March 30, 2023 - The Truth Central - Dr. Jerome Corsi
37:38
The Truth Central - France Paying for Oil in Yuan; US Mortgage Industry in Danger
France and China struck an oil deal, but the NATO ally and Communist Adversary are exchanging in Yuan, not the US Dollar. Is this a sign of things to come? More nations are looking into cryptocurrencies; are they a good way to de-centralize money or could they be pulled into a one-world digital standard?Also, the US mortgage industry is in danger, especially on the commercial end.Dr. Jerome Corsi breaks down what's happening and what may be next on The Truth CentralVisit Dr. Corsi's The Truth Central website: https://www.TheTruthCentral.comMyVitalC: https://www.thetruthcentral.com/myvitalc-ess60-in-organic-olive-oil/Swiss America: https://www.swissamerica.com/offer/CorsiRMP.phpBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-truth-central-with-dr-jerome-corsi--5810661/support.
This is Dr. Jerome Corsi and today is March 30th, 2023.
We're here with our new website, thetruthcentral.com, thetruthcentral.com, posting new articles
on that every day, and sometimes changing them through the day as news occurs.
And thank you for joining us.
I'm glad to be back.
I've decided to be very active again, writing books, publishing, and doing a daily podcast.
And Chris, my producer, is here.
How are you, Chris?
Yes, yes, just taking in the day organizing some of these articles.
We're all good.
Yeah, we've had plenty of computer gremlins to fight today, so we're good to go.
Let's start out, I want to start out with this first article because I think there's some, I want to convey to you really important economic news today in politics, some dramatic changes going on right now.
China just completed its first deal with France.
It's the first deal where China is going to actually trade liquid natural gas.
China's going to sell liquid natural gas to France in Yuan, which is the currency of China.
Now why this is important is because, typically, since World War II, with the Brenton Woods Agreement after World War II,
international trade has been done in dollars.
The dollar is the international currency that is used worldwide,
and that's been the world's reserve currency, is internationally reserved currency, is the dollar.
Well, this has given the United States great economic strength.
Our dollar is traded around the world.
Now, China and other countries are beginning to say, we're not gonna allow the dollar to be used
in international trade anymore.
And this is a big blow to the United States.
In fact, as we came on, we were coming on and just saw that there's an article out where one of the former Treasury officials is saying that when this happens, we're basically going to see the dollar's worldwide slide.
This is, I believe, marks the beginning of the end of the dollar.
I actually think that we're going to see the dollar phased out, even by the federal government, as the central bank Digital currencies come on, and I continue to caution everybody, we are living in a period of time where the intelligence agencies are basically architecting the way the world looks.
So in other words, we're beginning to, the news reporting, the framing of what's going on, is as it were like a Truman Show.
You know, it looks like reality, but it's a constructed reality.
And this goes along with my analysis of how the entire woke political philosophy arose.
As you follow the show, you're going to get more and more into my thinking on this.
And my second book will be out soon on this Great Awakening Trilogy.
The first book was the truth about energy, global warming, and climate change.
The second book is going to be the truth about Neo-Marxism, cultural Maoism, and anarchy.
And it's going to be deconstructing woke lies in an age of disinformation.
We're living in an age of disinformation.
And what's going on is an architected reality in the sense that the United States is self-destructing.
And that's a tragedy.
And I think it's going to lead to a much more unstable world.
Now, the second article that I wanted to focus on is really on the same theme, because if you go to the article I posted on Saudi Arabia entering a trade alliance with China, Russia, India, Pakistan, and four Central Asian nations.
Now, the BRIC countries, which are Brazil, Russia, India, and China, which was formed as an economic alliance, That is challenging the supremacy of the United States in Western Europe and international trade.
And this is the core movement for wanting to disrupt the dollar's position as the world's reserve currency.
China wants its currency, the yuan, to be at least one of the world currencies used in international trade.
Now the importance of this is Saudi Arabia, which During the Trump administration, Saudi Arabia was working with us, trying to restrain Iran.
Iran is developing nuclear weapons very fast.
I've been warning, I've written three books on Iran, you know, warning everybody about the difficulty, what's going to happen when Iran develops nuclear weapons.
