April 5, 2023 - The Truth Central - Dr. Jerome Corsi
33:59
Global De-Dollarization is Accelerating
This week has been tough for the US Dollar. The latest moves come from the BRICS nations: Brazil, Russia, Brazil, China and Saudi Arabia as they are looking into working on a new currency. This plan was expressed verbally by The Deputy Chairman of Russia’s State Duma, Alexander Babakov, last week. What does this mean for the US? Increased inflation is only a part of the equation:Dr. Jerome Corsi delves into what's happening and the ripple effects on today's The Truth Central.Visit 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 Jerome Corsi and today is Wednesday, April 5th, 2023.
And this is a new podcast which we're launching.
It's different in focus, but it's TheTruthCentral.com.
TheTruthCentral.com.
And we're doing podcasts every weekday.
So every weekday you can catch us on many channels.
And if you take a look at the website, there's quite a lot on the website.
We're covering cryptocurrency, Covering longevity, got new books coming out.
They're going to be posted on the website.
My book on the truth about energy, global warming and climate change is doing quite well.
Today I want to cover really some important topics that are not going to get much attention today.
And I think you want to focus on things that are not being covered, which are really the crux of what I think people need to be worried about, which is the economics.
Now, first I'm gonna move to the story about oil, because what's happening is with the oil production cuts from OPEC Plus, and you'll remember that OPEC Plus is now an expanded group of countries that includes Russia.
Russia is part of OPEC these days, and Russia is cutting production, and so are the OPEC nations, the original Saudi Arabia and the other OPEC nations.
Now, what this means is the price of oil has skyrocketed.
Suddenly, we've got over $5 a barrel increase just on the announcement.
There's a tremendous amount of increase in the price of oil because it's being cut.
The supply is being cut.
Price is going to go up.
And the dollar is weakening.
Because of the pressure being placed by China and the BRIC nations to increasingly do oil transactions in the Yuan, which is China's currency.
Now, right now, China is only doing about 3 or 4% of world trade in the Yuan, but that's going to increase dramatically.
Because what's happening is that the BRIC nations, India included, China, now Japan, buying oil from Russia.
Part of the world that is not committing economic suicide, which is largely China and Russia, joining forces against the United States, are determined to crack the dollar.
And one good way to do that is to reduce the dollar's power as a reserve currency.
What does reserve currency mean?
It means that countries hold dollars in order to facilitate international trade.
Because what happens is, when you get an international purchase or sale, It goes into dollars, and the country that you are, I'm buying something from Germany, so I put my dollars into a bank, they're traded, and the dollars right there, they go to Germany, Germany gets the dollars, Germany trades those dollars into euros.
Now if two countries don't have the dollar, Each country goes into the dollar.
The dollars are changed because the banks have the dollars.
The banks just swap their reserve currencies, which they keep for this purpose, and the transactions are concluded in dollars.
That means a lot of countries around the world are holding dollars.
It means it's a strengthening of the dollar because the dollar is now in demand.
The dollar is not a reserve currency.
Foreign central banks are not gonna hold dollars in reserve the way they are today.
They'll hold yuan, or they'll go to digital bank currencies, which I think is really the move.
We're undergoing right now some paradigm shifts, some major, major changes in the world economic setup that are not immediately perceptible to most people.
Because these are ground-shaking changes.
But if you haven't watched the economics for decades and understood the classic economics, you don't understand, you won't perceive, what I'm going to try to explain is how dramatically different this is going to be, the world we're going into.
We never had before digital currency.
We never had computers the way we have them today.
We never had the ability to re-architect international trade.
And we've always had, since the end of World War II, we've had a very strong U.S.
peace, mostly peace.
The world, if you look at it, has mostly been at war all the time.
At any rate, on this story, oil is now going to $84.93 a barrel.
That's how much it rose to yesterday.
and 93 cents a barrel.
That's how much it rose to yesterday.
Essentially, I think oil is gonna hit $100 a barrel pretty quickly.
And the demand for oil is going to increase in China.
India is going to decrease in the rest of the world.
And OPEC and Russia are anticipating that.
But by decreasing the production and increasing the price, Russia and China will be increasing the revenue they get from selling oil.
And that's the critical factor of this strategy.
Now, I wanna cover a second story here quickly, and I think it's gonna be equally important for understanding what's going on.
The dollar collapses, this one's on the dollar collapse happening.
Right now, the dollar's actually, de-dollarization is happening.
That's what the world is now in the process of going through, de-dollarization.
