The Race to Depreciate Fiat Currencies Is Accelerating Reply

Mike Gleason, Money Metals Exchange

Metals investors are anxiously awaiting the market’s reaction to next week’s Fed meeting. We may see players in the futures markets move to smash gold and silver prices down to lower support zones in the trading around the Fed’s decision.

But flushing out some more speculative longs and late comers with weak hands would be a healthy development in setting up the next rally.

Those who got left behind in this summer’s big moves in metals markets should certainly consider taking advantage of favorable buying opportunities as they present themselves ahead of a possible seasonal push higher in the sector this fall.

Conventional financial markets could become volatile as uncertainties surrounding America’s economy and political future weigh on investors. We are potentially only one election away from falling into socialism and one quarter’s GDP report away from falling into recession.

Lately, the mainstream media has been fixated on the possibility of the Trump economy heading toward recession.

Yes, at some point there will be a recession. But it’s not here yet. And economic forecasters as a whole have a terrible track record when it comes predicting major turns in the economy.

All the recession talk now spewing from the media is speculative at best – politically calculated at worst. Let’s face it, some anti-Trump partisans in the media are giddy over the potential for a recession to bring down the President’s poll numbers.

That said, we do see signs of an economic slowdown of at least some magnitude. Despite a low official unemployment rate, jobs are being created at the slowest pace since 2011. Corporate earnings growth is also weakening. And GDP growth in the in the second quarter fell from 3% to 2%.

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Reflections on Class Conflict Reply

By Keith Preston

I think class is real, and that class conflict is real. The Marxists have a lot of insight into that but I don’t agree with them that class is the determining factor in everything. Vilfredo Pareto had a pretty good critique of the Marxist perspective.

“In Pareto’s view, the Marxist emphasis on the historical struggle between the unpropertied working class — the proletariat — and the property-owning capitalist class is skewed and terribly misleading. History is indeed full of conflict, but the proletariat-capitalist struggle is merely one of many and by no means the most historically important. As Pareto explains:

‘The class struggle, to which Marx has specially drawn attention, is a real factor, the tokens of which are to be found on every page of history. But the struggle is not confined only to two classes: the proletariat and the capitalist; it occurs between an infinite number of groups with different interests, and above all between the elites contending for power. The existence of these groups may vary in duration, they may be based on permanent or more or less temporary characteristics. In the most savage peoples, and perhaps in all, sex determines two of these groups. The oppression of which the proletariat complains, or had cause to complain of, is as nothing in comparison with that which the women of the Australian aborigines suffer. Characteristics to a greater or lesser degree real — nationality, religion, race, language, etc. — may give rise to these groups. In our own day [i.e. 1902] the struggle of the Czechs and the Germans in Bohemia is more intense than that of the proletariat and the capitalists in England.’

Marx’s ideology represents merely an attempt, Pareto believes, to supplant one ruling elite with another, despite Marxist promises to the contrary:

‘The socialists of our own day have clearly perceived that the revolution at the end of the eighteenth century led merely to the bourgeoisie’s taking the place of the old elite. They exaggerate a good deal the burden of oppression imposed by the new masters, but they do sincerely believe that a new elite of politicians will stand by their promises better than those which have come and gone up to the present day. All revolutionaries proclaim, in turn, that previous revolutions have ultimately ended up by deceiving the people; it is their revolution alone which is the true revolution. “All previous historical movements” declared the Communist Manifesto of 1848, “were movements of minorities or in the interest of minorities. The proletarian movement is the self-conscious, independent movement of the immense majority, in the interest of the immense majority.” Unfortunately this true revolution, which is to bring men an unmixed happiness, is only a deceptive mirage that never becomes a reality. It is akin to the golden age of the millenarians: forever awaited, it is forever lost in the mists of the future, forever eluding its devotees just when they think they have it.”

The Marxist idea that the working class is a universal monolith, or that the proletariat everywhere has the same interests, is mistaken. Also the “workers vs capitalists” class conflict isn’t the only class conflict. Today, upper-middle class vs upper-class conflict, working-class vs professional class, upper proletariat vs lower proletariat, petite bourgeois vs wage laborers, “respectable poor” vs the lumpenproletariat are all just as common forms of class conflict.

Trump admin sees China as primary enemy Reply

Press TV. Listen here.

