6.16.24: LT w/ Dr. Elliott: Built-in demand for U.S. Currency if fading Saudi Arabia Petro Dollar 50 year exit Pray!
Summary
➡ The article discusses the shift from the petrodollar system to a new global financial structure. It suggests that the U.S. is moving towards a system where its currency is not backed by oil or gold, which could lead to inflation and a decrease in global demand for the dollar. The article also mentions the rise of central bank digital currencies and the potential for a global monetary union. Lastly, it explores the idea of returning to a gold-backed currency and implementing a national sales tax as a way to stabilize the economy.
➡ The text discusses the belief in a global financial reset and the importance of making informed choices, guided by religious faith. It emphasizes the value of investing in precious metals like silver and gold over traditional currency, due to their growth potential. The speaker also expresses concern over societal issues and hopes for a positive change. Lastly, they encourage listeners to stay informed about financial trends, particularly the shift away from the petrodollar.
Transcript
Whether it’s, you know, fear and misinformation and all these things that are happening, it’s just causing people to just tighten up and actually operate out of fear rather than looking to Jesus, who is the author and finisher of our faith and who can wipe away that fear and we can rest under the shadow of his wings. Right? But the stories that are causing people such angst are not small stories. I don’t want to discount them. Russian warships in the Bay of Havana, in Cuba that are moving around, they’re now like 20 miles away from Miami, right? It’s like, what, why do they have nuclear warships there? And what about the sub that they can’t find? It’s like, really? You can’t find a sub, right? And then you see them shooting off missiles, doing maneuvers and testing.
It’s like you could do that anywhere in the world. Why do you have to do it 20 miles off the coast of Miami if you’re Russia? They just want us to see it, right? They just want us to see what they’re doing and maybe they’re preparing for something. I don’t know, I’m more of economist, but I look at this and it’s starting to add up a little bit about what, what basically Putin had said back in August, which is how they’re going to de dollarize the world, right? So, so this all started though. I’m just going to take a little history trip here.
When the Russia Ukraine conflict started, Biden did the nuclear of all economic sanctions and he said, hey Russia, no more swift system for you, meaning no more, no more international bank wires or domestic bank wires going in or out of Russia. We’re going to starve out your population because you’re attacking Ukraine, our ally. Right? So, so what did Putin do? He goes to China and basically says, hey, we got kicked out of swift. And Xi says, don’t, don’t worry about it. We’ve got something called Sips. You know, we have our own money union between our members, and you’re going to be just fine.
So what Biden did with those sanctions back then, really, to me were the spark that caused the BRICS nations, who have been around for quite some time, to really unify and coalesce around a common goal for them, which is to be the world’s global monetary, economic, political, military, superpower. Okay? That’s what they want. So, so it was that sanction, that big one, that caused a lot of what we’re seeing today to happen because our foreign policy is so bad, our diplomacy is so bad under the Biden administration. So earlier in the week, it was on Wednesday.
I’m reading, doing some research, and I found this US Department of the treasury press release. And so I’m going to read you the title and I’m going to read you, I think, the most important paragraph in it because it’s a pretty long press release. But here’s what it is. As Russia completes the transition to a full war economy, the treasury takes sweeping aim at foundational financial infrastructure and access to third country support. So what is, what does that mean? Right. So we scroll down just a little bit into the second paragraph. So what are, what are they going to do? Said today’s actions strike at their remaining avenues for international materials and equipment.
So these sanctions are going after these things. They’re avenues for international materials, equipment, including their reliance on capital supplies from third countries. We being the United States, are increasing the risk for financial institutions dealing with Russia’s war economy and eliminating paths for evasion and diminishing Russia’s ability to benefit from access to foreign technology, equipment, software, and it services. Every day, Russia continues to mortgage its future to sustain its unjust war of choice against Ukraine. So there we go. There’s a reason for the sanction, right? It’s like their unjust war against Ukraine. So now we put these sanctions on, and if you’re out there listening or watching and you say, well, I like those sanctions, or you dislike them, doesn’t matter.
Right? Because put yourself in Putin’s shoes. If I were the president of Russia and some other country put sanctions on me where I couldn’t access software, equipment, technology, banking services, I’d be ticked. Right, right. That’s what, so this is, this is why Putin is so mad, right? So, so what did Putin do? Putin then basically goes one step further and on Wednesday, again, right after these sanctions were done, he does something that. That actually rivals what, what Saudi Arabia is, is doing. So. But not quite to that extent, because I’ll explain why. But. But what Russia did is they said, no more.
