Prepare Yourself for an October 22 Surprise | The Gold Standard 2433

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In this episode of The Gold Standard, hostess Jennifer Horn sits down with Ken Russo, to navigate the turbulent waters of today’s global financial landscape. As fiscal policies evolve and economic uncertainties loom, there are increasing threats to the value of your dollar, personal savings, and investments. Jennifer and Ken guide us into the intricate dynamics of the financial world, exploring how shifts on the global stage reverberate through your wallet.

The Nixon Shock: A Turning Point in Economic History

On a hot muggy August night in 1971, President Richard Nixon forever changed the financial landscape by taking the US dollar off the gold standard. This decision dismantled the Bretton Woods system of fixed exchange rates. By suspending the dollar’s convertibility into gold, Nixon set the stage for the modern era of floating exchange rates, where the value of currencies is determined by the market rather than being anchored to a precious metal. It also gave the government more power to manipulate the market and weaponize the dollar against other countries. The effects of the Nixon Shock continue to resonate today, influencing everything from international trade to the purchasing power of your dollar. By abandoning the gold standard, Nixon unleashed a new era of currency fluctuation, where exchange rates are now subject to the ebbs and flows of global markets.

Fiat Currency & the Debt Bubble: The Erosion of Your Dollar’s Value

Fiat currency, the type of money we use today, is not backed by physical commodities like gold or silver but rather by the government’s promise to pay, which is essentially backed by debt. Governments can now print money at will. Money printing causes inflation. As more money is printed, each dollar in circulation becomes worth less, leading to higher prices for goods and services. The big debt bubble, which continually grows before our eyes, creates a fragile economic environment where the value of our currency is continuously diluted.

Ken Russo gives a stark example of inflation. Ken talks about the Grand Slam breakfast at Denny’s Restaurant. Introduced in 1977 for just $1.99, this iconic meal reflects how inflation has eaten away at the value of our money. Today, the Grand Slam costs around $6 in most places, but in some locations, particularly in New York City, prices have soared even higher. This price increase underscores the relentless march of inflation, which for the 12 months ending March 31, 2024, rose to 3.5%, higher than expected. This persistent inflation reinforces the belief that the Federal Reserve’s target rate of 2.0% will be much harder to achieve, as inflation proves to be much stickier and more difficult to control than anticipated.
The lesson here is clear: the value of our money is slowly but steadily eroding, making it increasingly important for individuals to find ways to protect their savings and investments in a world where fiat currency and debt continue to grow unchecked.

The October Surprise: BRICS Nations & a New Currency Threat

In a move that could send shockwaves through global markets, Ken Russo predicts that on October 22, 2024, the BRICS nations—Brazil, Russia, India, China, and South Africa—will introduce a new currency aimed at weakening the dominance of the U.S. dollar.
This bold strategy will diminish the dollar’s role as the world’s reserve currency. The introduction of this new currency is more than just an economic maneuver; it represents a significant geopolitical shift, challenging the traditional U.S.-led global financial system. By reducing their dependence on the dollar, BRICS nations aim to achieve greater financial independence and assert their influence on the global stage. This move could accelerate the decline of the dollar’s value, further exacerbating inflation and impacting the savings and investments of ordinary Americans.

The Spot Price of Gold: Why It Keeps Rising

The spot price of gold refers to the current price at which gold can be bought or sold for immediate delivery. Unlike other commodities, gold has a unique place in the financial world, serving as both an investment and a hedge against economic uncertainty. Persistent demand, born out of economic instability, causes the spot price of gold to rise is the persistent demand for the metal, especially during economic instability. In 2022, global gold demand surged by 18% to 4,741 tons, driven by central banks, investors, and industries alike.
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