Saturday, May 31, 2014
Friday, May 30, 2014
RBA Audits its Gold Reserves at the BoE
Regards
Mitchel
Mitchel De Los Mozos | Public Relations Officer | Media & Public Relations Office
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9830 | f: +61 2 9551 8033 | w: www.rba.gov.au
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9830 | f: +61 2 9551 8033 | w: www.rba.gov.au
This was in response to my questions earlier this week:
Do you know if the audit was conducted by RBA officials and or an independent auditor, or done by BoE officals and the results provided to the RBA?
Ask the Bank of England
A listing of my favourite tweets to the BoE Q&A session on Twitter (what was the BoE thinking?)
#AskBoE Why did you ask the RBA not to share a #Gold bar list with it's owners, the Australian public? http://t.co/cyFXR33nXI @bankofengland
— Bullion Baron (@BullionBaron) May 30, 2014
#askboe what's the best way of removing traces of cocaine from £50 notes. asking for a friend
— econhedge (@econhedge) May 30, 2014
#AskBoE how long do you think it will it take to destroy the final 1% of Sterling's purchasing power? I have a Prussian friend who is asking
— Ned Naylor-Leyland (@NedNL) May 30, 2014
Do people still tease you about selling the majority of Britain’s gold reserves for prices between $256 and $296 an ounce? #AskBOE
— Rudolf E. Havenstein (@RudyHavenstein) May 30, 2014
Were Libya and Iraq both proposing a gold backed currency prior to being destroyed ? (Sorry, freed from terrorist control) #AskBoE
— Andrew (@xspecs) May 31, 2014
Does Goldman Sachs really rule the world ? If not why is a former GS employee head of BoE now. Really no other candidates....? #AskBoE
— Andrew (@xspecs) May 31, 2014
#AskBoE Why has it taken over 20yrs to adopt polymer notes? Embarrassed they were invented by Australia not Britain? pic.twitter.com/3P9ReqnDte
— Discreet Bullion (@MoonSunTruth) May 30, 2014
Keiser Report: Crack Boosted GDP
From RT
Published on May 29, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss driving GDP high on cocaine, banking fraud and new-fangled derivatives products. In the second half, Max interviews Satyajit Das about China's debt problems and central banks' printing presses.
Published on May 29, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss driving GDP high on cocaine, banking fraud and new-fangled derivatives products. In the second half, Max interviews Satyajit Das about China's debt problems and central banks' printing presses.
'Eurasian Economic Union a huge wake-up call for US and its power'
From RT
Published on May 29, 2014
Russia has secured another huge economic deal, by bringing together some of its neighbours, to create the largest common market on Post-Soviet territory. It's hoped the new union - with Belarus and Kazakhstan - will compete with the economic powerhouses of the EU and the US.
Published on May 29, 2014
Russia has secured another huge economic deal, by bringing together some of its neighbours, to create the largest common market on Post-Soviet territory. It's hoped the new union - with Belarus and Kazakhstan - will compete with the economic powerhouses of the EU and the US.
Thursday, May 29, 2014
Wednesday, May 28, 2014
The RBA Audits Its Gold Reserves Held at the BoE
|
| Gold scales at 65 Martin Place Sydney with no gold to weigh |
I received the following response from the RBA today in regards to questions posed earlier this week (see here).
The Reserve Bank has audited its gold at the Bank of England this financial year.
Regards
Mitchel
Mitchel De Los Mozos | Public Relations Officer | Media & Public Relations Office
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9830 | f: +61 2 9551 8033 | w: www.rba.gov.au
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9830 | f: +61 2 9551 8033 | w: www.rba.gov.au
Hi Mitchel,
thanks for your quick reply.
Do you know if the audit was conducted by RBA officials and or an independent auditor, or done by BoE officals and the results provided to the RBA?
Is the Top in for Australian Property Prices?
Can we now call the top of the Oz property bubble now that spruikers are using pics of fake gold to flog houses?
Tuesday, May 27, 2014
Modi to Use Solar to Bring Power to Every Indian Home by 2019
Wow what an amazing idea, conserving scarce water resources whilst generating clean electricity, and without causing noise or having to purchase land. I wonder how much silver wiring and paste (in the solar panels) this project will consume if they are going to connect 400,000,000 people in India, that are currently without any electricity, to solar?
From Bloomberg.com
Article link
India’s new government led by Narendra Modi plans to harness solar power to enable every home to run at least one light bulb by 2019, a party official said.
“We look upon solar as having the potential to completely transform the way we look at the energy space,” said Narendra Taneja, convener of the energy division at Modi’s Bharatiya Janata Party, which swept to power on May 16 in the biggest electoral win in three decades.
About 400 million people in India lack access to electricity, more than the combined population of the U.S. and Canada.
Read more
Jim Willie: Russia & China Nuking the Dollar
An extremely long interview with Jim Willie, I have yet to listen to it myself but it comes highly recommended by The Doc at Silver Doctors so it should be worthwhile listening. Although maybe in a few pieces.
From Paul Sandhu
From Paul Sandhu
Austria to Audit Gold Reserves at the Bank of England
Just sent this email to the Reserve Bank of Australia, I will post their response, if any.
From goldreporter.de
Article link
Austria's gold reserves stored in London are estimated at 150 tonnes.
Austria is planning to send auditors to the Bank of England in order to verify the existence of Austrias gold reserves stored in the British vaults.
The Austrian accountability office will sent a delegation to London in order to check on Austria's gold reserves stored in vaults at the Bank of England. This is reported by Austrian magazine Trend. The measure is seen as a consequence of growing public pressure. There is a rising disbelief among Austrians about the existence of their gold.
“I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”, Ewald Nowotny, Governor of the National Bank of Austria tells Trend.
Austria officially owns 280 tonnes of gold of which 17 percent are kept in vaults inside the country. Around 150 tonnes are estimated to be stored in London.
In recent years doubts about the existence and the quality of Germanys monetary gold stored at the New York Fed and the Bank of England were raised by a rising number of sceptics. In January the Bundesbank eventually announced plans to repatriate most of Gemanys gold reserves until 2020.
Morning Chris,
Interesting to read that Austria is going to send auditors to certify their holdings of 150 tons of gold held at the BoE.