No more dollar and euro trade on our main board. So no economic financial transactions in us dollars in Russia. It’s like, what? So they basically eliminated the us dollar and they’re going to. You can’t trade in the euro or in the dollar in Russia. So no demand for the us dollar. Right. So. So this is where we start to see country by country by country dismantling its dependence on the us dollar. And so this goes back to August when Putin said, we are going to de dollarize the world. So how were they going to de dollarize the world? Well, a, by adding six of the nine largest oil producers in the world last week, they’re now entertaining Turkey.
Right, which you and I talked about. It’s like, okay, Turkey. It’s like, this is pretty big. Largest muslim populated country in the Middle East, a member of NATO. This just changes the global geopolitical dynamic. If turkey leaves NATO and goes into the BRICS nations, which I don’t see why they wouldn’t accept them. Right? But so this is why Russia’s clapping, saying, yes, turkey wants to be part of the BRICS nations. This is awesome. Right? And so then you’ve got that happening while at the same time you’ve got all these misstatements and half truths and all out lies coming from Washington, where the Federal Reserve basically made this announcement last week.
They said, well, there’s a few countries in the world that are abandoning the dollar and going to golden. They. And so then, you know, kind of an inconspicuous, you know, just like, well, that’s okay. There’s some countries that are going into gold and getting away from the dollar. So what were the countries? That’s what they didn’t actually say. Countries are China, India, Russia, and Turkey. It’s like 3.4 billion people. It’s. It’s 34.7% of the entire world’s population. That’s a big deal. Moving away from the dollar into other currencies. And it doesn’t even matter what currencies they’d be going to.
They’re getting out of the dollar. That reduces demand for the dollar. This is how Putin gets his way of de dollarizing the world. So then you go to, let’s see, June 9. So on June 9, Saudi Arabia basically has this agreement with America, right? And basically they’re saying, we are going to trade oil for us dollars. That is a 50 year agreement that expired on June 9. So for the last 50 years. So for most of the adult lives or all of the live of your viewers here, lt, it’s like, this is all that we’ve known is a petrodollar where oil is traded for us dollars, giving us built in demand for our currency.
This story here, I think, is the biggest economic news story of our lifetime. Yes, it is. It’s massive because the implications of it are, okay, they basically let the agreement expire and then what are they going to basically change oil for? Well, probably the yuan would be my guess, until they go into a common BRICS currency. Right. But, but, you know, Saudi Arabia being a BRiCS nation, they’re going to use one of the BRICS currencies, probably the yuan, and then go into a common BRICS currency once that’s established. Okay, so what currency they go into doesn’t really matter at this point.
What matters is no longer the US dollar. This, for all intents and purposes, just destroyed the petrodollar once and for all. And we’re not getting it back. I don’t even care if Trump becomes president tomorrow. We’re not getting that petrodollar back because it just shifted. And you’re going to have to persuade 70% of the world’s population, the BRICS nations, to say, yeah, us, you can have that petrodollar back. Right. It’s like, this is one of the kind of things that I always tell my kids. It’s like choices have consequences. Kids, their choice to actually put all these sanctions on and have Biden’s horrible foreign policy and diplomacy has caused this.
Now what Trump is going to be able to do when he comes back is actually help get us a life of getting out of debt, living, right. It’s like, we’re not going, we don’t need to have all of this debt. We don’t have to live a lifestyle of borrowed money. We don’t have to. Because actually moving forward without a petrodollar, we can’t. Lt, we can’t. We’re no different than Argentina or Venezuela or Zimbabwe at this point. When you don’t have a reserve currency, you don’t have built in demand for it. The more you print it, the less global demand there’s going to be for your currency because you diminish the value.
Right? So, so you’re seeing all of this stuff happen right underneath our nose. And I think that there’s this power shift that’s just gone to the east and now Saudi Arabia on Wednesday. Literally. These we’re talking about just a few days ago. This is fresh, hot off the press news, right? Basically, Project Enbridge, you and I talked about this LTE, I think it was a month and a half or two months ago. Project Enbridge is the bank for international settlements project that will connect different currencies, different exchange rates, to basically have connectivity between all these different central bank digital currencies around the world.
It’s their big linking step to. To get the whole world to talk about finance and actually have a monetary union globally. See, this is why when I think about it, and we had a lot of the people on the right in this country celebrating that the House of Representatives told, passed a bill, HR, I think it was 5403, that said, no, the Federal Reserve can’t issue central bank digital currency. And people called me and said, kirk, look, you know, you, you were wrong. They’re not going to do it. We’re not going to have cbdcs in America.