The administration of US President Donald trump views China as the “primary enemy” amid a growing divide between political and business leaders in the United States over how Washington should treat China’s growing military and economic threat, an American political analyst says.

Keith Preston, director of attackthesystem.com, said some in Washington supported Trump’s ongoing military and economic pressure against Beijing while many others called for less tensions in the relationship.

The divide between the elite became clearer on Friday, when Trump implied that the US central bank chief was a greater “enemy” than Chinese President Xi Jinping.

He made the remark after Federal Reserve Chair Jerome Powell warned the trade war with China is a risk to the US economy.

“We have a very strong dollar and a very weak Fed. I will work ‘brilliantly’ with both, and the US will do great,” Trump wrote on Twitter. “My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”

Preston told Press TV on Sunday that American corporations relied heavily on China because of cheap labor in the country as well as Beijing’s policy of handing out loans to foreign businesses.

This is while some parts of the US establishment believe the growing trade imbalance between the two sides was hurting the US as it allowed China to boost its economy at America’s expense, Preston added.

“China only has about half the economic power of the United States but the Chinese economy has grown exponentially in recent decades and there are some policymakers and some elites in the United States who are concerned about that and they wish to level this trade imbalance somewhat,” Preston argued.

“Another issue is the fact that China is increasingly viewed [by the US] as a geopolitical rival not only militarily but also economically,” he continued.

The United States is also heavily dependent on China for its military technologies, another factor that has split US officials about the correct approach.

“It is clear that the Trump administration represents a vein of the American that do view China as a primary enemy and wish to take a more hawkish position towards China,” the analyst added.

PressTV-Trump says US central bank chief greater 'enemy' than China

PressTV-Trump says US central bank chief greater ‘enemy’ than ChinaUS President Donald Trump has called Federal Reserve Chair Jerome Powell a greater “enemy” than Chinese President Xi Jinping.

Trump lashed out at China on Friday, vowing a quick response to its announcement of new tariffs and ordering US companies to leave the country.

China announced earlier on Friday it would impose new tariffs on US soybeans, lobsters, peanut butter and other imports worth $75 billion in retaliation for Washington’s latest round of punitive duties that take effect in two rounds, September 1 and December 15.

The United States will raise existing tariffs on $250 billion in Chinese imports to 30 percent from 25 percent, beginning on October 1, Trump said on Twitter Friday.

He added that the duties on another $300 billion in Chinese products, set to take effect on September 1, will be increased by 5 percent, reaching 15 percent.

Gold Price Suppression Denier Defends His Client Central Banks Reply

By Chris Powell

While most market analysts who have denied central bank and government intervention against gold have long since gone silent on the issue, Managing Partner Jeff Christian of metals consultancy CPM Group continues to disparage such complaints as “conspiracy theory.”

In an interview last week with Money Metals Exchange’s Mike Gleason, Christian tries to reduce the issue to what he considers ordinary and small-time market manipulation by individual traders.

“We don’t see grand conspiracies and we see a tremendous amount of evidence that these grand conspiracies do not exist,” Christian says.

That is, Christian doesn’t see the monthly interventions of the Bank for International Settlements in the gold market on behalf of its central bank members, interventions confirmed by the bank’s own monthly statements of account.

He doesn’t see the “central bank incentive program” of trading discounts extended by CME Group, operator of the major U.S. futures exchanges, to governments and central banks for their surreptitious trading of all major futures contracts, including gold and silver.

He doesn’t see the refusal of the U.S. Treasury Department and Federal Reserve to answer U.S. Rep. Alex Mooney’s questions about which markets they are secretly trading in and why.

He doesn’t see the closed meetings regularly held by the major international financial organizations, from the BIS to the International Monetary Fund to the G-7 Gold and Foreign Exchange Committee, wherein intervention policy is formulated and implemented in secret — the very definition of “conspiracy.”

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American elite divided over US-China economic ties Reply

Press TV. Listen here.

The American elite are divided over what the economic relationship between the United States and China should be like, says a political analyst.

Keith Preston made the remarks in an interview with Press TV on Saturday when asked about President Donald Trump’s furious reaction after Federal Reserve Chair Jerome Powell had warned the trade war with China was a risk to the US economy.

In a furious flurry of tweets on Friday, Trump attacked the Powell’s stewardship of the world’s biggest economy.