Well, Iran is developing nuclear weapons, and Iran is aligned with Russia and China.
But now, Saudi Arabia, the Biden administration has really had a confused policy towards Saudi Arabia.
When Biden went to Saudi Arabia, it was really fairly disappointing, if not outright.
I mean, I think Biden does not have the mental facilities that should be required of anybody who's going to be president of the United States.
But when Saudi Arabia, I mean, just if we read the basic beginning of the article, Saudi Arabia has entered into a trade alliance with China, Russia, India, Pakistan, and four Central Asian nations, It says, moreover, the development arrives after the news of the first yuan-settled energy trade, which we just reported on, which is China and France settling liquid natural gas China's going to sell to France, and France has agreed to pay in yuan, China's currency.
So CNBC reported that Saudi Arabia's cabinet has approved a recent memorandum to take steps towards joining the China-led security bloc.
Additionally, the report strengthens Riyadh's eastern ties and a further step away from U.S.
interests.
Now, this is a major, major development on the global international politics world and economics.
This is earth-shaking.
For those of us who have been aware and studied and lived under the Bretton Woods Agreement at the end of World War II, this is the end of the Pax Americana.
This is the end of the United States being able to dominate world politics.
China and Russia are asserting that they will now be superpowers while we self-destruct.
It's an extremely dangerous situation in a number of instances.
I think it bodes that China will take over Taiwan, as they did Hong Kong.
I think Russia will continue through to deal with the intrusion of NATO upon its sphere
of influence in Eastern Europe.
Russia and China and Iran are joined now in Ukraine, and NATO is supplying weapons.
It's kind of a, what they consider to be one of these wars that is fought by proxy.
In other words, NATO is at war, and the United States is proxy war.
We're not directly at war with Russia, but through Ukraine and our support of Ukraine, just like you had in Vietnam, it was considered a proxy war.
We were fighting China in Vietnam.
China was backing North Vietnam.
It was a proxy war.
It was the United States against China, fighting it out in Vietnam.
Now it's the United States and NATO against Russia, and we're fighting it out in Ukraine.
That's extremely dangerous, and Iran is in the middle of this developing nuclear weapons with which they will threaten the existence of Israel.
Economically, it's also earth-shaking, because it means that it forecasts the future of a weaker dollar.
A weaker dollar means that we're going to have more inflation, I think it's also now a certainty that we will be going into a very, very deep recession.
And I mean deep recession.
I think this is a combination of what went on combining what happened under Jimmy Carter, which was an energy crisis, at that time was the OPEC oil embargo, and combined with a stagnant economy and inflation, Largely caused because of the price of oil and price of energy that was escalating in the 1970s.
And then, so we do have an energy crisis going on right now with the Green Agenda trying to block the use of hydrocarbon fuels.
And I urge everybody to Understand how important the hydrocarbon fuels are to running in a modern industrial state.
We need cheap, abundant energy.
And oil and natural gas are abundant.
The idea we're going to run out of oil with peak oil theory, which I've addressed in several books, including this new one, Oil is abiotic.
In fact, I may pull out segments of these books and do a book on abiotic oil because I think it's important that people understand oil, natural gas, coal are not limited resources.
They are not dinosaur juice.
They are not anything biological in formation.
They're completely formed through natural processes that can be understood through Chemistry and the physics of how hydrocarbons are produced in the mantle of the earth.
And I discussed that.
That's a very important concept I want everybody to understand.
Now if we continue along and what we're posting today and I want you to see kind of the logic of how all this fits together.
I want to hit this mortgage financing issue because mortgage financing right now is at the lowest point it's been since 2016.
It's at pre-pandemic lows, which means that people are just not buying houses and people aren't selling houses.
Interest rates are too high.
Now, this is a combination then of the Jimmy Carter crisis over energy And the 2008-2009 economic downturn on the subprime real estate, which collapsed.
That was the real estate the Democrats demanded banks loaned to people who were poor.
And when interest rates increased, these people who had the houses subprime, they didn't qualify for loans, they defaulted on the mortgages.
That caused mortgage-backed securities to default, it caused derivatives to default.
