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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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I figure it's better to compute "numerological" probabilities before hand (especially if Queen Christine invites us to do so) than to try to find patterns in past events.
A little late in the day for Greenspan to become a gold bug. If Greenspan really wants to help us out, he should tell his wife, NBC reporter Andrea Mitchell, to either retire or get an endoscopic checkup of her vocal cards (like Joan Rivers). Boy, is her voice grating.
Here's a hidden camera video of Andrea getting 'punked' at a grocery store
http://www.youtube.com/watch?v=qM6r8KapWIk
Shit is not hitting the fan on Nov 18th, it's hitting the fan TODAY.
I'll be over to your house by 7, with Robert Deniro, Joe Pesci, and a Louisville slugger.
BITCH.
my roomate's step-mother makes $75 hourly on the internet . She has been without a job for 5 months but last month her paycheck was $20377 just working on the internet for a few hours. Get More Info... www.Yelptrade.com
What are Greenspan's motives? Why be so honest NOW? Doesn't want to be blamed?
CNN makes huge new blunder- confuses Osama with Obama during SEAL coverage
http://tinyurl.com/kl25xax
Catalonia goes to the polls on 11/9/2014, ten days before yer date...
Poor bastard is going senile.
Exactly.
Could it be that... He is no longer afraid and no longer cares? And TPTB and guys like you will declare him "senile"?
Don't know how young/old you are, but one thing that few "folks" talk about "Aging people with money": They don't give a shit! They can no longer be bullied, bought, blackmailed or threatened. When that happens, a whole new level of "Candor" appears, when you no longer have to worry about Consequences.
It's the William Devane ads, they've finally worn him down.
Bill Gross leaves PIMCO, a company he founded decades ago, shocking everyone and basically getting himself labeled as "unstable"
Alan Greenspan leaves the cult of fiat, a belief he held for decades, shocking everyone and.... yes, getting himself labeled as "unstable" in the process.
What is up with these old-heads suddenly turning on everything they spent their life building up? I mean, seriously, they couldn't have put up with it for just a few more years until they croaked?
I always knew these MOTUs had more ego than balls. Getting a little hot in the kitchen? Just have a late-life "revelation" and pretend that's going to save you.
In short, FUCK YOU, Alan. You too, Bill. Bunch of little pussies.
Uncle Fester in the parlor with a candlestick.....
Couldn't agree with you more.
lol fuck you mr. moneychanger......and yes we knew that already.
Listen Select Zero's.
I'll do anything for a click.
Wish granted. You have two left.
You're on a roll today, NoDebt.
You spelled dick wrong.
Hilarious, sir. French Farmers, mechanically hurling cow-flops at government buildings wish that they were as cool as you!
he's a Dr., not a sociopath Mr. Mayor
I lol'd,thanks...
Blame it on the short, fat Click typo.
Listen.
Tonight, I will take your god Brahma, finely ground, and sear his flesh on my charcoal grill to the same color as your mothers bare ass cheeks. Still supple and pink and juicy in the center
For my consumption and satisfaction.
am I right? Amirite?
I believe you would do anything for a dick but you are on the wrong website for that Bangawhore. Maybe bath house Barry could give you a few pointers and show you the ropes !!!!!!!
GOOD LUCK !!!!!!!!!!!!!!
kindest regards
MON
Who are you and what have you done with the real Greenspan.
I, for one, welcome our new insect overlords.
I've found that grasshoppers can make some of the best fishing bait. I welcome them too.
Maybe this is the real Greenspan. Perhaps, upon joining the Fed, he became inhabited by a demon, and the demon only recently left for a fresher piece of meat to inhabit. Greenspan's attitude and behavior were certainly demonic while he had power, so this might be the explanation.
I see when Greenspan says something Tylers like Greenspan is a freaking genius and when he does something they don't like he is a moron. Greenspan wrote an essay with Ayn Rand nearly 50 years ago arguing the same thing. Stunning or simply recycled his old views. The price of gold peaked 3 year ago. It has lost value against the euro and yen too. My landlord won't accept it, now will my grocer. It costs me to store it and insure it. Maybe during the apocolypse is may be worth something, but then again maybe not. In occupied German when paper money was worthless in the late 1940s, people did not resort to gold but to cigarettes.
