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Money: What You Are Purposely Not Told
August 14, 2025|Banking Crisis, CBDC, De-Risking, Financial Industrial Complex, Geopolitics, Great Financial Confiscation, Money, Opinion, Precious Metals / Gold,

Sovereignty, The Great Reset


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Disclaimer: This article represents an opinion based on publicly available information and analysis. It is intended for educational purposes and to encourage informed discussion.

By Peter J. Merrick, TEP and Adrian C. Spitters, CFP Co-authors of the international bestseller In It Starts With Gold And The Forthcoming: The Last Asset Standing (January 2026)

How money is created, assets are taken, and lives are quietly controlled
We want to speak to you directly about money... how it is created, how it is used to take assets from ordinary people, and how it is used to quietly control lives. This is not something you were ever taught in school, and that is by design. If you do not understand how money is created and controlled, you are living in a trap that has been built to make you lose no matter how hard you work. You have been kept in the dark about this on purpose. When you know the truth, you can protect yourself, say no, and begin making the changes to step outside of this system that was designed to take from you and keep you dependent.

The global financial system is not simply reacting to supply and demand. It is directed by a small, unelected group of individuals who control the most powerful financial institutions in the world. These include the privately owned central banks, the International Monetary Fund (IMF), the World Bank, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), and the Bank for International Settlements (BIS) in Basel, Switzerland. Alongside their political allies, they have the power to create economic booms and busts at will, moving wealth from millions of people into the hands of a very few.

How Money is Really Created
Most people believe their government prints the money they use. This is not true. Almost all money is created as credit by private banks. This credit is not backed by gold, silver, or any tangible asset. It exists as numbers in a computer system.

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When a bank issues a loan, it creates that money electronically and charges interest on it. In return, you pledge something real, your home, your land, or your business. If you cannot repay the loan, the bank takes the asset. This means they exchange something intangible for something tangible.

If an ordinary person tried to create fake money and exchange it for something real, they would be arrested. Banks are allowed to do it every day.

The Cycle of the Financial Boom and Financial Bust
When banks and their network decide to create more credit, money flows easily. Businesses expand, people spend more, and stock markets climb. This is the financial boom. It feels good, but it is built on temporary conditions.

Then, at a time of their choosing, they make credit harder to get. Interest rates rise, lending stops, and businesses begin to fail. People lose jobs, homes go into foreclosure, and assets are sold at low prices. This is the financial bust.

During the bust, the same people who created the easy credit use their cash to buy those assets for far less than they are worth. This cycle has repeated for generations.

The Illusion of Political Opposition
In the United States, both the Republican and Democratic parties operate within boundaries set by the same financial powers. The same is true in the United Kingdom, the European Union, Australia, Canada, and other Western allies. Politicians will argue over cultural and social issues, but none will challenge who controls the creation of money. The same network that controls the banks funds their campaigns and shapes their policies.

Elections give the appearance of choice. The system of control over money remains in place regardless of who is in office.

Why This Should Matter to You
Freedom is the ability to make choices. In today’s world, those choices are tied to money. If someone else controls your access to money, they control your choices and your freedom.

The people who control money can make credit easy to encourage spending, then make it scarce to force asset sales. Any country connected to the U.S. dollar, including the United Kingdom, Australia, and Canada, is pulled into the same pattern because their financial systems are tied together through SWIFT and guided by policies from the IMF and BIS.

If you do not understand this system, you cannot defend yourself from it. Not knowing leaves you vulnerable to losing your property, your savings, and your ability to decide your own future.

Equality of Opportunity, Not Equal Outcomes
A fair system does not mean everyone ends up in the same position. That would destroy motivation and innovation. A fair system means everyone starts with the same chance.

Today’s system denies this by putting control of credit in the hands of a small group. Real reform would mean governments creating their own money interest-free and lending it for productive purposes. This is not communism. This is restoring control of money to the people’s elected government.

The Small Circle in Control
The number of people making these decisions is not large. They could meet in one room. They benefit from every cycle of boom and bust. For them, an economic crash is a time to buy valuable assets from those who have no choice but to sell.
Fixing the Cause, Not the Symptoms

Most solutions you hear address only the symptoms. Sending out short-term payments or lowering interest rates for a while does not change who creates money. The only real solution is to remove private control over the creation of money. When the cause is removed, the problem ends.

Why This Affects the U.S. and Western Allies
When the U.S. Federal Reserve increases or reduces credit, the effects are felt immediately in the United Kingdom, the European Union, Australia, and Canada. Tight credit in the U.S. means less investment in these countries. A strong U.S. dollar makes debts harder to pay in other nations. This is a global system, and no one tied to it can escape its effects.

Protecting Yourself Now
Until governments take back control of money creation, the safest path for individuals is to own assets that no one else can devalue or cancel. Gold and silver have held value for thousands of years through every currency collapse. They are not promises from a bank or a government. They cannot be created out of nothing.

Every paper currency in history has failed. Gold and silver have survived everyone.
System-Level Solutions
True reform would mean ending private control of credit creation and returning that power to governments. This would allow infrastructure to be built without crushing debt, give small businesses fair access to loans, and take control away from private financial networks.

Individual-Level Solutions
At our firm, we assist clients in structuring wealth by Owning Assets in Order of Asset Security. We start with the safest assets and work down to those most at risk. The goal is to survive and thrive in both inflation and deflation without being destroyed by the boom-and-bust cycle.

Book your complimentary review to learn how to structure for the shifts ahead.

Final Thoughts
The urgent themes discussed here are expanded in our #1 international best-selling book, It Starts With Gold, co-authored by Peter J. Merrick and Adrian C. Spitters. In the book, we explain how the unelected owners of the Financial Industrial Complex use the cycle of boom and bust to strip wealth from the many and consolidate it into the hands of the few and how you can prepare to operate outside of that system. Visit www.ItStartsWithGold.com.

The cycle will not end on its own. History shows that those who take control of their own assets can protect their freedom, preserve their wealth, and create opportunities no banker can take away. If you understand this system, you can defend yourself. If you ignore it, you are leaving yourself in a system designed to keep you there.

This article represents an opinion based on publicly available information and analysis. It is intended for informational purposes only.
To find out more, order your copy of It Starts With Gold from Amazon today. CLICK HERE



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References

 

1. Bank for International Settlements – About BIS
2. International Monetary Fund – About the IMF
3. World Bank – About the World Bank
4. SWIFT – About SWIFT
5. European Central Bank – Monetary Policy Decisions
6. Federal Reserve – Credit and Liquidity Programs

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This week, I joined up with Tom Luongo and Dexter White to talk about my new film 'Mark Carney's Dystopic Pedigree' and the broader role of Canada within the oligarchy's Great Game.
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Global GeoPolitics from GGTvStreams
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BRICS as the Global Game Changer
Why Western Debt and Sanctions Lose Power Against New Blocs
Global GeoPolitics


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The evolution of BRICS and the Shanghai Cooperation Organization has altered the global strategic balance in ways that analysts now consider irreversible. These blocs, taken together, represent over five billion people and more than half of global output in purchasing power parity terms, which marks a structural shift from the long dominance of the Atlantic economies. The figures now cited by independent economists place the combined GDP of BRICS and the SCO at around ninety-five trillion dollars in PPP terms, out of a global total of one hundred seventy-three trillion. This is not a projection but an established measure of present economic weight that underscores how far the global economy has moved since the 1990s, when the G7 dominated with ease.

The pathway to this position began with a cautious process of regional cooperation that matured in the post-Cold War years. The Shanghai Cooperation Organization emerged in the late 1990s as a mechanism to manage borders and coordinate counter terrorism in Central Asia. From that limited remit, it has broadened into a platform for economic integration, infrastructure development, and dialogue between Eurasian states. Membership now extends beyond China, Russia, and the Central Asian republics to include India, Pakistan, and Iran, with dialogue partners ranging from Turkey to Egypt. This expansion shows the continuing attraction of institutions that can function outside the reach of Western-dominated security and economic structures.


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The momentum of enlargement reflects a structural logic. States with growing populations and resource endowments look for mechanisms that give them greater voice in setting the rules of trade and finance. The New Development Bank was created by BRICS as an alternative to the World Bank, designed to fund infrastructure with fewer political conditions. Its capitalization remains small compared with the global financial institutions, but its symbolic role is significant. The use of national currencies in settlement, promoted in successive summits, is a practical expression of the same ambition to erode the dependence on the dollar.

The geopolitical ramifications are extensive. For Russia, the institutional backing of BRICS and the SCO provides a cushion against Western sanctions and diplomatic isolation. For China, the blocs extend the Belt and Road Initiative into wider political legitimacy and reduce reliance on Western-controlled institutions. For India, the forums provide opportunities to secure development finance and trade access while maintaining strategic autonomy. For the Middle Eastern members, participation signals a hedge against reliance on Washington and a pragmatic bet on multipolarity. For African members, access means leverage in negotiations with international lenders and expanded investment options.

Security implications follow from the institutional weight of the SCO. While not a military alliance, its regular joint exercises, counter terrorism drills, and security dialogues create a framework of interoperability and trust building between member armed forces. The expansion of SCO membership to include nuclear-armed states such as India and Pakistan further complicates the security architecture of Eurasia. Western strategists view the bloc with concern because it provides a platform where Russia and China can coordinate military narratives with the participation of other major states.


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Economics remains the decisive dimension. BRICS members now account for a majority share of global energy production, with Russia, Iran, and the Gulf states controlling significant oil and gas reserves, while China and India dominate consumption growth. This energy leverage intersects with supply chains in technology and manufacturing, giving the bloc structural power in shaping global markets. The Economist Intelligence Unit has reported that the combined trade volume of BRICS has outpaced that of the G7, which shows the degree to which the economic centre of gravity has shifted.

The trajectory of the next five years points to further consolidation. Turkey has expressed interest in joining the SCO, and Mexico has been mentioned as a potential dialogue partner for BRICS. If such accessions occur, the population coverage of these blocs would approach seventy percent of humanity, and the share of global GDP could move towards sixty percent. Analysts at RAND note that the addition of middle-income powers would deepen the political legitimacy of the blocs, while also introducing new tensions given divergent national interests.

The geopolitical consequences extend to the institutional balance of the United Nations. A greater coordination of votes by BRICS and SCO members in the General Assembly and other UN bodies reduces the capacity of Western coalitions to push through resolutions. African and Asian states that align with these blocs gain bargaining power in negotiations over development aid and climate finance. This trend is already visible in UNCTAD and WTO discussions, where bloc members advocate for reforms to trade rules that favour industrial development over intellectual property protections championed by developed economies.

One must also consider the technological and industrial dimensions. China and India’s growing role in digital infrastructure, artificial intelligence, and space programmes brings advanced technology into the bloc’s portfolio. Russia and Iran provide defence industrial capabilities, while Brazil and South Africa bring agricultural and mineral resources. The technological partnerships now under discussion in BRICS summits include joint satellite projects, cross border data governance frameworks, and coordination on semiconductor supply chains.

The trajectory of de-dollarisation deserves specific scrutiny. While the process remains partial, the political commitment of major economies to diversify settlement currencies has tangible effects. Russia and China already settle much of their bilateral trade in roubles and yuan. India has experimented with rupee based settlement mechanisms for oil purchases. Gulf members of BRICS have discussed pricing some energy exports in non-dollar currencies. These moves have limited effect on the global role of the dollar so far, but the trend is consistent and creates cumulative erosion of its dominance.

The rise of these blocs signals a shift from unipolarity towards multipolarity, with competing centres of gravity in global governance. The G7 once claimed legitimacy through its economic weight and technological superiority. Today, those advantages have narrowed or disappeared. G7 members now represent less than ten percent of the global population and under thirty percent of global GDP in PPP terms. Their leverage depends on finance, institutions, and military capacity, but these tools are less effective when alternative forums and financing channels exist.

The likely direction is towards a fragmented but functional multipolar system. BRICS and the SCO will not replace the UN, the IMF, or the World Bank, but they will provide alternative channels that reduce dependence on them. This diversification creates resilience for member states and reduces vulnerability to unilateral sanctions. It also introduces inefficiency into global governance, as overlapping institutions compete and duplicate functions. The long-term outcome will be a more contested and transactional system in which rules are negotiated case by case rather than imposed universally.

The security architecture will likewise reflect pluralism rather than bipolar division. SCO exercises demonstrate growing military confidence, but the absence of binding defence commitments means that strategic autonomy remains the guiding principle. BRICS has no security mandate, but its political solidarity creates diplomatic cover that blunts Western pressure. The consequence is a more complex operating environment for NATO and the European Union, where deterrence must account not only for direct adversaries but also for networks of states that may provide political or economic cover.


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Western elites face an existential challenge because the financial order that allowed them to extract wealth from the global south is breaking down. The post war system let Western states run high debts and absorb the resources of others through institutions and currency privilege, while wars periodically reset currencies and restored balance sheets at the expense of others. The use of fabricated threats, such as exaggerated drone sightings in Eastern Europe, creates a political climate for militarisation in Poland and Romania, while large-scale bases planned in the Philippines show preparation for escalation in Asia. Russia, Iran, and China have anticipated this dynamic and hardened their economies and defences against attempts at encirclement.

France’s withdrawal from the Sahel after decades of dominance has deprived it of resource access and contributed to wider economic malaise, showing the limits of the old model. Western states may look to cryptocurrencies, stablecoins, and central bank digital currencies to restructure debt and reassert control, but these tools cannot erase the erosion of confidence in their financial stewardship. BRICS members hedge with gold reserves, commodity trade, and settlement in national currencies, building mechanisms that prevent them from being drawn into cycles of Western debt repayment. The difference is stark: one side seeks war and financial reset to preserve privilege, the other builds alternative systems to shield against external liabilities. The outcome depends on whether Western escalation can overcome the growing resilience of the Eurasian and global south networks, but the structural balance suggests that attempts to restart the old order through global war are less likely to succeed than in the past.