Is there any plans to for the RBA to do likewise for Australia's 80 tons of gold held at the BoE?
Austria to audit gold reserves at the Bank of England
From goldreporter.de
Article link
Austria's gold reserves stored in London are estimated at 150 tonnes.
Austria is planning to send auditors to the Bank of England in order to verify the existence of Austrias gold reserves stored in the British vaults.
The Austrian accountability office will sent a delegation to London in order to check on Austria's gold reserves stored in vaults at the Bank of England. This is reported by Austrian magazine Trend. The measure is seen as a consequence of growing public pressure. There is a rising disbelief among Austrians about the existence of their gold.
“I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”, Ewald Nowotny, Governor of the National Bank of Austria tells Trend.
Austria officially owns 280 tonnes of gold of which 17 percent are kept in vaults inside the country. Around 150 tonnes are estimated to be stored in London.
In recent years doubts about the existence and the quality of Germanys monetary gold stored at the New York Fed and the Bank of England were raised by a rising number of sceptics. In January the Bundesbank eventually announced plans to repatriate most of Gemanys gold reserves until 2020.
Monday, May 26, 2014
Tweet of the Week
#WhyImVotingUkip because I heard they were going to take Britain out of Europe, so I'm hoping they move us somewhere hot like the Caribbean
— Dom McGregor (@Dom_McGregor) May 22, 2014
Politics Swings to the Right around the World - Australia, Thailand, UK, France and soon the US?
Stunning electoral results for nationalist parties in the European elections over the weekend with Nigel Farage's UKIP party winning the poll in Britain and Marine Le Pen's Front National party winning in France.
From the UK Telegraph:
Article link
The UK Independence Party has won a national election for the first time, taking the most votes and seats in the European Parliament elections.
Early results showed Ukip had gained five new MEPs and could finish with around 28 per cent of the vote......Read more
Article link
France’s far-Right Front National was on course for an historic victory in European elections on Sunday night, coming top in a national election for the first time in its 42-year history in a score it said represented a “massive rejection” of the EU. Early exit polls placed the anti-European, anti-immigrant party first with 25 per cent of the vote....Read more
The World Has Gone Mad - THE price higher than 1 Kilo of Gold
Found on Australian Ebay this morning (link) Update: .......and it is gone, pity I wanted to start my next novel with that word.
Description:
I am selling the word "The".
Handwritten with blue ballpoint pen, on a torn piece of Reflex A4 paper, this versatile word can be used in literally thousands of sentences. For example:
"The dogs have escaped again"
"I will buy some meat from The local deli"
"What's The time?"
Ideal for any situation, this fun-loving item fits perfectly in the palm of your hand, wallet, or purse.
Looks great sitting on a MacBook Pro, and emits a mysterious beauty when leaning against sea shells. It's the quintessential addition to any pot plant. And if your piano needs decorating, this word is likely to create a poor-to-mediocre vibe for onlookers, when they see it placed on your instrument.
Can be used to wipe the fog from a snorkel and is timeless when placed in a puppy & bunny rabbit scenario. It's a popular word for the whole family.
Bidding will begin at 0.99 cents.
Handwritten with blue ballpoint pen, on a torn piece of Reflex A4 paper, this versatile word can be used in literally thousands of sentences. For example:
"The dogs have escaped again"
"I will buy some meat from The local deli"
"What's The time?"
Ideal for any situation, this fun-loving item fits perfectly in the palm of your hand, wallet, or purse.
Looks great sitting on a MacBook Pro, and emits a mysterious beauty when leaning against sea shells. It's the quintessential addition to any pot plant. And if your piano needs decorating, this word is likely to create a poor-to-mediocre vibe for onlookers, when they see it placed on your instrument.
Can be used to wipe the fog from a snorkel and is timeless when placed in a puppy & bunny rabbit scenario. It's a popular word for the whole family.
Bidding will begin at 0.99 cents.
Paul Craig Roberts on Elite Domination & Chris Martenson on Risk & Asset Allocation
From Boom Bust
Highlights: Erin sits down with economist Paul Craig Roberts to talk about elite domination in the US economy and politics. Roberts talks about imbalance of influence of interest groups in American economy, and he gives his take on Tim Geithner's new book "Stress Test." Check it out.
Erin then speaks with Peak Prosperity's Chris Martenson on how to allocate assets in a world of risk. He argues that the world is even more unstable now than before the crisis, and he looks at how an investor might react to such changes.
Erin then speaks with Peak Prosperity's Chris Martenson on how to allocate assets in a world of risk. He argues that the world is even more unstable now than before the crisis, and he looks at how an investor might react to such changes.
Sunday, May 25, 2014
Paul Craig Roberts on backing away from the USA
Saturday, May 24, 2014
Socialism Does Not Work
From DanHannanMEP
Published on Apr 29, 2014
Daniel Hannan, debating at the Oxford Union, on why socialism doesn't work.
Published on Apr 29, 2014
Daniel Hannan, debating at the Oxford Union, on why socialism doesn't work.
Martin Armstrong on Gold, Politics and the Global Economy
One of the best interviews I have seen of Martin Armstrong of Armstrong Economics. Definitely worth watching.
From Greg Hunter
From Greg Hunter
Weekend Chillout - Risk
In a week when the VIX fell to one year lows and the Thai Military amped Thailand's risk to multi years highs it seems Risk was the watch word for the week. Although those traders with an appetite for risk should realise it is better to buy when there is humvees in the streets and to sell when there are doves.
Juice Rap News: Net Neutrality (ft 'Mark Zuckerberg' & 'Tim Berners-Lee')
From thejuicemedia
Published on May 23, 2014 For more Juice News visit thejuicemedia channel: http://www.youtube.com/thejuicemedia
What is Net Neutrality, and why is it so important to the future of the Internet? Find out by joining Robert Foster as he takes a whimsical trip into the World Wide Web, with its founder Tim Berners-Lee.
Published on May 23, 2014 For more Juice News visit thejuicemedia channel: http://www.youtube.com/thejuicemedia
What is Net Neutrality, and why is it so important to the future of the Internet? Find out by joining Robert Foster as he takes a whimsical trip into the World Wide Web, with its founder Tim Berners-Lee.
