• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Stunner: Gold Standard Fully Supported By... Alan Greenspan!?

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 01/21/2011 - 13:01 | 893535 NOTW777
NOTW777's picture

FCX getting shot; GOOG losing 625ish

Fri, 01/21/2011 - 13:01 | 893538 Malcolm Tucker
Malcolm Tucker's picture


This guy sounds better than CNBS's Joe :)

Here is a profanity laced tirade by Joe Rogan (of UFC fame) on the American war machine:

http://fedupmontrealer.blogspot.com/2011/01/joe-rogan-on-american-war-machine.html

Fri, 01/21/2011 - 13:10 | 893578 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Joe Rogan's theory that we should carpet bomb the middle east is pretty funny too.

Joe Rogan Solves the War with Pot:

http://www.youtube.com/watch?v=W6cZdSJvOME

Fri, 01/21/2011 - 13:25 | 893654 goldmiddelfinger
goldmiddelfinger's picture

Is this the one where you fell in love with the sound of baby coos?

Fri, 01/21/2011 - 13:34 | 893700 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Birdman - Always Strapped ft. Lil Wayne, Mack Maine:

http://www.youtube.com/watch?v=QG6b5ENtr74&ob=av3el

Fri, 01/21/2011 - 14:08 | 893860 goldmiddelfinger
goldmiddelfinger's picture
by Mr Lennon Hendrix
on Thu, 01/20/2011 - 22:26
#892229

 

FTD BTFPM!

Some things in life trigger response.  Death, birth, injury, ecstasy, and language.  From the sound of a baby's coo, to the baby's mother's response, to a poem being read

Fri, 01/21/2011 - 14:56 | 894006 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

.....by a belligerent bohemian, words matter.  Word is the closest we can get to express our truths, even though we merely perceive them through a veil, and the truth will set us free.

Certain words and phrases resonate inside us.  When the outside talks the inside responds.  Our minds and hearts vibrate together in a remembrance of our past.  We experience all of life in that moment.  Then we try to register its meaning.  Between this is experience.

Happiness and sadness can come from these experiences whether we like it or not.  We have no allegiance to any words in particular and that is how it is the past experiences that guide or heart over our minds to catch the meanings.

So when I heard FTD BTFPM I couldn't stop smiling.  Still can't.  Something about the urgent yet stoic nature.  In this time of gubertorial theft and deciete, the truth rings loud and clear.  FTD, because who cares about what the dictated price is.  BTFPM, because what else is there.

Fri, 01/21/2011 - 15:02 | 894058 grok
grok's picture

so, ah, what do FTD and BTFPM mean?

Fri, 01/21/2011 - 15:13 | 894099 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

F the dip...buy the f'n precious metal.

Fri, 01/21/2011 - 16:53 | 894453 The_Euro_Sucks
The_Euro_Sucks's picture

Buy the PHYSICAL precious metal. For the rest it had me smiling as well.

Fri, 01/21/2011 - 14:17 | 893878 Blindweb
Blindweb's picture

I would suspect that's actually a pro American military strategy.  Weed would make them more docile.  Tibet's spirituality didn't help them from repelling the Chinese.

Rogan is hilarious when he mocks Alex Jones

http://www.youtube.com/watch?v=5PdhGgjGiBg  first 30 seconds

Fri, 01/21/2011 - 14:34 | 893968 Turd Ferguson
Turd Ferguson's picture

Jimi: Please take the time to read this. Very important info, imho:

http://tfmetalsreport.blogspot.com/2011/01/1600-gold-by-june-10-2011.html

Fri, 01/21/2011 - 14:48 | 894002 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I didn't hit the sack until midnight because I was waiting for it!

Fri, 01/21/2011 - 14:58 | 894035 Red Neck Repugnicant
Red Neck Repugnicant's picture

holy cow.

lol

Fri, 01/21/2011 - 15:32 | 894177 tmosley
tmosley's picture

Some people have useful things to say.  As opposed to people like you who simply spout lies.

I thought something seemed fishy when you accused me of saying I only owned gold on Seekingalpha, so I went back and looked through my posts, and lo and behold:  http://seekingalpha.com/user/445251/comment/1123997

That one makes it clear that I invest heavily in silver.

I will wait for your apology, even though I know none is coming, because you are a tiny, tiny, little man.

Fri, 01/21/2011 - 20:01 | 894840 Calmyourself
Calmyourself's picture

I disagree, he says very useful things.. Things which completely expose his hypocrisy and shallowness..  Hey RNR find those Bammy transcripts yet?  lol.. 

