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Monday, July 30, 2018

JESTER UPDATE, 30 JULY

[JESTER] HELLO AND HAPPY SUNDAY EVERYONE...

[mentoredlife] Jester, saw another article this morning talking about Trump returning to a gold standard. Seems to be on the radar lately. This article was even from Forbes

https://www.forbes.com/sites/ralphbenko ... 6ccb7b4d54

[RPharmer] mentoredlife Thanks for the link. Good read so far.

[JESTER] I THINK THE BASIC PREMISE IS ACCURATE EXCEPT FOR THE OPINIONS OF THE WRITER... WHICH HE IS SURE THE DOLLAR IS SAFE ANYWAY... STUPID THOUGHT... BUT THE ARTICLE IS PRETTY OLD...

[JESTER] THEY DO NOTE THAT THINGS WOULD BE BETTER IF TRUMP COULD GET SOME PRO GOLD REPRESENTATIVES IN THE FED POSITIONS...

[Betsy Ross] JESTER I thought I saw it somewhere that he has some spots to fill.

[MarySunshine] JESTER They needed 4 more?


[JESTER] MarySunshine BINGO...

[JESTER] RIGHT NOW THERE ARE 4 VACANCIES... OF THE OTHER THREE ALREADY SEATED TRUMP PUT TWO OF THEM THERE...

[RPharmer] JESTER I read somewhere, maybe on article you posted, Trump will be filling 5 of the 9 spots on the Fed Res Board.

[JESTER] RPharmer SEVEN MEMBERS BIG GUY...

[alfonse] I wonder if he will choose or Treas. Sec. Mnuchen will advise him,, Like a good former "Golden Slacks" Employee

[diditrvyeet] JESTER can you give us an idea of the impact how that will affect the owners? They don't lose power but can lose money if the printing press is turned off right?

[JESTER] diditrvyeet I THINK THAT IS THE WHOLE IDEA... STOP THE PRESSES AND RUN THINGS WITHIN A DANG BUDGET... START MOVING THE OTHER WAY...

[alfonse] JESTER Maybe take away their Computers too. Hmmm

[diditrvyeet] JESTER they will do anything they can to stop that then. Since the Fed is our central bank, are other CBs  around the world owned the same way?

[JESTER] THERE ARE LOTS OF CENTRAL BANKS... THE GLOBAL HEGEMONY OF THE UNITED STATES PLAYBOOK INCLUDED SETTING ON UP IN MOST COUNTRIES THEY TOOK OVER ECONOMICALLY... REFERENCE THE ECONOMIC HITMAN...

[diditrvyeet] JESTER scoundrels

[JESTER] diditrvyeet ALL WARS ARE BANKERS WARS...

[tmorrow1953] If anyone has not read economic hit man for that foundation........you need to

[JESTER] THE SHEEPLE ARE THE UNWITTING SLAVES TO THE SYSTEM... THE WOOL HAS BEEN PULLED OVER THEIR EYES FOREVER...

[JESTER] CANNON FODDER FOR THE ECONOMIC GROWTH OF THE BANKERS...

[alfonse] JESTER This is a good link depicting our Fed Ownership
https://lawfulpath.com/ref/federal_reserve.shtml

[JESTER] alfonse WE ALL KNOW IT BACKS UP TO THE R'S... JUST GOT TO QUIT MAKING MONEY FROM THIN AIR AND THINGS WILL SLOW DOWN...

[alfonse] JESTER agreed, It is bad enough that they create the currency, but they don't create the interest on the debt, so we borrow again and again ad infinitum :(

[diditrvyeet] JESTER in reference to HR5404 you mentioned Thur? i read the 30 month timeline and who knows for sure who will be in office then. Something seems off there.

[JESTER] diditrvyeet I THINK THEY HAVE A PRETTY GOOD IDEA WHO WILL BE IN OFFICE...

[MarySunshine] JESTER I agree. I believe it will be Trump again.