I had a friend who started buying gold back there at around $1,200. I encouraged him to sell all the way up. He insisted gold was going to $5,000. I laughed at him at $1,750 and told him if he doesn’t sell now, he never will. Around $1,800 he went all in. We no longer speak.
It's ok ... you'll be back talking after gold hits 2500
It costs me to store it and insure it.
Hahahaha.
Owning assets are baaaad, mkay. Cuz I gotta "insure" them, mkay.
I always take into consideration my insurance company and ITS thieving needs when buying assets. lmfao trollers.
Gold to 5000 chart right here: it's coming - http://flic.kr/p/oDXhhd , http://flic.kr/p/oBXbBw
Good example with Germany- way to learn from the winning team...... The rest of the world did ok with gold during that same period, thanks.
Gold is just another compartment of risk in the flow chart for Talmudists or the Wizard of Oz at the end of the yellow brick road.
They'll be fine and ahead of the game again. They already own a monopoly on the yellow brick road with the hopium (poppy fields) along side it because dumb goyim were dumb enough to let them create other forms of money out of nothing in the first place.
There's only one threat to them and it's not the last libertarian compartment of the flow chart. It's you. You are the threat, if you ever formed a Constitutional government or militias or issued your own forms of "full faith and credit" currency as a community that actually had credibility. You could go with the Founders and mix gold in as something of a physical limitation on human corruption in economic languages that are supposed to have integrity. But even using physical symbols as tongues, there's tungsten. There's no stopping gangs/tribes of thieves and murderers or Chabad "goyim emanate from Satanic spheres" Talmudists and so forth without integrity and a Constitution. Curious how Americans know all about an "Amish Mafia" based on their dumb TV shows that they mistake for a reality show. And yet, their government almost acts as a proxy for another sort of religiously based mafia sometimes.
Chabad Mafia
There are some pretty deep problems with tribalism. Tribe = gang, tribal law = gangsterism.
Secular versions of tribalism:
Parasites?
I am not sure I believe him.
I have heard that as you get older and die, you revert to childhood. He might be stretching out that same process, by going back to a view that he had 20 years ago.
My world is in turmoil. It would have been better if he shuffled in front of a bus before this.
+1 Marc to market.
Excellent comment.
Post World War II German lumpkin neither had Gold nor Silver.
It was a Death Penalty offense to own it during the Nazi Regime.
So just how in the hell could they resort to Gold or Silver?
Yes they used cigarettes which was a common Prison Currency (It was here until the anti-smoking laws stopped it in the USA recently.)
But your post is disingenuous.
Of course gold is down what, ten percent, since he said that. Remember, whatever Greenspan says is probably wrong.
Can't really hold diamonds, their real value is nertz, rumors for decades that gem-quality diamonds were easily synthesized if DeBeers didn't bribe or threaten everyone who could do it. Ruby and emerald carborundum is made cheap by the pound.
so why do you care.
If Greenspan said this then... Gold going to all time lows.
Tradition bitchez!
Tribez Traditionz Bitchez
Tradition!
https://www.youtube.com/watch?v=7V2lxFWBqfI
WTF? This guy is still being rolled out? How fucking old is he? He looks like the subject of some fucking Discovery Channel "EGYPT UNEARTHED" docudrama.
Anna GoldFuknDiggin Nicoles husband looked young and spry compared to fucking Imhotep here.
Greenspan is a punk ass bitch, dual agent (citizen) who's been knighted, hardly an American.
Stockholm syndrome I think they call it.
Greenspan's ropa-dopa.
His non-official opinions are disingenuous.
In emergency conditions privately held gold will be confiscated.
No, in emergency conditions privately held gold will be defended with explosives, guns & traps.
MDB
Your comment allows for emergency conditions and gold confiscation. You might be able to hide your gold but guvernment will make it a felony to barter it, use it as currency, or take it out of the country.