Remember:  "If they bring a knife to the fight we bring a gun"  The original,  aggressive rhetoric, from the apprentice President learned at the Weathermans feet no doubt..

Fri, 01/21/2011 - 22:50 | 895089 Red Neck Repugnicant
Red Neck Repugnicant's picture

 

To the person who has 95% of his portfolio in silver at ZeroHedge, and 95% of his portfolio in gold at SeekingAlpha -

This is in response to your last post directed toward me, somewhere 400 comments down.

-------

I barely know where to start.  You have no understanding of history.  None. 

If that is your understanding of the 20 years before the creation of the Fed, it is no mystery why you're pushing for a gold standard.  In fact, your explanation is so shallow, so short-sighted, so cursory and so amiss that most of your idiotic explanation is in parenthesis.

To better set the stage, let's go a few years back:

The 50 years between the National Banking Act of 1863 and the creation of the Federal Reserve in 1913 was probably the most volatile period in American banking history - far and away more volatile than the 100 years since the Fed.

Let me begin with Black Friday of 1869, when two guys on Wall Street attempted to corner the gold market. The reason I start there? Because it's a damn good precedent for what could happen on a gold standard. If, today, our top 6 banks on Wall Street can accumulate assets equal to 60% of our GNP, what makes you think they wouldn't control all the fucking gold, too? Just because we switch "tokens" for our medium of exchange and storage of wealth doesn't mean the plutocrats won't take them, too. They can manipulate any "token" that represents wealth.  

But, really, what I want to draw your attention to is the so-called "Gilded Age," which began in the 1870's when huge gold deposits were discovered in the West.  This period of time ran until the creation of the Federal Reserve and the first World War. There was no middle class, whatsoever. You were either rich, or, like the vast majority, really fucking poor.  In 1890, over 90% of American families earned less than $1200 per year; of this group, the average annual income was $380, well below the poverty line. 

http://www.pbs.org/wgbh/amex/carnegie/gildedage.html

As Mark Twain characterized the age, ""What is the chief end of man?--to get rich. In what way?--dishonestly if we can; honestly if we must."

That was America in the late 1800's - remarkably similar to today.  Your era of the gold standard was crap.  You suggest that free markets were operating as they should.  What a crock of shit.  If that's what survival-of-the-fittest capitalism looks like, I want nothing to do with it, even if I was living on top of it.     

The overall spirit of your post is that the era before the Fed was a relatively benign one. Apparently, banking irregularities were just shallow blips in history - Bullshit!!  

Consider the following:

Panic of 1873

Recession of 1882-85 coupled with a full bank panic in 1884

Panic of 1893

Massive Depression of 1893 (see below)

Panic of 1896

Mild recessions from 1899-1904

Panic of 1907 followed by a recession in 1910-11

Now, you trivialized the panic/depression of 1893 calling it "insignificant". Since obviously you don't believe my words, let me refer you to David Whitten, Professor of Economics and Business at Auburn University:

  • The Depression of 1893 was one of the worst in American history with the unemployment rate exceeding ten percent for half a decade.. 
Unemployment even hit 18%. Is that your version of insignificant? There were 503 bank failures in 1893, alone.  Keep in mind that is before the days of the FDIC - whoever could run to the bank the fastest won, and there were no Air Jordans back then, either.  Innocent normal hard working laborers lost everything.  So when you say that "some speculators went bankrupt" you truly do not have the slightest clue what you're talking about.  It was normal citizens and farmers that faced total wipe-outs for no good reason.  Panic, fear, and bad information, coupled with asymmetrical distribution of reserves (clue: whoever held gold) was the bullshit reason why everyone got fucked. There were studies done later that suggested up to 90% of all bank failures in 1893 were on perfectly healthy banks. Why do you think nations continually had to go off the gold standard? Because it works so well?  It works in a textbook or in a YouTube video, not in reality.     The Great Depression?  Do you know anything about it????  Or do I need to school you there, too? 

Take your Inelastic currency supply and shove it up your ass.  

 

Fri, 01/21/2011 - 23:11 | 895169 TheGreatPonzi
TheGreatPonzi's picture

"The 50 years between the National Banking Act of 1863 and the creation of the Federal Reserve in 1913 was probably the most volatile period in American banking history - far and away more volatile than the 100 years since the Fed."

I am not aware 2011 minus 1913 are equal to 100.

