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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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That is a big change from Greenspan's position chronicled in the WSJ Sept. 1, 1981
Multiple personalities maybe? How can one purport to hold such views and so clearly articulate the insidious intents of statism one moment, and then become a willing tool of those very statists the next? From the article Gold and Economic Freedom in 1966:
"This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard. --Alan Greenspan"
think you're right. if by gold standard he means placing limits on money printing, why not say that? If he means real gold money, that's another thing
This explains all the intensions of the fed & cartel
Lol - after he's retired from the fed !
I read his book "Age of turbulence", written in 2006. In the book he says that through proper monetary policy, the worse parts of the business cycle had been avoided... hmm....
Define "gold" according to Greenspan.
You all underestimate your banker masters...
they will allow default
and
WILL NOT allow a loss of paper money ( fiat ) control.
You can hear the Rothschild family screaming now...screw the bond holders...we have invested too much time and energy controlling the world with fiat, we aren't going to lose control now...
Danger. This means the Boyz are taking their profit in gold.
This video is really old. Not that it changes the substance.
About face.
Now that they've stolen all the wealth they can begin a new fractional reserve system based upon "physical" gold that has been out of sight for almost 60 years.
+++ Fractional Reserve Fraud
I'm not in favor of a gold standard or a gold exchange standard at the currency only level, because this does not solve the fraudulent creation of additional "golden credit currency" through fractional reserve lending.
Gold should stand as the guardian against excess money creation enabled by both gubmint stooges and banksters.
Pants on fire!
You should never ignite farts. This is living proof.
I believe he has recurrent dreams that he is the pilot of the Hindenburg
Check out this bullion dealer I just discovered. They are a certified Perth Dealer...and check out the New Zealand turtles. Good prices.
http://www.gainesvillecoins.com/
painted lead
Like all that paint you ate as a child.
Lead is much lighter than gold.
Lead cannot hold a strike.
Strike Two, goldmiddelfinger! Want to try again?
So you're the asshole pimping these thieves on here. And this is your second or third or who knows what name.
Get bent homo. I found them last week looking for an Aztec Kilo and bought from them for the first time this morning. That numismatic Kilo was $800 more at APMEX and their Perth and Pandas are cheaper.APMEX and Tulving isn't always the best deal. FYI several of the posters here invest in coins so shut the fuck up.
So why did JW in FL's mom get bent over by these guys?
Don't know. Let you know how our deals turn out. We have 2 pending.
Ok. Watch your back.
This is actually not that surprising to me, as this would be the perfect mechanism for locking in the stolen gains. So far, there has been a gigantic wealth transfer in nominal terms, however, in real terms the wealth transfer has not been as substantial due to the dollar debasement. A 4-5x greater dollar value (gold weighted) would "lock in the gains" and ensure completion of the cycle. Think Volker early 80's, on steroids. I'm not against a gold standard, but it's important to realize the effect of it and who would primarily benefit: the "cash on the sidelines". Holding gold is the obvious play here, but holding dollars as the price of everything collapses is a pretty nice play too, particularly depending on how the settlement of dollar denominated debt plays out.
Bix Wier might have been on to something with his wacky road to roota theory.
Going back on the Gold Standard would be the end of us.
All the sacrifice,savings, and hoarding for naught.
Remember we're hearing this idea from an Ex Guv emp, and not one of no reknown.
Our Gold would be ordered turned in, and at a price NONE of us would be remotely happy with, or else.
Current Fed Gold price std, is around , what?, $42.00oz.
You willing to give it back to them a Legal tender face value?.$50.00?
There's a reason they put one on our coinage.(Esp our Eagles, Gold and Silver).
Maybe I am too cynical, bit of you think for one second, your going to get even SPOT rate, or an inflated price for yours, your on crack.
These bstds are crooks.
What do you mean by "ex guv emp"----are you implying that Greenspan was a U.S. Government Employee? When? When he was the Federal Reserve chairman, that is a private corporation of, by, and for the bankers----it is NOT a government organization.
When did Greenspan officially work for the Government? I don't dispute that if he was a government employee that your point is wrong, only that most people think the Federal Reserve is a government body---it is not---it is a criminal banking syndicate that controls our nation but is still a private corporation.
Ford hired him.
Oh yeah, he did the Pinto gas tank design.
