The Death Of Petrodollars & The Coming Renaissance Of Macro Investing

Authored by John Curran via Barrons,

The petrodollar system is being undermined by exponential growth in technology and shifting geopolitics. What comes next is a paradigm shift...

In the summer of 1974, Treasury Secretary William Simon traveled to Saudi Arabia and secretly struck a momentous deal with the kingdom. The U.S. agreed to purchase oil from Saudi Arabia, provide weapons, and in essence guarantee the preservation of Saudi oil wells, the monarchy, and the sovereignty of the kingdom. In return, the kingdom agreed to invest the dollar proceeds of its oil sales in U.S. Treasuries, basically financing America’s future federal expenditures.

Soon, other members of the Organization of Petroleum Exporting Countries followed suit, and the U.S. dollar became the standard by which oil was to be traded internationally. For Saudi Arabia, the deal made perfect sense, not only by protecting the regime but also by providing a safe, liquid market in which to invest its enormous oil-sale proceeds, known as petrodollars. The U.S. benefited, as well, by neutralizing oil as an economic weapon. The agreement enabled the U.S. to print dollars with little adverse effect on interest rates, thereby facilitating consistent U.S. economic growth over the subsequent decades.

An important consequence was that oil-importing nations would be required to hold large amounts of U.S. dollars in reserve in order to purchase oil, underpinning dollar demand. This essentially guaranteed a strong dollar and low U.S. interest rates for a generation.

[ZH: Still, the underlying concept of how Petrodollar recycling, or as some call it, petrocurrency mercantilism works, leaves some confusion. So in order to alleviate that, here courtesy of Cult State, is a quick and simple primer that should hopefully answer all questions. From CultState:


So what is petrocurrency mercantilism?


It’s when a national bank and an energy producer collude to generate artificial demand for a currency at the expense of the purchasing power of other currencies.


The flowchart below shows how it all works.


Given this backdrop, one can better understand many subsequent U.S. foreign-policy moves involving the Middle East and other oil-producing regions.

Recent developments in technology and geopolitics, however, have already ignited a process to bring an end to the financial system predicated on petrodollars, which will have a profound impact on global financial markets. The 40-year equilibrium of this system is being dismantled by the exponential growth of technology, which will have a bearish impact on both supply and demand of petroleum. Moreover, the system no longer is in the best interest of key participants in the global oil trade. These developments have begun to exert influence on financial markets and will only grow over time. The upheaval of the petrodollar recycling system will trigger a resurgence of volatility and new price trends, which will lead to a renaissance in macro investing.

Let’s examine these developments in more detail.

First, TECHNOLOGY is affecting the energy markets dramatically, and this impact is growing exponentially. The pattern-seeking human mind is built for an observable linear universe, but has cognitive difficulty recognizing and understanding the impact of exponential growth.

Paralleling Moore’s Law, the current growth rate of new technologies roughly doubles every two years. In the transportation sector, the global penetration rate of electric vehicles, or EVs, was 1% at the end of 2016 and is now probably about 1.5%. However, a doubling every two years of this level of usage should lead to an automobile market that primarily consists of EVs in approximately 12 years, reducing gasoline demand and international oil revenue to a degree that today would seem unfathomable to the linear-thinking mind. Yes, the world is changing—rapidly.

Alternative energy sources (solar power, wind, and such) also are well into their exponential growth curves, and are even ahead of EVs in this regard. Based on growth curves of other recent technologies, and due to similar growth rates in battery technology and pricing, it is likely that solar power will supplant petroleum in a vast portion of nontransportation sectors in about a decade. Albert Einstein is rumored to have described compound interest (another form of exponential growth) as the most powerful force in the universe. This is real change.

The growth of U.S. oil production due to new technologies such as hydraulic fracturing and horizontal drilling has both reduced the U.S. need for foreign sources of oil and led to lower global oil prices. With the U.S. economy more self-reliant for its oil consumption, reduced purchases of foreign oil have led to a drop in the revenues of oil-producing nations and by extension, lower international demand for Treasuries and U.S. dollars.

