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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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Its funny
Yee guys over in Zero Hedge land love bombing Greenspan when he mentions gold.(the bankers money)
I am not saying you should not have some as protection but it will lead to even further misery.
These "free trade" mechanisms are always a crock of shit.
The trade directs energy to concentrations of power.
What's really funny is those who despise free trade push for their own pet power brokers to direct the trade of others. So I'll stick with free trade.
Can't wait to piss on a "rock star's" grave.
Hey! King World News redemption time! Looks like that break below 1180 was a fake-out move, physical buyers have the bankers on the run now! Now they'll get what's coming to them, after all these years! Miners leading the way, look at that rally, they've closed the downside gap, looking to break out above resistance as everybody knows the bottom's in for gold - I can't wait to see JPM admit they have no gold in the vaults! LOL.
The Good News: "I can't wait to see JPM admit they have no gold in the vaults"...
AH
Now the Bad News: The guys are all fucking lunatics and you can place a bet at any counter that a nice surprise will be coming our way before that announcement gets made just like this guy did the day before!
Al - from a technical perspective the downside gap needed filling to continue the slide. Otherwise it would sit there as a magnet to be filled at some future date. No way am I saying the slide continues, simply that tecnicals insist that the gap be filled. Always.
When the liar can no longer "lie" anymore...
This along with the essay he delivered in the mid-sixties on the same subject which ZH has posted makes it clear.
This one needs to stay up for awhile to show how vast and unseemly the contradictions run when they open their mouths!
Gold and silver are the metals of wealth preservation. Steel and lead are the metals of power preservation.
Get all the gold, silver, steel, and lead that you can.
An American, not US subject.
Guillotine blades are also made of steel.
Guess the cuffs are off for exFed Chairmen to shill for commodities...any guesses as to how much gold he has in his basement safe?
You think Greenspam that after all those years picking up a cheque and lying to your fellow man you can walk away from this because you be an old man?
You like B.Liar, did you convert to christianity to save your eternal soul did you? No?
If the mob dont get you, you fucking filthy excuse, and waste of human skin,
Hades will. Dont think being in your doderadge will get you off son, you filthy manipulative cunt. And all for 'Money'. I hope it was worth it you cunt. I hope all those destroyed lives that you caused come back and never give you peace. You will burn for the rest of time you cunt.
Now fuck off and die.
And thats being as polite as is possible against this fucking cunt.
Cunt
:-)
I checked the article and confirmed the omission.
I also emailed their Editorial Director to that effect. Send her your best regards:
Patricia Lee Dorff
Editorial Director Contact Info:E-mail: pdorff@cfr.org
Location:New York, NY
Inthemix96: Ask yourself if him saying these things recently, essentially speaking truth to power, is a good or bad thing. I know I've done my share of bad things in my life and hope someday that I'll be forgiven. Greenspan hasn't come out and appologized for misleading people during his tenure as fed chairman and the economic carnage that resulted, but he is doing penance of a sort. I for one forgive him (my silver hasn't been tarnished by him one bit, in fact I got it at a discount partially because of him) and I hope he is forgiven by you for your sake as well, and when it really counts.
Sorry Gaoptimize,
Not on my watch. I have no bearing at all on your life, not a jot. I can repent till my heart is content, wont help me one bit will it?
I never hurt a soul, and I mean that. This cunt did, by the millions. I have nothing to answer for, I write shit on internet websites, Alan Greenspan hasnt got that excuse has he? I dont forgive, and I never forget, this fucker ruined me,
He has far to much to answer for, and at this point I will regretably disagree with you. I have two kids that shouldnt have to live with whats coming our way. And this 'Thing' can come out with truth just cos he feels the weight of himself before the devil takes his soul?
I dont fucking think so. This cunt owes you more than you could ever imagine. He ruined us all, and gloats about it.
He is, a mother fucking cunt.
He deserves nothing from you, and less from me.
Respectfully I disagree.
Read my posts and consider what I wrote. I believe him to be a Trojan Horse.
However it will be for the Good Lord to decide just where is heart was in the end.
Neither you nor I are God.
Do not let hatred consume you.
If there is a doubt then yield the benefit of that.
Demonstrate to me that I am wrong in my understanding beyond any reasonable doubt.
Look at the case which I have presented on this page. Poke holes into it. Demonstrate your case by tearing mine down.
The ruination happened when Nixon followed the Volcker plan and suspended and repudiated Gold Redemption for US Dollars. That ruined the UK. The London Gold Pool was a farce. That ruined the USA. That action allowed the USA to decouple from Gold and print with wild abandon.
That is what killed our economy.
That was a Tipping Point for Greenspan.
Green spam. (an oldie but goldie,the joke not the man).