It’s like, okay, since when have I ever said that central bank digital currency was only an american thing or only a United Kingdom thing or only a japanese thing? Right? This is a global thing, which I think it’s going to be actually run and monitored and operationalized by the bank for international settlements, the world Economic Forum, the International Monetary Fund, the World bank. Those institutions are going to have our global currency. So the fact that Saudi Arabia now has teamed up with China, with their central bank digital currency to be a part of Project Enbridge, it’s like, wow.
So when, I think that this timing is ironic, when they basically get rid of the dollar, they’re going to trade in other currencies for oil, and on the same day, they decide to be part of China’s central bank digital currency project with project Enbridge at the bank for international settlements, it’s like, LT, we’re seeing the beginning, like not of global governments as a thought, the beginning of global governance as a living, breathing entity that we’ve read about in the Bible and in whole biblical prophecy. I think we’re entering into those days where all of these things that one world government, one world currency, one world political system, it’s all starting to flush itself out right underneath our nose.
This is why I think that that Saudi Arabia deal to get rid of the petrodollar is literally the biggest news, economic news of a generation, because it’s going to change forever the way that America interacts with the rest of the world. Financially. So my question to you in all of this is when you bring up the petrodollar and you say that Saudi Arabia has a connection with us, and then all of a sudden, 50 years later, we’re going to stop. So we had a different system set up before that, 50 year agreements, you know, kicked in, and then now, 50 years later, they’re going to get rid of it and we’re going to go back to an old system.
I mean, how does that work for us? Were we doing okay before the petrodollar deal? Well, before the petrodollar, yeah, we were doing okay. I mean, so that would have been. The petrodollar started in 19, in the early 1970s, right? Seventies, yeah. Yep. So prior to that, was America growing? Yeah, we were robust. It was, you know, the industrial revolution. Look, what we had going on, we were growing, which caused us a lot of growth, but. But after that, it really allowed us. When. When Nixon closed the gold window, the year before the petrodollar started. Right.
So you, you look back and you look at history and what all these things mean. We used to have a currency that was backed by gold back in founding fathers days, and then the Federal Reserve came and we took that away. For all intents and purposes, except for international settlements, countries could still require settlement in gold. And that’s when Nixon in 72, even shut that window. So after 1972, here’s what’s interesting. Most of my colleagues and economists would say we’ve been on a fiat currency ever since 1972, when Nixon closed the gold window. It’s like, no, we haven’t.
We just went from backing, from gold to backing with oil, because when we became the petrodollar in the early seventies, we now move from backing, from gold to backing to oil well, until June 9, when that went away, because now Saudi Arabia, one of the largest oil producers on the planet, said, no more us dollars at this point. Lt, we are a fiat based currency. There is no backing. There’s no gold backing, there’s no oil backing. We don’t have any backing. So now, for the first time ever, we could see the inflationary pressures ensue as the world gets de dollarized and there is no demand for our currency anymore.
And every time we spend money, every time there’s a stimulus program, every time there’s an entitlement, every time there’s a penny spent on the Department of Defense or infrastructure, Education, or raising the debt ceiling, we better be careful of how much money we print and because that’s debt. And do we have the ability to pay it off with tax revenue because we no longer have foreign demand for our currency nor built in demand. I mean, this is literally a paradigm shifting moment. The Saudi Arabia decision is the elimination of backing of our currency from gold and then to oil to now we’re truly a fiat based currency.
This is why I think it’s so important, lt, because it just changed our lives forever. So, so then it goes back to how is our federal reserve? The, it’s definitely not government, right. That’s just a separate, its own company. So, you know, a lot of folks have been crying out and you see on social media, especially in our world, that someday these guys could get put away, you know, end the Fed. We hear that all the time from folks like Rand Paul. And so how is that, how would that help us if federal Reserve goes away and we do eventually go back to gold backed currency or whatever? Because we’re seeing that happen in the states.
It’s almost like the states figured it out because we talked about that over the past year. Yeah. Is all of this coming to a head where hopefully we’re able to catch up with this? And is it again going back to biblical principles where we have to have gold and silver to survive? Yeah, I mean, so I think there’s a couple things that go hand in hand here. You get rid of the Fed, right? That’s how the found. The founding fathers never wanted a central bank. They wanted currency issued by states and they wanted gold and silver as the only legal tender.