The conclusion reached by most independent analysts is that the rise of BRICS and the SCO marks a permanent adjustment in the distribution of power. The blocs will face internal tensions and capacity limits, but their demographic, economic, and resource base guarantees them a central role in shaping the century ahead. The G7 and Western institutions will remain influential, but no longer decisive. The international system that emerges will be more fragmented, more regionalized, and more contested, but also more representative of the demographic and economic realities of the modern world.

Authored By: Global GeoPolitics
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Subscribe today for the full report and portfolio.
The Knowledge You Need to Build and Preserve Your Wealth


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Fear as Currency: How the System Keeps You Dependent
We believe money should serve you, not control you. Yet for generations, the financial system has been engineered to do the opposite. It thrives on fear, stress, and dependency—convincing people that debt is normal, that inflation is just a fact of life, and that manufactured crises require blind trust in those who created the problems in the first place. Every headline warning of collapse, every new policy dressed up as “stability,” is designed to reinforce the same cycle: stay afraid, stay compliant, and keep the system alive.

But the truth is, you don’t have to live that way. There is another path—one rooted in knowledge, independence, and real assets that hold value outside of political promises or central bank experiments. Breaking free starts with understanding how money truly works, why it loses its power over time, and how you can reclaim your financial sovereignty.

When you take that step, you move from being controlled by money to putting money back in its proper place: a tool to serve your goals, your family, and your future. That is the kind of security no government can legislate away and no printing press can dilute.

That’s why we’re producing the Silver Sunrise documentary—to tell this story clearly, honestly, and powerfully. Too many people remain in the dark about how the system really operates and what it takes to break free. This film is about shining a light on the truth and giving people the confidence to step outside the cycle of fear and dependency.

If you believe this message matters, we invite you to support the project. Your donation to SilverSunrise.tv [https://silversunrise.tv/] helps bring this vision to life, funds production, and ensures we can reach a wider audience with a message of hope, freedom, and financial independence. Every contribution makes a difference—and together we can help more people see that sunrise for themselves.

Watch The Weekly Perspective Here
Gold & Silver Are On A Run!
Our Economy’s Fragile State Demands Immediate Action

Barring some miracle, can we still turn this sinking ship around?
One thing is for certain... the election certainly further divide our nation and keeps us distracted from the real issues.

The rift that emerged the moment the polls closed is going to seem petty compared to what is still brewing.

We’re facing the convergence of hidden financial forces—forces that have been quietly gaining momentum for years, and now they’ve reached their breaking point.

When these forces finally erupt, I believe they’ll set off an unstoppable chain reaction that splits the financial markets in two... wiping out the wealth of millions of unsuspecting investors while creating enormous profits for those who are prepared.

The side you find yourself on depends on the actions you take now, before this economic, social, and financial crisis hits its irreversible tipping point.

But no one is warning you about what’s really coming...

Everyone’s looking the other way.

And in doing so, they’re overlooking the financial shockwave that’s about to tear America apart, casting every citizen—no matter their political beliefs—into one of two camps: richer or poorer.

You know I'm right.

Let’s be honest—has life gotten any easier? Have your investments delivered better returns in recent years compared to the past? Are everyday essentials like gas, food, electricity, and housing becoming more affordable, or are they getting more expensive? Do you think a new President is going to save a failing fiat dollar or just kick the can down the road another 4 years?

If you're like most of us, the answer is a resounding NO!

That’s why I’m inviting you to become a member of my newsletter advisory membership.

My mission is clear: to help ensure you end up on the right side of this financial divide and land on the other side with your wealth and prosperity intact.

What is coming ahead are challenging times, and they are likely to get even worse.

I've been warning people like you about the decline of the American Empire for some time. Despite the Federal Reserve's assertion that inflation is only 8%, the evidence suggests otherwise.

The stock market has taken a few significant hits and caused some investors to lose almost half their net worth. What most people miss is that if a stock drops by 50%, it needs to increase by 100% to return to its original purchase price. A stock that drops from $10 to $5 ($5 / $10 = 50%) must rise by $5, or 100%, to return to $10.

When you understand the drivers behind the economy and financial markets, you can have greater control of your life and finances. Our strategy is to put substantial capital into substantial companies. We offer some exciting speculations, but please use funds you can afford to lose.

As a member of The Morgan Report, you will know precisely how to navigate these markets, protect your wealth, and remain centred while those around you are flailing at any get-rich-quick scheme that worked in the past but will NOT work as things get REAL once again.

We're talking about opportunities that come along once every few centuries. When the next recession (depression) comes, those who have invested in suitable locations and assets will be able to remain calm and help others, be it family, neighbours, or whole communities.

Get Your Financial Affairs In Order Before The Collapse. Discover The Morgan Report Here.

Sincerely,

David Morgan
Founder, TheMorganReport.com



Information contained herein has been obtained from sources believed to be reliable, but there is no guarantee as to completeness or accuracy. Because individual investment objectives vary, this Summary should not be construed as advice to meet the particular needs of the reader. Any opinions expressed herein are statements of our judgment as of this date and are subject to change without notice. Any action taken as a result of reading this independent market research is solely the responsibility of the reader.

The Morgan Report is not and does not profess to be a professional investment advisor, and strongly encourages all readers to consult with their own personal financial advisors, attorneys, and accountants before making any investment decision. The Morgan Report and/or independent consultants or members of their families may have a position in the securities mentioned. Mr. Morgan does consult on a paid basis both with private investors and various companies. Investing and speculation are inherently risky and should not be undertaken without professional advice. By your act of reading this independent market research letter, you fully and explicitly agree that The Morgan Report will not be held liable or responsible for any decisions you make regarding any information discussed herein.
(c) 2025 The Morgan Report | David Morgan



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The Golden Apple of Discord Yahoo / Inbox Bonner Private Research From: bonnerprivateresearch+[email protected]

To: [email protected] Sun, September 14 at 9:58 A.M.

Sunday, September 14th, 2025, Laramie, Wyoming By Dan Denning

Not many people know that the Judgement of Paris was preceded by the Golden Apple of Discord. But if you didn't before, you do now! And given the week we’ve just had, it might be a good time to revisit this ancient story of love and strife, before we dive back into financial markets, rate cuts, and more tomorrow.

Eris was the Greek goddess of Strife. It may seem a little weird that the Greeks HAD a goddess of Strife. But that tells you chaos, discord, and strife are part of the human condition and not anything modern or new. The Roman goddess of Strife was named Discordia, which will be important to our story in a moment. Back to Eris.

Unlike other more important gods, Eris wasn’t invited to the marriage of the sea nymph Thetis and Peleus, a mortal king. She decided to cause a little chaos as a result. She inscribed a golden apple into the wedding banquet with the words ‘To the Fairest’ written on it. The Greek word for fairest is ‘Kallisti.’ Hera, Athena, and Aphrodite each claimed the apple was obviously meant for her.

A dispute ensued. The female gods turned to Zeus for a final decision on who was the fairest. Being a wise man, Zeus wanted nothing to do with the argument. Instead, he appointed a mortal, Paris, a prince of Troy, to be judge. ‘The Judgement of Paris’ is the famous name given to the choice Paris made. The thing is, not trusting in their own beauty (or the good judgment of Paris), each of the goddesses tried to bribe him.

Proving that things never change, it worked, at least for one of them. Aphrodite promised Paris the love of the most beautiful woman in the world if he chose her. Paris gave Aphrodite the Golden Apple (of discord), and Aphrodite caused Helen of Sparta to be in love with Paris. Happily ever after. Blah blah blah.

End of story, right? Nope. The trouble, as you probably know now, is that Helen was already married to Menelaeus, the King of Sparta. Paris didn’t let a small matter like that get between him and true love. He abducted (or eloped, depending on how you read it) with Helen and took her back across the wine-dark sea to Troy.

The ten-year Trojan war–which resulted in the fall and sack of Troy and the death of Paris, his brother Hector, and his father Priam–followed. Paris did manage to kill the Greek warrior Achilles in the war, firing an arrow that was directed by the god Apollo and hitting Achilles in the only area of his body not protected by divine intervention, the heel. The story of the return of the Greeks back home, The Odyssey, is currently being made into a movie by the director Christopher Nolan. We tell these stories because they are timeless and remind us that people haven’t changed much. But for now, the point: Discord is not a deity. But it is a part of human history and will be part of the future too.

A big part of the present as well! Source: Getty Images Discord, the name of a social media technology that facilitated a revolution in Nepal this week. Given the week that the world had, you can be forgiven if you missed what happened. But it’s worth passing on quickly. Gen Z (younger Nepalese who are savvy with technology) used Discord servers to organize and protest a corrupt communist government in Nepal, and even voted in their choice to replace the disgraced former Prime Minister.

It all happened lightning fast. The government tried to silence dissent by imposing a social media blackout. It didn’t work. Discord servers–a little like live chat rooms where people can talk to each other live and share files and links–became the main tool for organizing the first digital revolution of its kind in the world. It was a pretty amazing story. You can read about it now online. My favourite part was the Finance Minister fleeing naked into a river after being chased by an angry mob.

That’s the kind of accountability we should expect from the people who manipulate the value of our money and influence (negatively) the quality of our lives. In any case, Discord (and Discord servers) are part of the modern landscape. Since our beat here is money, we’d like to suggest that most of these problems have their ‘root causes’ in the money. When the value of the money goes…all values tend to go with it. If that’s true, your best bet in the current chaos is to hang on to your values and those things most valuable to you. As investors, that means objects of permanent value like gold, precious metals, and high-quality companies. As people, that means friends, family, and your relationship with God (if you have one). And don’t forget your furry friends, too.

My brother’s dog Bandit crossed the Rainbow Bridge this week, which sucked. It’s a big week coming up with the Fed meeting. We’ll be on the case. In the meantime, you’ll find a quick review of the week that was below. Have a good Sunday and get outside for some fresh air and peace. Until tomorrow, Dan. P.S. If you found the story of Eris and Paris thought-provoking, you might do what I just did and pick up a copy of The Essential Classics: An Anthology of Greco-Roman Literature.

The hardcover edition from late last year has an introduction from my old managing editor, Van Bryan, and a foreword from Anya Leonard. Long-time readers will recognize Anya as the head of Classical Wisdom, a project she and Bill Bonner began years ago. Anya’s been running the show on her own for years and sometimes even gets some help from old BPR collaborator Joel Bowman (her husband).

The book is a must-have for lovers of books and of Classical Wisdom.

Weekly Updates: Taking Cash off the Table, Tom Dyson · Sep 10 Taking Cash off the Table Chiswick, West London

Read full story Weekly Updates The End Continues Dan Denning · Sep 12 The End Continues Friday, September 12th, 2025 Read full story

A Pack of Wolves Bill Bonner and Dan Denning - A Pack of Wolves Friday, September 12th, 2025 Read full story

It's a Trap Bill Bonner and Dan Denning - It's a Trap Thursday, September 11th, 2025 Read full story Punked Bill Bonner

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September 14, 2025
Ukraine Adds 3-Year-Old Child To Kill List After Crossing Off Charlie Kirk
By: Sorcha Faal, and as reported to her Western Subscribers

A beyond shocking new Security Council (SC) report circulating in the Kremlin today first notes Foreign Ministry special envoy Rodion Miroshnik declared in righteous rage: “The Ukrainian Reich is declaring toddlers enemies of their state...The radicals and Nazis who rule the ball in Ukraine today harass not only politicians or military personnel, but also their children, their close and distant relatives, seeking to sow the seeds of hatred as deeply as possible into the shattered consciousness of Ukrainians”, says this declaration of rage followed the horrifying news about Myrotvorets, known as the “Ukraine Kill List”, which was revealed: “A group of Russian children, the youngest of whom is just three years old, has been targeted by the Myrotvorets website...According to an entry added on September 13, one child born in April 2022 is accused of “conscious violation of the state border” and “encroachment on sovereignty”...On the same day, five other minors aged 5, 9, 10, 12, and 16 were also blacklisted for similar alleged offences...Earlier this week, a five-year-old and several 11-year-olds were added to the site.

Just crossed off the “Ukraine Kill List”, this report notes, was brutally assassinated Christian martyr Charlie Kirk, who was placed on the kill list by American-born transgender Ukrainian Territorial Defense spokesperson Sarah Ashton-Cirillo—Kirk fired back at the man pretending to be a woman transgender Sarah Ashton-Cirillo: “Are they going to murder, or try to murder Steve Bannon or Tucker Carlson, or myself?... None of us are Putin puppets or Russian propagandists, but The New York Times calls us that, Twitter calls us that...And that person, who is funded by the US Treasury, says: We are gonna come murder you,”—and it was not surprisingly revealed today: “Charlie Kirk’s assassin lived with his transgender partner, senior-level FBI officials told Fox News Digital...Bureau officials confirmed that Tyler Robinson, 22, was in a "romantic relationship" with the unnamed person, who is a male transitioning to a female.

In his last message to the world, this report continues, Christian martyr Charlie Kirk posted a photo of terrified Ukrainian refugee beauty Iryna Zarutska in the moment before she died with the dire warning: “America will never be the same”—and was a dire warning coming on the same day video was released showing the leftist supported deranged Black killer of Ukrainian refugee beauty Iryna Zarutska walking down the train car aisle with his blood dripping knife demonically chanting: “I got that white girl”.

Yesterday, this report details, up to 3 million peoples marched in London to honor Christian martyr Charlie Kirk and demand that their country be taken back from godless leftists—American tech giant Elon Musk proclaimed to them via video link: “Fight back or die!”—and world-renowned Russian philosopher Aleksandr Dugin, whose beloved young daughter Darya Dugina was placed on the "Ukraine Kill List" then brutally assassinated, most factually warned: “Charlie Kirk’s murder is the beginning of a liberal, globalist riot against all ordinary people”.