Over time, I've developed what I consider to be Universal Money, if backed by 11 Baskets of Real Assets:
1. Precious Metals
2. Strategic Metals
3. Base Metals
4. Rare Earth Materials
5. Oil
6. Gas
7. Biomass (Forests, Livestock, Fish+Seafood, Vegetation, Wildlife)
8. Water
9. Arable Land
10. Rocks
11. Ocean Frontage
The beauty is that every country will have its own Money Basket that's based on these 11 baskets, even though certain Baskets will dominate due to their relative market value.
As for Life after the Big Reset, think carefully how countries will fare -- given the size of their population and their natural wealth (total and per capita). If we add the critical Human element of having an Educated and Healthy work force, then the prospects don't look so bad at all for "USSA", or many other Western countries. I worry more about places like India, Bangladesh, Pakistan, etc, where Overpopulation, Birth Rates, limited food and limited water are "limiting" issues to national stability.
Admittedly I digress now, but w/o social and economic stability, no currency can be stable, and no amount of fascist economics can keep it so. Accordingly, I see the 2 biggest threats to national and global security as: 1. Ideological Fundamentalism+Extremism (the quick-burning fuse), and 2. Overpopulation & Birth Rates (the slow-burning fuse). Having one or the other in a country is dangerous enough, but having both is... FATAL(istic) to the nation, region, and maybe the world. Especially if nutjobs take over the nation's WMDs -- be they Atomic, Biological or Chemical (ABC) and things align for a Perfect Storm. [shiver]
you forget Heavy Metal and Punk Rock
Ill take the other side of that debate.
Rips shirt and makes crazy eyes.
Gold would be awsome.
Will we be seeing another "PETER SCHIFF WAS RIGHT" video on youtube ????
Not sure, but those fucking silver bears are bound to have a comeback.
Maybe we should start a pool. What price of silver when we see those guys again? I'm putting the over/under somewhere in the 30s.
I'll join your pool. When silver gets back in the $30s, those cartoon bears will be back!
Why is the US Treasury minting and selling gold and silver coin?
Anybody? hmmmm.
They mint and sell gold and silver coins for $US.
Why?
Thay have to give us a chance to turn in worthless fiat for something usefull? Texas Dan, was that a trick question?
Anybody? hmmmm.
They mint and sell gold and silver coins for $US.
Why?
"My Stunning Admission: Morgan was Right."
Colonel Morgan?
JP Morgan - "Gold is money, everything else is credit"
So his take home message? Gold acts as a commodity until confidence is lost in fiat, then it acts as a currency. Makes perfect fucking sense to me.
I wonder why he spills the beans now? Could it be they know we are in balls deep and can't pull out from the upcoming crash?
Maybe he has the syph and it is messing with his brain?
<= He knows where all the gold is
<= He's dumping
such BS, just because gold is up +27 today because of paper gold this get posted.
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.
- Gold on Bank Balance Sheets is from the "old days" where we conducted Audits, Inspections, Investigations, had free press, had standardized accounting & Financial Instruments, and when companies were given financial ratings with a damn sight more integrity
- Bring Back the Art of Auditing, no excuses
Hey! The guy is really old. He is trying to come clean and get into Heaven now after selling his soul to the BIS (Banco Infierno del Satan).
Benny better stay away from nailguns and balconies.
Confessions of a bankster.
Shouldn’t he be speaking through one of those robot voice synthesizers and have his face blacked out or something?
Of course, it won’t be a copmplete confession until he admits, “Goldman made me do it”.
I remember watching Bernanke answer that question. It was as if the world stood still waiting for him to answer. Epic moment.
Hey, how come Gartman didn't testify?
Fuck this treasonous toad.
Hedgies didn't need this senile old Jew to tell us what we already knew.
Could/would the fed print up enough fiat to cover the holders of gold certificates at current market value in the event there is a rush to physical?
Is it even remotely possible that Bix Weir was right about Greenspan all along?
I still believe AG is looking more like the Ron Paul of the FED. Offered up to balance the false two pillar paradigm fiat vs. physical
Iteresting that Alan Greenspan, AG is the symbol for silver.
Better than "Quince, Edward" I suppose.
Where the transcript says "construct of a banker", it should read "construct of a bancor"
(The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher conceptualised in the years 1940-42 and which the United Kingdom proposed to introduce after the Second World War. -- Wikipedia)
Bizzar, I don't what he is playing at .....
I will advice him stay away from nailgun.
Wow....just wow.
After Krugman and Bernanke played round-robin with bashing Paul, I'm not surprised.
I"m just glad I took Paul's advice on PM's: buy for the long.
Nice try! I'm going to buy more silver, might even sell some gold to do it.
Backslider made King, destroys economy, comes back to Jesus, all forgiven. NOT.
Mr. Greenspan's confidentiality clause has obviously ended and now he's chirping like a bird. What will the Bernanke say when his confidentiality clause ends?