(If you resist, they'll torch your house, shoot your dogs, and confiscate your property.)
I doubt government will put any restriction on gold. Since this is "tribe's" favorite.
Gold hold, Diamond sold
Do you know how to make landmines?
It is sooooooo easy.
Yeah let the Government come in digging around people's property for Gold.
How many arms, legs, and torsoes is it worth?
Do you know how to make an explosive?
That is also easy.
Nitric Acid and Sulfuric Acid mixed together is the fluid base. Suspended in glass in that fluid is a beaker of glycerin.
God forbid what happens to the person who breaks that glass...by stepping on a pressure plate or plunger.
You never attempt to make Nitro Glycerin without an Ice Bath. It explodes.
Of course that landmine has no ice bath. So it explodes. That is the desired result, isn't it? So you do not need the finished product.
Now there does not need to be any metal whatsoever. So a land mine sweep will not detect it. It can be loaded with Crystal, Quartz, glass, and anything else which shreds flesh and crushes bone.
And that is just one of the little nasties, the IEDs, that people can make easily.
BTW...Government has made it a felony to deal illegal drugs.
How is that working out?
It just serves to increase the Purchasing Power. As one does not consume Gold there is no chance of depletion in the same way that there is with Drugs.
There are no "Gold Sniffing" Dogs.
Tall Tom,
In general, since the early '80's, through reverse sting operations DEA undercover agents and government informers control the supply and distribution of toot and smack. (Also, Colombian and Jamacian pot.)
The Crime Control Establishment, -jailers, prosecutors, police, defense attorneys, probation officers, -are delighted with the way things are. With confiscations and 'finds' of tremendous drug bankrolls, the DEA pays for itself.
Everyone is satisfied wih this condition. Let natural selection to a short life take care of the hard drug users.
They have attempted that with Gold.
The have Civil Forfeiture Seizures of cash and Gold.
How is that working out?
It is just going to bring about a violent revolution.
Is that what they want?
Is that what you want?
Tall Tom,
I forsee emergency conditions, a massive depression, supply-line shortages, massive social upheavals, including riots and general mayhem.
Under these conditions the Constitution will be suspended. We will have martial law.
Sites like ZH will be banned. You can expect as much propaganda, oppression and political correctness as was sported under the Nazi's.
In this scenario, if the Gov. prohibits the private use of gold, then, just as in Germany, they will have their way.
(BTW. It is unlawful to booby trap property. If you agree with just one other person to do so, and if you take one active measure to make a booby trap, you are guilty of consipracy. Now, the FBI or the SS or the DHS will quietly de-brief your collaborator, they will turn him into an informer. They will threaten him with a 10-20 year sentence. Hence, they'll have the ability to come for you at any time. You're jail bait. My advice is: don't be a loudmouth.)
Yes they do. They can come knock at my door anytime they choose.
And I will continue to write until that time.
I have nothing to lose and I am not intimidated.
Here is my Street Address...
12223B Woodside Ave.
Lakeside, CA USA.
Under these conditions I see 99% of confiscating officers being wiped out in 24 hours.
No, if I resist I'll be doing all the torching.
That's what it means to be properly prepared.
Yep. How fucking stupid are people, though? Pretty dumb. Not sure that all the hopium and freedumb in the world is going to change the usual patterns, what's happened before (World Wars and """""antisemitism""""") may merely happen again on a global level. No place to go now, though. Shrug. It's already begun, to some extent.
History doesn't repeat but it does rhyme or whatever Einstein said. (Note that he told those that perceive of themselves as members of an international tribe that Zionism was a bad idea. It's not rocket science.)
I'm not "following" Atzmon either. Everything he says as yet another whistle blower is suspect, as far as I'm concerned. What does he say about 911, the litmus test? Enough with this messianic mess that members of the tribe and the top secret club keep creating. You don't need to save the poor goyim from their stupidity. The patient is almost dead as it is, they're probably just so full of hopium and freedumb that they haven't quite recognized it yet.
