70 Comments

1. When talking about a currency backed by gold (or silver or BitCoin) one should look to France’s experience as highlighted by F William Engdahl in his book ‘The Century of War’.

   “Throughout 1967, Bank of England gold reserves were falling, as foreign creditors, sensing an obvious imminent devaluation of the weakening pound, scrambled to redeem paper for gold, which they calculated must rise in value. By June 1967, de Gaulle’s government announced that France had withdrawn from the American-instigated ‘gold pool.’ In 1961, under Washington pressure, the central banks of ten leading industrial countries had created the Group of Ten, as it became known. In addition to the United States, Britain, France, Germany and Italy, the group included Holland, Belgium, Sweden,
   Canada and Japan. The Group of Ten had agreed in 1961 to pool reserves in a special fund, the gold pool, to be administered in London by the Bank of England. Under the arrangement, temporary remedy at best, as events revealed, the U.S. central bank contributed only half the costs of continuing to maintain the world price of gold at the artificially low $35 per ounce price of 1934. The other nine, plus Switzerland, had agreed to pay the second half of such ‘emergency’ interventions, on the understanding that the situation
   would be temporary.
   But the ‘emergency’ had become chronic by 1967, as Washington refused to bring its war-spending deficits under control and sterling continued to weaken along with the collapsing British economy. DeGaulle withdrew from the gold pool, not wanting to lose further French central bank gold reserves to the bottomless pit of interventions. The
   American and British financial press, led by the London Economist, began a heightened attack against French policy.
   But de Gaulle made one tactical blunder in the process. On January 31, 1967, a new law came into effect in France which allowed unlimited convertibility for the French franc. At the time, with French industrial growth among the strongest in Europe, and the franc, backed by
   strong gold reserves, one of the strongest currencies, convertibility was seen as a confirmation of France’s successful economic policy since de Gaulle took office in 1958. But it was soon to become the Achilles’ heel which finished de Gaulle’s France at the hands of AngloAmerican financial interests.
   French Prime Minister Georges Pompidou, in a public speech in
   February 1967, reaffirmed French adherence to a gold-backed monetary system as the only way to avoid international manipulations, adding that the ‘international monetary system is functioning poorly because it gives advantages to countries with a reserve currency [i.e., the United States]: these countries can afford inflation without paying for it.’ In effect, the Johnson administration and the Federal Reserve simply printed dollars and sent them abroad in place of its gold.
   The lines were becoming sharper through 1967 as France’s central bank determined to exchange its dollar and sterling reserves for gold, leaving the voluntary 1961 gold pool arrangement. Other central banks followed. The situation assumed near panic dimensions, as some 80 tons of gold were sold on the London market toward the end of the year in an unheard-of period of five days, in an unsuccessful effort to stop the speculative attack. Fear grew that the entire Bretton Woods edifice was about to fall apart at its weakest link, the
   pound sterling.
   Financial speculators by the second half of 1967 were selling pounds and buying dollars or other currencies which they then used to buy commercial gold in all possible markets from Frankfurt to Pretoria, sparking a steep rise in the market price of gold, in contrast to the $35 per ounce official U.S. dollar price. The sterling crisis indirectly focused attention on the growing vulnerability at the core of the international monetary system, the U.S. dollar itself.

2. “Structural change” = We’re gonna break things.
   Love it.

3. Catherine,
   On 14 August, while most of the country is enjoying the summer holidays, the Minister of Health issued the directive for the Fall Covid-19 vaccination plan. Citizens over 60 years of age and pregnant women (cannot believe it!) will have to be “persuaded” to get vaccinated. A team of Italian lawyers has started a public strong pushback and has immediately taken action, inquiring with the government how is it possible that the Minister of Health signs off to such a Directive before the new “vaccines” are even approved by the EU and Italian regulatory agencies and despite the blatant evidence of the adverse events that they clearly are responsible for. The hearing at the Australian Senate released lately is also part of the objections to “safe and effective”. Link to the Directive below.

   https://www.trovanorme.salute.gov.it/norme/renderNormsanPdf?anno=2023&codLeg=95893&parte=1%20&serie=null

   1. I sanitized your name and sent your post to the Italian Embassy in DC. Resist!!!!!!!!!!!!!

   2. Will post. Beyond tragedy. Thank you so much for posting.

      1. I have the letter that was sent to EMA by the lawyers but cannot upload it here (it’s a PDF), in case you’re interested (it’s in English) let me know how can I share it.

4. I’m loving this episode. I’ve experienced I-95 just like that. A 12 hour drive is now 16 hours… You guys make me LAUGH!!! I fight everything and the Clock Eatery is where I LIVE.

   1. LOLX2

5. Everyone has to be like me and John Titus with their bank:)))).

   I bring my bank staff articles EVERY time I go in there – which is at least once or twice a week because I do not use ATMs and buy everything with cash. I also bring Amish Popcorn or several pints of ice cream if it’s hot out:)).

   I have given them copies of every Solari Report I bought last year and Corey Lynn’s book on the Vaccine Passport. I ask them all kinds of questions they can’t answer – to get them to think about how they are going to keep themselves going in the face of this mess. They are the last community bank in my area… and I want them to never go away.

6. Maybe Apollo was raiding the pension fund (if there was one) too? International Paper pension fund was raided 4 times…

7. I absolutely agree about corporate contractors. I have been battling this for YEARS. During the Bush Jr. administration, I caught the FCC selling statute application. If I would pay $180 to the corporation managing the FCC’s public interface, a different set of statutes would apply.

   I learned (and confirmed) this through an e-mail conversation with the FCC’s IG… and he was actually apologetic about it. I was much more polite back then and didn’t challenge him.

   Last week I found another IG bizarrity called SIGAR:
   https://www.sigar.mil/about/index.aspx?SSR=1
   Apparently, this IG organization is managing money that is STILL being sent to Afghanistan – $2 Billion and counting. I called them, left a msg for their public affairs staff: Richard and Shelby, but of course, never got an e-mail or call back…

Comments are closed.