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THIS WEEK’S EDITORIAL – HAPPY CHRISTMAS TO ALL [TBP] READERS
RUSSIA AND CHINA MOVING AWAY FROM SWIFT – Russia and China are building an alternative to SWIFT. Many nations are interested in such a development. But progress will be slow in BOOM’s opinion. We live in a US Dollar Empire where currency dominance is almost all encompassing.
SWIFT is an international banking message system that is used as a trusted mechanism to assist in settling transactions between banks. It allows banks to trust each other to accept requests and to fulfill them. Many claim that it is dominated by the United States and that they can interfere with inter-bank transactions.
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a Belgian cooperative society established in Brussels in 1973 and is owned by its member financial institutions.
As of 2018, around half of all high-value cross-border payments worldwide used the SWIFT network and in 2015, SWIFT linked more than 11,000 financial institutions in over 200 countries and territories. They were exchanging an average of over 32 million messages per day. Though widely utilized, SWIFT has actually been criticized for its inefficiency. It has also attracted controversy for enabling the United States government to monitor, and in some cases interfere with, intra-European transactions.
Russia and China have been developing their own alternative systems — the Russian SPFS (System for Transfer of Financial Messages) and the Chinese CIPS (Cross Border Interbank Payment System). But it will be slow progress because both nations are trading economies and export goods and services a great deal receiving foreign currencies as payment. Thus, they have complex commercial relationships with many nations.
The Russian Ruble currency and the Chinese Yuan together currently make up less than 2 % of global foreign currency holdings in central banks. That is a tiny number — not much more than the Australian Dollar representation.
The fact is that the US Dollar is dominant in volume in central bank currency holdings (60 %) and therefore, it is the currency of convenience used to settle most international transactions — even with Russia and China. The Euro currency holdings amount to another 20 %. However, the Euro is often seen as a US Dollar Proxy so, together, they amount to 80 % of foreign currency holdings. That is currency dominance right there — plain and simple.
People who say “the US Dollar will soon collapse” simply don’t understand that currency volume, availability and convenience are critical features of the so-called “reserve currency” status. It is impossible for the Chinese Yuan to replace it quickly or even match it. That will be a 100 year project, if not much longer.
China’s central bank currently holds about US $ 2.3 Trillion in foreign currency reserves. Russia holds almost US$ 600 Billion. These are huge amounts held principally in US Dollars. China has the largest holdings of all nations and Russia is number 6 on the list. These high ratings reflect their exports and thus their reliance on the US Dollar.
So — you can forget anyone who writes “the US Dollar will soon collapse”. There is simply no alternative currency available in volume for that to happen.
GIBRALTAR DID EVERYTHING
Gibraltar has a population of 33,000 people. It is essentially a military base with very strong controls over residents. It is easy to isolate and lockdown. By March 2021, it had a 100 % Covid Vaccination rate. Booster doses started on October 1st and 76 % of the population is now “boosted”.
In regard to Cases per Million, it is NUMBER 4 on World Rankings (Total – 7,900)
In regard to Deaths per Million, it is NUMBER 11 on World Rankings (Total = 100) – In regard to Tests per Million, it is NUMBER 2 on World Rankings
In Total — Gibraltar has had 7,900 cases which is 24 % of the population and 100 deaths attributed to Covid which is 0.3 % of population. CASES = 24 % DEATHS (attributed to Covid) = 0.3 % of Population
THE DIAMOND PRINCESS DID NOTHING
The cruise ship was isolated in Japan while they just waited until viral collapse occurred. The Japanese were criticised for leaving the ship to its fate with effectively zero interventions. Total Cases = 712 Deaths 13 Total on Board = 3,711 (inc Passengers and Crew) CASES = 19 % DEATHS (attributed to Covid) = 0.35 % of Population
So, the Diamond Princess outcome where mostly elderly people were trapped in a cruise ship was almost EXACTLY the same as Gibraltar — a military base where there is great discipline and control of the population using maximum Public Health interventions.
The conclusions we can reach from this comparison are clear. Public Health measures did almost nothing to prevent the outcomes of the virus. But worse still, Public Health measures may have caused huge amounts of morbidity and mortality from delayed presentations and delayed diagnoses, from psychological impacts, from economic impacts, from vaccine adverse events. Data Source — Worldometers https://www.worldometers.info/coronavirus/
THE GROWTH OF INTOLERANCE
“We’ve arranged a global civilization in which most crucial elements profoundly depend on science and technology. We have also arranged things so that almost no one understands science and technology. This is a prescription for disaster. We might get away with it for a while, but sooner or later this combustible mixture of ignorance and power is going to blow up in our faces.” Carl Sagan
There is a steady growth of intolerance in the advanced economies especially amongst the fearful who are terrified of the “Covid Threat”. They are convinced that their virtue is for everyone’s benefit and they are completely convinced that their views are correct. Thus, there is a steady growth of their virtue combined with the strong expression of their views. Unfortunately, this devolves to intolerance if you will not listen or be easily convinced.