So you can stop now. It's like Ezra Pound said, this peculiar (very!) culture and its "traditions" will waste all of the time that you should be spending studying the classics if you're not careful. But now that they're in "F the EU." positions that may help create World Wars among the goyim again, we probably have to study them. Of course, the goyim may have fought anyway given how dumb people are. But one has to wonder.
"In emergency conditions privately held gold will be confiscated."
Good luck with that. That didn't work in the 30s except to let them take gold stored at banks, back when gold was cash.
At best -- in an emergency, gold will be taxed at 99%. Which simply means the public gold markets will disappear, not that gold does.
So Greedspun took a cushy .gov job with benefits to fuck us all over and lie - and now that he has one foot in the grave he has an epiphany?
Dear Lord, do not let this man pass Go, do not give him $200, send him straight to Hades.
One wonders what Bix Weier is saying right now ( Road to Root A - http://www.roadtoroota.com/
.. that he was right all along ( Greenspan is a Trojan Horse ... to kill the FED )
Fair play to him if he was a trojan horse. Otherwise he's one of the biggest sell-outs of all time. I'm guessing he's the latter.
He was a Trojan Horse.
His move to lease the Gold in the 1990s divested the US Treasury's Fort Knox holdings.
That Gold was sold to Italian Jewelry Manufacturers.
They took that Gold and manufactured 14K Gold Jewelry on a scale unprecedented.
The Gold, in the same volumes, was reimported back into the United States and sold at the retail level at unheard of low prices.
Even Wal Mart was selling Gold on the cheap.
Back in those days, on clear outs, you could walk into a Wal Mart or Target and buy Gold back of Melt, and then sell it for near melt and make a profit.
(A profit from buying a Retailer's Back Stock? Yeah. It was fun days.)
But his policies took that which was in the Government vaults and shifted the ownership into the private citizens hands inexpensively. Furthermore it was in a non confiscatable form. (They do not confiscate jewelry.)
Yes I made my Six and 2/3rd Ounce Pure Gold and Emerald cross back then. I still have that and it is beautiful. If that Pope can have one then, damn it, I can have one.
I was dreaming of making a Crown and a scepter...Gold is, after all, the wealth of Kings. I'd have needed 46 Ounce Troy to pull that off. At $260 per ounce that was quite affordable. But I had other priorities I guess.
But I regress as I fondly remember the good times.
It is only evidential that the plan was to divest Government and Federal Reserve Bank holdings of Gold into private hands. And Greenspan pulled it off brilliantly...
(And then these IDIOTS come on here and think that I want the price of Gold to increase??? Fools!!! Utter fools!!!)
dup
If Greenspan is a good guy does that make Bernanke Jesus?
We are so close to the Gold/Silver Ratio @ 80.00 that you have to go long commodities. As long as the HUI stays above 150, it's game on for the metals. Long GDX and GDXJ. Long 2014 Silver Eagles. Just received delivery today.:)
That means the Elite is very close to complete the cycle
http://philosophyofmetrics.com/2014/11/03/a-time-to-harvest/#more-1588
LOL, JP Morgan said gold is money before the Federal Reserve was created.
The Fed's fine example of a infinite printing experiment is Japan. It should have a currency crisis soon.
The US fiat blows up later following Japan's failure.
And at the time -- by US law -- only gold WAS money. Nothing profound, simply a statement of fact.
There was paper money in circulation at the time.
There were Treasury Notes...United States Notes...Red Seals.
There were Gold Certificates...Yellow Seals
There were Silver Certificates...Blue Seals.
Each of these notes were promises to pay or a promise that there was Gold or Silver Coin in deposit which covered the Denomination.
Not all was Gold Coin or Silver Coin which was tendered.
That is a statement of Historical Fact.
And, no. It was not obvious as those notes were all Credit Notes of one sort or another.
There were no Debtor Notes, Federal Reserve Notes, Green Seals at the time.
Otherwise he could not have said that truthfully.
(I started out as a 7 year old...collecting coins and currency. I am now 55 years old. It has been a lifelong endeavor.)
what about the tradition where the people hang liars like Ben?
Supression of gold is one of the pillars holding up The Shitshow.
