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Ben Believes Gold Only Has Value Due To Tradition
This happened earler:
From Brian Rogers of Fator Securities
ron paul just asked the bernank if he thought gold was money. The bernank almost swallows his tongue, stares blankly for a few seconds and then says, “no.”
paul then asks why banks hold gold on their balance sheet? why not diamonds? the bernank says, “tradition, I suppose.” so let me get this straight, banks hold billions of dollars of an asset that pays no interest or dividends on their balance sheet for reasons of "tradition". nothing to do with anything else, just tradition. uh, yea. that must be it.
classic! the bernank just revealed his fundamental adherence to fiat money and his massive misunderstanding of real money and economics. BUY MORE GOLD AND SILVER immediately if not sooner!!!
We wonder what his answer would be as to why the dollar still has any value left: vampire blood?
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Greenspan had the presence of mind, and courtesy, to give a complete and thoughtful answer. Bernanke just said "no", reflecting, to my mind, disdain and impatience. He got what he deserved.
Greenspan:
And
So...central bankers made honest mistakes and learned their lessons? And now "behave" nobly as if thier money is really backed by reserves? Really? Seems to me that they just learned how to steal even more and better yet, get away with it.
Thank you for posting this. If you could update it with the actual transcript/video (when it comes available) would be great. This probably one of the best sound bites I've heard in awhile.
Bernanke to Wall Street: "I got your back, boyz".
Bernanke to Main Street: "Fuck you, suckers".
Goldman to Ben: "We have your office waiting for you Ben, and your 7 figure salary.
Main Street to Bernanke & Goldman: Boiled Rope & Lead !!!!!
When Ben's finished devaluing the dollar and leaves his office for the GS gig, it's going to ttake a 7 figure salary to buy a loaf of bread.
He's going to need a 2000 figure salary, at the minimum.
Ben to goldman: "keep your 7 figure salary, pay me in gold bitchez, I'm a traditionalist"
I hope a youtube video of this moment will be out soon.. to replay and replay the moment.. lol
It's out. At the 4:59 mark: "Do you think gold is money?"
https://www.youtube.com/watch?v=2NJnL10vZ1Y
Thanks for the link! This one's a keeper. =)
He is a hyena, dressed in a gorilla suit impersonating a well read donkey.
Pictures please.
I insist.
He's a career academic who tried to apply a theoretical solution for the Great Depression to a completely different problem based on the fantasy that if you give away enough money you can solve world hunger.
LOL. You are too kind. Then again, you are always polite. :)
He's a well educated and delusional puppet who was selected precisely because it was known what he would do if he held the magic wand.
Calgon, take me away.
Bitchez...lol
This is as wrong as the sub-prime is well contained comment!
Why doesn't Ben sell it all then, and hand over the proceeds to the Treasury?
The Fed doesn't own gold. They own gold certificates worth $11 billion. This is according to a Treasury guy at Ron Paul's last domestic monetary policy hearing.
I can confirm the Fed does not own any gold and only gold certificates as per testimony before congress. However, I think they stated in that testimony that the value of the certs was $42 Billion. Please don't quote me on that but I think that's what they testified to.
Would that be priced at the 'official' rate of $42 an oz?
Yes, it is carried at the "old official" rate whatever that was/is.
Just think about it.
Two, that's right, two dissociative disorders on display at once. The old price and Ben's testimony all wrapped up in one Ponzi (Opppps 3 of 'em.) scheme.
Whatta deal.
Jesus H Christ.
Ben oughta be required to talk every day!
Quit pissin' on him.
He's our best friend!
Anybody whose long PM's, non-US dollar dollars, swissy and commodities is havin' one hell of a great day!
Ben is our friend!
No, it is $11 billion. See the Fed balance sheet,
http://www.federalreserve.gov/releases/h41/current/
The certificates were locked in at $42 an ounce when gold redemption was suspended. They will never be worth more than the $42 an ounce equivalent.
