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Greenspan's Stunning Admission: "Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It"
For some reason, the Council of Foreign Relations, where ex-Fed-Chief Alan Greenspan spoke last week, decided the following discussion should be left out of the official transcript. We can perhaps understand why... as Gillian Tett concludes, "comments like that will be turning you into a rock star amongst the gold bug community."
Greenspan (Uncut):
TETT: Do you think that gold is currently a good investment?
GREENSPAN: Yes... Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can macth it.
Which is missing from the official CFR transcript...
GREENSPAN: ...remember, we had that first tapering discussion, we got a very strong market response. And then we reassured everybody to have no -- remember, tapering is still (audio gap) of an agreement that the central banks have made -- European central banks, I believe -- about allocating their gold sales which occurred when gold prices were falling down (audio gap) has been renewed this year with a statement that gold serves a very important place in monetary reserves.
And the question is, why do central banks put money into an asset which has no rate of return, but cost of storage and insurance and everything else like that, why are they doing that? If you look at the data with a very few exceptions, all of the developed countries have gold reserves. Why?
TETT: I imagine right now, it's because of a question mark hanging over the value of fiat currency, the credibility going forward.
GREENSPAN: Well, that's what I'm getting at. Every time you get some really serious questions, the 50 percent of the gold price determination begins to move.
TETT: Right.
GREENSPAN: And I think it is fascinating and -- I don't know, is Benn Steil in the audience?
TETT: Yes.
GREENSPAN: There he is, OK. Before you read my book, go read Benn's book. The reason is, you'll find it fascinating on exactly this issue, because here you have the ultimate test at the Mount Washington Hotel in 1944 of the real intellectual debate between the -- those who wanted to an international fiat currency which was embodied in John Maynard Keynes' construct of a banker, and he was there in 1944, holding forth with all of his prestige, but couldn't counter the fact that the United States dollar was convertible into gold and that was the major draw. Everyone wanted America's gold. And I think that Benn really described that in extraordinarily useful terms, as far as I can see. Anyway, thank you.
TETT: Right. Well, I'm sure with comments like that, that will be turning you into a rock star amongst the gold bug community.
* * *
As a reminder, here is Ben Bernanke putting people straight on Gold...
Ron Paul asks the Bernanke if he thought gold was money. Bernanke almost swallows his tongue, stares blankly for a few seconds and then says, “no.”
Paul then asks why banks hold gold on their balance sheet? Why not diamonds? Bernanke says, “tradition, I suppose.”
So let me get this straight, banks hold billions of dollars of an asset that pays no interest or dividends on their balance sheet for reasons of "tradition". nothing to do with anything else, just tradition. uh, yea. That must be it.
* * *
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Shit is hitting the fan on November 18, 2014. It is already well ordained. Here is a 11-day advance heads up. Oh, and November 18 is "occult day".
The general public is not buying retail bullion. Miners are losing money. The Republicans are in office, people think that is good for fiscal policy. Go Republocrats! Better than the Republocrats, at least...Demand has been scared away. Most people dried up liquidity in their middle class savings accounts around $30 silver. Diversification is key, my brothers and sisters...Gold,silver,bitcoin
Is this motherfucker off his meds? He's going to get himself JP Morganed talking this kind of shit.
Like I Said Earlier, He Was Pro GOLD Way Way Back...
Before The FED Gig, I Think He Admitted To Holding GOLD On Ruckheisers Program.
Listen Up To The Old Coot...!
Guess this means gold will be down another $25.00/oz within the next couple of days.
Who is telling us? (Greenspan/Fed)
Why are they telling us?
Why are they telling us now?
that old fart must be getting ready to die soon. Seems his guilty conscience has caught up with him and he's trying to clean up his "legacy" before he kicks the bucket.
My thoughts as well.
No, he's not feeling pangs of conscience. He doesn't have a conscience. He is setting us up to be bagholders once again. Last time he talked up gold, it sank. Will it sink again? We'll see.
I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.
- Alan Greenspan
Fuck Greenspan.
.. logged in just to say that. And I don't like to swear.
greenspan you back peddling son of a bitch.
also stricken from Greenspan's remarks: "Christ is Lord"
From the lips of the MF’er that lowered the fed funds rate to 1% in 2003-04. Fuck you, hell awaits your arrival. Back stabbing MF’ers all of them.
He'd jump off a building if he could walk a flight of stairs
finally, tribe is loaded up to the wazoo. Gold to 5000
It's going to be confiscated again? Buy now people then.gov gets it for free, fuck you plebians.
They cannot confiscate jewelry. They considered that in 1933 and then realized that they could not properly evaluate it.
Fourteen Karat is not anywhere rapidly deliverable on the World Markets. They'd have to refine it. That takes time and energy. Gold Jewelry is safe.
you need not to be a rocket scientist to convert 24 carats in to 14 carats. from 14 to 24 is a different thing.
Well you do not need to be a Rocket Scientist to refine Gold either but that background helps.
Good post.
"He Was Pro GOLD Way Way Back...
Before The FED Gig, I Think He Admitted To Holding GOLD On Ruckheisers Program."
Yes, he was a (gold) rock star way way back...Before The Fed Gig...according to Bix Weir.