Perfect term for our current era.
It's the New Latin for Depression 2.0... shitshow, shitstorm, shitsnacks...
I consider my ammo metal more precious.
You mean lead bullion?
Geldt und silber
"buy'em when they're up, buy'em when they're down.
buy'em when they're up, buy'em all around..."
:)
Lead, copper and brass with some steel.
The mind is the greatest weapon of all.
Learn Backyard Chemistry with some Physics.
You will be surprised what is underneath your Kitchen Sink.
Do not forget about poisons.
The video of Greenspan does not play and seems like a corrupted file, what gives? Anybody else having difficulty getting it to play?
I hear the sound but the picture of Greenspam doesn't change.
I just thought he was getting slow in his old age...
Technically, gold is also fiat currency. It just happens to be the one that's REAL money.
Again
My question is.
What does this mean ?
http://www.tradingeconomics.com/united-states/external-debt
?
You know how when a star runs out of fuel it expands into a red giant just before it implodes into a white dwarf?
They're buying Japanese stocks?
An intellegent, thinking person does not look to psuedoscientists to define reality.
Gold is reality.
To compare or denominate it to a random and compleatly manipulated fiat shows utter contempt of historical perspective.
Long after the "dollars" which are now being used to manipulate the trading price of Gold have turned to dust, physical Gold will still be of value.
"listen not to the chattering of monkeys"
Gold is not money in one important way. It is treated by the IRS as an investment and when you use gold to buy things you have to pay capital gains on how much it has moved since you bought it. As ETF's improve the ability to hold gold and precious metal's it is easy to start thinking of PM's as money If the trend to free market, limited government thinking continue's in the U.S. we might be able to codify Gold and Silver being treated as a currency and not an investment by the IRS. It would serve as an important check on the fiat money issued by the Federal Reserve and probably make the dollar better. Here is an article I wrote advocating that: http://seekingalpha.com/article/198409-restore-sound-money-by-exempting-...
The IRS is not representative of the rest of the world! Read Ferdinand lip instead of the amateur site seekingalpha.
I doubt Europe and it's low tax regime says "Oh you just sold gold for double what you paid for it, I'm not going to bother you with taxes on it." I'm sure what I said about gold's tax status is true in most 1rst world countries.
I doubt Europe and it's low tax regime says "Oh you just sold gold for double what you paid for it, I'm not going to bother you with taxes on it." I'm sure what I said about gold's tax status is true in most 1rst world countries.
There will be no records.
Trade will be for solid assets, not fiat currency, gold & silver for food & vehicles, energy & residence off the books. Nothing will be tracked or reported.
In my state, this has actually been institutionalized in real estate transactions. I've had several transactions that read "for the sum of $10 and other valuable considerations" and I the phrasing is a carryover from the gold to federal reserve notes conversion in the 30s. My message to the fed is, that works both ways, bitchez.
Oh that is nice. So I could buy realestate with my kilogram of gold?
APMEX did with Donald Trump
http://youtu.be/ZjgUdNUXGFI
Which is why the deed reg tax is based on county value in such a case.
How the IRS behaves does not dictate what is good money or not. The IRS has no jurisdiction over non-Americans, outside of the USA, where most of the world is.
Fuck. The. IRS.
FTFY
Can you write it off if you have a boating accident?
Since Gold has been declining then there may be a Capital Loss depending upon the time of purchase.
And since the IRS does not know when the Gold was purchased, or, at what price it was purchased I do not think that anyone here has any problems with Capital Gain taxes.
Besides most are average. Most always buy it when it is advancing to the peak and then sell it in a panic when it is declining. Thus they experience a Capital Loss.
To my understanding there are no taxes due upon Capital Losses. But I am not a Tax Expert.
But I implore you to be honest and not cheat the IRS. They are relentless.
Getting rid of the IRS has to be done COINCIDENTALLY when getting rid of the FED. They are two heads of the same beast emanating from Jekyll Island.
Ah Mr Magoo, you've done it again!!
Need more proof that gold wont work?