It's happening again.
We have commercial real estate that's largely vacant.
It was in New York City yesterday.
The office buildings are vacant.
There's no new tenants coming in.
The economic activity is down.
It's hard to get people to come back to work.
Many people have learned that they can make as much on the internet sitting home as they can going into work.
And they also can work remotely and be more comfortable.
So if the mortgage market goes and real estate collapses, it causes a bank crisis because the banks have these mortgages booked as assets.
Okay, the loans that a bank makes are the assets.
The deposits are liabilities.
Bank has to pay the deposits back.
So if the assets deteriorate, which they are, a lot of banks are not going to have the asset liability ratio they need to continue operating.
And this article I posted up is important because it's pointing out that the fintech companies... Now, again, there's a lot of companies people don't understand exist.
Fintech companies basically provide basic mortgage financing.
And they provide a lot of the liquidity, not just mortgages from banks.
When you get a mortgage, it does not necessarily come from a bank.
It may come from one of these fintech companies.
And if they are having trouble taking losses, On the loans they've already got outstanding, which they are.
Millions of dollars of losses.
Then these fintech companies are not going to be able to provide mortgages for the future.
And in a higher interest rate environment, the mortgage market and the commercial real estate market are going to collapse.
Which means, again, that what I'm predicting, unfortunately, and I don't wish to predict this, is a very, very deep economic crisis.
Chris, do you want to comment on that much so far?
Well, I can't say you're wrong because you are right.
And a lot of people, the misnomer of this whole thing about the mortgage crisis, and this is why people are not really paying attention to what's going on now, is the easy way out of the whole thing was, well, Bush was president, it was on his watch, and it was about the Republican Policies.
Well, yes.
Okay, I get the fact that the government allowed derivatives to be bought and sold in the 2000s.
But allowing these, and you described them, but they're called ninja loans.
No income, no job, no assets.
In the name of, I guess, in the 1990s they didn't call it equity, but in the name of something equivalent to what was called equity.
Sounded nice on the surface, but people with no foresight don't realize what could happen.
It's not about helping people get mortgages and keep them, it's about patting themselves on the back, and this is what happens.
Now we're seeing the same thing in sort of a different way, and like you said, people like me, the people who don't want to get up and just drive in their car and go somewhere else, can make money at home!
Although I am building a studio, that's a different story for a different day.
Yes, you've got a business going at home, and that's, you know, many people do.
Well, Barack Obama was in on this whole movement which occurred through the 70s, 80s, and 90s, which was to—banks used to what they called blue line or red line, which means you'd say this area of town we're not financing loans in because poor people live here and largely minorities, and they're subprime.
They can't afford the mortgages.
And so the homes deteriorate in value and basically they become renters.
Now the idea, and Barack Obama with ACORN and with other various projects he worked on made a big push before he was president to get subprime real estate.
Democrats controlled Fannie Mae and Freddie Mac.
I was very involved in reporting on this through the 2000, you know, from 2005 on through the crisis.
And when it occurred, because Obama was running against George, he was running against McCain
at this point to become president, and Bush was held responsible, George W. Bush, for
the crisis developing, even though it was a democratic policy that caused the crisis,
you had a letting the crisis happen, and it helped Barack Obama win.
Now, believe me, today I'm not a Democrat or a Republican.
The Republican Party is as corrupt as the Democratic Party.
But what I'm pointing out to you is not to rehash the 2008-2009 debacle.
But to tell you in a different version, it's happening again today.
And that means we're going to go into a very, very deep recession.
People are going to lose their jobs.
People are going to lose their homes.
People are going to find out they paid a lot of money for a house that cannot be sold for that amount of money because today with interest rates where they are, not being held at zero as the Federal Reserve did during the Obama years to stimulate growth, make the economy look good, The Fed's created another bubble.
Treasuries that the Fed owns in zero interest rates, the treasuries that the banks were told to buy as assets with zero interest rates, are now deeply discounted.
And by the way, Chris, derivatives are done all the time.
Right.
They're very, very elaborate bets.
For instance, there are credit swaps, or credit default swaps, which is a very unique instrument that, if they become credit defaults, this asset, this derivative, actually goes up in value.
