3 Min. Gold News – The Translator #1 – Christine Lagarde – Speech Translation from Econ Elite to Plain English

3 Minute Gold News

July 18, 2020

A synopsis and translation into plain English of a speech given by Christine Lagarde, President of the European Central Bank, at the inaugural session of the Italian National Consultation, 13 June 2020.

The speech is part of the 3 Minute Gold News umbrella because the rising price of gold is directly tied to the uncertainty and loss of confidence in world governments.

The price of gold has risen 26% in U.S. dollars in the last 12 months.

Here’s a link to the actual speech from the BIS website.

Legarde is saying the European Union needs to work together as a single unit in order to have more power to trade and to remake their economy.

The European economy has crashed, with many job losses, and the ECB wants to rebuild it to their liking.

The IMF/BIS tried to get nations to go for a global government, but that didn’t happen. So they’re trying a different angle – climate change.

The ECB’s negative interest rates and money-printing-machine-goes-brrrrrrrr policies have left the EU with no workable bond market and too much debt.

Now Lagarde is promising loans in exchange for an agreement to let the ECB rule them all as a “Single Market”.

She uses the well-known phrase about not letting a crisis go to waste.


by: Elaine Diane Taylor


The Interpreter #1 – Christine Lagarde Speech June 2020

Christine Lagarde, President of the European Central Bank, at the inaugural session of the Italian National Consultation. 13 June 2020.


The economic situation is filled with profound uncertainty.

It’s so hard to see the future that we’re just going to try to create it instead. We plan to make a policy where we tell the EU citizens that we’re all going to work together so everyone will be better off.  Just let us lead it.

Change is coming whether we like it or not.

People in the European Union aren’t spending or investing and that’s crashing the economy. They’re saving their money because they don’t have confidence in the future.

We need them to spend.

So, we have to make a plan that gives them at least an “adequate” confidence in their governments or else they won’t spend anything.

This pandemic crisis will restructure our economies in fundamental ways. We plan to use the hardship to change things to the way we want them to be.

More goods will be manufactured domestically and more services will be done digitally both from those working from home and from those off-shore.

If we want people to spend then we have to give them believable answers to questions about what’s going to happen.

Our solutions have to be believable enough to give them an “adequate” confidence in their governments. Then they’ll spend and invest.

We at the European Central Bank are going to keep printing money backed by nothing to lend out so people will believe there’s going to be price stability. That will get them to spend their savings, and it’s their spending that will actually bring price stability.

Then they’ll pay back their loans.

We have to give people money to train and get new jobs in new industries because a great many of their jobs are in what we think are (or we want to be) dead industries. We have to give money to industries in new sectors that we want to see grow.

So we’re offering to loan a huge amount of money to your new digital companies and to your new inclusive, green companies. Only those.

The EU has to shift towards renewable and sustainable companies, and from tangible to intangible (from physical things to digital things). (Like digital money, but that’s another topic).

The nations of the world rejected our push for a global government and they are all now “de-globalizing” and strengthening themselves as individual countries. They don’t want to lose their unique cultures and their ability to make decisions that are in their own best interest. Damn Trump. We tried to get them all to give up their sovereignty for what we believe is the greater good for the world (albeit at the expense of some who currently have more than others for whatever reason), but those with higher living standards and freer citizens did not want to go along.

So, because the world is now “de-globalizing”, and nations are doing more domestically,  the European Union has to grow and solidify its “Single Market”. That means we have to make the EU “one territory without any internal borders or other regulatory obstacles”.

So nations inside the EU have to give up their sovereignty to us un-elected EU officials, who will do what’s best for the whole of the EU (but possibly at the expense of a nation or two…and perhaps you).

I therefore encourage you, as policymakers, not to let this crisis (the pandemic deaths, lockdowns and economic/emotional hardship) go to waste. Your citizens are hurting financially and emotionally, and so they’re more apt to agree to give up their rights in exchange for loans (that you must repay) to help them buy their basic food and housing, now that their economy has collapsed. Remember, the EU economy didn’t fall apart because of central bank policies like negative interest rates and too much debt, it fell apart because of the virus.

So now we have to work together and make policy changes so we can work as a “Single Market”. You must let us make the decisions as “one territory without any internal borders or other regulatory obstacles”, so that your citizens can become confident in the future and start spending. That way there can be a recovery for all from this economic hardship we definitely didn’t create.




Gold today:

Screen Shot 2020-07-17 at 5.49.22 PM

Silver today:

Screen Shot 2020-07-17 at 5.51.20 PM


via Gold Price


Coins and Crowns

words and music Elaine Diane Taylor
from the album Coins and Crowns available in the site Store and on iTunes, Google and Amazon Music.

Coins and Crowns is featured in Episode 1 of Mike Maloney’s YouTube documentary series Hidden Secrets of Money.


Thank you to New York Times bestselling author Jim Rickards for including me in his bestselling book The New Case for Gold.

Screen Shot 2016-03-11 at 9.49.31 AM


Not Much of a Holiday (Bank Holidays and Media Persuasion)

words and music Elaine Diane Taylor

Digital Single available on the site Store  with lyrics and liner notes, and on Amazon Music, Google Music, and iTunes


A Terrible Breeze    (Twitter, War and Fake News)

The news comes down
A little bluebird sings
Words of war
Fire and furious things
Of testing might
‘Til no patience knows
If keeping still
Still keeps you safe at home

It’s a terrible breeze
They speak of today
Of threats that used to live a world away
We all know wind
Can blow both ways
And a terrible breeze can blow it all away

A worldwide net
Sees our village grow
Until we all forget
What each one used to know
How a blind bird’s wings
Can reach the shore
And turn the wheel of peace and war

Village fools sinking down, down, down
Debt and gold wound in numbered shrouds
Deal of a life it’s bread and clowns
Can we afford another go around?
The news comes down.

It’s a terrible breeze. The news comes down.

words and music Elaine Diane Taylor

Digital Single available on Amazon Music, Google Music, and iTunes





Preparing for the Fall is a live boutique album available for digital download now — featuring Wag the Dog, Black Swan Dive,  American Pie and Gods of the Copybook Headings. Also available on iTunes, Amazon, Google and other online music distributors.



The Gods of the Copybook Headings

words by Rudyard Kipling and music by Elaine Diane Taylor

from the album Preparing for the Fall.


The copybooks of the early 1900s gave us all the wisdom we need. The sayings that were copied are the truths, the gods, of our world. All the empires who followed the gods of the marketplace instead have fallen, and there’s terror and slaughter when the gods of the copybook headings return. The lyrics are by Rudyard Kipling. One of my gurus.

Another Week on Wall Street

words and music Elaine Diane Taylor

From the album Coins and Crowns.

Digital album available on the site Store  with lyrics and liner notes, and on Amazon Music, Google Music, and iTunes

A little grease (Greece) is floating out to sea, and little pigs (Portugal, Italy, Greece and Spain) are bobbing up and down, they’ll send a storm and we’ll see, when the tide goes out who’s naked on the beach“. The world is changing as we know it.


Nothing on this site is intended as individual investment advice. We’re all watching which way the wind is blowing.

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