(TRUNEWS) World renowned economic forecaster, Jim Willie, told Rick Wiles on Monday that the long awaited reset of the global financial system “has begun.” Citing the steep decline of oil as a major factor in the coming ‘death of the dollar’, which has gone from a mid-2014 selling point of $106 a barrel, to a slump of just above $35 as markets closed today, Willie predicted nothing but woes for the U.S. going into 2016.
Though Willie did not think the 7% drop, and subsequent trading halt, in the Chinese market was a ‘big deal,’ he did emphasize that regardless of what happens to their stock market, China’s lack of external debt, and accumulation of upwards of 30 thousand tons of Gold over the last decade, puts them in a unique position of power. “Foreigners have no way of extracting their money,” Willie said, and made it clear that the real news was their “gradual move toward a Shanghai gold fix,” where the Chinese literally take control of the Gold price.
Regarding other major economic moves happening in the world, Willie commented that another threat to the global economic order is “Russia taking control of oil price setting mechanisms,” as Saudi Arabia commits economic suicide with their over production of oil and depletion of national reserves. Willie noted that the Ghawar oil field, Saudi Arabia’s main crude oil producing field for almost 60 years, is “producing 98% water,” and inferred the resource titan will likely not see another decade of service at the current rates of drilling.
In addition to the over drilling, Willie also referenced the ongoing proxy war the Saudi’s are losing in Yemen, as the U.S. armed, British and Israeli backed, ISIS, in Willie’s own words, “continues to run its main head quarters from the U.S. Embassy in Ankara, Turkey.”
Check out the full interview below.
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