Okay?
And it's very hard to explain them to anyone who's not technically oriented in how finance works and how these different instruments work.
They strip off interest and you've got an interest-only tranche that becomes a derivative.
They're very, very complicated and very few people in the world understand them.
The Bank of International Settlements largely books them.
And when the derivatives go, you're going to have institutions fail.
You're seeing today banks like Credit Suisse going.
That's a big deal.
Credit Suisse was one of the two largest banks in Switzerland and was well-known and renowned for decades.
It's gone.
It imploded.
And Silicon Valley is only the beginning.
There's some 186 banks that have already been categorized to have the same problems that Silicon Valley did.
And with the dollar deteriorating in value because of the international trade situation, we're in a very, very weak position economically.
That's why I'm so encouraging everybody To buy gold.
And Chris, I think we'll jump to that article, if you can feature that article for a moment.
I want to show people, I've even written a book on this with Dean Heskin, who heads Swiss America.
Swiss America is one of our sponsors.
I really encourage—that's the cover of the book is up there, and you'll begin to see it.
It's basically this gold rush.
I'm predicting that this economic decline is going to lead to an historic gold rush.
I encourage people to buy gold now, not gold certificates.
This idea they give you free silver for silver certificates.
I desperately tell people don't do that.
You want actual physical gold you can put in your safe.
You want it delivered to you.
And I think if you can get gold today and silver by the way is appreciating at a faster rate even than gold.
Please look at our sponsors.
If you like the show, if you go to Swiss America, you'll find up there a tab for their Walking Liberty half-dollar offer for first-time buyers.
Call them up, have an interview with them, discuss the possibility of buying gold or silver.
You can buy up to 250 of these Walking Liberty half dollars.
I have some, I'll have to pull them out and show them in a show.
They're beautiful coins, and they are being offered by Swiss America on this premium offer for first-time
buyers at virtually what they're worth in the content of silver.
They're very high in silver content.
But at $2,000 an ounce or gold or silver where it's at today, this is going to be a bargain.
I think the price of gold could double in the crisis we're going into.
Okay, now I want to switch gears a little bit and come back to the article I posted up here about the Ukraine banks switching to iOS 2.0.0.2.2.
Now, again, we're going to discuss some of these concepts that are a little bit complicated, but you're going to have to master them to some extent.
What iOS 2.0.0.2.2 is all about is that there's an international agreement that banks are going to go to a new electronically driven system for international trade.
When international trade is done today, let's say that someone in Germany wants to buy something in France.
Well, in Germany the buyer takes their Deutschmarks and they translate them Into dollars.
The dollars are sent to France, and in France the dollars are converted to French francs.
Actually, they're all in euro today, but that's basically the same idea before the euro.
So in Germany, the euro gets into dollars, and then the dollars get transferred, and they go back to euro.
The point is, that's what China's trying to do.
China's saying, you know, use the yuan to do that.
Don't use the dollar.
It makes the yuan more valuable.
Because it's being used all the time.
There's demand for the yuan.
Like there has been demand for the dollar for international trade.
With this new standard, and by the way, those trades take time.
They don't settle immediately.
And if it's not just Euro, if both countries are using Euro, it's a little bit easier.
But if you're dealing with trade between countries that use different currencies, it takes time to do this.
And there's loss because where the dollar was valued against one currency today, and it trades, it settles time later, the dollar may have appreciated or depreciated in terms of the currency it's going into.
So there's a currency risk in international trade today because of the clumsy procedure that was set up in World War II.
Back then, we didn't have computers the way we have computers today.
In fact, computers were just being thought about in the World War II era.
So now, with the IOS standard and the Ukraine banks on April 1st, which is tomorrow, are switching to a completely iOS standard.
Now if you'll take a look at the graphic I have on this article, what you'll see is Stellar and other cryptocurrencies.
I think the two winners here are XRP and Stellar.
What's going on the crypto market right now is once this iOS gets into place, you're gonna find that XRP is used by many countries to I think preferably over central bank digital currencies.
I believe they are going to be able to be used so that you'll buy something in XRP and it'll go to XRP to the other country and that transaction takes seconds.