SO,
YOU and Bix Weir seem to think that Greenspan was a Gold Bug WAY BEFORE the Federal Reserve Act of 1913 (nineteen fucking thirteen). This would mean that he has been alive for at LEAST 120 years (one hundred fucking 20 years), as the Act itself happened 101 (One Hundred and fucking One) years ago (making him perhaps 19 when he decided to become a 'gold-bug').
Bix Weir seems to be 'one of THEM', and you, unfortunately, seem to be pushing his agenda.
REALLY? You BELIEVE this shit this 'Weir' guy sttates without FACT-CHECKING?
I think he is talking about Yoda being Fed Chairman. Prior to that Fed Gig, he wrote the article for Rand.
You might have a point.
Before he was Fed chairman, 'YODA' spoke of the reality of GOLD being the true currency. WHILE he was Fed chairman, he denounced that statement. AFTER he retired, he once again spoke (as witnessed here) about the reality of GOLD being the true currency.
The FED GIG, however, goes on and on (and on and on, and on, and on...).
Even Black Sabbath recognized the duplicity of this tribal fuck and his ilk (after 9 years of the OPEC accords brokered by KISSINGER):
https://www.youtube.com/watch?v=VUjUIP2ugG4
I assume you are speaking of the RAND Corporation, so famously satirized by the movie 'Dr. Strangelove (or, How I Learned To Stop Worrying And Love The Bomb)'.
the tribe is saying buy gold? i don't like the odds
This is for the I-told-you-so's in the rewritten history. IMO, story will have to age like a red wine for a while.
He is talking not about the creation of the Fed - which as you point out occurred in 1913 - but rather, Greenspan's tenure as Fed Chair, which was from 1987 to 2006.
Greenspan famously wrote an article in defense of gold in 1966, originally printed in Ayn Rand's newsletter:
http://www.constitution.org/mon/greenspan_gold.htm?PageSpeed=noscript
"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. Ifone grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."
Now, despite his long and public background as a free market libertarian, during his time as the Fed Chair, Greenspan was the architect of two of the largest bubbles in US economic history. The tech bubble (1999-2000) and the housing bubble (2004-2006), both made possible by his low-interest rate policy.
He even later blamed the 2008 Global Financial Crisis as "a failure of capitalism to regulate itself." In his memoirs, he basically blames everyone - EXCEPT HIMSELF - for the world's financial problems, an attempt to preserve his "legacy."
I personally thought that he would be reduced to nothingness after his memoirs, speaking at economic conferences for the rest of his life and collecting the fees.
Now we have him coming out recently and saying things like "gold is real money" and so forth, returning to his roots. The big question is why? The theories that I've seen swirling about:
1. He feels guilty
2. He's getting paid to do it
3. He's a secret libertarian double agent, destroying the system from the inside
Personally, I think he was consumed by the Dark Side of the Force when he became Fed Chair, and he's basically senile now.
He was a toady for Ayn Rand.
Then a central planning Federal Reserve toady for the banks while they stripped America of its wealth.
Now he figures it is in his interest to be back on the side of gold.
Yep, definitely a toady for the Fed. Ayn Rand -- no; based on Greenspan's early writings on gold, I have no doubt that he truly believed in honest money, but sold his soul and his convictions after joining the Fed.
As a result, he is simply a pathetic turn-coat who is trying (in vain) to save his soiled reputation. The Fredo Corleone of economists.
You don't need to be a rocket scientist to understand that 'karats' were created and put into use by crack dealers (oops, I mean, 'gold' dealers) in order to cover up the fact that their shit was CUT; I.E., purity was compromised.
Note that The Grienshpawn is speaking to a CFR meeting. Sometimes the lower and middle management types need a reminder as to the true wealth types; due to the decades-old psyop that has been played on the masses (since some of them can't stay on task, and some of them aren't even Tribe members [but they are useful eaters, nonetheless]).
Take your bag off, 'zerozulu'. Fucking amonymous avatars are too easy to peg as interlopers.
Converting 14 Karats to 24 Karats involves a considerable waste of resources, but it can be done. The loss of the real material almost overcomes the gain in value.
{EDIT}
I'm NOT the one who downvoted you.
FYI... When GOLD is mined, its almost always alloyed with other metals, it could be .01% .2% actual Gold.
Even rare nuggets are not pure 24K.
It all has to be refined to 24K.
24K GOLD is Soft... To use GOLD in Jewelry and Art you have to alloy it to your requirements to
make it durable...
It also makes various color variations. Its STILL GOLD...
In refining karat GOLD back to 24K, properly done there is actually almost no loss.
Atomic GOLD is extremely stable, thats why its GOLD.
exactly. You don't want a 24k wedding ring. In my opinion, there is no reason why a man who ever does anything with his hands should have a wedding ring over 14k.
I have two 24K Split Back rings made from a Maple Leaf. They are very soft.
If I am working with my hands and they get caught on something they are torn from my finger and to not tear my finger off.
If your 14K full band were to catch on something then it may just take your finger off with it.
Vancouver financial advisor
http://www.vancouverfinancial.net/
Vancouver financial advisor
aren't they just telling us because they must? It's certainly not as if most people are listening anyway....gold will almost undoubtedly become a real pillar once again in global finance...heads up world.