Most certainly fighting back against godless leftists forces, this report notes, is top White House official Stephen Miller, the right hand of President Donald Trump, who yesterday reposted the photo of terrified Ukrainian refugee beauty Iryna Zarutska in the moment before she died that was first posted by Christian martyr Charlie Kirk—and was a reposting by Miller proving that he well knows the critical history of what happened in 1970 that changed America forever:

On May 8, 1970, workers descended from the World Trade Center and other half-built towers. In a clash that engulfed Lower Manhattan and came to be known as the “hard hat riot”, masses of workmen pummeled student protesters.

The icons of Franklin Roosevelt’s coalition had attacked the left’s future.
It shocked power brokers. The New Left was at war with the Old.
The class war over the real war concentrated larger social conflicts. Vietnam was concerned not only with how one lived but how one might die: Blue-collar families knew what sort of people got student deferments, fled to Canada, were saved by draft boards or retained lawyers to safeguard them. And it chafed many working families to see student protesters, from campus sanctuaries, lecture Americans with less status about social justice while their boys went to war in students’ place.

For weeks, tradesmen, longshoremen and Teamsters demonstrated daily. Two breeds of Democrats were now in the streets, clashing over social values and who felt valued. The worker activism culminated with up to 150,000 labourers flooding downtown New York City in a sea of American flags.
Time magazine coined it the “Workers’ Woodstock”.

Following the “hard hat riot” of 1970, this report concludes, working class Democrats flocked to elect Republican Party leaders President Richard Nixon, in 1972, and President Ronald Reagan, in 1980 and 1984, both of whom won the largest elections in American history—starting in 2012, it saw Christian martyr Charlie Kirk further decimating socialist Democrats by his joining young peoples with the workers who had already joined Republicans—but whose valiant efforts to destroy godless leftists, last evening, saw his grieving widow Erica Kirk posting a heartbreaking photo of her holding the hand of her husband in his casket with the words: “The world is evil...But our Saviour...Our Lord...Our God...Не is so good...I will never have the words...Ever...The sound of this widow weeping echoes throughout this world like a battle cry...I have no idea what any of this means...But baby I know you do and so does our Lord....They have no idea what they just ignited within this wife...If they thought my husband’s mission was big now, you have no idea...You...All of you...Will never...Ever...Forget my husband Charlie Kirk...I’ll make sure of it...Rest in the arms of our Lord baby as he blankets you with the words I know your heart always strived to hear, “well done, My good and faithful servant””.

[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]



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September 14, 2025, EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition that it is linked to its source at WhatDoesItMean.com. Freebase content licensed under CC-BY and GFDL.

[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ have been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exemplified in numerous places, including HERE.]

[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]

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https://www.zerohedge.com/political/...your-own-facts

Authored by Thaddeus G. McCotter via American Greatness,

One of the left’s many irritating traits is its pedantic didacticism. Viewing themselves as morally and intellectually superior, they tend to view their lives as one long teachable moment to enlighten the rest of benighted humanity (i.e., non-leftists).
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In so doing, however, they rarely take the time to educate themselves as to the inherent contradictions in their ideology, let alone endeavor to overcome the cognitive dissonance to hold such opposing ideas without feeling the need to reconcile them.

Consider the left’s chastisement that is oft levelled at dissenters from the preferred narrative: “You are not entitled to your own facts.” This is rich coming from this political tribe of postmodernists.

Creeping forth from the cesspool of Rousseau, who himself wrote in reaction and rejection to the Enlightenment, postmodernism is just one more justification of individual will and appetite employed to remove any Western civilizational claims and constraints upon licentiousness; and, unsurprisingly, a siren song that ultimately leads not to freedom but serfdom.

Per Britannica:
Postmodernism is largely a reaction against the intellectual assumptions and values of the modern period in the history of Western philosophy (roughly, the 17th through the 19th century). Indeed, many of the doctrines characteristically associated with postmodernism can fairly be described as the straightforward denial of general philosophical viewpoints that were taken for granted during the 18th-century Enlightenment, though they were not unique to that period.

Within this warped ideology of a fat and sassy political movement that has enough money to dabble in such folly, moral relativism, and the use of language through deconstruction and narrative engineering are critical (pun intended) to accomplishing their aims of recreating society in their preferred civilizational construct.

Postmodernists deny that there are aspects of reality that are objective; that there are statements about reality that are objectively true or false; that it is possible to know such statements (objective knowledge); that human beings can know some things with certainty; and that there are objective, or absolute, moral values. Reality, knowledge, and value are constructed by discourses; hence, they can vary with them. This means that the discourse of modern science, when considered apart from the evidential standards internal to it, has no greater purchase on the truth than do alternative perspectives, including (for example) astrology and witchcraft. Postmodernists sometimes characterize the evidential standards of science, including the use of reason and logic, as

“Enlightenment rationality.”
In consequence, for those who boast about speaking “truth to power,” there is no truth, only power. Language, then, is deemed a crucial tool of the powerful imposing power upon the powerless in a society:

Part of the postmodern answer is that the prevailing discourses in any society reflect the interests and values, broadly speaking, of dominant or elite groups. Postmodernists disagree about the nature of this connection; whereas some apparently endorse the dictum of the German philosopher and economist Karl Marx that “the ruling ideas of each age have ever been the ideas of its ruling class,” others are more circumspect. Inspired by the historical research of the French philosopher Michel Foucault, some postmodernists defend the comparatively nuanced view that what counts as knowledge in a given era is always influenced, in complex and subtle ways, by considerations of power. There are others, however, who are willing to go even further than Marx.

“Workers of the world, unite! You have nothing to lose but your colloquialisms!” Today’s postmodern leftists regard themselves as chic for wrapping themselves in the threadbare “will and appetite” arguments of Rousseau that have lured radicals from Robespierre to Pol Pot. This is repackaged radicalism for the entitled and ignorant among us, whose disorder and ennui are periodically placated by ordering around other people—Postmodernism: The New Coke of ideologies.

So, you ask, why do relativists who do not believe in objective truth claim you are not entitled to your own facts?
It is a means of censoring dissent to impose their views upon others.
If “truth” is relative, subjectively posited, and dependent upon language, the political “discourse” must be tightly constricted to prevent alternate narratives expressed by the erstwhile dominant power structure within a society from surviving and reviving. Such is the essence of Herbert Marcuse’s “liberating tolerance,” as Roger Kimball noted in City Journal over two decades ago: “Back in the 1960s, then-famous Marxist philosopher and guru of radical students Herbert Marcuse advocated the Orwellian principle of ‘liberating tolerance’—‘intolerance against movements from the Right, and toleration of movements from the left….’”

We need not look far to find the bitter instances of such leftist liberating intolerance: their Russia-gate subversive smear campaign to undermine a duly elected president; the COVID cover-up of its origins and the coercion of entire populations to comply with its less than scientific public “health” directives; the outright lies about Hunter Biden’s laptop and President Biden’s mental competence, etc. All these deceits had been proclaimed as truths by the left, and despite all evidence, many are still firmly believed. Moreover, as for those who questioned these lies and were ultimately proven correct, the left had long ago claimed to have “debunked” these dissenting voices and dismissed them with the trope, “You are not entitled to your own facts.”

The cognitive dissonance of the postmodern left prevents them from recognizing both their hypocrisy and the ineluctable end of their ideology: authoritarianism or worse. In sum, they cannot recognize that they are what they claim to oppose—or, perhaps they do, which is why they unfairly and incessantly project it upon others?

Suffice to say, however, as an American with a God-given, constitutionally recognized, and protected right to free speech and the inherent right to the freedom of conscience, you are entitled to your own facts, because no person or institution has or can have the legitimate power to tell you what you must say or think in our free republic.

Thus, this is the case whether or not you actually believe in facts and are open-minded enough to critically think and revise said facts in the face of new evidence. Though that certainly helps improve the overall health of our free republic. For the benefit of the postmodern left, let us remind them that there is nothing more dangerous than a censor who seeks to control the language to control the minds of others, by any means at their disposal.

https://www.zerohedge.com/markets/beyond-fed-my-droog

Beyond The Fed, My Droog
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by Tyler Durden
Sunday, September 14, 2025 - 03:10 PM

By Peter Tchir of Academy Securities
Beyond the Fed, My Droog

We will spend a few minutes on the Fed because it is pretty much obligatory ahead of the FOMC, though hopefully our view has been quite clear. Then we will touch on Russia/Ukraine, as there have been some really interesting developments.

We got to cover a lot of topics that generated a lot of feedback on Wednesday morning on Bloomberg TV (Academy’s segment starts at the 6:45 mark).

The Fed
We laid out a bunch of hypotheticals in August on how We Would Drive Yields Lower. We started focusing attention on flatteners then. One of our August interviews got condensed into a smaller clip: Focus On Long End of the Curve, Not Fed Cuts: Tchir.

Currently, according to WIRP, the market is pricing in 1.04 cuts at this meeting, 1.9 cuts in October, and 2.8 cuts by the end of the December meeting.
https://assets.zerohedge.com/s3fs-pu...?itok=LTBhk9dJ

That seems a touch low.
We remain in the 75 to 100 bp cut camp for the year, so there is room to price in a higher probability of 4 cuts this year than the market currently has priced in.

For this meeting, we see a 0.00001% chance of no cuts (we guess there is always some possibility), but only a 60% chance of 25 bps, with a 40% chance of 50 bps. Actually, we only view it as a 25% chance, but this seemed like a good opportunity to dig up a fun report in the Wall Street Journal that we were involved with – How Do Pundits Never Get It Wrong? Call a 40% Chance.

The market doesn’t seem to be prepared for a big shift to the dovish side. We think a bigger cut than 25 has a real shot, and that the dots could surprise with more cuts occurring sooner.

Our assumption is that there are always some people who don’t have a strong opinion, and for ease, just adopt the consensus and/or the recommendation of the leader. So, Powell had what seemed like more support, or conversely, less obvious dissent than really existed.
With the tide changing at the Fed, and other voices gaining strength as we prepare for a new Chair, it seems reasonable to assume some of those who just followed along as hawks will now follow along as doves – impacting the messaging. Any mention of “additional” measures does not seem priced in at all.

It is probably too early to mention that things like another Operation Twist are on the table (Operation Twist is where the Fed sells shorter-term bond holdings to buy longer-maturity bonds).

The Treasury Department announced Increased Buybacks. This fits with our theme of a “tandem” approach to managing the yield curve. The Treasury and Fed work in conjunction with each other to complement their tools. This helps contain the longer end of the curve, and also likely generates some revenue to create lower deficits (I haven’t confirmed this, but to the extent they are buying bonds below par and retiring them, there should be an accounting gain).

Probably a touch early for Powell to address some non-traditional programs (though they now seem pretty standard), but even after recent flattening, you seem to be getting this potential option very cheaply. Though maybe he could admit that changes in short-term rates are not as effective (as a policy tool) as they once were.

Finally, we are seeing rate cut expectations increase, while curves flatten for two other reasons, which we’ve mentioned before:

1. By having so many credible candidates for the Fed discuss their views, almost all being more dovish than Powell has been, it makes it seem less “egregious” or even “normal” to cut (we were in the “should cut in July camp” but that view has gone from potentially being accused of being politically motivated, to validated by the data).
2. Cuts justified by weak economic data (jobs) do not force the curve steeper.

The corollary, or counterpoint, or outlet of this view is a weaker dollar. We could see a break below 90 on DXY. Given the administration’s desire to reduce imports and increase exports, a weaker dollar would likely be viewed (behind closed doors, because we “cannot” publicly say we have a weak dollar policy) as a feature and not a bug.
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China Trade Talks
China has the upper hand in controlling “usable” rare earths and critical minerals. They refine and process the vast majority of rare earths and critical minerals. Even as the U.S. starts getting access to the rare earths and minerals themselves, it will take years, heavy investment, and potentially a lot of deregulation to be sufficient in producing the “usable” forms of these crucial components for so many products.

The U.S. has the upper hand in chips for AI and data centers, but China seems to be digging in their heels in this area to promote and develop its domestic chip industry, which is far behind but seems to be closing the gap in some segments.

Secondary tariffs on trade with Russia? We will delve into Russia next, but the idea that the U.S. may be close to getting Europe to place high secondary tariffs on China (after which the U.S. would follow suit) has gained a lot of traction. It seems difficult to believe that it will occur, but it would be incredibly disruptive. It seems like it would be very difficult to get China to negotiate in good faith on a bilateral deal if the U.S. is really pushing hard on this front (because China would not see the U.S. negotiating in good faith under these circumstances).

I find this chart mesmerizing as it seems so counter-intuitive from the news flow, yet it is real.
https://assets.zerohedge.com/s3fs-pu...?itok=eELF6y6F

Every day, we are inundated with “all-time high” headlines. We get a lot of coverage on our policies and the impacts they are (or are not) having here. We hear so little about China, clearly the country where policy should be focused.

Yet, since the election, FXI is up 60% versus 23% for QQQ. 34% versus 15% since the start of the year in favour of FXI. QQQ holds a slight edge since the post-Liberation Day lows (40% versus 38%). A portion of the return is related to FX, another portion can be attributed to positioning, but there is something about this chart that captivates me and makes me wonder how well we are doing as the globe tries to adapt to big changes in US policy. The chart would look worse if we focused on the Russell 2000, which hasn’t benefited as much as the Nasdaq 100 from the spending on AI and Data Centers.

Ra Ra Ras PUTIN
Thinking about some big changes in Europe this week got this song stuck in my head. Some of the lyrics seem to apply just as well to Putin as to Rasputin (most people looked at him with terror and fear). “There was a cat that really was gone. It was a shame how he carried on. In all affairs of state, he was the man to please. The demands to do something about this outrageous man became louder and louder.” I was shocked that this song was not a one-hit wonder, but we digress.

