The Greatest Theft in World History

First, We Close the D-Day Chapter [The Daily Reckoning] June 10, 2024 [WEBSITE]( | [UNSUBSCRIBE]( The Greatest Theft in World History Annapolis, Maryland [Brian Maher] BRIAN MAHER Dear Reader, We remain besieged by responses to our D-Day coverage. Certain readers nearly chain us Mr. Benedict Arnold. Reader B.H. — for example. From whom: I find the comments about D-Day very disturbing. There was no need to disrespect D-Day on that day. Whatever your views on D-Day they could have been discussed at any time than on that day. You do all Americans a disservice when you have to dig into every aspect of the shortcomings of American troops and service during war. As a result of this I may well cancel my subscription to all services. I'm very disturbed by your actions and I'm willing to bet you have gotten a ton of reaction to your unappreciated comments about such a hard time in our history. Please think about your actions before dumping on our servicemen and servicewomen during war. Maybe you should have served in that war and had to put up with the suffering our troops had to endure. I'm having a very difficult time continuing any relationship with Paradigm Press as a result of you. It is our sincere desire that B.H. does not chuck us into his hellbox — we harbor many crackerjack editors aboard who — in our estimation —give sage and superior market advice. We would like him to benefit from it. More directly: We never “dumped on” the majority of “servicemen and servicewomen during war.” Here your editor cites himself: We do not seek to diminish, demean or dismiss the valor and accomplishments of the United States Army. We certainly do not intend to diminish, demean or dismiss the sacrifices of its men — we have visited the American military cemetery above Omaha Beach. And: We do not intend to assault the reputation of the United States Army. We believe most of its ranks hung their nation’s altar in glory and honor… Is this a slander upon American arms? Is this a dumping on? We believe it is neither. Yet it makes no nevermind. To most men a thing is this or a thing is that. There is nothing in the middle. There is no space for nuance. Our overall intention was to demonstrate that the Russians — then the Soviet Union — were the appropriate recipients of valor. If not valor, then sacrifice. This bunch largely scotched the Nazis. And we must repeat: The United States contribution to ultimate victory was substantial. We do not talk it down. Moreover, we are happy about it. Yet it is possible we overegg the pudding. Perhaps we shed excess credit upon these Russians. Thus reader D.C. reminds us: Over a number of years when reading about WW2 history, I too came to the conclusion that the Russians did most of the "heavy lifting" in the fighting against Germany. However, considering that alone minimizes the U.S.' contribution to victory over the Germans. The fact is that Germany might well have defeated Russia in the early stages of the Eastern Front were it not for American weapons, supplies and food sent by ship to Russia. We supplied the Russian war effort until they were able to move their manufacturing to the east of the Ural Mountains and expand their manufacturing to wartime levels. Without this help, St. Petersburg [then Leningrad] may have fallen, and the Russians may have been conquered before they could recover from the initial German offensive. I believe our aid to Russia continued until the Germans were defeated. Finally, reader N.P. deals with us this way: I'm sure there's some truth in what you're saying, but what a horrible obsession you have to reveal on D-Day. Also, while the Russians were very important so were the Allies. Our materiel, our Navy, our strategic bombing, our industrial might and D-Day all contributed as much as the Russians. We do not object in the altogether. It is merely a question of degree. At all events: We now terminate our coverage of this subject. The time to proceed has arrived. Below, Jim Rickards shows you why the upcoming G7 summit — just three days from today — could license the greatest theft in world history. It would likewise accelerate the dollar’s demise. Read on for details. Regards, [Brian Maher] Brian Maher Managing Editor, The Daily Reckoning [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) Editor’s note: Some people who don’t believe the 2020 election was legitimate call it “the big steal.” Whether you agree or not, it’s up to you. Well, Jim Rickards is now warning about [“Biden’s Big Steal.”]( Jim’s not talking about stealing the election, your 401(k), or stealing your money through inflation. But he fears that millions of Americans will be blindsided, watching their savings vanish before their eyes. Fortunately those who prepare before [Biden’s Big Steal by June 13]( have the opportunity to build an entire nest egg with just a few calculated moves. It revolves around a unique investment vehicle that can return 10X, 50X, even 100X your money, even during times of crisis. Already multiple billionaire investors like Stanley Druckenmiller, Jim Rogers and John Paulson have begun dumping their tech stocks and moving their money into the same type of play that Jim describes. [Go here now for the details.]( [Make These 3 Money Moves Before Biden STEALS Billions June 13]( Hundreds of billions of dollars could be [STOLEN any day now…]( In fact it could happen as soon as Thursday, June 13th. Biden has made a move that cannot be reversed… And as a result, America will never be the same. [Click Here To Make These 3 Money Moves In Oorder To Prepare]( The Daily Reckoning Presents: We could be on the verge of the greatest theft in world history… ****************************** The Greatest Theft in World History By Jim Rickards [Jim Rickards] JIM RICKARDS U.S. and NATO financial sanctions on Russia due to the war in Ukraine have failed miserably. Russian growth now exceeds U.S. growth. Russia is growing at 5.4% (annualized) while U.S. growth in the most recent quarter was only 1.3%. The Russian debt-to-GDP ratio is a comfortable 17.2% while the U.S. debt-to-GDP ratio is a dangerous 122%. Unemployment in Russia is only 2.7% while the unemployment rate in the U.S. is 3.9%. The Russian ruble has held steady at about 90:1 for months. Russia has increased its reserves by $50 billion on the rise in the gold price alone. Russia is now the largest exporter of oil to China. With that track record, one would think the U.S. would reevaluate the impact of economic sanctions. Instead, the West now plans to double-down by stealing over $300 billion of Russian assets held in the form of U.S. Treasury securities. On June 13, just three days from today, the G7 Leaders’ Summit begins in Apulia, Italy. Unlike most G7 meetings in which nothing important happens, this one could be pivotal. According to the White House statement, “The president and G7 