“As usual, the Fed did NOTHING! It is incredible that they can ‘speak’ without knowing or asking what I am doing, which will be announced shortly,” Trump wrote on Twitter.

“We have a very strong dollar and a very weak Fed. I will work ‘brilliantly’ with both, and the US will do great,” he added.

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”

Preston said, “There is a split within the American elite, within the American economic and political elite over the question of what the economic relationship between the United States and China ought to be.”

“It’s clear that the Trump administration represents a vein of the American elite that do view China as a primary enemy and wish to take a more hawkish position towards China when it comes to things like tariffs and trade and those kinds of issues, economic relationships and also military relationships as well.” 

“On the other hand, there are other sections that the American elite that are very concerned about maintaining a trade relationship that currently exists between the United States and China, they do not want anything to disrupt that,” he added.

Trump lashed out at China on Friday, vowing a quick response to China’s announcement of new tariffs and ordering US companies to leave the country.

The attack came after China announced earlier on Friday it would impose new tariffs on US soybeans, lobsters, peanut butter and other imports worth $75 billion in retaliation for Washington’s latest round of punitive duties that take effect in two rounds, September 1 and December 15.

The United States will raise existing tariffs on $250 billion in Chinese imports to 30 percent from 25 percent, beginning on October 1, Trump said on Twitter Friday.

PressTV-US to hike existing, planned tariffs on Chinese imports

PressTV-US to hike existing, planned tariffs on Chinese importsPresident Trump says the US will hike tariff rates on most imports from China in retaliation for Beijing’s new duties on American goods.

He added that the duties on another $300 billion in Chinese products, set to take effect on September 1, will be increased by 5 percent, reaching 15 percent.

Why I Stopped Being White (and You Should Too) 9

By Nicky Reid aka Comrade Hermit

Exile in Happy Valley

Race is a touchy subject in the West. People across the aisle, especially white folk, tend to avoid it like a plague. A big part of the reason behind this reservation has to do with the fact that both the left and the right maintain an equally immature grasp on the subject. While the right seems to be convinced that race is some kind of scientific fact like a species of bird, the left seems to view it as an inescapable historical prison sentence with no hope for escape. Like usual, the left is wrong and the right is way fucking wrong. There is nothing scientific or permanent about race. It is a social construct as fluid in nature as gender or sexuality, and it is constantly evolving. Almost every known race was created by a collision of former races that have ceased to exist. About the only thing that the clueless class in the left-right paradigm gets right is that the white race is a very unique creature, and a dangerous one.

The white race is unique in that it is the first defining race of the imperial era and modern day imperialism defines its very existence. The Western Europeans designed the concept of whiteness to justify their expanse and enslavement of the New World and it’s dark skinned cousins across the Global South. As the insatiable nature of capitalism demanded endless expansion, it’s moneyed mandarins required the creation of a new super-class to rationalize the enslavement of the darker nations. This concept became even more necessary with American independence and the fall of monarchism.

This new white aristocracy replaced the royal bloodline and shaped the very nature of the planet’s economic ecosystem. The First World was created with the excess wealth pillaged from the Third World, and it’s subjects soon became victims of new races invented to further empower the white race. The colored races of black and Latino were constructed to both consolidate white supremacy’s ill-gotten gains and to rob the many tribes that made up these racial monoliths of color of their diverse indigenous cultures. The white race is unique, not simply by the Machiavellian nature of its design, but by the necessity of its supremacy over other similarly constructed mass races to justify its very existence. But like most imperial schemes, white supremacy backfired.

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The Sound Money Showdown in U.S. States Reply

Policies relating to sound money have been the subject of substantial debate at the state level this year, with bills, hearings, and/or votes taking place in nearly a dozen legislatures. 

As most state legislatures have now wrapped up their work for the year, let’s review the victories (both offensive and defensive)—and lone defeat—for sound money during the 2019 session.

The Sound Money Defense League’s primary goal is to remove every kind of taxation imposed on constitutional money. Given its practical importance, the hottest issue in the states has been taxation—i.e. whether citizens should face a levy when buying or selling gold and silver.

House Bill 2684, introduced by West Virginia Delegate Pat McGeehan, aimed to remove all taxes (sales tax, corporate income tax, and personal income tax) from gold and silver. Meanwhile, Senate Bill 502, sponsored by Senator Craig Blair, exempted only precious metals from the state’s sales tax.