Verified on my end. I stand corrected. Thank you Hansel. It is indeed gold certs valued at $42/oz and not a total of $42B.
Anyway, I fully expect that there comes a point in time soon when The Fed will sell these certs to Primary Dealers at $X,XXX.00 per cert (if not XX,XXX.00 per cert) and this will be the new "Gold Bond medicated powder for the economic patient on life support." It would allow The Fed to suck dollars (M2) out of the economy, thus combating hyperinflation.
Just a hypothosis....having had exposure to these fucktarded PhD Economists and their way of thinking.
hansel,
The Fed does not own any Gold?.
What's in the vault in the basement of the Federal Reserve Bank in NYC?.
Hint: It's not currency.
He likely spoke truth, but not the ENTIRE truth.
Considering JP Morgan was the main force behind creating the Fed maybe BB should know what he said about gold:
"Gold is money and nothing else." - JP Morgan 1912 (before the Fed was created)
Fiat is also on bank balance sheet so it is money because if not, why would the banks hold it on their balance sheets?
All the story of the US condensed in a few lines, absurd ideas, self destructing reasoning and a drive for power.
So ... if Mr. Bernanke truly believes what he said about gold, he wouldnt mind selling off the U.S. holdings in gold ?? A useless asset that would reduce the mountain of U.S. debt somewhat. What say, Mr. Bernanke?
that would require us to actually have gold
Well, since its 'not money' even if its tungsten it will have some value, no ? :)
Sad to say, the US gold horde is probably already gone. Part of it is for sure.
Gold swaps bitchez.
Why is it that I have not seen any serious research on this subject even from the alternative media? Or have I simply missed it? I understand that no one can get in to audit the Gold. But does anyone know of any in-depth articles exploring this subject?
Thanks.
I've seen quite a few mentions of this, but, as you say, nothing truly 'in-depth'.
But, then again, in addition to Fort Knox not being audited, nether has the Fed with respect to its gold swaps.
I wonder if even TPTB have a really good idea of who really owns what, when it comes to gold.
Jim Rickards advocates the US just literally steal everyone else's being stored at the NY Fed.
I have searched high and low for many years and it appears that there is no possibility of in-depth research as there is naught..... but silence.
The most telling evidence is the lack of information. The lack of proactive measures to examine the holdings. The failure of the Administrative or Legislative branches to enact measures to mandate such. The failure of Treasury to demand a periodic accounting of the people's assets. The failure of the Fed to consider the like, for they carry certificates representing such on their balance sheet. Heavens, as a private organization, I'd like to know for what and from whom I hold a vault receipt. I'd like to have an audit.
So would the rest of the world, beings it represents a reserve against the global reserve fiat...
Unless I already know..... something.
The silence itself is not only deafening, but all telling.
There is something amiss. I know not what, but I know it because Knukles knows it; by virtue of the silence, obfuscation, deception and disengagement.
And Knukles has full understanding, empathy, a professionals engagement with those human frailties and qualities, those character defects.
Like dealing with folks with dissociative disorders, denial, those constitutionally incapable of being honest with themselves.
We know who they are.
You saw quivering lips today....
We already know there's quite something amiss.
What?
The silence seems so large, one simply assumes the act to be as well.
For if one is at peace with ones self, no more evidence is needed. The perceptions management and Hegelian dialect become not only ineffectual, but reassuring and reconfirming of the suspicions.
knukles, you are one eloquent pinhead. :)
CD,
You can search the archives at GATA.org for some circumstantial evidence but I'm afraid we're in the dark on this. Watching the latest Congressional hearing a few weeks ago yielded nothing but more questions, more stonewalling and obsfucation from where I sit.
This is sad situation my friends. The ship is going down, and there aren't enough lifeboats.
I do know GATA was able to get the FED's Kevin Warsh to admit to the gold swaps.