Just what do you think that price supression is about?
Do you want to spend more of your fiat currency for the same amount of Gold?
Do you think that Greenspan might have been doing you a favor?
Come on...What message is louder that you need to be buying Gold then that when it is put on sale?
There was this woman in France during World War II. She was employed by the Nazis as a secretary.
The people in her town spat upon her and called her all the vile names which they could think of. They believed her to be a Nazi COLLABORATOR.
Finally the Nazis fell and withdrew from that town in the south of France. The townsfolk lined her up and were about to shoot her for her "crimes".
Then the British stepped in and stopped that madness. She was one of the very best DEEP COVER SPIES for the Allies. She was one of the Good Guys and suffered the abuses of her neighbors FOR MANY YEARS. She could not tell anyone what she was doing.
At times the best way to change the system is to demolish it from the inside because there is no saving of this system...at all.
This system is coming down due to Greenspan's work.
There was no saving it possible then.
There is no saving it now.
Bix Weir is correct. I have known it for quite awhile...well before he even publicized it.
Greenspan is one of the Good Guys.
So go ahead and downarrow this post.
But like that French lady...I know the Truth.
From my many posts you know that I do not like Central Banksters...
Why don't you open your eyes.
It is about time after all.
I gave you an upvote because your insight is different, not that I agree or disagree with it. Greenspan was in Ayn Rand's "collective" after all.
TT,
Greenspan is not alone.
Look at the 'new' 100 dollar bill.
You can say there's duality...
two sides.
That is my hope at least.
Greenspan helped shut-down the warning signals in the monetary system (gold price, CPI measure, etc.) then ran the monetary system in such a way that the US was basically looted by the financial sector.
Those who want to portray him as a revisionist hero now, are welcome to do so shouting out their praises to Greenspan as chaos spreads across the West and starvation stalks 'civilized' countries.
Well done Greenspan. The economy is collapsed and most did not see it coming.
Not sure which Greenspan makes sense….. If anything, Go Figure!
The Austrian School claimed that the Great Depression was the result of a credit bust.
Alan Greenspan wrote that the bank failures of the 1930s were sparked by Great Britain dropping the gold standard in 1931.
This act "tore asunder" any remaining confidence in the banking system. Financial historian Niall Ferguson wrote that what made the Great Depression truly 'great' was the European banking crisis of 1931.
According to Fed Chairman Marriner Eccles, the root cause was the concentration of wealth resulting in a stagnating or decreasing standard of living for the poor and middle class.
These classes went into debt, producing the credit explosion of the 1920s. Eventually the debt load grew too heavy, resulting in the massive defaults and financial panics of the 1930s.
http://en.wikipedia.org/wiki/Gold_standard#Depression_and_World_War_II
The Bank of England in the 1920s ran interest rates by agreement with the Fed at a discount to the US rates causing UK capital to flood over to the US while the Fed also ran loose money policies. The BofE then raised UK interest rates to a premium to US rates sucking capital out of the US triggering the bubble pop.
http://archive.mises.org/6615/lionel-robbins-the-great-depression/
An interesting theory, but to think Greenspan is "one of the good guys" when he worked alongside assholes like Bob Rubin and Larry Summers targeting gold (the Gold Carry Trade, and price suppression efforts), for so many years I find it hard to reconcile his motives.
Personally, he appears to be a no good, evil, rotten bastard, Central Banker to me.
Just remember that appearances can be deceiving.
That French Spy also appeared to be someone who she was not.
She was working for evil, cut throat, murderers also.
BTW it is not a theory in the strictest sense of that word.
It is evidential.
And over the years it is quite clear where my stance on lies, fraud, deceit and murder is. You know where I stand upon that.
You know that I hate the banksters.
Look at the IMPORT/EXPORT data on Gold in the 1990s when Greenspan was in power. Look at my post which references jewelry. It is pretty clear what he was doing.
He was divesting the National Gold into the hands of the people in a non confiscatable form.
You have heard of the phrase, "Follow the Money"?
You have heard me state that "Gold is MONEY". I have not once wavered from that position.
Then FOLLOW THE GOLD.
I have made it my principal business to do just that over the last 3 decades.
I get it!
Let me apologize for any statements made against Greenspan. He simply led the United States into the current situation where it's economy is set to collapse overnight, and instituted some of the largest frauds in economic history (along with the failed policies that led to the Housing Crash of 2008, etcetera), because he was 'doing god's work' as a 'counterintelligence agent'. He wasn't doing anything wrong, you see, because he just came out and recanted his entire fucking career at the Fed. NO! he was a SPY (a 'TURNCOAT', as it were), simply passing INTELLIGENCE ON to the people who could STOP THE ENEMY during his ENTIRE FUCKING TENURE.
Yeah, I get it now.
Thanks for your insight. I never realized what a GOOD MAN he was.
Ronald Reagan tried to stop the enemy...
He was shot.
John Kennedy tried to stop the enemy...
He was killed.
When those whom are destructive to others set out to kill themselves...
BY ALL MEANS GIVE THEM SOME SLACK...FEED THEM THAT ROPE.