Technically correct, but without the consent of Congress and without legal tender laws, the Fed would just be another bank. The Fed is quasi-governmental. The Board of Governors is a governmental agency - whether that means they are actually employed by the US government, I don't know, but that's what they want the public to believe.
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm
Who is the dog and who is the tail is constantly up for argument, but I think it's clear that neither could exist in current form without the other.
Couldn't agree more. You need a way to survive the initial change over. There will be a time when it is safe to bring out your PM's, but not at first.
DosZap, Sean7k,
Absolutely correct. "They" will never get much of the gold. "They" will not get the guns either. It is that period from when they try until they give up that is the time of maximum peril.
2011 through 2013 are going to be very interesting and very rough. Hang on tight to your PMs.
There really do seem to be a number of camps prepared for somebody. I wonder who?
Probably the low-hanging fruit - the homeless, the criminals, the insane, people who can't afford to live anywhere but the camps.
I have also volunteered my mother-in-law.
At this point a cocaine-backed dollar is more likely. Actually, backed by any commodity at this point would be better than nothing.
Being Alan Greenspan means never having to say you're sorry...or wrong. Ayn Rand, what have you done? Sadly, it's cold comfort now remembering that back in 2001 I thought he was full of crap. Damage done, Alan, and time to move on...more people would listen to him if he started picking horses.
Hey, spraying cocaine on it, or spraying some gold on it, its all fine with me. So long as whatever is sticking onto or in the paper is something backed with value.
Favorite Greenspan moment ever
http://www.c-spanvideo.org/program/FederalRegula/start/2806/stop/2913
That's cute. He has an ideology.
http://www.musicmademe.com/song/lyrics/128960
People, some of you still don't get it.
Alan Greenspan worked for the most secret banking cartel you mommie never told you about. Of course the man never talked about his personal preference, even if he knew better. And he knows better. Farking chairman of the monetairy seat of the U.S. of A.
Now what does this mean. You call up your 'representatives', tell this bloody basterd to END the farking FED, and buy something tangible, cause this puppy is going down.
And Greenspan...? He knows, he knows all too darn well. You didn't know that now did ya...
Or what about a gold flake spray that can be etched or spritzed onto the 100 for example on the 100 dollar bills? Could something like that be done in the chemistry sense? Any alchemists here?
I'm just thinking the addition of small amounts of gold into our money would solve the whole gold standard quandary. One of the big reasons gold was taken out of circulation was that it just became really inconvenient to lug around 1000 pieces of gold; I mean hey, the shit's heavy. And because of the focus of hard currency, anyone making a trip from one city or another had to constantly worry about getting jacked by bandits on the way there; I can easily imagine a similar situation like that today with all of these people walking around with gold coins and maybe some small bullion on them. So its inconvenient to carry the gold, but we don't want to just hold worthless paper on us either. I seriously think the gold threaded/sprayed/spritzed idea could seriously work. That way we really could have gold spitting out of our ATM's, and it would be light enough for us to put in our pockets and go. Any thoughts on this?
Dupe, sorry.
Again, NO to a gold standard. Best to have a fairly responsible fiat system and just let gold float against all currencies. No gold standard has ever lasted long. And would you let this crew at the Fed and .gov run it???
Freegold! The sooner the better.
+55,000
;)
Read my post above -
.
Ok then so the who benefits question obviously comes into play. Is he really allowing that his previous role was counterproductive and harmful or playing someone's hand to the benefit of the squid in some way. Interesting to see what materializes.
Hogwash! There's NO gold in Ft. Knox.
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5989271.ece
Fox News actually made some news. Maybe it was a Greenspan avatar. I think we're going to need some follow-up reporting of this...
how come no video link?
Maybe Greenspan is once again, talking his book!
He could very well be talking his book. I have thought several times how ironic it would be if the banking elite accumulated much Gold during the down years from 1980's through 2000, only to be unloading now. While I have a problem reconciling what would cause Gold to drop vociferously given the money printing, I also respect that the criminal banking cartel is "long term" in their strategies and is always way ahead of us in their ability to fleece and deceive the public. Who knows, it certainly would not surprise me since Greenspan's trademark for those in the know was "talking his book" a.k.a. "pump and dump"!
He is just trying to make good before he meets old St. Pete.
"But you see, I learned the error of my ways. Can I please please please get into heaven?"
pods
by pods
on Fri, 01/21/2011 - 12:37
He is just trying to make good before he meets old St. Pete.
