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Why Russia And China Are Buying Gold, According To An Economics Professor
We already know that to at least one, sadly all too prominent, career economist gold is held by central banks simply due to "tradition." Here is how another professor of economics perceives the value of gold to central banks.
To Joshua Aizenman, a professor of economics and international relations at the University of Southern California, dabbling in gold is mainly an attempt by bankers and officials to send a message to the world — one that signals an appetite for power or that broadcasts a desire to challenge a rival. “I doubt that the Chinese or the Russians actually believe that gold is such a great investment in terms of pure returns,” Professor Aizenman said. “But if they’re trying to suggest that they’re unhappy with the dollar or that they want to become a global player, then gold is very powerful.
“The investment is a symbol,” he explained. “It’s made for political, not financial, gain.”
That explains it: not just tradition, but symbolic tradition. Actually, let's just combined what all prominent economists have recently said about gold, and we get... a 6000-year-old symbolically traditional bubble.
Source: NYT.
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"professor of economics and international relations at the University of Southern California"
Those are some serious credentials. We would be wise to listen to this guy.
Thinking about these PhD dorks is a complete waste of time.
Its time to get moving - a crash is on.
thinking about these guys is a buy signal
They buy gold because they lack the imagination to go beyond currency and enter the future of humanity.
I buy gold because humanity doesn't have much of a future
lol
"People as uninformed and as gullible as Americans have no future. Americans are a dead people that history is about to run over." Paul Craig Roberts
Humanity does have a futures.
This idiot professor doesn't understand that people see value in gold, not politically, but as an inherent attribute of existence. You see the yellow stuff and know that it's valuable. Maybe not in the cosmic scheme, or maybe so, but on this rock, it sure as fuck is.
Keynesian economics is the intellectual equivalent of pedophilia. It's based on delusional thinking, perversion and it destroyes lifes. It should be classified as a mental disease and the practicioners should get professional help.
It's just part of the 'death culture' to which he subscribed.
http://www.nationalreview.com/corner/347396/keynes-was-gay-not-theres-an...
Jessica Alba … please bring back Jessica Alba ....
I don't know about Jessica Alba, (though who can say they wouldn't, (wink, wink, nudge, nudge, say no more)), but who else, aside from the Russians and the Chinese, think that having savings denominated in something other than US Dollars is a good idea?
Uhm..., The Swiss, the Dutch, the Germans, the Mexicans, Uruguayians, the Indians, the Venezuelans, and on and on. So what fits that bill? Bright shiny metals!
And what does the market tell you about US Dollars which are backed in oil and oil loses 60% of its value in what, 2 months?
Right now, gold is cheap, in terms of US Dollars. Silver is even cheaper. They should be what is in every good little boy and girl's stocking this Christmas.
Oops, and Santa, if you're reasing this, I was just joking about Jessica Alba. No. Really!
Now I am confused..
Is gold a traditional symbolic barbarous relic or a barbarous traditional symbolic relic?
Either way should you sew some relics into the lining of your clothes?
The propaganda machine has labelled the gold standard as a barbarous relic, not gold itself.
It probably wouldn't be a bad idea to fasten some gold bars to a belt if you need to hit the road. Preferably an article of clothing that can't be easily removed.
Guy's name is Joshua Aizenman, pretty sure he bats for Team Red Shield. Looks like he is a economics CZAR in his department LOL>
the practicioners should get professional help.
Yup give em a gold bullet.....
keynes was a pederast
And the cure for both Keynesians and Pedophiles is to cut their balls off.
Why such harsh comments? He's just doin his small part for the betterment of the tribe. If you didn't educate your children in the real ways of the world, and he/she, believes bullshit like this, shame on them and shame on you. The internet has been around for a generation. There're no excuses for stupidity anymore.
Here is the site for him at University of Southern CAL
http://www.voxeu.org/person/joshua-aizenman
You can listen to this SoCal idiot, or you could listen to the guy who says that "Buying gold is just buying a put against the idiocy of the political cycle. Is that simple" (Kyle Bass). It is, indeed. Your choice, your money...
yes, in the cosmic scheme too
Well I give to this article maximum point (for you too), because it has a good Monty Python feeling.
