Our Currency is Under Attack | The Gold Standard 2347

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In this episode, our astute hostess, Jennifer Horn joins forces with Ken Russo, SVP of Midas Gold Group, to dissect the various fronts our currency is under siege. The relentless erosion of the purchasing power of the US dollar year after year takes center stage in our discussion. Unveiling one of the primary culprits, we delve into the government’s strategic dollar weaponization, employing it as a sanctioning tool against nations that deviate from our expectations. As we navigate the intricate landscape of economic challenges, the corrosive impact of inflation emerges as a formidable adversary, gnawing at the core of our currency’s value. Join us for an illuminating discussion of the state of the economy and its impact on your investments and savings. More importantly, they’ll explain how you can safeguard your financial stability.

The news media would have you believe that the economy is good. Sure, unemployment is low, and reports show that people across the nation are still spending, but that doesn’t mean we’re in a good place economically. Many of us feel the stress and strain of making our dollars stretch more to cover the high cost of inflation. The consumer shopping basket has risen over the last four years. Everything we buy is up twenty percent. Fifteen gallons of gasoline at the beginning of 2020 cost $38. Now, it’s more like $49. Big ticket items like cars and houses have gone up tremendously. On top of that, you have punitive interest rates. Home prices have skyrocketed forty-seven percent since 2019.

Since the Nixon Shock of 1971, our monetary landscape has shifted fundamentally, ushering in an era of fiat money. In this system, the once concrete link between the value of our currency and tangible assets dissolved, leaving our dollars backed by nothing but the confidence we place in our government. As Ken Russo points out, our economic infrastructure has evolved into a delicate balance built on debt accumulation. This nuanced perspective invites us to question the resilience of a system where the stability of our currency hinges on trust and the intricacies of debt dynamics. And we’re not alone. The rest of the countries are doing the same thing.

The US has been weaponizing the dollar for years. Our government likes to wield the dollar’s global sway as an economic weapon—Washington’s penchant for sanctions spooks other countries and fuels campaigns to dethrone the greenback. Recent instances, such as the aggressive use of sanctions against Russia, underscore a growing backlash. Countries like China, India, and Brazil actively seek alternatives to the dollar for trade and investment. As we navigate this evolving financial landscape, the fragility of our global economic integration grows increasingly apparent. There is concern that the persistent weaponization of the US dollar will fuel the de-dollarization movement.

Central banks worldwide are intensifying their acquisition of gold bullion. According to recent World Gold Council (WGC) data, global central banks demonstrated robust gold demand in July, adding 55 tons to their reserves. This report follows a resurgence in net buying observed since June 2022, reversing three consecutive months of net selling. There is a persistent and longer-term trend of central banks bolstering their gold reserves. This surge in gold purchases hints at a shifting global sentiment and a growing recognition of gold’s enduring value in central bank reserves. As we witness a global surge in central banks bolstering their gold reserves, there’s another financial frontier on the horizon—Central Bank Digital Currencies (CBDC).

The United States and 113 other nations are actively exploring the implementation of CBDCs. However, this evolution of digital currency raises critical concerns about financial privacy. With CBDCs, every transaction becomes transparent, offering authorities unprecedented insight into individual spending habits. As this digital transformation unfolds, it prompts us to reflect on the potential implications for personal financial autonomy, as central banks could assume a more direct role in dictating how we spend money. CBDC’s threat to financial privacy is another reason to diversify some of your paper assets into tangible investments like gold and silver.
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