WE HAVE A DEADLINE FOR THE CRASH: JUNE 30, 2023. LIBAR to SOFR!!! Involves $600 Trillion of contracts changing to a new interest rate system. Uneducated Economist interviews Lynette Zang Currency Cycles From Gold To Fiat To ...CBDC (30:00 in gets juicy, transcript w sources in comments)
(www.youtube.com)
💥 B O O O O O M 💥
My brother in law lives in Phoenix and has had some dealings with Lynette and ITM Trading, he says they're scammers. He works in the investment field so I trust his opinion on these things. I looked up reviews on ITM and they are mostly negative. I'd take her opinion with a grain of salt.
I have the sources to back it up you just have to go through the transcripts.
I've also got family that has done business through ITM and they can't recommend Lynette enough.
I have never dealth with ITM but I am always cautious about taking advice from a gold dealer. I almost always agree with her analysis of the financial situation we are in, but a gold dealer will always tell you that you need to buy gold! I love gold, but I don't ask a gold dealer if I should by any! I already know the answer!
If there's ever a time to get outside the US monetary system, it is now.
I recommend people to buy and hold some precious metals and crypto on the side but this LIBOR to SOFR switch is huge news!!!
I MISSPELLED LIBOR IN TITLE!!!
TRANSCRIPTS:
Lynette started off as a stockbroker on Wall Street and has been studying currency cycles since 1987. She is the Chief Market Analyst of ITM Trading
Starts off on intro to currency life cycles.
9:20 Lynette talks about CBDC. According the IMF, the CBDCs will eliminate even the short term store of value because there are "no limitations on how low they can push interest rates". You can get a check deposited in your bank account and it immediately starts losing value because of negative rates.
13:29 "Remember you vote with your purse. You buy stocks, that's a vote! You buy physical gold and take possession of it, that's a vote! Whatever you do, that's a vote! Where you put your wealth is definitely a vote on what you're doing. Where you spend your money is a vote."
13:47 U.E. "How do you think they'll introduce the Central Bank Digital Currencies to us?"
Lynette: "Its not very speculative because they've already set up all the FedNow accounts. They already let us know back in 2020 when they were doing all this stimulus how much easier it would be to push a button and people have money instantly. There's never a free lunch. We've been kept on edge, lurching from crisis to crisis since 2019. Bring in the next big change in price, which I don't think is too far away, and they'll just push a button. Everybody already has their FedNow accounts, doesn't matter where they are in the country, even in rural areas. Suddenly you'll have money in there, that's how they'll do it."
U.E. "Do you think it'll be as simple to use as a debit card?"
Lynette: "Yes because they want people to use it. Whether or not they reload it, that's the next question. There have been a number of countries trying to push this through. Look at Nigeria, they introduced it but only got 0.5% of the population to adopt it so now the govt is taking all the cash away because that's a very cash heavy country. They're demonetizing and saying the cash is no longer good to use. They're trying to force adoption. The US govt is hoping we'll adopt it easily but if we don't, they'll do something to force that adoption."
U.E. "So during the next crisis this will be like their 'answer' to the next thing. That's kind of how they introduce a lot of stuff to he system is during crisis situations. patriot act, etc."
16:39 U.E. "This CBDC, I expect there to be a lot of pushback, I hope. I talk to a lot of people about CBDCs to see what they know and hardly anyone knows about the idea of CBDCs. They really don't even understand the transition of going from metal to fiat and into this next digital aspect. It will difficult for the word to get out but its important people do understand what is taking place right now."
17:20 U.E. "One of the worries I have... What happens if they make CBDCs illegal to transfer to gold or silver?"
Lynette: "Let's look at how they handled it before because history is the best predictor of the future. Theres all different kinds. In [1933] they took the gold away from the population. In the 1960s they took the silver away from the population but there were forms of it [still on the market]. That's why I only do collectibles. Most people say 'I don't want to pay that premium'. I had an experience at my uncles house when I was 10 years old who was a very high end antique dealer. My parents and I were at his house and he said 'come here, I want to show you something'. He took us in the back bedroom and had 2 tall floor safes and he said 'if anything should happen to me, your Aunt will be well taken care of for the rest of her life'. You couldn't fit one more $20 gold eagle in that safe when it was illegal to hold more than 5 oz in any other way but the way that he was holding it because those were all pre-1933 gold coins.
