Jim Rickards On The Last Gasp Of The Fiat Money Regime

Tyler Durden's picture

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JLee2027's picture

Ted Truman is not a nobody.  He’s one of the most seasoned, experienced and highly respected international monetary experts in the world

Not any more bitches.

masterinchancery's picture

Careful, our local whores may sue you for ruining their good name!

Al Gorerhythm's picture

And here's another retard. Would you subscribe?


It can't be Johnny Bravo going on his forecasts, can it? Have we found him or is it Jon Nadler's nom de plume?

akak's picture

Oh damn, I saw that one too!  In fact, I thought the article/interview was so outrageously absurd in its Nadleresque denial of reality that I made a lengthy post in another forum about it.

Yeah, "Remove the Crises Mentality, and Gold looks Precarious"!  That's like saying "Remove all the water, and the oceans would be a desert!"  What a clueless fuck.  Must be Jeffrey Christian's twin brother.

Hero Protagonist's picture


I think this sums up QE2...



Sarah Conner's picture

I wouldn't be surprised if Ted Truman is buying GLD in size in his p.a...

Sudden Debt's picture


now where is my scotch bottle...

Al Gorerhythm's picture

Scotch, phht. Come over to the dark side where one drinks mor...ale.

midtowng's picture

We are reaching an inflection point with the old global monetary regime, much like we did in 1933.


Temporalist's picture

That link gives a good perspective.  If the U.S. sold its gold for $1300 it would be about $340 Billion.

The bonuses for Wall St. this year = $144 Billion.

In just 2 years time Wall St. could buy nearly all of the U.S. gold "holdings."  Clearly gold should be priced much higher.

Crime of the Century's picture

That was a very erudite commentary. I hope by quoting Krugman they don't mean to endorse him. It certainly seemed to be a neutral reference.

JuicyTheAnimal's picture

I have fear.  I fear that I won't be able to realign my PM ETF options tomorrow anywhere near the price point where I sold today due to a gap up tonight.  And yes, I understand the difference between ETFs and physical.  Gotta make paper money to trade for physical some how. 

truont's picture

The Fiat-Kings must be very desperate indeed to dispatch the intellectually exhausted illogical arguments of Ted Truman.

I wonder what their next move is to discourage the plebes from protecting their wealth by buying gold?

Maybe the Teleprompter of the Unites States should say in a fireside chat on the evening news: 

"Don't buy gold.  Gold is old!  Ewwww!  Yucky!"

Fred Hayek's picture

Are average people really buying gold?  I doubt that there's really much need for the powers that be to get all worked up over that yet.

i-dog's picture

Truman: "Official discussions of the reform of the international monetary system do not include any advocates of a return to gold…"

King: "Learning from an insider like Truman that none of the power elite are thinking seriously about gold"

This made me ROFL! Holy fuck, Eric ... if you needed Truman to tell you that then I've lost all respect for you.

The oligarchs have not spent hundreds of years building a ponzi scheme around fractional reserves and fiat money to have their power flushed away by a gold-backed global currency. They didn't get to be oligarchs by being brain-dead!

BTW, they do think about gold ... they love gold ... just not in anyone else's hands. Trying to get the UST to sell what little, if any, they have left is part of the plan ... then it's off to the Bundesbank to get theirs, too.

pachanguero's picture

He is a point man for the New World Order.  Death to the New world Order.

Implicit simplicit's picture

What truman meant to say was Americans ,not America, should sell all their tresuries because they are in a bubble, then quickly buy as much gold as possible before the country goes broke.