It also seems like a good time to channel some Clockwork Orange, my droog, as the violence and “aggro” have the potential to escalate, which, unfortunately, may be a necessary step towards achieving peace.
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The
Academy published a SITREP this week – NATO Jets Shoot Down Russian Drones Over Poland. This incident caused Poland to invoke Article 4 of the NATO treaty to prompt a formal discussion within the alliance. The SITREP analyzes the situation extremely well.

We’ve already addressed the “chatter” about actually, truly enforcing sanctions, and we briefly addressed secondary tariffs against China (with India being the other
target, and more likely to face some tariffs than China). Finally, after over 3 years, our quotes in Time Magazine – Sanctions on Russia Won’t Work may turn out to be incorrect. At the time, we argued that the willingness to truly enforce sanctions was low; therefore, sanctions would be ineffective. We would turn a blind eye to strategies that would avoid sanctions (like some of the “stans” suddenly having massive trade with Europe – wonder where they were getting the stuff to sell? Or China and India not abiding by sanctions).

It is time to turn the screws on Putin economically.
When we argued, post-election, that President Trump could be successful in achieving a relatively quick cessation of hostilities, we laid out the carrots and sticks that would likely be needed on both sides.

We all know how the first Oval Office meeting between Trump and Zelensky went.
Ukraine seemed to be getting the stick, while Russia primarily got carrots. That has been changing over time. The new “circle” where the U.S. sells weapons to Europe, which in turn “provides” them to Ukraine, seems to be renewing the flow of equipment to Ukraine (without adding to the deficit woes of the U.S.).

There seems to be more willingness (if not encouragement) to allow the Ukrainians to implement pretty standard tactics (like hitting supplies and disrupting transit in Russia). Many of these tactics had been denied to Ukraine in the past.

With the Department of War and Peace Through Strength, there is reason to believe that Ukraine will be able to do more.
This new system somewhat resembles the proxies we have been facing.

Did the U.S. supply the weapons? No. Not directly.

Did the U.S. permit Ukraine to use the weapons they have, of U.S. origin, more effectively? No, but we didn’t say they couldn’t.
More carrots for Ukraine and a bit of a stick for Russia.
But that isn’t what we want to talk about.

Russia’s Frozen Reserves
Finally, the President seemed to encourage Europe to take steps to “take” some of Russia’s frozen reserves.

There is approximately $300 billion of frozen reserves.
The vast majority of this sits in the European Union, as, according to Grok, over $200 billion (of euros) was frozen. Our understanding is that some of the $65 billion or so of USD reserves frozen are not fully controlled by the United States.

We’ve written about this multiple times as a key element to forcing any peace.
We also discussed our very strong view that the President was extremely reluctant to take or use Putin’s frozen USD reserves. There was a view in the admin that the U.S. didn’t have the law on its side. It is also possible that at the time, the admin wasn’t willing to be too aggressive, as the President seemed to believe that his relationship with Putin would be enough to achieve peace, and threatening his reserves would not help their relationship.

We have heard from multiple sources that Putin fully expects to receive these reserves (it seems logical that, behind the scenes, some countries helping him the most have helped him “monetize” these reserves, making their “freezing” less effective).

Well, Europe keeping a big chunk of the money would be a wake-up call for Putin.
It “solves” the issue of how Ukraine (or Europe) is going to afford the weapons they are buying from the U.S. $200 billion is one heck of a war chest.

1. Europe, in general, and Ukraine in particular, have a stronger case for war reparations. Could it be as simple as Ukraine, in some international court, wins war reparations? But since Russia won’t pay, Europe would then provide the money from the funds? Not sure how this plays out, but Russia’s frozen reserves seem to be on the table for the first time, and that is a big stick.
2. Is there a chance that Putin has promised some of this money (once it is returned) to his backers? That seems plausible as they are running what was already an anemic economy on a wartime footing. Not going to say that could be akin to borrowing from a loan shark, but in the movies, that rarely works out well. This could mean there is even more pressure on Putin to get the money returned than we know.

Threatening Russia’s frozen reserves may be the best thing I’ve seen in terms of pushing this conflict towards some sort of deal.

European Bond Rally?
Imagine if Europe is successful in keeping even $100 billion?
What does that do for their borrowing needs? For their borrowing needs for defence spending?
Part of the reason we have seen yields behave stubbornly across the globe is concerns about the amount of spending Europe needs to embark on to meet its commitments on military spending. (Japan has been a big problem too for global yields, but let’s just focus on the European contribution to higher global yields here).

Btw, there is supposedly $37 billion in pounds that England might be happy to get their hands on.
They Didn’t Quit, They Wanted His Head

Wow, that song is really stuck in my head, but I cannot reiterate how profound Friday’s “nod” to go after Russia’s frozen reserves is. That, along with Article 4 from NATO and an admin that does not seem afraid to be tougher on sanctions and tariffs (in no small part because it hurts the U.S. less than it hurts Europe to go in that direction), could pave the way for some real progress.

We always thought that this would be about balancing carrots and sticks with the two combatants, and that balance seems to be happening.
Look for American corporations to be given big advantages over corporations from other countries in any rebuilding efforts once peace is achieved. We believe this is an important goal for the administration, as they feel we did not get enough of a head start/advantage after the Gulf Wars.

Bottom Line
Lower yields, flatter curves. In no small part because of global economic sluggishness, the world is adapting to a new trade order.
https://assets.zerohedge.com/s3fs-pu...?itok=m7SX_l_u
Peace between Russia and Ukraine, especially if it accompanies taking some of Russia’s frozen reserves, would help bonds, and we don’t think that is on anyone’s radar.

The equity grind continues. Good news is good. Bad news is good. No news is good. We did say last week that we thought there was a better chance of 5% downside before 5% upside. Even though we “only” got 1.6% this week on the S&P 500, we are still sticking with that view, though, with yields coming down, potential surprises from the Fed, and what we see as an improvement in the odds of some peace in Europe, it is difficult to stick to that view.

Credit remains boring in a “good” way, and crypto continues to benefit from this shift to easier monetary policy in the U.S., the momentum created by the GENIUS Act, and other regulatory actions.
Hopefully, you are reading this while enjoying some coffee and moloko as you prepare for what should be another interesting week.

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Dollar Debates & Gold’s Winning End-Game

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By Matthew Piepenburg
Partner

September 14, 2025

Whatever one thinks of the United States (economically, morally, militarily or politically), we can all agree that its dollar exerts tremendous influence (and controversy) over a rapidly changing world.

The Dollar’s Fate = Our Fate
The “greenback” is much more than the subject of what often feels like overly theoretical debates on its (near and longer-term) direction in both absolute terms (i.e., inherent purchasing power) or in terms of its relative strength to other currencies (i.e., as measured by the DXY).

As the world’s reserve currency, in which:
1) 58% of global FX reserves are held, 2) 80% of global trade finance is conducted, 3) $13T in global debt is denominated, 4) over $90T in FX swaps are traded and 5) the vast majority of US income-earners measure their wealth – the strength, direction and fate of this currency is of massive relevance to all of us – both within and outside of the United States.

A rising or falling dollar, for example, has a direct and immediate impact on stock market direction, bond market volatility, global trade shifts, local currency behaviours, tariff efficiency, central bank policies, alternative currency momentum, war motives and, of course, precious metal price action in the backdrop of gold’s rising reserve asset status.

Or stated even more simply: The fate of the USD matters because all of our fates – and not just the gold price – are tied to it.

More Than a “Debate”
Thus, when asking whether this USD will strengthen or weaken, there is far more at stake than just “winning a debate.”
What is of greater significance is understanding the moving parts of this admittedly complex issue before declaring a conclusion.
To help gain this understanding, we are compelled to respect both arguments – i.e. those who see a dollar’s “last dance” to record highs, and those who think the dollar’s dance (and hegemony) has already come to a historical turning point downwards, though, never, of course, in a perfectly straight line.

Lots of Smart
Toward this end, I have enjoyed unpacking this topic (debate?) with very smart leaders of the “strong dollar camp,” including a November 2023 conversation with the Milkshake Theory’s very own (and very smart) Brent Johnson.

I argued then for a secularly declining dollar; Brent saw a stronger dollar ahead.
At that time, the DXY was near 107. Two years later, the DXY sits today at 97.
Does that mean “I won” the dollar debate?

Hardly.

Start at the End
The dollar, like history, can be full of short-term surprises/movements despite a mathematically confirmed end-game, one in which all paper money, as Voltaire quipped, inevitably reverts to the zero-value of the paper it’s printed on…

But imagining a dying dollar (which has already lost 99% of its purchasing power against a milligram of gold since 1971) is almost impossible to do, especially a dollar as critical to global trade and finance as the world’s reserve currency.

And so, this critical debate, like time and he dollar itself, marches forward.

My Latest Debate
At the end of last month, for example, Francis Hunt and myself enjoyed what could be described as a “spirited exchange” with Henrik Zeberg, who, like Brent Johnson, makes a credible case for at least one more great DXY spike in the USD’s otherwise unlovable trajectory and profile.
Zeberg, like Johnson, legitimately reminds us of critical arguments in favour of a rising DXY (i.e., a USD growing relatively stronger than other key currencies), which I am unfairly simplifying here for reasons of word-count.

The crux, however, of the strong-dollar case hinges upon the fact that trillions (over $13T) in USD-denominated debt trading outside the US (i.e. “Eurodollar debt”) and over $90T in USD-based derivative transactions are perma-thirsty (and straw-sucking) for ever-more USDs to keep their credit and options markets forever dollar-greased and operative.

In times of crisis, this “thirst” for more USDs only increases in a backdrop for which James Rickards has warned there “won’t be enough dollars”, thereby sending the dollar relatively higher as: 1) demand for USDs to cover dollar-denominated (Eurodollar) debt skyrockets, and 2) global investors flock to the relatively safe-haven of the USD and UST.

The 2008 Dollar Template
Zeberg uses the Great Financial Crisis of 2008 as a critical template which confirms the foregoing argument.
During the GFC, for example, massive demand for USDs caused a 20% spike in the DXY and a short, but dramatic, fall in the gold price.
For Zeberg, the past is prologue.

Soon, likely in 2026, his model sees a massive and deflationary “uh-oh” moment in what we all agree is a grotesquely over-valued S&P.
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Fair enough.

In the wake of such a crisis, the otherwise unloved and debased USD will see what Zeberg predicts as its “last dance,” evidenced by a spiking DXY and gold dramatically retracing, as we all saw in the 08 crisis.

There is much to consider in this considerably logical argument.
Zeberg, like Brent Johnson, for example, argues (as do I and Francis Hunt) that we are marching toward a sovereign debt crisis/cliff.

In the chaos of such a crisis, Johnson (like Zeberg) argues that more USD liquidity will be the automatic re-cap model familiar to most of the world.
That is, the US will effectively have the biggest “straw” to draw capital in from that world, thereby sending the dollar up relative to other currencies.

In short, and despite its obvious flaws, the USD is presented as “the best horse in the glue factory.”
In times of crisis, the thirst for this key currency will spike. (Even when USTs lost their AAA rating, for example, investor money still flocked to USD.)
These are valid points, indeed.

More Reasons for the Dollar’s Last Dance
Johnson also reminds that in prior moments of a world on the edge of a credit crisis (such as the higher-for-longer, Powell-induced UST crisis, or the BoE-induced Gilt crisis of 2022), the USD reached a 30-year high.

This, alas, could easily happen again. In fact, for Johnson and Zeberg, it could be even more dramatic going forward.

Why?

Less Cooperative Swap Lines?
In such global inflection points (i.e., liquidity crises thirsty for dollars), the currency swap lines between global central banks traditionally helped buy time to keep USD-liquidity flowing without sending the DXY dangerously too high (because when the DXY rips, just about everything else – from local currencies to tech stocks – tanks).

But today, in a Trump world where global cooperation (and hence central bank currency swaps) could take a second seat to national protectionism, Johnson rightfully wonders if the DXY could spike dramatically higher in such a less-coordinated/cooperative backdrop.

Carry Trade Failures?
There is also the greater risk of carry-trade failures, which could limit liquidity in the next debt crisis and thus send the dollar much higher.
We all saw, for example, how the once reliably weaker/cheaper Yen, traditionally used to create USD liquidity via the arbitrageur's “Yen Carry Trade,” unwound last August, sending the USD higher.

For Johnson, a simultaneously strengthening Yen and USD could add fire to a percolating global liquidity nightmare in which the DXY could easily hit 150.
This would cripple local currencies, threaten credit markets (via rising rates), crush any chance of a US export revival and potentially trigger an equity market sell-off.
Again: When the DXY rises, just about everything but the dollar falls…
For Zeberg, this includes gold.

A Great Gold Fall?
Although Zeberg, like Johnson and I, are ultimately bullish on gold, he sees a 2008-like pullback in gold once the last DXY dance/spike takes stride.
Thereafter, and once the Fed resorts to extreme QE to weaken the dollar and monetize otherwise openly unpayable debt levels, Zeberg sees gold racing to astronomical highs as the dollar comes down from its last dance.


These, again, are admittedly simplistic summaries of the strong-dollar case.

An Alternative Take on the Dollar
Which brings me to my counter-argument, or at least counterpoints.
Ultimately, I don’t see a dramatically spiking DXY, a temporarily tanking gold price, nor even a dying dollar.
Instead, I see a dollar being slowly but deliberately re-priced (rather than immediately de-levered) in a backdrop where its role relative to other currencies maintains some supremacy but far less hegemony.

In other words, the dollar won’t vanish, but its historical respect, use and influence will continue to weaken in a world openly moving away from it.
No Rubel, Yuan, Euro or Yen, however, is going to replace the otherwise unlovable USD anytime soon. These currencies don’t want or need to seek global reserve status.

