Welcome to Sott.net
Mon, 02 Oct 2023
The World for People who Think

Puppet Masters
Map


Stop

Macleod: The end of the road for the dollar

dollar
© straightlinelogic.com
With the Asian hegemons undoubtedly able to introduce gold standards, where does that leave the dollar?

This article describes just how precarious the fiat dollar's position has become.

For now, the dollar appears to be buoyed up by rising bond yields. However, as they rise further portfolio losses for foreign investors are likely to increase, leading to dollar liquidation. It is not generally realised how many dollars and dollar securities are owned by foreigners, the bulk of them being held outside the US banking system. And the quantity of foreign currency owned by Americans to absorb this selling is very small in comparison.

Higher interest rates and bond yields also threaten to destabilise the banking system, a problem equally faced by the Eurozone, the UK, and Japan. But how can the US Government protect itself from this danger?

The only answer is to admit to the end of the fiat era and put the dollar back onto a gold standard. However, the US Government does not have the mandate to take the required actions and officially at least is still in denial over the need to stabilise the currency. The legal position referring to the constitution is briefly touched upon, because laws will have to be considered to secure the dollar's future.

Unfortunately, the US Treasury's gold holdings are almost certainly compromised. Furthermore, since the Asian hegemons have accumulated substantial holdings of bullion in addition to their official reserves, there is bound to be a strong reluctance to hand economic power to Russia and China by endorsing a return to gold standards.

My conclusion is that the era of the fiat dollar based global currency system is rapidly ending, and for America and the dollar there can be no Plan B. It will almost certainly lead to the end of the fiat dollar, and the end of the US hegemony.

Comment: Apparently 'the buck really does stop here'.


Bacon

Climate crisis activists seek to put meat on their list of banned "fossil fuel" adverts

Greta sign
Climate crisis activists have dreamed up a campaign that they bombastically call a "treaty" to ban advertising of high-carbon products - in other words, anything they, or their sponsors, don't like. These groups are not working alone; they are politically funded and politically motivated.

They are making moves to ban advertisements of motor vehicles and air travel, and the latest "fossil fuel" adverts being targeted is meat. You read that right, meat is being treated the same as a "fossil fuel" according to the Council of the Dutch City of Haarlem which has included meat on their list of "banned fossil fuel endorsements."
Fossil Fuel "Treaty"

At the 2021 United Nations Climate Change Conference ("COP26") in Glasgow, the Netherlands joined 25 countries and institutions that committed to end public financing of coal, oil and gas projects by the end of 2022. The US, Canada and the UK were among the countries committed to stop new direct support to fossil fuels by 2022, along with Denmark, Finland, Mali, Costa Rica and South Sudan. The European Investment Bank ("EIB") is also party to the deal.

Calls for a "Fossil Fuel Treaty" began in 2018 with an op-ed in the Guardian. A few years later, during the 2020 Climate Week NYC at an event called 'International Cooperation to Align Fossil Fuel Production with a 1.5°C World', the Fossil Fuel Non-Proliferation "Treaty" Initiative was launched.

Comment: Author has made it easier to grasp the big picture and its many moving parts rather than the extinction mosaic one piece at a time. The totality of it all is damn disturbing.


Eagle

The Military Industrial Complex is making hundreds of billions of dollars, and they need a military draft in the US

pentagon
It would be difficult to overstate the importance of the Military Industrial Complex to our society. It employs millions of people, and it brings in hundreds of billions of dollars each year. The Military Industrial Complex has always been one of the central pillars of our economy, and these days business is booming thanks to the war in Ukraine and the possibility of a war with China. Needless to say, those that run the Military Industrial Complex want the gravy train to continue, and so politicians that are pro-war are showered with campaign contributions. In both major parties, politicians that are pro-war greatly outnumber those that are anti-war, and that is not likely to change any time soon.

Smedley D. Butler fought in four major conflicts, and in 1935 he astutely observed that "war is a racket"...
"WAR is a racket. It always has been. It is possibly the oldest, easily the most profitable, surely the most vicious. It is the only one international in scope. It is the only one in which the profits are reckoned in dollars and the losses in lives."

