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Stunner: Gold Standard Fully Supported By... Alan Greenspan!?
You read that right. After such establishment "luminaries" as World Bank president Robert Zoellick, Warren Buffett's father Howard, Jim Grant, and, most recently, Kansas Fed president Thomas Hoenig, all voiced their support for a return to a gold standard, the most recent addition to the motley group of contrite voodoo shamans is none othe than the man who is singlehandedly responsible for America's addiction to cheap toxic credit, who spawned such destroyers of the middle class as the current Chaircreature, and who currently is the chief advisor in John Paulson's crusade to gobble up every ounce of deliverable physical in the world: former Fed Chairman - Alan Greenspan! In an interview with Fox Business, the man who refuses to go away into that good night: "We have at this particular stage a fiat money which is essentially money printed by a government and it's usually a central bank which is authorized to do so. Some mechanism has got to be in place that restricts the amount of money which is produced, either a gold standard or a currency board, because unless you do that all of history suggest that inflation will take hold with very deleterious effects on economic activity... 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." And a further stunner: Greenspan himself wonders if we really need a central bank. Now our only question: why couldn't the maestro speak as clearly and coherently during his tenure which resulted in our current near-terminal financial state. And as a reminder, courtesy of Dylan Grice, if and when we do get a return to a gold standard there would be a need to reindex the monetary base to a real time equivalent price of gold, putting the price of the precious metal at about $6,300: "The US owns nearly 263m troy ounces of gold (the world's biggest holder) while the Fed's monetary base is $1.7 trillion. So the price of gold at which the US dollars would be fully gold-backed is currently around $6,300." And here you have people worried about day trading volatility...
h/t Mike Krieger
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Yep. Google afghanistan and opium.
There is only one scenario I see for the .gov overlords to 'seize' gold. In a food shortage, they may be able to 'trade' a sizeable portion of gold/silver from the populace in a lovely Food for PM campaign as the shtf (and/or a Food for Guns/Ammo). Other than that, no way in hell they can confiscate it other than using fear and intimidation tactics they can't back up. imho..
So they're going to confiscate food first?
bass-ackwards..
http://justgetthere.us/blog/archives/Guns-For-Food-Program-Spikes-In-Los...
Yeah, they got almost 10% of the gold last time they did it, and they had to reset the price anyways.
Have any more popcorn up you ass?
lol, you got nuthin'.
tmosley is good with facts. Take care arguing with him.
+1 But, he doesn't care or take care..
He made my point. If there cant be a seizure there cant be a arbitrary $6300 fix.
It's back to the peanut gallery for you.
I've seen you post 20 times in a story thread and not make one damn point.
You should switch to decaf.
Or maybe another forum
Well it's like the elephant analogy. You kill all the elephants with ivory and eventually you end up wth nothing but elephants that don't have ivory.
I guarantee you. You start killng every motherfucker on the planet who collects 1099 forms at the gold shops and well. No more ivory. If governments are going to violently align us to their interest. Might as well take the same tact.
Underground bullion shops...the speakeasies of the 21st century.
No. No underground. That implies weakness and illigitimacy.
I'm telling you there's going to be tax revolts and it's going to take place above ground.
"AK-47 - The very best there is. When you absolutely positively gotta kill every motherfucker in the room - Accept no substitutes."
The force won't play out in law any more. It will be war. Unstoppable, uncoppable war.
They know it. Why do you think they are pushing for all the precrime and subversive speech bullcrap.
It's just like when I ordered comcast cable tv in florida. They said 40 dollar installation and preceeded to send me a bill for 260 bucks. Then when I start trying to make them justify it they throw 10 employees blowing crap at me. I'm not paying people to pay people to blow crap at me. I'm not paying governments to bribe fucktards to build all kinds of nasty fucking weapons and blow crap at me.
People that are fed up with life do suicide by cop. Governments that are fed up with life do suicide by citizens.
And they are as safe as houses right now. Nobodies going to do anything crazy for now. I think it will all be civilized and mature and everybody will analyze this and find out exactly what's going on and why it's going on. But when this powderkeg blows it'll blow so fast and so far and so wide it'll be like an instant makeover. And people will be damaged by all the things they see and experience and mobsters and gangs will come from it. But mobs can only hurt a few people in a community governments can wipe out entire fucking neighborhoods just by turning a blind eye and sticking a couple coke dealers in there for side money. They can wipe out entire classes of people just by sicking a corporation on them and letting them play around with thier reality. 12 million people living meaningless useless lives because of world of warcraft. That's a LOT OF DAMAGE.
