transition period will involve the two dominant currencies at work: the USD and RMB. The fully implemented Gold Standard will require still more time, more cooking. The USDollar will not go away quickly or easily
The US Government has proved since September 2001, that it will execute all the corrupt decisions, make all the wrong steps, and be forced to take proper steps only at the point of a howitzer gun, or at the creditor table during a restructured bankruptcy.
” In fact, the bankruptcy of the US Government Corporation is the new poorly kept secret ” …
*** by Jim Willie of Golden-Jackass ” June 17, 2019 ***
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