Jim Willie: Coming Oil Bust Bigger Than Sub Prime Collapse

from WallStForMainSt

Jason Burack of Wall St for Main St had on returning guest, editor of the Hat Trick Letter http://www.goldenjackass.com/, Jim Willie.

Jim has been writing his newsletter about the global economy, gold, etc for over a decade and has had many successful predictions years in advance including predicting the 2008 collapse of US banks.

During this hour+ long interview, Jason starts off by asking Jim if China is planning additional retaliation against the US after their couple of devaluations against the US Dollar for the RMB not being allowed into the SDR?

Jim says the RMB will never be allowed into the SDR.

Next, Jason asks Jim why do you think China, Russia and the BRICs haven’t pulled the plug yet and what steps do you think need to be taken before they do it?

Jim says China is currently dumping massive amounts of US Treasuries and they are requiring the RMB for trade settlement.

Next, Jason asks Jim about why the oil price is falling and if the Saudis or OPEC hired Wall St to intentionally short the paper oil market?

Jim thinks the Saudis and OPEC are pushing the oil price down to bankrupt US shale oil companies and also punish the US banks who loaned money and underwrote hedges for the US shale producers.

Jim thinks the coming oil bust will not be contained and will be bigger than the US sub prime mortgage and housing crisis that spread into the US banking system, into all US real estate and across the globe.

Next, Jason asks Jim about evidence of developing shortages in the physical silver market. Jim says the shortages will get worse as Wall St banks are destroying the precious metals mining sector.

Jason and Jim discuss whether the covert price manipulation of silver is like a government mandated price control.

After that, Jason asks Jim about US Secretary of State John Kerry’s comments about the US Dollar losing its sole World Reserve Currency (WRC) status and why a high level US politician would admit that in public?

To wrap up the interview, Jason asks Jim about Donald Trump, the Federal Reserve’s bloated, growing balance sheet and if they are trapped and can ever raise interest rates and the gold market.

Jason asks Jim why mainstream, Progressive billionaires like Stanley Druckenmiller are buying gold for the first time in their lives and why China only reported an increase in its gold holdings of 1600 tons?

Jim Willie says we are in the 9th inning of the current financial system and global economy before the next global economic system is put into place.

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