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So, hello everyone, happy to see you again this early afternoon. A beautiful, windy day, lots of wind but we had some sun. It's still hot, but the weather is really strange and the wind is really intense here in Sainte-Marthe-sur-le-Lac. Happy to see you again. June 11, 2020, 2:23 PM. So, from Quebec, with a lot of concern.
I don't know if you're worried, but generally, there's a lot of concern worldwide. The economy has collapsed, but even before the lockdown, we already felt it. I've been led by some. I often talk about the economy and all this realignment, especially on Earth, the election of a certain man in our country.
For us, seeing the world realign, economic forces are coming together in other parts of the planet with other agendas. So, we've seen signs of a slowdown, a change of direction, and isolation of the United States, then a kind of game. Not as one might describe it, but a gathering around a common idea.
It's while soaking the waters that we'll do our business. We'll wait for them to think that what will pass anyway is just a storm, really, really a particular type of this kind of storm, the melee, a link that will remain there from this conflagration, from this will of the accused. Everyone points, and everyone, I must, for the sick and the United States, someone really because the United States has been the victim of anything for 60 or 70 years.
You'd really have to be intellectually twisted, a damn charlatan to claim the United States has been the victim of anyone for 70 years when it's their money, their dollars that dominate the world, it's their politics that dominate the world, it's their military-industrial complex that gets rich and then dominates the world by creating conflicts everywhere, encouraging them, and then selling art, nature, mans d2, that you'd really, really have to be a contortionist to try to To prove, to convince people that the United States is linked to anyone, that they are the victim of anyone, it's really me, even Cirque du Soleil in its greatest exploits would be incapable of finding a contortion to prove that because it's in the head of our man who invented an active art to galvanize his and Europe, it's completely aberrant that there are people who had men and with a fairly minimal level of education, it's easy to accuse, abandon Iran and the countries of the world that have abused the United States, even abused the hostesses, to convince you bunch of [ __ ] golfers that that's really it, that's why you are in the SEPA space of unjust financial systems, it's not the fact that all the elites are slapping you in the face of the United States, no, no, it's because of the Chinese, of Iran, for being so unjust, and then everything that we Americans have suffered, so really it's really temporary, and people know it's nonsense, so it had Alliances have formed to circumvent the American monetary system, particularly the US dollar, in global trade.
This is especially true given the succession of governments in the United States, which always have targets: if they don't like it, they change the regime; if they don't like it, they'll kill them; if they don't like it, they'll impose sanctions on others. Yet, they go everywhere and decide for everyone what should be good for everyone.
It's truly astonishing that this still works for these people, but the world's population isn't fooled. We can clearly see that all of this is pure madness. We've seen these people organizing themselves in Iran, Venezuela, North Korea, China, and Russia, all victims of sanctions. The Middle Eastern perspective on these two countries, which suffer greatly from all the sanctions and all the American interventions, is that they are organizing with other forces, like China, for example, which is a major power and has managed to bring many, many, many leaders back into its fold.
The eye of these two administrations in these countries we just talked about is trying to circumvent the American dollar. It's not easy, but a day will come when this dollar will be worth 10 per year, and that's the struggle we're not witnessing right now: the fight against the American dollar, the domination of the American dollar over all countries that are starting to get fed up with it.
American dictatorship— you can call it a dictatorship, Raillard—but we can dwell on the American dictatorship and the atrocities that these successive governments have spread everywhere. No need for a history lesson; their noses are in those periods. It's like a period of truly irreversible change. It will pass, or it's worth it when we see the multitude.
We're talking about Bitcoin, which has taken on incredible value, now recognized on the stock exchange. Many countries are creating their own digital currencies precisely to circumvent the famous American dollar. It won't happen overnight, but we've already started; the crash has already begun. The disappearance of the dollar, the dollar, it's already begun, this is the end of the American empire we are living through, the end of the American empire.
It couldn't have happened anywhere else but through the dollar because that's what you regulate, since you inflict extreme misery on people. Politics, ideology, philosophy, it doesn't change anything in the life of the world, it doesn't affect it even if you attack me philosophically, politically, ideologically.
Time doesn't touch my refrigerator, so we discuss and then we each go our separate ways. The problem is when it wants to touch my refrigerator, the American dollar. That's what happens when we impose sanctions on these countries, when the dollar, which represents the universal currency, hurts their economies.
When they kill Bush, it's like their refrigerator. And that's when you really see conflicts and alliances being created to free themselves from this dollar that keeps Americans at their current standard of living. Those who claim to be the major victims, a study in a world of Do n't worry, the standard of living in the United States is about to be tighter than ever before.
