A NEW FINANCIAL INFRASTRUCTURE
Despite having a mullet, Willy has a very good point.
The proposed currency system is going to be backed by commodities, and the BRICs cannot be a system that is under the control of the LME. Remember when we wrote about the fiasco of the cancellation of $4bn of nickel trades and how the LME did so to bail out the CCP?
Good ol’ Cliffy was livid, but you know what. Even though he’s a titan in the industry, he couldn’t swing any changes.
Hedge fund titan Clifford Asness leads trader fury after LME cancels $4bn in nickel trades
Now if Cliff couldn’t swing changes… and he’s a billionaire, then what hope do we have?
Anyway, the point is that when the LME did that they destroyed their credibility and trust. The only question in my mind was, at the time, what replaces it and where. Well, I think we now have the answer.
Remember, the UN/NATO Western crowd are championing “you’ll own nothing and be happy.”
If you can’t own precious metals then what is the point of backing a currency with them?
The answer is none.
Which allows me to conclude that the BRICs are not going to sanction the ownership of precious metals.
The West? Hmm, well I can certainly see the teleprompter telling sleepy Joe that by owning precious metals you’re “funding pilinguin’s war” or some hogwash like that.
Like I said, I’ve put more thought into this particular topic and more and you’ll be able to read all about it when it hits your inbox soon.
Cheers,
Chris MacIntosh - Capitalist exploits and Glenorchy Capital Macro Fund Manager
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