And let's look at some of the factors.
Number one, the BRIC nations, Which are accounting for over 40% of the total global population and close to one fourth of global gross domestic product, GDP, all the goods and services produced by a country, are working to develop a new currency.
The BRIC countries, which are Brazil, Russia, India, China, and South America.
Look how Russia's gotten itself into the BRIC countries.
It's gotten itself into an alliance with Iran.
It's got itself into OPEC.
What they're looking at is a new currency, which they're actually thinking about being possibly gold-based.
And if they do that, that's going to be a dramatic change.
They're talking about a single currency within the BRICS that will be pegged not just to the value of gold, but to other groups of products, rare earth elements, or soil.
The world is moving away from fiat currency because you see the inflationary aspects of it.
And our Federal Reserve can only produce inflation.
It only produces bubbles.
We had bubbles after, you know, constantly since 1913, when this horrific idea of the Federal Reserve was created.
And essentially, 1971 is another point when Richard Nixon went off the gold standard.
But basically the deal between Brazil and China, which are two of the emerging economies of the BRIC nations, which are going to trade in their own currencies internationally, or trade in the Chinese currency for oil and other financial transactions, that's again going to be a tremendously de-dollarization impact.
Another factor.
This has huge impacts for the petrodollar.
Petrodollar has been called the petrodollar because essentially oil has always been traded in the petrodollar.
But Saudi Arabia has just agreed to become a partner, at least a dialogue partner, in the Shanghai Cooperation Organization.
Okay, now the Saudis are moving closer to China.
Biden has largely insulted the Saudis.
The Saudis are moving away from the United States.
The United States is losing power and prestige worldwide.
So, essentially, you've got four states now that are observing this Shanghai Cooperation Organization.
They include Saudi Arabia, Qatar, and Turkey.
And additionally, Brazil is joining this.
Basically, it's headquartered in Beijing, and it's aiming to destabilize the dollar,
to de-dollarize, to oust the petrodollar.
Another factor, the Chinese just completed their first liquefied natural gas deal,
which they signed last week to trade liquid natural gas in the Chinese currency.
Essentially, the trade involved importing about 65,000 tons of liquid natural gas from the UAE, the United Arab Emirates, and this is through the Shanghai Petroleum and Natural Gas Exchange.
So the world is very rapidly moving towards the BRIC nations, China and Russia, really asserting their authority over the United States.
Saudi Arabia has agreed to accept Kenyan shillings as payment for oil instead of payments to Kenya in U.S.
dollars.
Kenya, of course, is another oil-producing country.
It's going on and on with all of these major factors which are Destabilizing the dollar, which are going to involve a move away from the dollar, and it's going to impact everybody listening to this program.
Because when the dollar is going to be less important, more of a fiat currency, worth less, what's going to happen is our standard of living is going to go down.
Inflation is going to skyrocket.
And we are going to be facing again stagflation, stagnant economic growth at home.
The job numbers just came out yesterday and the job production numbers are finally, the government is admitting, are down.
Layoffs and firings are going on throughout the economy.
Even McDonald's is now firing probably thousands of employees.
We've already had the tech companies fire thousands of employees and it's just beginning.
I think commercial real estate is going to collapse.
I know this is not good news, but it's better that you be prepared for it and start thinking now about reducing your own debt and getting into a position where you're going to have something of value you can hold on to.
Chris, my producer, Chris, you want to comment on this so far?
I can't disagree with you on all of this.
I see what's happening.
The question is not how we're letting this happen, because we see it every day.
An administration is worried more about its own image.
Whoever's going to vote for him because of whatever woke policy they're going to push out, rather than what's going on internationally and the consequences of what's been happening.
You see, we see the regular families are dealing with inflation right now.
They're dealing with trying to put food on the table.
Having said that, like you said, if we lose this, if the dollar becomes, if the dollar devalues even more than it has been, this could be rough for a lot of people that are Consider forgotten now.
Let's put it that way.
We could see a lot of starvation.
Maybe I'm exaggerating the point, but I'm saying we could see very hefty inflation, like you said, but a lot of people aren't going to be able to feed their families.
It's going to be worse than ever.
It's bad enough now, but it could be worse than ever.
Well, the middle class, I think, is going to get crushed in this.
This is what I'm most concerned about, because when the middle class goes under duress, Going back to Aristotle, you know, Aristotle wisely advised that stability, governments are stable when the middle class is strong.
When the middle class is threatened and weak, governments destabilize.
