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Gold Rises as Bankster Currency War Gains Momentum

Kurt Nimmo
October 11, 2010

Globalist loan sharks feign worry. Unemployment is so bad in the United States, the government is thinking about slapping tariffs on cheap Chinese slave labor products.

China is a lead player in the so-called currency war now underway. It has kept the value of its currency low in order to game the system and gain trade advantages. China refuses to follow the rules and this concerns the loan shark boss Dominique Strauss-Kahn and Little Timmy Geithner, the latest Wall Street and Federal Reserve insider to run our Treasury.

“The United States believes that global rebalancing is not progressing as well as needed to avoid threats to the global economic recovery,” said Little Tim. “Our initial achievements are at risk of being undermined by the limited extent of progress toward more domestic demand-led growth in countries running external surpluses and by the extent of foreign exchange intervention as countries with undervalued currencies lean against appreciation.”

China’s authoritarian leadership does not take kindly to the IMF and Little Tim bossing it around. Zhou Xiaochuan, China’s central bank governor, told their counterparts in the United States that China has no intention of devaluing its currency. Beijing was committed to gradualism rather than “shock therapy” when it came to the revaluation of its currency, explained Xiaochuan.

On Monday, the beleaguered U.S. dollar hit a new 15-year low against the yen after meetings of the IMF and G7 finance ministers failed to put the brakes on the currency war now underway. The dollar weakened against a basket of currencies and fell as low as 81.37 yen, before recovering to 81.99. The dollar also traded near an eight-month low against the euro on speculation the Federal Reserve will buy government debt with more funny money.

Friday’s bad news on employment raised the specter of more quantitative easing — creating money out of thin air — and devastating inflation that inevitably occurs when the money supply is artificially expanded.

It was good news for gold. The precious metal climbed for a second day. Gold for immediate delivery rose $2.14, or 0.2 percent, to $1,348.88 an ounce while silver advanced 0.3 percent. Dundee Capital Markets said the primary catalysts for its continued bullish gold price outlook are “hyper monetary and fiscal reflation,” in other words central banksters creating money out of thin air.

People interested in protecting their wealth from the engineered ravages of the Federal Reserve and the central banksters are flocking to gold. “Most countries want a weaker currency and their attempts to get there are good for all kinds of real assets including gold,” Matthew Turner, an analyst at Mitsubishi Corp. in London, told Bloomberg. “Just talk of currency wars is going to prompt people to diversify away from paper assets.”

Strauss-Kahn said that “we face the risk of a lost generation” if employment does not turn around soon. “When you lose your job, your health is likely to be worse. When you lose your job, the education of your children is likely to be worse. When you lose your job, social stability is likely to be worse — which threatens democracy and even peace. So we shouldn’t fool ourselves. We are not out of the woods yet. And for the man in the street, a recovery without jobs doesn’t mean much,” said Strauss-Kahn.

In 2009, as storm trooper police were unleashed on G20 protesters in Pittsburgh, the IMF was anointed as the globalist central bank. The IMF issues its own funny money, known as SDRs, or Special Drawing Rights. The SDR is a synthetic currency originally created by the IMF to replace gold and silver in large international transactions. It was proposed that it be used as a substitute global reserve currency while the U.S. figures out how to pay international banksters and foreigners who hold U.S. debt.

During the G20, plans were announced for implementing the creation of a new global currency to replace the dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.”

“Ultimately, what this implies is that the future of the global political economy is one of increasing moves toward a global system of governance, or a world government, with a world central bank and global currency,” writes Andrew Gavin Marshall. The concerted push for world government will ultimately result in “a decline in democracy around the world, and thus, a rise in authoritarianism. What we are witnessing is the creation of a New World Order, composed of a totalitarian global government structure.”

Strauss-Kahn’s “lost generation” is not happenstance or the unfortunate result of the fumbling of clueless economic managers, as much of the corporate media would have us believe. It is part of the plan to crash national economies and foment social chaos of the sort the globalists will exploit in order to sell their agenda to a desperate public.

Henry Kissinger admitted as much. He said after the banksters are finished, the people will come crawling to them and plead to be enslaved.

Kurt Nimmo edits He is the author of Another Day in the Empire: Life In Neoconservative America.

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