You have to understand. When stomping on the brakes does not work then you depress the accelerator TO THE FLOOR as it is the only tool and device which you have available.
And they, the FED and the Government, disabled the brakes on this runaway train back on August 15, 1971.
You can thank PAUL VOLCKER for that. He engineered it and Nixon implemented it. (Volcker was not even Fed Chief at the time. But it was HIS PLAN.)
Reagan tried to enable the brakes (Gold Standard) and he was shot for it.
Just what would you have done different?
Get a clue.
You can downarrow that post all that you want.
I do not care.
The Gold Standard was suspended and the marketplace turned into FRAUD on that Sunday night.
In good faith the Europeans took our currency because it was believed to be as good as Gold.
And then Nixon fucked everyone who held US Dollars...EVERYONE...including the American people.
Gold is that which disciplines a Government and its Central Bank to NOT produce COUNTERFEIT MONEY.
That Sunday Night in August this Nation was transformed into a bunch of COUNTERFEITERS.
And I think it is now time to receive that which we have sown.
BRING THE SYSTEM DOWN AND KILL THE SATANIC BEAST which you support, SATAN.
deleted
Alan, you are a disgrace, look in the book! I will give you a clue........
$ilv€R £itcheZ!
What's a "£itch"?
At today's close about 1.588$itch
A female canine
Perfect article to segway into this:
Hyper-Printing The $100 Federal Reserve Fiat Note vs Goldhttp://srsroccoreport.com/hyper-printing-the-100-federal-reserve-fiat-note-vs-gold/hyper-printing-the-100-federal-reserve-fiat-note-vs-gold/
Thanks Steve! As always, can't wait to read your analysis, so screw work for a while...I'm gonna read it now! haha
yer top work SRSrocco
say, whats the update on the Asian silver drain? Last i heard it had gone from over 1000 T to less than 100 - but that was like a few weeks ago?
"Fuck Greenspan", and the bus he rolled in on.
there, fixed it.
OT, anyone know why my comments got scrubbed yesterday on the GOFO thread? Went back last night and everything was gone.
All I did was counter another posters false claims that there were no silver shortages in 2008.
I don't know why that happened to you last night, but it isn't the first time I have seen it happen here.
??? One can only specualte as to their reasons...
If you happened to reply on a thread in which a spammer made 400$ an hour fucking his mom, that comment gets deleted along with any replies.
Thanks for the Heads Up.
I went back last night on that thread to re-read your comments and a few others that were all honest and insightful.
Yes, I very much noticed several of the comments from that thread were totally missing, yours included. Strange indeed, I don't seem to recall that ever happening before on ZH for the short time I have been here anyways.
Well he was for Gold, and then he turned into a lackey of the paper pushers as the Central Bank Chairman, now he is sending a giant fuck you to the paper pushers that told to do this and that while he was at the Fed. As he dies he is basically saying, shove your paper up your ass guys I am dying but you are cluster fucked too.
SEE YOU IN HELL, that is basically his message.
Monday, 10th November may be the Monday when everything will change.
I was thinking the exact same thing when I read this article!
I guess some people actually do get a shot at fixing their mistakes!
duplicate
"Why are they telling us now?"
Typically, sociopaths and/or those employed by sociopaths are not altruistic.
I would guess they have a plan to fuck physical PM holders when the time is right. I have no clue as to how they will do it. Maybe a 80% tax on gains from any gold that is sold (which can not avoid being reported)? Whatever it is, I would guess it will be something less obvious and much harder to work around.
Typically, the guys who come up with this stuff are not stupid.
PS..................... Never Forget...
USD Fiats Convertability (GOLD Backing) Would Imply Probably Well North Of $50,000 GOLD Ozs...
And if Fort Knox was plundered?
If?
There is no "IF" about it.
People reported the constant flow of empty trucks in and loaded trucks out. (You can tell by the height of the beds if you are aware of that.)
Drive today's Interstates and you know which semis are loaded.
It would seem reasonable that the real owners of the "country" would have taken off with whatever was considered to be belonging to the "govt"..... Bankrupt you and take all your shit....isn't that how it works?
Not always. At times there is somebody who slides in as a Trojan Horse.
Ron Paul was a good example.
So was Ronald Reagan...Then he was shot when he challenged the Central Banksters and wanted to return to a Gold Standard.
George Bush took over power after the assasination attempt.
There are still some Trojan Horses in Government and positions of power.
At least I hope that is true. That may be my fantasy.
IF Ft, Knox was plundered, I'd have to say that it was due to a Tungsten shortage in China.
Pps Nevr forget Silver at a minimum of 16 to 1 MINIMUM!
To preserve wealth buy gold. Plus it is much more compact. all that damn silver would take two storage units to hold.
Good luck buying groceries with all those tiny 20th oz tiny gold coins pal. 1 or half oz Silver will do just fine. Yes I will buy my house, pay for a holiday, buy a car with gold but we are talking a new system here, not just preserving wealth, actually deploying it when it makes sense!
Good luck buying or bartering anything with gold and/or silver when the mythical shtf happens.
Go on Craigslist right NOW and offer gold or silver to anyone with an ad for something for sale on there.