Here's a story on the Ft Knox gold. Hard to prove anything, but it's worth looking at.
http://www.gata.org/node/681
You couldn't be referring to to the "Golden Horde", could you?
Nah, didn't think so...
Tradition? Why didn't he just call it a "barbaric relic"? Guess that would have sounded too zerohedge sockpuppetish.
Gold itself is/was not the barbarous relic.
John Maynard Keynes In truth, the gold standard is already a barbarous relic. Monetary Reform (1924), p. 172.I've never understood why the barbers of the world have never taken offense to this cheap shot characterization.
Oh....wait.....
http://zyx2.org/Barbarian-Priestess.jpg
That is most certainly NOT a barbarous relic. :)
Then again, only her hairdresser really knows for sure.
If you ask me, Keynesian economics is the only barbarous relic around here.
And the Fed, of course...
Bernanke is saying tradition (a long-established action or pattern of behavior in a community or group of people, often one that has been handed down from generation to generation) is a barbaric (uncivilized, unsophisticated) relic (a tradition, practice, or rule that dates from some time in the past, especially one that is considered out of date or inappropriate at the present time) ?
Tickets, tickets everyone. The gold and silver train will soon be pulling out of the station... Your conductor for this journey will be: The Bernank
can't pay for the ticket as I only have gold .. and gold isnt money !! catch22 :)
at this point in time, you still are required to convert your money into currency in order to buy athat ticket, not a catch22, it's a three step process but has not always been and will not forever be
Dumbest statement EVAH by a FED Chairman.
Cue "Fiddler on the Roof."
Tradition... Ben is as crazy as a fiddler on the roof.
It's actually Swindler on the Roof and the signature song is If I had a Ponzi...
Were you always so plugged into popular culture or is this just a transitory temporary insanity? :>)
Probably drugs or blowfish... lol
+100.
"If I had a ponzi...."
LOL!
Just remember, if things get out of hand, the "free markets" will raise margins requirements on silver, release the SPR, and let the banks front run the announcements. This pathological POS denies he is creating inflation.
I for one have stopped blaming Bernanke and the Fed. I mean, it's not like the American people have put a gun to his head and said, "print away"! Instead, we let him print while we watch Jersey Shore and soon-to-be non-NFL football on Sundays. Americans - we want a comfortable lifestyle, but expect someone else to pay for it. If we really wanted a balanced budget, we'd be on the doorsteps of Capitol Hill demanding a strong dollar policy. Instead, we'd prefer someone else to kick the can down the road. Now, I might not be speaking for the masses here on Zerohedge, but 99% of the population out there could care less where fiat currencies are headed, so long as they can enjoy there V8 muscle cars and $50 steak dinners at Houston's.
I direct you to CD's latest:
http://www.zerohedge.com/article/zero-hedge-effect-%E2%80%93-crossing-ev...
Silverbugs should consider that question; why do central banks hold GOLD?
Gold takes less space?
Traditionally, Central Bankers can only be killed with a silver bullet. Presumably they don't hold silver in their reserves because they are afraid of it.
+1 Bravo!
Gold & SILVER are money... always have been always will be...
Because there is not enough physical silver to go around. E.g. Hunt Brothers, JP Morgan manipulation. Also, it's an industrial metal which would create problems.
There is always enough metal, it is just a question of price. Your second answer is closer to the truth.
The industrial utility of silver precludes its use as a bank asset. The only way banks would handle silver would be in coin form as currency.
I've got the answer, sir.
That is because what is not held by banks on their balance sheet can also be money. So silver is money because the banks do not hold it and gold is money because the banks hold it.
US world order.
How about this question: in how many languages is the word for silver the same as the word for money? 14?
Maybe nobody really heard the question correctly...
Ron Paul: "Is there actually any gold in Ft. Knox"?
Bernanke: "No"
---
aah... now it all makes sense!
No, I heard that the government has confiscated 10 old pre-33 gold eagles from a U. S. citizen and placed them in Ft. Knox so we know there are least "9.675" ounces of gold in Ft. Knox!