Friday, May 23, 2014
Marc Faber Sees `Gigantic' Credit Bubble in China
May 22 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom &
Doom report, and Ian Bremmer, president of Eurasia Group, talk about
U.S. initial public offerings by Chinese companies, the economy of
China, the outlook for U.S. stocks and bonds, and investment strategy.
They speak with Trish Regan on Bloomberg Television's "Street
Smart."
Stephen Leeb on Gold and India
Physical Silver Demand Still Strong
Friend of this blog The Doc talks to Jason Burack of Wall St for Main St on silver, gold and ammo.
From WallStForMainSt
From WallStForMainSt
Russia and China sign 'Gas Deal of the Century'
Video of the Gas Deal of the Century being signed in China with Vladamir Putin and Xi Jinping overseeing and toasting the event with vodka - Будем здоровы comrade!
One wonders if they are drinking to the deal or to the death of the US petro-dollar.
One wonders if they are drinking to the deal or to the death of the US petro-dollar.
From RT
Pepe Escobar on Thailand's Military Coup
From RT
Published on May 22, 2014
Asia Times correspondent Pepe Escobar explains the military coup in Thailand: Bangkok elites, militaries and former PM in a power struggle. Pepe calls it a 'soft coup' but warns of what might happen next.
Published on May 22, 2014
Asia Times correspondent Pepe Escobar explains the military coup in Thailand: Bangkok elites, militaries and former PM in a power struggle. Pepe calls it a 'soft coup' but warns of what might happen next.
Keiser Report: Wrong Side of Apartheid Wall
From RT
Published on May 22, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert an Eric Pickles sized analogy for bankers operating in the dark and, thus, committing more crimes... not fewer. They also discuss Ben Bernanke as the Pastor Ezekiel of central banking as he commands high fees to provide spiritual guidance to hedge fund managers.
In the second half, Max interviews Mitch Feierstein about the Bank of England's balance sheet, Italian yields and revolution in the UK!
Published on May 22, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert an Eric Pickles sized analogy for bankers operating in the dark and, thus, committing more crimes... not fewer. They also discuss Ben Bernanke as the Pastor Ezekiel of central banking as he commands high fees to provide spiritual guidance to hedge fund managers.
In the second half, Max interviews Mitch Feierstein about the Bank of England's balance sheet, Italian yields and revolution in the UK!
Thursday, May 22, 2014
Global Precious Metal Roundtable
From Jordan Eliseo
Streamed live on May 20, 2014
After a one month hiatus - the younger guns of the precious metal are back to discuss the latest developments in the precious metal space, and broader economics, including the potential for European QE, the battle taking place in gold at USD $1300oz and a 'tired' stock bull market.
Streamed live on May 20, 2014
After a one month hiatus - the younger guns of the precious metal are back to discuss the latest developments in the precious metal space, and broader economics, including the potential for European QE, the battle taking place in gold at USD $1300oz and a 'tired' stock bull market.
Wednesday, May 21, 2014
Russia and China Seal Historic $400bn Gas Deal
The greatest STFU to the US and the EU this century, oh and the Gas Deal of the Century.
PHOTO: Vladimir Putin and Xi Jinping celebrate 'gas deal of the century' between Russia, China http://t.co/IMxSdjuyRH pic.twitter.com/6L1iNDQwHM
— RT (@RT_com) May 21, 2014Spies Like US
From RT
Published on May 20, 2014
The spying blame game the US plays out with China has begun a new chapter, with Washington charging five Bejing officials with hacking into American companies. Ironic as the NSA has recently been accused of stuffing Cisco routers with Trojan network sniffers. RT's Gayane Chichakyan explains how the scheme's believed to have worked.
Published on May 20, 2014
The spying blame game the US plays out with China has begun a new chapter, with Washington charging five Bejing officials with hacking into American companies. Ironic as the NSA has recently been accused of stuffing Cisco routers with Trojan network sniffers. RT's Gayane Chichakyan explains how the scheme's believed to have worked.
Gold Price Manipulation Goes Mainstream On German TV
For those who don't understand German click on the caption box (white rectangle next to the clock icon at the bottom of the video).
Keiser Report: Positive Money
I highly recommend the first half, particularly for those interested in the real value of gold and silver in extremis.
From RT
Published on May 20, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss trading houses for silver, but not gold, in China and hoarding houses like gold in London. In the second half, Max interviews Ben Dyson of PositiveMoney.org about what the economy and banking system would look like with positive money.
From RT
Published on May 20, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss trading houses for silver, but not gold, in China and hoarding houses like gold in London. In the second half, Max interviews Ben Dyson of PositiveMoney.org about what the economy and banking system would look like with positive money.
Tuesday, May 20, 2014
Thailand Under Martial Law
The Thai Army imposed martial law overnight throughout Thailand to ensure stability and to prevent further clashes between pro-Taksin and Royalist supporters.
Immediate impacts have been to the local stock market down about 2% and the currency (Baht) down about 1%.
Although gold in the local currency is unchanged, yet again proving gold's stabilizing role in one's portfolio.
To read more (in English) go here
ECB - "Gold remains an important element of global monetary reserves"
PRESS RELEASE
19 May 2014
ECB and other central banks announce the fourth Central Bank Gold Agreement
The European Central Bank, the Nationale Bank van België/Banque Nationale de Belgique, the Deutsche Bundesbank, Eesti Pank, the Central Bank of Ireland, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Central Bank of Cyprus, Latvijas Banka, the Banque centrale du Luxembourg, the Central Bank of Malta, De Nederlandsche Bank, the Oesterreichische Nationalbank, the Banco de Portugal, Banka Slovenije, Národná banka Slovenska, Suomen Pankki – Finlands Bank, Sveriges Riksbank and the Swiss National Bank today announce the fourth Central Bank Gold Agreement (CBGA).
In the interest of clarifying their intentions with respect to their gold holdings, the signatories of the fourth CBGA issue the following statement:
- Gold remains an important element of global monetary reserves;
- The signatories will continue to coordinate their gold transactions so as to avoid market disturbances;
- The signatories note that, currently, they do not have any plans to sell significant amounts of gold;
Media enquiries should be addressed to Wiktor Krzyżanowski on +49 69 1344 5755.