[diditrvyeet] JESTER i know you have read a lot more to have that thought but boy that is a long time frame it seems

[JESTER] diditrvyeet LOOK AT REALITY... THE UNIONS JUMPED SHIP AND VOTED TRUMP BECAUSE THEIR DEMOCRATIC BENEFACTORS KEPT GIVING THEIR JOBS AWAY TO IMMIGRANTS... NOW THE BLACK COMMUNITY IS WAKING UP AND REALIZING THAT THE DEMOCRATS MAKE A LOT OF PROMISES THEY DO NOT KEEP... HOPEFULLY THEY CONTINUE TO JUMP SHIP ALSO AND COME OF OUT OF THE DARK SIDE..

[Vigilance] the Walkaway movement

[MarySunshine] JESTER When we begin to see the arrests and the public becomes aware of the indictments, then many more will wake up, also...

[JESTER] NIGHT EVERYONE.. THANKS FOR COMING IN... BLESSINGS BE UPON EACH OF YOU... GOOD NIGHT...

President Trump: Replace The Dollar With Gold As The Global Currency To Make America Great Again
 
Ralph Benko Contributor    Feb 25, 2017, 09:00am

Inside President Trump’s otherwise “standard Trump stump speech” at CPAC was nestled what might be a most intriguing observation:

Global cooperation, dealing with other countries, getting along with other countries is good, it’s very important. But there is no such thing as a global anthem, a global currency or a global flag. This is the United States of America that I’m representing.

There's a keen insight in there that could, just maybe, transform our lives, America, and the world. No "global currency?"  Was this, with the poetic observation that “there is no such thing as a global anthem…or a global flag,” just a trope? Or could it contain a political portent with potential high impact on world financial markets?  Let’s drill down.

As it happens, there is a global currency.

It’s called the "U.S. dollar.”

Most international trade is priced in dollars. The Bretton Woods international monetary system invested the dollar, which then was defined as and (internationally) was legally convertible to gold at $35/oz, with global currency status.  France’s then-finance minister, later its president, Valéry  Giscard d'Estaing, called the “reserve currency” status of the dollar -- its status, along with gold, as global currency -- an “exorbitant privilege.”

By this d'Estaing was alluding to the fact, as summarized at Wikipedia, that "As American economist Barry Eichengreen summarized: 'It costs only a few cents for the Bureau of Engraving and Printing to produce a $100 bill, but other countries had to pony up $100 of actual goods in order to obtain one.'" That privilege, which made great sense during the period immediately after World War II, became a curse.

In 1971 President Nixon, under the influence of his Svengali-like Treasury Secretary John Connally, "suspend[ed] temporarily the convertibility of the dollar into gold." That closure proved durable instead of temporary. The dollar became, and remains, the world's global currency.

What had been an “exorbitant privilege” devolved into an exorbitant liability. As my former professional colleague John D. Mueller, of the Ethics and Public Policy Center, formerly Rep. Jack Kemp's chief economist, writing in the Wall Street Journal in Trump's Real Trade Problem Is Money recently and astutely observed:

a monetary system based on a reserve currency is unsustainable, since foreign official dollar reserves (for example) are acquired and must be repaid in goods. In other words, the increase in official dollar reserves equals the net exports of the rest of the world, which means it must also equal U.S. international payments deficits—an unsustainable situation.

In other words, if President Trump wishes to address America’s merchandise trade deficit (balanced to perfection, of course, by a capital accounts surplus) he will find that allowing the dollar to be used as the global currency is the real snake in the economic woodpile.  The dollar’s burden as the international reserve currency, not currency manipulation by our trading partners or bad treaties, is the true villain in the ongoing melodrama of crummy job creation.

Mueller’s Wall Street Journal column enumerates the three options open to President Trump:

First, muddle along under the current “dollar standard,” a position supported by resigned foreigners and some nostalgic Americans—among them Bryan Riley and William Wilson at the Heritage Foundation, and James Pethokoukis at the American Enterprise Institute.

Second, turn the International Monetary Fund into a world central bank issuing paper (e.g., special drawing rights) reserves—as proposed in 1943 by Keynes, since the 1960s by Robert A. Mundell, and in 2009 by Zhou Xiaochuan, governor of the People’s Bank of China. Drawbacks: This kind of standard is highly political and the allocation of special drawing rights essentially arbitrary, since the IMF produces no goods.

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