Stansberry Research: 5-19-2023
“This is a trend that is just beginning. It almost as if the Fed wants this to happen,” says Andy Schectman, president and CEO of Miles Franklin Precious Metals.
He believes the Fed wants all the money to leave regional banks because “they could just disallow the ability for the money market to park their money inside the overnight repo market.”
He points out that when President Joe Biden nominated Jared Bernstein, who previously supported de-dollarization, he weakened the U.S. dollar’s role as the global reserve currency.
In addition, he argues that instead of dealing with the Big debt problem, America looks for an unrelated “villain” to blame. “It’s almost like you’re looking for a villain with Putin, Xi Jinping, OPEC, and all the countries moving away from the dollar,” he says.
“But you have to give them the lack of dollars, the reason to get out of the system, because how are you going to pay for it?
There is no way out of this mess. It’s either inflation or default,” he concludes.
00:00 The end of regional banks
13:45 Countries dump dollars
18:15 Why does the U.S. let this happen?
26:10 Silver premium
28:50 Final takeaway