World Bank President Robert Zoellick Calls For Return To "Old Money" Gold Standard

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Sun, 11/07/2010 - 21:30 | 707302 MsCreant
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Gordon? Chumba?

Sun, 11/07/2010 - 21:36 | 707315 DoChenRollingBearing
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I saw Gordon reply not long ago (a week?).

There are just rumors about Chumba.  I for one would really like to have him back.  A real shoot first ask questions later kind of guy.  I hope he is OK.

Sun, 11/07/2010 - 21:45 | 707335 MsCreant
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I have it on fairly reliable authority that Chumba is okay. Would love to tell you more, but I would betray a back channel confidence to do it, unless that person, while cruising the threads, were to speak up on the topic?

Oh yeah, Gold you female dogz in heat. Ow Ow Owooooooooo!

Sun, 11/07/2010 - 21:55 | 707354 boricuadigm-shift
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Way too funny! Female dog! :-)

Sun, 11/07/2010 - 21:56 | 707357 DoChenRollingBearing
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Don't say a thing!  Glad to hear that he may be OK.

Mon, 11/08/2010 - 08:01 | 707750 breezer1
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yeah, be nice to see gordo back here. what is he supposed to be ok from?

Mon, 11/08/2010 - 02:38 | 707638 Miles Kendig
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And the Buck's (GG & Chumba included) are goin' into rut for all that doe .. Good thing since some of that tree bark needs to get rubbed in a way only they can

Meanwhile, the echo "I Will Not Obey (but I will represent)" still rings from the digital landscape ..

Sun, 11/07/2010 - 21:30 | 707303 JimRogers
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Sun, 11/07/2010 - 22:07 | 707371 MsCreant
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Jim eh? So how's your buddy Krugman? 

Mon, 11/08/2010 - 08:46 | 707772 Freewheelin Franklin
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SDRs, bitchez.


(that's not really Jim, is it?)

Sun, 11/07/2010 - 21:30 | 707304 philgramm
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screw the gold standard.  just go to gold!!!!!!!!!

Sun, 11/07/2010 - 21:38 | 707323 DoChenRollingBearing
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Yeah, um, I am becoming more "fofoa like", in that a gold standard is probably not workable.  And that gold should be viewed as the best wealth protector.

Sun, 11/07/2010 - 21:53 | 707340 Internet Tough Guy
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Zoellick is describing Freegold, not the old pre-1933 gold standard. It's coming. A/FOA were right about this more than 10 years ago.

Sun, 11/07/2010 - 22:07 | 707367 DoChenRollingBearing
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I missed that in Zoellick's commentary, I'll have to back and re-read it (zzzz...).

At his blog, I have seen some commentators say that since A/FOA wrote a rather long time ago that things may have unfolded differently than they foresaw.

But, Bearings don't have brains, just a hole there in the middle.  I certainly do not KNOW what is going to happen, but FOFOA's gold to $55,000 argument is persuasive.  When I first went to his site (2008), I looked at that number and thought WTF?  It does take a lot of time and thinking (for me anyway) to grasp his arguments, but he may be the most on the money guy on the 'Net.

Sun, 11/07/2010 - 23:03 | 707475 saulysw
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"...but he may be the most on the GOLD guy on the 'Net"

I know it's not the common phrase, but that seems more accurate.

Mon, 11/08/2010 - 08:03 | 707751 breezer1
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fofoa, ' gold may be priced at $1000 but try to get some '.

Sun, 11/07/2010 - 21:32 | 707307 High Plains Drifter
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Et tu Brutus?

Sun, 11/07/2010 - 21:33 | 707309 LeBalance
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Why? Good Cop / Bad Cop.

Divide and Conquer.

Polarize, raise ire, stir the chaos.

Ordo ab chao!


(Just barter with your new local friends and minimize the use of any money.  Just cut Big Brother's margins and he dies.)

Mon, 11/08/2010 - 01:01 | 707623 l1xx3r
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I could not agree more.

Sun, 11/07/2010 - 21:34 | 707311 57-71
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Good luck with that, Bob.

Sun, 11/07/2010 - 21:37 | 707316 hamurobby
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I was laughing when I saw this, and silver briefly touched $27.

Sun, 11/07/2010 - 21:39 | 707324 MsCreant
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One of those GATA types I believe called for silver to go to $30 in 18 days. That was last week some time. Making good time so far.

Sun, 11/07/2010 - 21:53 | 707350 hamurobby
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And now the dollar is SOARING! reversal exactly at 8pm, amazing.

Mon, 11/08/2010 - 08:05 | 707755 breezer1
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james turk said it and the 14th will be the 18th day.

Mon, 11/08/2010 - 08:50 | 707776 Freewheelin Franklin
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The 14th is a Sunday. We're talking business days. 18 business days.

Sun, 11/07/2010 - 21:39 | 707326 title examiner
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Turning to a Gold Standard now to lock all this crisis debt?  Yes, let's just lock it all in place now, so we can never get it paid off--or worked out.

The Gold standard would be just perfect for those who own Gold mines.

Sun, 11/07/2010 - 21:51 | 707346 Snidley Whipsnae
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Governments would nationalize or heavily tax all commodity mining operations.

IRS guy would be following every old prospector and his donkey around the wilderness, watching for a little color in the pan. lol

Sun, 11/07/2010 - 22:39 | 707431 dogbreath
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I take your point with good humor BUT.  I am in the bussiness and have the legs.  I routinely kill junior geo's and techs who dare follow me.  I would say that many in the bussiness would welome the oportunity to be shadowed just for the laughs.  Time to go prospecting in the Brooks Range Ak.

