Palisades Gold Radio: Credit and Currency Chaos (w/ Bill Holter)


Palisades Gold Radio
Aug 10, 2022

Tom welcomes back an absolute icon to the show, Bill Holter of JSMineset. Bill discusses how the credit markets are smarter than equities. At some point, there will be sovereign risk problems, which will impact premiums on yields. The Fed balance sheet is supposed to be shrinking, but that requires someone to want to buy these assets.

The ECB is forced to sell good credit to buy poorer debt like Italy’s. The problems today are larger than any one central bank. Currencies globally are all based on credit. Once credit starts to collapse, you will see currencies fail. That process can turn into hyperinflation.

We’re seeing real estate prices decline in many countries including China and people are having problems paying mortgages. Historically, whenever the Fed tries to raise rates, they’ve broken something in the system. Higher rates expose the weak debts in the system.

Money velocity is just now showing signs of life after twenty plus years of decline. This means some people now consider cash to be risky. People should consider buying what they may need over the next couple of years now.

Russia is a nation operating with low debt, while the United States reached “Banana Republic” levels of debt a while ago. The sanction’s plan was to bankrupt Russia, but that immediately failed as the Ruble was bought up.

The BRICS movement towards new currencies backed by commodities means a much weaker West. The West is far behind in real growth and manufacturing. We’re going to see bank runs on a huge scale.

Metals sentiment continues to be poor, however on a positive note, the supply appears to be drying up. Premiums are higher, and it’s difficult to make large orders without waiting a month for delivery.

He believes the nation will be divided even further due to the FBI raid on Trump’s residence. Much of the actions of the left are only causing further loss of confidence in the system.


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