Josh Sigurdson talks with author and economic analyst John Sneisen about the recent reporting on a potential currency war in the near distance.
A G-20 communique has removed the following pledge to refrain from competitive devaluation:
“We will refrain from competitive devaluations, and will not target our exchange rates for competitive purposes.”
Now, the pledge says the following instead:
“We reaffirm our exchange rate commitments made in March.”
As a trade war heats up between the United States and China and tariffs negatively affect both countries, this notion of competitive devaluation is laughable. So, you make your countries more competitive on the markets but in return cause vast inflation and a monetary crisis. The crisis was inevitable anyways, but speeding it up isn’t exactly the fastest way to success.
Treasury Secretary Steven Mnuchin has endorsed the latest communique.
All fiat currencies eventually revert to their true value of zero. They always have, they always will going back to 1024 AD in China. This time will be no different and to speed it up at such a rapid rate, all while hiking interest rates, watching massive bubbles inflate in the stock market and in many of the housing markets within the United States AND China, this is a recipe for disaster.
We cannot put a date on the inevitable crash as the fundamentals are simply off the table. But with that said, it will happen eventually and it’s better to be over prepared than underprepared which is why individuals need to break free from the centralized system and decentralize their lives. People need to be independent, self sustainable, financially responsible. It’s up to you.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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