The ladders of upward mobility have been taken down. A new aristocracy of wealth has been created along with a militarized police state to defend the aristocracy’s interests. A political-economic-social system has been created in the West in which only the elite have a stake.
Paul Craig Roberts
That is how you play chess...
My middle finger is a symbol for the banksters......my gold and silver are my insurance they dont FOCH ME
I buy gold to pay ticket to Mars
buy gold? why? buy it with what?
I'm not an anti-fiat guy. Fiat has a purpose...just like an IOU has a purpose. You grow oranges, I grow strawberries. In strawberry season i take an IOU for Oranges, in Orange season...i redeem my IOU. This is fiat in it's purest form. But what happens when you stop growing oranges for three years and I start stacking up these IOUs. Eventually, it's obvious that my fiat becomes unredeemable in Oranges...so I try my best to get rid of these IOUs.
Russia and China and every other gold 'stacker' in kind is doing nothing other than this. Dumping IOUs. You can't criticize buying gold unless you're advocating "stacking" IOUs.....Stacking FIAT can work in the short term. Perhaps even for decades. Eventually, stacking IOUs higher and higher defeats the purpose of the IOUs because the counterparty does not have the capacity to deliver on those IOUs. Just like the Orange grower.
One day, there will be a mad rush to dump fiat...there's no panic now...so it's an acceptable time to trade IOUs for something tangible.
Simply put, one fiat can be created far faster that real goods and services, you have a fucking problem.
Precisely why all monetary systems must be tied to something in the real world.
Once you have a relative few who have the power to create infinite paper claims on real goods and services, you essentially have a "let the majority eat cake" monetary system and absolute power corrupts absolutely.
No going back now.
bingo.....I don't have a problem with BestestBuy selling gift cards....which is another form of fiat. But when they take the cash you gave them for the gift card, and pay it out to all their Wall Street Executives who have a giant party year after year and buy $15 million dollar apartments in Manattan...while BestestBuy accumulates 15 years worth of sales in giftcards... you gotta know, you've got a huge freaking problem around the corner.....and we all know, Wall Street is more than willing to let us eat cake. No problem, they'll just ask for a taxpayer bailout once their products can't cover the giftcard redemption line. It's a giant fiat ponzi.
In this case...the Fed/US Treasury Ponzi is the giftcard fiat seller...and we're happy stacking fiat...Russia and China are not.
How do you think Amex got so big so quickly ?
I bet there are still billions in uncashed travellers cheques out there.
"Precisely why all monetary systems must be tied to something real in the world" ......
Two comments:
- this is only required if you like Sound Money: http://financial-dictionary.thefreedictionary.com/Sound+Money /sarc
- new on the block: Bitcoin - also forces limited supply - but using cryptography, and consensus in the digital environment, rather than physical scarcity (gold etc) in the analogue environment.
So just recently, the world has found a way to have 'Sound Money' without tying the currency to something in the real world.
It remains to be seen whether the Bitcoin approach can develop a level of acceptance that comes anywhere towards the 6000 year acceptance of gold. Probably not, or at least not for a very long time.
But as a trade currency solution, it has attributes that are a definite advantage over gold, whilst sharing the Sound Money attribute that gold has, and fiat currencies lack.
For the less informed, the advantages Bitcoin has over gold are:
- infinitely divisible and fungible (Gold can only be subdivided down to a single atom - and at that level it is impractical to count or combine)
- impossible to counterfeit
- instantly portable around the globe
- the cost to hold and secure is very near zero (requires skill - but not that hard to aquire the skill)
- has zero other uses (eg jewellery) - so supply is only ever for currency use
Ohh .... and for the nay sayers who point out that Bitcoin is vulnerable to an EMP event ... well? - so is every other technology and currency in our world these days. Even gold... Gold becomes of zero value if an EMP happens, because an EMP will unleash the store radioactive material of 460 nuclear plants around the world, and all life dies.