So my high recommendation is you do what the elites, those that can write the laws, do for themselves. Some of those coins can go for $8-13 million for a 1 oz gold coin. Not many people can spend $$1 million for a 1oz gold coin but you can get into the same category for a whole lot less.
I want to be in the category that can spend $8-15 million on 1oz of gold. In 1933 when they were bust taking all the bullion away from the public, they wrote in the loopholes so that those in the know and in power could continue not just to hold it legally, not just accumulate it legally, but use it in the normal marketplace legally and without oversight."
20:40 U.E. "That's a very interesting argument that these particular collectible coins basically step above what the gold laws were. They said 'we separate ourselves with what you're talking about down there with this monetary policy because we're a collectible item' and in that fashion, everything is normal."
21:05 Lynette: "Exactly, so the easiest way for a normal person to know, if you can hold it inside of an IRA, you don't want to buy it. If you can hold the metal inside of an IRA, which is so easy to confiscate, you don't want to buy it."
...
"Its absolutely subject to confiscation and not only that, its absolutely visible to the powers that be that can determine how you take that distribution. They can look at it and change those rules and laws but you basically don't have any privacy in there at all. So I have a strong retirement account and I used to have an IRA, I had a set buy IRA but I liquidated that and converted it to the collectible coins that I hold. Regardless of your perception, if you don't hold it, you don't own it. It is a contract and anything that is a contract runs counterparty risk. You have to know 100% that the entity on the other side of that contract has the ability to live up to their word because if they can't and dont, you're screwed."
23:02 U.E. "That 3rd party risk is the main reason that got me into physicals. I wanted something away from everybody else regardless of the phone app, regardless of the phone number, regardless of the location, it doesn't matter what happens out there, this is my possession. Anywhere I've looked at, gold and silver are acceptable currencies. You can't find a place where they won't accept it.
You can find places where different that aren't dollars are widely accepted but everywhere gold and silver is accepted."
24:00 U.E. "As far as a gold confiscation, I hear people say 'a golds confiscation' if you hold onto the physical. We talked a little about that if you hold onto the Collectibles. Do you think that would be the case? If there was a gold confiscation wouldn't that lend to the idea that we're moving back to a gold standard?"
Lynette "Ultimately history shows us we will move back to that to a degree. Talking about gold confiscation, if people say 'oh that can't happen again' well that's just hopium that isn't historic.
Even currently if you look at Ghana they just instituted it. Now they don't call it gold confiscation, they call it a levy or a tax. There are all sorts of different ways of a confiscation but the Ghana govt is forcing every miner to deliver to the Ghana Central Bank 20% of their production at the local currency. Their currency has lost 57% of its purchasing value very rapidly."
Africa News: Ghana Gold Tax Encourages Smuggling - BLOOMBERG https://archive.ph/2xV2Y
Gold Fields disputes Ghana tax bill | REUTERS https://archive.ph/lCzjO
"This next piece came from the Ministry of India, in 2016 when India denominated or demonetized 85% of its currency like Nigeria just did."
BBC - Why India wiped out 86% of its cash overnight https://archive.ph/16eLr
2016 Indian banknote demonetisation - Wikipedia https://archive.ph/nQLqt
"They went door to door allowing a certain level because Indians particularly or any country that's gone through hyperinflation before has a public very attuned to wearing their wealth. They went door to door only allowing people to keep a certain level of gold and taking the rest.
We aren't talking about hundreds of years ago, Ghana is happening right now. The same thing in Venezuela where they did a confiscation. Theres all kinds of ways to do a confiscation even if its not called that but a rose by any other name... Know what I mean?
Somebody that feels gold and silver will be important: maybe they're right, maybe they're wrong. But if I can do something that it doesn't matter whether I'm right or wrong, that's what I'll do. That little premium I pay when I already know how undervalued gold and silver are, that's my wealth insurance. That's making sure no matter what happens, I got my money covered and its something I can use in the normal marketplace (which is key!)."