Almost unanimously they tell you to sell your metals and pay them in cash.
Go to a gun show and offer to buy people's used guns with gold or silver. Maybe 10% of them will take you up on it; most prefer federal reserve notes.
Been there. Done that. I will get downvotes from metalbugs who have yet to actually barter with their stack.
If shtf happens and USD is dead, toilet paper and hygenie products will be the desired "cash". Virtually everyone knows what a roll of toilet paper is worth, especially when disaster strikes and hygenie is a must. Only like 2% of the public or so knows what an ASE is worth.
Gold is not for everyone. Only for very wise few.
A wise man does not need advice.
A stupid man will not accept it.
We barter every day, you guys call it hustling. Gold and Silver are uber forms of money. 5000 years of history, its written in the bible. Please, you can keep your confetti and wipe your bum with it when your all said and done, I am pretty sure I will be wiping mine with a 3ply shea butter extra long and they will beg for the silver so they can pay off last months supply costs.
10% you say would sell arms for Au & Ag, not that Ihave the right to bear arms over here but that is still a large percentage of people freely trading having probably lost faith in paper currency. UTAH has set the tone, Germany asked for some of their money (gold)back and were told in no uncertain terms that it is not available.There will be an event that brings this dying system to an end. There are too many to mention. Then, at that point you would probably have been wise to hold on to something that is trusted throughout the world. The only extinguisher of debt...MONEY!
Interesting times we live in!
I don't consider 10% a "large percentage" especially in a gun community where those type of people are exposed to the prepper meme.
One of the primary definitions of money is the medium of exchange.
If virtually everyone wants cash in FRNs and only 10% even want to mess with metals, it shows that is not a good medium of exchange.
If USD collapses, then its a gun community. Pmags, bullets, firing pins, lowers, uppers, trigger kits, parts kits, barrels, jigs would be the medium of exchange. Those are all portable and a medium of exchange, so PMs wouldn't be necessary.
Most gun guys I know laugh at PMs and tell me, "Dude don't waste your cash on 1950s quarters, buy some $10 Pmags while they are rock bottom prices. Most gun guys have ARs so if you give them some pmags loaded with lake city, they'll do anything for ya!"
If a currency event leads to a SHTF scenario, bartering with silver and gold will not die. I promise you.
(By the way, I'm a "gun guy.")
Sounds like you have walked the walk. But how about Utah? I heard you could buy and sell stuff in Utah and pay in silver dollars. Something like that.
Mormons seem to value self-sufficiency.
Anything worth less than an oz of Ag will be bartered for with a handful of .22
Do you mean 22-caliber firearm cartridges? That sounds reasonable.
Yes. The Mormons, while I disagree with their particular religion, are some of the most kind and honorable people that I have been privledged to know.
BTW...They can use US Silver Dimes, Silver Quarters, and Silver Half Dollars for change.
Thank you. Yeah, silver dimes, etc. are wonderful.
I once knew a Mormon. He was a public school teacher. The work I saw him crank out for a pitiful salary amazed me. He must have been working 50 or 60 hours a week, every week. And he was a kind and gentle man. He left an impression.
The Physical Science Department at Glendale Comm. College in Glendale, Arizona was Mormon. My Astronomy Professor (later my boss) was a Mormon Bishop.
He was a good mentor, taught Computer Programming on the side (a needed skill), and was one of the most positively influential people in my life.
I dunno if I would want to barter with something that the other guy could use to kill me.
I think I'd stick with cigarettes, chocolate bars, coffee, cans of nuts, and booze.
I have extra canned goods, etc., but the booze, tobacco, and sweets doesn't work for me, personally, because I tend to "smoke up the inventory". :-(
You are speaking of Gold and Silver at present! When SHTF the people you speak of will either, quickly wish they had some, and all the people will know what iti is worth.
That's funny. When disaster strikes, everyone will instantly know what an ASE is worth and what one is.
No. But they would still know what a cig is worth, toilet paper, a can of beans, a tampon, a first aid kit, bottled water is worth.
I honestly believe that a lot of metal bugs have never left academia or their ivory tower and have actually gone out to the streets and dealt with their fellow man. I see a giant disconnect.
The other one I read all of the time is this elitist approach that the common man is "too stupid" to know what metal is worth. Yeah, those "commoners" might not know what a "stack" is worth, but they might be good at tools or raising food, or sewing, or even doing necessary manual labor. Paying them in a pack of playing cards would be cheaper than buying up junk silver coins at high premiums. Plus with the electric grid down, playing cards become the best off-the-grid entertainment there is.
Umm, if needed, I buy silver with my gold. Conundrum solved, dumbass.
Server error
Gold at $50k with a GSR of 16:1 would put silver at $3125.
I don't really care how you price my metals in fiat. You miss the point
If you can't dazzle them with brilliance, baffle them with bullshit -- W.C. Fields
Problems with Gold:
a) The vast majority of the populations don’t own gold. Gold standards will impoverish them; and would slow employment and growth.
b) Governments devalued them (gold) by “crying down the coin” (announcing they’d be accepted at half the former value in payments to government).
c) Countries went on and off gold. When a crisis hit, they’d abandon gold. With recovery they’d go back on, until the gold constraints imposed forced them to go off when the economy crashed again. Rather than contributing to monetary stability, the gold standard destabilized the economy.
d) Eventual conclusion of most attempts to tie a domestic currency to some sort of fixed exchange rate standard (whether gold or foreign currency): it works until it collapses.