There, You have it! They must be barbarians for sure. The proof is in wanting that barbarious relic! We've got Proof! Proof I say! Proof!!
There is nothing like the safety of a nice soft pile of paper...
sarc//
Paper is not the future, neither is gold nor silver.
Tulips maybe?
the vast quantities being bought by central banks the world over disagree with your assessment.
Ah so, you got Piles?
That's funny.....
They buy gold because they lack the imagination to go beyond currency
Ummmmm....??? *shrug.
We symbolimized some folks.
I think you mean symbotomize, as in "We symbotomized some folks"
my cymbals are made outta gold, bro
I was trying to blend symbol and sodomized.
Yes a buy signal while the metals are crashing? Nothing makes any sense anymore all the markets are going down
And not a moment too soon.
Hey Josh-
NOBODYS LISTENING TO U SO SHUT THE FUCK UP.
Travis, you're a year too late !!!
Just Google: james grant PhD standard
He is one of the ones we are wise to heed. Besides, he wears bowties.
Yeah, gotta dig the bowties.
Oh holy shit...
To Joshua Aizenman, a professor of economics and international relations at the University of Southern California, dabbling in gold is mainly an attempt by bankers and officials to send a message to the world
I have been known to dabble in some economics, and my students even listen to me most of the time...when they are awake. And I must say these aren't places looking for symbolic power. Just ask Vlad Putin if he cares about symbolism.
And I'm not dabbling in gold for symbolic power either. My symbolic power comes with brass and gunpowder involved.
Vlad cares very much about symbolism, otherwise he would not have bothered with a dump like ukraine. Kiev is believed by many to be the birthplace of Russian civilization (Rus). Its most famous prince was named Vladimir. Crimea is hugely important to Russia as both a warm water port and a symbol of status as an imperial power (navy). Ukraine is at least somewhat about symbolism if you explore the history surrounding it.
Ukraine is also believed to be the birthplace of ancient Khazars. So there might be some dual-claims going on from some "folks" with dual citizenship.
Note also that Kosovo is the birthplace/cradle of Serbians. And look how that turned out, when the invading (Muslim) Albanians took over via Demographic Warfare (amazing, double-digit birth rates) plus got Globalist support to oust those "friends of Russia" Serbs.
Not disagreeing... just saying that things and outcomes are not always as simple as we think them to be, or want them to be.
I'm not holding my breath either way. Even though we all might have to, to keep radioactive air out of our lungs, given the way things are devolving and degenerating.
They don't really have any other choices.
http://hedgeaccordingly.com/2014/12/econmatters-some-interesting-facts-r...
Absolutely. And probably as serious as this bunch:
http://en.wikipedia.org/wiki/Doo_Dah_Parade
Those are some serious credentials. We would be wise to listen to this guy.
I agree... listen, and then do the exact opposite of what he says.
On our rare(thank dog) family reunions, I'm about the only one without a doctorate,
or my own proffessorial 'chair'. The only thing they all share is very little common sense.
And these are hard science academics.
I'm sure an economis prof. has none at all.
It is meticulously cultivated out.
Its not. Funniest thing I ever saw was a prof. with a 158iq try to make instant coffee.
Not so good with cold water.
When considering political options, who would buy gold? Personally, I buy guns and things like that when I'm looking for a persuasive object to apply to politics.
Do you trust that this ounce of Gold is an ounce of Gold?
Do you trust that this piece of paper is worth $100?
The choice is yours. I've made mine.
Trust is the variable that is not to be ignored.
we tattooed some putin fellatin' folks
^ this! lol
Not to defend this professor or his comments, but Krugman has outstanding credentials, and we know what a shill he is.
An American, not US subject.
On career day, these lamescream PhD economists' kids probably tell their elementary schrool classes that their fathers are transvestite male stripper junkie prostitutes, to save face & avoid ridicule by their teachers & classmates.
He's also the instructor in Frisbee-101. So, yeah; heavy dude.
Seems like an expensive symbolic tradition if it's just a barbarous metal...