European Central Bank
Directorate General Communications and Language Services
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455
email: info@ecb.europa.eu | website: http://www.ecb.europa.eu | Media contacts
Reproduction is permitted provided that the source is acknowledged.
Sunday, May 18, 2014
John Butler - All About the Money
I just came across an excellent presentation by John Butler of Amphora Commodities (John's bio) in which he discusses bitcoin, gold and reserve currencies throughout the ages, and the Gold Standard.
I have been following John's musings for a few years now having first seen him interviewed on The Keiser Report. I was fortunate enough to meet him at last year's Gold Symposium in Sydney. We talked about his book The Golden Revolution, and also we had a fascinating three way discussion with my mate Duncan of Anglo Far East on gold standards, fiat money and the decline of Western Civilisation over a few beers. Then I think things left that lofty plain as we were joined by the outgoing Jeff Berwick of dollarvigilante.com and we ended up in one of Sydney's swankest bars (Establishment, ironic for such a bunch of anti-establishment types) and well some things that occur during Sydney's "Gold Week" are sometimes best left there.....
I have been following John's musings for a few years now having first seen him interviewed on The Keiser Report. I was fortunate enough to meet him at last year's Gold Symposium in Sydney. We talked about his book The Golden Revolution, and also we had a fascinating three way discussion with my mate Duncan of Anglo Far East on gold standards, fiat money and the decline of Western Civilisation over a few beers. Then I think things left that lofty plain as we were joined by the outgoing Jeff Berwick of dollarvigilante.com and we ended up in one of Sydney's swankest bars (Establishment, ironic for such a bunch of anti-establishment types) and well some things that occur during Sydney's "Gold Week" are sometimes best left there.....
 |
| Your blogger with John Butler in Sydney |
SD Metals and Markets - The Fix, the Fed and Indian Elections
This week The Doc and guests discuss the ending of the London Silver Fix, the T-Bond purchases being washed through Belgium and how the Indian national election result is bullish for gold demand.
From SilverDoctors
From SilverDoctors
What will Narendra Modi's incoming government in India mean for the Gold Market?
From Al Jazeera English
Modi said gold has always been closely connected with human civilisations in the world.
"We have not seen gold just as money, it is related with all aspects of our social life. We have always attached the term 'gold' with anything good in our life," he said, adding that it was used even in Ayurvedic medicines since ages.
"In our society, gold is connected with security, respect and a friend in need during hours of crisis. It is also related to the well-being of our daughters through exchange of the matter during marriage times," he said.
"After a doctor, the goldsmith is the most trusted man in the family."
On the Gold Control Act
Modi said it is debatable how much successful the act was to preserve gold, but it seriously hit two generations of goldsmiths. "They shifted to some other profession and the skill which was honed over ages was lost," he said, adding that the country suffered a huge loss.
"Rise of gold-smuggling" The gold-smuggling activity increased during the time of the Gold Control Act. "These gangs became rich and they started to put their Money in other professions. Our film industry is an example. A class of rich goons was established and they posed serious threat to the ordinary people's lives," he said. "Could anyone imagine how the gold act put the social life under threat?." he asked.
"You must have noticed how people have been caught at airports while carrying golds in recent times. It means again the gold-smuggling activity is increasing," he said. "If narcotics, arms, fake currency and easily marketable gold are being smuggled into the country, then we can understand the danger the country is facing," Modi said.
Read more at: http://news.oneindia.in/mumbai/narendra-modi-slams-gold-policy-of-upa-at-bullion-summit-1318844.html#infinite-scroll-1
Modi said gold has always been closely connected with human civilisations in the world.
"We have not seen gold just as money, it is related with all aspects of our social life. We have always attached the term 'gold' with anything good in our life," he said, adding that it was used even in Ayurvedic medicines since ages.
"In our society, gold is connected with security, respect and a friend in need during hours of crisis. It is also related to the well-being of our daughters through exchange of the matter during marriage times," he said.
"After a doctor, the goldsmith is the most trusted man in the family."
On the Gold Control Act
Modi said it is debatable how much successful the act was to preserve gold, but it seriously hit two generations of goldsmiths. "They shifted to some other profession and the skill which was honed over ages was lost," he said, adding that the country suffered a huge loss.
"Rise of gold-smuggling" The gold-smuggling activity increased during the time of the Gold Control Act. "These gangs became rich and they started to put their Money in other professions. Our film industry is an example. A class of rich goons was established and they posed serious threat to the ordinary people's lives," he said. "Could anyone imagine how the gold act put the social life under threat?." he asked.
"You must have noticed how people have been caught at airports while carrying golds in recent times. It means again the gold-smuggling activity is increasing," he said. "If narcotics, arms, fake currency and easily marketable gold are being smuggled into the country, then we can understand the danger the country is facing," Modi said.
Read more at: http://news.oneindia.in/mumbai/narendra-modi-slams-gold-policy-of-upa-at-bullion-summit-1318844.html#infinite-scroll-1
Robert Kiyosaki: Entrepreneurship Is Your Shield Against the Coming Wealth Transfer
Another timeless interview with Robert Kiyosaki. Robert discusses the traits needed to become an entrepreneur, the value of gold and silver and having a plan B if everything comes unstuck.
From ChrisMartensondotcom
Published on Mar 16, 2014
From ChrisMartensondotcom
Published on Mar 16, 2014
Friday, May 16, 2014
Weekend Chillout - Stolen Dance
With the news this week that the London Silver Fix will soon be ending one wonders how the banks and other nefarious players will cope without the trading dance around the fix time, maybe they will have to be content to slam the silver price on the Comex close instead.
In the Future the Roads will be Paved with Silver
Can you imagine how much silver paste, solder and wiring this device would consume if it was adopted on a large scale?
May 15 (Bloomberg) -- Scott Brusaw, founder of Solar Roadways, discusses the modular paving system he claims can withstand 250,000 pounds, create electricity and melt snow. He speaks with Pimm Fox on Bloomberg Television's "Taking Stock."
May 15 (Bloomberg) -- Scott Brusaw, founder of Solar Roadways, discusses the modular paving system he claims can withstand 250,000 pounds, create electricity and melt snow. He speaks with Pimm Fox on Bloomberg Television's "Taking Stock."