I highly doubt that. Last time I checked, Greenspan wasn't Christian.
Moreover, a global bankster's god is control (via the use of money and other tools in their kit).
And finally, Greenspan is a wormer, not believing in any afterlife, but rather, that his body and spirit dies, and rots in the ground.
When Greenspan passes into the next world, Ayn Rand should get first crack at him. In her book, Capitalism: The Unknown Ideal, (1967) Chapter 9, by Alan Greenspan is called: The Assault on Integrity. I'd say he's got some explainin' to do... She didn't believe in the after-life either, but I think she might make an exception.
Haha Dagny!
Yes, it boggles the mind thinking about Ayn Rand and Greenspan in the after-life...
Meanwhile, back on planet earth... Atlas is Shrugging.
I am already virtually there.
Where is John Galt?
Let's all just drop out and starve the beast. Maybe the Adirondacks or the Berkshires?
If you like Rand,
http://libertarianpapers.org/2010/35-younkins-human-nature-flourishing-and-happiness/
more mind-boggling thinking of it here in their bedroom
When Alan passes I shall sprinkle Scotch on his grave. It will be filtered through my kidneys.
because the hofjuden would have had cut his circumcised dick off.
Big fucking deal. Greenspan only supports a 'phony gold standard' with settlement only between governments like Bretton Woods and the phony gold standard of the mid 1920's that lead to the same old explosive government spending. Along with his phony gold standard will be a restriction on private citizen holdings. What's going to change? The predatory fractal banking practices of the 2B2F's and the ruling Kleptocracy of the elite? Bite me. It's just another bullshit smoke screen to keep the liars and thieves in power and wealth on the road to the illuminati's one government new world order. Fuck Greenspan and fuck them all. I'll not vouch for their safety when the Revolution comes.
maybe he's trying to head off the lynch mob in the event the dollar collapses so he can say he was for the gold standard all along.
I think that is the current theme..."Head off the lynch mob". They are starting to speak the truth because Reality is catching up with them and they can no longer hide it!
correct. just think about the 24/7 news cycle in the event of collapse. the long knives would come out. congressmen, editors etc ... would search for a scapegoat. my hunch is that bernanke would be the fall guy. in any event greenspan understands the politics of d.c. better than bernanke. he's getting out front before it's too late, if not already.
First Peter Orszag comes out yesterday with an article about bracing for turbulence amidst the 'economic recovery'....now Greenspan is saying we should return to gold standard?? And the good intentions of Hawaii's governor to clear up Obama's birth have backfired??
Hmmm....somethings up!
l. The fact that Fort Knox hasn't been audited since 1953 really indicates that it's empty. If Ron Paul asks for an audit, he will have a sudden heart attack or be suicided.
2. Did you ever wonder what happened to all the gold mined in China for over 5000 years? Do you really think that China has less than 2000 tons?
The Ministry of Disinformation these days is surely working overtime. I smell a Black Swan event in the wind.
Either it is empty, OR, it is loaded with cheap Gold acquired during the 1980's to 2000's money printing and now they are unloading on the public before they crash again---rinse, repeat. I don't think this is the case, but never say never and always think outside of the box when questioning anything with the squid banking cartel----they are always way ahead of you even when it is apparent to you they are not. Right now everyone fears money printing and is buying Gold----the irony is it could very well be the bankers selling the Gold. I know about the "paper" shorts and all that, but never underestimate the criminals ability to deceive with masterful public appearances----they think long term. Not saying this is the case, only that you have to think about all possibilities because they (the private bankers) control our money and their only goal is to enslave the masses and end the republic while enriching themselves with complete power.
I've said it before, now for the last time:
Fort Knox is really an abandoned facility that is replete with piping and equipment, that used to fill Hostess Twinkies with their proprietary cream filling since 1933.
i knew it stored something of real value all along.
Anyone who understands why the U.S. was forced off the gold standard would never advocate returning to it.
Anyone who understands how would advocate it .
Bix Weir has intresting theory on Greenspan. http://www.roadtoroota.com/public/356.cfm
i read that when it came out. but before reading it i had long wondered as did many how to square greenspan's objectivist beliefs only to become the fed maestro. it's worth considering.
if bix sees greenspan as the savior of the monetary system as he apparently does, i hope alan gets into high gear pretty quick. it doesn't appear from the looks of him that time is on his side.