That's comcastic.
Bro... settle... soon enough.. your comedy could be taken seriously by some board FED trying to get ahead by saying your being serious... I know you are kidding but not everyone will take it that way... besides, I told that cheap wolf ammo sucks...
I have to lay out the logic of it to explain what is going on in the world and why.
I've already been "targeted". I was talking to a friend about a year back and I was discussing a bunch of iching rolls I was doing. Explaining the entire logic of it. They kept saying acting out of ignorance and I kept saying if your ignorant it's just because you haven't been informed and then I said I don't think I'm going to return after this life. I immediately got blasted with a GIANT pissy energy and she did to. She got really scared and excused herself and I've never talked to her again.
I posted a post on a new agey spiritual site. Their database got wacked and their moderators became intensely interested in removing my posts and moderating and conforming me.
I had my phone go battery dead every 12 hours when it used to charge and stay charged for days because I didn't use it much. When I started researching it and found the use phones to spy stuff I canceled the phone another blast of the pissy energy.
It's all good. Their biggest fear is being left alone self reliance is not something they've put a lot of energy into developing they are wholy dependant and absolutely worthless at serving each other or anybody. They can leave me alone to talk and connect to me remotely but if they knock on the door it's not going to be a were here to intimidate you session. Not one word will be spoken.
I've never said it in public before but I've been informed that Dylan Ratigan was just inches away from being murdered. I'm nothing special but I'm connected to thousands of people who are connected to thousands of people who are connected to thousands of people. A decentralized network that has been analyzing the centralized network. And it really doesn't matter. This will end with a huge raising of conciousness and move forward with realistic expectations or it will end with a mass exodus of people who will not discuss anything. All representatives of the school will be attack on approach.
But yes you very accurately discerned my intent there. It was not an intent to incite violence. It was an intent to explain how violence is used to slowly and surely align us to their interests and what's good for "them".
I think you are a fed
Well that's nice.
Gold is the real money!!!
Get monie!
on Thu, 01/20/2011 - 22:26
#892229
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
The best part is, you don't even see it coming.
Greenspan is guilty of treason by his own admission now.
and your point is? where do you think you live in a just society where such treason is punished
Alan Goldspam. What a series of mind-ducks we are being delivered, every day.
So much data, so contradictory.
Sure seems like a whole bunch of head-fakes going on everywhere.
What is this dis-traction all about?
ORI
http://aadivaahan.wordpress.com/2011/01/21/accidental-lives/
Go read ROAD TO ROOTA by Bix Weir
He said Greenspan is the GOOD GUY
No to a gold standard! Just let it go, let gold not be tied to currencies, but instead allow it to float against them all.
Gold standards NEVER last. Anyone care to refute that? Example please.
+ Freegold
http://fofoa.blogspot.com/2011/01/freegold-foundations.html
Au standard= bad. Freegold (freefloating)= Good
Get a copy of A History of Money and Banking in the United States by Murray Rothbard.
http://mises.org/store/History-of-Money-and-Banking-in-the-United-States...
Are you kidding? ....... start here: http://www.livius.org/w/weights/weights.html
Greenspan has it right , just imagine running the FED and you're employers are international crooks?
Interesting link Segestan, thanks for sharing it.
yes great site i was looking for a site like that
If you're saying 'no to any fiat standard', I agree. Even with gold, if it's the only legal currency, there will be manipulation and corruption. However, with a free market-determined currency or set of currencies, any 'standard' could work indefinitely as long as there's a market for it.
However (x2), a more sound currency than FRN's - fiat or no - would curtail the activities of the oligarchy, simply by limiting the amount of currency debasement that could occur. Our century of war on a massive scale (and profligate social programs) would have been a lot less damaging to all without the easy money printed by the Fed.
There are varying degrees of gold standards. The highest is simply gold coins circulating, where they are issued by private mints. A step down is freely circulating gold coins issued by government mints. So on and so forth until you get to the gold exchange standard, like that established by Bretton Woods.
The US had the first one for a while, then slowly slipped down the list until it went full fiat. The Byzantine Empire, however, had the second one, and it lasted for well over a thousand years. Longer if you count them as the legitimate successor to Rome. Only when they succumbed to the evils of metal debasement, and the associated capital destruction and military adventurism that comes with such activities did they fall.