Here’s Our Current Problem that Gold Won’t (can’t) Fix it:
Private-money (fractional lending) and interest (usury) on the power of private sector that can be turned into debt (serfdom), inflation, hyperinflation, deflation, and depression throughout society.
Most nations are client states of the international banking cartel. We long ago lost the free market envisioned by Adam Smith in the “Wealth of Nations.” Such a world would require sovereign currencies, i.e. currencies that are well-regulated rather than floating, and an asset rather than an interest-bearing debt. Only then could there be a “wealth of nations.
But now we have nothing but the “debt of nations.” The exponential math of debt by definition meant that countries would only lose their wealth over time and become increasingly indebted to the global central banking network.
http://www.economonitor.com/lrwray/2011/08/24/zimbabwe-weimer-republic-how-modern-money-theory-replies-to-hyperinflation-hyperventilators-part-1/
https://realcurrencies.wordpress.com/2014/08/27/the-plane-truth-usury-and-the-rise-of-the-bankster-dictatorship/#comment-27303
a) wrong. totally . the opposite happens. Ask the Swiss and their historians if you are confused
b) wrong, the opposite happens (1933? US govt revalued gold up from $20 to $30)
c) wrong. the opposite happens, ask the chinese historians
d) finally, youve said something correct
Well. Here’s is a smart person ( Squid-puppets a...) that disagrees with me!
What are the odds of that happening….. in a blog?
a) Switzerland? A nation of 8 million people, that most of its money comes from offshore (money laundering, tax-evasion, and so on and so forth) surrounded by bank secrecies which dates back to the Middle Ages. So, I am right when I said: “Most people (Americans) don’t own gold”.
b) You would be more corrected, and would have made a better point for owning gold (even during deflation), if you had written: “US debased (devalued/Deflated) the dollar against gold”.
By the way, Swiss Franc is NOT as good, either. Let me show you:
In 1865, France, Belgium, Italy, and Switzerland formed the Latin Monetary Union, wherein they agreed to value their national currencies to a standard of 4.5 grams of silver or 0.290322 grams of gold.
The monetary union faded away in the 1920s and officially ended in 1927. The Swiss franc remained on that standard until 1936, when the currency was devalued by 30%.
The Swiss franc has historically required a legal requirement that a minimum of 40% be backed by gold reserves.
However, this link to gold was terminated on 1 May 2000 the Swiss National Bank held 1,290 tonnes of gold in reserves which equated to 20% of its assets.
c) I am 99.9% right because that are plenty of Empirical evidence for that. Nations in debt, or that lives beyond its means, CAN NOT go back to a gold standard, ever! These nations would be out of gold, and its citizens bankrupted.
d) Unfortunately, you contradicted your answers on a, b, and c by agreeing with me. And here’s why:
The world ‘right-now’ is tied to a global reserve currency (dollar). So, how is that working out? Greatly, for Americans. Its Middle classes could afford two cars in the garage.
So now, let’s tie to gold. Then, most of the gold would go to the Middle East or Russia. See the problem? We would still bankrupt, too. Without the ability to afford the gas on the cars, even less, the ability to afford them. GOT IT?
“Dollar is our currency, but your problem" -- John Bowden Connally, Jr. Secretary of Treasury in 1971/72, Governor of Texas from 1963/1969, Secretary of the Navy in 1961, and bankrupted in 1986.
I wish! I would love to get PAID $10 to pick up a silver round!
Or maybe the NSA has given the green light for Citezens to spend their money on gold and silver heading into a major war so that in the near future they can confiscate it all.... have you spend your own money on the things they are going to take from you when the time is right.
Of course it will be. These days, never buy into strength...only weakness and I'm sure there will be a lot of those days coming soon still.
Yes! Bearish as hell! Get your dry powder ready :D
up a $150 more, then down $200, but then i really can't figure out these algos.
He said this on October 29th. It dropped right after.
Of course he's held gold his entire life. Irrational ExAUberance. Tell me how this traitor is to be revered among PM holders now that he's "out in the open."
"Panderer to Power" with that power now being zero hedge...or at least those of us who believe Banks should be the store of gold and all risk measured accordingly (if your bank fails the Government gets your gold.)
I didn't here any of that from Dr Flim Flam man here of course. I say again...how many ZH'ers would turn their gold over to a bank to be used as collateral for a loan?
I rest my case.
If your bank fails, the GOVERNMENT gets your gold? Why exactly is that?
How about your DEBTORS get your gold?
Fuck the GOVERNMENT.
Everyone of these parasites owns gold...they would never admit it to the sheep but these CFR fucks all own...garonteed
See my comment above.
Probably been diagnosed with some incurable disease, and doesn't give a shit anymore.
No, he's just one Huge, Collosal DICK!
"Probably been diagnosed with some incurable disease, and doesn't give a shit anymore"
yeah, it's called having a cunt for a wife and in his case his way out is to say provactive things that the elites dont like. Fucker is smart enough to know their is a nail gun destined for his head soon.