A guy says he's not into drugs until a stripper whispers in his ear that she'll meet him in her room if he brings some blow. The dollar is heading down towards it's 'paper value' - and chicks dig gold - and I'll tell ya, she ain't gonna blow him for the Sports Section.
Doug Stanhope or Home Grown?
Caught me! Re-working THE GREAT Doug Stanhope.
Your stock is rising!
She may blow him for some toilet paper tho...
I think I'll mosey on down to the coin shop.
I buy PM's because they are money, and they are on sale at the moment. They also feel like money, not paper.
Funny that, some would say this sale has been going on since the mid 20's or even higher. Do tell, just how long this "sale" will last? Inquiring minds want to know.
I will agree, they feel like money, something real and not just another instruement that doubles as asswipe.
I buy PM's because it is inevitable a government will buttfuck you if you don't. That said, I believe gold will get under $1,000 and I will be backing up the truck and prepared to hold it for a decade. I do not agree with people that say gold will go to $5,000. Maybe they are right by 2040...
I agree somewhat with you.
I don't buy much in PMs, but I do buy PMs if they have jewelry value and I get them from my favored pawn shop owner.
The last one I bought is an 18k woven rope chain in rose gold. Inside of the woven rope is eight cts of small, but very clean diamonds. My dealer friend is very experienced and he claims that he's never seen anything like it as it must be artisan jeweler made goods.
I got it in and I let my secretary have a look at it, whereupon she fiercely coveted it. I'll do something for her when my pawn guy comes through again. Nah, my wife found the mineral assemblage to be just fine, and she too said that she has never seen anything like it either. I'd be lost without my wife and giving her baubles such as this is gold at a modest premium to scrap 18k and the 8 ct of diamonds inside the piece are silly cheap when looked upon it overall.
I could have gotten her an ounce coin and three quarter ouncers too. Sorry, this piece that I mention is not lacking in Au content, yet one gets a beautiful job of craftsmanship and the diamonds for stupid cheap. I end up with a happier wife that gets to see individual piece craftsmanship at near scrap pricing.
The person that designed and made this has his art live on, I have the happier wife, and my appreciation for my friend that sold it to me.
I suggest that those of you with a loving wife would do better if you worked with a highly reputable and honest pawn guy to slay the two birds with one stone. It would be awful to scrap this piece for the content. You'd get pretty close to scrap for the 18k and I don't know what would be done with the interior diamonds. No matter what, the piece would be worth far closer in scrap than the typical Mall Store jewelry would be as compared to the purchase price.
I have parked far less than three thousand in an artwork that can be scrapped, but why would one do it? Would you not want to have that on the wife's neck rather than the nondescript bullion coins? I still get the kick from watching the gal's eyes when she opens the goodies packet from the pawn dealer.
FWIW, something like what I described would cost at least four times the cost of goods going into making it if purchased new.
I paid 21% over scrap for the 18k alone.
Go look up and find yourself a pawn guy that is honest and does not try to hit a home run off'n you. You will need the guy if and when you need to sell goods for fiat.
I wish that I knew how to put up a photo of the piece along with the scrap value so that you all can see how neat some of the "alternatives" to stacking really are. Besides you get the appreciation of the gal which is worth a lot to me.
It also makes it easier to convince the woman of the value of "stacking".
Just be certain of your standing with her so that she doesn't walk away with your life's savings around her neck and fingers. We still have that "Till Death Do Us Part" thingy going.
Has he run so much as a popsicle stand? Has he ever had to make payroll? Gold works, professors DON'T...
Hey hey hey...we work. I teach at least a couple hours a week. I make sure students understand stuff in my office. I submit grant proposals, run some numbers, go to conferences, publish papers. And we have to teach like 30 weeks per year, plus three weeks of finals.
Wait a second. Am I part of the FSA?
(PS- I do work on the farmstead we have every evening...and I love me some gold and silver. But they just sit around at the bottom of my lake...)
China, Russia, trying to "suggest" that they are "global players" - WTF am I missing here?
His way of saying they are lower on the totem pole than an American Goy at the bottom of the ocean.
