Renewed Calls to Dethrone the Dollar

Last year, we reported extensively on a push toward de-dollarization by countries like Russia and China and their desire to undermine the ability of the US to weaponize the dollar as a foreign policy tool. Europe was even starting to push to dethrone the dollar as the reserve currency.

With the Federal Reserve running the dollar printing press at full speed and the US government expanding the national debt into the stratosphere, there are renewed calls for a currency to replace the dollar as the world reserve.

This week, Shanghai Gold Exchange (SGE) President Wang Zhenying called for a new super-sovereign currency to replace the greenback.

Reuters reports:

Concern has mounted among some market participants over the dollar-denominated system as the US Federal Reserve cut interest rates to near-zero and embarked on unlimited quantitative easing to contain the economic damage of the coronavirus pandemic.”

Wang said that the Fed’s monetary policy in response to COVID-19 would eventually tank the dollar even though the current crisis has triggered a scramble for greenbacks.

When the Fed turns on the liquidity tap, the US dollar will, in theory, be in a long-term depreciatory trend.”

Peter Schiff has been predicting that the dollar is going to tank for quite some time. It’s a matter of when, not if. As the coronavirus crisis began to unfold and the Fed fired up the printing press, Peter said that with the central bank and government response to the coronavirus, hyperinflation has gone from being the worst-case scenario to the most likely scenario.

Peter has also said he thinks people will eventually start dumping dollars.

Nobody can hold dollars. Nobody can hold any bonds denominated in dollars. This is now like a game of musical chairs where nobody wants to get caught with dollars when the music stops playing.”

Wang not only expressed concern about the long-term stability of the dollar; he also echoed an oft-repeated criticism of the US controlling the reserve currency. America uses the privilege as a foreign policy tool. For instance, in 2014 and 2015, the blocked several Russian banks from SWIFT as relations between the two countries deteriorated. Last fall, the US threatened to lock China out of the dollar system if it didn’t follow UN sanctions on North Korea. Wang said this needs to end.

It is a weapon for the US, but a source of insecurity for other countries. The currency the world ultimately chooses for global trade must not be one that gives someone privilege, while exposing others to insecurity.”

https://schiffgold.com/key-gold-news/renewed-calls-to-dethrone-the-dollar/

With Looming Food Shortages, New Wyoming Law Bypasses USDA Regulations to Let Ranchers Sell Meat Directly to Consumers

By now, most Americans are beginning to realize that the next phase of the ongoing coronavirus crisis is likely to include severe shortages of food, especially protein. American farmers are being crunched by a shutdown economy, and meat processing plants are shutting down due to the spread of this infectious disease. To make matters worse, the government is forcing many producers to destroy their harvests, so as not to violate USDA guidelines.

This Texas rancher describes this unfolding scenario in the following video:

https://youtu.be/1_h2KYQMJY0

Sadly, the American economy is built in such a way that government regulations, red tape, and rigid supply lines make it difficult for food producers to quickly adapt to changing markets in times like these.

Typically, farmers and ranchers are not allowed to sell their animals or produce directly to the public, and when processing facilities are shut down, the law requires producers to destroy their products, not even allowing them to give food away. Without meat processors, ranchers can’t sell their livestock; and without the income from livestock sales, ranchers cannot afford to keep their livestock.

A slow-down at processing facilities can cause temporary ripple effects forward and backward along the food supply chain. Retailers may struggle to stock meat products; consumers might see higher prices at check-out; and with limited space and cashflow, producers could have to cull livestock if they cannot find a processor to take the animals when they are ready for market. [Source]

Many farmers are concerned citizens are reporting on food being dumped and disposed of, just at a time when we need it the most.

Fortunately, there is good news, as it appears that at some levels government is beginning to work on resolving this problem in order to attempt to avert catastrophe. President Trump is planning to invoke The Defense Production Act, forcing meat processors to stay open.

In March, Wyoming Governor Mark Gordon signed HB0155 which allows ranchers to circumvent USDA procedures and sell meat directly to consumers.

The amendment to the state’s Food Freedom Act will go into effect in July and takes advantage of an exemption created under § 623(a) of the Federal Meat Inspection Act (FMIA), which governs interstate and even mostintrastate livestock slaughter and meat sales in this country. The FMIA exemption allows custom slaughtering of livestock by and for an “owner” of the animal. [Source]

https://www.naturalblaze.com/2020/04/with-looming-food-shortages-new-wyoming-law-bypasses-usda-regulations-to-let-ranchers-sell-meat-directly-to-consumers.html