in most of these Cycles negative growth means it's still growing it's just growing less this year than it was last year so it's it's a falling amount of growth but uh we actually have contraction when it goes below the zero line which has only happened one other time after the global financial crisis and now today this is the biggest red flag that I've seen for the economy in all of these charts so far [Music] hi everyone I've got Ronnie sterle from incrementum AG with me once again Ronnie


how are you doing Mike pleasure to see you thanks for having me again yeah well it's great seeing you again uh you just sent me your latest chart book from the inold we trust report and so I wanted to go through some of these and get some uh some feedback from you on these sh charts so maybe you can narrate them but uh this is the beginning of the first section Showdown monetary policy geopolitics and gold so read this quote for us yeah well it's it's by Muhammad El Aran who who used to work at at pinco


next to to Bill gr and he said the characterization of inflation as transitory is probably the worst inflation call in the history of the Federal Reserve and it results in a high probability of a policy mistake now I don't know if it's if it's really the worst inflation call in the history of the Federal Reserve there have been many many really poor ones but I think it's important that also such you know um um very well-renowned um uh Market commentators uh uh uh really really see that that the policy


mistake has been made and from my point of view um you know that all this soft landing and uh higher for longer and goldilock scenario I just don't buy into that and it seems that Aran doesn't believe in it either I don't believe in it either and you know I think that uh what that points to is that the people running things are clueless basically uh and then I've got this joke that I've been sort of uh repeating lately uh transitory inflation is like having two weeks to flatten the


curve now that may have not been a saying in Europe but at the beginning of the pandemic they needed two weeks to Flat the curve so anyway uh let's take a look at the first chart here so we've got uh interest rates and U let me see key interest rates and CPI so inflation uh tell us about this chart behind the curve we said it's it's the definition of being behind the curve um uh so so I you know Mike I I just don't see why if you if you follow the track record of the Federal Reserve I mean


what actually did they I do that's exactly what I do is I try and follow their track record so so how do people now believe that they got it right it doesn't really make any sorry doesn't really make any sense so you know let's let's let's jump back a couple of quarters and um I think it's important to emphasize that throughout the year 2020 the year 2021 and up until spring 2022 Federal Reserve and the ECB kept telling us well actually it's only transitory uh Madame lagard said it's


only a hump uh so uh it it it it inflation will fall off the cliff again then of course it was only Mr Putin being responsible for for the inflation in in in in Spring they hit the panic button and they started one of the most aggressive rate hike Cycles uh of the last couple of decades and and I think you know we put out a special paper um which was called The Boy Who Cried Wolf and in Fall 2020 we said well actually now is the time to cautiously and slowly hike interest rates again to cautiously


take the liquidity out of the system again um for fiscal policy to become less aggressive again obviously Federal Reserve and ECB didn't read that paper um so it was to us it was pretty obvious that inflation was was becoming a real concern um and now you know they've been way behind the curve now from my point of view it's Crystal Clear that um we're moving into recession actually all G7 nations are already very much late cycle some of them are already in a recession um so I just don't see why the market


still believes in this soft Landing narrative um I think we're in for for for a hell of a ride in the pretty pretty pretty pretty deep recession obviously there's a couple of things that I see here and one of them is first of all they you know they rais rates to crush inflation where where did the inflation came from it came from these people the people that you're looking at right in this chart those pictures there Christine lagard Jerome Powell it came from monetary inflation of the currency Supply and that caused


the uh Rising prices later the devaluation of the currency against goods and services uh this inflation is by no means over with they've slowed it down with these higher interest rates but the it hasn't the the rising prices have not yet sucked up all the excess currency that they created during the pandemic so this is their fault and then they're mopping up the mess by that they created by creating a whole bunch of pain for the public uh and potentially uh breaking the world economy going


forward the other thing I see here that you know we're going to see a chart later in your book here uh you've got the recession bars there's two things I see uh you can see the interest rates rise uh in the United States and then we start cutting just a little bit before the recession bar happens uh the ECB Cuts just a little bit later the recession is so the rise in rates and the cutting in rates both the ECB sort of follows the FED they're a little bit later but uh you've got another one I