Economist = fucking moron.
I beg to differ: Not so sure about the "fucking" part.
Although they do seem to prosper and multiply.
Physical gold is REAL MONEY. It represents payment in full. It is not someone else's debt. It has no counterparty risk....Zero.
Gold....get you some....
Not going to agree or up-vote you until you can back your statement with a link to a hi-res of your avatar. Ditto for Latina Lover. :-)
And noben...
Two questions:
1) Out of every 1,000 J6Ps, do more than two understand "counterparty risk."
2) How many financial managers are smarter than J6P.
While you are correct, one must ask oneself if being correct makes any difference.
Whatever you do; Don't give Russia the crazy idea of Selling it's Energy Exports for Gold instead of Dollars - who wants any more of that Barbaric Relic!.
the ponzi propaganda machine has gotten it in many people's heads that their money needs to "work" for them and generate a return.
Only poeple who preform real work whould apreciate "store of value and labor."
Gold is ordained to represent that. Not some sniveling slouch of an economist or a limp wristed banker.
USC....University of Spoiled Children....
UCLA....University of Caucasians Lost among Asians....
UCLA ... never on a smoggy day
i'm not a finacial wiz...
wish all bubles lasted 6000-years unless you can replicate a supernova star explosion on Earth to fabricate it!
only then it would be a bubble!!! subject to manipulation to calculate the amount, it would also destroy the entire solar system in the explosion event to get those extra kilograms of gold!
gold makes it easier to calculate how much certain currencies would be worth for a global currency reset , because the amount of gold extracted during 6000 years is known (more or less 174,100 tonnes of gold have been mined in human history) there has to be a measure on the scale to wiegh currencies fair value at an instant when it needs to happen before total finacial caos, you need something to do it with speed unlike other commodities that need to be calculated and a loss of time beyond repair
predictable:
Biographical SketchJoshua Aizenman joined the faculty at USC in 2013, where he serves as the Dockson Chair in Economics and International Relations. Joshua also serves as a Research Associate for the National Bureau of Economic Research, and co-editor of the Journal of International Money and Finance. Other affiliations have included teaching and research positions at UC Santa Cruz (served as a Presidential Chair of Economics), Dartmouth (served as the Champion Professor of International Economics), Hebrew University of Jerusalem, University of Chicago GSB, and University of Pennsylvania. Consulting relationships include the International Monetary Fund, the World Bank, the Inter-American Development Bank, the Asian Development Bank, and the Federal Reserve Bank of San Francisco.
https://dornsife.usc.edu/cf/faculty-and-staff/faculty.cfm?pid=1043595
"Consulting relationships include the International Monetary Fund, the World Bank, the Inter-American Development Bank, the Asian Development Bank, and the Federal Reserve Bank of San Francisco."
certainly no impediment evident above to say something meaningful and positive about 1 of the only 2 forms of real money...
good work.
IOW.. He is not a bankster or globalist shill, right?
(sarc) tag extra, for those need it.
There it is.
A lot of symbology in the world today. Or is it symbolism?
Maybe they just like bright shiny objects.
"Joshua Aizenman,a professor of economics and international relations at the University of Southern California,"
Krugman on the East and Aizenman on the west coast. Goofballs from coast to coast. When does he get his Nobel prize?
Dear Joshua Aizenman,
Thank you for coming to Zero Hedge and teaching us about Gold.
Some day when I become supreme Ultra-Lord of the universe I will not make you a slave, you will live in my 200 story castle where unicorn servants will feed you doughnuts off their horns.
I will personally make you a throne that is half platinum and half solid gold and jewel encrusted.
Thank you again for teaching us about metallurgy, you’re more awesome than a monkey wearing a tuxedo made out bacon riding a cyborg unicorn with a light saber for the horn on the tip of a space shuttle closing in on Mars while engulfed in flames … And in case you didn’t know, that’s pretty dang sweet.
Sincerely, Taint Boil
Credit goes to this kid - Link
that was funny and imaginative...
and u killed the whole "symbological" thing-a-ma-jinglism shit too....!