Instead, they are openly reaching trade deals in regional currencies which are net-settled in gold, not USDs or USTs.
This is also why I do NOT see a dramatic or lasting pullback in the gold price during the next deflationary credit-crisis/S&P implosion.

Gold’s Role Has Changed
The current stock market bubble, credit crisis and gold backdrop are objectively different from the 2008 template/example cited above.
Stated more simply, gold won’t act like it did in 2008 (i.e. retrace by > 30%), because the gold of 2025 and beyond operates in a dramatically different landscape and role today than yesterday.

The strong dollar case underestimates the open de-dollarization movement, which came in the wake of the 2022 weaponization of the greenback; it also assumes smooth and continuous dollar hegemony in a new “Game of Thrones” setting by which the dollar is not the same dragon it used to be…
With those broad statements thus made, let’s dig a bit deeper to make this case.

The US Doesn’t Want a Stronger USD
First, and as I argued with Brent Johnson back in 2023, one of the primary arguments against a dangerously spiking DXY/USD is the simple fact that the US doesn’t want, nor can it afford, a DXY ripping North.

The aim of the US, both for trade deficits and debt monetization, is a relatively (as well as absolutely) weaker (not stronger) USD.
Of course, this alone is no defence. Not wanting a stronger USD doesn’t mean it can’t happen.
But should the DXY start climbing into the 130’s or higher, there would be an immediate, and yes, desperate, series of foreseeable and unforeseeable (and rocky rather than smooth) policy moves (with admittedly less effective “tools”) to slow any further spike.

This is because a dangerously rising DXY destabilizes the world.
Such desperate “reactions” would and could take any number of forms, from a sudden Plazza Accord 2.0 or Bretton Woods 2.0 event to a global scrambling of central bank demands for emergency swap lines, YCC and extreme Fed QE to the moon – all in order to prevent a rising USD from crushing local and global debt markets, spiking US trade deficits and gyrating global equity markets.

Any such messy “solutions” could protect the USD’s relative strength from spiking the DXY, but naturally and simultaneously destroy its absolute purchasing power, which is now beyond current or even future dispute.
This is because the US, at current and historically unprecedented debt levels, is out of currency options: It’s now inflate or die.

In other words, the FED and US Treasury will continue to debase (weaken) the USD and run negative real rates to “save” its debt market by further destroying its paper dollar.

This template of currency destruction in a debt crisis is as old and predictable as history itself.
It is thus critical to understand that even a rising DXY does not protect the dollar from being inherently debased.

Gold Rising in the Next Crisis
As for gold retracing ala 2008 in the next deflationary credit implosion, Zeberg’s argument assumes that the world still sees gold as a speculation or liquidity asset (as it did then) rather than as a strategic global reserve asset (as it does now).

The evidence of gold replacing the UST and USD as a far greater (and strategic) store of value since 2008 is no longer a conspiracy theory or “gold bug spin.”
Instead, the evidence of gold’s rising status and role is literally all around us – from: 1) the rise of gold as a net-settlement asset within the ever de-dollarizing BRICS+ coalition, 2) the weakening petrodollar and rising Yuan/Russia oil trade, 3) the IMF’s confession of gold being critical to any reset to come, 4) the 3X expansion of central bank gold stacking since the US weaponized the USD in 2022, and 5) the BIS openly granting gold aTier-1 status to 6) the embarrassing repatriation of physical gold off the London and New York exchanges.

In other words, and contrary to Zeberg’s argument of the USD and UST as a “safe-haven” in the next deflationary crisis, I (and Francis Hunt) would argue the very opposite.

Why, after all, would the world seek a “safe-haven” in a UST (the worst performing asset in the last 5 years with a 50% loss of value) and hence USD, when gold, the new Tier-1 asset, is an objectively, monetarily and mathematically superior store of value?
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Rather than dump gold in the next “08 moment,” the world will instead be racing toward it.
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A Mug’s Game, A Critical Asset
Again, a deeper dive into the nuances of these otherwise complex yet broadly stroked arguments is not my aim here.
Predicting precise scenarios and DXY directional percentages is ultimately a mug’s game in a sea of volatility.
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Nevertheless, tracking the empirical decline of the USD’s absolute purchasing power is no debate, but an empirical fact.
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As for the USD’s relative moves in the DXY and against other currencies, that is admittedly, and in all fairness to Brent Johnson, harder to “win” or predict in the near-term.

There is much to his and Zeberg’s arguments, though Johnson, like me, does not believe that the gold price will fall even if the DXY should spike.

Gold and the USD can rise (and have risen) together.
And to repeat: Even a rising DXY does not mean the USD is protected from a debasement of its absolute purchasing power.
This is why gold will outperform rather than retrace in the next crisis, regardless of the DXY’s relativity theory…

It is equally worth noting that despite the necessary and important differences in opinions as to the great dollar/DXY debate outlined above, all of us – Hunt, Zeberg and Johnson – do agree on this: In the end, gold will continue to be an essential, if not THE essential, asset in the years ahead.

Regardless, then, of the DXY’s debated direction, gold’s finest hours are yet to come.

WWW.AVIELFOREXLEARNINGEDGE.COM

September 15, 2025 8:14 A.M.

Good morning

Nothing said by Rickards is false.

You cannot fix any problems unless you understand all the issues.

Thanks to Herb and the books he gave me or lent to me when I visited him for 2 weeks at his home in Peterborough, the 1ST of August, 2025, I now understand all parts of the puzzle.

Today, Parliament opens and just for the point to be made by myself, Mel Hurtig was right. "A NEW AND BETTER CANADA" by Mel Hurtig during 1993, 32 years ago hit the nail on the head.

Bruce Warren Margolese



----- Forwarded message -----
From: "GoldFix" <[email protected]>
To: "[email protected]" <[email protected]>
Cc:
Sent: Mon., 15 Sep. 2025 at 7:10
Subject: Rickards: Fed Independence Has Never Really Existed
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Rickards: Fed Independence Has Never Really Existed

SPECIAL BONUS

Sep 15
∙
Fed independence is a red herring. It has never really existed.

Jim Rickards
Jim Rickards delivers (and we illustrate) what amounts to a polemic against the Federal Reserve, saying its power is overstated and often damaging. True money creation happens at commercial banks, not the Fed. Its models are broken, independence is overstated, and its policy rate targets a market that barely functions. Rate cuts simply follow the bond market and signal recession, not growth. Rickards warns that falling rates will not be a stimulus but evidence of a slowdown that Trump will ultimately own.

Key Points:

1. Fed’s Irrelevance: The Fed looks powerful, but real money creation happens in commercial banks; Fed balance sheet expansion is a mirage.
2. Broken Models: Reliance on the Phillips Curve and term-premium theory misguides policy and worsens outcomes.
3. Political Theatre: Independence is overstated; Trump’s reshaping of the board echoes past political influence.
4. Recession Ahead: Falling rates reflect recessionary forces, not Fed stimulus, leaving Trump to own the economic downturn.

All Eyes on an Irrelevant Fed
James Rickards for The Daily Reckoning

The Federal Reserve is irrelevant unless it’s doing damage to the economy. Since the Fed is often doing damage to the economy, it does require our attention.
GoldFix is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.



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Claiming the Fed is irrelevant seems outlandish. The Fed dominates the headlines. An upcoming meeting of the Federal Open Market Committee (FOMC, the Fed’s interest rate policy group) on September 16-17 is already receiving outsized attention because of the likelihood that the Fed will cut interest rates for the first time since December 2024. Trump’s efforts to mould the Fed board of governors to his liking with appointments and firings are another focal point for market attention. At times, the Fed seems to be at the center of the financial universe.
It’s not.

It is true that the Fed is the central bank of the United States and that it has the power to print (really, digitally create) the U.S. dollar, the currency in which 60% of global reserves are denominated. It’s also the lead regulator of U.S. bank holding companies, and almost all important banks are members of the Federal Reserve System. There is a lot of power in those roles.

But the power narrative crumbles quickly when we look at what the Fed actually does and how they do it. That’s a task the Fed does not want you to do because they prefer to hide behind a curtain of monetary omnipotence. Let’s pull back the curtain and see what’s really going on.

Creating Money Out of Thin Air
How is money created? The Fed does print money (called M0) by buying U.S. Treasury securities and mortgage-backed securities from a select list of banks called the primary dealers. I was chief counsel and chief credit officer of a top primary dealer for ten years and we spoke to the Fed daily. So, I’ve had a front row seat of this process. When the Fed buys securities from a dealer, it pay with dollars pulled out of thin air.


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But since 2008, those dollars are then put on deposit with the Fed by the banks in the form of excess reserves. Those dollars don’t go anywhere. The Fed is simply expanding its balance sheet with securities on the asset side and deposits on the liability side. The Fed pays interest on those excess reserves, so the banks are fine with the arrangement. The actual dollars are not lent, spent or invested. They’re sterilized on the Fed balance sheet. It’s all a mirage.

Money creation that is useful for the economy doesn’t happen at the Fed. It happens at commercial banks. They also create money out of thin air (called M1) by making a loan and crediting the borrower’s account. That’s the money that can be used by businesses for investment, new jobs, working capital or other productive purposes. M1 is also created for consumers in the form of mortgages, credit cards, lines of credit and other extensions of credit. If you want to know where money comes from, don’t look at the Fed. Look at the banks.

Unfortunately, bank lending is starting to dry up. Consumer credit losses are piling up. Some consumers are cutting back on their credit cards as a precautionary measure. Mortgage creation is slowing because homeowners don’t want to sell since they’d have to refinance their current low-rate mortgages (from 2021-2024) at higher rates. Businesses don’t want to borrow because investment opportunities are scarce, and new hiring has hit a wall. When borrowers don’t want to borrow and banks don’t want to lend, you have the makings of a recession. So-called “fed stimulus” won’t change that.

The FOMC target rate for fed funds (called the policy rate) is also irrelevant. It is likely to be cut by 0.25% at the September 17 meeting. But the fed funds market to which that rate applies has not functioned since the 2008 financial panic. In other words, the Fed is targeting a rate for a market that doesn’t exist.

Meanwhile, two markets that do exist – the market for four-week Treasury bills and the secured overnight financing rate market (SOFR, basically the repo rate) – both have rates that are materially below the fed funds target rate. The Fed is not leading the market to lower rates; they’re following the market.

Fed Models – A Bunch of Nonsense
Trump is banging the table, demanding lower rates from the Fed. He should be careful what he wishes for. Trump will get lower rates not from the Fed but from the market itself. But those lower rates are not stimulus; they’re a sign of recession or even depression. A healthy, growing economy has rates closer to the 4% to 5% range. Trump will get the 2% rates he’s looking for by next year. But by then, unemployment will have risen, and the stock market will have fallen out of bed. That’s not exactly the outcome he was hoping for.


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Why is the Fed so bad at its job? Why can’t the Fed actually stimulate the economy and avoid recessions? The reasons for this have to do with the Fed’s belief in economic models that do not accord with reality.

The Fed follows a model called the Phillips Curve. This model claims that unemployment and inflation have an inverse correlation. If unemployment is low, inflation will be on the rise. If unemployment rises, inflation will be low. The Fed has a “dual mandate” to keep unemployment low and keep inflation low at the same time. If the Phillips Curve is true, it should be easy to pick the target and not worry about the other factor because it takes care of itself due to the inverse correlation.
But the Phillips Curve is a joke. The late 1970s were a time of 10% unemployment and 15% interest rates. Both parts of the dual mandate were out of control. There was no inverse correlation. The 2010s were a time of low inflation and low unemployment. Again, there was no inverse correlation.

You can always draw a Phillips Curve on a graph, but it has no predictive analytic power and offers no policy guidance. Still, the Fed believes in it, which is why they have not cut rates for almost a year. The Fed is worried about inflation even as unemployment is on the rise. This high-rate policy will just make the unemployment situation worse.

The Fed also believes that medium-to-long-term rates on Treasury securities are a function of a hypothetical strip of short-term rates rolled over for the full term of the long-dated security. Since the Fed can influence short-term rates, they believe they can also affect rates on five- and ten-year Treasury notes through a combination of policy changes and forward guidance. To the extent that market rates on, say, a five-year Treasury note vary from the implied five-year rate using the Fed’s model, they dismiss this as a “term premium” imposed by the market for some unknown reason (presumably expectations that vary from forward guidance).

That theory is another batch of nonsense. Medium-to-long-term rates are set by the market for intrinsic reasons having to do with liquidity, hedging and portfolio allocations. Long-term rates have nothing to do with the present value of a hypothetical strip of short-term bills. There is no empirical evidence to support the idea of a term premium – it’s a pure invention with no analytical value. Again, the Fed is creating models that do not accord with reality for the sole purpose of enhancing its own importance.

Drama At The Fed
Finally, we come to the topic du jour, which is Fed “independence.” Trump’s calls for Fed Chair Jay Powell’s resignation and Trump’s firing of Fed Governor Lisa Cook are both viewed as threats to the Fed’s independence. The plot thickens when one considers Trump’s nomination of Stephen Miran to fill a vacant seat on the Fed’s board of governors following the resignation of Governor Adriana Kugler. Miran is currently Chair of the White House Council of Economic Advisors. And has suggested he will keep his White House position while serving on the Fed board of governors, another threat to Fed independence.


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Fed independence is a red herring. It has never really existed. When the Federal Reserve Act was passed in 1913, the Secretary of the Treasury was a member of the Fed board. Fed meetings were actually held in the Treasury building. This arrangement prevailed until FDR reorganized the Fed in 1934.
The Federal Reserve exercised no independence at all from 1942 to 1951, during which time the Fed agreed at the request of the U.S. Treasury to maintain a low interest rate of 0.375% (3/8ths of one percent) on Treasury bills and 2.5% on long-term Treasury bonds. Granted, this agreement ran during the course of World War II and most of the Korean War, but it does demonstrate that the Fed will align with Treasury preferences as circumstances require.