When are these double talking M'fer going to die already!!!!!!!!!!!!!!
I sincerely wish Greenspan a long and healthy life as this will increase the probability that he be held publicly accountable for his and the Fed's actions. Hopefully, one day he and his associated duplicitous mofos will be held to the scrutiny of the rule of law. State AG's...to your dockets!
In the meantime, this mitigates the perception that the only thing they're good for is aging bottles of champagne.
[Edited to supplement italics in original statement]
Greenspan only fesses up when he sees that he has no alternative except say the truth. I suspect he is aware the east is moving towards some type of gold standard & thus, the west will be forced onto some type of gold standard in the near future. He simply thinks he will look smart in retrospect by making those comments yesterday.
He is counting on the fact that if he comes clean now he will be able to get through the "eye of the needle" on his departure..
this was from 2007....4 years ago.....
Soone or later the banks will want a return to a gold standard. All of their "assets"/commercial paper are leverage on other paper and ultimately government debt. What if governments default on their debt, no assets. Gold has no counter party risk on a balance sheet.
However, a simple gold standard from the bank's perspective is not what is needed. A central clearing house for Bills of Credit that mature into gold is what is needed. That is how the current global economy and accounting system evolved, and it is what is needed for stability.
Open letter to Thomas Hoenig, President, Federal Reserve Bank of Kansas City:
http://www.professorfekete.com/articles%5CAEFPositionPaper1GoldAndHoney.pdf
Greenspan buddy's bought the gold from
the European sovereign years ago and
also from US at bottom prices,you
think the black nobility do not know
or understand gold,think twice.
And of course guess where the gold is coming from? Not from Kitco I assure you we don't have any.
FROM YOU!! HA HA, it's for the good of the country, gimme yo gold bitch
Why not? It will only be worth $0.02 / oz anyway...
come noe Dochen, you don't think I belive that? that's prolefeed for the sheeple, am loading up on gold with all my HSBC kickbacks ;)
JonNadler really gets around...
Blythe and Jamie there at JP Morgue!
HSBC kickbacks!
kitco.com!
Where you gonna show up next? Over there in Switzerland?
Confucius say woman who fly upside down (JonNadler) have hairy crack up!
Can anyone explain how the appropriate $ price per ounce of gold is computed if gold were officially remonetized? I've seen various numbers batted about and never once have I seen an explanation of where these numbers come from. Is it that this cost per ounce will exactly equal the debt of the US government? That's a naive guess about what sort of a calculation one would do to fix this price. But, if that is how it really is determined, I would expect a much higher price.
total debt including contingent liabilities divided by 8,000 tons gold.
an ALLEGED 8,000 tons gold ...
might be less, might be zero
true. but maybe 14000 tons if we swipe the german gold.
Crime of the century...
I think I read that if M2 were backed a few years ago, gold would need to be valued at around $6400/oz.
It wouldn't be computed...it would be determined by the market. But until the notion of fiat currency is done away with, there won't be any real way of knowing.
Add to this the notion that some people might prefer to use silver, or copper, or anything else of 'standardizable' value. Competing currencies, to keep everyone honest.
So in the best case scenario, let's say that M2, as opposed to public debt or worse still all obligations of the US government, is to be backed by gold and we generously grant the US a gold reserve of 15000 tons. Approximating M2 as $8.8 trillion still gives $20,000/oz for the price of gold, far above what is given in this article. I really don't know where this $6,000/oz is coming from.
But, ultimately, I agree with the claim that the market will set the price for gold. And without a competing international currency and store of wealth, gold seems like it might step up to the plate and play those roles for a while. Until the next ponzi inevitably begins someday. But until then, it seems gold will be indispensable and priced per ounce way above what $6000 will currently buy.
Actually, the federal government, including the federal reserve; and all of the federal reserve's "primary dealers", owe their gold back to the people of the United States to back ALL the demand deposits.
At 256 million ounces that amounts to about $27,300/oz of gold.
See here:
http://strikelawyer.wordpress.com/2011/01/15/us-constitution-28th-amendm...
And here:
http://strikelawyer.wordpress.com/2011/01/15/28th-amendment-first-and-se...
And here:
http://strikelawyer.wordpress.com/2011/01/16/28th-amendment-section-3/
There are a few other posts as well on the same subject.