Symbols = money.
Got it, prof!
As Fukushima radiation inexorably moves eastward in its deadly cancer producing effects, the BIG ONE finally hits, and the natives due to drought conditions have to drink their own urine, we may finally see the end of all those californication pontificating assholes who never met a Keynesian they wouldn't blow or a statist that they would bend over for.
Obviously, you're jealous of our weather. By the way, the drought is over. Assholes are everywhere, not just in California. For example, where are you?
Is USC's Business School still accredited?
I wonder ho milliondollarbunghole's blogspot is doing these days.
Whether it is 'symbolic' or not -- any country that ties its currency in some way to gold shows that it has some degree of fiscal discipline rather than a willingness to print unlimited fiat. Russia and China see the end of the Western fiat fiasco, and know that they can have dominant currencies that avoid fiscal collapse -- if they can tie their own currencies to gold, during the worst of the collapse.
Prof Joshua Aizenman....sounds like a tribesman?
For those interested in looking more closely ...
Joshua Aizenman is a Research Associate in the NBER?s Program on International Trade and Investment and a Professor of Economics at the University of California, Santa Cruz (UCSC). He received his B.A. in Mathematics and Philosophy and M.A. in Economics from Hebrew University, Jerusalem, and his Ph. D. in Economics from the University of Chicago.
Aizenman joined the faculty at UCSC in 2001 following eleven years at Dartmouth College, where he had served as the Champion Professor of International Economics. His research covers a range of issues in open economy, including commercial and financial policies, crises in emerging markets, foreign direct investment, capital controls, and exchange rate regimes. His other affiliations have included teaching and research positions at the University of Pennsylvania, the University of Chicago Graduate School of Business, and the Hebrew University in Jerusalem. He has also served as a consultant to the World Bank, the Federal Reserve Bank of San Francisco, the International Monetary Fund, and the Inter-American Development Bank.
Aizenman was born in Poland and has joint U.S./Israeli citizenship. He is married and has four children
Gold is not an investment, it is a store of value that can be used as a medium of exchange and as a unit of account. It is also a bet on the stupidity of modern economists that frequent academic establishments. Gold as an investment is beyond me, how do you measure the return of gold as an investment in USD? Why not Zimbabwe dollars, or Confederate dollars for that matter.
It is... Real Money.
Always did like that (stock) photo of the powder-coated blue racks with pallets of LBMA bars. Where is that place anyway...?
Gold vaults at the BOE.
"What we see now, is a cruel battle with time. On the one hand, Russia and China, together with the rest of the BRICS, are trying to get rid of the dollar and form their own currency system to gain complete independence, on the other, the neocon banking-corporate puppets in the US are in panic and seek desperately a pretext to come to war with Russia and put an end to this threat for their plans. This explains their agony to drag Russia into a warm conflict."
http://failedevolution.blogspot.gr/2014/12/putins-speech-interpretation-...
They buy gold because they have The Gay. We're Americans so we don't buy gay stuff like gold! We hold paper! Can you even imagine trying to wipe your ass with gold?
"Can you even imagine trying to wipe your ass with gold? "
You must be joking. It's too expensive!
On the other hand, dollars will do in case of shortage of softer paper.
Do any Non Tribesman EVER talk about Gold ????
Who Controls America?
http://thezog.wordpress.com
Only the ones who have a heart of tungstun.
Time for the cocksuckers to close down GLD. If you want to time your physical purchases, but not get sucked into buying to early, just watch the inventory number here
http://www.spdrgoldshares.com/
and make your way discretely to the coin store when it hits around 200 tons. You can see they have a ways to go, so probably no need to rush. Might want to short the miners in the interim, before they're all out of business.
Why is ZH posting NYT...
(rhetorical statement, cuz we know better than to take NYT seriously)
You know of a better source for comedy?
Here, you want to hear or read from a professor who actually knows something about gold and silver and money.
I proudly present Professor Antal Fekete.