In 1965, during the Johnson administration, LBJ invited Fed Chair William McChesney Martin to his ranch and physically assaulted him after Martin pushed through an interest rate hike two days before. In 1972, President Richard Nixon pressured Fed Chair Arthur Burns to maintain an expansionary monetary policy to help his election chances in the presidential election that year. Burns followed orders and that is considered to have contributed to the Great Inflation that resulted in the late 1970s.

Special Issue: The 1979 Inflation Lecture That Scared Paul Volcker- Analysis

·
August 8, 2021


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The Lecture That Scared Volcker

Read full story

You can debate the wisdom of these moves, but there’s no debate that the Fed has frequently bent to political pressure over the decades. To single out Trump as a unique threat to Fed independence is untrue and historically wrong.

This brings us to Trump’s firing of Fed Governor Lisa Cook. She was clearly an affirmative action or DEI appointee. She was touted as the “first black woman” on the Fed board (as if that mattered) while no one could point to a distinguished scholarly record or any contributions to monetary theory. Accusations of plagiarism in her articles have arisen. Those facts by themselves are not a reason to fire her. She’s not alone as a DEI appointee.

But it now appears that she lied on several mortgage applications. She claimed certain homes as her “primary residence” when there can only be one. She also said another home was a residence when it was for investment purposes. Such claims can result in lower interest rates and higher loan-to-value ratios for the borrower.

These matters are now under criminal investigation by the Department of Justice. Trump fired Cook “for cause” (as authorized by statute) based on these allegations. That seems to be justified considering that the Fed is the principal regulator of banks that are mortgage lenders.
Cook is suing to prevent her firing. The matter is now in the courts and may be resolved soon, but any decision is likely to be appealed. Meanwhile, the uncertainty about whether Cook is or is not on the board casts another shadow over whatever the Fed does on September 17.

Trump has also started a horse race to replace Jay Powell as Chair. Powell’s term expires in May 2026. Trump’s three candidates are Kevin Warsh (a former board
member), Christopher Waller (a current board member who could be promoted from member to Chair) and Kevin Hasset (currently the White House Director of the National Economic Council).


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Two current members of the Fed board, Michelle Bowman and Waller, were appointed by Trump in his first term. Stephan Miran and another appointee to replace Lisa Cook would give Trump four appointees out of the seven-person board. If Waller replaces Powell as Chair, Trump will have another appointee to fill the Waller board seat next May. Trump is well on his way to controlling the Fed board and its Chair through the appointment process.

That’s important, but in the end it won’t matter. Interest rates are coming down for reasons that are bigger than the Fed and that the Fed can’t control. Low rates are not the stimulus that Trump imagines. Rates are coming down fast because the U.S. economy is heading for a recession. Trump may claim he controls the Fed, but he will end up owning the economic debacle to come.

PREMIUM: FED INDEPENDENCE
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September 15, 2025
Vance Enrages “Hypnotized Hitlerians” By Hosting Charlie Kirk Show At White House
By: Sorcha Faal, and as reported to her Western Subscribers

A compelling new Security Council (SC) report circulating in the Kremlin today first notes top Kremlin spokesman Dmitry Peskov assessed about the brutal assassination of Christian martyr Charlie Kirk: “It is up to American law enforcement to figure out whether these are some isolated incidents or some kind of a trend, which is much worse...But the fact that their society is extremely polarized now is true”, says this assessment was joined National Security Director Tulsi Gabbard declaring about godless leftist forces during the Charlie Kirk Memorial at Kennedy Center last evening: “They feel that their only recourse is to commit an act of violence, to silence those who oppose them, and to intimidate and terrorize others into silence...This is the definition of terrorism...We cannot allow ourselves to be terrorized into silence”—and top White House official Stephen Miller issued the warning proclamation: “My message is to all of the domestic terrorists in this country spreading this evil hate, you want us to live in fear -- we will not live in fear...But you will live in exile...Because the power of law enforcement under President Trump's leadership will be used to find you, will use to take away your money, take away your power, and if you've broken the law, to take away your freedom”.

Aiding President Donald Trump in finding the godless leftists destroying America, this report notes, is the Charlie Kirk Data Foundation, whose mission is to expose those leftists demonically celebrating the death of Christian martyr Charlie Kirk—those like United States Army Colonel Scott Stephens, who was suspended for saying Kirk deserved to be assassinated—like Secret Service Agent Anthony Pough, who was suspended for saying Kirk deserved to be assassinated—and like FEMA Section Chief Sean Kelly, who was fired after saying Kirk deserved to be assassinated.

Joining the too many to list godless leftist American government officials fired or suspended for saying Christian martyr Charlie Kirk deserved to be assassinated, this report continues, Delta Airline Pilot Andrew Schweizer was removed from service after he celebrated the assassination of Kirk—American Airlines Pilot Steve Holmes was removed from service after he celebrated the assassination Kirk—and unnamed public school teacher was suspended after forcing 10-year-old students to watch the graphic Charlie Kirk assassination video over and over again while telling the children that Kirk, a peaceful husband and father, deserved to be murdered—high school coach Annika Rutz was fired after posting about Kirk: “You fucking got what you fucking deserve...I just saw the fucking video, it looks like you got shot in the neck or chest,”—and Office Depot fired the supervisor who refused an order to print memorial signs celebrating the life of Kirk.

As to what would cause thousands of American leftists to insanely believe there would be no consequences for celebrating the brutal assassination of Christian martyr Charlie Kirk, this report details that world-renowned American author Scott Adams most factually observed:
There are numerous stories of teachers and people associated with schools who are getting cancelled—meaning fired—for saying horrible things: essentially being happy, or saying it was justified, that Charlie Kirk was assassinated.

What do you think about that? People are losing their jobs all over the place.
Well, let me tell you what is most shocking about that. The most shocking thing is that the people who spoke out that way believed they wouldn’t get fired.

I think they were all surprised, which means they’ve been living entirely within a bubble in which they thought other people would agree with that. Are you kidding me?

They thought they were in the bubble of reality where—let’s say that Hitler was an American and he died—would you feel bad about saying, “Thank God Hitler died”? No, you wouldn’t, because you would assume that almost every single person would agree with you. So it would be easy to say that.

These people are saying it in public for the world to see, as if that’s what a normal person would think. How hypnotized would you have to be?
So, in my mind anyway—and I think I’ve said it online at least once—I think of these people as the “hypnotized Hitlerians”. You can drop the “hypnotized” if you need to. But the Hitlerians are people who live in this little world where they think Hitler actually came to power in the United States because so many bad people on the left have been saying that.
People should know better.

So I actually have some weird empathy for these teachers getting fired for saying horrendous things about Charlie Kirk, because they actually think they’re in a different reality than they are.

How do you think you’re in a different reality? Is it because you individually had some mental problem? Probably not.
It’s probably really a predictable outcome of the rhetoric that we’re seeing from the left. It’s the most predictable outcome: that people would believe all the Hitler stuff as literal—“Oh, it’s literally as bad as Hitler; we better do something about it”.

So I would say the people getting cancelled are, in their own way, although, you know, our system is that you have to hold them responsible. I’m not saying they’re not responsible.
They are responsible, but they are also victims because they’ve been hypnotized to believe something hideous. Imagine them going through life thinking that they live in a world that had been taken over by some Hitler character.

I don’t even know what that would feel like, but it would certainly distort your opinions and actions.
In speaking directly to the “Hypnotized Hitlerians” they created, this report notes, the leftist New York Times warningly observed today: “Other figures have been held up by conservatives as symbols of what they see as persecution or liberal policy failures...The family of Ashli Babbitt, an Air Force veteran and Jan. 6 rioter who was fatally shot by a Capitol Police officer that day, was recently offered military funeral honours for her...Last week, the billionaire Elon Musk pledged to help fund murals across the country of Iryna Zarutska, the young Ukrainian woman killed on a North Carolina light rail train...And President Trump’s narrow escape from an assassin’s bullet last year was a galvanizing moment during his re-election campaign...But
Mr. Kirk’s assassination on a college campus, seen by many conservative Christians as an act of biblical evil, is poised to surpass all of that”.

Now enraging these “Hypnotized Hitlerians”, this report concludes, was Vice President J.D. Vance announcing that he will host the Charlie Kirk Show from the White House today—an announcement joined by world-renowned Christian conservative Allie Beth Stuckey proclaiming to all “Hypnotized Hitlerian” leftists: “This is what happens when you make a martyr — you embolden everyone who believes like they do...Charlie and the truth he represented will spread further and wider than they ever have before”.

[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]


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September 15, 2025, EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its source at WhatDoesItMean.com. Freebase content licensed under CC-BY and GFDL.

[Note: Many governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagree with in believing that it is every human being’s right to know the truth. Due to our mission’s conflicts with that of those governments, the responses of their ‘agents’ have been a longstanding misinformation/misdirection campaign designed to discredit us, and others like us, that is exemplified in numerous places, including HERE.]

[Note: The WhatDoesItMean.com website was created for and donated to the Sisters of Sorcha Faal in 2003 by a small group of American computer experts led by the late global technology guru Wayne Green (1922-2013) to counter the propaganda being used by the West to promote their illegal 2003 invasion of Iraq.]

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Janny, David
From:[email protected]

Monday, September 15 at 12:26 P.M.

DAVE JANNY SEPTEMBER ONE 2025 INVESTMENT LETTER
“I CAN’T GET IT OUT OF MY HEAD”

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Do you ever have that recurring thought, image or song that you just can’t get out of your head? You wake up in the middle of the night, and there it is playing on “repeat”.
If you follow my Investment Letters, you’ll know I have these “big picture” financial themes that I tie to musical titles. I say “big picture” because most of the themes are ones that I believe will stay with us for a while. Yes, they are definitely recurring, and oftentimes I can’t get them out of my head.

With the year more than 2/3 gone, and what a year it has been, I’ll take the opportunity in this Letter to reflect on some of those themes that I can’t get out of my head.

In my opinion, one of the most underrated bands in the classic rock genre is the Electric Light Orchestra, better known as ELO. I recently heard their great 1974 hit “I Can’t Get It Out of My Head”, and it really resonated with me along the lines of my introductory comments. How could that song be 51 years old? Microsoft Copilot describes it this way:

“The song 'Can't Get It Out of My Head" by the Electric Light Orchestra (ELO) was written by Jeff Lynne and first released on their album 'Eldorado' in September 1974. The song celebrates newfound freedom and is part of a concept album that follows a character's journey through a dreamland. It became ELO's first global hit, laying the foundation for their future success. The lyrics evoke feelings of infatuation and desperation, resonating with listeners who have experienced similar emotions.”

I’m not sure about the “freedom “ part of the description, but “infatuation” and “desperation” ring a bell for me; how about you? So, the song, “I CAN’T GET IT OUT OF MY HEAD”, now serves as a new theme song that allows me to re-explore some of my previous themes that feel more relevant than ever.

2 CHARTS I CAN’T GET OUT OF MY HEAD
Rod Stewart sang “EVERY PICTURE TELLS A STORY”, which was a previous theme of mine used to focus on some salient charts. There are two charts in particular that “I CAN’T GET OUT IT OUT MY HEAD” purposefully applies to.

When you look at the next picture (chart), kindly sourced and permissioned to me by Lance Roberts and Mike Lebowitz of Real Investment Advice, what is the story it tells for you?


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For me, the answer is that there is a large amount of underlying risk in this market. The chart combines eight popular valuation metrics spelled out above the graph, and highlights the fact that today’s valuations are essentially right at the highest point ever. The four peaks are 1929, 1965, 1999 and a “double peak” today (which we’ll just call the fourth peak) that includes the meme stock post-COVID intervention rally in 2021, along with the current overvaluation point. All of the previous peaks ushered in sustained bear market conditions that made investing very difficult and treacherous.

Surprisingly, and conspicuously missing from all-time high peaks is the 2007 pre-GFC peak, which was actually nowhere near other major valuation peaks and importantly to note, still resulted in an approximate 50% market correction between October 2007 and March 2009. Perhaps you could chalk up the extreme peak absence in 2007 by labelling the correction as an extension of the 2000 peak that ultimately brought down valuation metrics to historically low territory?

I believe it is safe to assume that another commonality between the peaks is that investor complacency at those points was also at extremely high levels, just like it is today. How does that famous adage go – “when you least expect it ….”?
Whether a significant market correction starts today, in a month or even in a year or more, the chart screams for preparation! In other words, it’s time to start to “expect” it.

The second chart, courtesy of Callum Thomas of Top Down Charts, that I was referring to in my opening comments in this section was one that if you’re a regular reader of mine, you’d already be very familiar with. I call it the “recession-less” chart.


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Since the March 2009 end of the GFC, we’ve had about 3 months or so of recession right after the 2020 start of COVID. The resulting 16 years of economic history since then are so far from historical norms that describing them as “off the charts” or an “anomaly” would still be a major understatement.

A logical question would be, why has this occurred? “Because we’ve become so smart and central bankers and governments have done everything right since then” would most certainly not be my answer. Rather, “because we’ve kicked the can down the road by implementing ongoing “emergency” and historically “experimental” policies, in my view would be a more appropriate answer. If the “real” answer is closer to my suggested answer, it would imply that a tremendous amount of financial “excess” has amassed which has grown the underlying accumulated risks to potentially historic levels as well.

Viewing each chart in isolation is remarkably noteworthy from a warning sign standpoint; however, viewing the two charts in tandem, from my perspective, elicits a wartime siren suggesting retreat to the nearest bomb shelter. Even if the pending fireworks don’t arrive imminently, the inevitability of the arrival of a nasty recession-induced bear market is glaringly staring us right in the face. My theme of the INXS-inspired “THE ONE THING” answers the question of “what could cause” the shattering of investor complacency by inextricably linking the way-overdue next recession to the next sustained bear market.