Gold, Mainstream Media and Economists
Got to love mainstream lies errors when discussing the price action of gold. The talking head opens this video stating the gold price has fallen 6% this year. When of course as of writing it is up 8% in USD (1 Jan gold was $1,200: 16 May gold is $1296).
Interesting to note in this video the two people of Asian backgrounds understand gold, and the three white guys can only think about ETFs and being confused on how to price gold (although I am sure they would have no issue discussing the pricing of any other currency).
And that is all we really need to know. Asians know the value of gold and are hence buying, white guys don't have a clue and hence are selling gold. West to East the flow of gold will continue until there is none left.
May 15 (Bloomberg) -- Ed Moy, chief strategist at Morgan Gold, talks about the outlook for the gold market. He speaks with Adam Johnson, Scarlet Fu, and Tom Keene on Bloomberg Television's "Surveillance." Author and economist Steven Levitt also speaks.
Oh just on the point of "when the world goes to hell" - well then it is only gold (and silver) that is taken as payment.
Zimbabwe - A place that went to hell:
Interesting to note in this video the two people of Asian backgrounds understand gold, and the three white guys can only think about ETFs and being confused on how to price gold (although I am sure they would have no issue discussing the pricing of any other currency).
And that is all we really need to know. Asians know the value of gold and are hence buying, white guys don't have a clue and hence are selling gold. West to East the flow of gold will continue until there is none left.
May 15 (Bloomberg) -- Ed Moy, chief strategist at Morgan Gold, talks about the outlook for the gold market. He speaks with Adam Johnson, Scarlet Fu, and Tom Keene on Bloomberg Television's "Surveillance." Author and economist Steven Levitt also speaks.
Oh just on the point of "when the world goes to hell" - well then it is only gold (and silver) that is taken as payment.
Zimbabwe - A place that went to hell:
Clarke and Dawe - Selling the Budget
From ClarkeAndDawe
Published on May 14, 2014 "Tony Abbott, Prime Minister of Australia." Originally aired on ABC TV: 15/05/2014
Published on May 14, 2014 "Tony Abbott, Prime Minister of Australia." Originally aired on ABC TV: 15/05/2014
Thursday, May 15, 2014
Demand for Platinum Jewellery Booming in India
Of course this supply/demand tightness could even be greater if the platinum mines in South Africa do not resume full production soon.
From mineweb.com
Article link
MUMBAI (Mineweb) -
Platinum jewellery demand in India is likely to shoot up by 35% this year, given the price volatility and import curbs on gold and the rapidly changing consumer preferences for the metal.
A recent study by the Platinum Guild International (PGI) has forecast that India’s demand would be around 40 tonnes in 2014, as compared to around 30 tonnes in 2013, which would be a 41% growth.
Though India has been one of the largest markets for gold jewellery in the world, besides China and the United States, owning and acquiring gold and diamond jewellery for bridal wear appears to have ceded some territory to platinum jewellery.
If it is unlikely to supplant gold entirely, which has broad appeal in India, a study conducted by PGI nonetheless found that India has become the world’s fourth largest platinum jewellery market in terms of consumption globally, and that there is an unprecedented demand for platinum men’s jewellery, especially for upper middle class men in the age group of 25-40 years.
Read more
Ron Paul - Gold 'Wins' Out In The End
From Kitco NEWS
Published on May 13, 2014
Kitco News sits with Ron Paul, a keynote speaker at the Metals & Minerals Investment Conference, to talk about gold, the Fed and the US dollar. "It's not about the brilliance of knowing how to manage monetary policy, it's the wisdom to know that you can't manage the economy through monetary policy"
Published on May 13, 2014
Kitco News sits with Ron Paul, a keynote speaker at the Metals & Minerals Investment Conference, to talk about gold, the Fed and the US dollar. "It's not about the brilliance of knowing how to manage monetary policy, it's the wisdom to know that you can't manage the economy through monetary policy"
Jeff Christian - Silver Fix Gone, Is Gold Next?
From Kitco NEWS
Published on May 14, 2014
Kitco News sits with Jeff Christian to discuss the elimination of the silver fix in August, announced on Wednesday. Christian says that there's a possibility the gold fix may be next.
Published on May 14, 2014
Kitco News sits with Jeff Christian to discuss the elimination of the silver fix in August, announced on Wednesday. Christian says that there's a possibility the gold fix may be next.
Platinum Increases 2% on Supply Concerns
The Platinum price increased 2% overnight on the back of worsening supply concerns in South Africa as a result of increased union pressure on mine workers.
Article link
This is what the president of the Association of Mineworkers and Construction Union, Joseph Mathunjwa warned yesterday, despite police rolling into the platinum belt to protect mineworkers who have had enough of the nearly four-month-long strike.
Addressing about 4000 workers at Wonderkop Stadium in Marikana, in the North West, Mathunjwa made it clear that miners opting to report for work were on their own.
"Don't allow anything to push you to go to work. We have come a long way . if we listen to the SMS [from mining companies urging workers to return to work] there will be trouble among us," he said.
Read more
'We're headed for another Marikana'
From timeslive.co.zaArticle link
This is what the president of the Association of Mineworkers and Construction Union, Joseph Mathunjwa warned yesterday, despite police rolling into the platinum belt to protect mineworkers who have had enough of the nearly four-month-long strike.
Addressing about 4000 workers at Wonderkop Stadium in Marikana, in the North West, Mathunjwa made it clear that miners opting to report for work were on their own.
"Don't allow anything to push you to go to work. We have come a long way . if we listen to the SMS [from mining companies urging workers to return to work] there will be trouble among us," he said.
Read more
Wednesday, May 14, 2014
Keiser Report: USA, USA, USA Today
From RT
Published on May 13, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the USA Today headline stories on bitcoin and IPOs as a place where the wealth of the masses goes to be destroyed.
In the second half, Max interviews Mark O'Byrne of Goldcore.com about the end of the era of bondholder bailouts and the beginning of depositor bail-ins as Western central banks trade doom loops for bank runs.
Published on May 13, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the USA Today headline stories on bitcoin and IPOs as a place where the wealth of the masses goes to be destroyed.
In the second half, Max interviews Mark O'Byrne of Goldcore.com about the end of the era of bondholder bailouts and the beginning of depositor bail-ins as Western central banks trade doom loops for bank runs.