But of course. What they got, they inherited from the roman empire.
Stuff like the solidus. It was introduced by the same roman emperor who made Christianity the official state religion. This change in paradigm allowed to plunder the roman temples (which before that benefited from the roman government's protection and were able to hoard gold safely)
Gold plundered from the temples allowed to mint the solidus. Which did not work for the roman empire as they were to crash.
People and their selective specious proofs...
Interesting tidbit on gold in the Roman Empire--gold disappeared from Rome almost as fast as it was mined. Where did it go? To India. The people there traded numerous goods that were in high demand in Rome, but the Romans made nothing of any value. They carried a huge trade imbalance, which sucked Rome dry of gold. This is why you never hear about Roman debasement of gold--their gold never circulated. Only their silver.
Another good reply showing impressive knowledge of history. Thanks for the reference to the Byzantines. But, 1000 years is not forever.
I guess goldmiddelfinger did not want to take you on here...
Wow, in ten years all the world's gold would belong to China.
no it wouldn't because when the gold standard comes or free gold that is when globalization is over. Our jobs start coming back but in like 5-10 years. That means shortages of everything. There will be a clearing mechanism for international trade but gold won't move back and forth. In the meantime this is what your preparing for the day China cuts us off and the SHTF here.
Hanging, no way China gets all the gold.
Rothschilds and Bearings will not be selling theirs. No way.
They may get a lot, but they will not get anywhere near what the western Central Banks have not to mention the "Giants" (private parties who own at least 1 metric ton) and many of us small-fry who are holding, for, for, forever. Our gold will go to our children...
Be careful with this one.
To go back on the gold standard would require creating a new currency (or adopting another one, perhaps the Canadian dollar or Euro) and then calling in US FRN at pennies on the face value. They would probably also confiscate gold while they were at it, "buying" it at the price level it held in 1995 or something stupid like that.
There is no way they can retire a $14T national debt without defaulting. They will need to start over with the currency after that. Greenspan is setting a stake in the ground. Be afraid.
They would buy it for the face value on the coin.
+1 There's no way this would be implemented at a loss to the financial insider elite.
A rigid Gold Standard run by the powers that be would be just another form of control. The next fenced in pen to corral us sheep.
Nope, sorry, I'm not buying today.
When the US maintained a gold standard in the late 1800's it had two problems: banks could issue paper currency against it and two, when they couldn't redeem in specie because they inflated the paper supply, the government allowed them to suspend redemption, but allowed them to force debt collection in specie.
The answer is to end legal tender laws- let the markets decide what is money and what it's value is.
^ what he said
^this
Exactly gold is just a powers that be fuck right now. The fuck will end. Sooner or later.
What is missing from this conversation is ... OIL. IMHO right now, gold and oil are wedded. OIL being the dominant energy right now will be the backstop of any new currency - talk of a gold standard is ... not sure. But they do seem wedded?
Not sure how to play this but happy to be back in Canada.
Wow...sounds like Alan Greespan not only reads Zerohedge he is probably a frequent poster. I'm long PMs and will certainly add to my position. This sounds like front running to the gold standard. Greenspan doesn't make those types of statements lightly. Even if he is no longer Fed Chairman he still carries a lot of clout and is a card carrying member of the fiancial elite. The day after the extend and pretend ends...Welcome back the gold standard.
I don't care what you say, I am not Alan Greenspan.
No. You are Alan Greenspan's Faustian bargain.
darn, and I thought I was being all clever and obtuse with my name, too.
The avatar gave it away. It's clearly Greenspan having his own "on the road to Damascus" revelatory moment.
Wonder what he'll change his name to.
In expectation that we will all fall under Chinese rule before the end of the year he was going to take Bang Da Ho, but mysteriously it was already a name well-known in the financial community. He settled on Alaine Greaseman instead and had a sex change operation, just to be safe. Now maybe s/he will be able to work his/er way back onto the Hampton's invitation A-lists. God what a clusterfuck this year has been for the wo/man. A little sympathy might be in order.
+lmao
Gold standard ! Such a cretinous, antiquated concept ! Does Andrea know her husband uttered such a thing -- as heretical and contraband a pair of words within the Beltway as, "Tea Party ?"
We know what Alan is supping on tonight: hot tongue and cold shoulder.
They were shut out of the A-list parties years ago so Alan probably figured- fuck it, I won't even try to hide the progressive Alzheimers.