He was having an elderly moment.

rapacious rachel wants to know's picture
rapacious rachel wants to know (not verified) Oct 13, 2010 5:45 PM

well, if he's so fucking smart, and experienced, and qualified, then no wonder we're fucked

web bot's picture

This ijit's suggestion is akin to giving his eyeballs away and getting a pair of sun glasses in return.


wowser22's picture

Someone better tell Mr. Truman there's no gold to sell.  Fort Knox is full of air.

jharry's picture

I agree with wowser22.  The irony is no gold remains in Fort Knox or any public repository to which the Fed has access.  It's in their private coffers with their names on it.  Otherwise, why wouldn't they allow an audit by US?

i-dog's picture

If they can get the mighty UST to pretend to sell what they don't have, then the non-ZH public will be convinced that gold will be yucky and worthless [and illegal!] in the New Ponzi Order ....... and should be sold immediately ....... before it's too late!

Segestan's picture

maybe thats the whole point.. to make believe that the Gold actually exist? Plus the added benefit of reducing the importance of gold in the minds of the sheeple.

Bearster's picture

This is but one aspect of the fight between Statism and Individual Rights.  The Statists never had an argument.  They rely on being in control (literally), allowing their cronies to broadcast but no their enemies, intimidation, etc.

In an outright debate on a level playing field, using facts and reason, there is no defense intellectually or morally for why people should be made into slaves.

An irredeemable fiat paper currency is but one aspect of enslaving men.

akak's picture

An irredeemable fiat paper currency is but one aspect of enslaving men.

That line, Bearster, is, um, pure gold!

Excellently said.

silver surfer's picture

Everything is going according to big bankers longstanding plan;

Pump up the credit bubble, let it crash.. wait a little while and get some more credit

then lever up with final fiat and by physical gold.

Deckarda's picture

its a nice plan but it needs more greed...much, much more greed...

if the banking cartel really knew what they were doing they would have been quietly buying up physical gold and taking major positions in gold mining companies for years whilst simultaneously suppressing the price of gold (taking control of the physical whilst shorting the paper) - may be throw in a few phd talking heads putting out articles on how the barbaric relic can't be eaten and doesn't pay interest is a good idea too....

If you were really really greedy it would make sense to make sure that no one else had any gold of any sizeable amount...(there's nothing like a nice monopoly) and if anyone does have a stack then advise them to sell the useless stuff quickly...if your really good you could convince them to do this at a low in the gold price 

All that is left to do now is to let nature run it's course - fiat has a history of going tits up at some point and (since your in control of it) you could give it a nudge in the preferred direction by orchestrating a huge debt binge (you can make fortune here too) then when the debt binge implodes you get the goverments to bail you out (fat arsed profits here)

then whilst governments invariably try to monetise the debt ball they've been landed with via currency devaluations (nice for the price of gold) and inflation (if you've really done a good job hyperinflation - you lucky banker) alls that left for you to do is retire to a nice tax haven without any extradition proceedures and sit back a watch the fireworks...or finance a few of them....but surely no one's that greedy.......?  



gwar5's picture

Thanks for the J Rickards piece.

Jim Rickards has been spot on for months regarding the world gold standard vs fiat currency war going on among TPTB.

He's not a NWO advocate for world fiat currency. He prefers a gold standard as a way out of the USA default and default of the West, with revalutaion of gold to market discovery prices ($5000-8000), as the most pragmatic and least painful pathway among the alternatives available to the West. 

He is right to portray Truman as an agent of TPTB trying to head fake gold to antiquity -- they want a new, ("my precious") world fiat currency by the IMF to start over with.






Traveler-2's picture

This guy was a monetary expert, a world class whatever to the elites.  Now, he is an old man who has been drug out, put forth by Bernake and little Timmy ( and maybe Obama) to try to play down/cap a powerful movement by you and me and other knowledgeable people into tangible assets and fundamentally sound investments and financial policies.

All the stops are being played by these very intelligent, elite jerks to protect theirs and to hang on to what they gained and what they put over on the American people since 1913.  They found a way to exploit a wonderful country and its people, and now they are frantic that its' ponzi excesses are unmasked and slipping away. When they drag out these old guys, they are close to the end. 

We have done nothing wrong.  Keep the faith, keep up the pressure, support candidates who work for change, hope for a reserve currency based on a basket inclusive of gold and silver.