ANOTHER MAJOR SECULAR CHANGE that is under way in the oil market comes from the geopolitical arena. China, now the world’s largest importer of oil, is no longer comfortable purchasing oil in a currency over which it has no control, and has taken the following steps that allow it to circumvent the use of the U.S. dollar:

  • China has agreed with Russia to purchase Russian oil and natural gas in yuan.
  • As an example of China’s newfound power to influence oil exporters, China has persuaded Angola (the world’s second-largest oil exporter to China) to accept the yuan as legal tender, evidence of efforts made by Beijing to speed up internationalization of the yuan. The incredible growth rates of the Chinese economy and its thirst for oil have endowed it with tremendous negotiating strength that has led, and will lead, other countries to cater to China’s needs at the expense of their historical client, the U.S.
  • China is set to launch an oil exchange by the end of the year that is to be settled in yuan. Note that in conjunction with the existing Shanghai Gold Exchange, also denominated in yuan, any country will now be able to trade and hedge oil, circumventing U.S. dollar transactions, with the flexibility to take payment in yuan or gold, or exchange gold into any global currency.
  • As China further forges relationships through its One Belt, One Road initiative, it will surely pull other exporters into its orbit to secure a reliable flow of supplies from multiple sources, while pressuring the terms of the trade to exclude the U.S. dollar.

The world’s second-largest oil exporter, Russia, is currently under sanctions imposed by the U.S. and European Union, and has made clear moves toward circumventing the dollar in oil and international trade. In addition to agreeing to sell oil and natural gas to China in exchange for yuan, Russia recently announced that all financial transactions conducted in Russian seaports will now be made in rubles, replacing dollars, according to Russian state news outlet RT. Clearly, there is a concerted effort from the East to reset the economic world order.

ALL OF THESE DEVELOPMENTS leave global financial markets vulnerable to a paradigm shift that has recently begun. In meetings with fund managers, asset allocators, and analysts, I have found a virtually universal view that macro investing—investing based on global macroeconomic and political, not security-specific trends—is dead, fueled by investor money exiting the space due to poor returns and historically high fees in relation to performance. This is what traders refer to as capitulation. It occurs when most market participants can’t take advantage of a promising opportunity due to losses, lack of dry powder, or a psychological inability to proceed because of recency bias.

A current generational low in volatility across a wide spectrum of asset classes is another indicator that the market doesn’t see a paradigm shift coming. This suggests that current volatility is expressing a full discounting of stale fundamental inputs and not adequately pricing in the potential of likely disruptive events.

THE FEDERAL RESERVE is now in the beginning stages of a shift toward “normalization,” which will lead to diminished support for the U.S. Treasury market. The Fed’s total assets stand at approximately $4.5 trillion, or five times what they were prior to the financial crisis of 2008-09. The goal of the Fed is to “unwind” this enormous balance sheet with minimal market disruption. This is a high-wire act a thousand feet in the air without a safety net or prior practice. Additionally, at some not-so-distant future date, the U.S. will need to finance enormous and growing entitlement programs, and our historical international sources for that financing will no longer be willing to support us in that endeavor.

The market participants with whom I met theoretically could have the ability to accept cognitively the points made in this article. But the accumulation of many small losses in a low-volatility and generally trendless market has robbed them of confidence and the psychological balance to embrace any new paradigm proactively. They are frozen with fear that the lower- return profile of recent years is permanent—ironic in an industry that is paid to capture price changes in a cyclical world.

One market legend with whom I spoke suggested he wouldn’t have had the success he enjoyed in his career had he begun in the past decade. Whether or not this might be true, it doesn’t mean that recent lower returns are to be extrapolated into the future, especially when these subpar returns occurred during the quantitative-easing era, a period that is an anomaly.

I have been fortunate to ride substantial bets on big trends, earning high risk-adjusted returns using time-tested techniques for exploiting these trends. Additionally, I have had the luxury of not participating actively full-time in macro investing during this difficult period. Both factors might give me perspective. I regard this as an extraordinarily opportune moment for those able to shed timeworn, archaic assumptions of market behavior and boldly return to the roots of macro investing.

The opportunity is reminiscent of the story told by Stanley Druckenmiller, who was promoted early in his investment career to head equity research at a time when his co-workers had vastly more experience than he did. His director of investments informed him that his promotion owed to the same reason they send 18-year-olds to war; they are too dumb to know not to charge. The “winners” under the paradigm now unfolding will be market participants able to disregard stale, anomalous concepts, and charge.