So he tells his fellow Joos at the CFR the truth about gold and lies to the general public.
I like fofoa's perspective
Greenspan* knows that his legacy will be tarnished by the coming collapse, so he is trying to "unlie" his previous lies--"I was lying then, but I'm not lying now."
Sorry, but your guillotine appointment has already been confirmed.
An American, not US subject.
"Hard to get rid of the smell of shit when you are so full of it."
What a two-faced prick.
Just goes to show that you should never listen to any historical figure's writings or speeches on a topic. Their actions are really what's significant. Someone will make the mistake one day of trying to make sense of this era by reading speeches and news clippings and testimony. Nothing could be further from the truth.
The federal reserve act was sold as a way to regulate the banks in its time. Despite the fact that the banks created the cartel.
I have no idea what Greenspan is doing other than a big CYA move.
Commodities are all screaming margin calls under the surface.
I'm sure that the powers that be have a strategy to deploy a pseudo hard currency. The SDR is probably the model: claim that the transactional unit is 'gold backed' but in reality there is no redemption and entirely manipulated.
Gold would be much, much harder to monkey around with than the total imaginary nonsense of the Federal Reserve Note. But, gold can be manipulated, particularly if one can't redeem physical with a certificate.
I think a system of gold and silver would be better, as long as it allows each to float. Frankly, any transactional system that is based on productive capacity would be better than arbitrary rulers claiming the right to produce a fiat currency.
Greenspan might be letting out a little bit of truth, but personally, I doubt he's suddenly having a heart.
He can say these things because he knows that a nail gun death at his age is just out of the question.
Devide the oz of gold by the currant population. Now consider savings of 1000 somethings per year across that pop #.
I've heard this argument before. It's false, as the amount of gold is irrelevant. It is the value of that gold that is of importance. Quality, not quantity of a currency, is what defines your REAL purchasing power.
It is true that the kinds of "gains" we see today would not be possible with gold. But why are gains like that considered good anyway? A currency that reliably holds its value is FAR better than one that can be manipulated up and down, and go to ZERO.
And deflation is a NATURAL AND EXPECTED phenomenon in an economy with growing productivity. Gold would reflect that. But big finance cannot exist in an environment of stable currency values and slowly declining prices. There is no 'froth' for them to skim from. They can only whip things up with fiat.
But consider this...When you whip up froth, you aren't producing more liquid. You are merely adding bubbles to the existing liquid. Big finance doesn't create or produce anything, they just whip up everyone elses liquid and skim off the resultant froth. When they are done "working" there is actually LESS than there was before.
And as soon as the froth dies down, you can SEE it. Hence the desperate need to keep on whipping.
Yea pick any value for gold in coin vs labors value.
Pay attention boys and girls.
The value of labor matters. As soon as you try to implament a gold standard the first order is to place a value on labor. To high and there is not enough gold to make payrolls around the world. To low and the coin is just a grain of sand in size. Same issue for silver. It will not scale well with todays populations. Ive heard that rebuttal before. It might sound good but the second a value is given it dont work at that value. There is no value that will work in the real world.
The other big issue? That gold belongs to somebody now. All of it is owned some of it more than once but thats another story. So to implament the gold standard you must start by stealing it from people that it belongs to. And then revalue it. Remember all that gold is in play now. There aint no way around it. So where do all these new coins come from? Theft on that scale is such a bad idea. Asking for a gold standard is asking the governments around the world to take all your metals by force. They dont have that much. And just how praytell do they compensate you for your gold and silver. In fiat? Or hollow points?
The thing that matters is perchasing power of the coin must be a fixed real value. X buys X today and next year. It should not cost you any buying power to hold your money for as long as you choose. Its yours right.
The size of the coin vs labors value. Its either too big or too small. To put it simply. Both quality and quantity must work.
Divide the national debt by the price of gold by the population. When the music stops thats how many ounces your freedom will cost. And thats just to get out of the frying pan.
