The annual inflation rate for the United States is 2.1% for the 12 months ended November 2019, compared to 1.8% previously, according to U.S. Labor Department data published December 11, 2019.
In 1980 Gold was $594.90 ; 1981 $400; the Dow Jones around 3,000; bank interest rate in 1970 7% after Nixon closed the Gold window August 1971 bank savings account interest rate jumped to 12% in 1980.
Doug Casey the ACE of Spades: The Card of AMBITION now 73 and living in Estancia de Cafayate in Salta Province, Argentina.[3 goes by the moniker “International Man” and continues to practice what he preached on the 1981 Phil Donahue Show. Here he talks about the financial path to Individual Sovereignty.
After four years of living here, I like Antalya, Turkey
In terms of the data overall, among 163 countries Turkey was ranked seventh-best for expats, after Switzerland, Singapore, Canada, Spain, New Zealand, and Australia.
The European Union wouldn’t let Turkey in ‘elhamdulillah’ meaning we ruled out Euro Greek Cyprus for the cheap seats in Turkish Lira Antalya. Until 2018 a dollar would buy 7/8ths of a Euro or 3.67 Liras,
Europeans are flocking to Turkey not just for the cheapest tomatoes in the Eastern Mediterranean.
The Gold Denominator
Turkey’s 2018 44% currency devaluation has brought investors from Europe, Russia and Mideast to own more than half of the real estate in Antalya. However, the coming financial Apocalypse has encouraged the locals as well as resident expats to open gold bank accounts.
The country’s commercial banks are pouring their technical expertise and marketing resources into offering their customers gold deposit accounts. Customers hand their gold to a bank and can make withdrawals from their accounts in gold bars or the lira currency; the accounts offer interest rates that are substantially lower than those on normal time deposits.
Gold deposit accounts have been growing around the world, but Turkey’s boom has made it a leader in the trend.
Global Currency Debasement
The Expat Conundrum
We have no problem with Centigrade or Fahrenheit as a measure of the temperature. Real money is calculated in the price of gold in ounces or grams.
The Gold temperature in Akkaya Gardens on 23 September was 473 TRY, 47 GBP, 60 USD, or 52 EUR.
No sooner had I submitted this analysis than President Erdoğan of Turkey made the following remarks in response to a currency crisis in his country: “Those who keep dollar or euro currency under their mattresses should come and turn them into liras or gold.” – Jim Rickards
First day back home I went to see my July 2nd HSBC Turkish banker. The last time I had a face to face conversation with an American banker was with Tommy Schilling at our weekly Follett Lions club luncheons, catered by Grandpa’s quick stop.
I have spent November and 3/4 ths of December telling everybody on two cruise ships, as well as friends & family in Houston, Monterey, Sonoma and Iowa City, that Turkey is the only country in the world with Gold bank accounts.
Ms July 2nd advised me that now was a good time to buy dollars with gold since $$ were going up against the Lira. Last year, her HSBC Istanbul HQ currency account transfer tip garnered $145 on the swap.