This is the hegelian dialectic in action.
Huh??
problem reaction solution
people are born to be governed. the autonomous, free, critical thinker is a rare breed of man, and such traits must be eliminated from the slave class.
smile and take your meds. don't think.
don't think.
don't think.
Reminds me of the line from Kurt Vonnegut's Mother Night "In the end, you are who you say you are."
Maybe he is facing the fact that he needs to get "right" with God before he dies. Or he knows that if he wants his children and grand children and great grand children to grow up in a free society he needs to start speaking up. Or his brain chip has fried.
Involuntary comittment
Maybe the parasitic kike is realizing that death will be approaching imminently and he wants to make a feable attempt at speaking the truth. I personally could care less what he has to say now. Actions speak far louder than words, and given his track record while president of the Federal Reserve, the son of a bitch is below pond scum. Fuck him and his tribe.
An ounce of gold is always worth an ounce of gold, a dollar bill is worth the full faith and credit of the government. I know which one I prefer....
From Investopedia:
Definition of "Lawful Money"
Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and bank notes.
Also known as "specie", which means "in actual form."
Investopedia Explains "Lawful Money"
Oddly enough, the dollar bills that we carry around in our wallets are not considered lawful money. The notation on the bottom of a U.S. dollar bill reads "Legal Tender for All Debts, Public and Private", and is issued by the U.S. Federal Reserve, not the U.S. Treasury. Legal tender can be exchanged for an equivalent amount of lawful money, but effects such as inflation can change the value of fiat money. Lawful money is said to be the most direct form of ownership, but for purposes of practicality it has little use in direct transactions between parties anymore.
Source: http://www.investopedia.com/terms/l/lawfulmoney.asp
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are hereby authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
[12 USC 411. As amended by act of Jan. 30, 1934 (48 Stat. 337). For redemption of Federal reserve notes whose bank of issue cannot be identified, see act of June 13, 1933.]
http://www.federalreserve.gov/aboutthefed/section16.htm
Check out this image of a page in a pre Federal Reserve era dictionary. Look at the definition of gold...
http://i.imgur.com/rsrGw.jpg
Succinct and to the point.
Well worth the read.
2014 dictionary: Barbaric relic. Commonly held by domestic, financial terrorists.
Like I Said Earlier, He Was Pro GOLD Way Way Back...
<---Went Galt (and took the system down with him)
<---Rat fleeing a sinking ship
Greenspan
greenspan doing a great Hong Kong Phooy
These "RATS" have taken your gold too. Now you are left with your sinking ship.
The USA has no Gold.
The Federal Reserve has leased the Gold out.
The American consumer bought a lot of it while it was on sale.
(Thanks for that cheap 14K Italy Jewelry, Greenspan. I do appreciate it.)
Check out the Import/Export reports from the 1990s. We were the World's Largest Exporter. But we were also the World's Largest IMPORTER.
BTW...During confiscations they do not confiscate jewelry. Just a heads up. It is in the form that you may want to own a substantial amount of your stack.
Yeah...Confiscation proof as well.
Wow. I have a ship? I'm doing better than I thought I was.
Greenspan, after all, was an Ayn Rand protege.
He knew that he had to follow John Galt's path.
I don't think Greenspam is heading for Shamballa.
Personally I do not know. I am not God Almighty.
But I have presented a case which demonstrates reasonable doubt.
Tear it down.
"The general public is not buying retail bullion" ... um, have you been reading the US Mint's releases at all?
Your observation is correct that ASEs are being sold at all time highs in the tens of millions, but ask most people in the general public if they would be interested in buying an American Silver Eagle for $20, and they would have no idea what that even is.
They wont know what it is until it's too late, then everyone all at once will want to know what one is.
Same as it ever was. To add, the sheeple were about to fond out in 2011, every week or so you herd "GOLD AT A NEW HIGH, GOLD AT A RECORD HIGH" Silver was about to do the same and the game would have been up there and then. But that is fine, I was given more time to stack. SO LET THEM PLAY THEIR PAPER GAMES. THE PUBLIC WILL FIND OUT AND WHEN THEY DO THERE WILL BE FIREWORKS!
SILVER BITCHEZ
The Chinese Rehypothecation theory is indeed interesting and in my opinion points to what is likely a much higher level of rehypothecation being conducted in other avenues outside of China, namely in regards to the use of major Gold and Silver ETF physical holdings as well as other futures plays. All that being said, I believe that the reasons for the recent smashing of gold and silver prices are far more complex and that the outcome of this ongoing gold and silver price suppression are likely to be rather severe.
I tend to agree with Greenspan's most recent remarks on Gold as a currency and on the position that the Fed's balance sheet is a "pile of tinder." The anti-Gold pro-fiat central banks didn't like his remarks and decided it was a good time to apply maximum punishment to gold and silver. The problem is that they are running out of ammo, physical precious metals. The Swiss referendum on gold is likely to punctuate that fact as will backdwardization and the massive drop and negative numbers for GOFO.