And right now I think we're going through a massive government destabilization that's underway.
It's not necessarily immediately apparent to everybody, but Again, the economics are rapidly deteriorating and the inflation I don't think is going to be stopped without massive increases in interest rates, which will further damage mortgages.
Realist homes will not be bought and sold to the extent they are today.
Office buildings are vacant.
People don't want to come into work.
The job affection or the determination, devotion to a job is probably at all time low because people can earn money on the internet staying home and basically don't want to have to go into an office anymore.
The pandemic and the lockdown certainly changed massively people's orientation to having to go to work rather than working from home.
These are massive changes.
And we often don't see the impact of massive changes until after they've occurred.
I'm trying to warn the Truth Central audience that this is happening today and watch these little signs because they're going to develop.
Now, Chris, let's go to this next one on gold.
Gold yesterday topped $2,000.
topped $2,000. It closed at $2,042 an ounce on Tuesday, yesterday.
Now, that's very close to the record high.
The record high, which was set in 2020, was $2,069.40 an ounce.
But basically, the gold price has less than 1.5% to rise to top the all-time high.
But basically the gold price has less than 1.5% to rise to top the all time high.
Gold has gained 12% over the past month and is up 25% from its recent low in November.
Thank you.
Now, the article that I'm linking to is one from Barron's and what it says is that gold prices are typically driven by three factors.
An ounce of gold is worth more dollars when the value of the greenback declines.
That's absolutely true.
The dollar has lost about 99% of its purchasing power since 1971 when Richard Nixon took us off the gold standard.
Used to be people had a salary for a year in the 1950s of $10,000.
That was a lot of money.
Maybe people had a salary for a year in the 50s, 1950s of $10,000.
That was a lot of money.
Today, $10,000 is not going to turn anybody's head very much because we go out, take a family
of four and go to a decent restaurant and get a bill for $175 and nobody's ordered any
I mean, these are the kinds of shocks that are going on right now with inflation, and it's going to get worse.
Chris, would you show the, on our sponsors, the Swiss America, and especially show the Walking Liberty half dollar, And I want people to understand that this offer is available.
I'm going to emphasize it because I think people need to take advantage of it.
What you're getting here is Swiss America, through this page, you can buy a large quantity.
I think, what does it say, Chris?
Is it 250 of these coins you can buy?
For just about what they cost in terms of the real value of the silver.
That's what it looks like here.
Yes, absolutely.
And these are beautiful coins.
If you go to this page and go to this offer, you can buy these half dollars, which I recommend you get some.
The silver content is very high.
Silver is going to appreciate right there.
You just fill it in.
And when you do that, Swiss America will contact you.
It's a consultative sale.
We have some money you want to put into gold and silver.
This is legitimate.
You'll actually get the gold and silver.
Don't be foolish to buy any kind of gold certificate or gold stock.
Get the gold, get the real gold, get silver and hold on to it.
Now, Chris, I want to show what these coins look like.
So if you can come back to the, I don't know how closely I can get anybody to see them, but I can show you that's what they look like.
And they're beautiful coins.
I mean, I get old coin albums, so there's a whole page of them, and I don't know how well people can really see them, but there they are.
Those are Walking Liberty half dollars, and they're beautiful coins.
What you're getting is circulated coins, and I don't think they're sorted.
I mean, they may have some numismatic value.
These are coins that are also valuable for collectors.
But when, if we go back to the Barron's article, what Barron's is saying, and Barron's is a pretty good, I mean, I've read Barron's for years, but They comment in this article, breaking through $2,000 on Tuesday puts the gold price above a significant psychological barrier.
The metal's next move will depend on expectations of Fed policy and how the economy evolved.
But with bond yields, the dollars and consumer sentiment, In favor of gold, not the dollar.
Bond yields are down.
The dollar is down in value.
Gold prices have room to run.
Now, we will have a new book out, Dean Heskin, who is the CEO of Swiss America, and I've authored a book together, which is going to be available very quickly.
It'll be up on the website, but essentially we're predicting that we're going to have a massive global crash, and that you're going to see an historic gold rush.
I'm predicting that gold can easily Well, maybe not easily, but gold is gonna double in value in the economic crisis.
Gold could come to $4,000 an ounce.
And typically what people do is they wait too long.
They postpone it, say, well, let's let the price get up a little bit more.
You want to be able to anticipate these moves when they're about to happen.
You wanna get in on them early if you can.
You know, everyone, In investing, the rule is invest responsibly.