think going back into the 7s and I've got the same chart it's a Fed funds rate I think or something like that uh later on that we're going to visit and what you see is that they raise rates until they cause a recession and after they have caused the recession then they lower rates again and of course they never blame themselves but but Mike just one thing that I would like to add I think it's it's it's not only Central Bankers that are responsible for the inflation that we're seeing now we have also seen a


tremendous amount of fiscal stimulus and I think that was really really um that was born in the 2020 um uh pandemic actually and I think that politicians actually you know they they they enjoy themselves you know handing out you know uh government checks and and and and and payot a lot ofous came right from the Federal Reserve though where uh they were creating currency giving giv it to the treasury and the treasury was mailing it to people what did they expect would happen so uh moving on uh we've got Jay


poell is he the new Paul vulker uh you know uh tell us a little bit about this and then the uh background that was happening and you know uh if you do this again in your next uh um report it's still going to look like this the chart but I would like to see this as a percentage of GDP uh because between vulker and Powell was uh was uh Allan Greenspan Ben beran and Janet Yellen and they all inflated the currency Supply so it's a different dollar uh this is 1980 and 2022 is sort of comparing the US


dollar to the Zimbabwe dollar now if you inflation adjust it it'll be like comparing the US dollar to the Argentine payon won't be quite as as great an inflation uh but we are seeing you know the the uh 71 trillion uh that we've got there in the total credit of non-financial sector uh is um uh that is not an inflation adjusted F figure or as a percentage of GDP yes so um anyway but tell us about it it's fascinating chart especially when you look at total credit of the non-financial sector I mean Mike um we


we know that trust is basically the the foundation of our you know of of our societies and and therefore also of uh the financial world and you know um somebody once said that um Fiat man is like a religion and Central Bankers are the the high Priests of this religion and you know um as Central Bank has got the inflation call so wrong um I think the the Federal Reserve and central banks in general have lost an enormous amount of credibility um and therefore I I think we have to give J Powell some credit for


you know um for for for kind of regaining some some some some credit because to be honest uh I don't know any analysts Market strategists manager or or even astrologist who actually forecasted that the Federal Reserve would raise interest rates um by more than 5% so so I have to give J J Powell credit for that however um I always said that you know his his references to Paul Folker and I think this was really well played and there was a strategy behind that but he was referring to to to Paul


fulker in all of his speeches espe especially uh at the Jackson Hall speech he was referring to this book called um keeping at it and you know he wanted to promote himself as a JP as a Paul fuler 2.0 but from my point of view first of all I said he he should be nominated for the Academy Awards and I also once said if if J Powell is the new Paul foler and Danny Deo is the new Arnold schwarzeneger um you know it's just you know the numbers just don't add up and you can see it on on on this chart actually that for for


Paul foler back in the days um raising interest rates um was definitely easier than for for J power now because the level of debt the level of um um um of financialization of our world is just so much bigger that the consequences of raising rate rates um are by magnitudes larger than when Paul fuker was around and I think just one more thing we should not forget that Paul fuler had the full support by the White House so so actually I'm not so sure if a recession should um hit the United States especially in an election


year 2024 if J Powell will still have the full support by the White House I I kind of doubt that so therefore I think this comparison J Powell is the new Paul focer I don't believe into that I don't either uh one of the things you know uh while you were speaking I I just divided uh the eight trillion on the uh fed's balance sheet today by the 0.16 it's 50 times larger where the non-financial sector has only grown by a factor of 17 yeah uh so the fed's balance sheet grew by a factor of 50


unbelievable now those like I said are nominal figures they're not adjusted for GDP or inflation but um uh yeah uh no he you you are absolutely correct he is not the new Paul vulker and another thing when Paul vulker took over he was raising rates uh starting at a base of about 8% or so not from uh you know one tenth of 1% so the magnitude of the year-over-year change in rates uh when uh Powell did it I I just thought it was Reckless the aggressiveness that he went after it I thought that they had already