RELATEDLY, THERE IS a running debate as to whether trend-following is a dying strategy. There is plenty of anecdotal evidence that short-term and mean-reversion trading is more in vogue in today’s markets (think quant funds and “prop” shops). Additionally, the popularity of passive investing signals an unwillingness to invest in “idea generation,” or alpha. These developments represent a full capitulation of trend following and macro trading.

Ironically, many market players who wrongly anticipated a turn in recent years to a more positive environment for macro and trend-following are throwing in the towel. The key difference is that now there is a clear catalyst to trigger the start of the pendulum swinging back to a fertile macro/trend-following trading environment.

As my mentor, Bruce Kovner [the founder of Caxton Associates] used to say, “Nobody rings a bell at key turning points.” The ability to properly anticipate change is predicated upon detached analysis of fundamental information, applying that information to imagine a plausible world different from today’s, understanding how new data points fit (or don’t fit) into that world, and adjusting accordingly. Ideally, this process leads to an “aha!” moment, and the idea crystallizes into a clear vision. The thesis proposed here is one such vision.


Justin Case balz Sat, 10/14/2017 - 23:10 Permalink

The Central Bank of Russia has recently been buying bullion at an unprecedented pace. According to Argentine financial expert Gabriel Rubinstein, this policy is aimed at protecting the Russian economy in the event of crisis situations, including against dollar-related “manipulations” by the US. “Countries stockpile gold for strategic and defensive reasons; for instance, in case relations between nations are damaged and their currencies lose their value,” Gabriel Rubinstein, a financial consultant and former representative of the Argentine Central Bank, told Sputnik Mundo. If there is such a situation, according to the expert, gold reserves would be the basis for a new currency or other valuable assets in the future.

In reply to by balz

TradingTroll balz Sat, 10/14/2017 - 23:50 Permalink

EURUSD will be below parity in a few years. Merkel won and the EUR peaked just over 1.20. USD will scream higher.

Traders could have shorted on Friday close to 1.19 (1.189 approx).

Real traders don't wait for someone else to ring a bell at the top. They create models, and then you watch to see what the markets want to do.

In reply to by balz

ZIRPdiggler Quantum Bunk Sun, 10/15/2017 - 06:35 Permalink

The large part of this article is based on an incorrect assumption.  Moore's law is no longer applicable.  Check for yourself.  Also, trade deficits and or lack thereof, are neither the coup de gras nor a disadvantage, necessarily, during a currency war.  There are many additional variables to consider.  The simplest example of which, is the time frame.  Fed is not going to hike rates in Dec. Mark my words. The dollar will experience a very large drop, afterwards. 

In reply to by Quantum Bunk

Bonaparte ZIRPdiggler Sun, 10/15/2017 - 14:00 Permalink

Obviously you missed the news that common lead like in old car batteries has been orotized by chemical vapidation into 17 K gold for a price of around $20USD per ounce.  Gold prices will soon be selling for about $50 USD per ton. Gold bugs in China, Russia and elsewhere will be flinging themselves into leaf shredders soon. 

In reply to by ZIRPdiggler

small axe Sat, 10/14/2017 - 22:34 Permalink

My "aha" moment came when I realized that the Fed and other CBs were going to screw me and my country as well as every other country until we were all tits up.Then we're supposed to come begging for mercy, in the process ushering in a new and even more repressive global monetary and political regime.Screw that.

BobEore Sat, 10/14/2017 - 23:01 Permalink

U noticed the whiff of bs too huh?

Seems our media masterz had to arrange for a special 'insertion' into the piece, so as to make sure that the zheeple get properly directed...

away from the salient facts. Wm Simon - the very name should coulda rung alarm bells mongst the merikans of the day... but having been bred for generations by that time to look away from the fact that the levers o power in every important financial position were in the hands of talmudic kabbalists...

nobody even thinks twice bout that visit by an official representative of the $power - to the semitic sheiks of saudistan... whereby it gets 'arranged' that the gold of the western world gets jointly siphoned off...

via the conversion of new found dollar wealth achieved through holding the west to ransom... into 'golden investment' vehicles...

later discovered by the same sheiks to be evaporating faster than u can say "weasel in my shorts!"

So, the talmudists and the their arab marks get together agin... the one promising to the other to NEVER AGAIN make a dirty deal with em.... and work out a new arrangement - wherein the symbolic downing of the TOWERS represents the bold union of srael-saudi enterprise... and the long term capital management whereby wealth and power get shifted eastwards into the hands of usual suspects...

and silly occidental exceptionalists get mushroom-farmed by their 'friends' in the \alt-medias'\

everybody a winner! cept the poor saps who bought the 'petrodollar' story.