You are trying to legitimize the Federal Reserve via making it older than it actually is, which tells a lot on your real motivations.

Fri, 01/21/2011 - 23:20 | 895184 Red Neck Repugnicant
Red Neck Repugnicant's picture

98

You fucking moron. 

Fri, 01/21/2011 - 23:34 | 895211 TheGreatPonzi
TheGreatPonzi's picture

You can't take the exact number on the one hand, and an approximation on the other hand. This is dishonest.

It tells a lot on your intellectual bias.

You love the FED and hate the gold standard, this is obvious. And the rest of your argumentation just serves your emotional biases.

I am not going to answer to each point of your previous long missive, just say that periods of adjustments ("krachs", "recessions", "panics") are a natural part of capitalism. There is nothing wrong in all that as long as those responsible pay the price, and all the bad debt is eliminated. And bailouts are a monkeywrench in this just machine.

The 1913-2011 period was more stable than the 1863-1913? Sure, buddy. But I prefer to have five recessions in fifty years than one apocalyptic, terminal crash of everything every century.

You admitted yourself that the 1863-1913 crashes benefited the banking oligarchy. I'd add that they were artificially engineered by fractional banking, and served to push the 1913 Federal Reserve act. The main reason this act has been voted by the Congress was to reduce the... instability in the banking system.

But that would make me a conspiracy theorist.

Fri, 01/21/2011 - 23:48 | 895232 Red Neck Repugnicant
Red Neck Repugnicant's picture

the 1863-1913 crashes benefited the banking oligarchy. I'd add that they were artificially engineered by fractional banking, and served to push the 1913 Federal Reserve act...

*LOL*

Hilarious.  All of that history was manufactured so the Fed could be created?

*LOL*

!!Big fucking dumbass alert!!

The fact that you'd divert attention away from the dozens of points that I made, and, instead, talk about the fact that I rounded 98 to 100, is PATHETIC!!

Go turn on your tv and watch Maury do some paternity tests.    

Sat, 01/22/2011 - 00:15 | 895272 tmosley
tmosley's picture

Hmm, you're afraid that someone might take control of the "tokens" of trade, so you would rather give THE SAME PEOPLE full access to the printing press so they can do it at will?

You're nuts, kid.

Further, you fail to take historical precedent into account.  The difference between then and now is that then they were pulling themselves out of the poverty of colonialism and feudalism.  They were BETTER OFF THAN THIER PARENTS.  This was the case with each generation, until ours.  This is what the Fed has brought us.

So yeah, you can take your infinite theft machine, and shove it up YOUR ass.  You'd like that, though.

Sat, 01/22/2011 - 00:21 | 895283 Red Neck Repugnicant
Red Neck Repugnicant's picture

Learn history, and develop an educated opinion from it.  Don't start with an opinion and allow it to color your understanding of history.

Your brain is working in reverse.  

 

Sat, 01/22/2011 - 00:34 | 895296 TheGreatPonzi
TheGreatPonzi's picture

RNR, seriously, go fuck yourself. You are a living insult to freedom, honesty and justice.

What we really should do?

Create two countries: one for arrogant, elitist leftist douchebags such as you (there are tons of them in America), and one for libertarian bigots and gold worshippers such as me.

One rule: the two countries cannot do commerce between themselves, and one country cannot profit from the technological innovations of the other country. Otherwise it isn't fair.

We wait 100 years, and we make the toll. On many points: economical health, poverty, freedom, inequalities, whatever.

I don't know why, but I already know the results...

Sat, 01/22/2011 - 17:28 | 896201 tmosley
tmosley's picture

No, yours is.  You are the one is calling for the continued theft of purchasing power from everyone who owns dollars in order to prevent some theoretical theft that might happen, despite the fact that such efforts have never actually been successful, at least not without the help of the government you love so much.

Face it, you're an asshole who has been made rich by the government, and has made his way by fellating any and every authority figure, whether figuratively or literally.  You are a liar and you hate all forms of honesty.  Go fucking die.

Sat, 01/22/2011 - 07:02 | 895505 bozzy
bozzy's picture

RNR - An early learning question for you to study carefully in your own time as you obviously missed out badly in many areas of your personal development.

Q: Does gold basing a currency lead to increasing bank scams and volatility? 

Let me help here with a bit of a clue: - 

A: i)   Fractional reserve banking <> gold standard currency control

    ii)  Fractional reserve banking as it has been throughout the "gold standard" period to which you allude and continuing = theft

    iii) Gold basing currency = control mechanism to stop governments creating money out of nothing.

