Jim Willie on Currency Wars, the Rejection of the US Dollar, & the Coming Chinese Gold Trade Note

February 11, 2013 By 4 Comments

In this MUST LISTEN interview, GoldMoney’s Alasdair Macleod talks to Jim Willie of GoldenJackass.com, publisher of the “Hat Trick Letter”. They discuss his recent article on the currency wars and the rise in non-US-dollar-based trading as well as China’s increasing use of yuan swaps in bilateral trade. Sanctions on Iran have led to an increase in trade settled in gold, with Willie pointing out the intermediary role of Turkey in this matter. Jim and Alasdair also discuss deindustrialisation in the United States and the subsequent destruction of capital; with Willie mentioning the mysterious outflow of gold classified as “industrial supplies” out of the US.

They discuss the pressure on the dollar due to the declining importance of the dollar in international trade, and how the US Dollar Index (USDX) is understating the true decline in the dollar’s value. Willie also talks about the Treasury Bond bubble and how interest-rate swaps are supressing yields.  Finally they talk about China, and the possible introduction of a gold trade note by which gold could become the basis of trade settlement. Willie speculates about the actual non-reported amount of gold held by China.

The Golden Jackass’ full interview is below:

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  3. China, Chile To Establish Strategic Partnership, Boost Trade, Launch Currency Swap and Settle In Renminbi
  4. Jim Willie: U.S. recovery is a fairy tale
  5. RIAL Hyperinflation in Iran- Full Blown Currency Crisis a Preview to the Coming Collapse of the US Dollar
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Comments

  1. Avatar of PatFields PatFields says:
    February 11, 2013 at 2:40 PM

    It comes as a very great comfort that China appears to be embracing its monetary history in juxtaposition to the deplorable, utter rejection demonstrated by America in its own.

  2. Avatar of Orion Orion says:
    February 11, 2013 at 3:08 PM

    The Chinese were telling us 20-30 years ago the next century would belong to them. I guess we had our Chinese made headphones on.

  3. Avatar of Marchas45 Marchas45 says:
    February 11, 2013 at 3:49 PM

    Well one good thing is the jobs and industries may come back to the USA if China is the next big Mega Power and we will end up being the cheaper labor. Lol

  4. Avatar of MaryB MaryB says:
    February 12, 2013 at 2:35 AM

    Gold flowing from the US from the fed reserve? Or are they raiding the ETF’s? I don’t see to many small gold holders parting with their stash.

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