The photo of Putin celebrating never gets old. The other players raising a glass of champagne that you can't see in the picture are President Xi as well as the ghosts of Saddam Hussein, Muammar Gaddafi, Hugo Chavez, and anybody else who once dreamed of accomplishing what Russia and China have now done: selling oil contracts at an international market in a currency other than the #PetroDollar.Read More
@GoldenJackass Jim Willie couldn't wait for St. Patrick's Day and decided to request an early audience with Turd Ferguson yesterday. Willie has been watching the Gold-To-Oil Ratio and is very concerned about statements that were made three years ago by BIS economist William White (pictured here). Contrary to our usual experience with stuffy, sleep-inducing economic presentations, Mr. White is a surprisingly down-to-earth, common sense kind of a guy. Which is probably why nobody in the U.S. will listen to him until it's too late.Read More
Jim Rickards made a great point on a recent Keiser Show that seems to have escaped most people. When China announced the coming of its new gold-backed oil contract earlier this month, President Xi was picking up where President Nixon left off. The golden ping-pong ball is back in play. But how will China avoid the gold-back entanglement that got America into trouble 46 years ago? No worries; Life finds a way.