ZZZZZZ… Wake Up, Mr. President
Am I missing some sophisticated master plan that Biden has been able to come up with?
If not, then the only other conclusion is that China has been able to project immense power and political leverage in the Middle East by normalizing the relationship between Iran and Saudi Arabia.
A friend of mine who is reading this and sipping his coffee on a beachfront property in California is probably thinking to himself that Iran’s and Saudi Arabia’s relationship means nothing to him and China brokering this doesn’t impact his Cappuccino, but he’d be wrong.
America has been the agent of globalization and military support in the Middle East since the end of WW2, but especially since 1971.
I assume you know what happened in 1971: President Nixon, in a rush to avoid a global run on the dollar, concocted a plan to stabilize the supply of dollars in circulation and ensure that governments continued to prefer using it.
The petrodollar was born when Henry Kissinger, the behind-the-scenes president, convinced the Saudis to sell oil only in dollars to Western allies in return for total military aid against their enemies.
The petrodollar is no longer the global currency system, but a replacement has not been found yet.
Essentially, when any American wakes up in the morning, they need to know that the national debt, which was funded by both massive purchases by foreign countries and American pension funds, will now see a meaningful decline in appetite from foreign sources.
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Empires die when their militaries retreat and their currencies lose prestige, and the U.S. is pulling out of the Middle East thanks to its world-class reserves of oil and natural gas, which make its military intervention in matters of regional conflicts with the use of the military unnecessary.
This is the reason that the sovereign risk of the United States is as high as ever. The American master strategy of the past 80 years has been put to bed.
Courtesy: Zerohedge.com, Bloomberg
No one knows what a world where China comes into the Middle East and the United States exits it looks like.
Biden’s administration is focusing its efforts on stopping Russia and creating the conditions in the South China Sea to totally block China from thinking about invading Taiwan, but the vacuum America has left for Saudi Arabia is similar to those the European conquerors of the colonial era left in Africa after their exit.
It is 100% certain that other powers, Russia and China, want to influence the region.
Therefore, tomorrow, when the FED makes its rate hike decision, it must address the banking crisis and other considerations. What I think is about to happen is that, for the first time since November 2021, Powell will need to transform his priorities and ease the speed with which it hikes rates, perhaps even freezing them altogether.
Many people are concerned a recession is coming; I’m much more worried that we’re ending the era of globalization and simply have no clue what the next phase looks like.
What does that mean?
It means that if you need money in the next few years, you better be out of the markets since many crashes can still occur, and if you’re fearful of bonds and cash, GOLD is your best shot.
This line of thinking is what’s working for precious metals right now.
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