Jim Willie pod cast

[Serpo]

http://media.tfmetalsreport.com/audio/JAMemDayfull.mp3

[Cebu_4_2]

WTF is this? 1 hour and no description... where is Ponce?

[KenJackson]

In this podcast, Jim Willie calls Jim Rickards a shill.

Rickards is making the circuit claiming that China is NOT going to back the Renminbi with gold, but rather just wants to be part of the IMF's SDR basket of currencies. (Willie doesn't say it, but Richards also says the gold is a hedge against the collapse of the dollar. That is, they know they're going to loose the current value of their huge dollar reserves, so they're buying gold low so they'll have a lot of value when it's hight.)

Willie weaves a plot that I didn't fully understand, but says that yes, the Chinese are going to back the Renminbi with gold and future world trade will be in their currency. Apparently the IMF is broke and now it's just a pawn in the Chinese master plan.

I'm still a fan of Jim Rickards--I'm not willing to throw him over just yet. But I always love to hear opposing opinions.


BTW, a few days ago Bloomberg did the math and reported "A move to a gold standard in China would require an exchange rate of as much as $64,000 an ounce (http://www.bloomberg.com/news/articles/2015-05-20/chinese-gold-standard-would-need-a-rate-50-times-bullion-s-price)". Holy cow!