We’re giving power right to the Chinese. Every dollar down in the price of gold is more power to China because it makes it easier for them to buy it. And if the Chinese were ready right now to seize power, they could probably take control of our financial system today. Right now, the Chinese are gaining power over the US day by day. We’re giving them power. I was being interviewed last night on television with the former Chairman of McDonald’s and he was agreeing with everything I am telling you. The Chinese could propose a basket of currencies that are convertible into gold, and the Renminbi would be there as a major currency, much more important than the dollar. What you would then see in this country is major commodities, as well as other items, priced in units of gold. The reality is that the Chinese are probably not ready yet. They probably don’t have enough gold on hand. But we are certainly making it easier for them in the gold market. The US is intervening in the gold market to try to keep the US Dollar Index above 80. The only thing that is going up in the country right now is stocks. The only reason stocks are going up is because we are pouring money into the economy. But it’s having no effect to speak of on the real economy or real incomes. Real incomes have been going down now since the beginning of the century. So the stock market gives the appearance that the US is not on the verge of a catastrophe. But when the dollar loses its status as a reserve currency that will all change. I don’t know when the price of gold is going to start soaring, but I know that every time you see the price being driven lower it is a gift to the Chinese. The US dollar is not going to last as a reserve currency and soon something gold-backed will be the replacement.” Stephen Leeb
Posted on: Wed, 16 Oct 2013 23:58:11 +0000
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