+1...Talking "Gold Standard ?" It sounds beyond progressive -- The Maestro is full-blown.
Hicks, have to put this up. Hudson sounds like he just received his annual brokerage statement. That 2010 SLV short didn't work out, man.
http://www.youtube.com/watch?v=dsx2vdn7gpY
Alan's biggest problem is no one has told him that he's already dead.
can i get the piece of gold, with the wedge of yam potatoes, garnished with tomato rose garnish....medium rare old fella' ...jolly good.
There is not going to be any "reindexing" of paper to gold. Paper is going to collapse, not because of the amount of "money" but because the vast, vast, unpayable mountain of debts.
Well put. And remember bankruptcy cannot be an universal solution. By definition there must be a bag holder.
Your statement is well put too. Who will be the bag holders when The Default comes? One way or another there will be a default.
Keep at least some debt-free assets close to you...
Anyone who acted prudently over the past decade and longer, didn't max out the cards or the home ATM, and especially those who have savings in cash. They won't just be holding the bag, they will be peering out from inside it. Buy this dip in PMs. I would love silver at $20 and gold at $1250...which means we won't see those prices.
Bag holders will be all who hold "assets" denominated in fiat currency.
You're It!
"rosebud........"
Beautiful.
missed you. doing any winter vegetable gardening?
Yeah, brilliant allusion. Best ZH comment in a long time.
Well played, sir.
paging william banzai...
yeah william could you do one up? I'd be honored
A pure gold standard will be highly deflationary and will seize economic funtions until the new balence is achieved. Money/Currency is the lube for the economy. Gold is too limited to serve solely as this lube....yeah I said "lube"..get u some
If they set the price too low than yes, could easily be deflationary. If they set the price high, it could be inflationary. It would depend on the price they set. (I'm not advocating for or against a gold standard here, just pointing out that it could go either way in terms of deflation/inflation.)
And if the price were to float?
"seize economic funtions until the new balence is achieved."
LOL
Working so well right now....
Prove it.
Worked fine 1867-1913. There was deflation, but no depression. Recessions were short. Free markets worked. The US went from backwater to world power.
tmosley, I am somewhat surprised you would be for a gold standard. I have seen your great comments on history and science as well as you ripping apart dummies.
No gold standard has ever lasted for long.
I would NOT TRUST the Fed and/or .gov to run a "gold standard" either. Not this crew.
Hmm, I wonder if the question should be 'WHY has a gold standard not worked for long?'
Will we ever stop giving the monetary reins to TPTB and Banksters? Can we ever stop this stupid manuever? If we can allow free floating gold and keep it out of the hands of TPTB, then yes, it will last. Until it doesn't... But, the wheel MUST be reset, even if it is doomed to fail 200 years later. Alway reset.
Gold standards last forever. They only convert to fiat, then fail as fiat. If a government overspends, they seize control of the money supply (whereas a system of circulating gold, silver, and copper or other metal always exists in the absence of government imposed standards), first by taking control of the minting of coins (to "standardize" money). The longest such a system ever lasted was more than a thousand years, in Byzantium.
The next step depends on technology. If the printing press is available, they keep the gold hidden in vaults, and force people to trade notes as though they were gold. This happened with the Yuan dynasty, as described by Marco Polo. You could only trade your banknotes for gold when you left the country. It seemed ingenious to him, but it lead to over-issuance of notes and three bouts of hyperinflation, which finally killed the Yuan dynasty. This is similar to the gold exchange standard the US had until 1971. The US, unlike Yuan China, had powerful rival nations which demanded gold for their banknotes, and was forced to go full fiat. In China, the currency was essentially fiat after their first bout of hyperinflation. "Cash" was used for trade when the paper currencies failed (http://en.wikipedia.org/wiki/Chinese_cash). Yes, we get the word cash from the Chinese. Funny that we use it to refer to paper, but they always used it to refer to coins that were valuable under any circumstances.
Of course, if the printing press doesn't exist, you instead get debasement, which is what lead directly to the fall of the Western Roman Empire.
There are very few ways that the current situation is historically unprecedented. One need only look to history with a critical eye.
mosley
Yesterday, you spent consider time arguing with the laws of mathematics. For instance, you can not have 95% of your investments in silver at ZeroHedge, while - simultaneously - 95% of your investments are in gold at SeekingAlpha.
That was bizarre. Let me quess, you're a quantum mathematician? Poof! Now you see it, now you don't. Hadron could use a mind like yours.