The West Virginia bill removing sales taxes passed overwhelmingly through both chambers, and Governor Jim Justice signed SB 502 into law.

House Bill 2140, introduced by Kansas Representative Jim Kelly, included a sales tax exemption on the sale of gold and silver as part of a larger bill rife with new taxes. Governor Laura Kelly signed the measure in May.

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After Fed Disappoints, Will Trump Initiate Currency Intervention? Reply

By Stefan Gleason, Money Metals Exchange

Following months of cajoling by the White House, the Federal Reserve finally cut its benchmark interest rate. However, the reaction in equity and currency markets was not the one President Donald Trump wanted – or many traders anticipated.

The Trump administration wants the Fed to help drive the fiat U.S. dollar lower versus foreign currencies, especially those of major exporting countries.

Instead, the U.S. Dollar Index rallied throughout July ahead of the expected rate cut and continued rallying after Fed chairman Jerome Powell made it official on Wednesday.

In fact, the Federal Reserve Note broke out to its highest level since early 2017.

The Fed also announced it would end its balance sheet reduction program a month earlier than originally scheduled.

These dovish policy changes apparently weren’t dovish enough. The central bank could have gone for a 50-basis-point cut instead of the more routine quarter point cut it delivered. It could also have announced a new Quantitative Easing program.

Perhaps the biggest market-moving disappointment (equity bearish, dollar bullish) was Fed Chairman Jerome Powell shooting down the idea of an extended rate-cutting cycle.

In his press conference, he described the cut as “mid-cycle adjustment” that didn’t necessarily imply follow-up cuts.

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Jp Cortez: Sound Money Movement Gains Momentum in the States Reply

Mike Gleason: It is my privilege, now, to welcome in Jp Cortez, with the Sound Money Defense League, a non-partisan national public policy organization working to restore sound money on the state and federal level.

Jp is a proponent of, and has studied in the Austrian School of Economics, and his role at SMDL as policy director, has him regularly testifying at legislative hearings and speaking at various events throughout the country.

His articles and analysis have appeared in many national news publications, including The Washington Examiner, Huffington Post, Mises Institute, Foundation for Economic Education, and more, and he’s a frequent guest on various podcasts and national radio shows to talk about the importance of sound money legislation. And it’s a real pleasure to have him on with us today.

Jp, thanks for the time and welcome.

Jp Cortez: Mike, I appreciate you having me on. Thank you so much.

Mike Gleason: Well, Jp, as we start out today, let’s set the stage here and first have you explain why this idea of sound money is important in the first place, and then, as a follow up to that, what kind of policies would help restore and reinforce sound money? Let’s begin with that.

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The Condition of the World Economy 1

A very good discussion of the world economy by two Marxist-Leninists. I agree with virtually everything they say except for, of course, their interpretation of the role of Communism in the industrial development of the Eastern world.

The Communist revolutions that took place in the East and the Global South in the 20th century were simply a continuation of the bourgeois revolutions of the 18th and 19th century. In every case, these revolutions (from America and France in 1776 and 1789 to Cuba and Cambodia in 1959 and 1975) were rooted in the left-wing of the middle class as revolutions almost
always are. The West is experiencing a bloodless revolution of that kind at present (what the right-wing calls “cultural Marxism’).

Industrial development of communist countries was always made possible by Western capital. An agrarian society can’t experience industrial development by practicing economic autarky. Russia tried that with “war communism” during the Russian Civil and it failed. Hence, Lenin developed the New Economic Policy and began importing industrial technology from Western capitalists.

China attempted a similar approach during the Great Leap Forward only to experience famine and mass starvation. It was the Dengist reforms of the late 70s/early 80s that allowed China to develop on its present mercantilist/national- capitalist model, which is basically the same model used by the Asian Tigers as well as the European nations during the Industrial Revolution.

Even the Khmer Rouge understood they needed the support of Western capital. The purpose of the “killing fields” was to produce as much of an agricultural surplus as possible to sell on the world market in order to be able to import industrial equipment and technology. The Khmer Rouge goal was the achievement of industrialization by the year 2000. After they were dislodged by Vietnam in 1979, they changed their ideology from Maoism to “liberal capitalism” and formed an alliance with the CIA against the Vietnamese.