Yup and all the laws pertaining to the gold seizure act of 1933 say the same thing. The federal treasury just borrowed it. Which pretty much makes the IMF one big massive deadbeat.
I'm sure there are plenty of people who would like to beat them dead.
I'm pretty sure this song was written with them in mind.
http://www.youtube.com/watch?v=h0JvF9vpqx8&ob=av3el
And it starts the beginning of one world currency as planned.
Now that the toxic balloon known as the FRN is cratering as a global control mechanism and the ponzi scammers have switched up to dominant position on gold (and presumably tungsten) it's time sell a new shell game.
Greenspan appears to be a shill for the same old Fed masters but then again his pension is probably fully funded.
Brings a whole new meaning to one's golden years.
BPM6
http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/Balance_of_payments_and_international_investment_position_manual_(BPM6)
In case you missed it..
http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm
http://unstats.un.org/unsd/tradeserv/Workshops/hanoi2010/docs/05%20-%20The%20sixth%20edition%20of%20BoP%20overview.pdf
http://www.oecd.org/dataoecd/52/4/46653736.pdf
He's all over the place. Maybe he's getting senial.
He's all over the place. Maybe he's getting senial.
Alan, please go away.
I don't find this 'revelation' all that surprising.
I've said it before and I'll say it again..., I believe there is a 'possibility' that the last decade of Fed money management has been to clip the wings of certain other growing in power countries.
Greenspan was an alcolyte of Rand. Then suddenly he seemed to go to the other team. Right at 2000 he (and later The Bernank) started visting Capitol Hill on a regular basis (3-4 times a week) when before it was like once a year. That is when the printing presses first fire up for the tech bubble. I theroized that Greenspan was staying true to his roots but trying to bring down the house in an expiditious manner.
No need to thank me for this brilliant insight.
It's just my job.
Forgive my ignorance on the subject. But, I have a question regarding a gold standard.
Current debts (i.e. U.S. mortgages, car loans, etc...) ,in contract, are to be paid in USD's. If the idea of a gold standard is implemented, and a new currency is required to replace the current FRN's, wouldn't it be wise to quickly fulfill those contracts with the 'soon to be defaulted on' FRN's? Or do you have cause to void your contract(s) because the agreed upon exchange has been replaced?
There would be a fixed exchange rate with a time limit. After that FRN's would be worthless. Yes, even more so than they are now.
"But that doesn't mean the gold rally is over because bullion sellers and buyers tell another story. Nick Barisheff, CEO of Bullion Management Group, which sells, stores and insures precious metal bars like silver, gold and platinum, is seeing steady demand despite the recent pullback.
"We're just consolidating at this level before the next leg up," he says. Barisheff believes that the main driver for gold will be people's lack of faith in global currencies. "Gold appears to be rising against all currencies but what is really happening is currencies are declining," he says.
Bullion Management Group sells to high net-worth individuals, which as a group owns $1.5 trillion of the $3 trillion above ground gold supply of bullion. Central banks account for the other $1.5 trillion. Financial assets, as a comparison not counting derivatives and swaps, total $2 trillion"
http://finance.yahoo.com/news/Gold-Prices-Slip-as-Traders-tsmf-4170278895.html?x=0&sec=topStories&pos=4&asset=&ccode=
Hmmmmm, according to this article, NONE of us own any gold. Just the BMG and the CBs.
*sigh* now I'm depressed.
Greenspan isnt as dumb as so many of us would like to believe. If he and by proxy Bennie B, support a gold standard, it should only be a matter of time for the gold siezures to begin. After all they dont call them Banksters for nothing.
Alan needs to ask God's forgiveness and retire to some quiet tropical island. I don't want to hear from him again.
Greenspam MUST fall on his sword
Where are the references for this story?????
strange speech, the notion of a backed currency.
The situation now seems to be either they liquidify at an increasing pace, causing the inflationary nova they don't want or else the system seizes up and IBOR spreads go apeshit overnight causing the deflationary implosion they don't want.
The credit base cannot sustain itself; there is no growth to support the interest component
A count down maybe? As the strange speech interval shortens, the closer we are to economic implosion.
Good post Trav, stuff we already know fit into the current context.
Stale quote and taken totally out of context. He said this in 2007 (or earlier), in defense of central banks.
http://whiskeyandgunpowder.com/every-which-way-but-me/
From that article, it doesn't appear he was defending central banks. It looks like he was saying, the time of central banks' usefulness is over.