An economist from Hyères warns of a US dollar crash. Peter Schiff, whom you surely know (I've mentioned him before), warned that this real crash will be a dollar crash. Now, some people in the mainstream are also starting to sound the alarm. Even before the current pandemic era, Picot, the chief, warned of the dollar's demise during an interview on RTL last September.
He warned that American fiscal excesses would sink the dollar. What has allowed this over the years is the world's desire to hold US dollars as the primary reserve currency. This means continuing to lend money to Americans and the US government so that we can continue to live beyond our means. We can have government programs we don't pay for and consume all sorts of goods we don't produce.
We can live in a consumption- and debt-based economy without having to produce anything ourselves. The world has done it for us, and I... I think that's what's going to end. I think we're going to see a collapse in the value of the dollar, and when the dollar collapses, American power is going to dissipate, and Americans are going to have to deal with the fact that we've dug out our infrastructure, we've been living beyond our means, and there's going to be a day of reckoning for his friends of excess.
The unprecedented printing of money by the Federal Reserve and the massive frenzy of borrowing and spending by the US government in response to the pandemic only accelerated the process in March. Then, the figure said on his podcast, " I think we're very, very close to a major collapse of the dollar, a major break in the dollar price, and a worse-to-manage bond market breakdown." Two-digit figures were generally a voice calling in the wilderness, but it seems that some people in the mainstream are starting to see the problem.
An article by economist Stephen Roc, published by Bloomberg this week, echoes the worst-case scenario warning about the falling dollar. (Look where Loach opens up) In a worrying warning, the era of the exorbitant privilege of the US dollar as the world's primary reserve currency is coming to an end.
Loach asserted that living standards in the United States are about to be compressed like never before and warned of a dollar crash. As Pirlo's figures show, Loach says the problem began long before the pandemic, going back to an insufficient deficit in US domestic savings. Without a domestic economy, the US relied on the willingness of foreigners to lend them money.
Lacking anything behind and eager to invest and grow, the US largely benefited from the dollar's role as the world's primary reserve currency and largely took advantage of the excess foreign spending to go around the circle. Even Saint-Prime and passersby took part in attracting foreign capital. The US has recorded a current account deficit, which is the broadest trade measure as it includes investment.
Every year since 1982, Loach argues that the rapid expansion of deficits US government budgets following the pandemic are pushing things to the breaking point, even with a higher level of personal savings driven by the share of federal spending it spends. It is exceeded by federal spending. In April, the budget deficit was 50% higher than the level of personal savings.
According to Rod, this is bad news for the greenback. The impending collapse of savings is causing a sharp increase in the current account deficit, probably pushing it well beyond the previous record of -6.3 percent of GDP, which was reached at the end of 2005. Reserve currency or not, the dollar will not be spared by these circumstances.
The key question is what will trigger the decline. I think America's significantly diminished global leadership, especially with the presidency of... well, let's not touch on... serious role... the dollar's descent... as the economic crisis begins to stabilize, and hopefully at the latest this year or early 2021...
this realization should affect his country at the time when domestic savings are... The dollar could easily test its July 2011 lows, weakening by up to 35% in overall trade-weighted and inflation-adjusted terms. Roach says the dollar's decline has three major implications: first, it will be inflationary.
He even raises the specter of stagflation, stating that the uneasy combination of economic growth and rising inflation could wreak havoc on financial markets. In a recent interview with Matt Downs, he discussed the spiral shift and was even more emphatic about this threat: "We're going to see a lot of unemployed people who are going to pay a lot more money for basic necessities, so it's going to be stagflation.
Only the stagnation part is really depression, and inflation could even potentially be hyperinflation." Second, Roach stated that the US trade deficit would likely increase even further, effectively putting pressure on beleaguered American consumers. Finally, Roach does n't believe, or poses a key question, regarding Washington's ill-conceived plan to decouple China's finances from China: who will fund the initial deficit of a nation that has Finally, it lost its exorbitant privilege, just like the pandemic and the unrest.
If this ratio, the fall of the all-powerful dollar, will cast the global economic leadership of an American economy running out of resources in a very harsh light, an exorbitant privilege must be earned, not taken for granted. And as Peter Schiff said in a tweet, he's not the only one who thinks the US dollar is going to crash.
Get rid of yours while you can, buy gold and invest. We've taken foreign stocks paying dividends before the bottom comes out of the dollar so you can no longer afford it. So it's certain that these people, like Peter Schiff, have interests in companies that sell armed groups. Overall, what we're saying here is a very, very realistic reality, and it's a question of time. How long will it take? It could go faster, we think.
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