Mon, 11/08/2010 - 11:13 | 708009 -Michelle-
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Wait a minute.  You routinely kill people who follow you around?  Or was that not to be taken literally?

Mon, 11/08/2010 - 22:14 | 710328 dogbreath
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LOL.   meat a four.  They are generally toast,  dead legs with major cramps and to bed early without supper.

Tue, 11/09/2010 - 10:53 | 711603 -Michelle-
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Whew.  Okay then!

Mon, 11/08/2010 - 01:34 | 707645 Oracle of Kypseli
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Taxation of miners will drive the gold price even higher.

Sun, 11/07/2010 - 22:04 | 707360 boricuadigm-shift
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Remember, is not about locking the gold standard to any price.  It is letting it float freely.  To be fair, we could start the standard at $100k/oz.  That wouldn't be that bad!

Sun, 11/07/2010 - 22:10 | 707378 DoChenRollingBearing
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$100,000 / oz.  I'm good with that.  Great idea.  C'mon Fed, make my day!

Sun, 11/07/2010 - 23:47 | 707551 RockyRacoon
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Look out there, DCRB.  Those golden woodies can be dangerous.

Sun, 11/07/2010 - 23:57 | 707565 espirit
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$100,000 USD might only be worth 10 or so IMF SDR's, in comparison to an oz of gold.

Don't forget unlimited BennieBux equals hyperinflation.

Sun, 11/07/2010 - 21:48 | 707338 Charley
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Can someone tell me who moves to a gold standard when the world's best customer only deals in dollars?




Also, if it not too much to ask, what fills the hole left by the sudden elimination of 1/4 of the world market demand?

I am not sure people are thinking this through. They want a durable store of dead value, but they are not thinking about the actual living circuit of production and consumption...

Sun, 11/07/2010 - 21:52 | 707347 Internet Tough Guy
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What are you going to do if the saudis settle for oil in euros, stop importing oil? That will teach them who is boss...

Sun, 11/07/2010 - 21:57 | 707358 Charley
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Ask Saddam what Washington is going to do...

Use a Ouija board...

Sun, 11/07/2010 - 22:21 | 707400 zaknick
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Arab response to your drivel:


Fool, we will burn the oil rather allow its theft. Try protecting the far flung pipelines and vulnerable infrastructure required for its shipment to an ever more energy hungry world.


Besides, the Saudis have an intimate relationship with central bankster mafia.

Sun, 11/07/2010 - 22:44 | 707437 Canucklehead
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Who is going to pay for the social programs in the Middle East if you burn your own oil?  It's said that the Saudis need close to $70 per barrel to support the domestic pork barrel.

... I know that you don't see any of that largess, but what about your parents?

Sun, 11/07/2010 - 23:07 | 707482 zaknick
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Actually sir, the production cost for a barrel of oil is considerably less than the market price. It is another market which is manipulated by the same people who literally own the fake fed.

In respect to some Arab social program I've never heard of, I would like to remind you that the man said the Saudis would be invaded which means that there is already death and destruction on the streets so who's talking about some social program?

Lastly, I'm not Arabic!




May I suggest Geritol?

Mon, 11/08/2010 - 01:08 | 707628 l1xx3r
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FOFOA had a good gold/oil manipulation set up article. Shows how both are manipulated using each other. Both down in price.

Sun, 11/07/2010 - 23:09 | 707487 Charley
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Don't get angry with me. But, he did try to price Iraqi oil in euros before we suddenly became so outraged about his use of the chemical weapons that we sold him...

I'm just sayin...


Mon, 11/08/2010 - 14:02 | 708680 BigJim
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Yes, that's true. And I believe Iran takes euros now ( which might partly explain TPTB's expressions of impatience to bomb them.

Mon, 11/08/2010 - 14:04 | 708690 BigJim
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The Saudis would need to get security guarantees from Russia and China for this to be feasible. Uncle Sam would NOT be pleased if they started taking currencies other than the US $

Sun, 11/07/2010 - 21:55 | 707355 Snidley Whipsnae
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Gold/silver are already acting as stores of value.

Is the dollar?

It is not impossible to have a store of value and a transaction currency circulating in the same economy.

As long as the store of value (gold) is left floating against the transaction currency whats the problem?

Too much printing of the transaction currency would drive up the store of value (gold).

It is happening as we sit here typing.

Sun, 11/07/2010 - 22:00 | 707364 Charley
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The dollar is a worthless piece of fictional money ... it cannot be a store anything, much less value

But, in the circuit of production and consumption, the money function is only token anyway. I agree with those who oppose QE and the like; but it is just not going to happen. Banks like being able to create money at will...

Sun, 11/07/2010 - 22:05 | 707368 Snidley Whipsnae
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" Banks like being able to create money at will..."

...and hasn't that worked out well. lol

Gold floats beside the Euro and is 'offically' revalued every quarter. So, in Euroland gold is a store of value and the Euro currency is a transaction currency. Is this difficult to understand?

Sun, 11/07/2010 - 22:14 | 707385 Charley
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When the euro-zone can run unlimited trade and public deficits to consume everything Germany, Japan and China can throw on the world market, the euro will replace the dollar.

Until then, Europe is basically doing what they did in 1971: NOTHING. Please, I am not agreeing with these assholes in Washington, I just can read the tea leaves, and those booty-punks in Europe will dance to whatever tune Washington puts on the turntable...

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