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Jim Willie: The Dollar to Vanish – Interest Rates Will Never Rise

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Jason Burack of Wall St for Main St interviews the editor of the Hat Trick Letter, Jim Willie. “Iran, Iraq and Russia do not want to use the dollar for trade settlement.

There are really 2 functions of the dollar: settling trade between countries. The Russians have been working on establishing the Eurasian trade zone.

It’s not just BRICS nations, it’s about 115 nations, that comprise an anti-west coalition. The Europeans, in particular, Germany, are working closer with Russia and China.

4:50 I think QE is a suicide pact. The QE made the countries accelerate their move away from wanting to use the “reserve currency” because it’s backed by printed money.

Why would any nation want to use the dollar when QE was installed? I took economics in the 80s. Everyway you turned, I was told that hyper-monetization is destructive.

10:00 Putin is considered a smart chess player. Why, when his ratings for political support is 85%, why would he take out his rival?

15:05 The crude oil price is going to go down lower. Russia, China and the Saudis decided to wreck their competitors and harm the OPEC competitors, to wreck the US Shale producers. The Russians have demonstrated the effectiveness of cold fusion.

Toyota has made available for free for fuel cell driven cars, their patents. The Rockefellers can no longer suppress advanced carburation and burning of sea water to power cars. They have divested over 80% of their positions in oil.

19:05 The Chinese lied on two things: the amount of gold they own and the amount of US Treasury bonds they hold. They have far less US Treasury bonds and far more gold than they say.

23:40 For most people this statement is hard to swallow: My country and the bankers are not out there to protect me.

25:57 They expect the Fed to raise rates this year. How long can the US, Japan and the UK keep them suppressed?

They [interest rates] will never be normalized again.

The dollar will vanish before that happens.

41:00 One of the biggest new industries in the US is managing business liquidation. All these Keynesians use these problems in the economy as excuses to print money, so they can invest in what they know will go up, and then it’s easy money for them.

Then they know what the easy trades are, and they don’t have to work!

52:11 What is Greece going to do? Is Germany planning to exit the Euro?

The big bankers in Europe have 2 choices. If Greece decides to default on the whole damn thing, you are going to get 5 big European London banks go bust very fast. Second alternative, if they get forgiveness on about ½ of the loans, it would still cause 1 or 2 big bank failures.

The third alternative is to continue doing what they are doing, with silly patchwork, extensions to the Greek debt, all they’ll end up doing is having a bigger debt burden to deal with next year. The austerity program results in more unemployment and bigger deficits. Greece is now in a strange way, in the driver’s seat.

What happens in Greece will be requested in Spain, France and Italy. There will be at least 10 times bigger a fallout when they want the same as Greece. If there is a bank failure with Greece fallout, would you not have several banks failing in London? Greece is so important as a model as the debt forgiveness for default in Europe.

57:50 Germany is a totally different game. I was told that last June they made agreements with the Chinese and Russians to get out of the European Union. Germany has over 3,000 companies doing business in Russia.

Statements from German officials said they have to sustain their Russian trade agreements.
Germany is turning against the United States. They see that the dollar is doomed. The Bundesbank is very strong and full of integrity. I would say that they are the most reputable of all central banks.

They don’t like any of this QE. They are developing their monetary list to leave the European Union. They don’t want the dollar or the Euro, and I think they want to go on the gold standard

They have almost 5,000 tons of gold. They are in firm control of over 90% of their gold. What they didn’t get back from the US is only 10%.

1:06 The gold corruption of London and New York must be exposed. People should own gold and silver.

The banks are going to go down with the paper wealth.

The only asset standing will be gold and silver and maybe real estate.

Before this is all said and done I think we are going to see triple digit silver within 7 – 10 years. I think $100 silver is realistic.

When we close down the COMEX and the LBMA we would have a quick surge in the price, when the actual new gold- backed money systems come in. I don’t give any credibility to the IMF money. It’s not going to happen. They won’t have any gold backed system. That’s why there is the New Development Fund for the BRICS….They are building a system to replace the current system.

A paper based system cannot replace paper.

1:14 You are then going to then see …………..Read the rest of the story at

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