leaders will discuss a range of the most pressing global issues, including the G7's unwavering support for Ukraine”. Here’s what that statement really means. The REPO Act In April, Congress passed (and Joe Biden signed) four key pieces of legislation related to national security. Three of the bills provided assistance to Ukraine, Israel and Taiwan. They received the most attention. The one that got the least attention was the bill that included something called the REPO Act. This act authorizes the president to steal any Russian assets, including U.S. Treasury securities, that come under U.S. jurisdiction. The impact of the REPO Act is limited by the fact that only about $10 billion of Russian sovereign assets are actually under U.S. jurisdiction. Yet the act contemplates this theft will be a down payment on a much larger theft to be conducted by NATO allies in Europe. About $200 billion of the $300 billion in total Russia assets are held in Euroclear, the largest custodian in Europe with over $40 trillion in assets held in custody. Russia has already said that they will not take this theft lying down. Russia will retaliate by seizing over $300 billion in Western assets now located in Russia including energy infrastructure, telecommunications assets and retail outlets. Russia will also sue Euroclear for wrongful conversion of assets in one of several Russia-friendly jurisdictions where Euroclear has offices, including Dubai and Hong Kong. Once Russia wins a judgment, it can go anywhere in the world to enforce it. This could throw Euroclear’s $40 trillion custody business into chaos and create a global financial catastrophe. [Elon Musk’s NEXT Billion-Dollar IPO Revealed by the end of 2024?]( [click here for more...]( First, Paypal’s IPO made him a multi-millionaire… Then Tesla’s IPO made him a billionaire… Now, his NEXT big IPO could make him a TRILLIONAIRE. And for anyone who knows how to follow Musk as he potentially takes this new company public… The gains could be life-changing. [Click Here To Find Out How]( The Greatest Theft in History The U.S. goal is to use the G7 summit as a platform for getting the other G7 members to go along with this theft of Russian assets under their jurisdiction. If Europe joins the U.S. in stealing Russian assets, Russia will retaliate by seizing billions of dollars of direct foreign investment in Russia owned by major European companies such as Siemens, Total, BP and others. The value of the European assets subject to seizure by Russia is greater than the value of the U.S. Treasuries owned by Russia. In fact, just days after Biden signed legislation to authorize the theft of Russian assets, a Russian court ordered $440 million to be seized from JPMorgan. The consequences of this theft in the international monetary system would be momentous and highly adverse for the United States. There are many variations on this plan of theft that are being considered. One plan would steal the interest only (about $6 billion) and leave the principal frozen but not confiscated. Another plan would organize a loan to Ukraine collateralized by the Russian assets. When Ukraine would default on the loan, which they certainly would, the lenders could seize the collateral. Another harebrained scheme would impose a 100% tax on the assets and then collect the tax by seizing the assets. All of these variations amount to the same theft. They are wolves in sheep’s clothing. One immediate impact would be the decline of trust in the U.S. Treasury market and an aversion to holding U.S. Treasury securities in sovereign reserves. Major holders of U.S. Treasuries such as China, Japan, Taiwan, Saudi Arabia, Brazil and others would gradually reallocate reserves away from Treasuries toward assets that cannot be frozen or seized such as gold bullion. A Golden Opportunity This theft of Russian assets will also give a boost to efforts by the BRICS+ members to create an alternative gold-linked trade currency (and ultimately reserve currency) for use in international transactions. This effort will take several more years to complete, but U.S. abandonment of the rule of law will accelerate that effort. In an ironic twist, the mere talk about stealing Russian assets has caused the price of gold to increase by $600 per ounce in a matter of months. Russia has approximately 3,000 metric tonnes of gold in its reserves, which cannot be touched by Western sanctions or the REPO Act. The rally in gold prices has increased Russia’s reserve position by $50 billion without Russia lifting a finger. This is further evidence (as if any were needed) of Russian brilliance and U.S. stupidity in playing the global financial game. If the U.S. and its NATO allies work together to steal 100% of the Russian assets located in the West, it will be the greatest theft in the history of the world. The G7 summit could be a disaster for the global monetary system. But it could provide tremendous opportunities as well for gold investors. The U.S. has not learned its lesson about financial sanctions yet. It may have an even harder lesson to learn if it moves ahead with stealing the Treasury securities legally owned by Russia. Stay tuned. This story is just beginning. Regards, Jim Rickards for The Daily Reckoning [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) Ed. note: Some people who don’t believe the 2020 election was legitimate call it “the big steal.” Well, I’m now warning about [“Biden’s Big Steal.”]( I’m not talking about stealing the election, your 401(k), or stealing your money through inflation. But I fear that millions of Americans will be blindsided, watching their savings vanish before their eyes. Fortunately those who prepare before [Biden’s Big Steal by June 13]( have the opportunity to build an entire nest egg with just a few calculated moves. It revolves around a unique investment vehicle that can return 10X, 50X, even 100X your money, even during times of crisis. Already multiple billionaire investors like Stanley Druckenmiller, Jim Rogers and John Paulson have begun dumping their tech stocks and moving their money into the same type of play that I detail. [Go here now to learn more.]( Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) [Brian Maher] [Brian Maher]( is the Daily Reckoning's Managing Editor. Before signing on to Agora Financial, he was an independent researcher and writer who covered economics, politics and international affairs. His work has appeared in the Asia Times and other news outlets around the world. He holds a Master's degree in Defense & Strategic Studies. --------------------------------------------------------------- [Jim Rickards] [James G. Rickards]( is the editor of Strategic Intelligence. He is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. He is the author of The New York Times bestsellers Currency Wars and The Death of Money. 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