Tuco Benedicto Pacifico Juan Maria Ramirez
Hooray for US!
---
In any case... Get ready for the "Transitory & [EVER MORE sophisticated diets in 3rd world countries 2.0] testimony coming soon to a teleprompter near you...
Meanwhile... enjoy your peas...
i'm sure they got 'misplaced' on the way to fort knox. you know... USPS isn't that reliable, no tracking number, and no insurance.
The traditional punishment for treason is death.
What the fuck is with the FATOR advertising disclaimer.????
Ctrl+A, Ctrl+C, Ctrl+V.
Bernanke just downplaying his competition ... all mafia organizations hate competition.
Here is a sign on Ron Paul's desk in congress:
http://xcannabis.com/wp-content/uploads/2011/05/ron-paul-dont-steal-gove...
India terror attacks....
http://timesofindia.indiatimes.com/city/mumbai/Three-blasts-rock-Mumbai-8-reported-dead-70-injured/articleshow/9212554.cms
Clinton announced a few days ago she would be there for strategic talks..
http://www.google.com/hostednews/afp/article/ALeqM5g4wC-vd7KHWCMONg8SZA7Ngd-gtA?docId=CNG.b25e50471bf7cd80f49ff0b9169e31d7.311
excuse me but i smell liqour. watch that buy immediately bullshit, imo.
pump and dump and pocket the spread in the pm market? or is this time different?
is the fed out of bullshit bullets? is the bis done with the old and ready for the new? are all the pieces in place for the end game?
i don't think so but, then again, i don't really know anything. cept "watch your ass"
m.a.
good luck.
.
The most important thing you?ll read all day
Posted on July 13, 2011 by maxkeiser
http://maxkeiser.com/2011/07/13/the-most-important-thing-youll-read-all-...
.
bernanke speaks gold to the moon. watch your ass in the presence
of so much hot air and rocket fuel.
.
Dead Money ?
Posted on June 27, 2011 by steve from virginia
http://www.economic-undertow.com/2011/06/27/dead-money/
.
The Fate of Gold & Oil
http://www.martinarmstrong.org/files/The%20Fate%20of%20Gold%20and%20Oil%...
"We are due for a correction ? It?s Just Time. The months ahead are September and November in particular for turning points. What we have to pay close attention to is the ?hype? that comes out. If the Investment Bankers are looking to force a liquidation to make a bang-up trade for the year since things have been quiet, the news will be spun to support their agenda. This is part of the game. When they wanted all the little guys in for 1980, they made the Hunts a household name. That was the setup. The little guy buys thinking he is running with the big dogs. The real big dogs stay well hidden in the bushes and will NEVER step into the limelight."
.
So...you're saying be careful? That Martin Armstrong piece gave me considerable pause.
i'm saying be careful and watch your ass..ie know your liquidity
needs and respect them so you don't get caught in the trap of having
to sell something precious when they whipsaw this shit back into
a buying opportunity. this heist is slow motion and calculated and
will take place over time. they serve you the hype liquor and
then rob u blind. they are true believer professional fascists and
have learned how to fuck with the collective mind to steal the
collective promise and pocket and lock up the interest.
.
be careful and watch your ass and trust no man or woman. period
Amen to that, brother [tips class] And that's exactly what Armstrong pointed out.
the routine in politics, economics ..etc... is like the
the simple strategy barbara and carla once used for their
weekend amusement and "profit". the line is
.
" you dance with him, i'll
grab the money."
.
the mark is any drunk at the bar. the girls are attractive and
personable enough. the mark buys a few drinks, leaves the money
on the bar and one of them dances him out of his money while
the other girl leaves the place with the cash.
.
all night long.
.
for years. this is what i think of whenever i hear a public
speaker today in america or i guess anywhere for that matter?
linguistic dancing while carla grabs the money. an art form.
.
ben just said there is uncertainty as to whether the recovery will
continue. that's what i'm talking about.