Alan Greenspan
1966: “gold and economic freedom”
2014:”Gold is currency; no fiat currency ,including the dollar; can match it”
Welcome back to reality Mr.Greenspan
What a long, strange trip it's been.
of the
Balance of Payments Manual or BPM6). The European Union countries’ balances of payments French balance of payments and international investment position - Annual Report 2013 and international investment positions must be compiled under the new standards by November 2014 at the latest, with back?data series covering several years. In France, the first data release in the new format came out in March 2014 and related to the data for January 2014 French balance of payments and international investment position - Annual Report 2013Russia said it might outlaw use of the dollar in Russia..Mark Faber (smart but not my go to guy usually), says keep your gold out of the U.S. Equals, when gold breaks thru, it will be outlawed to use in the U.S. I am sorry, but they can, and they WILL do it. I have come to the conclusion that your best bet is some ag land outside the city, stored food/water, and lotsa bullets.. You think they are going to let you spend your precious metals? good friggin luck. You think it cant happen? Look at what they have already done. QE to infinity, fibbing about economic stats,,, spying on you, and you can be assinated without a trial..Outlawing the use of gold will be a cakewalk for them.
Gold isn't for spending. It's for preserving wealth that will brindge from this financial system to the next.
You are storing wealth (one of the definitions of money)so you can access it tomorrow. That land can be confiscated easily by a despotic government. Happens all the time. There are going to be many things to barter wit, including PMs but why use the good money when you can use the bad or something else that isn't durable. Spend your cigars, bottles of beer, 19 year old daughter. But don't spend you gold unless you need to to survive.
Cynic alert! He can't sell any books so I guess he'll give gold a try; Now I'm worried...
November 2014 at the latest ..............
Whats the rush man.
I don't want to thread jack but has anyone noticed the new gadgets becoming popular? Things like wireless security camera sets and health bands like fitbit? The latest models of these camera's offer "cloud storage", where your footage is uploaded to a server automatically. They now have health bands with GPS (obstensibly to see how far you've run/walked) along with heartrate and other monitoring. The latest models of these offer a wireless connection to your phone or to a program on the internet where you can view your progress, make reports, see how you're doing, etc.
It's like people are being lulled into giving away the last bits of personal privacy they have. I mean if you add this to peoples information already out there, i.e. from bank records to health records to phone apps and social media, we can pretty much be pinpointed 24/7. People are giving away the last bit of information they have to themselves: what"s going in their homes and what's going on in their bodies. I don't buy for a minute these gadgets can't be hacked assuming there aren't backdoors built into them from the beginning.
Aldous Huxley would be impressed.
exactly my conclusion. They want you wired to their web so that you and anyone near you can be tracked and accounted for. Those that aren't accounted for are dangers to them.
Snowden was right. Everything is monitored, why am I even typing?
Orwell couldn't even have imagined the "memory hole" on this level.
Isn't even a hole. It's a memoy board. What goes on never comes off.
It is when you stop writing that they will take notice.
As long as you are writing then you are not doing.
Hell you have no real anonymity.
That is why I have no problem posting my street address. They know it anyway.
Do not fall for their intimidation tactics.
Just be ready to die for your principles.
We are all dead anyway. If not from the engineered Ebola Pandemic then from a Global Thermonuclear War.
I have absolutely no faith, no trust and no confidence, whatsoever, in this system or its currency.
Look at DineroDProfit's response to my posts above. He is demonstrative of the fascist police state authoritarian Government which we face.
Do you really want to live under that type of tyranny?
So really what do you have to lose?
Something else along this line of thought is the boom in states issuing concealed weapons permits. How better to know were all the gun nuts are then to allow them to register themselves?
The feds copy every ATF 4470. Buy a weapon at a FFL dealer?
If you bought a piece, they know who you are. CCWs are superfluous to them.
We were using pen cameras 4 years ago when I retired from the constabulary. 1 for every 4 constables. Helped keep everyone straight.
In the Future... All money/currency will be backed by Precious Assets: Precious Energies + Precious Materials. It is the ONLY currency model that is acceptable universally and sustainable indefinitely. All else is not. The only thing that's TBD is the "When" and "How". In the meantime, everyone is jockeying for position at the G20 Monetary-Model Table.