The Silver Fix to end in August
From bloomberg.comArticle link
The company that runs the London silver fixing, a benchmark dating back more than a century that allows miners to jewelers to trade and value the metal, will stop running the process on Aug. 14.
Deutsche Bank AG, HSBC Holdings Plc and Bank of Nova Scotia will remain the three members of the company, which will continue to liaise with the U.K. Financial Conduct Authority and other stakeholders, the London Silver Market Fixing Ltd. said today in a statement. The London Bullion Market Association is willing to help with talks among participants to see whether the market wants to develop an alternative, the fixing firm said.
Read more
The Fed Is The Great Deceiver — Paul Craig Roberts and Dave Kranzler
Essay link
Is the Fed “tapering”? Did the Fed really cut its bond purchases during the three month period November 2013 through January 2014? Apparently not if foreign holders of Treasuries are unloading them.
From November 2013 through January 2014 Belgium with a GDP of $480 billion purchased $141.2 billion of US Treasury bonds. Somehow Belgium came up with enough money to allocate during a 3-month period 29 percent of its annual GDP to the purchase of US Treasury bonds.
Certainly Belgium did not have a budget surplus of $141.2 billion. Was Belgium running a trade surplus during a 3-month period equal to 29 percent of Belgium GDP?
No, Belgium’s trade and current accounts are in deficit.
Did Belgium’s central bank print $141.2 billion worth of euros in order to make the purchase?
No, Belgium is a member of the euro system, and its central bank cannot increase the money supply.
So where did the $141.2 billion come from?
There is only one source. The money came from the US Federal Reserve, and the purchase was laundered through Belgium in order to hide the fact that actual Federal Reserve bond purchases during November 2013 through January 2014 were $112 billion per month.
In other words, during those 3 months there was a sharp rise in bond purchases by the Fed. The Fed’s actual bond purchases for those three months are $27 billion per month above the original $85 billion monthly purchase and $47 billion above the official $65 billion monthly purchase at that time. (In March 2014, official QE was tapered to $55 billion per month and to $45 billion for May.)
Why did the Federal Reserve have to purchase so many bonds above the announced amounts and why did the Fed have to launder and hide the purchase?
Some country or countries, unknown at this time, for reasons we do not know dumped $104 billion in Treasuries in one week.
Another curious aspect of the sale and purchase laundered through Belgium is that the sale was not executed and cleared via the Fed’s own National Book-Entry System (NBES), which was designed to facilitate the sale and ownership transfer of securities for Fed custodial customers. Instead, The foreign owner(s) of the Treasuries removed them from the Federal Reserve’s custodial holdings and sold them through the Euroclear securities clearing system, which is based in Brussels, Belgium.
We do not know why or who. We know that there was a withdrawal, a sale, a drop in the Federal Reserve’s “Securities held in Custody for Foreign Official and International Accounts,” an inexplicable rise in Belgium’s holdings, and then the bonds reappear in the Federal Reserve’s custodial accounts.
What are the reasons for this deception by the Federal Reserve?
The Fed realized that its policy of Quantitative Easing initiated in order to support the balance sheets of “banks too big to fail” and to lower the Treasury’s borrowing cost was putting pressure on the US dollar’s value. Tapering was a way of reassuring holders of dollars and dollar-denominated financial instruments that the Fed was going to reduce and eventually end the printing of new dollars with which to support financial markets.The image of foreign governments bailing out of Treasuries could unsettle the markets that the Fed was attempting to sooth by tapering.
A hundred billion dollar sale of US Treasuries is a big sale. If the seller was a big holder of Treasuries, the sale could signal the bond market that a big holder might be selling Treasuries in large chunks. The Fed would want to keep the fact and identity of such a seller secret in order to avoid a stampede out of Treasuries. Such a stampede would raise interest rates, collapse US financial markets, and raise the cost of financing the US debt. To avoid the rise in interest rates, the Fed would have to accept the risk to the dollar of purchasing all the bonds. This would be a no-win situation for the Fed, because a large increase in QE would unsettle the market for US dollars.
Washington’s power ultimately rests on the dollar as world reserve currency. This privilege, attained at Bretton Woods following World War 2, allows the US to pay its bills by issuing debt. The world currency role also gives the US the power to cut countries out of the international payments system and to impose sanctions.
As impelled as the Fed is to protect the large banks that sit on the board of directors of the NY Fed, the Fed has to protect the dollar. That the Fed believed that it could not buy the bonds outright but needed to disguise its purchase by laundering it through Belgium suggests that the Fed is concerned that the world is losing confidence in the dollar.
If the world loses confidence in the dollar, the cost of living in the US would rise sharply as the dollar drops in value. Economic hardship and poverty would worsen. Political instability would rise.
If the dollar lost substantial value, the dollar would lose its reserve currency status. Washington would not be able to issue new debt or new dollars in order to pay its bills.
Its wars and hundreds of overseas military bases could not be financed.
The withdrawal from unsustainable empire would begin. The rest of the world would see this as the silver lining in the collapse of the international monetary system brought on by the hubris and arrogance of Washington.
James Corbett - The West is Engineering Its Own Downfall
Always worth listening to the historical context provided by James Corbett on current events.
From FinanceAndLiberty.com
From FinanceAndLiberty.com
Tuesday, May 13, 2014
Tweet of the Week
Sorry, but your password must contain an uppercase letter, a number, a haiku, a gang sign, a hieroglyph, and the blood of a virgin.
— trutherbot (@trutherbot) May 12, 2014
Monday, May 12, 2014
US rates uncertainty is hurting Gold
Gaurav Sodhi, Resources Analyst at Intelligent Investor, says uncertainty in the U.S. regarding an interest rate hike is weighing on prices of the precious metal.
The 0.01% vs the 99.99%
From Bernie Sanders
Published on May 7, 2014
Sen. Bernie Sanders questions Federal Reserve Chair Janet Yellen at a Joint Economic Committee hearing.
Published on May 7, 2014
Sen. Bernie Sanders questions Federal Reserve Chair Janet Yellen at a Joint Economic Committee hearing.