Don't make a wild bet on something.
Don't make one bet to bet the farm.
Do things responsibly within what you can afford to do.
But having gold and owning gold and silver today is, I think, the way to go because the dollars, the fiat currency, is under massive attack.
It's already, the Biden administration has just spent trillions of dollars that are deficit spending.
There's modern monetary theory, which I'll be explaining more.
I'm basically saying to people, everybody understands the politics.
Everybody likes to follow the politics.
It becomes kind of like a, you know, a football game.
Everybody takes sides and follows the politics.
It's time to understand economics.
Because economics are what are going to be driving all of our lives for the next few years.
And when the economics get difficult, it's time to be smart.
Chris, you want to comment on that?
Well, there we go.
That's the little version of me right there next to you.
I would have to say, people do have to get smarter.
Look, I'm not an investment advisor.
And I'm not giving investment advice.
This is basically just economic sense.
Um, you know, I have a securities licenses and all the rest.
This is a sponsor.
Right.
And I'm with, and I'm with you there.
I'm just saying that you have to be, one has to be wise about, uh, owning, um, appreciating assets at this point.
Like you were saying just a little bit earlier, try to get out of debt because that's going to appreciate, which is not going to be great.
If you, um, own something and, and look, the article, um, uh, If you own something that we'll appreciate or has a very, very good chance of appreciating, you'll come out much, much better.
That's where I'm going here.
Okay, let's do the last article here, which is also extremely important.
This is on cryptocurrency and essentially XRP.
Now, XRP is made by a company called Ripple, R-I-P-P-L-E.
XRP is really not a cryptocurrency as such.
It's much more of a kind of an algorithm for international trade.
It's going to be used very widely in international trade.
It's going to be integrated into the banking system.
And right now it's had a two-year lawsuit with the SEC, Securities and Exchange Commission.
The Securities and Exchange Commission have argued that it's a security and ought to be regulated
under the securities acts which means you're selling an investment
asset that can go up or down in value and basically XRP is saying that no they've got here an
algorithm, a methodology in cryptocurrency with blockchain of essentially much more
quickly doing international trade.
When you have to go to the dollar reserve currency, it can take sometimes a couple of days to settle international trade.
When you do the trade in XRP, it's instantaneous.
Now, the development here in XRP has just started making a big price move.
If anyone's watched it, XRP was languishing below 50 cents a coin, as they say.
But today, what's happening in XRP, is it's now over 50 cents. Now just like when the dollar
goes through $2,000 to a new level above $2,000, in technical stock analysis there are resistance
levels. There's a high level and a low level and the stock usually trades in that range. When the
stock goes above or XRP goes above the resistance level, then a new resistance level, a new high
is created.
Now, this is an article where the FX Street is saying that XRP could increase 25%.
You have John Deaton, who is a Ripple proponent, gave testimony yesterday to a Maine's financial services committee, That the US, the SEC, and the chair of the SEC, Gary Gensler, are threatening the Maine's right and ability to pass legislation that enables banks to accept custody of cryptocurrency with 100% reserves.
Now, this is a major, major move.
Deaton is widely known as an XRP and Ripple proponent, and his pro-Ripple stance In the SEC's lawsuit against this cross-border remittance firm, in other words, Ripple was originally designed to be used in international trade.
That's one of its main purposes.
The idea of Ripple being, I think, one of the winners, There's another couple technical points here which we'll expand in future discussions, which is that these IOS 20022 standards are coming into place, which are essentially a new set of electronic rules and regulations for international trade, and XRP is going to be IOS compliant.
Which means if Ripple has to move out of the country and put its headquarters in another country more friendly to cryptocurrency, I think Ripple is ready to do that.
XRP is already being adopted by a number of countries, and as the dollar is disintegrating, you're going to find that the cryptocurrencies, I don't think, are going to be entirely dislodged.
I think they're here to stay.
You'll see over in the side here in the page that we're linking to that Binance is also possibly going to take a price increase.
There's essentially a lot going on in cryptocurrency right now.
We're going to cover a lot of it.
Because these, I think, are the currencies of the future.
And I don't recommend that people get deeply into cryptocurrency.
Because it's very, very volatile.
It's not for the average investor.
Because a number of cryptocurrencies went bankrupt last year and you lost everything.
These are only for very sophisticated investors, I think.
And generally, I'm much happier to recommend people go into gold.
This is casino money.
When you go to a casino, they don't build the casinos in Las Vegas because the people are taking out the money.
