Jaime Carrasco: Central Banks Admit They have Lost Control of Inflation

Tom welcomes Jaime Carrasco of Canaccord Genuity back to the show.

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Jaime expected inflation as the marginal usefulness of excessive debt has declined. There is plenty of evidence from our debt-based system that a currency reset is coming. Governments taking on the debts of banks was evidence that some sort of currency reset is in the cards. Global trade patterns are rapidly shifting, and gold is part of that equation.

It's clear that taxpayers are placed on the hook for the actions and debts of government. Politics and central bankers are all interconnected. The rest of the world is beginning to understand why they need out of this system.

The long-term picture for commodities shows just how muted gold has become lately. We see that nearly everything has gone up in price. Gold should currently be sitting around three thousand based on inflation. We don't have the supply of commodities in the West to maintain low prices. Central banks remain buyers of gold while telling the public it's a pet rock.

The rest of the world has realized that Russia as a large energy provider is capable of backing its currency with oil. This will allow China, India and Russia to trade outside the dollar system. Much of the world, including Latin America, is lining up behind the China and India. Today, the bulk of copper produced in Chile is exported to China. Chile will likely switch soon to alternatives to the dollar. We're witnessing an enormous power shift towards the East.

The age of cheap stuff from Asia is now over. We're going to have to start building up our own industries. This will come with the cost of inflation, having to unwind all the debts.

When gold inevitably becomes unpegged, we will see a rapid change in the price. This is because of the huge imbalances, and there will be a rush to buy. This is why you should already be in the lifeboat and wait patiently.

Time Stamp References:
0:00 - Introduction
0:58 - Two Themes
3:52 - Fed & Politics
6:40 - Gold, Inflation & Ruble
22:25 - Europe, Winter is Coming
23:53 - Gold & Global Trust
25:48 - Long-Term Planners
28:30 - Reverse Repos
31:22 - Equity Market Risks
33:50 - Japanese Yen & Gold
36:53 - Inflation Adjustments
38:58 - Two Portfolios
43:15 - 2022 Fall Outlook
48:49 - Rebalancing Portfolios
50:57 - PDAC Mining Conference
53:46 - Gold Allocations
56:38 - Canada & US Thoughts
1:00:24 - Wrap Up

Talking Points From This Episode
- Inflation and global trade patterns are rapidly shifting.
- Gold suppression and where price must eventually reach.
- Movement towards an Eastern currency system that is oil backed.
- Why the era of cheap foreign goods is ending.

Guest Links:
Twitter: https://twitter.com/IJCarrasco
LinkedIn: https://www.linkedin.com/in/carrasco1/
Website: Canaccord Genuity https://www.canaccordgenuity.com/
Mining Conference: https://www.pdac.ca

Jaime Carrasco is portfolio manager at Canaccord Genuity Inc. in Toronto. From 2014-2018, he worked as Director of Wealth Management and Associate Portfolio Manager for Scotia McLeod. Before this, he worked for Macquarie Group, CIBC Wood Gundy, BMO Nesbitt Burns, Gordon Capital, and Merrill Lynch.

Jaime is a leading Canadian investment professional with 25 years of experience providing wealth management and investment counsel to affluent families, businesses, and institutions. He has garnered a reputation for questioning and challenging the status quo and exploring the most innovative investment strategies.

Jaime, whose mother tongue is Spanish, also speaks Italian and French. He completed a BA in political science and economics at the University of Toronto in 1988. While a student, he worked for CS Yacht, a company that built luxury sailboats, thus spending his summers as a skipper for the Canadian establishment members. Jaime credits this experience and having survived sailing through Hurricane Bob in 1991. This experience taught him lessons that have become a metaphor for his financial investment strategies.

"Like one's financial wealth, sailing is not about controlling the wind, but rather about adjusting the sails."

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