Wow, this comment trail seems to have exploded! LoL
FOFOA has sorta been talking about this for years...http://fofoa.blogspot.com/
Yes, the speed of the replies has been amazing.
Hit a nerve did we?
"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."
assumptions in this statement:
1. the US still has possession and free ownership of 263m oz of gold
2. a gold-based monetary system would only have to back the $1.7 trillion monetary base
according to Jim Sinclair the $850/oz price of gold in 1981 exactly balanced the financial books of the US - to balance the books today would take more than just $1.7 trillion - hell, we're running that sized deficit EVERY YEAR!!!
some analysts calculate the current US liabilities in the $110-200 trillion range - to balance those liabilities against the ALLEGED 263m oz of gold requires a gold price as high as $55K/oz
That is one of FOFOA's reasons why $55,000 (or so) will be the future price of gold.
Months ago, I read a completely different analysis of gold (and the .gov debts) that arrived at a similar figure. I wish I remembered either the analysis or the poster who wrote it.
Yes. Actually, calculation is simple: US debt =$14 Trillion.
http://en.wikipedia.org/wiki/Us_debt
To back up all it's promises, the US Gov has 263m oz of tradable gold.
If all creditors (of all debts) in the world will be smart enough to start making claims today, and will require to cover all promises, this gold should be valued at
USD 14 000 000 000 000 / 263 000 000 oz = 53,000.00 USD/oz. (53,231.94 USD/oz).
(US Gov will start to buy all gold in the world and the price hike will stop at this value).
The Video:
http://www.youtube.com/watch?v=og6nmlCYCZ0
Who are you, and what have you done with the REAL maestro?
dbl
Audrea Mitchel had rough sex with him last night and he banged his head too hard against the bedboard. (just trying to make sense of it)
The monetary predicament we have is not because we cannot figure out the Mechanics of a sound system ( gold or otherwise). No, it is because the people want magic. Because 60 year olds with a total savings of $5000 want to be able to retire and play golf in comfort. People with no money want to buy big houses. Impossibilities. The politicians have NO magic powers. The closest they can come to magic is by having an infinitely elastic currency and constant debasement of said unit. It has been going o for a century. The demands from the population at this juncture are even more fantastical than in the past. So the debasement will continue - because the alternative would be for the elected leaders to tell the people that their magical thinking and fantasies are impossibilities. And the crowd will NOT like that.
Not sure if anyone else put up the link... but, here is the video of Greenspan mentioning the Gold Standard on FOX news:
http://www.youtube.com/watch?v=yRJs5yL62BA
False prophet at work.
Backup operation for the family members.
Brainraping continues.
A strict gold standard or any other method to control the amount to money that can be created by the banks - will not last a week. Because the demands and expectations of a very large majority of the population cannot be met - not even close. The arithmetic breaks down at all levels - individual finances, state finances, central govt finances. The balnce sheets dont balance.
So - the current elastic system will not only continue but be enhanced with even more breathtaking "innovations". Because we are now in the steep part of the exponential growth of demands. The lilies double every day, it takes 6 months for the lilies to cover a quarter of the pond. How long will it be till the lilies run out of space?
No, Jim Rickards explains it quite well. If you monetize gold, then price gets to $4,000-$11,000/oz real quick. Then if the Banksters need more fractional reserves, the price of an ounce just goes up! Can anybody say, $100,000/ounce of gold?
http://www.youtube.com/watch?v=St7TF8q0T18
That's why they've got to slap Greenspan in the mouth. You want all these ZH'ers and Gold Bugs sitting on a pile of gold @ $100,000/oz? Hell, in the aggregate they might have more gold than Soros himself!
I'm surprised the Fed hasn't already had a press release disclosing "Greenspan's classic symptoms of Dementia!... But we're sending him to a special FedReserve Hospice..."
The Bearing follows in the steps of Giants...
Going back to a gold standard would be a disaster. I am not saying that fiat is good either. We just need some other form of control on fiat currency. Gold standard is stupid, because it will be very deflationary with increasing numbers of people reinforcing the cycle of fighting over the same pieces of coin. In such an environment, all one has to do is hold onto gold, not do a thing and grow very rich. Good for the owner but society collectively does not benefit much.
So...people that own precious metals as money will not have to circulate it and the reason is...???
So forcing people to spend through inflation is the solution?