Luckily TalkToLind doesn't have any confidentiality agreements...I'm free to say: Gold, bitchez!
Yes, words of wisdom from the same idiot who missed the financial crisis staring him right in the face.
Spare, Alan. You've done enough damage already.
Yes, words of wisdom from the same idiot who missed the financial crisis staring him right in the face.
Spare, Alan. You've done enough damage already.
My guess is the old fuck finally bought all the gold he wanted.
For those who'd like to read another pile of bullshit from Krugman. This is truly laughable.
http://www.nytimes.com/2014/11/07/opinion/paul-krugman-triumph-of-the-wrong.html?src=me&module=Ribbon&version=context®ion=Header&action=click&contentCollection=Most%20Emailed&pgtype=article
National Guard Apaches just flew overhead and a major employer in Ferguson just sent everyone home. Grand Jury Verdict tonight.
scratch that...looks like it will be monday
http://patdollard.com/2014/11/hackers-leak-date-and-time-of-ferguson-gra...
in other news both gold and silver at four year lows.
happy friday
And now you all love Alan?? Pathetic.
If it's wrong to have a man-crush I don't want to be right.
PS - I no longer use the /s tag. You'll have to figure it out on your own.
Hmm.. both a currency and a commodity. Where have I heard that before?
http://tradewithdave.com/?p=22617
The poster Gaoptimise has made me think.
I dont post here much now, just lurk. Unless it gets me back up mind, but I will say this, I may never agree with you, I might not even hold your thoughts in my head for a few minutes, I might hate everything you say from the bottom of my heart.
But I tell you one thing, I will fight you by your side, to the death, to have your voice heard. We may never agree on anything but we should all have the equal say on how our lives are run. These are our countries, not the rulers, its ours, it always was.
At the end of the day, we come in with nowt, and we shall so surely leave the same fucking way.
Leave something others can remember you by. You all deserve to be heard, and fuck those that say you dont, you fucking do.
And greenspam should be skinned alive, fucking twice.
;-)
inthemix96
I'm going to leave the banksters to bury my stinking, rotting corpse to get rid of at their own expense. That's all they will get from me, and they've got nothing from me during my past 14 years. They will continue to get nothing from me while I'm alive.
As the hangman slips the noose on, many confessions begin to come out.....
You are such a crook!
everyone at ZHers are happy, gold up +37 because of paper gold buying - oh the irony.
Greenspan 1.0 is back.
Anyone who uses the term goldbug doesn't know anything about money or economics. You might as well call someone a moneybug. The idiots are the paperbugs who can't seem to learn anything from history or do simple math.
I don't know, man.
The "paperbugs" typically get chauffeured around, have homes all over the world, wear nice suits, wine and dine, and have fun at the country club.
The goldbugs or moneybugs as you call them, typically live in a trailer and have a mosin nagant and expired cans of beans stacked to the ceiling in a closet.
I'm being sarcastic here, but you get my point.
Country clubs are fun? Being chauffered around is fun? Wearing suits is fun? Hmmmm...who knew?
This is proof Greenspasm believes "the end is near", meaning the worldwide economic collapse. Otherwise, he would never jump ship and turn against his former masters (the federal reserve and the rabid Keynesians).
So that is what's happening... purely pragmatic on the part of Greenspasm. He hopes to be the only central bankster who is not hung after the world economy collapses. He will point at these statements, plus his statements and writings from before he had any power, and pretend he didn't head the federal reserve for many years, and pretend that he was not the first one to attempt the old "push interest rates to near zero and keep them much too low for too long".
I also recall he called himself an "Austrian economist" recently too.
I also recall he admitted the real reason to push interest rates super low and print money like it is going out of style was... because the federal government wants to blow (spend and waste) vastly more money every year than it can possibly collect via taxation, and if interest rates were to return to historically normal levels, the interest on the debt would grow to absurd proportions.
Of course, they'd be even more absurd today, since the debt has exploded much further since then... largely because congress feels no need to restrain its spending as long as government interest rates remain so low.
Talk about "cover your ass". Will gold bugs really be so stupid as to buy into this? Will the public at large (and financial news broadcasts) really fail to notice what he actually said and did for 2 to 3 decades? Who knows.
honestann: Greedspittle reminds me a line from some long forgotten movie quote (and I paraphrase): "Everything that comes out of his mouth is a lie... even the word "the"!
I do agree that he is a two faced liar however it was satisfying to hear him say this to the CFR even if it was censored. Let's hope he continues with a few truths in hs old age and they make it into the MSM..
He is an utter minion. When he was young he wrote about how gold was a rebellious protective hedge against the powers that be, then he joined the powers that be, and now he is speaking truth to power?
PATHETIC.
His life is about as close to a tragedy as one can be - in that he clearly is a geeky economist dude who understands the nuances of money and the disasterous influence of unsound money and privilege of the bankster classes - and he sold out to the bankster gods and became their operative.