Financial Media Elite Defensively Bash “Useless” Gold Reply

By Chris Powell, Money Metals Exchange

At least the Financial Times now has come clean about its hostility to gold – as well as to free markets and elementary journalism.

Gold Anti-Trust Action Committee (GATA) friend Chris Kniel of Orinda, California, sent to the newspaper’s chief economic columnist, Martin Wolf, the excellent summary of gold and silver market manipulation just written by gold researcher Ronan Manly.

Wolf replied derisively and dismissively: “This is a matter of absolutely no importance whatsoever. Who cares about the prices of useless metals?”

Stunned by such a counterfactual assertion, Kniel prompted Wolf to elaborate, receiving this from the FT columnist: “I mean to dismiss the whole monetary history of gold. It has no significance in the modern world. It is, as Keynes said, a barbarous relic.”

Actually, Keynes’ “barbarous relic” remark was made not about gold itself but about the gold standard for currencies. Keynes wasn’t denying gold’s use as money. But that is the least of the problems with Wolf’s reply.

Who cares about the prices of useless metals? “No significance in the modern world”?

For starters, governments themselves care.

That’s why central banks, against Wolf’s advice, continue to hold huge inventories of gold and lately have been increasing them.

It’s why central banks classify gold as a Tier 1 asset, equivalent to government-issue bonds and cash.

It’s why central banks constantly trade the metal and its derivatives surreptitiously, directly and through the Bank for International Settlements, usually to restrain the metal’s price, recognizing that gold is a determinant of currency values, interest rates, and government bond prices.

It’s why the International Monetary Fund forbids its members from formally linking their currencies to gold, lest the metal gain precedence over government-issued currencies.

Further, London is the center of the world’s gold trading, the bullion banks are major employers there, and the FT is based in London, so the newspaper itself ordinarily might care.

Of course, Wolf’s dismissing “the whole monetary history of gold” doesn’t make that history disappear. Indeed, today Agence France-Presse distributed a report about gold’s monetary history that is both fascinating and tragic, gold’s history being a big part of human history.

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Monetary Metals Don’t Need a “Gold Standard” Proxy System 1

By Stefan Gleason, Money Metals Exchange

President Trump moved recently to nominate an avowed sound money advocate, Judy Shelton, to the Federal Reserve Board. That triggered a flurry of superficial and derisive references in the controlled media to Shelton’s past support of a gold standard.

For example, CBS News described her as “a believer in the return to the gold standard, a money policy abandoned by the U.S. in 1971.” According to the story, “mainstream economists believe it’s a fringe view.”

As the “mainstream” media portrays sound money advocates, we apparently are nostalgic for the monetary system that existed all the way up until 1971.

Being backward looking by nature, our driving purpose in life is apparently to salvage that “abandoned” system.

Never mind the fact that the post-World War II Bretton Woods gold window that existed until 1971 was meant to ensure U.S. dollar hegemony in international trade – not sound money for the people.

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The Hidden Reason Why Fed Chairman Powell and “Systemically Important” Banks Oppose a Gold Standard 3

By Mike Gleason, First Published on Sound Money Defense League

Chairman Powell’s testimony this week was closely scrutinized not just for its economic implications but also for its political overtones. Powell cited “trade tensions” as cause for concern about the strength of the global economy. He clearly seemed to be blaming President Trump’s tariffs.

But if the tariffs are what ultimately move the Fed to cut rates, Trump will have finally gotten what he wants out of Powell. In recent weeks, Trump has stepped up his attacks on the central bank, calling it the biggest problem facing the economy, floating the idea of firing Powell, and suggesting his administration would match China’s and Europe’s “currency manipulation game.”

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Trump comes out against Bitcoin, other Cryptocurrencies, and “Unregulated Crypto Assets” 6

What about the Workers? A Libertarian Answer Reply

By Sean Gabb

I was called this morning by the BBC. It wanted me to comment on the claims that Sports direct, a chain of sports clothing shops, mistreats its workers – keeping them on zero-hours contracts, sometimes not paying them even the minimum wage, scaring them out of going sick, generally treating them like dirt. Would I care to go on air to defend the right of employers to behave in this way? I am increasingly turning down invitations to go on radio and television, and this was an invitation I declined. I suggested the researcher should call the Adam Smith Institute. This would almost certainly provide a young man to rhapsodise about the wonders of the free market. My own answer would be too complex for the average BBC presenter to understand, and I might be cut off in mid-sentence.