If, when you read the previous paragraph, and you were thinking to yourself that a recession or bear market is not possible because the proverbial “they” won’t allow it, then you, too, may be afflicted with the extreme investor complacency I’ve been writing about.
At some point, preparation will be financially crucial! Getting started with that preparation seems to be the prudent thing to do and reminds me of one of my favourite Investment Letter titles inspired by Guns N’ Roses and the Beatles: “PATIENCE DEAR PRUDENCE”.

OLDER THEMES I CAN’T GET OUT OF MY HEAD
Since I started writing my Investment Letters in 2016, there have been some “big picture” recurring themes that just won’t quit.
Of course, the STYX-inspired “THE GRAND ILLUSION,” which is my main overarching theme, continues to become grander by the day, despite more cracks regularly appearing in the illusion. The theme also helps address why the conditions that have amassed in the last 16 years have produced the extremely rare economic and investment conditions in place today, illustrated by my 2 earlier charts that “I CAN” T GET OUT OF MY HEAD”. Healthy, or perhaps unhealthy, doses of “emergency” policies and interventions markedly displaying “short-termism” and “POLITIZATION” have been required to extend the illusion beyond normal historic boundaries. The eventual demasking of “THE GRAND ILLUSION” will likely be quite the historic event.

We can actually map today’s conditions to a point further back than 16 years ago. I call it the birth of “FINANCIALIZATION,” which I trace back to circa 1980. “FINANCIALIZATION’ is plainly evident all around us. The acceptance, reliance and mass accumulation of debt on all levels is certainly one of the main symptoms. The formation of potential asset bubbles in numerous asset classes is another. The speculative nature of today’s investing includes record margin debt, record corporate stock buybacks, intense corporate profit margin balance sheet management, and “financial innovation” that creates new and likely ultimately fragile ways to leverage speculative investing and creatively borrow/lend even more money. “VIVA LAS VEGAS” is the Elvis Presley theme tune I’ve frequently utilized to express the speculative nature of today’s financial scene.

To extend the 4 1/2 decades of “FINANCIALIZATION”, the “FINANCIALIZATION” has needed to get progressively more extreme. There’s no doubt that these more extreme developments have carried the economy and financial markets to today’s historically rare conditions, again evidenced by the 2 charts “I CAN’T GET OUT OF MY HEAD” that I hope “YOU CAN'T GET OUT OF YOUR HEAD” as well. However, just because they’ve gotten us to this point in a very long cycle, it doesn’t mean that there won’t be eventual unintended negative consequences to the more extreme financial machinations being employed.

One of the “big picture” themes I often refer to is “NARRATIVES”. To create a “GRAND ILLUSION,” you need powerful “NARRATIVES” to help convince everyone that while an illusion ultimately doesn’t reflect a reality, at the current moment, the trend and events are not only real, but come with the firm expectation that they’ll be with us for a long time. Today’s “Information and Social Media Age” is the perfect environment for propagating historically anomalous trends and events; after all, who really wants a recession or bear market?

Two of my other favourite titles I originated several years ago that are still very relevant are “THE HOTEL KEYNESAFORNIA”, of course inspired by The Eagles, and “THE MEN AND WOMEN WHO SOLD THE WORLD FOR EVERYTHING NOW” which was a David Bowie meets Arcade Fire derived theme combination. Both of these themes apply to the “acceptance, reliance and mass accumulation of debt on all levels” I mentioned earlier, coupled with the ongoing “emergency” government and central bank policies deemed necessary to drive and accelerate the “FINANCIALIZATION” in place since the GFC, and more acutely since the pandemic.

To many, it sounds feasible to believe that a continuation of these themes can propel the financial system and asset markets to even more lofty levels, but from my perspective, I find it hard to believe that financial cycles have been permanently revoked. Be careful, alert and stay tuned as conditions at some point could rapidly and unexpectedly shift.

2025 THEMES
This year has been all about dealing with the “recession-less” economy and the “overvalued” asset markets in the context of the new Trump Administration, including the radical policy deviations from previous presidential policies, tactics and intent. Thematically, I’ve called this “TAKIN’ CARE OF BUSINESS” (h/t BTO) in “THE LAND OF CONFUSION” (h/t Genesis). I’ll provide you with a brief description of some of the other themes I’ve used this year that describe current financial conditions.
Tariffs, executive orders, and geopolitical tumult have been among the curveballs thrown at investors with tariff rates and deadlines constantly changing in Bleachers-inspired “ROLLERCOASTER” fashion. While ytd performance numbers for many asset classes look very good right now, the ride to get here has resembled a not-so-smooth “ROLLERCOASTER” ride with the S&P 500 actually experiencing an approximate 20% correction that crept into the beginning of April.

In my JANUARY TWO 2025 INVESTMENT LETTER, I asked the question: “SAME OLD SONG OR A NEW SONG?” (an eclectic Four Tops and Howard Jones mix). While we don’t have complete answers yet as far as the economy and asset markets are concerned, the script has been different in 2025 with the aforementioned asset volatility and the ongoing revelations of weakness in the consumer sector of the economy amid the waning employment numbers and tepid GDP, flashing a bit of concern, all while the familiar debt buildup persists.

Speaking of the consumer, specifically the vulnerable lower 80% of consumers, innovative financial lending vehicles like BNPL (Buy Now Pay Later) and the resumption of accountability in student loans after a counterproductive forgiveness and deferral period now bring to light some serious debt concerns. I thematically labelled those concerns “ELEPHANT(S) IN THE ROOM” with some help from Jason Isbell and The 400 Unit and a mention of the old muffler commercial slogan: “you can pay me now or you can pay me later”. I worry that “later” may become a problem.

Two ongoing big stories in 2025 have been AI (Artificial Intelligence) and the simmering battle between the Trump administration allies and foes that I was able to capture via the Letter title “ROLLING IN THE DEEPSEEK AND DEEP STATE” (thank you, Adele).

AI has been the “HYPE’ story of the year. I was able to detail in my Letter “DON’T BELIEVE THE HYPE: HUNGRY LIKE THE WOLF” (h/t Public Enemy and Duran Duran). What a “Hype Cycle” actually is and how AI seems to fit right into the template. Besides becoming increasingly “hungry” for more energy, data and other resources, another less talked about shortage could form in the way of necessary capital for the massive capex spend. The problem is that the lack of short-term profitability could put a crimp on profit margins covered by my DMB theme of “THE SPACE BETWEEN”.

Older themes of “US AND THEM” and “LIFE DURING WARTIME” (courtesy of Pink Floyd and Talking Heads) are evident in the unresolved Russia/Ukraine and Israel/Hamas conflicts. Additionally, the themes also apply to the increasing tensions between RFK and the pharma establishment complex. On the opposite front, the “tech bros” and the Trump administration continue to cozy up to each other, sending out strong corporatocracy vibes.

Entering the year, the two large defensive asset allocation strategies were a combination of long-term and short-term U.S. treasuries on one hand and precious metals via gold/silver exposure on the other. While treasuries have held their own amid inflation concerns that have not materialized in a meaningful way, needless to say, gold and silver have had notable years with rapid moves that are still in upward momentum mode. In my theme of “THE GOLD”, via Manchester Orchestra, I detailed how gold had become the global central bank reserve asset of choice and how U.S. retail investors generally had and continue to have minimal exposure to the precious metals space. I’m not sure what the moves in gold and silver are telling us, but it may be a foreshadowing of some form of global change and or financial trouble.

CONCLUSION
It feels like a change in the financial climate is underway. I hope my ELO song choice of “I CAN’T GET IT OUT OF MY HEAD” resonates with you and motivates you to contemplate and then execute some defensive asset allocation maneuvers in your portfolio. I’d love the opportunity to offer some guidance and a second opinion relative to what and how you, as a do-it-yourself investor or your financial advisor, are doing.

Some relevant questions I’d like you to consider are:

1. Do you know how much risk you are actually taking? I suspect many investors are taking a lot more than they need or realize.
2. Do you have a financial plan, and what level of progress have you made towards your financial goals?

I believe it will eventually be very beneficial to retain “in your head” the two chart images I presented. While it is easy on a day-to-day basis to become “NUMB” (h/t Linkin’ Park) to the rarified investment air we currently reside in, a timeout and a “big picture” perspective that clearly identifies the present extremes could provide a breath of fresh air and set the stage for a healthy and protective financial plan and strategy reset.


ABOUT DAVID JANNY
David Janny is a Financial Advisor with over 40 years of experience in the financial services industry and is currently a Managing Director at Ameriprise Financial. Throughout his career, he has withstood the madness of markets, standing firm in his commitment to fundamental and macro analysis, portfolio construction, and financial planning. David is also a music aficionado, blending his passion for financial markets with his love of many different musical genres to create investment themes. His experience and dedication make him an advisor for high-net-worth individuals seeking comprehensive financial guidance.

Recent Investment Letters can be found here:
ttps://www.ameripriseadvisors.com/david.janny/resources/
1 https://realinvestmentadvice.com/res...ting-a-bubble/

The views expressed here reflect the views of David Janny as of September 9th, 2025. These views may change as market or other conditions change. Actual investments or investment decisions made by Ameriprise Financial and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Stock investments have an element of risk. High-quality stocks may be appropriate for some investment strategies. Ensure that your investment objectives, time horizon and risk tolerance are aligned with stocks before investing, as they can lose value.

There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities.

In general, equity securities tend to have greater price volatility than debt securities. The market value of securities may fall, fail to rise or fluctuate, sometimes rapidly and unpredictably. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole.

International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards.
Ameriprise Financial cannot guarantee future financial results.

Asset allocation and diversification do not assure a profit or protect against loss.


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Amongst the trading tribe, you do things that can identify and prove that you are different from the crowd - A real , serious and professional trader.

Don't just proclaim that you are a trader.

Trader does not mean that the sole objective is to make money. The moment you come with money making as the sole and only objective , you are out of the game anyways and part of the larger crowd which is unsuccessful

Do things which can identify you as a professional trader - learn the process, understand and follow risk management and position sizing. Be disciplined and understand that trading is a long haul.

Each day around 8:30 AM to 9:30 AM Eastern Standard Time, I determine whether we have RISK ON or RISK OFF.

There is no indicator that can do this just as no technical indicator can effectively predict what will happen moment to moment as one MAJOR fundamental fact whether GEOPOLITICAL or FINANCIAL or now SUPPLY CHAIN or some New Covid 19 variant can cause the markets to go down 1000 points as the Dow 30 has been doing recently and will continue to do.

That is why my Unique Method of Forex trading developed during 2003 when I started trading Forex and later on during 2012 when I added to my business model and started teaching my unique 100% proven method of Money Flow trading.

It is no longer possible to trade without a STOP LOSS PERIOD.

Having a STOP LOSS of fewer than 100 PIPS is not a good strategy. That leads me to explain why most of the 95% of all Retail Forex Traders lose. They trade with small amounts of money and SCALP which makes it almost impossible to make profits over a period of one year because of the VIOLENT NATURE of the swings in the Asset Classes caused by world changing events.

Each Forex Trade that you do should not risk more than 2% of your trading Capital and that is based on trading Capital of $50,000 US Dollars INITIALLY learning on a $50,000 US Funds Demo account just as I did for a period of three years before I made my first Real Funds Trade.

PLEASE GO WITH THE MONEY FLOW

Let us review what we teach and why it works if YOU WORK.

Without your WORK then you are just wasting your time and probably your money.

There is no such thing as Political Correctness here because we are here to teach and share our knowledge.

SO.... going back to our winning FORMULA for FOREX SUCCESS.

20% of the SUCCESS is yourself the Forex Trader.

20% of the SUCCESS is your EDGE which we teach you and that is Money Flow Trading.

20% of the SUCCESS is control of your RISK (Your hard earned money) Our UNIQUE RISK MANAGEMENT allows you to trade without worry, fear and greed. Of course we want to make sure that you have the right qualities to be a winning Forex Trader so our course is for a period of three months, so we can teach you the right trading methods and we can see your results and make adjustments without your FEAR OF LOSS of Real Money.

20% of the SUCCESS is using and understanding the USE of Technical Indicators which include not only the common ones. It includes the understanding of Supply and Demand. Support and Resistance and the use of Pivot Points which you can see each day on our daily charts that cover ALL our Trade Plans which we also help you develop and explain WHY. These are our Winning Trade Plans that we review every three months or earlier if circumstances in the markets require that.

20% of the SUCCESS is the FUNDAMENTALS, which are much more than Data Releases each day around the world. It includes reports and articles extremely well researched as you can clearly see from this article that explains why the TREND in the Equity Markets especially in North America is DOWN. By understanding the difference between PERCEPTIONS (MARKETS) and REALITY, you then have a good handle on REALITY before the MASSES do and you are not surprised when events eventually unfold.

When successful traders aren't trading, they are researching, developing, and innovating. When unsuccessful traders aren't trading, they're staring at screens and forcing trades. There is nothing better for trading psychology than being at the cutting edge of a growing business.

What makes a trader successful is discipline: doing the right thing with fidelity. What keeps a trader successful is innovation: doing new things and turning them into disciplines.

Thursday, September 25, 2014
A Preview of Trading Psychology 2.0: From Best Practices to Best Processes
http://2.bp.blogspot.com/-4zHYD5MY44...teenbarger.jpg

One of the great disappointments I encounter when I read writings on the topic of trading psychology is that they invariably touch upon the same themes: discipline, controlling emotions, etc. Having worked with traders and portfolio managers for over a decade now, there is so much more to the psychology of trading than "sticking to your process" that I decided I had to write a book about what I was experiencing but wasn't reading. The title reflects that interest: Trading Psychology 2.0: From Best Practices to Best Processes.

I think Ted Hayes hit on something important in his recent interview. He pointed out that the personality traits relevant to success among early career traders are different from those that generate success for experienced ones. Perhaps so much writing concerns discipline and emotional control, because those are the dominant concerns of the new traders who buy the books, haunt the websites, and seek the help.