backed themselves into a corner by creating so much currency but they uh really should have decided you know what we're gonna have to tolerate some inflation for we can't just try stamping it out immediately we've gota tolerate it for and it would have been very painful for Ev everybody and it leads to this upward spiral because wages are less everybody's got to ask for a raise that makes stuff cost more and then make when it once stuff cost more it's like your wages are less you got to ask for a


raise again and so um uh it's it's a trap that they got themselves into but the only way out of it is to eventually allow the currency Supply to cover the amount of goods and services in the society and people's demand and uh and that and and without breaking the economy they've already started the first leg of the financial crisis with h Silicon Valley you know the banking crisis in March um but and and I I think that was just like a warning shot and that the worst is yet to come so


um this is exactly what I was talking about and exactly what you were talking about the aggressiveness of their uh the rate change so uh tell us about this yeah well I mean it's it's it's just interesting to see how um how how aggressive this this this move has been already and it's you know it's it's a little bit like um if you're if you're driving you know on the highway perhaps uh you know wait way too fast um and if there's if there's something you know um


you know uh uh that that that you're seeing U lying on the on on on the highway you can of course you can ignore it and say well it isn't there let's say a tire or or a car that broke down or you could say well actually there is something slow down change lanes and then deal with the problem and and actually you know just uh drive past it but Central Bankers have as I've said they have completely ignored the surge in inflation and and the stickiness of inflation that they have created so they


had to step you know on the on the breaks they had to step very very hard on the breaks and now we're seeing the consequences however I think that I I am kind of astonished that it's taken longer than expected I would have expected the recession to hit already earlier however we should not forget that you know the US for example is running a budget deficit of more than 8% uh even though on paper it has full employment so I don't know whether budget deficit is going to be once we hit the recession um the employment


numbers are fudged they they are probably so so this in combination with uh you know some some some oneoff effects clearly have um delayed the recession but from my point of view it it's going to happen and and the longer that um that the Federal Reserve remains confident that you know they can continue I mean now they are kind of pausing but but for December it's still it's still in the cards but the damage has already been done so this chart is the number of months since they started


the rate height cycle and then you've got the percentage of change on the side and it makes it look like the 8384 uh change was just huge in a very short period of time but I just want to remind everybody that the current rate cycle that's now 18 months old started at a base of a tenth of a percent where that ratey rate hike cycle uh in 83 I believe started at uh um about 7% or 8% and took it up to 18 in a very short period of time so the rate of change even though that red line looks like the


most aggressive it actually wasn't the the most aggressive was the black line so the the current tightening cycle yes so let's move on to the next one and here's the one where I was talking about you know I've got this going back to uh 1947 and you can see here that they raise rates until they cause a recession the the rates stop going up once they sense that a recession is coming and you can see that sometimes they know that they've overdone it and they start cutting uh and then the


recession hits because of some crisis and you've got all the crises marked out here so what's your comments on this well I mean it's it's it's the same old uh you know uh uh cycle all over again classic boom bust Cycles uh caused by by Central Bank actions um and I think you know many people say well so far nothing has hasn't nothing has happened um I would disagree I mean just have a look what's what's going on in the bond market I mean we we're coming from really


microscopic lows in yields in 2020 and and and now treasuries with with maturities of of of 10 years or more in during that time have plunged 46% in value the long bond is down 53% in total return terms and this is the foundation of most portfolios so what we're seeing now in the bond market it is actually rivaling the the worst bare markets ever recorded for the S&P 500 uh so I think it was 57 or 56% during the great financial crisis this was what we're seeing now in the bond markets so um


therefore I I I just don't see why so many people are still so so complacent and when I talk to people people from I don't know real estate development also private Equity um those rather illiquid investment uh pockets of the market I mean it's it's it's utter chaos what we're seeing there so um you know it's it's even if the Federal Reserve would start lowering now the damage has already been done and I think those time lags they're they I once called it I think we we talked about that the


