On July 21, President Joseph Biden announced he was dropping his reelection campaign. He endorsed his vice president, Kamala Harris, as the next Democratic nominee for president of the United States. Top leaders are rallying behind Harris to stop any challenge from another Democrat.
The closest thing to this in modern history was President Lyndon Johnson’s announcement that he would not be a candidate for the Democratic presidential nomination for the 1968 election. In June 1968, the leading candidate, Senator Robert F. Kennedy, was assassinated. This led to the nomination of Johnson’s vice president, Hubert Humphrey, who lost to Richard Nixon.
Due to his advanced age, Biden was originally supposed to serve only one term, but somewhere along the way, he decided to run for a second. The Democratic Party seemed ready — with little opposition from its leaders — to nominate him at its national convention, scheduled for August 19 through 22 in Chicago.
A Critique of Crisis Theory 
Since the dollar has fallen sharply between 2001 and 2011 from under $300/oz. to around $1900/oz., shouldn’t it mean that golden prices of commodities fell sharply below their prices of production? If that is the case, why didn’t the “price” of gold go through a sustained bear market post-2011? It bottomed out above $1000/oz. at the start of 2016 and resumed its upward trend. The post-COVID aftermath boom, its sharp inflation notwithstanding, wouldn’t have done nearly enough to bring commodity golden prices back to their price of production… let alone above it. And yet, despite all that, the dollar is continuing to fall against gold. Why is this the case? Could it have something to do with the rapid increase in the monetary base since 2008?
Also, why haven’t primary energy commodities caught up with the falling dollar? The dollar price of crude oil is well below what it was in July 2008, despite the dollar being worth significantly less now in terms of gold. Even with the recent fall in the dollar this year, primary commodities haven’t yet reacted to it. Why is that? Thanks.