Antal E. Fekete - Official Site
Professor Antal E. Fekete is a renowned mathematician and monetary scientist. This site will illuminate some of his important ideas in the areas of:- Fiscal and Monetary Reform
- Gold Standard University
- Real Bills Doctrine
- Basis
- Discount versus Interest
- Gold and Interest
The ONLY professor you need to know when it comes to precious metals.
FreeNewEnergy - Fekete is the balls. Good job posting the link to his site! I also have enjoyed your other commentaries, thank you for your time!
SoCal economist......stopped reading......nuff said.
He seems to have glossed over the fact that this central banking syndicate is a malevolent criminal mafia with an evil agenda that would make Blofeld blush.
They derive all of their fiat ponzi legitimacy from only two sources.
1.) the ability to tax the citizenry of the countries they hold hostage
2.) holding unencumbered gold, a debt that has already been paid and is not subject to counterparty risk
Central bankers NEVER act for profit, fer cryin out loud...they print money....!!!
Central bankers are not like the rest of us. Making a 'profit' is not their job. That's why you know it is pure BS when they say gold does not pay a yield. They don't care about yield. Either they print money or governments steal money, either way that is how they do their funding. The small amounts lost by holding gold are too small to even think about for a central bank.
CBs act to regulate their currencies in the global currency markets. They either print more or they sell assets and bring cash back in. They are in no way like a commercial bank that needs to worry about P&L. When China buys gold they are sending more cash out into the world, it is just another way of increasing the currency supply.
Once every few hundred years however there are major changes in the global system.
I think that is what we are seeing now. The Chinese are bringing more gold into the country so that when we end the dollar system China will have enough gold to back whatever new system we will have. Look to the ECB balance sheet. The ECB already has enough gold, 10,800 tons. Apparently they don't think they need more as the ECB has not been adding to the stash. If this was a matter of making a profit ALL CBs would be doing what China is doing.
https://www.youtube.com/watch?v=q9gnBe37k34&list=UUG-G8LLr38fQUNZU8K0t-EA
Harry Dent-Gold Target $700 or Lowerand they are bricking up the Chicago Fed and ordering survival kits!
https://www.youtube.com/watch?v=BhAV09awjsE&list=UUuQeW5Tnco15Bj8jQB5En5A
http://harrydent.com/
DOW 6,000 – ARE YOU PREPARED?Yeah...Harry has it right.
/s
I've just added this to my resume
Professor of Zero Hedge - Tenured
This should end my career in the matrix
Give the professor credit however, for making a correct statement within the context of current USD hegemony and over-projection of U.S. intimidation globally - i.e., 'our way or the Iran-highway'... Gold very much is a very Powerful ('symbolic') weapon - and I would suggest the gut hunch of us here think it is about to be 'deployed' in a very Big way.
Putin´s Confident: Putin to Nationalize Rothschild´s Central Bank and Purge “Collaborators” with West. “War till One Side Collapses inevitable."
http://new.euro-med.dk/20141215-putins-confident-putin-to-nationalize-ro...
You lost me at "Nationalize Rothschild´s Central Bank".
Russia's central bank, despite consitutional assertions of 'independence' is a government organ. No more. No less.
As for why it is a member of the BIS... practical necessity.
You can't be the world's number #2 seller of oil without someone coordinating the payments... unless the basis of the payments was on the periodic table, thus requiring no elaborate coordination, but only a shipment.
A little bit different than in the USA where the central bank owns the government.
True...
I think the difference between them is mainly in the stationery they use and titles claimed by those who thieve the productivity from millions.
Whether the government owns the central bank, which thieves from millions or the central bank thieves from millions and owns the government is an academic distinction.
Either way you are robbed and ruled by thieves.
I prefer my central banker to be the almighty, and money to carry an atomic number and appear on the periodic table. If one opportunist or another tries to convince the layman that his bust struck onto it adds value, he's welcome to try. And anyone who thinks a picture of another man's bust carries a trading value purchases his foolishness with his own coin.
The link is very good Moribundus. Tks for posting.