Sunday, May 11, 2014
Keiser Report: The Speculation Game
From RT
Published on May 10, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the warning from legendary stock market speculator, Jesse Livermore, that speculation is "not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor." And, yet, speculation has become the economic model for a nation of stupid and mentally lazy speculator-taxpayers. They also discuss splat collateralized debt obligations and fracking Walden Pond to pay off our bad debts.
In the second half, Max interviews Steve Keen, author of Debunking Economics, about housing bubbles, falling wages and why Mom & Pop investors are always wrong.
Published on May 10, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the warning from legendary stock market speculator, Jesse Livermore, that speculation is "not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor." And, yet, speculation has become the economic model for a nation of stupid and mentally lazy speculator-taxpayers. They also discuss splat collateralized debt obligations and fracking Walden Pond to pay off our bad debts.
In the second half, Max interviews Steve Keen, author of Debunking Economics, about housing bubbles, falling wages and why Mom & Pop investors are always wrong.
Eric Sprott - Gold.......and its Gone!!
Saturday, May 10, 2014
Weekend Chillout - Free
With gold range bound from $1250 - $1350 and silver $18.50 - $20.50 one wonders when they will ever be let free again....maybe Vlad can push things along in the coming week.
Rudimental perform 'Free' live on Triple J
Friday, May 9, 2014
Thursday, May 8, 2014
Turd Ferguson - Gold is Draining from the West
Turd discusses the movement of gold in bulk from London to Switzerland to be refined into 999.9 one kilo bars which are then exported to China. A fact discussed on this blog as far back as October last year.
From FinanceAndLiberty.com
From FinanceAndLiberty.com
Ellis Martin Report with David Morgan
From Ellis Martin
Published on May 7, 2014
Ellis Martin and David Morgan discuss an article published on King World involving inflation leading to turbulence leading to chaos. is the gold standard viable? Is the gold supply verifiable?
ellismartinreport.com themorganreport.com
Published on May 7, 2014
Ellis Martin and David Morgan discuss an article published on King World involving inflation leading to turbulence leading to chaos. is the gold standard viable? Is the gold supply verifiable?
ellismartinreport.com themorganreport.com
Wednesday, May 7, 2014
The Yes Men Prank Homeland Security into Adopting 100% Renewable Energy
Too funny, from the country that uses the most non-renewable energy of any in the world.
From breakingtheset
From breakingtheset
Is The Zombie Apocalypse Real?
Again there nothing funnier than the average American trying to answer questions on current issues......
From WeAreChange
From WeAreChange
Keiser Report: Scots, Get Rid of Westminster Losers!
From RT
Published on May 6, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert in a double-header discussing the Scottish Independence movement by looking at some of the facts of English politics and economics some in Scotland are against. They start with the 'botched' Royal Mail privatisation and how the Business Secretary had his strings pulled by Lazard bank. And then look at the proliferation of precarious 'zero hour' contracts in which there is no obligation on the employer to provide regular shifts - or for the employee to work a certain number of hours.
Published on May 6, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert in a double-header discussing the Scottish Independence movement by looking at some of the facts of English politics and economics some in Scotland are against. They start with the 'botched' Royal Mail privatisation and how the Business Secretary had his strings pulled by Lazard bank. And then look at the proliferation of precarious 'zero hour' contracts in which there is no obligation on the employer to provide regular shifts - or for the employee to work a certain number of hours.
Roger Ver - 'Bitcoin outperforms gold, silver, US stock market'
From RT
Published on May 6, 2014
Bitcoin is the world's most popular virtual currency, and brings with it a new breed of digital multi-millionaires. When bitcoin exchange Mt. Gox virtually disappeared, many fortunes were lost. Can you put your trust in the virtual market? Why are governments so eager to shut the bitcoin marketplace down? Roger Ver, a bitcoin entrepreneur known as 'Bitcoin Jesus' is here to answer these questions.
Published on May 6, 2014
Bitcoin is the world's most popular virtual currency, and brings with it a new breed of digital multi-millionaires. When bitcoin exchange Mt. Gox virtually disappeared, many fortunes were lost. Can you put your trust in the virtual market? Why are governments so eager to shut the bitcoin marketplace down? Roger Ver, a bitcoin entrepreneur known as 'Bitcoin Jesus' is here to answer these questions.
David Einhorn "I Asked Bernanke Questions, And The Answers Were Frightening"
May 6 (Bloomberg) -- David Einhorn, president of Greenlight Capital Inc., talks about technology stocks, investment strategy, and Federal Reserve policy. Speaking with Stephanie Ruhle and Erik Schatzker on Bloomberg Television's "Market Makers," Einhorn also discusses activist investing and high-frequency trading.
Tuesday, May 6, 2014
Ron Paul - Why We’re No Longer Number One
Article link
Last week World Bank economists predicted that China would soon displace the United States as the world’s largest economy. The fact that this one-time economic basket case is now positioned to surpass the US is one more sign of the damage done to American prosperity by welfare, warfare, corporatism, and fiat money.
Some commentators have predicted that China’s reign as the world’s largest economy would not last long. This may be true. While China has made great strides since adopting free-market reforms in the 1970s, China is still run by an authoritarian government whose economic policies distort the market in order to benefit state-favored industries. These state-favored businesses are often controlled by politically-powerful individuals.
What many of these commentators fail to notice is that the American government pursues many of the same flawed policies as the Chinese. For example, because of the increase in regulations, subsidies, and bailouts, many American businesses are putting more resources into manipulating the political process than producing goods and services desired by consumers. Many big businesses even lobby Congress and the federal bureaucracy for new regulations on their industries. They do this because big business can more easily absorb the costs of complying with the new regulations that force their smaller competitors out of business.
China is regularly criticized by American protectionists for subsidizing its export industries. However, the US government does the same thing via programs such as the Export-Import Bank. China is also criticized for manipulating the value of its currency to make its exports more attractive to foreign consumers. This may well be true, but China is hardly unique in this respect. Throughout its history, the Federal Reserve has manipulated both the domestic and international economy, often working in partnership with foreign central banks.
The Federal Reserve’s inflationary policies benefit big banks, politically-connected businesses, and big-spending politicians at the expense of the American people. Anyone interested in helping improve the American people’s economic situation should focus on changing America’s monetary policy, not China’s.