.
12 July 2011
http://jessescrossroadscafe.blogspot.com/
The long con.
I am sorry - this may be bad taste but I just can't help it.
www.youtube.com/watch?v=gRdfX7ut8gw
I wish Congressman Paul was better with his snark. When BB said are treasuries money Dr. Paul could have said "Of course not they are loans/debt with counterparty risk but gold is not debt and has no counterparty risk."
Outstanding. Ron should have asked Ben if he was aware that diamonds, intrinsically speaking, are not indeed rare. Ron should have then followed up with "Have you ever heard of De Beers?" Just for shits and giggles.
here the original
http://www.youtube.com/watch?v=2Dj9v9s9buk
...uhm... maybe... Tradition?
But Ben can't tell the truth...
i think it comes down to two things.
Either Bernake is :
1. lying... which is bad, but understandable. or
2. this the fkn scary part... he actually believes his own bullshit.
At least with 1. the truth will come to light. With 2. he will continue on his path until there is nothing left. Much like how fundamentalist cults/sects/religions end up killing themselves and everyone with them.
It is a strange, sick, ironic world. Ben continues to murder the old and fixed income dependent seniors, and steal from everyone who owns dollars or their equivalents to give them to his bankster brothers, while a 9 year old kid in NY gets cut up into pieces.
Fk it. I'm selling everything and going long EUR.
lol ;)
ohhhh that kind of tradition, and all along ive been stocking up on thanksgiving turkeys and santa suits. shit what do i do now?
Used to be tradition to live within your means.
IT'S THE FIDDLER!
If I was a rich man....da. da. da. da. dy. dy!
R. Paul 1, The Bernank 0. After the game, The Bernank was demoted to the minors....
Is that comment really suppose to instill confidence in the USD? Bernanke needs to work on his presentation.
RobotTrader was going out last night, so he asked me to short gold and silver for him this morning before the markets opened! so i did! did anyone see or hear from him? anyone?
"tradition, I suppose" = "move along...nothing to see here"
PWNED! B00m Headshot!
Blythe out to sit on the gold price as Europe closes. Volume picked up to the downside as JPM(aka Fed/USG) waste more money on a futile task to keep appearances in order. As soon as they move off the offer , weeeeeeeeee , beachball time.
Bernanke has not seen this clip http://www.youtube.com/watch?v=boUD5eG9Bf4
Ben is right; it is the truth. Gold is money according to tradition, one that can be dismissed as little as one can deny one's past.
Please tell me someone YouTubed this.
http://www.youtube.com/watch?v=2Dj9v9s9buk
Yes...
That's funny. I hold on to dollars for the same reason. Haha.
lol, gold isn't money?
Dup
Hey, I've been a practicing goldbug for over a decade, but let's not be simplistic here. Gold isn't money to the exclusion of everything else. It's not some Aristotelian essence of money. Silver has as good a claim to be money as gold. Silver and gold are different, but they can both be money. How about platinum? No?
In a sense the Bernank has a point, and probably the "unwashed masses" would have no problem agreeing with him.
I think the best definition is that gold is "the currency of last resort", in the real world, although other worlds are conceivable, even one in which diamonds are.
Or even Spaghetti.
http://www.bbc.co.uk/news/world-europe-14135523
Diamonds are just a modification of carbon, i.e. a certain geometrical arrangement of carbon atoms.
That's why you can burn diamonds.
C + O2 --> CO2; -393 kJ / mol
and federal reserve notes are just a certain geometrical arrangement of US treasury debt.
That's why you can burn FRNs.
$2.8 trillion (Fed 'asset' base) + $2 trillion (new debt target increase) = -330 million people/living standards
priceless statement on worthless fiat.
If you look at the Handbook of Industrial Diamonds, the goal of Chemical Vapor Dep (CVD) diamond manufacturing cost is one dollar per carat. One can easily imagine smart folks adding in impurities and defects in the crystal structure such that CVD diamonds are indistinguishable from natural ones. At that point, CVD diamonds are the "tungsten" of the diamond world.