Moribundus - Let me cut to the chase and tell you all what happens. Putin is backed in the corner like Geronimo and he knows it. He will push the big red button. Hedge accordingly. History will look at it that way. Global enslavement ended but 1/3 dead.
Electricity and running water will be available within 2 years after the strike. Food stores within five (semi-functioning markets). Russia is destroyed in general terms but not conquered.
You would not believe me if I told you how I know this but let me provide something positive. Mankind goes on and we are 38 years from ending death in the classical sense (in 2052) and entering the 4th dimension. Google dimensions.
Ok I'll give you a hint how I know this. See the movie Interstellar and look up Kip Thorne. Then realize a few of us have done this before a few years before bright Mr. Thorne discovered the physics. You evil people that run the world are placeholders in existence. You serve a mere evolutionary purpose like Blue Jays and Cardinals in nature. Your egos die when you die.
The purpose of a few of us is to mitigate losses globally, as we collectively are wasting time, the only commodity which cannot be bought.
The problem with trusting any 'expert' on money is that those who are not fools are rich, unconcerned with you, and loth to squander the market advantage of their knowledge for a pat on the head.
Those who are fools, adore the pats on the head but have no real knowledge to share.
If gold is a bubble, then land is a bubble, rubies, garnets, emeralds, silver, and every rare valuable are bubbles too. I would gladly swap my plastic trinkets for the jewellery of these "economists" wives, since my plastic is, according to them, just as good.
Wanna bet they'll send me packing?
The truth is elsewhere. Look towards the FED and its "gold reserves", you'll understand why they're so desperate to deny gold has any value.
"I doubt that the Chinese or the Russians actually believe that gold is such a great investment ..."
Gold is not an investment it is MONEY!
What sewer did they drag this sh.t head PHD from??!!
The Rothschild skool of sewer economics for the gods on earth
HOW FUNNY THESE PROFESSORS - THERE WAS ONE THE OTHER DAY WHO WORKED FOR GOV IN DICTATORIAL VENEZUELA THEN MOVED TO US PROBABLY AS A SPY GOT INTO HARVARD AND BECAME A PROFESSOR TO WRITE A REPORT ABOUT HOW BROKEN HIS OWN COUNTRY "VENEZUELA" IS (PROBABLY PAID TO FOR THIS) AND HENCE PUSHING YIELDS ON SOV DEBT TO WHO KNOWS WHAT - AH OF COURSE THE EXCUSE IS WELL YOU KNOW OIL PRICES..YEP RIGHT...NOW YOU HAVE THIS ONE IN RETALIATION TO THE US FOR SQUEEZING THE RUSSIANS, CHINA AND VZLA WITH OIL AND SO FORTH - YOU KNOW GUYS TIME TO BUY GOLD....WHAT A JOKE!!!!!!!!!!!!!!
Joshua, how much of that "symbolic" gold did you get for gifts at your bar mitzvah?
I know all too well how we Jews love to waste wealth on purchasing useless symbolic gifts like gold that really don't have real value or place in society any more. At least that's what we say to convince the global goyim to buy into our fraudulent fiat system
Give us a hint. Was it as much as Russell Brand? Although he doesn't even know how much he pays for rent today. So I suspect you'll be having a convenient lapse of memory too. No worries the Kol Nidre has you covered.
https://www.youtube.com/watch?v=lmlZWYvXMUo
Professor realizes that there isn't enough gold in the world to cover the shadow banking system.
Professor realizes that there isn't enough gold in the world to cover the shadow banking system.
There you go again talking about things from the past with the "shadow banking system." Next you are going to mention "maiden Lane," we owe the debt to ourselves, and EU Central Bank hs no power to issue EU Bonds. sarc.
Maybe the professor can explain why no one can audit Ft. Knox? or why the US even holds any gold?
Audit would prove it's all gold plated tungsten
Though I am quite sure the professor is deaf to it, he actually made a very shrewd ommission.
He said Gold was geopolitically symbolic.
He deftly avoided saying why gold was geopolitically symbolic..
Exter's Pyramid
He must be a regular Bloomberg reader.