Black Horse – The Faithful Watchman

“Game Of Thrones’ Kind Of Thing”: Tech Billionaires Buy 55,000 Acres Outside San Francisco To Start New City

The New York Times revealed a group of Silicon Valley billionaires are behind the $800 million in land purchases, or about the size of two San Franciscos, around Travis Air Force Base in Solano County, California.

We previously covered the mysterious Flannery Associates, which has quietly amassed a staggering 55,000-acre farmland portfolio encircling three sides of the military base. The landowners weren’t previously known until now:

“Billionaire venture capitalist Michael Moritz, Reid Hoffman, the LinkedIn co-founder, venture capitalist and Democratic donor; Marc Andreessen and Chris Dixon, investors at the Andreessen Horowitz venture capital firm; Patrick and John Collison, the sibling co-founders of the payments company Stripe; Laurene Powell Jobs, founder of the Emerson Collective; and Nat Friedman and Daniel Gross, entrepreneurs turned investors. –NYT

Brian Brokaw, a representative of Flannery Associates, stated the investor group is mainly “Californians who believe that Solano County’s and California’s best days are ahead.” He said the group will begin talking with Solano County leaders, residents, and Air Force officials next week.

ABC7 News I-Team learned Flannery Associates has purchased a total of 55,000 acres of dry farmland that have been acquired since 2018.

One local rancher told the San Francisco Chronicle that Flannery Associates’ buying spree “was like a hostile takeover … it was Shakespearian, a ‘Game of Thrones’ kind of thing.”

NYT said in 2017, one of the venture capitalists sent a pitch deck to potential investors, describing: “A chance to invest in the creation of a new California city.”

As San Francisco implodes under the weight of crime and Democrat dysfunction, tech billionaires are pivoting, setting their sights on building a new ‘smart city’ on the outskirts of the Bay Area. Perhaps it’s cheaper to build a new metro area rather than salvage the sinking ship that is San Francisco.

BRICS will discuss a new currency and possible de-dollarization during the summit: Report

As leaders of the BRICS nations-Brazil, Russia, India, China and South Africa prepare for the group’s summit from August 22-24 in South Africa, discussions of creating a new BRICS currency to offset the dominance of the US dollar are gaining momentum.

“One of the main topics on the agenda, other than the group’s expansion, is a push to conduct more trade among BRICS nations in local currencies and reduce the reliance on the US dollar,” Alarabia reported.

The bloc has been working to reduce its reliance on the US dollar for more than a decade, but after Russia invaded Ukraine, when the US imposed severe economic sanctions on Moscow, the concept of de-dollarization—or lessening the US dollar’s dominance in international trade and finance—became more popular.

“The BRICS countries are trying to accelerate the process of reducing their reliance on the dollar,” Papa, a Senior Fellow at the Fletcher School, Tufts University, told Al Arabiya English. “While Russia has always been committed to de-dollarization due to sanctions-related risks, now we see other countries, especially Brazil, becoming more vocal about acting on this agenda.”

Although the movement towards de-dollarization is gaining momentum, it is neither simple nor quick, given the numerous economic and political obstacles that still need to be overcome. For instance, the US dollar makes up 58 per cent of the world’s foreign exchange reserves and more than 80 per cent of all international trade.

Despite the dollar’s dominance, some analysts believe it is plausible to envision a new BRICS currency being used for trade.

“It (de-dollarization) might work this time because their (BRICS) ambition for an actual currency seems to have scaled down. It is no more this fanciable notion of a shared currency like the Euro; instead, they seem to be focusing more on the use of the currency in international trade, which is why it is more seriously a viable possibility,” Jo Sullivan, a former White House economist, told Al Arabiya English.

According to Sullivan’s analysis in a Foreign Policy piece, each of the BRICS countries is an “economic heavyweight” in their respective regions and can, therefore, cover all their import costs independently.

Will A New BRICS Currency Backed By Gold Mean The End Of Global Dominance For The U.S. Dollar?

Is the global dominance of the U.S. dollar in danger? In recent weeks, there has been lots of speculation about the introduction of a new BRICS currency that would be backed by gold. In this article, my goal is to sort through what is true and what is not true. From August 22nd to August 24th, the 15th BRICS summit will be held in Johannesburg, South Africa. Back on July 5th, RT sparked a firestorm of rumors when it reported that a decision to introduce a new BRICS currency that would be backed by gold would be made prior to the upcoming summit in Johannesburg…

BRICS is set to introduce a new currency backed by gold, in contrast to the credit-backed US dollar, with the decision coming a month ahead of the bloc’s summit in Johannesburg. With the growing initiative, more and more countries are lining-up to join the group.

In the aftermath of that report, many prominent voices were warning that the U.S. dollar was in big trouble.

For example, author Robert Kiyosaki boldly declared that the U.S. dollar “will die”…

The end of the U.S. dollar is near, said the best-selling author of ‘Rich Dad Poor Dad’ Robert Kiyosaki, citing an upcoming BRICS summit in South Africa as a trigger.