And it's all done in XRP.
You don't have the currency risk.
You don't have all the other risks.
Because the XRP is valued at what XRP is valued at.
And it's transferred to that value.
Then it goes into the local currency.
But again the trade was done in XRP.
Now XRP is not a cryptocurrency.
It's not tokens.
It's a currency exchange system.
It's an algorithm.
And Stellar as an algorithm, these are going to become the standards that are going to be used
across the world for international trade. And the central bank digital currencies,
which the central banks want used, I think basically what they're going to do with the SEC
and with the Commodities Trading Commission, they're going to, they're going after Binance,
which is one of the exchanges.
FTX and cryptocurrency is already under criminal indictment.
I think what is happening is that the small banks and the regional banks are going to be forced out of operation.
And with the interest rates where they are, who's going to suffer is going to be you and me.
We're the ones who are going to suffer.
Because we're going to lose commercial banks at a community and regional level.
These build communities.
We're going to be dealing with large international giants, and they will control the cryptocurrency exchanges.
Cryptocurrencies will be regulated as securities.
I think XRP will probably win the case because XRP is really not a cryptocurrency.
It's an algorithm system for operating international payment systems.
And again, what's happening in Ukraine with this IOS standard, which is a Algorithm standard that all the banks are going to operate on.
Right now the international trade is done on the SWIFT system.
So the SWIFT system electronically transfers the dollars that are involved in doing international trade.
Well that takes some time.
And then the currency exchanges take some time at both ends.
What's going to happen with this iOS standard and with XRP and Stellar is it's going to be instantaneous.
You're going to be able to move trillions of dollars around the world in a much more efficient way.
And this sets the stage for, I think, where they want to go in terms of one world banking.
I'm going to hope that we can still utilize cryptocurrency to decentralize.
But crypto is inherently governments that want control, and all these governments want control.
They're all moving to totalitarian world.
They do not want you having a currency on a ledger that is the blockchain ledger, which the government can't control.
Whereas the few big banks, few governments with digital currencies, and an XRP trading system that's iOS compliant, it's going to be a different world.
And it's going to be a world that cash will be essentially obsolete.
Chris, you want to comment?
I'll tell you what, I know the hope for cryptocurrency was to offer something a bit different from the falling dollar and of course other currencies that aren't doing so well around the world, and of course a fight against the Federal Reserve.
Problem is, as you were just stating, There is a good chance that there are forces around the world who are going to centralize crypto as it is now.
It could take a decade, it could take 50 years, but it looks like it's going to happen.
But if cryptocurrency gets centralized, almost like the international financial system is, we can see a real strict social credit system, like we're seeing in China, like has been discussed at the World Economic Forum.
And let's just say different words.
That's another problem.
Well, you're right.
I mean, that's where it's going.
And if you'll post the article also, I did, I posted this yesterday, where the World Bank is saying we're going to go through a lost decade.
This is very disturbing as well, but it might as well, you might as well deal with the reality.
The World Bank is correctly predicting that the global economy is going to slump to a three decade low by 2030.
And all the economic forces that have powered progress and prosperity over the last three decades are fading, including the attack on hydrocarbon fuels, which by the way is intentional.
It's an attempt to, as I point out in this book on the truth about energy global warming and climate change, the origin of the climate change movement was Malthusian.
It comes from there's too many people.
And John Holdren combining with Ehrlich who did the population bomb, Paul Ehrlich, were saying that to really scare people, scare them that we can't use hydrocarbon fuels because it emits carbon dioxide and that's going to cause the earth to get warm.
That theory scientifically is nonsense.
Carbon dioxide is a trace molecule.
You're going to have to understand these things if you want to break through what I'm calling the Great Awakening.
If you want to break through and understand how you're being lied to and lied to intentionally.
We've got to be able to follow these things in order to see what are the steps to protect yourself?
Buy gold.
XRP is yet a good investment.
And by the way, I'm recommending things I've done.
So I think, you know, just for full disclosure, you know, this is something I'm doing and promoting because I think it's vital to your survival.
And if you think we're not going to go through an economic crisis, that may be the worst of... There are very few people left who lived through the Great Depression.