Today, it appears you are taking up an argument against Adam Smith from his Wealth of Nations -a fairly influential book in the sphere of economics.
His quote from page 566:
- The domestic business of every country, it has been shown in the second book of this Inquiry, may, at least in peaceable times, be transacted by means of a paper currency, with nearly the same degree of conveniency as by gold and silver money. It is convenience for the Americans, who could always employ with profit in the improvement of their lands a greater stock than they can easily get, to save as much as possible the expence of so costly an instrument of commerce as gold and silver, and rather to employ that part of their surplus produce which would be necessary for purchasing those metals, in purchasing the instruments of trade, the materials of clothing, several parts of household furniture, and the iron-work necessary for building and extending their settlements and plantations; in purchasing, not dead stock, but active and productive stock."
Next week, are you going to argue that mass doesn't equal energy?Furthermore, the gold standard did NOT work fine in the late 1800's. You should educated yourself in American banking history in the years prior to the creation of the Fed.
In this excerpt, Smith's key word was *may*, not *should*, and he also stipulated 'peaceable times'. He also did not say the paper currency should be established by fiat. Nor did he say the paper currency should be the only legal tender.
Further, 'influence' does not confer 'rightness'. For example, Keynes was highly influential.
In this excerpt, Smith's key word was *may*, not *should*...
No. You're getting lost in semantics and missing the entire message.
You almost made it through the first line, what about the next 8?
The point is this: The wealth of a country is in its labor. Pegging labor to the rigidity of gold supply arbitrarily and artificially inhibits the potential wealth of a country. Furthermore, what happened to the wealth of the farmers in the 1890's when the rigidity of the gold standard sent crop prices into the ditch and their wealth plummeting with it? This had a domino effect starting with regional loan defaults, the inability of banks to access capital in the face of those defaults, and ending with full throttle bank panics enabling vultures like JP Morgan to pick through the carcasses and solidify his power.
Now, it goes without saying, that Adam Smith would NEVER have approved of the fiat system that is in place today. But a strict gold standard? Sorry. Will never work.
Lastly, do you actually think that the control/manipulation of gold supply or any gold standard would be any different than the control/manipulation of the printing press today? The plutocrats will always control everything, no matter what "token" is chosen to represent wealth and labor.
http://www.youtube.com/watch?v=4UdmYInXplY
The wealth of a country is in its stored value.
Wealth is the stock of value. Income and expenses are the flow of value. Labor is indeed one of the major ways in which future value can and will be created, but not the only.
Indeed. So why not let it float? There is nothing rigid, arbitrary or artificial about this.
No informed, reasonable person would. However, we could enjoy all the benefits of fiat currency by employing it as our medium of exchange whilst also using a free-floating physical gold market as our store of value. Thus gold values the fiat currency, not by government decree, but by free-market forces.
Over-issue a currency, and the market devalues it automatically.
Manage a currency prudently, and the market increases its buying power (AKA relative value).
Value is measured in gold, with the free-market continually adjusting, all using the same objective yardstick.
Savers can protect their excess of created value in gold indefinitely. Malinvestment disappears when there is no longer a compulsion to seek ROI to mitigate inflation.
This system enjoys all the benefits of both fiat currency and the gold standard, while avoiding all the pitfalls.
100% agreement from me.
The Flow of Value
Thank you for a reasonable, thoughtful post.
Not much I can add to that in the two minute I have left in front of my computer.
http://www.youtube.com/watch?v=4UdmYInXplY
I would like to add that this system (Freegold) has been described on the internet for over a decade now in the Thoughts of Another (A), Friend Of Another(FOA), and Friend Of Friend Of Another (FOFOA).
They describe the current CB actions in accumulating gold as really just the front-running of the inevitable market shift to Freegold in response to the completely unavoidable current monetary system self/destruction.
Zoellick, Hoenig, Greenspan etc are simply reintroducing gold to the public consciousness, as a monetary "Reference Point" (Zoellick's phrase), which is exactly what Freegold is. They are representative of a group which has profited handsomely from the $IMFS (US$ International Monetary Financial System), but as this system ends the stance now becomes "If ya can't beat 'em, join 'em".
This will of course require the complete destruction of the paper gold markets. Comex price will drop like a stone when the physical and paper gold markets decouple.
There is no physical gold market currently.
(from "Storing the Stock of Value")
Fiat is a weapon used to short gold.
Right now it is.