Kiyosaki is projecting that the BRICS group, comprised of Brazil, Russia, India, China, and South Africa, will announce their new gold-backed digital currency during its summit on August 22-24, and it will have dire consequences for the U.S. dollar.

“August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die,” Kiyosaki tweeted last week. “Trillions of US $ rush home. Inflation through the roof.”

Without a doubt, the dominance of the U.S. dollar is under threat from multiple directions.

But a new BRICS currency will not be introduced during this upcoming summit.

During an interview with Bloomberg, one of the top executives at The New Development Bank publicly admitted that the creation of a new BRICS currency is “a medium to long term ambition”, but he also confirmed that such a currency will not be introduced right now…

The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, doesn’t have any immediate plans for the group to create a common currency, its vice president and chief financial officer said.

While the members of BRICS – Brazil, Russia, India, China and South Africa – are pushing to conduct more trade between each other in local currencies, they aren’t ready to challenge the global dominance of the dollar, Leslie Maasdorp said in an interview on Wednesday with Bloomberg TV’s Haslinda Amin.

“The development of anything alternative is more a medium to long term ambition,” he said. “There is no suggestion right now to creates a BRICS currency.”

But that doesn’t mean that really big things aren’t happening.

In addition to the core BRICS nations, Bangladesh, the United Arab Emirates and Uruguay are apparently getting very close to joining The New Development Bank.

Soaring UK Inflation Leads To Record Deposit Run

While the US deposit fight that started with the failure of three major US banks in March, has alternated between a bank jog, run and a sprint, depending on whether one uses actual data or the Fed’s politically-mandated seasonal adjustments to deposit outflows…

… the rest of the “developed world” has so far avoided a similar cascade of bank failures (who knew that injecting trillions in reserves to artificially preserve bank viability would make them beyond brittle and terminally fragile the moment liquidity was withdrawn) and by extensions, a sweeping bank run.

Or maybe not, because while no other western nation suffered a recent bank crisis as painful as that of the US, it doesn’t mean that other nations are immune to deposit flight.

Consider the UK, where households just withdrew a record amount from bank accounts last month; and while in lieu of a bank failure panic that would suggest consumers are looking elsewhere for higher interest rates, the reason why deposits are fleeing banks in the US may have a much simpler reason: tapping savings to pay bills.

As the FT reported, a net £4.6bn was taken out from banks and building societies in May, the highest level of withdrawals since monthly records began in 1997, according to the Bank of England data published on Thursday.

And since the large net withdrawals from instant-access accounts were only partially offset by net inflows into fixed-term accounts, which typically pay higher rates, and individual savings accounts, which offer tax-free dividends and interest on shares or cash, this suggests that the deposit flight wasn’t the result of rate arbitrage.

BoE figures showed the effective rate on instant-access accounts dropped 8 basis points to 1.33 per cent in May. That lags considerably both the central bank’s benchmark rate, now at a 15-year high of 5 per cent, and rates for two-year fixed mortgage deals, which are above 6 per cent.

In its latest report, the BoE’s Monetary Policy Committee noted that “the pass-through [of higher interest rates]” to these accounts had “been unusually weak” since it began raising rates in December 2021.

So if not merely moving deposits from Bank A to Bank B, what’s going on? According to Ashley Webb, UK economist at consultancy Capital Economics, some of the fall to “people moving money into other investments outside of the banking sector, such as UK gilts”. But he added: “It’s possible that households’ pandemic savings are being depleted to support spending.”

UK households are contending with high inflation, which stood at 8.7% in May, and many have complained that bank savings rates are failing to catch up with the BoE’s rate hikes. Yields on UK 10-year gilts stand at about 4.3%, up from 3.3% in March, while two-year government bonds have a yield of 5.2% up from 3.2% in March, reflecting the changing outlook for interest rates.

Daniel Mahoney, UK economist at Handelsbanken, said the record £4.6bn figure provided “strong evidence” that people were “dipping into excess savings built up during the pandemic to sustain living standards” amid the cost of living squeeze.

Globalists revving up plans to engineer global famine and starvation: 13 nations agree to convert over to less-productive ‘green’ farming methods

The global climate cult is getting ready to kick its war on food into overdrive with 13 nations – many of them major cattle and food-producing states led by the United States, Argentina, Brazil, Chile and Spain – signing onto a commitment to place farmers under new restrictions intended to reduce emissions of methane gas.

The Global Methane Hub announced in a May 17 press release that agriculture and environmental ministers and ambassadors from 13 countries, including the United States, have signed a commitment that pledges to reduce methane emissions in agriculture. The U.S. was represented by Biden’s climate czar, John Kerry.

What does this mean and why should you care? We’ll break it down.

According to the press release issued by these nations and posted at Global Methane Hub:

“Last month (in April 2023), the Global Methane Hub collaborated with the Ministries of Agriculture of Chile and Spain to convene the first-ever global ministerial on agricultural practices to reduce methane emissions. The ministerial brought together high-ranking government members to share global perspectives on methane reduction and low-emission food systems. The gathering led to a statement in which the nations committed to support efforts to improve the quality and quantity of, and access to, finance for climate change adaptation and mitigation measures in the agriculture and food sectors and to collaborate on efforts aimed at lowering methane emissions in agriculture and food systems.”