Citxmech's picture

Boy - if that crap was supposed to "spook" the market - it sure was a dismal failure...  up $20+ dollars today - No fear in this market except that of the falling dollar!

masterinchancery's picture

The market took it as desperation.  In all seriousness, when last did the central banks defeat  strong market forces?

ghostfaceinvestah's picture

How does anyone with half a brain think the world's central banks will stop printing money?  They have no choice.  Fiats are only going to depreciate further against gold going forward, at an ever increasing rate.

Oracle of Kypseli's picture

I had a Fiat once. It was factory pre-rusted and depreciated very fast.

nmewn's picture

"seems like a 6,500% return to me."

Bottom line bitchez.

Shameful's picture

How are gold bugs supposed to be afraid of a sale?

1. China is desperate to get assets.  They are dumping US paper and buying things.  With the escalating currency/trade war with US and China they would be eager to buy any gold Uncle Sugar brought to the table.

2. Where is the gold.  This hearkens back to the IMF sales, are the gold sales even legit?  Sprott tried to get some of that sweet, sweet IMF gold and they were having none of it.  This also assumes that the USA still has the gold they claim.  Anyone who is not full bore retarded knows the gov lies, cheats, steals, and commits fraud.  It would be an act of ridiculous faith to believe that Uncle Sugar has not fiddled with that gold in Ft. Knox since the last audit.

Sell it out Uncle Sugar, give me another chance to load the truck up before the infinite black hole of debt eats this country.  It's not like any of it would be used ot help the people anyway.  In a collapse I'm quite certain that it will be "lost" in such an event.  Still waiting on a Ft. Knox audit so I can laugh maniacally.

snowball777's picture

$14T / 621.5m troy oz == $22526/troy oz

Only $21156/oz to go!

masterinchancery's picture

Assuming that the US starts balancing the budget and eliminates entitlements.  More like 221,156/oz.

Unmisinformed's picture

I guess Truman is truly a giant the field of buggy whip manufacturing.

He is an expert in fiat.  Now that fiat is dying, he knows nothing.


masterinchancery's picture

He and Mad Ben could remake "Dumb and Dumber".

atomicwasted's picture

Jim Rickards is a mad genius.  He's like Blofeld but on our side.  I hope.

silvertrain's picture

++ that.. Jim Rickards is always a must listen to, the dude just drops baddass knowledge..

Acidtest Dummy's picture

Truman says, "The Treasury secretary, with the approval of the president, has the power to sell (and buy) gold on terms that the secretary considers most beneficial to the public interests." And, "The us [is not a party to] the Central Bank Gold Agreement."
If GATA said those same things I'd want links.
Truman says "The us holds 261.5m fine troy ounces of gold."
Dear Mr. Truman, Extraordinary claims demand extraordinary proof. to wit: Pics or it didn't happen.

Goldmund's picture

How did this intellectual giant not mention the sine qua non of the anti-gold crowd?


"You can't eat it"

espirit's picture

China wanting to buy up may be the beginning of the endgame. Drive gold up, USD down until Uncle Sugar screams mercy in a broke pathetic humiliating moment. 

Goldenballs's picture

Can,t sell what you haven,t got.

anonnn's picture

...Treasury and the Fed who refuse to allow a proper audit of official holdings...

"offficial holdings" is misunderstood. Holdings are only what is held...for whose account? Whose ownership Whose benefit?

For Kingdom of Saudi Arabia? For Kuwait's Sabah? For X? For Y? For Z? For USA?

The audit being sought is for quantities of demonstrated, unencumbered USA ownership and for quantities owned by USA having known degrees of encumbrance.

A valid audit requires transparency  with fully defined nomenclature and done by acredible source. Who today has that credibility?


proLiberty's picture

The Federal government owns a surprising percent of US land.  Rather than sell portable gold, it would be far better to sell some (un-portable) land parcels.