The U.S. is managing to throw away a colossal advantage it held in global affairs: the world’s reserve currency. From Matthew Piepenburg at goldswitzerland.com:
With the USD losing influence, it would be the understatement of the year to say that we live in interesting times, for we certainly do.
But despite the inevitable attacks of appearing sensational, un-American or just plain cynical, I feel a more appropriate phrase boils down to this:
“We live in dishonest times.”
Below, I bluntly address the “Fed pivot debate,” the “inflation debate” and the USD’s slow global decline in the setting of a now multi-FX new normal in which gold’s historical bull market has yet to even begin.
These views are not based on biased politics, but honest economics, which for some odd reason, ought to still matter.
Let’s dig in.
The New Normal: Open Dishonesty
I recently authored a report showcasing a string cite of empirically open lies which now pass for reality on everything from the CPI inflation scale to the Cleveland Fed’s +1 real interest rate myth, or from official unemployment data to the now comical (revised) definition of a recession.
But a more recent lie from on high comes directly from the highest of all, U.S. President Joe Biden.
Earlier this month, Biden waddled to his podium and prompt-read to the world that the US just saw 0% inflation for the month of July.
Oh dear . . .
