Update: Mark Carney is the retiring Governor of the Bank of England. He is a former Goldman Sachs man. He said twice recently that America must lose its reserve currency status.
Jim Rickards has written a new book Aftermath. In chapter 6 he discusses the Mar a Lago Accords.
He has previously predicted $10,000 gold and $400 silver with no reliable date as to when that happens . Now he is also predicting in his latest book that the dollar will no longer be the world’s reserve currency.
That will mean we can no longer print I Owe You Nothing Federal Reserve Notes to buy free things for free from overseas so that American voters would not realize that the Elite had decided to cut their wages and raise their rents by allowing unlimited legal and illegal immigration.
The proposed Mar a Lago Accords would be similar to the Plaza Accords of 1985 and the Louvre Accords of 1987 which lowered American living standards. They were agreements reached by the G-6 nations that lowered the value of the US dollar making it possible to absorb tens of millions of immigrants by guaranteeing everyone a job even if at a lower wage.
The high value of the dollar meant that Washington DC could sell Treasury bonds overseas so they could pay the wages of 31 million federal, state and local government workers who were immune to the influx of immigrants.
President Obama did something similar to devaluing the dollar in Obamacare. From 1998 to 2011 we added 44 million people to America’s population through legal and illegal immigration and their offspring. But the total number of hours worked remained constant at 196 billion hours. Locally, a black woman who was a fast food restaurant manager explained to her crew that none of them would ever get to work 40 hours a week. President Obama had cut their weekly wages 25% but few of her employees ever figured that out. Some did cry because the knew the hardship facing them. They were just unaware that their President had betrayed them for the benefit of illegal aliens.
Legal aliens do not work at fast food. Educated legal aliens work at IT companies who fired American workers to hire immigrants at half the wage leaving them either unemployed or employed at a greatly reduced salaries. But in any event they would be unable to pay off their student loans. And we wonder why American women have fewer babies than anytime in history. In many areas the only babies born are the children of legal and illegal immigrants.
I think we will have two Mar a Lago Accords because the second is when we lose our international reserve currency status which allowed us to buy things for free from overseas. The first Accord will just reduce our standard of living. In the past 50% of US currency was overseas. Now that is 60%. So a likely scenario is that dollars will no longer be popular overseas due to their declining value. If a stock drops 20% in price overnight, you would likely sell if you saw no rebound was possible. The way to get rid of a currency that is rapidly losing value would be to dump the dollar and buy commodities driving up the prices of wheat, corn, oil and lumber in terms of dollars but not necessarily in other currencies.
More than 120 million Americans will wake up one morning and find that food prices had risen so fast that they could no longer afford to eat and to pay rent and utilities. This will happen within the next few years. That would be after the second upcoming Mar a Lago Accord. This will cause Nationwide Food Riots and a Civil War.
But the Elite of Wall Street knew this when they deliberately planned to over populate America. I have mentioned Leon Walras and Wassily Leontieff before. They study the outputs of extractive industries like mining of coal and iron. These become inputs to the steel industry whose output is used to make cars and automobiles. Leontieff won a Nobel Prize for his input-output analysis of the US economy. He concluded that that American wages historically were a third higher than Europe because America had abundant natural resources and a highly skilled work force that added value. A follow up study in the 1950s concluded that American wages would start declining because immigration increased the US population to such a point that we had to start importing raw materials like oil. Back in the 1950s a gallon of gas was 16 cents.
I have predicted Nationwide Food Riots in the past. Now we know that we can guarantee them as soon as the dollar declines in value. The House and Senate are wrangling over immigration but none seem to be aware that they will be cutting wages 50% permanently for all Americans if they do not defend the border.
Might I point out that the population of Mexico in 1950 was 28 million. Today there are 34 million Mexican Americans and 132 million people in Mexico. Solving the over population problems of Latin America, Africa, the Mideast and Asia is way beyond our ability.
Might I also say that the Plaza and Louvre Accords of 1985 and 1987 sandwiched the Simpson-Mazzoli immigration reform of 1986. In 1986 the population of the US was 240 million. Today it is 327.2 million. Somehow the population grew by 87.2 million after we were told that we had solved the problem of illegal immigration 34 years ago.
Jim Rickards has said that devaluing the dollar 80% will make imported goods 500% more expensive. This has to be made explicit because many do not think in mathematical terms.
The Chinese want to buy gold for a low price and spend it at a much higher price ($10,000) when everything goes to hell and Americans have to sell off their few remaining assets to feed themselves. The Chinese have also made huge one sided bets on the rise in the price of silver in the next few years. This will help them weather the coming Financial Crisis.
We are headed to a recession. The Velocity of money in America has dropped to .7 from 1.6. The world has more Unpayable Debts to cancel now than at any time in history. Dr Steve Keen says we are headed to the worst Depression in 500 years and that America and Britain will lead the way.
The need not be. We can issue Voter ID cards to citizens with an electronic interactive strip just like bank cards so no illegal alien can get benefits or vote in our elections. This would also stop Americans from voting multiple times. And prevent poll workers from casting ballots for people who did not show up to the polls. That would swing 8 million votes in the next national election.
This need not be. When the Nationwide Food Riots begin, the American military could declare martial law and begin arresting the Bankers and their friends who stole more than $50 trillion from us. They could use that money to fund Debt Cancellation.
As I have said before: A Depression is a period in time when Unpayable Debts are cancelled en masse thus contracting the currency because we have debt based money as opposed to President Lincoln’s debt free Greenbacks. And Debt Cancellation is the only way to end a Depression.
We have very little time left before the Dollar Dies. Speculation is rampant whether the economy will be killed before the elections to stop Trump or after the elections to demographically benefit the non-whites in a likely Race Based Civil War.
PS: I could not get a copy of Rickards book. I am basing this article on his public statements and my knowledge of recent economic history.
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