tequila theory of money that it takes some time for the for the effect to kick in like with having tequila shots I think um it's on the upside but it's also on the way down so even if they start lowering rates it will take a couple of month a couple of quarters for this uh um lower rates to really materialize and as I've said the damage has already been done uh I do want to point out to everybody uh in the that last chart we showed that big rate rise that was 19 80 to 82 or whatever that


happened very very quickly that's this one but you're coming off of a base here of more than 8% taking it to above 18% so the magnitude of the change in interest rates wasn't nearly as as much as going from a tenth of a percent up to four and a quarter or whatever whatever it is now I can't remember four and a half um and so let's move on to the next one here uh I love the photos hi I just wanted to take a moment and thank you for subscribing and mention that if you'd like to help our


Channel please consider my company goldsilver.com the next time you buy precious metals we're one of the most trusted names in the industry our prices are sharp delivery is fast and we have an insiders program where you find out exactly what I'm doing doing with my own Investments thanks for making goldsilver.com your dealer and now back to the video I love the photos and um so we've got uh this is base currency right yes and uh you've got the projected tightening the supposed remember when


Ben banki said that he was absolutely 100% confident that we could normalize the balance sheet these are the kind of people that are running things they have they're they're super smart and they're so smart that they have an overconfidence in themselves they're absolutely positive of something and they don't think that they can possibly be wrong so when they do make a mistake it's huge and it costs all of us so much so um tell us about the tightening and gradually removing


the oxygen yeah I mean it's we we shouldn't forget Mike that it's it's it's not only um interest rates that have uh uh that have risen dramatically over the last couple of months it is also quantitative tightening so they actually want to reduce the balance sheet by by by more than a trillion this year I mean we have already seen during the svb crisis that I think three or 400 billion were added to the balance sheet quite quickly um but still um the FED seems really convinced that they can proceed with


quantitative tightening somebody today I think said that they will go down to to two trillion in the balance sheet I mean that's that's probably the joke of the decade um but if you look at the track record when it comes to quantitative tightening um and the project projections that they've made well actually um you know we have only seen some quantitative tightening but then at some point something happened and they had to increase the balance sheet they had to do new rounds of quantitative


easing again so I said it is like that that that's my analogy it's like if you're slowly but gradually removing oxygen from a ballroom full of investors and at the beginning perhaps you you don't really realize it and you don't feel it but then but then the weakest uh in the room this start feeling it and then you know the collapse starts actually so I don't believe that that they will continue that they will be able to continue with quantitative tightening um uh much longer but this is adding to


this tightening and I think what we shouldn't shouldn't forget either is the third part of the tightening is the strength of the US dollar recently um so the dollar was the dollar Index was trading at I think a 100 uh in July and now we're trading around 106 107 that's an additional tightening that we're seeing in the market so rise Rising rates quantitative tightening and a strong dollar that's that's a pretty dangerous uh um uh setup that we're see yeah you know I


just want to show remind everybody here if you look at the uh Legend across the bottom you've got the projection for 2010 the pro projection for 2011 ection for 2012 13 18 and 22 and so these are the experts projected this is this is what they say and plan on happening is those lines that you have added to the graph and then what ends up happening is the exact opposite of what these Brilliant Minds have planned for us and then if you look right after qe4 you've got the Gold Line and uh you were


talking about the Silicon Valley Financial you know the banking crisis that little Jag in the blue line is that extra uh those billions that you how many billion were did you say that was that they injected when with uh I think three or 400 billion yeah so that's what that little Jag is uh right after qe4 anyway so let's move on to the next one I'm just amazed how these people continually get it wrong yet they still think that they're masters of the unit finan universe so this is an interesting chart


so yeah well it shows the the tightening that we're seeing from um in the banking system and and and and and I think what's what's really really going on is that it's kind of a brewing storm or yeah or or hurricane or whatever for the consumer and let's not forget that oil is up more than 30% in the last three month that as I've said 10 years are up significantly the two years are up significantly of course of course mortgage rates are up significantly um but then we're also seeing that that


