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Serenity Prayer for Central Bankers

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Gary Christenson, Deviant Investor / GoldSeek

“Hello, my name is Jerome. I’m a central banker.”

“Hello, my name is Janet. I’m a Keynesian.”

“Hello, my name is Ben. I’m a monetizer.”

“Hello, my name is Alan. I’m an inflationist.”

“Hello, my name is Paul. I’m a central banker.”

The sponsor spoke as he smoothed the jacket of his $10,000 suit. “Welcome to our special session of Central Bankers Anonymous. At this point in the evening we recite two prayers.

“God grant me the serenity to accept

the things I cannot change,

courage to change the things I can,

and wisdom to know the difference.”

“And now our special prayer for tonight.” All participants bowed their heads and recited with the utmost reverence.

“God grant me serenity as I accept

the inevitability of printing currencies,

courage to monetize and inflate in

support of the wealthy,

and give me the words to fool most people

into believing our actions are beneficial.”

Later the meeting of Central Bankers Anonymous adjourned. Members returned to their magnificent homes, smiling and self-satisfied. The printing presses, liquidity injections, monetizations and Quantitative Easing operations would proceed, and perhaps accelerate.

***

Facts that hint at our future:

U.S. National debt. (Not including unfunded liabilities, missing funds, etc.)

1913:          $3 billion

1971:      $398 billion

2000:   $5,600 billion

2019: $22,500 billion ($22.5 trillion) and rapidly rising

U.S. government actual deficit (all expenses less revenues): over $1 trillion per year. The debt ceiling is a pathetic joke. There is no willingness to reduce spending or deficits. Fiscal responsibility has left the building.

Global central banker balance sheets:

2007: $5 trillion

2019: $19 trillion of created [from thin air] currency units.

Cost of a new truck in 1965: $2,000

Cost of a new truck in 2019: $60,000 (varies)

SNAP (food stamps) program: $65 billion for 2018.

Student loan debt: $1.5 trillion guaranteed by the U.S. government.

Mortgage debt: about $10 trillion and rising.

Pension plan underfunding: Huge, perhaps $3 – $6 trillion and rising. Defaults will occur.

Hospital bills for most Americans: out of control.

Prescription drug prices: High and going higher.

College Tuition: Grim.

Spending to purchase a Senate seat: perhaps $10 million.


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Opinions:

  • Official national debt has risen about 8.9% per year—every year—for decades. Debt will increase.
  • Deficits grow larger each year. Fiscal irresponsibility will persist.
  • Student loan debt rises every year. Massive defaults will occur.
  • Prices for trucks, drugs, food, hospital services and almost everything but computers and televisions rise every year. Expect price increases to accelerate.
  • Central banks make borrowing inexpensive. President Trump wants interest rates to fall even lower. The government budget can’t afford higher interest rates. Inexpensive loans encourage stock buybacks and support higher prices for stocks. This will not end well, but it may not end soon.
  • The “Silly Season” has arrived. Presidential candidates make promises and request dollars to buy votes. At a Vegas roulette table, they say, “Around and around she goes, and where she stops, nobody knows.” In presidential politics they say, “polls show blah blah.” It’s the same.

***

QUESTIONS:

  • Will the stock market make new highs? Yes. The important question is when. Can you afford to wait past the next recession and correction/crash to break even? Is it time to take profits?
  • Will gold and silver make new highs? Yes, they will. As central bankers monetize debt, expand the currency in circulation, and devalue dollars, prices rise.
  • Are markets manipulated? Yes. Large traders and hedge funds are powerful and profitable. What else should we expect?
  • “Is it true the fix is in?” Yes! Officially, Jeffrey Epstein “committed suicide.” Other unexplained deaths occurred. There is little reason to expect change at the highest levels of political intrigue.

BACK TO BASICS:

“God grant me the serenity to accept the things I cannot change,

courage to change the things I can,

and wisdom to know the difference.”

For most people outside the political and financial elite, the serenity prayer is good advice. Much can’t be fixed. We accept it and act accordingly. What can change is our willingness to depend upon fiat dollars and to believe the “reassuring news” from governments and central bankers.

Do as central bankers do, and not as they say. Specifically, that means buy gold (not the Fed), buy silver, and print currency units by the trillions. Unfortunately, we can’t print dollars. That’s counterfeiting and illegal for individuals. Central bankers print dollars and commercial bankers lend dollars into existence, but it’s legal for them. Lobbyists helped their cause and profitability.

The central banker serenity prayer is different from the original prayer. We should understand the banker version and act accordingly.

“God grant me serenity as I accept

the inevitability of printing currencies,

courage to monetize and inflate in

support of the wealthy,

and give me the words to fool most people

into believing our actions are beneficial.”

  • Expect monetization, “printing,” QE, etc. Argentina and others hyper-inflated their currency. The EU, Japan and the U.S. have not yet hyper-inflated their currencies. In time they will destroy their currency’s purchasing power.
  • Central banks will ensure profitability for commercial banks.
  • Central banks will pontificate about what is good for employment and the bottom 90% of the population. Don’t expect positive actions.
  • Prices for gold and silver should rise for several years. Prices for stocks and real estate have probably peaked and could fall hard before rising even higher after the next recession and inflation.

Quotes from others:

Charles Hugh Smith: Doing More of What’s Failed For a Decade Will Finally Fail Spectacularly.”

David Stockman:

“That the stock market continues to levitate is a testament to decades of central bank madness.”

“… the ship of fools domiciled in the Eccles Building [Federal Reserve] …”

Ron Paul:

“Gold is an ‘insurance policy’ as the dollar will continue to go down in value as it is printed, and it will end in a monetary calamity.”

“Gold is not money due to any man-made laws. Gold is money despite man-made laws and is a product of the voluntary marketplace.”

Jim Dines: (Quoted by David Schectman)

“There will be currency crises again and again, until the ultimate one. Government economists don’t believe this, which is why we have such a low opinion of the Fed.”

David Schectman: (Miles Franklin)

“The biggest threat to American’s wealth is not the stock market. It is not the bond market. It is to our currency, the mighty US dollar.”

Mike Savage: (Quoted by David Schectman)

“It is my opinion that gold and silver were kept down to keep the focus off the depreciation of currencies.”

“It appears that all central banks are about to unleash ‘money printing’ and asset purchases that may break all records.”

Bill Holter(subscription service)

“…negative [interest] rates systemically destroy rather than create capital.”

“No system can survive if available capital continually shrinks year after year.”

Charles Hugh Smith:

“A bubble economy is a sick economy, for bubbles are proof there is too much capital chasing too few productive uses for that capital.”

CONCLUSIONS:

  • Government and The Fed will devalue the dollar, as they have for over a century. Prices will rise.
  • Stocks are over-valued. Gold and silver are under-valued and will make new highs in 2020-2021.
  • Accept what you can’t change, and buy gold and silver, like central banks have been doing for a decade.

Miles Franklin will convert fiat dollars into gold and silver—an excellent choice. Call 1-800-822-8080.

Gary Christenson

The Deviant Investor

http://news.goldseek.com/GoldSeek/1570628683.php

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