Bomb

Western 'idiots' want World War III - ex-Russian president

The number of high-ranking "morons" in NATO states is on the rise, Dmitry Medvedev says.

Dmitry Medvedev
© AFP / Yekaterina Shtukina
Deputy head of Russia's Security Council Dmitry Medvedev visits a military training site in Orenburg.
The conflict in Ukraine may lead to World War III because of the "idiots" occupying leading roles in the West, former Russian president Dmitry Medvedev has warned.

"The number of high-ranking morons is rising in NATO member states," he wrote on Telegram on Sunday. Medvedev, who currently serves as the deputy head of Russia's Security Council, was responding to statements from London and Berlin the previous day.

The former president labeled the UK's newly appointed Defense Secretary Grant Shapps a "freshly minted cretin" over his idea of sending British military instructors to Ukraine to train local troops for the conflict with Russia.

If this happens, the UK servicemen would become a "legitimate target" for Russian forces, Medvedev warned.

Calendar

Appeals court will not delay Donald Trump civil fraud trial

trumpgavel
© Outside the Beltway
Former US President Donald Trump
A New York appeals court on Thursday refused to delay Donald Trump's scheduled Oct. 2 civil fraud trial, after the former U.S. president accused the trial judge of wrongly refusing to throw out most of the case.

In a brief order, a five-judge panel of the Appellate Division, a mid-level appeals court in Manhattan, denied Trump's motion to postpone the trial.

It also lifted a Sept. 14 order by Justice David Friedman to put the trial on hold while it considered Trump's motion. Friedman was part of Thursday's panel.

The panel ruled two days after state court Justice Arthur Engoron found that Trump and his family business persistently and fraudulently overvalued his assets and net worth in order to obtain better terms on loans and insurance.

Trump had been sued in September 2022 by state Attorney General Letitia James, who accused him, his adult sons, the Trump Organization and others of "staggering fraud" in how they valued properties.

James is seeking at least $250 million in penalties, a ban against Trump and his sons Donald Jr and Eric from running businesses in New York, and a five-year commercial real estate ban against Trump and the Trump Organization.

X

Docs: DOJ investigators ordered to 'remove any reference' to Joe Biden in FARA warrant

JRBid
© Matt Rourke/AP Photo
US President Joe Biden
An email released Wednesday by the House Ways and Means Committee shows Assistant U.S. Attorney Lesley Wolf ordered investigators in August 2020 to remove any reference to "Political Figure 1" from a search warrant. A document subsequently released showed that President Joe Biden is "Political Figure 1."

Wolf wrote in an email:
"As a priority, someone needs to redraft attachment B. I am not sure what this is cut and pasted from but other than the attribution location, and identity stuff at the end, none of it is appropriate and within the scope of this warrant.

"Please focus on FARA [Foreign Agents Registration Act] evidence only. There should be nothing about Political Figure 1 in here."
A second document the committee released Wednesday showed "Political Figure 1" is "Former Vice President Joseph Robinette Biden Jr."

Comment: See also:

Federal prosecutor blocked agents from including Joe Biden in investigation into Hunter Biden


Handcuffs

IRS consultant charged with disclosing tax returns of Trump and nation's 'wealthiest individuals' to media

Trump
© Yuki Iwamura/Fox News/AP
Former President Donald Trump at Trump Tower in New York
A former consultant with the Internal Revenue Service (IRS) has been charged with disclosing former President Trump's tax returns to the New York Times while he was in office, federal prosecutors said Friday.

The Justice Department identified the suspect as Charles Littlejohn, 38, a Washington D.C. resident. In a federal complaint, the DOJ said Littlejohn disclosed the tax returns of "thousands of the nation's wealthiest individuals" to news organizations and tax information associated with a "high-ranking government official" to a different news outlet.

Fox News was told the second news organization that received stolen tax information is Pro Publica, a New York City-based nonprofit investigative journalism group.