At several of the firms where I work, no one even gets an interview unless they have years of experience managing significant capital with a solid track record of profitability and risk management. So by the time those traders join the firm, discipline and emotional control are not screaming priorities. Instead, they deal with other challenges. In Trading Psychology 2.0, I refer to these challenges by A-B-C:

* Adapting to changing markets
* Building on strengths
* Creating creativity

In adapting to different markets by leveraging their strengths and generating new ideas, successful market participants are not so different from successful businesses in fast-changing industries, such as technology or social media. When markets change from year to year, stasis is a formula for failure. The successful trader, like the successful tech firm, must constantly innovate. Moreover, once traders generate those innovations, they must turn best practices--what they do that is successful--and turn them into robust, best processes.

I think this is very, very important: What makes a trader successful is discipline: doing the right thing with fidelity. What keeps a trader successful is innovation: doing new things and turning them into disciplines. Conscientiousness makes for success, but it is openness that makes for adaptation. Trading psychology as a field has done a fine job of articulating the importance of discipline. My hope is that the new book will broaden the discussion to include a research-informed look at mastering change and innovation.

In order to be able to help you better it is VERY IMPORTANT that you share your thoughts and your QUESTIONS.

Call me at 011 819 275 7780 Riviere Rouge, Quebec, Canada or email me at [email protected]

1. neverhadaboss.com
2. updates on the insane world of money and power
   
3. The Struggle Between Truth and Lies
   Tonight, it seemed my thoughts for an article were disparate and unconnected until I saw the underlying theme—truth and lies. Empires end in lies.
4. To hold onto control, because they no longer produce power that allows control, the lies become ever-present.
5. 
   
   Today, our republic is besieged on 2 fronts: ever-present lies spread by the media, without scrutiny, and a constant attack on the 1st Amendment.which, since our founding, has assured Americans' freedom to speak the truth to sustain the republic.
6. 
   
   The US Government, functioning on lies and attacking free speech, has besieged American liberty. Now, from the left, free speech is battered towhere we might see criminal charges (more assassinations), for a crime of making someone uncomfortable.
7. 
   
   On the right, there exists a possibility that Trump will criminalize criticism of Israel or Zionism.US law, governing free speech, was a Supreme Court finding, 1919, cur-tailing speech that posed ‘clear/present danger’, which was used to justify
   broader speech restrictions. 50 years later, 1969, the court sought a higher bar (Brandenburg v. Ohio), with free speech curtailed only if it calls for violent action/’imminent lawless action’.
8. Living at the end of the empire, we are besieged by arguments intended to subvert the law of the land, purposed to render the Constitution/Bill of
   Rights/Supreme Court findings—null and void—or ignored. And with an elite takeover using AI, the threat rises.
   
9. Before that happens, the US empire, already in its death throes, will succumb to economic collapse or military defeat. To forestall reality, elites are
   pulling out all stops to retain control, which will result in a 3rd-world US hell-hole. Another Haiti? Or worse, like Israel, the US will be left with but one option, nuclear weapons. Will we use them?
10. 
    
    That’s the bad side. Is there a good side? There is sound money, gold and silver. Any hope for a gold/silver standard rests in strong global handsoutside of the West. Global South has the gold while the West holds historical lows, with less than 1% of Americans having taken steps to protect
    themselves from what comes our way. Still, BRICS holding the gold and controlling the credit could force the West to face reality.
    
11. In terms of my personal history with silver, years ago, I decided to make silver my bank account, at a time when Silver Eagles could be had for $12
    (they are now in the low $40 an ounce range). And viewed from a shorter time perspective, I recently sold a Jetta for $10K—proceeds from which I
    bought silver. That silver buy-in is now up 25%.
12. 
    
    Here, I need to shift to BRICS. I have a few friends and readers who see BRICS as a tool of China. They see China sharing the same aspirations asthe US—complete control of the world with little or no regard for the people or for nations. Is that the case?
    
13. An answer may be found in a shift in the relationship between India and China, who have been fighting a border dispute (involving a small shard of
    land) for decades. Complicated nationalism fuels the conflict, but principles laid out recently in the Shanghai Cooperative Organization (SCO), 2024, offer resolution. At the behest of China, those principles call for recognition of national sovereignty and fair business practices.
14. In the West, under an endless barrage of lies concerning BRICS (Russia/China/Iran), the SCO principles are not news; instead, widespread propaganda
    that China is evil, fosters a bought/sold West idea: governments all function under the same evil mission.
15. 
    
    Is it true? Setting the principles for BRICS, China finds itself in a put-up or shut-up situation. China’s reputation rests on whether or not it plays a principled game. If China isn’t seeing a future in a fair, playing-field, businessmodel, it has set itself up to fail.
16. 
    
    Back to our economy: watching closely, with a premise that at the end of the empire it’s all lies, I began speculating what elites might do to lie their wayout of a dollar collapse. Getting closer to the truth requires a couple of axioms. 1st, devoid of empathy, elites have no concern for the suffering they’re
    willing to inflict on citizens. 2nd, no lie is too big to be told. Given those 2 axioms, it’s not so difficult to follow the bouncing ball.
17. Beyond sociopaths, psychopathic elites either have no concern for the pain they inflict or, better yet, they’re only fulfilled after inflicting great pain.
    
18. So what might they do? Here’s a thought, because treasuries are based on nothing, yet interest paid varies depending on who you are—maybe
    Americans are dumb enough to buy into anything?
19. 
    
    So what might elites do: revalue gold that doesn’t exist—without an audit.
20. Conduct a kind of an audit that’s more of a video shoot, because it’s not about the audit—it’s about a reset of gold extinguishing half of the national debt—over the weekend. Happy days are here again! Whether or not the gold exists is, at best, a secondary consideration.
21. 
    
    Then there’s stablecoins, priced 1 to 1, with dollars/treasuries. But there’s a catch. As soon as enough stablecoins have been sold into weak American hands, do an FDR on steroids, downgrading stablecoins to balance the federal budget, unfortunately destroying the savings/wealth of Americans.
22. 
    
    Elites will then promise, they’ll fix it later.
23. 
    
    But it won’t get fixed. Rate cuts will only be a short-term fix for this fall because 2026 will likely bring more inflation. How so? For the past few years,the US economy has been contracting at a yearly 3%. Spending is up under Trump, and without tariff revenue, spending abides—3rd worst August
    deficit in US history—1 & 2 were covid years.
    
24. Instead of tariffs/stablecoins being our saviour, they will result in ushering in hyperinflation of the dollar, for which history will allot Trump a good deal of
    the credit. As for ideas coming from Trump/Bessent to use federal lands for low-cost, 1st time buyers, these guys are deep into the cronyism that stole
    the wealth of the US middle class.
    
25. FDR re-priced gold, reducing dollar purchasing power by 41%. Was he looking out for Americans when he did that? You think the Trump administration
    Looks out for you?
26. Built into the mix, there are signs that we likely lose the battle for liberty. Whatever we think of the dollar, it’s a real thing we hold in our hand—some-
    thing in our possession. Now, at all major sporting events, cash is disallowed. Cash is just too much trouble when considering armoured cars—all
    the bother. Cash only worked before Insta-Pay.
27. 
    
    It all points to a cloud-based, dollar Treasury market disguised as a payment system.
28. 
    
    Get my articles by email with a request or comment:[email protected]. And thank you.

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To:[email protected]

Monday, September 15 at 4:12 P.M.

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When Empires Die

by Jeff Thomas


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Years ago, Doug Casey stated, "When empires die, they do so with surprising speed."
At the time, that comment raised eyebrows, yet he was quite correct in his observation.
Ernest Hemingway made a similar comment when a character in his novel The Sun Also Rises was asked how he went bankrupt. The answer was, "Gradually, then suddenly."

Again, this sounds cryptic, yet it's accurate.
Any empire, at its peak, is all-powerful, but the fragility of an empire that's in decline is hard to grasp, as the visuals tend not to reveal what's soon to come.
Great countries are built upon traditional values – industriousness, self-reliance, honour, etc. But empires are distinctly different. Although it may seem to be a moot point, an empire is a great country whose traditional values have led it to become unusually prosperous. There are many countries, both large and small, that are "great" in their formative values, but only a few become empires.

Yes, the prosperity is brought about through traditional values, but a great country becomes an empire only when its prosperity is sufficient to allow it to branch out – to invade other lands – to plunder their assets and subjugate their peoples.

We tend to grasp, through hindsight, that this is what made the Roman Empire possible. And we accept that the Spanish Empire was created through its invasion of the Americas and the plundering of pre-Columbian gold.

And we understand that the tiny island of Britain achieved its empire by covering the world with colonies that it had taken by force.
In every case, the pattern was the same – expand, conquer, plunder, dominate.
As a British subject, my childhood understanding was that previous empires had come about through nefarious pursuits, but I was encouraged to believe that the British Empire was somehow different – that my forefathers sailed the seven seas to liberate distant populations. That, of course, was nonsense.

The British Empire is now long over, and the current empire is the United States. Around 1900, the then-great country of the US sought to achieve empire, and, at that time, its president, Teddy Roosevelt, was insatiable in his desire to conquer foreign lands, both near (Nicaragua, Guatemala, El Salvador, Panama, Puerto Rico, Cuba) and far (Hawaii, Philippines, Japan).

The results of his efforts were mostly successful, and although the countries taken were not called colonies, they were certainly intended to be vassal states. And there can be no question that the US government's methods were no kinder than those of the Huns. Some locations, like Hawaii, went fairly peacefully, whilst others, like the Philippines, required brutal slaughter on a grand scale.

And such tactics change the nature of a "great" country. Yes, it does allow it to become even greater, in terms of domination, but it ceases to be great in terms of its values.

In most cases, this plants the seeds of empirical collapse. The empire, even as it's growing, is rotting from within, with deteriorating principles and morality – the very traits that created it.

This, in turn, causes the empire to develop a habit of subjugation – even over its friends and allies abroad – those countries that got on board to take part in the prosperity. While, to some extent, these loyalties by other nations are genuine, they are treated as lesser nations, eventually causing resentment of the empire.
As such, in the latter days of the empire, allied nations became toadies. Their hatred for the empire is palpable, but they maintain their obeisance, grudgingly.

Empires are built upon monetary prosperity. We can understand that an empire, in its heyday, attracts all and sundry to its shores. It builds up the ability to dictate to others since the whole world hopes to gain favour. But, towards the end of the empirical period, it's resented by all those who were once genuine allies.
In its latter days, an empire becomes hollowed out. It's burdened with a costly and top-heavy government. The middle class is expected to provide largess to the masses through bread & circuses, providing fealty for the political class. Traditional values are largely gone, and "everyone seeks to live off everyone else."

At this point, the empire is a mere superstructure – one that's becoming increasingly unsound. Importantly, the prosperity that made the empire possible is replaced by the illusion of prosperity–debt.

Concurrently, the political class becomes increasingly tyrannical in order to hold the collapsing edifice together. In the final stages, tyrannical efforts increase in both frequency and magnitude in order to maintain the subjugation of the masses for as long as possible.

It may be beneficial for the reader to read this last line again, as this development is the most recognizable symptom of the final stage prior to the collapse of the empire.

This final period is not only difficult to cope with, but it's also highly confusing for those living within a dying empire.

The edifice still stands. With each election, the electorate hopes that somehow, a champion will spring forth and "put everything back the way it was."

But it's important to note that, historically, this never occurs. Whilst the average citizen hopes in vain for his political leaders to "wake up" and stop all the nonsense, he fails to grasp that, to the political leader, the most important pursuit is power. He cares not a whit for the well-being of the populace.

The political class has no intention of relinquishing even a small amount of power for the good of the people it was elected to represent.
Historically, in every instance, every empire has collapsed from within. Once the apple is truly rotten, it cannot be un-rotten.

And so, if we've been observant in recent years and decades, we'll acknowledge that the present empire has already passed its sell-by date. Its political structure is wholly corrupted on both sides of the aisle; the economy is doomed due to unpayable debt; the population has become unproductive, and it's now in the process of alienating its former friends through increasingly desperate measures.

And here, we return to our opening paragraphs.
In its final stage prior to collapse, the empire sells out its toadies and is therefore no longer of any benefit to them. Suddenly, the empire becomes a liability. And, at this point, those who have had to tolerate the indignity of being toadies look forward to a fall, even a partial one, of the empire.

At present, the US empire maintains an illusion of dominance, but it cannot withstand a test. A defeat in warfare, a collapse in finance, the loss of the dollar's reserve currency status, or any one of a host of triggers that are now looming would be sufficient to drop the US to one knee overnight. All that's needed is for one of the triggers to be pulled.

It matters little what the event will be; it's sufficient to understand that we are now drawing quite near and that the event is unavoidable.
Historically, when an empire dies, all the notes suddenly come due.

The political class of any empire arrogantly depends upon allies to do as they're told, yet, when a decisive blow is dealt to the empire, those who had once been loyal allies are now as ready to abandon the empire as rats would abandon a sinking ship.

When this happens, the crutches that the empire has been counting on to hold it up pull away quickly. The collapse will have occurred "gradually, then suddenly."
Once this is understood, the question for the reader becomes where he wishes to be when the edifice falls; whether he has prepared an alternative situation that will increase the likelihood that he will survive the debacle with his skin on.

Editor’s Note: As history shows, empires don’t end with a graceful decline—they collapse under their own weight of debt, corruption, and overreach. The US is no exception. The warning signs are all around us: mounting deficits, relentless money printing, and a political class desperate to hold on to power.

That’s why it’s crucial to understand what happens next—and how to prepare. That’s why we just released an urgent briefing, The Great Monetary Reset Begins Now, revealing why most will be blindsided by the coming crisis… and how a small, prepared group could turn it into the greatest wealth-building opportunity of their lifetime.

Click here to read the full briefing now.



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