 

This information should help you control your temper and deteriorating Tourette's condition, as it will help you get to bed at a proper time in future and thus you will not be so "overtired" and tetchy with all the other children.

Have a nice day.

 

Sat, 01/22/2011 - 15:30 | 895994 pacu44
pacu44's picture

Consider the following:

1971, Nixon takes USA off gold standard (sh!tty one)

1974 Gas Crisis

1979 Gas Crisis

1979 Stagflation and the creation of the Misery Index

1987 S&L failures

1991 Rust Belt Recession (thank goodness for Desert Shield?)

1999 Y2k

2001 9/11

2008 Banking crisis Bailout (Paulson Hedge funding seed money by Bush)

2009 Banking crisis TARP (Obama Rescue Package)

2010 Banking Crisis QE2 (Federal Reserve steps in to prop up market in plain view of public)

2011 ??? QE3 (in the works)

***Note Debt ceiling level raised a ??? times

 

NONE of that happened during pre Fed times... Tell me how we are better now?

Fri, 01/21/2011 - 16:15 | 894330 ColonelCooper
ColonelCooper's picture

Repugnifuck - Just loving the smell of his own farts.

http://www.youtube.com/watch?v=4UdmYInXplY

Fri, 01/21/2011 - 22:19 | 895105 Red Neck Repugnicant
Red Neck Repugnicant's picture

Hey CoonAss...

All your fucking fart videos prove one of two things:

1.  You spend your time Googling "smelling your own farts"

OR

2.  You have a folder in your hard drive labeled: "Smelling my own fart videos"

Either scenario makes you look idiotic. 

Fri, 01/21/2011 - 16:59 | 894471 StychoKiller
StychoKiller's picture

I'm guessing that your prognistications are based on some sort of technical analysis.  Don't take this the wrong way -- you've been wrong before (and right too, I must also add!), what justifies this particular prediction?

Fri, 01/21/2011 - 13:13 | 893591 gold mining ceo...
gold mining ceos are idiots's picture

That was well worth a listen

Fri, 01/21/2011 - 13:35 | 893703 Pladizow
Pladizow's picture

Well Yeah!

In 1966 Greenspan wrote, "Gold and economic freedom are inseperable."

Then Washington/Wall Street got ahold of him.

Fri, 01/21/2011 - 14:02 | 893831 Running on Empty
Running on Empty's picture

What he said was that Gold was one option, the headline as always shows the websites bias towards the shiny metal with little useful purpose.

Fri, 01/21/2011 - 14:09 | 893868 Spitzer
Spitzer's picture

This is an Austrain based website.

Anyway, the US treasury is not the largest holder of gold, the European Central Bank is.

Fri, 01/21/2011 - 15:37 | 894190 Confuchius
Confuchius's picture

@893868

The author states:

"The us is the largest holder of Gold."

The true facts: "The us is the smallest holder of Gold"

If there is no audit for a half century, there obviously is no Gold.

None. Zero. Zilch. Nada. Nicht. Rien de tout...

The us has spoken no truth for a half century.

 

Tyler, the math answer must be out of an american college textbook.

Fri, 01/21/2011 - 15:46 | 894220 Spitzer
Spitzer's picture

US treasury-allegedly 8000 tons

Fed-0 tons

ECB-10,000+ tons.

Fri, 01/21/2011 - 16:02 | 894278 Rotwang
Rotwang's picture

The ECB doesn't own 10k tons.

The ECB + the national banks of the sovereign states within the EU do.

The German national bank alone has 3k tons+

Fri, 01/21/2011 - 16:51 | 894444 living on the edge
living on the edge's picture

The former President of Tunisia is rumored to have more gold than the US Treasury.

Sat, 01/22/2011 - 07:34 | 895519 Hephasteus
Hephasteus's picture

They gave the last of the gold to Dick Fuld for his toilet.

Fri, 01/21/2011 - 16:24 | 894348 DoctoRx
DoctoRx's picture

Alisdair MacLeod thinks China's #1 by a large margin.

Fri, 01/21/2011 - 15:00 | 894052 Temporalist
Temporalist's picture

What he said was spelled out for you but since you didn't get it the first time:

"There are numbers of us, myself included, who strongly believe that we did very well in the 1870 to 1914 period with an international gold standard." - Alan Greenspan

Fri, 01/21/2011 - 15:15 | 894106 Stevm30
Stevm30's picture

A "gold standard" means little if the banks are allowed to suspend specie redemption - as they did several times during those halcyon days - without going bankrupt.  Banks have NEVER been on a full reserve (ie real) gold standard. 

