The Global Financial System with James Turk

Global Finance

““The West won the world not by the superiority of its ideas or values or religion (to which a few members of other civilizations were converted) but rather by its superiority in applying organized violence. Westerners often forget this fact; non-Westerners never do.” ~ Samuel P. Huntington

By Catherine Austin Fitts

I have experienced five or ten major intellectual moments which have changed my life.

Somebody will say something which is so profoundly insightful that, from that moment on, your paradigm shifts and your framework of looking at the world is entirely different.

One of those moments – it is certainly in the top five – happened when I first heard James Turk speak in London. He used the expression central banking warfare model and explained this concept.

At that moment, everything shifted for me. I said, “That’s it. That’s the model!!

James Turk, founder and chairman of GoldMoney, returns to the Solari Report this week for a fascinating discussion on the global financial picture. James has over 40 years experience in international banking, finance and investments. He began his career at the Chase Manhattan Bank where he worked on assignments in the Far East and subsequently served as manager of the commodity department of the Abu Dhabi Investment Authority.  I consistently value the logic with which James views the global financial landscape – his vision is strategic and grounded in decades of experience with managing global assets.

Here are a few of the topics we’ll discuss this Thursday:

  • The Fed looks like it won’t be raising interest rates by any meaningful amount – the US government can’t afford to.  We’ll discuss why.
  • Even though the dollar has risen, the US economy is soft. There was a real expectation that the US economy would be reasonably good in Q1, but (when you back out inventories) it deflated. The problem with throwing a dollar bear trap is that the US could end up shooting itself. We’ll explain why.
  • The great mystery: what will happen to derivative interest rate swaps in a rising interest rate environment?
  • We keep draining productivity in order to centralize the economy. But, at some point, you can’t keep draining productivity without major dislocations.

Please join James Turk and me on the Solari Report this week! Not a subscriber? Learn more here…


In Let’s Go to the Movies, I will discuss the documentary Particle Fever. This film explores the Large Hadron Collider in Switzerland — it’s history, it’s purpose and how it may soon change humanity’s view of the universe.


  1. Catherine, I hope to hear you comment on crypto currencies soon. You admit that the time of fiat currencies has passed and have mentioned the IMF’s SDRs in your discussion. Do you advocate more a return to gold-backed dollars? I can see from your collaboration with Franklin Sanders that you have worked to encourage communities to adopt gold and silver as local community-based currencies similar to Ithica Hours in Ithica, NY. I just feel that you dodge the discussion of BITCOIN (dare I mention it?) and crypto currencies I would be curious to hear why. Or if you feel that the IMF’s SDRs are more worth paying attention to than Bitcoin I would also be curious to hear why.

    I read a post from some time ago on Bitcoin where you criticised it and felt that the public ledger it employed would be used as a privacy invasion mechanism. I also read that you found it difficult to believe that the concept of crypto currencies came from (as you put it) “autistic individuals in silicon valley”, and that you may have hinted that they originated (or leaked out of, perhaps purposefully..) some sort of black budget government initiative.

    It’s great to hear you mention how Brazil and Russia are discussing setting up payments networks but why not discuss the Bitcoin payments network that is already being worked on?

    I feel as though you have formulated conclusions on Bitcoin and crypto currencies but are avoiding discussing them on the Solari Report for some reason I have not yet figured out, and this troubles me. We are now seeing Bitcoin securities being purchased en masse by retirement funds (see OTC:GBTC) and Bitcoin-related inititaves receiving funding from the NYSE. Even recently there is a Bitcoin price index published by the NYSE (NYXBT). Hope to hear some discussion soon. Thank you.

    • Bryan:

      A currency system is a subset of the governance system. It can not be addressed without first addressing the governance system. Otherwise, whatever you do, simply becomes a tool of the existing governance system and will generally only increase control.

      I agree – it is desirable for me to take a serious look at Bitcoin and crypto currencies. I have been collecting source material. It is on the list.



      • I second Bryan’s wish, it would mean a lot to me to hear your perspective.

        I want to point out the BlockChain – the public ledger, which is the underlying system that enables the crypto-currencies.
        It holds in it technical possibles to support different schemes of decentralized while reliable sharing of information and resources, eliminating greatly the need of a trusted third party not only with money but for voting, contract signing, proof of ownership, file storage, computing power, gambling, sharing internet bandwidth etc etc. Some people think it is the key to creating decentralized governance.

        The BlockChain might be a bid deal, but it’s a tricky subject for me as it’s greatest experts and supporters are as a rule fanatically optimistic of it’s implications.

        Thank you so much for you site, it’s been so helpful to me in moving towards creating for myself a coherent picture of the planet and working on creating my own life in the best way possible. Your intelligent and grounded view point is like a treasure to me.

        All the best

        • just to clarify – a understanding of the possibilities of the BlockChain is imperative in my opinion to grokking the true potential of crypto- currencies.
          This is the technology that will allow uploading to the web functioning computer programs and data-bases that can’t be shut down without taking down the whole network.

        • Sarah:

          Thanks for the feedback. Our research theme for the second quarter is Infrastructure. I am going to propose to the Solari team that we do Currency for the third quarter, including crypto currencies.


  2. Thank you for your answer.
    As I’m on a roll – for a while now I felt I have to point out that the story line of the series X-Files is almost 1 to 1 the narrative presented here. You can watch it as a documentary heh.
    Without spoiling the surprises, the main arch deals with UFO’s being covered up by the government or is it a government within the government? Is it alien UFO’s? salvaged alien tech? or top secret army technology? Who is really running things? What is the end game? To what length can manipulation, surveillance and cover ups go? How dose one find the truth with so many lairs of lies? What is the meaning of faith? Beautifully done and hilarious.

    I find it very interesting that this was the most popular series in the 90’s. Makes you wonder about the power of the collective subconscious.
    The most popular shows today among people my age are about gang/dynasty wars where murder and power plays are many folds more real than the law, so I guess there’s something to it.
    That’s it.
    Thank you, may you have much love and blessings,

    • FYI – Chris Carter, the creator of the X-Files attended the second day of the Secret Space Program. I am hoping he is working on a new show! Very creative, smart guy.

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