The returns dated back more than 15 years, court documents said. He allegedly stole the tax returns between 2018 and 2020, federal prosecutors said. Trump is not named in the complaint.

"Littlejohn is charged with one count of unauthorized disclosure of tax returns and return information. If convicted, he faces a maximum penalty of five years in prison," the DOJ said in a news release.


USA

RFK Jr will run for president as an independent

RFKJr
© Spencer Platt/Getty Images
Candidate for US President Robert F. Kennedy Jr.
Democratic presidential candidate Robert F. Kennedy Jr. will reportedly announce on Oct. 9 that he is running as an independent

Kennedy is set to switch party affiliations after campaigning as a Democrat since April. His campaign plans to air "attack ads" against the Democratic National Committee to "pave the way" for his announcement, according to Mediate.

"Bobby feels that the DNC is changing the rules to exclude his candidacy, so an independent run is the only way to go," a Kennedy campaign insider told the outlet.

Kennedy has criticized President Joe Biden on various occasions during his campaign. He claimed to be "the first person censored by the Biden administration" in early 2021 when he was suspended from Instagram and Facebook for disinformation, and has accused the sitting president of living in a "bubble" and only talking to "donors."

By switching his election bid to an independent campaign, Kennedy could serve as a "spoiler" candidate, though commentators were divided on whether he would pull more votes from Biden or former President Donald Trump.

Comment: See also:

Wait, what? RFK Jr. says Biden admin REFUSED his request for Secret Service protection in 2024 race


Star of David

US allows Israeli citizens to travel to US visa-free as Israel joins a select group of countries

Joe and Ben
© AP/Susan Walsh
President Joe Biden • Israeli Prime Minister Benjamin Netanyahu • New York • Sept. 20, 2023
The Biden administration is admitting Israel into a select group of countries whose citizens are allowed to travel to the United States without getting a visa in advance.

The decision announced Wednesday comes despite Washington's concerns about the Israeli government's treatment of Palestinian Americans and marks a major accomplishment for Israeli Prime Minister Benjamin Netanyahu, who has sparred frequently with the Biden administration.

Under the waiver program, as of Nov. 30, Israelis will be able to travel to the U.S. for business or leisure purposes for up to 90 days without a visa simply by registering with the Electronic System for Travel Authorization. But even if they are authorized to travel under that system, U.S. officials at the airport can still bar them from entering the country.

Israel had been facing a Saturday deadline, the end of the U.S. government's budget year, to gain admission to the program without having to requalify for eligibility next year.

The Department of Homeland Security administers the program, which currently allows citizens of 40 mostly European and Asian countries to travel to the U.S. for three months without visas.

Comment: Just like the US southern border...those folks are visa-free as well.


Briefcase

Another suit to disqualify Trump under the Constitution's 'insurrection' clause is filed in Michigan

Principle7
© unknown
A liberal group on Friday filed a lawsuit in Michigan contending that former president Donald Trump is disqualified from regaining his old job based on a rarely used, post-Civil War provision in the U.S. Constitution.

This is the first time an organization with significant legal resources has sought to block the GOP frontrunner´s campaign in a swing state.

Free Speech For People argued that Trump's attempt to overturn his 2020 election loss and encouragement of the Jan. 6, 2021 attack on the U.S. Capitol violated section three of the 14th Amendment, which holds that anyone who swore an oath to uphold the constitution and then "engaged in insurrection or rebellion" against it is barred from holding office.

The case is the second the organization has filed to block the GOP presidential frontrunner's bid, following one in Minnesota.

Dozens of cases have been filed nationally but the Free Speech For People cases and one filed in Colorado by another liberal group are the first brought by organizations with significant legal resources.

Trump has dismissed the push to bar him from the ballot as "election interference" and his attorneys argued in the Colorado case that it violates his free speech rights.

Those are seen as most likely to reach the U.S. Supreme Court, which has never ruled on the provision.

Comment: Lawsuits against Trump: As long as they're filed, efficacy hardly matters.