The use of fiat and gold in tandem as the medium of exchange and store of value monetary functions respectively eliminates the negative aspects of both.
You will need to employ a larger perspective to appreciate this.
If you read my posts, you will know that I'm not in favor of any kind of fiat currency, gold or otherwise. That's where the manipulation comes from. If the plutocrats will always control everything, then it really doesn't matter what the currency is, does it.
The solution is to allow a market of competing currencies, so the plutocrats are kept honest...too much inflationary credit in one, results in another being more favorable, etc. The people who want to take on lots of risk, will go for the cheaper capital, while those who want to save their spending power, stick with a more steady one. The key to setting this up is to get rid of legal tender laws restricting the allowable currency to a single paper note backed by nothing. The other key is to require banks to state their reserves before issuing any kind of credit.
I'm not a historian so I can't challenge the veracity of your crop price example, but I have to assume there were other factors in play besides just a "rigid gold standard". In fact, I would hazard a guess that it had something to do with too much credit/debt issuance, as opposed to not enough gold.
Sorry, you are a liar.
http://seekingalpha.com/user/445251/comment/1123997
I stated there that I was overweight silver.
I talked about silver ALL THE TIME on that website. I don't even know where the fuck you got this asinine idea that I only owned gold while I was there. I think you pulled it out of your ass, like the rest of your arguments.
Funny you should mention quantum mechanics. That was my favorite class in college. I got an A in it.
Funny that you think the paper currency mentioned by Smith is the same as the currency we have today. He was clearly talking about privately issued currencies, which were employed with great success in the US in the 1800's. Most were backed by gold. They rarely experienced runs, because the free market regulated the amount of gold they kept in their vaults, and the amount of currency printed.
As to your assertion on the gold standard: prove it, bitch. Recessions have been longer and deeper since the Fed took the reigns. There is NO DISPUTING this. Well, unless you just assert it without any facts to back it up, like you did.
Worthless.
Rip him a new one tmosley...
I say again, careful arguing with tmosley, Bearings included!
Funny that you think the paper currency mentioned by Smith is the same as the currency we have today...
I never said that. I can't defend a fabricated point.
They rarely experienced runs, because the free market regulated the amount of gold they kept in their vaults, and the amount of currency printed....
You simply have no fucking clue what you're talking about. None. Zip. Please explain the events of 1893, 1895, and 1907 and how the rigidity of the gold supply supposedly played no role in all that chaos.
http://www.youtube.com/watch?v=4UdmYInXplY
Finally, the point. Rather than explaining the short, rather insignificant events in 1893 (a nothing "depression", where prices fell, but production stayed constant, and everyone got better off because of it, some speculators went bankrupt, and the government had to borrow money. BFD Lasted 1 year, five months), 1895 (presumably, you mean the panic of 1896, and another nothing "depression" just like the last one, lasted one year, 6 months), and 1907 (a banker's depression which had little effect on anyone not up to their neck in Wall Street, lasted 1 year, 1 month), perhaps we should address the terrible messes caused by the easy money provided by the Fed. Start with the Great Depression (everyone knows about this one, lasted eight years, two months), the 70's stagflation (easy money almost killed the dollar, and destroyed much of the capital in the US, and began the process of de-industrialization, approximately ten years), and end with the most recent "Great Recession" (monetary largess has resulted in near total deindustrialization of the United States, leaving us with the ability to produce little on our own, relying on the production of other countries who's willingness to take our paper is now in question, entering year four).
Honestly, why do you keep trying to say I don't know what I'm talking about? It is clear that I do. Even if I were wrong, I back up my arguments with facts and logic. Your record is less than stellar in that regard.
Chaos is 30% unemployment, which never happened under a gold standard, except when war was tearing the nation apart.
But hey, feel free to fantasize, as you seem so wont to do.
Here's a quick vid of Mosley in the end zone after decisively owning yet one more troll:
http://www.youtube.com/watch?v=HsHaTOtwWJQ&feature=related
Clear and intelligent refutation of all Red Neck's arguments.
Nothing to add.
Clear and intelligent refutation of all Red Neck's arguments.
Nothing to add.
Good, but too much effort to refute a redneck poster.
Hey, it's Repugnifuck:
http://www.youtube.com/watch?v=4UdmYInXplY
So after reading dozens of 1 liner nonsense comments on ZH, some guy gets out the history books and makes a solid comment about why we won't go back to currency purely of gold (which btw, I've also read similar conclusions by other respected analysts) and you upload a farting youtube video suggesting he is just being smug/intelligent? Yes, I junked you.