27:20 U.E. "That'd the thing, being able to operate without restrictions and if you do have restrictions to be able to understand what they are and to be able to operate at a different level that circumvents that.
27:42 U.E. " I still predict there's gonna be a problem with food production coming into the future."
Lynette "Oh 100%, there already is."
28:49 Lynette "to your point, the world is getting hungrier and hungrier. Countries that were exporting are not exporting anymore and because of inflation people can't afford food so world hunger is growing. As we go through these transitions, unfortunately globally on average 80% of the population ends up in abject poverty. Venezuela is at 90%."
U.E. "Its incredible, the separation of that new money pouring in. It's pretty apparent when you start to study the Cantillon effect. It's important to understand the situation will get very tough for a lot of people and to prep ourselves up for it. Its not just a matter of protecting our wealth but finding that water source, finding the food source. One of the things people have been taking for granted lately is the networking to make sure if you don't have a particular skill, to find someone that does have that skill that you can trade with. You may never need that skill but just to have that network and team in place will be really important to go into the future."
30:21 "Do you have any other advice or any input you'd like to share?"
Lynette "One of the things that I'd really like to bring up (because people don't realize this) over time starting in the early 1970s when we went of the gold standard we began to financialize the system. In other words Wall Street is far more important than Main St and that shouldn't shock people anymore.
A huge issue coming up that I hear virtually nobody talking about is that in 2020 all food, water, energy, real estate has actually been turned into a trading product for Wall St. So we are so far away from a true supply & demand market its ridiculous. People don't realize and they'll look at the tickers saying 'this is how much gold is worth. This is how much water is worth..' But remember when we went to -$35 per barrel of oil? Was that really because of supply and demand or was that trading?
The banks whether they're commercial or investment banks are all about trading for a profit. They don't care about true supply and demand and they definitely don't care about us. They're just about a little pickup in money so it makes it critically important that you are secure in that whole mantra-sphere. Put medicine at the level of food and be secure in that and have enough to share.
If you look at what happened in March/April/May of 2020 when the grocery store went bare, how did you feel? How did that impact you? Where were the holes in what you do?"
33:11 Lynette "Again what if I'm right and what if I'm wrong? If I'm right, then goodness I've done all this preparation because I've prepared for 40 people at my bug out location.
Let's say I'm wrong. Well if I'm wrong, I have lots of wonderful food and all the wonderful amenities I've created in dead central Phoenix, AZ and I also have a great vacation house that was my bug out location for family and friends. I can easily sit out and generate income if I wanted to.
It doesn't matter if I'm right or wrong so why not do those things because these are the things we all need to sustain a reasonable standard of living. We ant to take advantage of it. Most people don't understand the true value or the fundamental value of an asset or an instrument because that is the only the individual can know if something is overvalued or undervalued. Do I want to buy it, hold it, or liquidate it?
I can show you lots and lots of examples that a rising gold price is an indication of a failing currency. With Wall St's help, Central Banks can easily suppress the price of gold and silver so that we don't understand that the currency in the system is failing. This is a Con Game so when the public loses confidence and every other layer of confidence above us is gone, bank to bank, Central Bank to Central Bank... Last August it was Wall St to Central Banks.
The only level of confidence that yet remains is the public confidence. When that is lost, that's when we will enter the really rapid rate of hyperinflation. That's also when you'll see the overnight revaluations of gold because gold is the primary currency metal and it will express or begin to express toward its true fundamental value.
35:45 Lynette: "So just recently as an example, we saw Lebanon did an overnight revaluation recently and so their spot for gold went up more than 1300% just overnight."
Gold Price in Lebanon, click on 1 Year tab
https://goldprice.org/gold-price-lebanon.html
Savers burn down financial institutions and politicians' homes across Lebanon to reclaim their money which has been frozen by banks.
https://nitter.nl/Xx17965797N/status/1627321774697242624
"Has it fully expressed to its true fundamental value in terms of how much they had printed prior? No not yet. But that's the first step and they usually do that on average 3 times though Venezuela is on #4 back in Oct-2022.