That was in the 1930s.
These are people who, if they were young enough to remember it, are long gone.
The people who live today have lived through the post-war prosperity since 1946.
And when I was born, and it's been a very pleasant time to have been alive, also in a global interglacial warming period in which the Earth has been relatively warm, we're going into a huge storm here.
And even now you're seeing the World Bank economists are acknowledging this.
Economic growth has been pretty anemic lately, but it's going to get worse.
And the countries are not going to be able to have policies that are going to prevent
this because when you get into this kind of a credit meltdown, when you get into this
kind of a stagflation environment, where you've got both energy costs accelerating, we don't
have to accelerate.
Donald Trump produced hydrocarbon fuels, and energy was relatively cheap again, and relatively abundant.
Everybody's gonna have to be dependent upon electricity, which is expensive compared to hydrocarbon fuels, and not as efficient in terms of its energy quotient.
We're gonna pay a lot more to get less, and not everybody's gonna be able to afford it.
And I think the idea that government's going to bail you out, don't count on it.
So, I'm not meaning to be a purveyor of only bad news.
I'm being a purveyor of the truth.
And I think if you know the truth, you'll be better prepared to deal with it.
Everything we've got on this website, and we'll be featuring the sponsors more.
I'll be featuring this My Vital C, which is a Carbon 60.
We'll be putting some new things up about the books, so you can see it.
This website is still being developed.
Check the different tabs, different articles in different areas, and check the sponsors.
We're posting new articles, we're aggregating news, and right now I'm concentrating on the financial aspects of the news because I think other aspects are being covered.
But my vital C is a, I encourage you to read about it on the website, but it is a remarkable molecule that has outstanding properties for longevity, for improving memory, mental acuity, sleep, improves sleep.
I've written a book on this with the Chris Burrys, who is the co-founder of this company and the chief scientist, and he was involved with a group in Texas who discovered this molecule, carbon-60.
It's a carbon molecule with 60 carbon atoms arranged in a cage structure.
That looks like a soccer ball and in fact it's called Fullerene.
It's a remarkable supplement.
It does not require a prescription and it's also available for animals and animals, our cat and dog love it.
So I mean it's you know this is something I'm the sponsors are going to be sponsors who I can attest to personally.
And I've had a long experience with.
I've written a book now with both the co-founder of myvitalc.com and with Chris Burrys and with Dean Heskin on the coming gold rush that's going to be caused by this massive global economic downturn and he had Swiss America.
By the way, I'm also going to be writing a book that will be branded in the Gateway Pundit.
I'm going to be doing a series of articles there, hopefully starting next week, that will be made into a Gateway Pundit book.
So I'm very active these days writing and podcasting, and I think we're going to present to you a following of a topic that's going to be center stage very soon.
And it'd be good to get prepared for it today.
We're on many different platforms, we'll be on many different platforms, and we'll be posting those so you know where to follow us, but many different places that you either want to pick up audio versions of the program, and I'm trying to post more actively as well on various platforms.
So, we'll be listing all of these over time so you know which ones are your favorites, but if you start to look for me, I think you'll start to see me showing up again.
And we intend to continue this.
Chris, any final comments before we wrap up?
Well, I will tell you this, if you want to go to your Alexa and say, Alexa, play The Truth Central with Dr. Jerome Corsi, it'll do that for you.
We're on Apple Podcasts now, wherever you get your audio podcasts, iHeart Radio, we'll soon be on Google Podcasts, so keep an eye out, and also keep an eye out on The Truth Central to find out where else you can find this program.
You can also see this, if you're not watching it on Rumble already, you can watch it there, you can watch it right off the website, Jerry, you're also on BitChute, and you're going to be on a couple of other outlets soon, so you can access this program in several places.
And we intend to continue doing this every day, posting new articles every day.
Absolutely.
Well, thank you for joining us.
Again, we're going to re-establish my presence on the internet, and with new books coming out, and we'll be featuring them all here on The Truth Central.
I always say, in the end, God always wins.
God will win here, too.
I'm a little concerned right now about what, in the end, it means.
But I think it's time for prayer, time for reflection, time for taking care of your families.