How does he live with himself?
Many people forget who all these central banks lost their gold to. Who owns most the gold now? Who is sitting completely prepared for fiat currency collapse? Fiat death wipes out the upper middle and lower upper class. Not the elite.
So, who owns the gold? Greenspunk's handlers. Why now? Maybe this really is it.
IT'S A TRAP!!
-Admiral Ackbar
Can anyone tell me what does that mean? (it's probably a language problem)
Every time you get some really serious questions, the 50 percent of the gold price determination begins to move.
Does nobody know what that means and nobody is asking about it? :D
When fiat currency falters from lack of confidence the gold price goes up because people dump their shitty fiat for gold. But it doesn't skyrocket, as in a wholesale panic into gold, because there are still other "50%" price determinants holding the price of gold down -- like the rigged markets & paper gold.
My take, since Greenspan is famous for using such obfuscation to avoid mentioning things, "which shall not be named." Just more confirmation and forensic leaking from the criminals themselves that the conspiracies are fact and they are dying. Greenspan is giving his deathbed confession and legacy shopping before he is enshrined as a POS in the money changer Hall of Fame.
That's an excellent explanation, thanks!
Yes Greenspan was well known for speaking and saying nothing.
I would need to listen to the interview again, but are you sure the "50% determinants" were meant that way? Maybe he means this percentage as the monetary component contrary to the jewellery component?
The more I think about it, the more I believe it is meant that way:
there are two main determinants for the price of gold. Gold as money and as jewellery (industrial use can almost be neglected).
And 50% determinants then means one of the two determinants - gold's function as currency.
Our tribal overlords sure know how to pick em.
The one libertarian economist that not only believes in the fed but becomes its chief.
He's still advising Paulson & Co, right?
Geld macht frei
der tag fur freiheit und fur geld bricht an
There is not one place I spend money or pay bills where they would accept gold.
Ditch the EBT card then.
I work bish. No ebt here. Thanks for the confirmation bias though champ.
Seriously have you ever really tendered Silver or Gold?
I have.
I have had some failures and some successes.
I bought lunch with a Silver Quarter.
I am certain that the Liquor Store next door would take my Gold in a heartbeat. There is no question about it.
(Hell the manager/owner always asks me directly for Gold and Silver. DAILY. He is Chaldean. I have already sold him Gold Ingots and Gold Jewelry. He has actually been to my home.)
The Taco Shop down the road has traded meals for Silver Jewelry.
I can walk into the Pawn Shop below me and buy anything that I want with Gold and Silver.
I have no worries about that.
Anecdotal experiences may vary as to location.
I do not believe that you have really offered it. Or if you have then you have not done it to the right places.
You will be surprised at how many establishments will barter for Gold and Silver.
I have had NUMEROUS successes.
So if you grow tomatoes you can't pay with those either. So what does that prove? Gold and tomatoes are worthless?
If I was growing Tomatoes I would be bartering those to the Taco Shops for meals. (They do use Tomatoes, you know?)
I have used Gold and Silver in many transactions.
Have you tried?
Once you have (and you will be successful) then that destroys Bumbu Sauce's argument.
I know damned well that he has not tried and I know that FROM EXPERIENCE.
His post is DISHONEST. He knows that I know it.
But you fell for it hook, line and sinker, because YOU DO NOT KNOW IT.
You will know, beyond any reasonable doubt, that both Gold and Silver are MONEY.
To have that REAL EXPERIENTIAL KNOWLEDGE is a good feeling to have.
In fact that would scare the bejeezus out of all the Central Banksters if this started to become a COMMON PRACTICE.
So, in response, to his dismay, is that EVERYBODY HERE NEEDS TO START TO DO JUST THAT.
Use his troll post as an incentive and cause it to BACKFIRE in front of his owner's faces.
Report your successes. That will frighten his owners to death.
Let his post become the snowflake that becomes the avalanche.
Understand that it may even start a GOOD, FAIR and DECENT TREND.
What is the wiorst that any establishment can say?
No?
Then pay those guys with paper and get a good laugh that they refused real wealth.
(Since Mark Dice lives in Vista, California, I invited him to Lakeside to pull off that One Ounce Gold Coin giveaway. He knows better. I do not know why the poor knows what Gold is worth. But they do.)
ROFL.
OK, challenge accepted, I'll try to fuel up and pay with gold at the conoco. Then I'll stop at subway and get a meditteranean Chicken sammich, paid for with gold of course...
Is the distinction between large, corporate retailers and small, independent ones too nuanced for you?
Was that part of Tom's argument? I can't stand paging down thru poorly formatted text like that. What is with the compulsion to double or triple space between every freaking sentence?
Not explicitly part of his argument, but implied, and common sense, really.