2022 OCT 02 Revaluation of Global Currencies Gets Underway.. - First notes to Be shown to public: Venezuela introduces new currency, drops 6 zeros
https://4cminewswire.substack.com/p/2022-oct-02-revaluation-of-global
(Oct-2021) BLOOMBERG - Venezuelans Break Off Flakes of Gold to Pay for Meals, Haircuts
https://archive.ph/cOwBk
"Take heed because what we're seeing is this is happening a lot in the emerging markets where those revaluations and the hyperinflation and the breakdown is occurring but coming to a theater near you. Use that as the canary in coal mine and get ready now. We have a lot of stuff coming up this year in 2023 and we don't even have time to go into it.
My bet is we're going to experience a big huge black swan crisis (I'll put my neck on the line and understand I could be wrong) before June 30, 2023 because of the LIBOR SOFR switch which is supposed to be completed by then."
JP MORGAN - Goodbye LIBOR, hello SOFR - The transition from LIBOR has led to major changes in the pricing of global financial products. Here’s what businesses need to know. https://www.jpmorgan.com/commercial-banking/insights/the-global-move-away-from-LIBOR
Federal Reserve Board adopts final rule that implements Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on SOFR (Secured Overnight Financing Rate) that will replace LIBOR in certain financial contracts after June 30, 2023
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20221216a.htm
https://archive.ph/UwwCD
USD LIBOR transition to SOFR: Making it happen https://www.pwc.com/us/en/industries/financial-services/regulatory-services/libor-reference-rate-reform/sofr-transition.html
FORBES - What Is SOFR? How Does It Work? - Forbes Advisor https://archive.ph/cMSXW
(Feb-15-2023) REDDIT SUPERSTONKS - Libor to SOFR transition - Good Ol Boys club having issues? https://archive.ph/hoJSH
37:22 U.E. "Let's talk about that real briefly. Well end it on there."
37:42 Lynette "Nobody's really talking about it. This historically has never ever ever ever been attempted. These guys are sO sO sMaRt that surely they can pull this off right? What happened is LIBOR which is a London Interbank Offer Rate is an interest rate benchmark that was created in the 1980s and imbedded in every single contract that there is. Whether it's your mortgage, credit card, car loan, student loan, derivatives (which are big leverage bets), this interest rate has been embedded but it was discovered during the 2008 Great Financial Crisis which is really when the system died, that this was just a stated rate. So you had a handful of bank that get together every morning and go 'Gee, if I were to loan you money overnight, this is how much I'd charge you. If I was gonna borrow money overnight, this is how much I'd be willing to pay.'
sHoCkinGLy, it was discovered that traders were manipulating that rate 😱 What a shock!
Wikipedia - LIBOR Scandal https://archive.ph/3rjIp
So then the Bank of England came out and said 'we are going to end that rate, we have to come up with a new benchmark.' And there were a handful of countries that did that. In the US that new benchmark is called SOFR. So by the last count I saw, you gave an additional $610 Trillion in notional value contracts that still had to convert to the new benchmark. They had to force compliance as of January 1, 2022 no new contracts could have LIBOR embedded in them.
They had to force compliance because for Wall St the new benchmark doesn't work the same as the old benchmark so they did their little accounting gimmicks on it and they still cannot get the new benchmark to be the same as the old benchmark.
Why does this matter? Because contracts valuation in corporations and banks are valued based upon that interest rate benchmark. So it may not matter for one contract but if you're looking at $600 trillion of contracts, that's a tectonic valuation shift in the global banking system. That's HUGE!"
(Nov-28-2021) REDDIT SUPERSTONKS - LIBOR, SOFR, ONRRP, AND WHY IT MAY BE A BIGGER CRISIS THAN WE THINK. https://archive.ph/ORvlv
"Can they pull it off? Could I be completely wrong to be so concerned about it? Maybe, who knows.
They ran a test in Oct-2020 on $80 trillion of contracts and it was a total disaster. This complete $600 Trillion from LIBOR to SOFR was supposed to happen in 2021. I knew the $80 Trillion test was a big fat fail because after they ran the test they went dead silent and then 3 weeks later they postponed it until June 30, 2023. Idk maybe they can pull this off but I don't think they can.
