Palisades Gold Radio
May 21, 2022
Francis explains how markets have entirely shifted from the goldilocks globalization period under Greenspan. During that time America and much of the west outsourced their manufacturing to China. This was a deflationary force but now we are entering a time of deglobalization. This is creating the opposite effect as inflation and costs of goods increase along with interest rates.
The United States is defending its currency by letting it skyrocket while contracting the consumer economy at home. This is causing people around the world to hold onto dollars while less spending by U.S. consumers creates a dollar shortage overseas. Powell is asserting U.S. dollar dominance to discourage alternative currency systems.
Francis’s term ‘hyperstagflation’ means killing the U.S. consumer to create a dollar shortage globally. The dollar is needed by many nations to repay dollar-denominated debts. Inflation is being exported toward Europe and the East. Equity market valuations remain overpriced historically even with the corrections in recent weeks. Expect the decline in equities to continue for some time.
Debt instruments are contracting and bonds are performing horribly. We had a blow-off top in bond valuations in March 2020 which marked a fundamental shift.
He believes a super spike in dollar strength is coming which will be hard for gold. When this trend eventually reverses gold will rally.
Those claiming a future melt-up in equities appear to have missed the rally since March of 2020. Most indexes have rallied more than 100 percent in just 20 months. Investors who are waiting for a ‘blow-off’ top have missed the boat and are in dangerous waters. The time when the Fed finally reverses course will be longer than investors are anticipating.
He cautions that investors should be in cash until the markets have capitulated and sentiment has completely collapsed. Be careful as this correction will be deeper than many expect. Don’t trade until the stimulus trade is back.
People are being psychologically attacked and the need to diversify geographically has never been greater. Become as self-reliant as possible.
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