From what I can see, The Gold Cartel, consisting the London and US Bullion and Central banks in conjunction with the Bank of International settlements have been engaged in a unified effort, utilizing paper gold, to push gold and silver prices down ever since Greenspan called gold a currency when he told the Council on Foreign Relations "...that "gold is a good place to put money these days given it's value as a currency outside of the policies conducted by governments."..." Keeping in mind that the Swiss are voting on a referendum to repatriate their gold. The German's gave up when the Fed told them they could only get a small fraction of the Gold and that it would take many many years to get it. Another question of rehypothecation? Ultimately, sovereign currencies these days have value based on the trust that someday the bonds that back the currencies can and will be repaid at current valuations (in terms of goods and services or perhaps gold and silver). That trust seems increasingly misplaced from the most pragmatic standpoint as sovereign debt seems increasingly insolvent to me.
While the Gold Cartel, populated by the very same crooks who have been manipulating LIBOR and Forex, have been utilizing every dirty trick (and their are many) to hammer gold and silver, China, Russia and India are fully aware of these tactics (as are the most savvy gold and silver buyers) and are eating up the physical metal at record rates and that is causing physical shortages.
The Western Central Banks want to make sure when someone asks the question "besides stocks and bonds, where are you going to put your money?" that the answer is not "gold and silver." Unfortunately, their approach, which is to manipulate the price of gold and silver via paper manipulation is an old trick and as China and Russia and others in the Middle East such as Turkey and others are actively working to replace the petrodollar and are fully aware of the Cartels tactics, are in turn putting in orders for physical delivery. I wouldn't be surprised to see delivery failures followed by a cascading derivatives event. In any case, I'll be buying more physical gold and silver at these prices.
FootNotes:
"Physical Gold Shortage Worst In Over A Decade: GOFO Most Negative Since 2001"
http://www.zerohedge.com/news/2014-11-06/physical-gold-shortage-worst-ov...
"Gold, silver in backwardation as a result of BIS paper dumping, Kaye tells KWN"
http://www.gata.org/node/14668
"China Moves To Dominate Gold Market With Physical Exchange"
http://www.zerohedge.com/news/2014-09-23/china-moves-dominate-gold-marke...
"China’s Massive Holdings of Gold Bullion. Is the West Financially Bankrupt?"
http://www.globalresearch.ca/chinas-massive-holdings-of-gold-bullion-is-...
"Russia Buys Most Gold for Reserves Since Financial Crisis of ’98"
http://www.bloomberg.com/news/2014-10-29/russia-buys-most-gold-for-reser...
"US Mint temporarily sold out of silver Eagles amid huge demand"
http://www.cnbc.com/id/102156172
"Lassonde reconsiders, admits BIS may be manipulating gold market"
http://www.gata.org/node/14670
"India Gold Demand Surges 450% and Bank of Russia Demand At 15 Year High"
http://www.marketoracle.co.uk/Article47852.html
"Turk: Gold and silver in backwardation -- Embry: Silver is most undervalued asset ever"
http://www.gata.org/node/14660
"Large Comex Gold Withdrawal As Paper Price Manipulated Lower"
http://news.goldseek.com/GoldSeek/1415286420.php
"Proof That Gold Is Manipulated Using Paper Gold"
http://news.goldseek.com/GoldSeek/1415210245.php
Greenspan's recent comments on Gold:
"He told the CFR that "gold is a good place to put money these days given it's value as a currency outside of the policies conducted by governments."
Greenspan's recent comments on Gold:
"Greenspan: “The Fed’s balance sheet is a pile of tinder, but it hasn’t been lit … inflation will eventually have to rise."
It is interesting to see Greenspan return to his roots in regard to the relation between Gold and Economic Freedom, an essay he wrote in 1966.
http://www.constitution.org/mon/greenspan_gold.htm
"...An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense — perhaps more clearly and subtly than many consistent defenders of laissez-faire — that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other...."
"...When banks loan money to finance productive and profitable endeavors, the loans are paid off rapidly and bank credit continues to be generally available. But when the business ventures financed by bank credit are less profitable and slow to pay off, bankers soon find that their loans outstanding are excessive relative to their gold reserves, and they begin to curtail new lending, usually by charging higher interest rates. This tends to restrict the financing of new ventures and requires the existing borrowers to improve their profitability before they can obtain credit for further expansion. Thus, under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth. When gold is accepted as the medium of exchange by most or all nations, an unhampered free international gold standard serves to foster a world-wide division of labor and the broadest international trade..."
Gee, thanks Cliff Motherfuckin Notes!
Thus, under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth.
Thus, under the gold standard, a fee banking system stands as the proctor of an economy's stability and balanced growth.
Freeballing. Gold standard has nothing to do with it.
Yeah Greenspan really did a 180 when he became the Fed Chief so much so that it was wierd. But I guess his brain chip fried and now sanity or truthfulness has returned to the man. Its like the king of Rohan in Lord of the rings before and after he was possesed.
selling gold for peace and liberty"
This is from your profile. What's up with that?
great another gold sell off is coming in 3....2.....1
I hope not, I've got PM's on backorder....
it already happened, the day after greenspan made that speech.
BTW, then there's this
http://www.321gold.com/fed/greenspan/1966.html
You're really going out on a limb with that prediction.