The Fearful claim that they “follow the science”. However, they (mostly) have no idea what the scientific process is. They have reduced it to a religion — a religion that worships authority. If anyone is fearful, their tendency to be suggestible increases via the generation of alpha brain waves. Initially, this makes them just more likely to follow suggestions but then their thought leaders slowly transform their message into “Believe ….. or Else” (!).
Presumably the High Priests of Covid Fear are Anthony Fauci who appears to pretend being a scientist when he is, in fact, an unelected public servant and Tedros Ghebreyesus, the head of the World Health Organization who has always worked in “public health” and is thus also an unelected public servant.
Or perhaps the Ultimate High Priest of Covid Fear is Bill Gates, a man with no scientific or medical background whatsoever. None of these priests have ever been elected to a position to represent The People. None of them have any significant personal experience in diagnosing and treating illness in sick patients. However, they are now telling the Global Fearful what to do in response to the perceived medical threat.
The Fearful have been told to think that medicine should be practised by “scientists”. BOOM heard this statement recently on a podcast interview. “Doctors are supposed to be scientists”. But this is incorrect. Medicine is not practised as a science. Science is one of the tools of medicine but it is not medicine itself.
Doctors are NOT scientists. Doctors do NOT experiment on their patients. They use abductive logic coupled with ethics to arrive at the best possible and probable solution for each and every individual patient. And they then use testing methodologies to help review the diagnosis every time they see an individual patient. That is an iterative process of probability, continual discovery and therapy. It is not an experimental process to prove or disprove a hypothesis.
Doctors learn this process in medical school ….. in an apprenticeship. They (should) learn to treat every patient with great respect as an individual with unique and special circumstances. They (should) learn to “First, Do No Harm”. They (should) learn to care, to adopt compassion. If they can’t do that, then they will never become a complete Doctor. Soon, there will be an Inquisition and the Covid Fearful religion will punish the “Unbelievers”.
This has already started in Australia where Doctors are losing their licences to practice Medicine just for questioning authority in seeking to publicly discuss matters of great importance. And, inside their consulting rooms, they are gagged and unable to give their patients a full disclosure of the risks attached to some injectables and treatments. They are also banned from prescribing some drugs which are in widespread use all over the planet for many decades.
From history, we know the next step — when the Unbelievers will be harmed and ultimately put to death in a methodical way. This is a well-worn pathway. In the meantime, we now have the World Health Organization telling us to abandon the vaccine boosters while Anthony Fauci is saying the exact opposite. This begs the next question — Who should the Fearful follow now? Maybe they will look to their Ultimate High Priest and switch to Automatic Updates. That is if they haven’t already.
In economics, things work until they don’t. Until next week ………… Make your own conclusions, do your own research. BOOM does not offer investment advice.
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When they can’t control them through the financial sector, the likelihood of war increases. And while separating from the US is a great thing for the rest of the world, the prospects for the US Dollar are even more grim.
My son, the software developer/programmer, follows the cryptocurrency business and doesn’t understand why his father and I do not invest a portion of our life savings in what he believes is a sure thing. I told him we’d bought this place and retired here early by ignoring sure things.
He seems confident and knowledgeable as far as the blockchain business goes.
He says the only way the dollar loses “reserve currency” status is if people catch on that the “velocity of money” is the lever that keeps the illusion of solvency in place. The supply chain problem actually helps with that, as does huge credit card use.
It is time to do other stuff here in Misery loves company.
Way I remember it Misery was loved & she loved, toughly, Jimmy Caan, too.
First, that’s a great title, AP.
OK, about SWIFT …
Why did we bomb Libya? Simple. “It was to prevent the creation of an independent hard currency in Africa that would free the continent from its economic bondage under the dollar.”
And here we are, a mere 10 years later, and two enormously huge countries (one in land mass, the other in population) telling Da Dollah to go fuck themselves. And what are we gonna do about it? More sanctions on Russia and China? Bwahahahaha!
Soooo …. what should I think about the most awesome, magnificent, terrible, Godlike powers of THE ELITE who wish to rule over us all, who will usher in any-day-now the Great Reset turning all of us who remain alive into pig slaves??
Maybe that we exaggerate their awesomeness? Maybe that behind the facade they are a bunch of fucking whimpering pussies?
Amiright, or wrong?
Russia has enormous untapped and probably, as yet, undiscovered resources for which China has a billion young workers ready to mine and exploit those resources at great cost to their young bodies.
I don’t think the Elite driving the narrative here in the US are on the same team with Putin and Xi. I also do not think they realize our military is now second string, at best.
Few of the elite are US citizens.
True – many are Chinese – I am reading this book at present – confirms that the CCP is well embedded throughout the West:
I’m going to venture Ghost, that China and Russia know full well where the US is on the standings of global power. China and Russia have been co-operating with each other to remove the US petrodollar as the global currency. Personally I think they’ll succeed.
The US military keeps china up on things but likely no so much with Russia. Cash… pure and simple, china pays yugely and the US needs a boogey man. Imo, China and russia will eventually go after each other but not before taking down the US.