Conference participants included the Food and Agriculture Organization of the United Nations, Climate & Clean Air Coalition, Inter-American Institute for Cooperation on Agriculture, the World Bank, the Organization for Economic Co-operation and Development, and the Inter-American Development Bank.

The World Bank, another creation of the post-World War II, U.S.-led liberal rules-based order, has been talking a lot lately, along with the U.N., about a coming famine. The World Bank issued a white paper just last week, on May 22, titled Food Security Update: World Bank Response to Rising Food Insecurity.

The director of the United Nations World Food Program has also been putting out, starting in September of last year, dire warnings about a coming global famine.

Argentina Shuns U.S. Dollar: Will Pay for China Imports in Yuan

Argentina struck a deal with Beijing on Wednesday to stop using U.S. dollars to pay for Chinese imports and embrace the yuan instead.

The measure, driven by Argentina’s leftist President Alberto Fernández, is designed to relieve the South American country’s dwindling dollar reserves, AP reports.

The deal further enhances China’s rise on the world stage and the diminished role of the U.S. on a host of fronts under President Joe Biden.

After reaching the agreement with various companies, Argentina will use the yuan for imports from China worth about U.S.$1.04 billion from next month, accelerating trade with China as Beijing seeks to gain a further foothold in South America.

In November last year Argentina expanded a currency swap with China by $5 billion in an effort to increase its yuan reserves.

Food Prices Hit Highest Level in Nearly Half a Century Amid Double Digit Inflation

Food prices in Britain have hit their highest level in nearly a half-century amid continued double-digit inflation, while wages fell yet again in real terms.

According to research conducted by the Office for National Statistics (ONS), the consumer prices index (CPI) remained in double digits at 10.1 per cent in March. The inflation rate — the highest in Western Europe — was slightly down from 10.4 per cent from the previous month, however, food prices remained high, hitting levels not seen in 45 years.

According to the government statistician agency, the prices of bread and cereals were up 19.4 per cent in the year to March, the highest rate recorded on record since the government began tracking such figures in 1989. Meanwhile, the sharpest price increases were recorded among food items produced with olive oil which were up by 49 per cent on the year, followed by milk products at 38 per cent, and ready-made meals, which were up 21 per cent over last year, the BBC reported.

The annual rates for chocolate, confectionery, and hot beverages also all hit their highest levels on record.

Walmart Closes Four Stores In Chicago Amid Elevated Crime Rates

Walmart announced the closure of four stores in Chicago, Illinois, on Tuesday due to poor performance at the locations, a move that also occurs as the city sees worsening crime rates.

The retail behemoth said that the four locations “have not been profitable since we opened the first one nearly 17 years ago” with annual losses doubling in the past five years. The four Walmart stores that remain open “continue to face the same difficulties,” but executives believe shuttering some of the locations creates the best opportunity to keep the others open.

“Over the years, we have tried many different strategies to improve the business performance of these locations, including building smaller stores, localizing product assortment and offering services beyond traditional retail,” Walmart said in a press release. “It was hoped that these investments would help improve our stores’ performance. Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”

Associates at the affected locations will be permitted to transfer elsewhere. Walmart added that they will continue seeking solutions to “racial inequity and food deserts” in Chicago.

Malaysia Prime Minister Says There’s No Reason To Continue to Depend on the US Dollar

Malaysia’s Prime Minister, Anwar Ibrahim, said today that there is no reason to continue to depend on the US dollar. Specifically, the country’s Prime Minister stated that the continued dependence on the US currency “in attracting investments into the country,” is unwarranted.

Ibrahim stated that negotiations between Malaysia and other countries should occur using both national currencies. Moreover, he has stated that Bank Negara Malaysia is developing a proposal to pioneer that method in a matter of trade during visits to China.

Malaysia Sees No Reason for Dependence on US Dollar

The current state of the United States economy is greatly defined by its current fragility. Moreover, jobs data released today showcases that fragile nature in full effect. Conversely, the international facets of the US dollar have been front and center, with Malaysia recently sharing its perspective.

Specifically, Malaysia Prime Minister Datuk Seri Anwar Ibrahim said today that there is no reason to continue to depend on the US dollar. Moreover, Ibrahim state that the current economic strength of China, Japan, and others have driven the lessening reliance on American currency.

Brazil, China strike trade deal agreement to ditch US dollar

China overtook the United States as Brazil’s top trading partner in 2009

Brazil and China have reportedly struck a deal to ditch the U.S. dollar in favor of their own currencies in trade transactions.

The deal, announced Wednesday, will enable China and Brazil to carry out trade and financial transactions directly, exchanging yuan for reais – or vice versa – rather than first converting their currencies to the U.S. dollar.

The Brazilian Trade and Investment Promotion Agency (ApexBrasil) said the new arrangement is expected to “reduce costs” and “promote even greater bilateral trade and facilitate investment.”

China is Brazil’s largest trading partner, accounting for more than a fifth of all imports, followed by the United States, according to the latest figures. China is also Brazil’s largest export market, accounting for more than a third of all exports.