Right. So we move in that direction. But you still have this problem. You still have the IR’s and a progressive income tax, which is one of the planks of the communist manifesto. Right? So if you get rid of the Fed and actually have income that comes into America is just a fair tax, a national sales tax. Right. And you get rid of all the progressive income taxes. Now we’re actually setting a foundation for success moving forward where, you know what, that’s the fairest of all taxes. It’s like if you don’t spend money, you’re not taxed. So the underprivileged of America, you know, it’s like you don’t spend money, you’re not going to really pay many taxes and all of you spend a holics out there.
Well, you deserve to be taxed. So, but it’s not like it’s, the more you make, the more higher tax rate you pay. It’s across the board, a national sales tax. Right. So, but you have that, you get rid of the fed you have a currency that’s backed by gold. Now we have this foundation moving forward that I would say is more like biblical finance. Don’t live above your means. Don’t carry debt that you can’t pay back. Within the first generation, you know, the generation that passed the bill, this is what I think it was Thomas Jefferson or Hamilton that had said that.
It’s like, you know what? Shame on America if you ever pass a bill that you can’t pay off that debt before you die, because it’s unfair to leave it for the next generation who didn’t vote for it. That’s right. So, so I think moving forward, we will have a global reset of sorts. Now, do I think that it’s going to eliminate central bank digital currency? No, I don’t, because I don’t think the Bible tells us that. The Bible tells us we’re going to have a one world type money. We’re going to have a mark of the beast.
But I think that there’s going to be parallel systems running alongside of it, right? And I think this is where we start to listen to God’s word, where God is a God of choice, right? He gives us the choice to accept or reject his son. He gives us the choice to sin or not to sin. Now, there’s consequences of good and bad to all of these decisions that we would make in life. He also tells us about the mark of the beast. So we know about it. So we can have the choice to accept it or not accept it.
Right? There’s all these things that start to manifest themselves in our lives, which is why I want to shout it from the rooftops. And, and I know that there’s going to be people that agree and disagree with my eschatology. It’s like, I don’t know. Right? You know? But what I do know is that God didn’t create robots. He wants us to have freedom in our choices so then we can be blessed because of our choices. I mean, this is throughout his word. It’s interwoven through it all the time. And you know what? Lt when, when our country kills unborn babies, when our country has debt, when our country is basically lives like Sodom and Gomorrah and everything that’s evil is considered good and everything that’s good is considered evil.
And you look around and it’s like, man, I hate having to walk around the sidewalks. And, you know, even when my kids were younger, having to cover their eyes, right? It’s like, good grief, this is America. It’s like this isn’t Sodom Gomorrah, but yet this is where we’ve come to. And so I’m encouraged that, that God cares about us so much that he writes in his word how to successfully navigate through this life. And there’s. There’s grace and there’s mercy and there’s repentance, which means turning away from your evil ways. And I think that as America continues to progress here, we are going to turn away from our evil ways.
You know, not everybody, but certainly a remnant is. And this is going to be our success moving forward. Yeah. And that just reminds me, as you’re speaking, you know, when we brought our Ira over from cash to silver. I mean, our Ira has grown substantially over the past year because the silver went from whatever it was like $18 at the time, I believe, and now it’s up past 30 or near 30. So if I would have just left that in fiat currency and not met you and brought that over, it would just start falling apart, probably.
So that’s why it’s important we’ve reminded folks why it was great for us to make that move and get all of our IRA pulled, put into precious metals because there’s actually growth there and it’s been great. So that’s just a reminder for everybody out there. You know, you can go to Doctor Elliott and his team and we know.com gold. There’s also a phone number. What’s that phone number again? Doctor Elliott? 720-605-3900 that’s 720-605-3900 yeah. But now is the time to make that call and head on over there and ask the questions and really consider moving away from this currency.
That’s. Man, it’s not looking good at all for the currency. And getting into this silver and gold is very, very important. The states are catching on, the whole world is catching on and it’s very important for folks to pay attention and that’s why we’re doing these to support all of you, to make sure you guys understand this is definitely biblical. Thank you so much Doctor Elliot, for helping us out to navigate through this. It has been a big deal for us to figure out what’s going on with this petrodollar move away. I mean, it has been all over social media the past couple of weeks.
I’ve been concerned about it. I wanted to know what was going on and I’m just glad that we have these updates. We definitely need to stay on top of this because we’re going to see some big moves with this pull away from petrodollar, that’s for sure. Absolutely. Well, it’s my pleasure. It’s always great being with you, Lt. Wonderful. We’ll talk to you again soon. Alrighty bye.
[tr:tra].
See more of And We Know on their Public Channel and the MPN And We Know channel.
Author