Thus diamonds aren't the greatest value repository, as you can make them. Gold is still harder to manufacture!
IMO I think PM's will actually take off when there is the announcement that there is no more physical silver available for delivery. Well, if it is announced. I think it will happen before the end of 2012.
I think the sell side will keep that piece of info in the arsenal for a little while longer. I think the sell side will start co-opting some of the silver bull analysis and arguments. They want to get their customers into a safe haven, yet one that will appreciate better that gold and treasuries (yes, I just wrote that). For the institutional buyers, like a pension, looking at shortfalls, they'll like the safety of silver (perceived), and the chance at greater appreciation to make-up for the shortfalls. Then we'll get a May 1 event and silver will be back in the 30's [sad horns].
What's funny is that technically his answer about tradition is correct. The followup question of course, should be "Why?"
Because gold fulfills all monetary metrics better than anything else on the planet, that's why. People freely chose it because it works. Just because fedgov broke it over the last century can never undo this fact.
Federal Reserve backed by cubic zirconia diamonds.
The only "barbarous relic" I see is the U.S. Federal Reserve.
and IRS...
Barbarous indeed.
Everything is is money if the 2 parties on a deal want it to be. Tabacco has been money, Cows have been money. Promises to discharge debts are money.
Anything you want is money. It's only the agreement of the parties that is law.
right! I just used the cow example the other day. Thing is, the cow dies or must be "consumed" or "used" in some way. Gold doesn't die, its malleable, its fungible, its relatively scarce...
right, a cow is a consumable and as such can be used in barter but it is not money
Correct a cow is not money now , but it could be. The purpose of money is just temporary conversion.
here is the clip where Bernank suggests entitlements are a pyramid (scheme)
the clip http://www.c-spanvideo.org/program/BenBernank/start/3689/stop/7777
Wow, how can he be so stupid as to use the word pyramid?
I like how he blamed it on the shape of the population as opposed to the design of the program. So, I guess the stupid boomers just didn't have enough kids?
good shit.
Ron Paul reminds me of Cato from the HBO's Rome.
The america my family used to tell me about at dinner was 24k, now over time it's so doped up it's more like 9k.
Plutarch's biography of Cato is one of my favorite reads ever! Cato Contra Mundum!
Fed delenda est!
Santilli on not raising the debt ceiling "let Congress worry about the 42 cents on every dollar they spend with borrowed money".
Liesman "this isn't the time to be having that conversation"
Santilli "now is the time, its right here now...if not now when? When? when?"
cheers behind Santilli from the floor, Liesman looking very red faced.
Anchorman quickly "well lets go back to live testimony".
Ha, ha! Thanks for that!
Tuco
Nice work, Rick!
Now finish your peas and leave this complicated treasury stuff to the "professional politicians" and Senior Economics Reporters.
And traditionally paper money gets f'd with respect to gold.
He forgot to mention that piece
Another tradition comes to mind Ben.
Tar and feathering.
why would we feel sorry for him?
He came off his high tower to preach to us about the virtues of money printing. Then went and proceeded to debase the currency.
It is often said economics cannot be classed as science because it is not empirical. Well The Bernak continues with the most fked up experiment ever.
He's not 'forced' into anything. Nothing is stopping him from quitting. So no we don't feel sorry for him. If he can't stand the heat, get the fk out the kitchen and leave the cooking to the people who have to eat it. He cooks up shit (aka FRNs) and feeds it to the middle class.
Wish Ron Paul asked him, 'what is a dollar'? and 'what is a federal reserve note? and what is the difference between these two?
Agreed...the prob is that if economics is an empirical science...we're the laboratory
"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."
US Constitution
I will add to this. Namely the votes at the Constitutional Convention on whether to allow the US to emit bills of credit.
