“The refusal of many in the policy establishment to entertain the idea of a return to a gold standard is based on astounding ignorance about just what a gold standard would mean and how it would work,” he wrote in the new book.
The book is extremely critical of the Fed, especially former Chairman Ben Bernanke and current Chairwoman Janet Yellen. “The Federal Reserve must stop trying to run the banking system and the economy.”
The US Dollar could crash at a finger snap under at least one circumstance: if the gold holdings at the Federal Reserve Bank of New York (NY Fed) are revealed to be missing. An event last week made that circumstance edge a bit closer. Austria wants to audit the 150 tons of gold it stores in the UK (some sources say 280 tons.) According to Austrian Trend magazine, “there is a rising disbelief among Austrians about the existence of the gold.”
Earth’s energy needs will cost $48 trillion by 2035 to meet the demands of a growing global population, the International Energy Agency (IEA) reports. The Paris-based IEA, an energy think tank, reported June 3 that the world’s current annual investment in energy is about $1.6 trillion but needs to rise to about $2 trillion a year. Besides that, it said, investment in energy efficiency must rise to more than $550 billion a year.
U.S. President Barack Obama’s new rules to reduce carbon emissions are getting very little support from the Republican Party leadership or even some of his fellow Democrats, but are widely supported by ordinary Americans.
A new landmark scientific report drawing on the work of the world’s leading mineral experts forecasts that industrial civilisation’s extraction of critical minerals and fossil fuel resources is reaching the limits of economic feasibility, and could lead to a collapse of key infrastructures unless new ways to manage resources are implemented. … “The production of many mineral commodities appears to be on the verge of decline… we may be going through a century-long cycle that will lead to the disappearance of mining as we know it.”
Although Mr. Rogers acknowledges that China’s economy may be slowing, he is still wildly bullish on the nation’s long-term future. “China’s going to have lots of problems, but that’s the way the world works. It’s nothing unusual,” he says. Jim also mentions how China is opening up its economy more and more every year, while America is becoming more and more oppressive, both economically and politically. “Many Chinese are taking their money out of China…it’s getting a lot harder for Americans to get money outside of America.”
Germany pulls plug on solar subsidies (Wendy SD)
Berlin “has so far invested €216 billion in renewables and the biggest chunk went to solar, the technology which does least to ensure the power supply,” said the head of industrial group Siemens, Peter Löscher, in an interview published in the business daily Handelsblatt on Monday.
This is reminiscent of an ancient Chinese fable, ‘The Foolish Old Man who Removed the Mountains’. In the tale, a 90-year-old man convinces his disbelieving neighbour that he can dig away, stone by stone, two mountains that block the way from his house. Because he succeeds (albeit with the help of deities) the fable is often cited — including by Mao Zedong — to illustrate the power of perseverance. But in our view, China should heed the story’s title: earth-moving on this scale without scientific support is folly.
Gold & Silver
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