They build the casinos because you come there and you lose.
And the casinos make your money.
It's an entertainment.
And if you've got some casino money, That's what goes into cryptocurrency.
But I do think you need to follow cryptocurrency and understand what's going on.
Because the world's are going to central bank digital currencies.
And I'm very concerned that as soon as we go to central bank digital currencies, the government has the ability to monitor every single penny we have and spend.
And if it's unplugged, you don't have access to your digital currency.
Electricity goes out, you don't have any money.
I mean, that's again another very major reason why gold and silver make sense.
It's a tangible value you can hold.
And historically, it's been the way people have most valued storing their value money in gold, going back basically to prehistory.
So I think the theme today that I'm trying to get, and this week and probably continuing, is going to be to keep you updated as to the economic crises, we're going to be
looking at a couple of other major focuses on this program, which are not only economic security, but
the longevity, your need to be healthy and well.
I'm developing some telemedicine services.
We all have getlongevitymeds.com launched very soon.
And there's a tab on the sponsors on that, which I'd appreciate you taking a look at.
Well, I've spent a long time in working with banks.
It's been over 20 years of my life working with banks, putting in mutual fund and annuity programs.
And this is one aspect of my career that now I'm going to focus on because I think while the politics are extremely raucous right now, the reality for most people is going to be economic.
And that's, I think, a focus that people do not fully understand and hopefully we can do something to get everybody further up on the curve.
Any final comments, Chris, before we wrap up?
I would say that, like you were saying just a little while ago, it's important if you're going to go into any kind of investment, whether it be as simple as a mutual fund or as complex as Bitcoin, to do your research, check things out.
Obviously, you need somebody you can trust to work with you on this, but the fact is, Do your research.
A lot of these investments aren't for the regular person, aren't for somebody who goes in and out or just doesn't know much about it.
Read up on things.
Shows like yours, Dr. Corsi, will be a big help for those who might want to get into something like that.
But still, further research is important.
I'll go back to the days when I was producing Money Matters, where the host of the show would always say, tangibility is very, very important.
Very important.
Whether it be a stock, whether it be a mutual fund, or gold, silver, platinum, or copper.
That's something that's incredibly That's huge.
You also bring up an interesting point about the electricity going out.
We're in a situation where our national grid will not be able, or the way it stands, will not be able to handle the heavier emphasis on electricity our current government is trying to push forth, whether it be cars, appliances, so on and so on, and putting that together with the potential of rolling blackouts, plus the idea that an electromagnetic pulse or a CME event knocks out power for a very, very long time.
And what is CME?
That's the, I actually forgot what it means, I forgot the actual acronym, but it's the one,
remember in 1859 where this pulse came out of the sun that just knocked out power, or knocked everything around
for a long time?
Yeah.
Right.
Anything can knock, things can...
Certain things like that can knock a power grid out.
I have to go backwards on this again, but the fact is if the power is knocked out by an enemy or some kind of natural force, like I'm saying, you don't have access to that Bitcoin money for a long time.
So be wary of things like that.
CME is the coronal mass ejection.
It's a sun flare, massive sun flare.
That's my not remembering all the acronyms thing.
Okay, well look, it's why I recommend Swiss America.
I'm not here to give any advice to individuals on what your investment needs should be, and I'm not planning to do that.
Swiss America, I've worked with since 2004.
They have excellent counselors there.
They're not going to try to sell you something you don't need.
They're going to really evaluate your needs.
They want your long-term relationship.
It's a very responsible company.
I'm encouraging people to talk to Swiss America.
Because if you do, you'll get educated about investing in precious metals.
And I'm saying that's going to be an important thing to get educated.
So, Swiss America has set up one-on-one to talk with you.
And they will talk with you and they will consult with you to try to find out what's best for you.
They're professionally in that business and I'm a commentator on economics and now I'm a PhD.
Well, I have securities licenses and insurance licenses.
I'm not utilizing those today to sell anyone anything in terms of an individual advice.
Swiss America, however, is set up to do that, and I encourage, so you've got the phone number there, you've got, if you contact them through the website is the best way to do it, because they'll know you came in through the Truth Central, and if Swiss America knows that, I think you'll get top-level attention, and I encourage people to do this.
It's extremely important at this time in our economics.
So thank you for listening today.
This is Dr. Jerome Corsi, TheTruthCentral.com.
I always say in the end, God always wins.
God will win here too.
It may be a rough ride, but God's in control.
God will win.
And I think we all have to try to be on God's side here.