*LOL*
We have seen the result.
1870-1913 US had no CB.
Oh the Fed is going to put a hit out on this guy if doesn't just shut up. Where are you "The Bernank?" Greenspan needs a slap in the mouth and a stern, "Knock it off!" Especially all that printin' money talk and no CB needed?!?!! Doesn't the Fed have a friggin' Fed Reserve Nut House you can ship that poor old bastard off to?
The Bernank is back today, DJIA up a half point, on its way to 20k, Alice!
I can only imagine this change of heart comes because he either has, or belongs to an organization, that owns the majority of it.
Either that, or they are compulsive liars. Ben: "I'm not printing money"
CME Group Increases Gold, Silver Margins But Lowers Copper Margin
Blythe Masters will have you know margins are going UP for gold and silver and DOWN for copper !!
looks like the morgue is getting desperate...
http://www.kitco.com/reports/KitcoNews20110121AS_CME.html
nice to see an old fart waste his life achieving nothing. but ridicule. what a turd.
nice to see an old fart waste his life achieving nothing. but ridicule. what a turd.
h/t to Mike Krieger. Always the bridesmaid, never the bride...sigh :D :
http://www.zerohedge.com/article/frontrunning-january-20-0#comment-889600
The ULTIMATE GOLD SELL SIGNAL
Greenspan is confusing, but maybe he's a mole in the FED. He wanted to destroy the FED and the political system around it by taking it to its logical conclusion...a total fiat temper tantrum, meltdown.
Remember he was Ayn Rand's bitch in the 50s and 60s.
If Keynesian economics is the prevalent and braindead economic mantra since then( and Keynesian economics is some weird Fabian socialist dream of money control) then he let the system go haywire in his terms and now forces the entire glob on a metal standard?
Was he a longtime mole helping Keynesianism destroy itself?
Or is he just riding whatever wave he can get on to help his name and history?
Gold standard.. you bet it's coming. Gold, silver, oil, uranium, rare earths will all be part of the basket of commodities that will define the new currency.
There will be a currency reform, there will be a debt "restructuring" and there will be max pain to everyone that is invested into paper "assets" or "derivatives".
Holders of debt paper (bonds etc) or any other promise to pay (cash) will take a haircut.
The value of 100 old currency will be worth 1 or maybe 10 of the new currency. The new currency is backed by commodities.
Only assets that will keep their original values are commodities. Unless you can store vast amounts of oil or uranium in your backyard, I suggest you hoard gold, silver and platinum.
Simple, really. Don't focus on short term ups or downs, focus on PRESERVATION of wealth when everyone holding paper is going to get SHAFTED.
That's what will happen in a debt and currency reform.
+1
yes, long term view on PMs. those here who get heated about gold and silver moving 10% up or down are missing the point.
+ 2 Captain and walku"re,
Long view on Au, Ag and Pt will bring us nice rewards. I agree completely about how little 10% moves matter. Just wait until gold regains its ancient role as the best preserver of wealth. May take some time, even FOFOA says it might not be until 2013 or so, but could happen anytime if the wrong Black Swan drops by.
...and Carbon. That's the one they're holding all for themselves because it purely fiat and global. The carbon tax implicit in the new SDRs will be the ultimate industrial bridle for their planned Dark Ages.
wonder if bernanke asked or encouraged homespun to say this as a trial balloon?
Gold and silver can be a storage method, or another currency. The standard would be absurd if too strict and there is only so much gold available to everyone and all the countries.
And then, every backhoe in the world would be gutting the environment to get more gold. An eco-disaster across the globe.
IF the system could be trusted to create money based on a logical unit, then fiat would be OK. In the end, its a credit system where the final payment is made in blood,sweat,tears or Labor.
Money is a unit of labor. Labor makes assets, drills gold mines, gives you a BJ,cooks food, grows food, takes care of your kid and fixes your home and saws down trees. Everything you buy has a labor component.
Gold is a great storage of labor credit. So is silver.
In the end, all money( gold too) is fiat because somebody said it has storage value.
Paper fiat is infinitely printable, so your credits buy less and less daily.
Ever notice how your salary goes up but your buying power is the same or less. Paper fiat is abused by the private banking cartels and governments to solve their problems and keep them in power.
Gold does not have this issue unless the moon was made out of gold.
If there is a gold standard, all gold will be illegal to own and confiscation is coming