The language permitting it was in the wording on the Constitution and specifically removed by vote.
Notes of Debates in the Federal Convention of 1787
by James Madison
Thursday, August 16
http://teachingamericanhistory.org/convention/debates/0816.html#8
Mr. Govr. MORRIS moved to strike out "and emit bills on the credit of the U. States"-If the United States had credit such bills would be unnecessary: if they had not, unjust & useless.
Mr. BUTLER, 2ds. the motion.
Mr. MADISON, will it not be sufficient to prohibit the making them a tender? This will remove the temptation to emit them with unjust views. And promissory notes in that shape may in some emergencies be best.
Mr. Govr. MORRIS. striking out the words will leave room still for notes of a responsible minister which will do all the good without the mischief. The Monied interest will oppose the plan of Government, if paper emissions be not prohibited.
Mr. GHORUM was for striking out, without inserting any prohibition. if the words stand they may suggest and lead to the measure.
Col. MASON 20 had doubts on the subject. Congs. he thought would not have the power unless it were expressed. Though he had a mortal hatred to paper money, yet as he could not foresee all emergences, he was unwilling to tie the hands of the Legislature. He observed that the late war could not have been carried on, had such a prohibition existed.
Mr. GHORUM. The power as far as it will be necessary or safe, is involved in that of borrowing.
Mr. MERCER was a friend to paper money, though in the present state & temper of America, he should neither propose nor approve of such a measure. He was consequently opposed to a prohibition of it altogether. It will stamp suspicion on the Government to deny it a discretion on this point. It was impolitic also to excite the opposition of all those who were friends to paper money. The people of property would be sure to be on the side of the plan, and it was impolitic to purchase their further attachment with the loss of the opposite class of Citizens
Mr. ELSEWORTH thought this a favorable moment to shut and bar the door against paper money. The mischiefs of the various experiments which had been made, were now fresh in the public mind and had excited the disgust of all the respectable part of America. By witholding the power from the new Governt. more friends of influence would be gained to it than by almost any thing else. Paper money can in no case be necessary. Give the Government credit, and other resources will offer. The power may do harm, never good.
Mr. RANDOLPH, notwithstanding his antipathy to paper money, could not agree to strike out the words, as he could not foresee all the occasions which21might arise.
Mr. WILSON. It will have a most salutary influence on the credit of the U. States to remove the possibility of paper money. This expedient can never succeed whilst its mischiefs are remembered, and as long as it can be resorted to, it will be a bar to other resources.
Mr. BUTLER. remarked that paper was a legal tender in no Country in Europe. He was urgent for disarming the Government of such a power.
Mr. MASON was still averse to tying the hands of the Legislature altogether. If there was no example in Europe as just remarked, it might be observed on the other side, that there was none in which the Government was restrained on this head.
Mr. READ, thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelations.
Mr. LANGDON had rather reject the whole plan than retain the three words "(and emit bills")
On the motion for striking out
N. H. ay. Mas. ay. Ct ay. N. J. no. Pa. ay. Del. ay. Md. no. Va. ay.23 N. C. ay. S. C. ay. Geo. ay. 22
Bernanke's comment on gold as tradition should be grounds for immediate dismissal. He should also use his PhD certificate for toilet paper as that is all it is worth.
Shocking statement.
A British Bank
Mr. Banks & Mary Poppins
Mr. Banks
A British bank is run with precision
A British home requires nothing less!
Tradition, discipline, and rules must
be the tools
Without them
Disorder! Chaos!
Moral disintegration!
In short, you have a ghastly mess!
The children must be molded, shaped
and taught
That life's a looming battle to be faced
and fought
If they must go on outings
these outings ought to be
Fraught with purpose, yes
and practicality!
These silly words like superca..
super...supercal...
And popping through pictures
Have little use, fulfill no asic need!