Fri, 01/21/2011 - 21:28 | 895024 Batty Koda
Batty Koda's picture

I'm becoming increasingly suspicious of all this talk about returning to a gold standard, seems to me like it's motivated by blind callous greed more then "liberty, prosperity, honesty, fairness, free markets, BLAH BLAH BLAH, YAK YAK YAK".

These guys who talk about gold as if it's will cure cancer are just out to make a profit on their investments in my opinion, they couldn't give a sloppy fuck about improving the living conditions of the poor. Fuck those hypocrites.

They might just be strolling straight into the power elites' trap. Who owns gold these days hmmm? China, central banks, the Vatican, CEO's, wealthy jews, heads of state. in other words THE POWER ELITE!

Same with the reactionaries in the Tea Party ("we need to cut medicaid or we'll become socialists!" But the banks can pound their hole and they don't care coz banks are free market enterprises... yeah right) , whereas they have the excuse of being braindead hicks, commentators on ZH however should know better.

Fri, 01/21/2011 - 23:51 | 895231 Al Gorerhythm
Al Gorerhythm's picture

Sounds as though you are pro theft of the workers property rights through taxation, inflation and then deflation. Your bleatings sound like you are a banker's whore; just in it for the money. 

I'll take profits as a gold investor, true, but underpinning my rights to make a profit in a "free market" system (gambling casino) is a philosophy (based upon the ideals of sound money principles) that proclaims the right of an individual to exchange his labor or efforts for some other form of property. That property is mine, without lein or obligation to any other party. My earnings are mine. The folk who legislated property rights into the constitution, were pissed off about having their property stolen as well. That in essence is the reason why gold and silver were made the coin of the nation. 

Don't shoot the victims of this robbery. Get a clue as to what the story is about and get some protection. I got some and looking at the record silver sales out of the mint this month, millions of others are doing the same. If every American did the same, there would be no need for this conversation.

Sat, 01/22/2011 - 13:58 | 895857 Batty Koda
Batty Koda's picture

Making a profit off gold investment is an intelligent move, what I have a problem with is people yapping about the need to return to "honest" money in order to regain "liberty". These people are either idiots or just don't care about anything other then themselves but cloak their agendas under the guise of liberty (their favourite word).

Returning to a gold standard would destroy what's left of the economy, killing billions of people. As I said previously it would also be a bonanza for the power elite.

Are you one of those people who think government is the root of all evil? That bankers and corporations care about you? That deep down people are compassionate angels but government corrupts them through "price controls"? If so you are in cloud cuckoo land.

Fri, 01/21/2011 - 14:44 | 893997 Hernando
Hernando's picture

Very good and truthful video. 

Fri, 01/21/2011 - 16:17 | 894337 TruthInSunshine
TruthInSunshine's picture

"Alan Greenspan says that The Federal Reserve is a dangerous entity to Americans, that ZIRP is hazardous to the economy, and that fiat currency allows for far too much manipulation...details at 11:00"

Sun, 01/23/2011 - 23:24 | 898056 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

This guy sounds better than CNBS's Joe :)

Here is a profanity laced tirade by Joe Rogan (of UFC fame) on the American war machine:

http://fedupmontrealer.blogspot.com/2011/01/joe-rogan-on-american-war-machine.html

I saw the video. I would give you a +10 for sharing that. Except that you linked it to someone's blog with the video embedded. And the embed wasn't working. Fucking idiot.

This is how you link: http://www.youtube.com/results?search_query=joe+rogan+american+war+machine

Or this: http://www.youtube.com/user/joerogandotnet#p/a/u/0/jl2JQfxnnHU

+1 anyway

Fri, 01/21/2011 - 13:05 | 893552 SheepDog-One
SheepDog-One's picture

Hey wheres all the uber bulls from last nite crowing about how great Google and Apple earnings were! Seems the worm has turned, tops in all over the place even on the FEDs darling stocks!

Sat, 01/22/2011 - 06:00 | 895469 Arkadaba
Arkadaba's picture

Paging Harry!

But seriously, I do wonder what is happening with the market reaction to Google. I think the realignment at the top makes sense. I do think Brin, at heart, is a research scientist and will do well in his new role. Page as CEO will have to prove himself. 

 

Do NOT follow this link or you will be banned from the site!