Say it ain't so- Joe!

GoyimUprising Sun, 10/15/2017 - 00:02 Permalink

"However, a doubling every two years of this level of usage should lead to an automobile market that primarily consists of EVs in approximately 12 years, reducing gasoline demand and international oil revenue to a degree that today would seem unfathomable to the linear-thinking mind. Yes, the world is changing—rapidly." This will NEVER happen. I'm an abstract-thinking mind.

Herdee Sun, 10/15/2017 - 00:07 Permalink

Just how many dollars are there really out there? Nobdy really knows because the Penatgon is missing about another $21 Trillion and the Exchange Stabilization Fund has Trillions of "black" dollars in it. How many trillions nobody knows. Everybody hates the fact that the U.S. is rigging Commodities markets for its own advantage. That is ending.

ItsSnowingInColorado Sun, 10/15/2017 - 01:10 Permalink

The electric revolution will come with the next generation of battery technology. Until then electric cars, and alternative energies will be a luxury item. Energy is getting cheaper to produce at higher efficiencies but storage really hasn't improved to a large degree. I run solar and wind at my place and I use iron nickel edison batteries. Based on a design developed in 1901... The low maintence and long cycle life still make it a great option for a long term setup. I don't see an electric truck coming anytime soon that can tow the capcity as my older diesel truck. Not to mention I would need a heated garage or I would see a 10 mile drop per 10 degree drop in an EV battery life. At a decent altitute in CO that might be an issue in winter.Maybe if I lived in an urban area with a short communte an EV would make sense, but we wont all want to live in a stack and pack hive.  

swmnguy ItsSnowingInColorado Sun, 10/15/2017 - 10:41 Permalink

As you point out, renewable energy is mostly about electricity, and storage is the issue right now.  I wouldn't class such technologies as "luxury items" for now, however.  I'd say they form an already important and growing portion of our overall energy sources. With the storage issues, renewables can't entirely replace the carbon-based energy sources.  Indeed, the energy-density of the carbon sources suggests it might be a long time, and a revolution or two in technology, before we can entirely replace such carbon sources.It's a common and fatal error to make the Perfect the enemy of the Good.  The fact that current renewables technology can't completely replace carbon-based fuels doesn't make the renewables valueless or frivolous.  Such reasoning ignores the fact that we don't currently derive all our energy from carbon-based sources; since we don't now, why should we going forward?  You aren't making this mistake, but I read it all the time here on ZH.As you point out, context is key.  If you lived in an urban area you might be able to use an EV with current technology, or you might not need a personal vehicle at all, using public transit and renting specific vehicles for specific needs.  I live in a single-occupancy house in an urban core area, have a tiny little gas-powered car, and rent pickups, vans and trucks the rare times I need such things, avoiding the need to own them the other 360 days of the year.There never has been a one-size-fits-all solution to our energy needs, and there never will be.  For oil-company shills to insist on such is to pretend at being wilfully and disingenuously obtuse and shouldn't be tolerated by sensible people.

In reply to by ItsSnowingInColorado

William Dorritt ItsSnowingInColorado Mon, 10/16/2017 - 15:07 Permalink

Utah based company rolling out Class 8 Trucks using fuel cell (hydrogen) tech, ground up redesign.Solar to Hydrogen is their business model.Not sure there is any one size fits all solution for replacing carbon based fuels any time soon.At some point the economics of solar cells in sunny areas should drive wide scale, especially in remote areas.

In reply to by ItsSnowingInColorado

Iskiab Sun, 10/15/2017 - 01:42 Permalink

The main thing about petrodollar recycling that’s been omitted (maybe for brevity but nonetheless important) is the debt it created. It’s the debt that created the situation we’re in.

Hyperinflation due to high gas prices in the 70s and 80s is what lead to the huge debts in non-oil producing countries. It’s also what led to the financial markets we know today, Wall Street became stronger than Main Street and the power of the banking industry got out of whack (think barbarians at the gate). In the 60s bond and equity traders made less than 80k a year in today’s dollars. The rise of Wall Street is due to the rise of the bond market, and QE was used to keep the party going. To keep the system going and bankers happy more debt was needed so we’re where we are today.