A neighbor will accept silver coins for fresh eggs far in advance of any corporate outpost, etc.
First I have withdrawn material and moral support for the corporatocracy.
As far as it is possible I have withdrawn from it and opted out.
And finally if your only argument is a whine about formatting then you really haven't an argument.
LMAO
In my youth I gassed up my car and bought burgers with silver coins. Is that totally irrelevant to you?
No. It is entirely relavant. His argument was bullshit.
You needed to nail him with that. You have done it before. You will do it again.
I trade currently.
I'm in PM accumulation mode. I have no desire to spend them to gain confidence in them. I distrust fiat and so it is natural that I will spend that first. I've been to many countries and am quite confident that PMs are spendable. I thought about buying a Harley on craigslist with gold coins but then decided that I value the gold more. Plus I don't fit the fat beer belly image of a harley rider and have no desire for HD tattoos.
I am also in PM accumulation mode and dispense with fiat as fast as I can.
But I am also a proselyte concerning the circulation of this type of money. Thus I practice what I preach because my behavior speaks louder than my words.
At this point I can still easily replace what I trade away. In fact as prices decline it becomes even easier to replace it.
I
http://www.reuters.com/article/2014/11/07/us-ecb-noyer-idUSKBN0IR0ML20141107
IMF, US encourage Japan, ECB monetary stimulus
PARIS (Reuters) - The International Monetary Fund and the United States encouraged the European Central Bank and the Bank of Japan toward greater monetary stimulus on Friday and urged governments around the world to do their share to cultivate growth in their countries.
Calling the world economy "fragile, brittle and fragmented", IMF Managing Director Christine Lagarde told a conference of central bankers in Paris it was "perfectly legitimate and appropriate" for the ECB and the BoJ to take unconventional steps to combat low inflation and economic stagnation.
U.S. Federal Reserve Chair Janet Yellen said central banks "need to be prepared to employ all available tools, including unconventional policies, to support economic growth and reach their inflation targets," especially where governments have withdrawn fiscal stimulus.
The comments came a day after the European Central Bank ordered its staff to start preparing for bolder measures if needed to fight slowing inflation, on top of a range of rate cuts, asset purchases and lending operations already agreed.
However, Indian central bank governor Raghuram Rajan said whether "more stimulus is the answer" was a good question. More economic reforms were equally important, he said.
Lagarde said governments with healthy budget positions should do more to support growth, describing as insufficient a German announcement of an extra 10 billion euros in spending on public infrastructure over the next three years.
"In this part of the world, we have to repeat over and over that monetary policy cannot be the only game in town, and that there has to be a combination of sound fiscal policies, use of fiscal space for those countries that have fiscal space in order to support growth and rejuvenate that growth," she said.
"Clearly, the announcement that was made yesterday was in the very small ballpark of what will be needed in order to do that."
ECB Governing Council member Christian Noyer said central banks, including his own, should be prepared to buy public debt if needed to avert deflation or a run on sovereign bonds.
"Such an action may be vindicated if there are risks to macroeconomic or financial stability or even if self-fulfilling runs on public debt may be a threat to market access, or lastly to avoid the deflationary consequences of a public debt event," Noyer told the conference.
"comments like that will be turning you into a rock star amongst the gold bug community."
Even if he started shitting gold bricks Alan Greenspan will never be anything but an enemy to the gold community.
Greedspan doing the backstroke so fast that even the that he is barely recognizable to his old cheerleading section at the Council of Foreign Relations (title is a great oxymoron).
Next up @ The "Council will be Robert Rubin saying that Glass Steagal should be reinstated now that technology costs are so low, unlike the "benefits of technological efficiencies with mergers of Banks, Stock brokers and Insurance agencies" in 1999.
Rubin, Weill, Clinton all have bought or buying gold right now..... Greedspan would not have made the statement unless he and his peoples had already hedged themselves. You know how that works.
The CFR cut out the part about Gold becuse the people who make up the CFR think that SHEEP are only good for SHEERING.
Tangentially off-topic, but really on-topic: this is the third case of overt censoring I've seen in the past week. Today it's Greenspan's gold comments, A few days ago it was Forbes re-writing the ebola story after saying AP wasn't covering possible cases any more (linked to by George Washington here, and you could see the edits via archive.org.) Last week I stumbled on another case of obvious censorship by google completely by accident involving kidnapper Nathaniel Kibby that's downright spooky (use google and google news to search on his name, then do the same thing using baidu via google translate, and you'll find dozens of recent stories Baidu picks up but google does not.)
A friend noticed the same thing a couple months ago and it's looks like it's been accelerating. Manipulation of news coverage in the US is getting a lot more overt.
They are all off to make their fortunes in
https://www.academia.edu/9161420/Pita_as_Art
Gold is "currency"?
We're in serious need of definitions.