No problem. My trolling RnR's posts has little to do with his intelligence or commitment to his philosophy; he is in fact quite a talented debater, and when he chooses to he brings a much needed balance to many of the threads. Unfortunately he is happier to spend most of his time making strawman arguments, and hillbillies driving Camaro jokes. If you had followed any of his frequent writings you would have noticed. He is basically a troll. A smart one, but a troll none the less.
So go ahead, junk away. You can go ahead and warm up the junk button because you will see it happen a whole lot more.
Since you enjoyed my last link so much, here's one for you:
http://www.youtube.com/watch?v=zhH3dkYrChs&feature=related
Suppose there was much more gold in the world than is commonly believed, and that a few very wealthy people secretly owned it. These people would be in favor of a gold standard, especially if they felt that they owned a significant percentage of all the world's gold. Perhaps Mr. G is still the same puppet he has been all these years. It wouldn't surprise me, but my tin foil hat is duct-taped on real tight these days.
Yes, I'm sure he's the same puppet/whore that decimated the middle class under various presidents, aiding his rich paymasters. Just read "Greenspan's Fraud" by Ravi Bactra and weep.
I thought that was so your bag wouldn't come off and reveal your identity...
It doesn't matter who owns the gold, or how much. Under a gold standard, they would only be able to spend it once, limiting their economic disruption. Under the current system, they can create economic disruption at will, basically forever, but realistically until they collapse the system.
umop, I hear you re the tinfoil hat...
brilliant! I suppose they get their gold from all the secret mines throughout history or else because they looted El Dorado, right?
I'm not going to waste more than the time it takes to write this on ANYTHING that charlatan, that over-rated, egotistical, sonofabitch has to say.
Don't waste our time, please please let him pass into oblivion along with Dodd, BaBAWAWA, Streisand, the Stones, Steve Tyler, Andy Rooney, Perky Katie, Rather, Cronkite, the Patriots, Favre, Wallace, Moyers, Lehrer, Oprah, Betty White, Chevy Chase, Paul McCartney, Heritage bands, and Ron Popeil.
Come on dude. Ron Popeil? The "Pocket Fisherman"
was one of the world's greatest inventions. I have
one still in the originl box.
Perhaps a merger of Alan Greenspan and Larry King into one person would be an improvement?
Or Steven Tyler and Mick Jagger?
@ Jim,
It is very hard for me to imagine a nastier being than a KingSpan... Eeewww...
Hey Alan - My shoe up your ass.
He likes that.
LOL...
So the price of gold at which the US dollars would be fully gold-backed is currently around $6,300." And here you have people worried about day trading volatility...
The dollar doesn't need to be fully backed by gold. You will never get the global economy to function on currency limited by the supply of gold. It is not the 1600s.
It only needs to be linked to gold. The supply of dollars can then be altered to maintain the link. Once the link is established and maintained by currency supply, the dollar will be good as gold. The Fed will be unable to inflate or deflate as long as the link is maintained. This is due to the historic properties of gold whose sole purpose is a stable monetary proxy.
You're right, it's the 1700's: http://mises.org/daily/1504
Of course, the United States had a gold standard from 1867 until 1933, and a gold exchange standard until 1971, arguably the apex of US influence, which only remained at a high level due to the collapse of the Soviet Union two decades later.
But hey, don't let the facts stop you from claiming the gold standard is some sort of ancient concept that doesn't apply today for some reason. After all, Newtonian physics aren't taught anymore.
There are many different ways to conduct a gold standard. If enacted improperly it will not last.
I am for a gold standard. I believe monetary instability is the primary cause of current global economic problems. Monetary instability is desired by the chaos industry which profits at the expense of actual producers. We are seeing the end game now as it is no longer possible to produce in this environment and the global economic system is imploding. A gold standard is a necessity for establishing economic stability.
Again, it is not necessary nor feasible to have currency 100% backed by gold. It will not work. It is only necessary to link currency to gold and maintain the link via currency supply.
So you're saying exactly what we have now.
No, I'm saying the exact opposite of what we have now. We haven't been linked to gold since 1971 when Nixon first floated the dollar gold price then severed it for good in 1973.
The only thing the dollar is linked to now is Bernanke's addled brain. Is it any wonder the global economy is imploding?