As for the ‘eliet’ not being on the same team as china?? Who worked with the CCP developing the AI and facial recognition software and hardware for the chineese surveillance system they now have in place?? Gates and Brin. I just think the chineese just used these two smucks and will turn on them as well any time they choose.
All these corporations heads are getting huge payouts from the chineese and US taxpayer dollars that the US govt launders thru them. Imo, they are ALL traitors, as are all those in the gop that stay silent. And, those that merely mouth a few words in protest and do nothing… like ted cruz… for eg.
Thats the way I see things…
Yep, they are all bought. Gates et al are puppets in the hands of the bankers. All wars are bankers’ wars.
I agree entirely Ghost – the Fourth Turning is working out – I see a major geopolitical crisis ahead – a clash of cultures – result unpredictable IMHO.
You are right Stucky – and right about Libya – Gadaffi was planning a pan-African, gold-backed currency that would have competed with the central banks and Fed – couldn’t be allowed – he had to go. Same thing in other countries where the Jackals and Economic Hit Men go.
I am sure they will try to bomb Bitcoin eventually if it threatens the dollar.
I don’t think the Elites have the power they assume they do – in fact I think they are running scared. Have a look at this guy:
He was on Max Keiser this evening.
And Pension funds are in serious trouble – they can’t earn with negative interest rates but if the Fed increases the FFR that crashes the markets and the pension funds lose capital. It’s a rock and a hard place – no solution – has to be a meltdown at some stage. They have printed themselves into a corner IMHO: https://blogs.cfainstitute.org/investor/2019/12/16/global-pension-funds-the-coming-storm/
Me too AP – welcome to the club!
AND – here’s confirmation that the elites know that they are vulnerable and out of ammo:
“We wrote in August 2019 about the nearly exhausted monetary policy toolbox and the challenges it poses for dealing with the next downturn. This has now come to the fore – and that’s why it is time to go direct with policy support. Simply using up the limited monetary policy space remaining – interest rates, forward guidance or even quantitative easing – could quickly put the macro focus on the lack of tools left and thus backfire. The only way to address this is to add further lines of defense and make fiscal policy an explicit part of the crisis response toolkit.”
https://www.blackrock.com/corporate/insights/blackrock-investment-institute/publications/coronavirus-policy-response
Note: Augusr 2019 – significant date eh? Repo crisis was 16th Sept 2019.
The other day, I was listening to a discussion amongst old-school* scientists, who are now referred to as “fringe” scientists by demented old fools like Anthony Fauci and one stated that he’d seen data from a couple of statistics generating organizations of World Wide Wecognition! (WHO, CDC, NIH, BMGF, et cetera and et al ad infinitum into delirium. You probably know the types of organizations I mean, AP and others.
The data was a rough guestimate of how many people die each year on a worldwide basis, without trying to make any judgements about war, famine, genocide or disease playing a role. The number thrown out in the discussion was that “world wide, each year since international organizations have tried to track such data, between 2.8 and 3.2 million people die each year, world wide.
According to the worldometer you cited, there are about 7.8 billion people in the world, give or take a hundred million. Multiply that by 1/3 of 1*% and it is between 2.4 and 2.7 million deaths. Now, even if those numbers above become 3.5 to 4.5 million, it will still be much less than 1/2 of 1 %. I suspect greater numbers than that will be correlated to the loss of immunity subsequent booster shots cause by reprogramming and retuning immune systems to that darn pesky spike protein.
Fauci is diabolical and Biden is a demented old fool tool.
*old-school/fringe refers to scientists who develop hypotheses based on observable, measurable data tested and reviewed by other old-school scientists, who believed in the olden days that skepticism not only censored but was indeed welcome to real scientists.
I thought this one interesting:
https://www.npr.org/sections/goatsandsoda/2020/12/11/945171603/global-causes-of-death-significant-shifts-from-2000-to-2019
“TR (the ruse-velt with the first big stick) was still very much the prig, at least in speech: “He immortalized himself along the Little Missouri by calling to one of his cowboys, ‘Hasten forward quickly [& SWIFTly] here!’” Years later he wrote: “There were all kinds of things of which I was afraid at first, ranging from grizzily bears to ‘mean’ horses & gunfighters; but by acting as if I was not afraid I gradually ceased to be afraid.” ~ United States Essays 1952-1992, Gore Vidal
No, he didn’t. And neither can/do cartelists, monopolists, cease to fear. Fear is what drives them. That, & loathing. (Thx Hunter Thompson.)
Fiat mini-me ain’t gonna outrun fiat Ferrari. But if a scrip can be backed, & the backer/s can dissuade Ferrari from invading (as saddam couldn’t), well then maybe natures first green that was gold before turning americanos into yellow mulch will be instantly displaced onto the rubbish heap it deserves.
There’s other resources besides pm’s. What’s the bear & the dragon got lots of?
‘Course, none of these movable feasters can ever be relied upon but to foist at first possible mal-opportunity.