Currency is in the set of Medium of Exchange (MOE) types. This set includes coin, credit cards, checks, and other accounting entries. It doesn't include gold.
Gold is a commodity. It is in a set with copper, silver, and pork bellies. That set does not include currency or coin or other MOE types.
Maybe you have not noticed that pay day loan shops and others buy gold and silver by the gram. So, my old bulk silver coin collection is worth its weight in silver, the inference is that it is real money. I also have accumulated some gold in 1/4oz and 1/2oz coins mostly, again this is real money and lastly, I have recently used it as money to purchase some goods and services, thus it is money.
Maybe you have not noticed that pay day loan shops and others buy gold and silver by the gram.
What's that got to do with currency or the Medium of Exchange? In my neighborhood, people buy hay by the roll or bale.They trade Medium of Exchange (MOE) for it as both are items of simple barter.
I too have accumulated gold and more importantly, junk silver US coin stamped before 1965. I was just out of high school in 1964. A quarter then would buy me a gallon of gas. That same quarter today will also buy me a gallon of gas. But first I have to convert it into 13 of post 1964 quarters before the clerk at the gas station will take it in trade for a gallon of gas.
If you choose to use pre 1965 coin in normal trade you are a fool because in normal barter trade it will trade for 1/13th as much as it did originally. However, you can go to your coin dealer (and loan shark), exchange it for 13 quarters of today's vintage, and get a gallon of gas. Skip that step and you get a thimble full of gas.
Currency, coin, checks, credit cards, and units in accounts are Medium of Exchange (MOE). When you buy something with them you are entering into simple barter.
Silver and gold coins are also items of simple barter, but they are not part of the MOE, unless you as so stupid as to use them as such.
Learn it people and free yourselves of the nonsense you have been taught. Money is "a promise to complete a trade"... always has been ... always will be. It is created by traders making trading promises and getting them certified ... the certificates then become the "most" convenient item of simple barter, allowing barter to function over time and space.
It's currency in Utah.
It is a currency in some parts in California although it has yet to be recognized as a legal tender.
It is a Legal Tender in Utah.
It's currency in Utah.
Oh really? What can you buy for a pre-1965 quarter there versus a post 1964 quarter? To be "money" those quarters would command the same in trade. As items of barter (but not considering them as money), one commands more than 13 times as much as the other.
Both are quarters. Both are items of barter. But both are not money. Only when you view them as "quarters" are they money.
You may wish to read this...
From 29 March 2011
http://www.thenewamerican.com/economy/markets/item/4604-gold-silver-now-legal-tender-in-utah
With Gov. Gary Herbert’s signature on March 25, the state of Utah became the first in recent times to officially accept gold and silver coins as legal tender at their true value, prompting praise from sound-money advocates warning about the future of the Federal Reserve System and its fiat money.
They are not the only ones...
You can add in Arizona
http://www.thenewamerican.com/economy/economics/item/15042-arizona-legislature-approves-gold-and-silver-as-money
Neither of your links revealed the articles for me ... so perhaps you can succinctly summarize the impact.
In the mean time, I'll guess the impact ... zero. I'm sure people at the convenience store are not weighing quarters, checking the spot price of silver, entering it into their cash register, and giving change ... in silver if demanded. Gold and silver are not now and never will be money regardless of what laws the clueless lawmakers pass. Money is a promise to complete a trade. It is created by traders. It implements an efficiency to barter ... allowing barter over time and space rather than just immediate on-the-spot transactions. Once that promise is certified, the certificates circulate in simple barter trade as the "most desired" objects of trade. They attain this through universal acceptance, unchanging value over short periods of time (and all time if properly managed), and readily convertible to anything else at the going rate.
Serious long term damage has been done to gold, it may dead cat bounce, but it is going lower.
Good. I can purchase the same amount with less Currency.
That is great news. It is going to be on sale.
Someone needs to rip this assholes eyeballz out and skull fuck him.
It sounds to me like Alan "social security compromise" Greenspan is secretly worried about another new kind of currency.
That Greenspan believes gold is the ultimate "money" which cannot be displaced by fiat is hardly news.
He's said that going all the way back to when he was an Ayne Rand acolyte, when his famous article was published in the 60's:
http://www.constitution.org/mon/greenspan_gold.htm
When asked during his reign as Fed Chairman about whether that article still represented his position, he said: "I wouldn't change a single word."
After these comments he probably won't be strung up by the masses. At least if he does not fall victim to some strange accident or decide to base jump off a tall building without a parachute.
The King of PAPER is trying to save his soggy ass
good for him, and now he can have a nice warm feeling when angry Mob's of people, tear his head off !!!!
is there a lower life form on this planet than this devil.... ??
They should change the name of Council for Foreign Relarions to something more meaningful and what this Club is actually for, the Coucil for Jewish Superiority.