We haven't been linked to gold en total. We are linked to gold in fractional reserve. All currencies are relative to each other in gold. Which is why the chinese can't divest from dollar treasuries. If they did it all at once at these levels of fractional reserving It would crash everything. China is clearly ordering america to cough up some gold. Banks won't spit up their reserves so they are trying to shake citizens out of it.
Until you understand fractional reserving you won't understand anythign about any economy we've had for decades.
http://video.google.com/videoplay?docid=-515319560256183936#
But every currency is tied to gold not ENTIRE holdings of gold just what price availability it has on the free market.
price of gold dollars 1341.33
price of gold euros 984.85
ratio 1341/984.85 =1.3620
eur/usd = 1.3598 will be about 1.3620 by pm fix.
Which is why all the campaigns to stop people investing in gold and buying gold. They are sucking the supply out and it's getting harder to make up the print on valuation. This is kind of a saftey valve self regulating kind of thing. If everyone hates their currency and everyone in that currency runs to gold the rebellion alone destroys the currency. Which is why they are trying to destroy currencies right and left but want to time it and play it according to plan. Bringing up greek debts months in advance of when they wan to "discuss" the problem doesn't allow them to position. Bringing up state debts months in advance of when they want to talk about it destroys their timing and postioning. People are so stupid and uninformed that it still kind of works for them. When they are finally willing to "show" the cracks on the euro and discuss it openly and destroy it they will be long gone.
When nixon closed the gold window it all of a sudden became legal to buy and sell gold. Because nobody in their right mind would allow any sort of trade settlement without that in place. A system where the citizens could "signal" to them just how much printing and stealing their relative governments are doing. Which is why the CTFC use concentrated shorts. They want to the most bang for their dump buck.
Sir, even though I agree with you the problem is TPTB can't steal from us with impunity if we were to return to the gold standard. They will take exception to this concept I am sure.
okay 1 gram is .0353 oz, or $50. Mint some $50 coins with 1 gram of gold. Question, what do you think they would sell for? That is you have $50 worth of gold backed coinage, and $50 worth of paper money. What's the premium, and inversely how much of a hit does your paper money take? Creating a gold backed currency doesn't alter the equation unless the currency is non-redeemable. Seems to me the money has to take a hit, and the best way to do it would be in limited quantities until all the paper money was revalued. It's easy to say, let's do this, and easier to go off the gold standard, than it is to go back on the gold standard.
The dollar used to be a unit of weight. It should be again.
That is all.
Just put a thread in the paper. A single gram of gold can be stretched into a 3.2 kilometer thread!!!!.Also gold has an amazing maleability it can be pounded to appear transparent when a light shines through it ,the light that comes out on the other side of the gold sheet is green which would be almost impossible to counterfeit .
They used to have a gold thread in the renminbi. And an awesome anti-counterfeit method, by the way.
Yeah, more paper gold. They will never ever put real gold into general circulation.
You're right again! They have no physical gold to put into general circulation.
http://www.youtube.com/watch?v=vWz9VN40nCA
With the new QE3 mint issue, Let's just make some gold-laced dollars with a 24K ribbon in them and get this all over with, get back to life.
Ya hold the dollar up to the light to see the gold ribbon, and you know its a real dollar. Now let's get back to life.
Kills one bird with two pieces of sheetrock....
Take out the ribbon and eat the paper. Now you can....
Never mind.
Get back to life? Can't do it, not while there's a wild and wooly internet to patrol.
sorry folks, to break the party, but, again you cannot eat it...
I've got it! Let's go on a carrot standard.
"Ehhhh...What's Up, Doc?"
You mean that's not real gold in my Goldschlagger?
You can never believe a word that comes out of this criminal's mouth so his comments are suspect, as always. And remember this----Greenspan's wife is that whore Andrea Mitchell over at MSNBC (MarxistSocialistNaziBoobChannel) who is constantly spewing her anti-American, treasonous rhetoric against America and its constitution. How do you reconcile that Greenspan believes in capitalism, free markets, limited government, and honest money when he beds with a liberal elitist whore?
Greenspan is a whore for the monied elite. Read Ravi Bactra's "Greenspan's Fraud."
Matt Taibbi in his new book says that Greenspan is The World's Biggest Asshole.
that some chapter isn't it DoChen? Unbeliveable rading
10-4 JonNadler. Almost bought the book. Maybe next time at B & N I will.
Where else is he going to find a younger woman, with a job, willing to fuck him? Ok, probably reluctantly- but at his age who's going be picky?