(Jan-11-2021) BLOOMBERG - Libor Proving Hard to Kill in $200 Trillion Derivatives Market https://archive.ph/YOjN4
Are we moving to WW3? Sides are being divied up right now. So I think there'll before that to mask the fact that they can't make this transition."
U.E. : "Wow, this is gonna be a big one. I'm trying to wrap my head around what this transition can look like on June 30, 2023. Basically all these contracts need to be valuated at this new/other interest rate. It's a different one so if they're not the same, there's gonna be issues no matter what.
Lynette: " Right! And they've been transitioning contracts over to it, but in some cases you have to get everybody to agree. The area that is.most problematic for them isn't the mortgages because the languages for them to do whatever they want is in there and they put in place stop gap measures so that if you or I open our mortgage statement/student loan/etc and all of a sudden we owe a lot more money than we thought we did, then you can't sue anybody. You're just screwed.
In 2008, the freezing of the CDO market (Collateralized Debt Obligation) collapsed the system. What rose up from that are CLO (Collateralized Loan Obligations) and they're not liking this because they're getting less money from the change and so they're actually fighting it and that's a huge market.
WIKIPEDIA - Collateralized Debt Obligation https://archive.ph/Gmn7r
WIKIPEDIA - Collateralized Loan Obligation https://archive.ph/z6p3h
We're gonna see what happens. I could kill my career talking about it but NOBODY is talking about it so why not? Why aren't they talking about it?."
43:25 U.E. "So we're talking about the CLOs are having a hard time dealing with this transferring over by the June deadline? Oh shoot!"
Pretty much ends here
Render unto caesar that which is caesars. It has always been the government's job to coin money and all that. Whether it is physical coins, paper cash, or digital card is all within their purview. It is also 'caesar's prerogative to integrate the money system with foreign economies,or not.
What "caesar" does not have the right to do is assimilate your body into that money system. So I dont want to participate in any biometric money or implanted chip money, but it makes little difference to me if my imaginary money is represented by paper or a chip on card or phone
Cryptocurrencies for the first time bring the separation of money and state in a practical way.
Caesar will have less to contend with after this is said and done.
I'm not saying this doesnt work out well for Caesar in the long run, and I'm not saying it doesnt take us a step closer to a "mark of the beast" type system at some point. I'm just saying we all have to choose our hills to die on and this one isnt mine. Technically everything greasing the skids on financial integration is going to be used for a "mark of the beast" eventually
I believe most of the contracts have already been moved to SOFR. Well for USD. EU currency moved to ESTR.
Cucumber. .. THANK YOU for your efforts here
Glad to be of help! I think this is extremely vital information and I want everyone to know about it!
Not a fan of datefagging but if the Ukraine war escalates further financial crisis will occur very fast in unison.
I read somewhere that the fed is not going to introduce tye CBDC unless they have the backing of the White House.
I spoke with a regional head for the IRS at my mothers birthday. I asked what they were going to do with all the new agents and well he looked at me like I was dumb and said, “CBDC, the irs will run the CBDC”. He said “other countries are doing it so we have to if we want to keep up.” His implication was that is how we will be getting our returns or any other money from the gov. See it’s all in place already. It IS happening.
I think Trump needs them to put this in place. IF he wins.
He can shut it down.
Look up Anders Brownsworth. He is integral in programming the US CBDC.
Anders Brownworth - Principal Architect - Federal Reserve Bank of Boston
https://www.linkedin.com/in/andersbrownworth
CRYPTO NEWS FEB-19-2023
The Federal Reserve (FED) of San Francisco is hiring a developer to build a CBDC system
https://crypto.news/san-francisco-fed-is-hiring-a-developer-to-build-a-cbdc-system/
https://cointelegraph.com/news/san-francisco-federal-bank-eyes-cbdc-system-development-reveals-job-posting
The FedNow CBDC platform (not the CBDC itself) goes online June 2023.
How the Federal Reserve will expand its infrastucture with FedNow and take over commercial bank liability, SWIFT system, Clearing House CHIPS, etc... | Rebel Capitalist
https://www.youtube.com/watch?v=uVyFhggpawk
They are still building it regardless and will introduce it after they crash the economy completely.