Where are we today?

1. Too much money has been added to the system, companies are sitting on cash because there’s nowhere productive to invest
2. It’s always been the case if everyone tried to realize their gains the system would fall apart, but over time how much would be needed for a collapse has dropped. If even half a trillion was cashed in it would destabilize the country. The system needs everyone to reinvest to stay afloat.
3. After adding so much money to the system, they’ve devalued the currency to the point where interest rate ‘normalization’ is impossible. You can’t print so much money out of thin air and then expect a high return, money is plentiful so why would someone pay more for it?
4. There’s almost no one left to lend to; governments are already too deeply in debt, consumers are deep in debt. Debt is everywhere because money is everywhere. The financial crisis was the economy trying to go back into equilibrium and get rid of excess money, but you still hear about how much equity was lost like it was a bad thing. When the fed intervened with QE it put us right back into too much cash in the system.

Latitude25 Iskiab Sun, 10/15/2017 - 08:56 Permalink

And with all that money floating around it's only logical to want to get some hard assets.  That's why Central Banks are heavily manipulating the price of hard assets because a buying binge would reveal the already present hyperinflation (excess money supply).  How long can they keep it up?  Yellen says "no crisis in my lifetime".

In reply to by Iskiab

Rebelrebel7 Iskiab Sun, 10/15/2017 - 20:00 Permalink

Also, the fractional reserve system precipitating France's draw dawn on gold backed Federal Reserve notes must be taken into consideration. How can you claim to be holding gold or money in safe store, if you are lending ten times the value of what is stored in the vault? You can't. It's fraud. It's the Fraudulent Resrrve central bank. 

In reply to by Iskiab

Iskiab Rebelrebel7 Sun, 10/15/2017 - 20:45 Permalink

I still think gold’s only value is what people believe it to be, but when fear sets in people will hedge and it’s the traditional play so probably a good investment right now.

I was interested in how big the bond market is compared to GDP and just looked it up. M3 has outpaced gdp ~2:1 in the US since petrodollars recycling started, you can’t directly compare the two due to things like Eurodollars but a huge M3 is international and it’s a global issue.

In reply to by Rebelrebel7

William Dorritt Iskiab Mon, 10/16/2017 - 14:59 Permalink

Bankers to the rescue.Country overspends and needs a loan.When the loan comes due, the country can't pay it because they changed nothing.Solution, more debt.When the payments can't be made, reduce the interest rate to zero.This also has the delayed effect of nullifying the benefit of saving, and transfers the wealth from pensions etc to bank owners.The added cash to the system devalues the currency, especially when combined with exporting the factories and engineering jobs reducing earning power with the effect of decreasing savings, increasing personal debt and increasing govt spending for the safety net. Not safety for the citizens but safety for the politicians and their cronies.The question remains: will the JIG ever end ??? If I recall correctly, the Petro Dollar was a Kissinger invention so that the Shah of Iran could purchase huge amounts of US weapons to threaten the USSR and accelerate their bankruptcy by making them overspend. Iran, 40 years later, still has huge stockpiles of US weapons. Saudi was and is just a variation on the theme.......except the Soviet Union no longer exists, so the new Boogie Man is Russia....which can't feed itself. 

In reply to by Iskiab

Hkan Sun, 10/15/2017 - 02:10 Permalink

Dragon demand for gold is just too obvious to shift....indeed yes.Whats U.S. gonno do...standard solution....finding another payoffhoping war...

farmboy Sun, 10/15/2017 - 02:52 Permalink

Totall BS article. No new information, it will take a long time for the us $ to die and FED/ECB will never give up manipulating asset prices until they blow up themselves. That is why macro is doomed until they lose control. This guy knows nothing.

Rebelrebel7 Sun, 10/15/2017 - 04:07 Permalink

Looking back, things are once again, Not. Adding. Up.Until 1973, there was what was known as the mandatory import oil program, which restricted oil imports from going above 12.5% of U.S. oil consumption.In 1973, OPEC nations decided to have an embargo on the U.S., Canada,  Japan, England, and the Netherlands for supporting Israel in the Yom Kippur war. Oil had gone from $3 a barrel, to $12 a barrel as a result of the embargo, supposedly, but a 12.5 % limit on oil imports would NOT increase prices by 400%. Particularly when South America could meet the demands! It seems more likely that the U.S. oil industry disputed the value of the dollar for that percentage to have occurred.  The U.S. had also recently abandoned the gold standard in ' 73.The Assistant Secretary of State in 1974 was drum roll please, Nelson Rockefeller. Does anyone believe that Kissinger and Rockefeller did not conspire together n this deal?! Not me! Also at that time, the 1974 Trade Act had been enacted,  " to encourage U.S. workers to compete with Japanese workers."There were also violent UAW strikes, that I recall watching on tv at that time as a result of it, but the UAW was also seeking higher pay and benefits.