Well here we are...Japan USA Europe economies still struggling In the mud...USA still fighting wars...trillions In debt and printing trillions....China Russia buying gold and silver like there is no tomorrow.... gold and silver artificially smashed to lows...800 off the highs......M2 In orbit..... and now Greenspan saying gold is the man and has always been the man... and fiat...
Well if u ever had enough sign posts pointing u to a safe place.. .....a rabbit burrow has many exits...one should be gold..silver
bh2: That Greenspan believes gold is the ultimate "money" which cannot be displaced by fiat is hardly news.
He's said that going all the way back to when he was an Ayne Rand acolyte, when his famous article was published in the 60's:
http://www.constitution.org/mon/greenspan_gold.htm
When asked during his reign as Fed Chairman about whether that article still represented his position, he said: "I wouldn't change a single word."
so working for 30 years against gold and to pump fiat is ok?
It's a living.
Does this mean gold is going down again!
Thank you zero hedge for your wonderful, truth seeking but yet, insightful articles.
I really feel we're at an epicenter, ("crossroads") my fellow zero hedgers. I wish you all the best of luck in your endeavors. Remember the the violin quartet playing "nearer my god to thee" in the film Titanic. This is where I feel we're all at in this moment in time.
If you cannot understand the ancient past, how can you ever understand the present, let alone where your "really" going in the future.
I feel our ancient history is suppressed on a large scale and the 1% ers (unfortunately) know this very well. The more power you yield the more difference you make within a matrix "programme" construct.
Who is
Lulu Amelu?
The institution says one thing; the individual says another. A recipe for losing faith in the institution.
To recap:
Greenspan pre-Fed: gold rocks
Greenspan in-Fed: fiat printing rocks
Greenspan post-Fed: gold rocks
If only the sheople knew.
Unbelievable until one remembers Kyle Bass a year ago, to paraphrase:
"Governments will never tell you the truth; they can't tell you the truth. They're there to promote confidence." (in the status quo)
Gold is real. Gold is metal. Gold is money.
Gold is inert. Gold is pretty. Gold is private.
In gold we trust... we being prudent individuals.
I just want a heavier ordinance than this, sir.
Yeh Greenspan makes the case for gold....so u better sell you fucktards ..hey?
Wonder why they edited out his main comments if this is the new tune to tptb want out there?
"with very few exceptions, all of the developed countries have gold reserves. Why?"
Tradition!
Do not attribute Bernanke quotes to Greenspan.
It is dishonest.
Early onset dementia affects thousands of legislators and aged individuals like Alan Greenspan. I have studied Greenspan for many years and he is not as circumspect as he used to be. At one time he was thought to be very intelligent, but that time has since disappeared in light of the products of his tenure and thinking at the helm of industry. March 10th 2008 @ 11:00am Bear Stearns time was the minute Greenspan and virtually all of his peers in the Investment Banking industry were effectively out of their element in contemporary Economics. In the instant of the bear raid on Bear Stearns the entire world of economics changed and so did the structure of
trading expectations in all markets around the world. In one instant of market activity everyone realized that peak market had hit and expectations have followed suit ever since. Directionality of market participation immediately reversed and has not come back since. The race to the bottom had in effect began in that first instant of trading that started the herd migration out of markets entirely. Lehman Bros. went out in the next wave that hit six months later and then when SHTF
Paulson scrambled and Geithner leveraged TBTF because Greenspan never saw it coming. Think, Z/H, the man is senile now and likely has early onset dementia IMHO. Greenspan should be forced to donate his brain to science when he dies so we can determine the level of pathology many suspect today. I, for one, would not characterize Greenspan as being even mildly intelligent when it comes to running the Capitalist system or the free world.
"free" world.
you should be a comedian.
Mises Daily: Tuesday, June 15, 2010 by Frederick J. Sheehan
Transcript | Audio (mp3)
Fred Sheenhan explains everything you need to know about Greenspan.
i remember like it was yesterday. thanks ron..
The transcript skips a part after the "Yes...":
It's an important part, especially the [Laughter] part.
As for what was said... it kind of makes you wonder what to think when you hear a truth being said by someone who is not known as a honest person.
This stooge is trying to vindicate himself so the angry mobs don't plant him in a pine box when the SHTF.
Pine box is too good for this co-conspirator stooge and his pressitute missus.
Selective use of words Greeny. Notice he used "Currency" and not "Money".
He must have caught a glimpse of a new Dewalt nail gun box over in the corner.
I think you're mistaking Greenspan for Peter Schiff?
Or it's possible, he did the best he could at the Fed with what he was handed? Could not put the US back on the gold standard himself right? For those saying he did not like gold while he was Fed Chairman, that's just not true and he even stated in Congressional testimony that he would vote to put the US back on the gold standard, but his was the only vote on the FOMC. Not to mention all the power of the banking system and politicians who would want no such thing. He has his issues, but I think it is a little much to blame a single person for our current compalcency about finances, the monetary system, and monetary policy. What about the enormous body of We the People who sit back, ask, know, and care nothing about how the system works?
