Trump Calls Out the Dollar

27 Feb

Trump Calls Out the Dollar

Our currency is losing its dominance!  Get ready!  Get gold!

“Our country is going to hell and we’re not going to be the big boy,” Trump said. 

Well, he got that right.  It reminds us of the old expression that he who has the gold makes the rules.  The US Treasury says we have a lot of gold, but like the Federal Reserve itself, America’s gold has not been audited.  Other countries are acting on their desire to “make the rules.”  So, they are building their gold reserves.

Trump, on Fox Business a few months ago, made clear that he was talking about the US dollar.  “We have power, but it’s waning. It’s waning in terms of our currency. And I’m not just talking about the value of our currency, I’m talking about our currency being used throughout the world.”

So, while Biden keeps making outrageous claims about Bidenomics, things like deficits don’t matter, Americans know better.  It is simply impossible to ignore that since Biden took office three years ago overall prices are up 17.9 percent, and 73 percent of Americans describe the economy as poor and getting worse.

While the US government has been hostile to gold, seeing it not as a source of our economic might, but as a superior competitor to the made-up digitally printed dollar, China has seen things differently.  It knows gold is real and can’t be made up.  That is why it has become the world’s largest gold producer and gold buyer.  

The US government on the other hand led a decades-long crusade against gold, including dumping into the hands of the International Monetary Fund.  US Treasury and IMF gold auctions were perversely designed not to realize as much as possible from their gold sales, as to drive the price of gold down.

That was true idiocy, a policy so nonsensical and against US interests, that it ended up powering the biggest gold bull market in history.

Trump seems to have an intuitive grasp of the centrality of gold, praising its monetary merits almost a decade ago: “Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money.”

This is what Trump told Lawrence Kudlow last August:

You look at our airports, you look at our terminals, you look at our filthy roads and broken roads and everything else, we’re like a Third World country.

We have something that’s very powerful and that’s our dollar.  But you take a look at what’s happening to it now with other countries not using it, and you know China wants to replace it with the Yuan, and it was unthinkable with us. Unthinkable. Would never have happened. Now people are thinking about it.

Remember, he who has the gold makes the rules!