Fireman Sun, 10/15/2017 - 05:06 Permalink

Kiss the IOU Petroscrip (no longer) I$I$ backed Saudi Mercan toilet paper free loader dollah goodbye. Jim Wille's Scheiße dollah is coming home to Slumville in a tsunami of toxic derivative shit after all the lost judaic wars and bananas republic debt splurge and it's going to guarantee overnight Third World status for 98% of USSANS, already on the edge of ruin. No one likes a slacker and a hustler and the "exorbitant privilege" reserve currency gig is over as the Pentacon mob fizzle out in a swamp of hubris. China's Korea and China's "big, beautiful" South China Sea "resort" islands are bristling with big sticks and USSA can do NOTHING, and the rest of humanity knows it and enjoys watching the snaggle-toothed, drug-addled, big mouth dead beat dumb a$$ mutt get kicked in the face. Ya'll had a good run as long as the anglozionazi abomination lasted but now it's high time to get out while you're still ahead. Dump the petroscrip and prep before the big flush washes you down the Wall St bankster sewer in the imploding shitter of the Potemkin Village idiot "economy" of misery and carnage for the Zero 1% scum that own US.

Maestro Maestro Fireman Sun, 10/15/2017 - 05:32 Permalink

You're a liar.

The Chinese are in bed with the Americans. The Chinese government itself forces the Chinese people to make and sell things to the Americans in order to make a living.

All the South China military buildup is for, it's to justify ever higher funding and spending for the American and Chinese MIC.

Read and learn instead of mouthing off lies that you picked up from someone else:

China, like Russia, is not pro-gold and acts in collusion with the COMEX and LBMA to suppress the price of gold. When gold goes up in price, it will be against the will of the Chinese, the Russians and the Indians.

The BRICs are all IMF member countries and are thus forbidden to monetize gold, or link their currencies to gold, or use gold as a trading or exchange mechanism:……

India recently collaborated with Western bankers and following the West's instructions, temporarily destroyed the purchasing power of its own Indian population by demonetizing physical cash, under the guise of eliminating tax evasion and cash-only criminal activity. This has had the effect of crashing the gold price by temporarily removing the Indians from the gold market, exactly when the Trump inauguration lit a fire under the gold price.

The Russians never abstained from using dollars even at the time of the communist USSR! If they did not demand gold for their oil during the Cold War, why would the Russians do it now when the Russian central bank is owned and controlled by the City of London banking establishment since the creation of the new Russian Constitution under Yeltsin? The Russians are forbidden to issue their own currency the Ruble without permission from Western bankers and the Russians can only buy US Treasuries with the dollars they get for their oil, not gold. There are more dollar assets than Rubles in Russia:…

The gold price would have skyrocketed if the Russians and the Chinese were buying gold hand over fist as alleged. Why do you think that Western bankers would give gold away at or below cost to their purported enemies?

Unless they were not enemies in reality, and just partners playing good cop, bad cop for the purposes of fooling and manipulating their unsuspecting respective populations?

Why do the Russians never ask the Americans to leave Syria where the Americans are illegal invaders under international law? Why did the Russians never prevent the Israelis from attacking their allies the Syrians?

The Shanghai Gold Exchange is a fraud designed to legitimize the fraudulent COMEX "discovered" gold price. Goldman Sachs and JPM never could have manipulated the gold and silver prices lower without active Chinese collaboration. That the Shanghai Gold Exchange is a physical only market is a LIE:…

The Chinese government defrauded and stole from their own Chinese citizens by encouraging them to buy gold at the top. The Chinese bankers then colluded with JPM and Goldman Sachs to crash the gold and silver prices. Large amounts of physical silver were leased out and sold into the physical markets by the Chinese authorities as well:…

Do not forget: It's the international ruling classes against the common folk. That's the real meaning of globalism.

In reply to by Fireman