Currency can and should be... indexed to REAL ASSESTS (Precious+Strategic) for Price discovery, backed by LABOR+RESOURCES (for Value-add Wealth Creation), and enforced by COURTS+FORCE (for social and economic stability). Now think about these concepts for a while, before you cave to your preferred reflex reaction.
p.s. I'm hedging accordingly: ASSET DIVERSIFICATION, RESILIENCE and RISK MITIGATION. Others may stick to their "One-Trick Pony" model, if they wish.
If somebody of real importance would come out in a press conference and really spill the beans on how the world works, what do you think would happen? After a brief pause there would be an orchestrated effort to show the person had 'personal problems', 'suffered from a sudden spell of illusion' or similar. Even Ron Paul was made to look like fool from the very begining of his presidential campaign. The Matrix will NOT let itself be exposed for long.
What's so stunning about that? Greenspan was an expert on gold and austrian school of economics and has written important papers on the topic. he suspended his believes while at the fed, that's all. he knows. bernanke knows. yellen knows. they all know.
What the hell. He seemed to know this all along except for this time as Fed Chairman. It's like they put a computer chip in his head and now removed it!
I keep wondering if he sabotaged the entire economy on purpose.
Maybe it was a genius plan to get us back on a gold standard.
That's been my theory since 2010. The gobal economy had to be wrecked to reduce the demand for oil. Kinda like it is today.
The demand for oil had to be reduced because -- just as they lie about everything -- they have been lying about how much oil exists in reserves.
But don't worry, the US has 20 aircraft carriers to make us more oil.
Actually we have ELEVEN with the retirement of the USS Enterprise.
But your point is taken.
I think that he purposely wrecked it because it was the antithesis of everything that he believed to be proper and noble. That DEFAULT in 1971 was the Tipping Point for him.
I bet he is just as astonished as I am that it has lasted this long.
You mean to teach the world a lesson?
That'd be a fucking monster of a lesson to learn.
seek: Not on purpose. He ain't that smart.
He is clearly a malformed human that was born looking like a can of smashed assholes and was probably teased mercilessly as he was growing up. That's why you only see freakish humanoids in positions of power and politics.
The real puppet masters play on the ego/insecurities/emotions the likes of Greedspittle scum at a young age and put these basket cases into major positions of power over a period of time. They are literally "groomed" for a position based on how easy they are to manipulate, and how intelligent they are.
Greedspittle couldn't sabotage his own pants by shitting in them. He's a puppet. Just my opinion.
Running from the rope!
There is nothing stunning about the admission. Few people know Greenspan was once an advocate of Austrian School economics. He wrote what is probably the most compelling essay ever about the necessity of gold to protect the Freedom and property rights of people.
Unfortunately, he failed to live up to his own ideology.
Article here...
http://www.globaldeflationnews.com/what-caused-a-brilliant-young-economi...
His essay (Gold and Economic Freedom) here...
http://www.globaldeflationnews.com/wp-content/uploads/2014/01/gold_and_e...
Some may be interested in how EWT tracks gold...
http://www.globaldeflationnews.com/a-great-model-to-understand-golds-pri...
+1 That's the most important reply to this article.
Now I would have awarded you an uparrow on that because it is the truth.
But you used the Blockquote Option to begin your post so I cannot.
Still...+1
I never really had a problem with bernanke's response. In the normal sense, gold has been a commodity, which is used in the production of stuff, predominantly jewelry. So, it's not really money, so much as a good. However, it is not fiat. Money, which is just a paper transaction for "work" is fiat. And, given that they can print it at will, the value of "work" is now meaningless. Which, leads us back to gold. When the fiat is made absolutely valueless, people must turn to another means of trading said work. And, this is where gold is great. it holds its value. it's not cheap, it can't be fabricated out of nothing, it doesn't rust or decay. It is currency, in that it is a store of value when all else is going to shit. so, ben, it may not have been money a decade ago, but your profligacy has made it money, again. so, kindly go F your self.
Transcription is wrong: "Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency"
Listen carefully - he says "THE" premier currency.