They've got to learn the honest truth
despite their youth
That was fucking awkward. 2 plus 2 does equal 3 in his world. Federal Reserve Notes will always be money in his reality construct. Even when they stop buy anything anymore he'll still insist mankind uses them for every transaction. He'll be the old guy at the insane assylum drooling and pulling old FRNs out of his pockets and telling the other catatonic inmates he just needed QE 8 and it finaly would have worked.
Fidelity Fiduciary Bank
Bert, Mr. Banks, Mr. Dawes Sr. & Bankers
Mr. Dawes Sr.
If you invest your tuppence
wisely in the bank
Safe and sound
Soon that tuppence, safely
invested in the bank
Will compound
And you'll achieve that sense
of conquest
As your affluence expands
In the hands of the directors
Who invest as propriety demands
Mr. Banks
You see, Michael, you'll be part of
Railways through Africa
Dams across the Nile
Fleets of ocean greyhounds
Majestic, self-amortizing canals
Plantations of ripening tea
Everyone
All from tuppence, prudently
fruitfully, frugally invested
In the, to be specific
In the Dawes, Tomes
Mousely, Grubbs
Fidelity Fiduciary Bank!
Mr. Banks
Now, Michael, when you
deposit tuppence in a bank account
Soon you'll see
That it blooms into credit of a
generous amount
Semi-annually
Everyone
And you'll achieve that sense of stature
As your influence expands
To the high financial strata
That established credit now commands
Mr. Dawes Sr.
You can purchase first and
second trust deeds
Think of the foreclosures!
bonds, chattels, dividends, shares
Bankruptcies! Debtor sales!
Opportunities!
All manner of private enterprise!
Shipyards! The mercantile!
Collieries! Tanneries!
Incorporations! Amalgamations! Banks!
Mr. Banks
You see, Michael
Everyone
Tuppence, patiently, cautiously
trustingly invested
In the, to be specific
In the Dawes, Tomes
Mousely, Grubbs
Fidelity Fiduciary Bank!
+ pengiuns, umbrellas, and Dick Van Dyke's striped pants.
I'm not sure why everyone is so surprised by this response from Bernak. Gold does hace value because of tradition....like over 5000 years of tradition. It definitely fits the definition money better than fiat but the definition of money has been confused with the definition of currency. I personally enjoy watching my stacks grow but I find it hard to see a world where we rely upon pm as currency. I hear a lot of talk about returning to hard backed currency but I have not hear or read of a plausible plan to return to such without routing society as it exists today. I mean how do we get from here to there?
To me that is like asking "Why do people screw up?" Or "Why did people buy option ARMs?" Or "How do we save people that invested with Bernie Madoff?"
Most people that believe in PMs try to sound the alarm to everyone they know. If the people choose to do something not in their best interest, smoking, eating junk food, driving drunk, voting for sociopaths, why do the people who knew better have to protect them?
China is buying PMs hand over fist. They have stores mobbed with people to get gold and silver. If the politicians and media in the U.S. were more honest they could have been telling people to invest in PMs for decades. Instead the ponzi grew because it was easy money and stocks, bonds, derivatives, mortgages are all debt and counterparty paper.
People get screwed every day by the global financial ponzi...how did we get here to begin with?
I'm not sure why everyone is so surprised by this response from Bernak. Gold does hace value because of tradition....like over 5000 years of tradition. It definitely fits the definition money better than fiat but the definition of money has been confused with the definition of currency. I personally enjoy watching my stacks grow but I find it hard to see a world where we rely upon pm as currency. I hear a lot of talk about returning to hard backed currency but I have not hear or read of a plausible plan to return to such without routing society as it exists today. I mean how do we get from here to there?
Found on the Business Insider blog - I think I pea'ed in my pants:
Is gold money?"No, of course not. It doesn't say money anywhere on gold. This paper I am giving you says money right on it." So Ben, why do you have so much gold? "Uh, well, uh....tradition. Yeah, it's just an ancient custom. Because gold is TRADITIONALLY money. Uh wait, did I just say that?!"