Your analysis in BR March 1 about the US market has prompted me to respond in terms of the perspective I have which is History-based because that is my field.
The ‘Great Re-set,’ as it is termed, which has been and is exploiting the Covid situation, aims at reasserting Central Bank control over the US economy. This is markedly apparent since the advent of the Biden Administration which is rapidly reversing Trump’s economic and financial initiatives, with particular reference to the Federal Reserve.
In 2018, Trump reincorporated the Federal Reserve into the US Treasury. By doing so he displaced the independence of the Fed. In terms of Article 1, section 8 of the US Constitution only Congress has the power “to coin money and to regulate the value thereof.” That function is not granted to a private institution which is what the Fed is. Established in 1913, its existence is constitutionally not in accord with the central principle of the US Constitution which is premised on the three introductory words: ‘We the People.’
Have a look at a US dollar. At the top above the image of Washington, are the words “Federal Reserve Note.” In other words, the dollar is not issued by the US Treasury but is actually a debt note printed by the Fed and bought by the US Government from the Fed at a cost in interest. The Fed determines interest rates, not the US Treasury. And the Fed creates those dollars out of fresh air. By re-establishing control over the issue of coin and backing it up with gold, Trump aimed to stabilise the dollar and put an end to the endless arbitrary manipulation of money and its value by an unelected power.
Trump’s action, of course, has infuriated the central banking system which is the driver of globalism – the very opposite of Trump’s ‘America First’ policy. And that has been the main underlying reason why the mainstream media which is owned by the financial elite subjected Trump’s Administration to a relentless negative, vindictive vendetta.
What is also frustrating the central bank moguls is the rise of Bitcoin and the resurgence of gold. As purveyors of a fiat money system, the central bankers do not want people to be independent of them which is what Bitcoin and gold facilitate. The fact that Bitcoin and gold have hit highs of late, is an embarrassment to the central bankers because those highs are reflective of the declining value the market places on their fiat currency, the Fed dollar.
Significantly, Janet Yellen, who was the Fed boss, is Biden’s Treasury Secretary. So, the choppy waters of which you wrote in BR of March 1, are all part of a titanic struggle being waged between the proponents of globalism and their agenda to extend control over the world’s foremost sovereign state, the USA, and those who seek to retain and sustain US sovereignty. The Biden Administration is simply the servant of the globalists and their Re-set agenda.
Ryk de Klerk, Business Report columnist published, 4 March 2021.
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