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US, world headed for 25 year depression: Jim Rickards

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Content By: The Coming Depression Editorial Staff (dates cited below)
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canola farmer

“China has blackleg within their own country,” Weber added. “So it’s a red herring.”

It is quite obvious now that the world’s major trading powers, China and the USA, are currently engaged in a trade and financial war. They have been in a tug of war for the past 8 years (2001) since China entered into the world trade organization — something that should never had happened because of their total incompatability with democratic fundamentals built up in the Western world in the past 100 years– but was allowed to happen under the auspices of the Bush administration for purposes of “free trade.” It is also obvious that the tragic events of 9/11 were used as a smoke screen to cover up and distract people when China entered into the World Trade Organization. Yes, China entering the WTO was that big of a deal.

Indeed, the earliest signs of a trade and financial war started back in 2002 when warnings were given to China to re-value its currency and to float it on the market as all “free trading” countries do. The next few signals came when it was realized that China was strictly concentrating its economy as an export-oriented one and was not importing nearly as much as it was exporting from its trading partners.

Technicalities aside, the next warning shots came soon after the financial collapse of 2007 to 2008 when the United States and other countries finally initiated world trade organization complaints that China was manipulating its currency and subsidizing its export market — something illegal under WTO rules — but flaunted by Chinese officials. Then came overt and classic trade wars as soon as the Obama administration came into power with China slapping tariffs on products such as Chicken livestock, and the United States slapping tariffs on Chinese tires — among other things.

What we’re now witnessing is potentially the end of “free trade” as we know it — which was never anything more than a Marxist ideology endorsed by Karl Marx and his mentor Adam Smith who forced opium on the Chinese under the guise of “free trade” back in the 1800s — and the emergence of either a collaborative world government with harmonized financial regulations, or the emergence of strong nation-state mentality that will probably lead to another world war.

Chinese ban on Canadian canola shocks industry
Story brought to you by CBC news

China’s abrupt cancellation of Canadian canola imports is confusing authorities who say they don’t understand the rationale behind the move.

According to reports, the Chinese have expressed concerns about a fungus called blackleg.

The Canola Council of Canada says blackleg disease poses no risk to human health. Nevertheless, the Chinese insist they will not accept any Canadian canola seed shipments unless the product is certified as free of the disease.

The move is effective Nov. 15.

Officials with the Canadian Food Inspection Agency are investigating.

Last year, Canada shipped almost three million tonnes of canola to China. In Saskatchewan alone, the crop is valued at $5 billion, with the bulk of sales headed to China.

Farmer suspicious

Some in the industry suspect the move may be strategic.

“It might just be a tactic to drops prices down or to slow up some shipments that are heading their way,” Kevin Plummer, a farmer with 100 hectares of canola south of Saskatoon, told CBC News. “But if they’re serious about this, it’s going to have long-term implications here.”

“[The Chinese] are going to be harvesting their canola very soon,” Larry Weber, a commodities expert in Saskatoon, told CBC News. “When this was announced yesterday, their futures market … went up two per cent.”

That contrasts with falling prices on some spot markets in Canada.

“China has blackleg within their own country,” Weber added. “So it’s a red herring.”

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