households are slowly but surely running out of excess savings we're seeing that Al those student loan uh um uh payments and they they they they are restarting uh since the beginning of October we're seeing that um now slowly delinquency rates uh for credit cards and for auto loans are are rising again we're seeing that uh I mean that's that's not on this chart but I think it's really important to to to to to emphasize is that China is struggling big time and in the previous let's say during the great


financial crisis actually this enormous amount of stimulus coming out of China this actually saved the Western World from my point of view to a large degree but now China is also uh uh in a very very weak spot so so therefore I think you know all those uh uh indicators are clearly showing me that that we're moving into a recession I think we've got it on the on the next chart as well where we see negative Bank credit growth um negative Bank credit growth before recession is a big red flag now I want


to point out that um in in most of these Cycles negative growth means it's still growing it's just growing less this year than it was last year so it's it's a falling amount of growth but uh we actually have contraction when it goes below the zero line which has only happened one other time after the global financial crisis and now today this is the biggest red flag that I've seen for the economy in all of these charts so far uh when when uh credit growth is actually Contracting


because we have a monetary system that relies on credit expansion or the whole thing goes into a deflationary implosion when you borrow every dollar that exists into existence and you promise to pay it back with interest you have to go deeper into debt tomorrow to borrow the currency to pay the interest but you're promising to pay that back with interest and so the the the amount of debt and credit always has to expand under a national Fiat monetary system and here we have the central Bankers worst


nightmare credit contraction so uh tell us about about this what's your take on it yeah well I mean you you you you summed it up perfectly I mean you uh you're commenting our charts really really well thanks thanks for that these are really important charts I've never seen this one before it's excellent I I commend you for thanks thanks Mike I mean it's it's for me it's it's it's such things are are pretty obvious and and and you know in our credit-based system we actually need credit growth


and we we always need higher uh uh growth actually to to to to to to achieve uh uh um uh growth but now as it's it's it's it's really it's below the zero line and and also the momentum the momentum really falling off a cliff this is for me that's that's a pretty obvious sign that um that we're moving at least into a recession and and you know uh I don't know I think it was it was Dave Rosenberg who who said recently every recession starts out looking like a soft Landing so I I agree more and I


don't know uh you know too many analysts on Wall Street actually forecasting a a nasty recession but if you have a look at those charts from my point of view it's it is really really obvious perhaps I'm wrong um I think you're absolutely right you know a recession is a trailing indicator you don't find out that you're you're that a recession is happening until you've been in it for six months you have to have what is it two consecutive quarters of GDP contraction


is the official there's there several different uh uh measurements but you it when when they announced that we're in a recession it started at least six months ago maybe a year ago yes yeah and so I believe and this chart I think really shows it that a recession started early you know at least three months ago if not six or nine months ago uh I've been noticing a Slowdown at the local restaurants mostly midweek they're still busy on the weekends but midweek especially higher end restaurants where


there uh it's um uh I don't know they're just um uh I was at a restaurant that should have been you know at least half full and I my business associate and I were the only ones there uh for two hours from 7 from uh 5:30 to 7:30 when there should have been 20 30 people on this rooftop you know uh enjoying food and and drink and uh we had a couple hamburgers a couple of beers the bill was a hundred bucks I put $20 on the credit card and then walking out I noticed there one bartender one waiter


and no other customers but us for that full two hours and when you take into account the special minimum wage that they've got for uh service sector employees tipped employees uh those guys in in two hours they each made uh I think it was $430 for the two hours so anyway let's move on to the next chart here I I think that one was very alarming so uh this is very concerning too because we're just going into a different era tell us about it well it chose the the the share of us imports and exports to and from China um


and it clearly seems that um the relationship between um the US and China is is not very good uh and has it has weakened uh or deteriorated uh significantly over the last couple of um over the last couple of of of of quarters um and I have you know I was with with my family in in in Florida over summer um yes it was very hot it was very humid but we had a good time and I talked to a couple of people and and and everybody said well actually for the upcoming elections uh we're voting for Trump because we need a strong man


