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

Tyler Durden's picture

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MsCreant's picture

Gordon? Chumba?

DoChenRollingBearing's picture

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.

MsCreant's picture

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!

boricuadigm-shift's picture

Way too funny! Female dog! :-)

DoChenRollingBearing's picture

Don't say a thing!  Glad to hear that he may be OK.

breezer1's picture

yeah, be nice to see gordo back here. what is he supposed to be ok from?

Miles Kendig's picture

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 ..

JimRogers's picture

HONESTY BITCHEZ!!!!!!!

MsCreant's picture

Jim eh? So how's your buddy Krugman? 

Freewheelin Franklin's picture

SDRs, bitchez.

 

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

philgramm's picture

screw the gold standard.  just go to gold!!!!!!!!!

DoChenRollingBearing's picture

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.

fofoa.blogspot.com

Internet Tough Guy's picture

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.

DoChenRollingBearing's picture

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.

saulysw's picture

"...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.

breezer1's picture

fofoa, ' gold may be priced at $1000 but try to get some '.

LeBalance's picture

Why? Good Cop / Bad Cop.

Divide and Conquer.

Polarize, raise ire, stir the chaos.

Ordo ab chao!

SOP.

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

l1xx3r's picture

I could not agree more.

57-71's picture

Good luck with that, Bob.

hamurobby's picture

I was laughing when I saw this, and silver briefly touched $27.

MsCreant's picture

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.

hamurobby's picture

And now the dollar is SOARING! reversal exactly at 8pm, amazing.

breezer1's picture

james turk said it and the 14th will be the 18th day.

Freewheelin Franklin's picture

The 14th is a Sunday. We're talking business days. 18 business days.

title examiner's picture

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.

Snidley Whipsnae's picture

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

dogbreath's picture

snidley

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.

-Michelle-'s picture

Wait a minute.  You routinely kill people who follow you around?  Or was that not to be taken literally?

dogbreath's picture

LOL.   meat a four.  They are generally toast,  dead legs with major cramps and to bed early without supper.

Oracle of Kypseli's picture

Taxation of miners will drive the gold price even higher.

boricuadigm-shift's picture

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!

DoChenRollingBearing's picture

$100,000 / oz.  I'm good with that.  Great idea.  C'mon Fed, make my day!

RockyRacoon's picture

Look out there, DCRB.  Those golden woodies can be dangerous.

espirit's picture

 

$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.

Charley's picture

Can someone tell me who moves to a gold standard when the world's best customer only deals in dollars?

Anyone?

Anyone?

Bueller?

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...

Internet Tough Guy's picture

What are you going to do if the saudis settle for oil in euros, stop importing oil? That will teach them who is boss...

Charley's picture

Ask Saddam what Washington is going to do...

Use a Ouija board...

zaknick's picture

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.

Canucklehead's picture

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?

zaknick's picture

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!

 

lol

 

May I suggest Geritol?

l1xx3r's picture

FOFOA had a good gold/oil manipulation set up article. Shows how both are manipulated using each other. Both down in price.

Charley's picture

Hey,

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...

 

BigJim's picture

Yes, that's true. And I believe Iran takes euros now (http://en.wikipedia.org/wiki/Iranian_oil_bourse) which might partly explain TPTB's expressions of impatience to bomb them.

BigJim's picture

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 $

Snidley Whipsnae's picture

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.

Charley's picture

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...

Snidley Whipsnae's picture

" 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?

Charley's picture

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...