Here is the answer I would have taken had I been invited to speak on a conservative or libertarian radio station on the Internet.

First, it is a bad idea to interfere in market arrangements. Sports Direct is in competition with other firms. Making it pay more to its workers, or to give them greater security of employment, would require it to raise prices and make it less competitive. A general campaign against zero-hour contracts and low pay would raise unemployment. In even a reasonably open market, factors of production are paid the value of their marginal product. Establish a minimum price for labour above its clearing price, and those workers whose employment contributes less than this to total revenue will be laid off. If I felt more inclined than I do, I could produce a cross diagram to show this. The downward sloping curve would show diminishing marginal productivity, the upward the supply of labour at any given price. The point of intersection would show the clearing price. Draw a horizontal line above this clearing price to show the minimum allowed price, and you can two further lines from where this intersects the curves to create a box showing the unemployment that would result. I leave that to your imagination. Or here is a representation I have found on-line:

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A History of Decentralization 5

aragon.black
Jun 11, 2019
14 minute read (full)

First let’s decentralize history…

This month’s thematic has been a real challenge for us and raised many questions in our minds. Why? The history of decentralization is complex and non-linear. But most of all, it is difficult to be considered from an objective point of view, stripped of the predominance of the state.

Talking about decentralization leads obviously to discuss about centralization; to find the ghosts of history, to cross-reference the victories and failures of social-political movements; to discover some contemporary alternatives to the generalized centralization of our lives. Unless we consider that a technology is neutral, in the end, we cannot talk about decentralization without talking about governancesuffragepolitics or apoliticismautonomyorganization… and the dominant model of centralization: the nation-state. Still, if a very vast literature and documentation concerns rise of states, it must be stated that the one granted to the opposite, i. e. the absence of a state, is almost non-existent. More…

Big Tech, Big Banks Push for “Cashless Society” 1

By Stefan Gleason, Money Metals Exchange

The War on Cash isn’t a conspiracy theory. It’s an open agenda. It’s being driven by an alignment of interests among bankers, central bankers, politicians, and Silicon Valley moguls who stand to benefit from an all-digital economy.

Last week, Facebook – in partnership with major banks, payment processors, and e-commerce companies – launched a digital currency called Libra. Unlike decentralized, free-floating cryptocurrencies, Libra will be tied to national fiat currencies, integrated into the financial system, and centrally managed.

Critics warn Libra is akin to a “spy coin.” It’s certainly not for anyone who wants to go off the financial grid.

Many of the companies involved in Libra (including Facebook itself) routinely ban users on the basis of their political views. Big Tech has booted scores of individuals and groups off social platforms for engaging in “far right” speech. If Libra one day becomes the predominant online payment method, then political dissidents could effectively be banned from all e-commerce.

You can still obtain some degree of anonymity in the offline world by using paper cash. But that will become impossible in the cashless future envisioned by bankers.

Last week Bank of America CEO Brian Moynihan touted new developments in digital payment systems while speaking at a Fortune conference. He said, “We want a cashless society…we have more to gain than anybody from a pure operating costs.”

They gain – at the expense of our financial privacy. A cashless society is the end of a long road to monetary ruin that began many decades ago with the abandonment of sound money backed by gold and silver.

Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, Detroit News, Washington Times, and National Review.

Open Letter From Steve Forbes To Mark Zuckerberg Reply

by Steve Forbes

Dear Mr. Zuckerberg:

Your company made big headlines when it announced it would be launching a cryptocurrency called the Libra in 2020. Not surprisingly, given the nature of the times, the project has been greeted with intense criticism and skepticism. Don’t lose heart. In one sense, the idea of a company creating its own kind of money is an old one. The airlines’ frequent-flier miles are really a form of money that customers can earn and use to buy trips and various other things. Credit card companies, hotels and numerous retailers have all sorts of loyalty programs in which people earn points that will let them buy all manner of goodies.

But if you play your cards right with the Libra, you could be to money and finance what Henry Ford was to automobiles. Your new currency could take its place alongside the inventions of coins and paper money many centuries ago. It could replace the U.S. dollar as the global currency. More…