um to fight against our enemies and our enemies are China and Russia so so from my point of view this whole um you know this whole Del globalization topic um is is is clearly happening we we're also seeing it with the with the Bricks now um it's like the little brother who is becoming more self-confident who actually um is kind of not taken serious by by the Big Brother um but actually it's it's you know it's it's catching up pretty quickly and and therefore I think that


when it comes to when it comes to Gold uh we had a large chapter about the the gold flows in our um lasting gold with trust report well we said actually um gold flows um into emerging markets at the moment so just one number over the last 20 years 35,000 tons of physical gold were imported by China and India and it's not coming back it's a one-way Street and we shouldn't forget this is just Imports and then China nowadays is also the largest producer of Gold and from my point of view there's probably


also you know they're sourcing from from Hong Kong from from from from from other countries so probably the number is even bigger so does gold play a major role in this whole de globalization um perhaps we're kind of overemphasizing the role of gold but I think it is definitely playing a role uh and as we're seeing now with you know uh US Treasury what what what's going on in in the bond market it is pretty obvious that the marginal buyer isn't around anymore and that China prefers you know


making deals with uh other bricks countries um prefers um doing infrastructure Investments um that even the Saudis are are kind of uh becoming um closer with uh with China so so I think this is a it is a somewhat frightening development that we're seeing it's it's this kind of forth turning um environment and uh yeah I think this it has already started way earlier but now it's really um getting very very apparent yes uh you know one thing I see that's very interesting on this chart I


don't remember remember exactly what was happening uh but during the Trump era uh back in about 2018 end of 2018 or in 2019 uh the um exports US exports to China took that huge dip going into it it bottomed uh in the uh the pandemic recession in 2020 yes that it was already falling well before that so it wasn't caused by recession and the same thing with uh Chinese imports from the US so Global uh trade was slowing down at that time but this is a bad trend for all of us uh so a new er era of


deglobalization is has only begun so this reflects on the last chart and I believe on the upcoming chart as well but you've got this brilliantly separated into uh different eras and uh you know people if you look at some of the quotes like there's a John mayard K's quote from uh uh that before World War I before the uh great Sorrows of the world I think he called them uh that um and he was talking about a man in London could uh you know sit sipping his tea reading the newspaper and pick up the


phone and invest in any lands of the earth that he wanted and they you know basically the international trade was free they could travel the Earth without having to go through all of these uh customs and passports and and uh you know having some guy try to intimidate you as you're entering some other country uh and you can see that industrialization and one of the things that I get from this chart that I think is amazing you see where World War I caused this and the protectionism caused this huge contraction and then after


World War II uh we've got the expansion of the Breton Woods system and then uh liberalization and then you've got instead of globalization globalization I've never heard that great uh uh saying there but what I see from it is that mankind keeps on shooting themselves in the foot because we're following all of these Psychopaths these bullies these uh the people the leaders are either like children bullies criminals uh uh uh Power hungry Psychopaths and if you take the growth of that first blue section


industrialization and if you had just taken that trend of Breton woods and liberalization and continued that on the chart without these huge pullbacks where we would be with our prosperity today is just mindboggling I can't imagine the level of uh of you know our level of existence our level if we hadn't kept on shooting ourselves in the foot and following these people uh and so uh do you have any comments on this chart I I sorry I'm sorry I went on like that but something amazing in this chart because


you've broken it up into these proper sections of what was happening politically uh geopolitically at the time I I think that you know if if we want to to summarize it I would say that that that Liberty and capitalism are now in intensive care um and that's something that's that's that's very very frightening and um I think bastia said if if Goods don't cross borders soldiers will uh and this is actually that um that is clearly happening and and and you know um this protectionism that


we're seeing all over the globe um this this is a trend and and and and I kind of fear that this is really a secular Trend that will continue for a while and and you know when I heard um after the coid crisis about this uh you know near Shoring and friend Shoring and all those terms came up I said well this is inflationary because we can we can produce the stuff uh here in Europe uh but it's going to be very very costly and we just don't have the workforce for that we don't have the capital structure