Ironically, many of the same politicians who denounce China’s monetary policy benefit from Chinese purchases of America’s debt. If China stopped making large purchases of US debt, the Federal Reserve would be forced to monetize even more debt, thus risking hyperinflation. So the best thing Congress could do to make it more difficult for China to manipulate the global economy is cut federal spending.
One advantage China has over the US is that the Chinese government does not waste money on a hyper-interventionist foreign policy. The United States government spent approximately $752 billion on the military in fiscal year 2013. In contrast, China spent approximately $188 billion. While China may be increasing its military spending, it has a long way to go to catch up to the United States.
It is difficult to see how the American people, other than those who run or work for the military-industrial complex, benefit from this spending. Military spending, like all government spending, hampers private sector growth by taking resources away from investors, entrepreneurs, and consumers while contributing significantly to the national debt. In contrast, a return to the policy of peace and free trade would allow those resources to be used by entrepreneurs to create new businesses and new jobs.
News that China is soon to surpass the United States as the largest economy in the world is a stark reminder of how the American people are harmed by the welfare-warfare state, crony capitalism, and fiat currency. The only way to avoid continuing collapse is to finally reject an interventionist foreign policy, stop bailing out and subsidizing politically powerful industries, and restore a free market in money.
Paul Craig Roberts - Washington Intends Russia’s Demise
Essay link
Washington has no intention of allowing the crisis in Ukraine to be resolved. Having failed to seize the country and evict Russia from its Black Sea naval base, Washington sees new opportunities in the crisis.
One is to restart the Cold War by forcing the Russian government to occupy the Russian-speaking areas of present day Ukraine where protesters are objecting to the stooge anti-Russian government installed in Kiev by the American coup. These areas of Ukraine are former constituent parts of Russia herself. They were attached to Ukraine by Soviet leaders in the 20th century when both Ukraine and Russia were part of the same country, the USSR.
Essentially, the protesters have established independent governments in the cities. The
police and military units sent to suppress the protesters, called “terrorists” in the American fashion, for the most part have until now defected to the protesters.
With Obama’s incompetent White House and State Department having botched Washington’s takeover of Ukraine, Washington has been at work shifting the blame to Russia. According to Washington and its presstitute media, the protests are orchestrated by the Russian government and have no sincere basis. If Russia sends in military units to protect the Russian citizens in the former Russian territories, the act will be used by Washington to confirm Washington’s propaganda of a Russian invasion (as in the case of Georgia), and Russia will be further demonized.
The Russian government is in a predicament. Moscow does not want financial responsibility for these territories but cannot stand aside and permit Russians to be put down by force. The Russian government has attempted to keep Ukraine intact, relying on the forthcoming elections in Ukraine to bring to office more realistic leaders than the stooges installed by Washington.
However, Washington does not want an election that might replace its stooges and return to cooperating with Russia to resolve the situation. There is a good chance that Washington will tell its stooges in Kiev to declare that the crisis brought to Ukraine by Russia prevents an election. Washington’s NATO puppet states would back up this claim.
It is almost certain that despite the Russian government’s hopes, the Russian government is faced with the continuation of both the crisis and Washington puppet government in Ukraine.
On May 1 Washington’s former ambassador to Russia, now NATO’s “second-in-command” but the person who, being American, calls the shots, has declared Russia to no longer be a partner but an enemy. The American, Alexander Vershbow, told journalists that NATO has given up on “drawing Moscow closer” and soon will deploy a large number of combat forces in Eastern Europe. Vershbow called this aggressive policy deployment of “defensive assets to the region.”
In other words, here we have again the lie that the Russian government is going to forget all about its difficulties in Ukraine and launch attacks on Poland, the Baltic States, Romania., Moldova, and on the central Asian states of Georgia, Armenia, and Azerbaijan. The dissembler Vershbow wants to modernize the militaries of these American puppet states and “seize the opportunity to create the reality on the ground by accepting membership of aspirant countries into NATO.”
What Vershbow has told the Russian government is that you just keep on relying on Western good will and reasonableness while we set up sufficient military forces to prevent Russia from coming to the aid of its oppressed citizens in Ukraine. Our demonization of Russia is working. It has made you hesitant to act during the short period when you could preempt us and seize your former territories. By waiting you give us time to mass forces on your borders from the Baltic Sea to Central Asia. That will distract you and keep you from the Ukraine. The oppression we will inflict on your Russians in Ukraine will discredit you, and the NGOs we finance in the Russian Federation will appeal to nationalist sentiments and overthrow your government for failing to come to the aid of Russians and failing to protect Russia’s strategic interests.
Washington is licking its chops, seeing an opportunity to gain Russia as a puppet state.
Will Putin sit there with his hopes awaiting the West’s good will to work out a solution while Washington attempts to engineer his fall?
The time is approaching when Russia will either have to act to terminate the crisis or accept an ongoing crisis and distraction in its backyard. Kiev has launched military airstrikes on protesters in Slavyansk. On May 2 Russian government spokesman Dmitry Peskov said that Kiev’s resort to violence had destroyed the hope for the Geneva agreement on de-escalating the crisis. Yet, the Russian government spokesman again expressed the hope of the Russian government that European governments and Washington will put a stop to the military strikes and pressure the Kiev government to accommodate the protesters in a way that keeps Ukraine together and restores friendly relations with Russia.
This is a false hope. It assumes that the Wolfowitz doctrine is just words, but it is not. The Wolfowitz doctrine is the basis of US policy toward Russia (and China). The doctrine regards any power sufficiently strong to remain independent of Washington’s influence to be “hostile.” The doctrine states:
“Our first objective is to prevent the re-emergence of a new rival, either on the territory of the former Soviet Union or elsewhere, that poses a threat on the order of that posed formerly by the Soviet Union. This is a dominant consideration underlying the new regional defense strategy and requires that we endeavor to prevent any hostile power from dominating a region whose resources would, under consolidated control, be sufficient to generate global power.”
The Wolfowitz doctrine justifies Washington’s dominance of all regions. It is consistent with the neoconservative ideology of the US as the “indispensable” and “exceptional” country entitled to world hegemony.
Russia and China are in the way of US world hegemony. Unless the Wolfowitz doctrine is abandoned, nuclear war is the likely outcome.
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