Question: "... is it your intention that the report of this hearing should be that Greenspan recommends a return to the gold standard?"
- Senator Paul Sarbanes
Answer: "I've been recommending that for years, there's nothing new about that. It would probably mean there is only one vote in the FOMC [Federal Reserve - Federal Open Market Committee] for that, but it is mine."
-Alan Greenspan, Senate Committee Hearing, September 1997
Alan is just F'n with us. His name is Greenspan not Goldspan.
I would prefer to chalk it up to senility, those type of "Folks" don't have a conscience and could give a shit about the afterlife. Attempting to impose christian values on their ilk is useless. He just saw a microphone and started regurgitating at random and picked a bad subject. It's a product of athrosclerosis rather than anything else.
Greenspan would have well aware of the decision that gold was to be demonetised aka Kissinger 1974, during his time at the Fed. Despite his support for gold before and when a member, but neccessarily dropped when made King of US fiat.
No doubt they all did their best to make a new world without gold and make the USD the replacement gold.
WHO knows it may have worked for another century if US TPTB believe in fiscal responsibility and kinda balancing the budget.
But instead the banksters, oligarchs, military industrial complex got control of every aspect of the US machine......thus 'Deficits don't matter' .... led the US to trillion dollar deficits, wasted unproductive money, trillions on the military machine that gives nothing in return......in other words meglomaniacs got hold of the US credit card and made a pigs breakfast out of the US economy...and sank the world.
The USD ponzi scheme would have come to an end but may have lasted much much longer if they all had half a brain.
Alan Greenspan was once a hardcore believer in gold. Read his 1966 article "Gold and Economic Freedom" (http://www.constitution.org/mon/greenspan_gold.htm).
And as this blog has pointed out previously, Greenspan is in favor of a gold standard (http://www.zerohedge.com/article/stunner-gold-standard-fully-supported-a...).
However, he also suggested that a gold standard is not possible in a welfare state (http://www.valuewalk.com/2014/10/alan-greenspan-gold-standard/).
All this notwithstanding, you wouldn't know that Greenspan is a fan of gold based on his very discretionary and activist monetary policy.
Didn't Bernanke say something about old relics being a bitch?
senile mofo who's he shilling for these days.
Greenspan knows real wealth is measured with a scale and comes in grams, ounces and kilos. Not in govt approved and inked paper or worse yet, virtual digits representing virtual wealth in your bank account, based on lies, debt and criminal behavior at the highest levels by those in charge that should know better and that has never withstood the tests of time. Real wealth is NOT paper and it never has been.
So if you aren't agreeing with Big Al and his view of gold YOU have the problem...
According to H.C. Wainwright & Co.:
http://online.barrons.com/articles/picks-in-precious-metals-that-will-fo...
Thus far in 2014, the prices of gold, silver and platinum have disappointed. We note that a number of forward looking mining companies have been able to successfully raise capital, mainly during the summer, while continuing to execute on their individual and fundamental business plans. We do believe the recent selloff in the precious metals space is overdone and note that any potential recovery in metals prices could present opportunity. Further, given these past raises, there should not be any further dilution, in the near term, for companies positioned to expand their resource portfolios, which they can use to increase future mine plans and strengthen their respective balance sheets.
While the overall momentum for precious metals this year so far has been negative, we do not believe that this trend or disfavor is sustainable over the longer term. A key data point to consider is the size of the Federal Open Market Committee’s (FOMC) own balance sheet which currently stands at over $4.3 trillion. History of finance has no exact precedent on how a central bank would unwind an asset portfolio of this magnitude without encountering a devaluation of the underlying currency. We also note the size of the U.S. federal government’s debt, which currently stands at approximately $17.8 trillion.
It is our belief that the FOMC will not be in a position to raise interest rates to historic norms of 4.0%-5.0% for many years, because doing so would stifle the government’s ability to refinance short-term maturing debt and also meet existing interest payments on the national debt. The only longer-term path out of this quagmire of debt is to systematically devalue the U.S. dollar, which plays into the hands of gold and all precious metals.
at some point gold will have to be discredited as a storehouse of value in order for the gloal elites dream of a one world currency/bank to take its place as universally/globally accepted/trusted medium of exchange... and they will succeed...just a matter of certain events transpiring and of time passing...... because we do not live in the 19th century anymore....it is all about efficiency..that is the root of Capitalism
Greenspam was the first of the Four Horsemen of the Apocalypse symbolizing Conquest, War(Benny), Famine(Yellen), and Death. The only question who is the last Horseman after Yellen? Maybe Obama will annouce Sharpton or Corzine!