for that um but it is a trend and I and I fear that it's going to continue at least for for a couple of more years yeah what I see is that we're just we're doing the same humanity is doing the same setback to itself that it did from uh 198 1913 uh to the end of World War II and uh this is not you can't go back in time and repair transactions that didn't happen repair trade that didn't happen so you can never catch up to where you could have possibly been you know my point with what I was saying before if


you projected the growth from that originally industrialization area and uh lifted the Breton woods and the liberalization the blue areas that you've got up to match that uh let me see do I yeah up to match that growth so it was just one continuous line our Pros erity would' be right off the top of this chart we'd be living 20 years longer I mean uh this affects everybody it affects our lifestyles it affects your children and we're allowing these global leaders to do this again it


reminds me of that saying about uh cycles that uh Good Times create weak men weak men create bad times bad times create good men good men create uh good times and we're seeing this cycle play out in this chart so uh this is going to be the last one of uh this series but you you you mentioned uh the bricks countries and uh here you have that uh Global balance of power changing so uh tell us about this because it's pretty dramatic what is happening yeah as I've said it's it's it's like the the the


small brother growing up and it's not not really taken taken serious yet but if we have a look at this chart which shows the share of global GDP in purchasing power parity um from the G7 Nations and the bricks well actually um the bricks have have already taken over um from from the G7 and now with the with the latest addition um uh to the bricks so six new members are being welcomed starting in 2024 and those countries are I would say from a geopolitical or geostrategic point of view they are pretty pretty


important countries Argentina Egypt Ethiopia Iran Saudi Arabia and the United Arab Emirates um actually they are responsible for 50% uh of of global oil exports now the bricks Nations so um it is something that that that should be taken seriously um on the other hand I think you you know um it it was slightly overestimated it was like in the uh during summer when the Russian Embassy in Kenya tweeted out that they will uh announce a gold backed bricks currency uh at the upcoming Summit and I I thought well this is


probably the intern that is uh slightly bored or or perhaps he's a bit drunk and he's just tweeting stuff out um but it was like a big big thing uh however I think you know those things um establishing a new Trade Currency and even more so a new Reserve currency that's a pretty big project I mean it uh it took the world uh more than 30 years to establish the Euro um and it wasn't quite successful and my take is that we're seeing more of a the euroization than a d dollarization actually um


however we're seeing that you know the bricks um they've got common interests on the other hand they're also you know they're pretty pretty diverse um uh combination of countries with with China and India for example I mean we know that they don't like each other too much um but but still I think it is a development that should be followed and the next meeting will be in Kazan in Russia uh and right on right on top of the agenda is basically a new settlement system and a new currency system so I


think this is they working on it but you know the infrastructure um for such a project that's it's a very very complex task yeah yeah okay so I think that's going to wrap up uh this section and I want to let everybody know that this was about the economy and Global Trends uh so you know currency Supply and such in the next section we're going to see how gold interacts with that and uh so please join us in the in the next video with Ronnie Ronnie I want to thank you so much for taking us through these very


very important charts can you tell them where they can get a copy of your chartbook absolutely Mike thanks for having me again um I love the fact that you're you understand and you you interpret our charts so well I mean it's it's it's it's really uh it's a great pleasure for me um well if you want to learn more about our work um we're an asset management company based in lonstein uh it's incrementum doli we manage six funds um and the inold with trust report um is is our Benchmark Publications it


has one big report coming out uh every year in Spring and then we've got uh 12 monthly chart books on gold that's the monthly Gold Compass and then we've got two special chart books like like this one that we that we've talked about and this is all available totally for free you don't have to register or anything just download it on our web page inold we trust. report excellent I want to thank you very much for walking us through that and I want to thank the audience for watching and so we'll see you later


Ronnie thanks thank you Mike see you soon bye hi I just wanted to tell you about gold silver 100 11 oz silver giveaway where you can win win win 111 one 1 o silver bar one 10 o silver bar and one 100 o silver bar so enter today and win