This page has been archived and commenting is disabled.
This Is What Gold Does In A Currency Crisis, Euro Edition
Submitted by John Rubino via Dollar Collapse blog,
Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically.
So after falling hard in 2013 and treading water for most of 2014, the euro price of gold has gone parabolic in the space of a couple of months. This sudden rather than gradual awakening is the standard pattern for a currency crisis, mainly because it takes a long time for most people to figure out their government is clueless and/or lying. But once they do figure it out, they act quickly.
Europe’s gold chart isn’t as dramatic as Russia’s (see it here) because Europe doesn’t depend on oil exports and the euro, while dropping versus the dollar, isn’t yet in free-fall. But with another trillion euros due to hit the market in the coming year, and a series of currency union-threatening political crises in the pipeline, the flight to safety could easily become a stampede.
Europe and Russia, meanwhile aren’t the only countries with incipient currency crises. Here’s gold in Canadian dollars:
Just to be clear, this isn’t a prediction about the immediate future, but an attempt to illustrate the nature of gold. It behaves this way in crises because it is sound money which can’t be created in infinite quantities by panicked central banks as can euros, Canadian dollars and all other fiat currencies. These charts illustrate what happens when this difference starts to matter.
Right now, the fear is country-specific. Europeans start to distrust their government and shift to gold, without necessarily questioning foundational concepts like big, activist government and central bank management of fiat currencies. They still assume that the euro would be fine if managed correctly.
The next stage will begin when enough local currencies blow up to make people realize that the problem isn’t with specific governments or national forms of money, but with the idea of fiat currency itself. When that happens the global gold chart will look like Europe’s — but with more zeros.
»
- 106938 reads
- Printer-friendly version
- Send to friend
- advertisements -
like paper gold (fibers)... yes, anything paper they can crush, but they cannot avoid the consequences of all their actions... reality bites eventually. 700 gold, bring it on.
Short squeeze? I should junk you for sloppy writing/thinking.
he thinks paper beats metal.
It does okay against rock. In fact, you have to be one to be holding paper in these climes.
It does okay against rock. In fact, you have to be one to be holding paper in these climes.
It is far better to hold BOTH Fiat and Gold.
Gold does well in both deflations and inflations...
Good, sell me yours
You bot mine north of $1750 Dec 2011
Perhaps I did. Yes I bought at $1750. I bought at $1900 as well.
And I bought one hell of lot more at $260. (In fact that is when I made my 6ozt Pure Gold Cross.) I bought quite a bit at $350.
I have been buying Gold since 1987.
Unlike you I do not care much about the price. But I must say that I seek even lower prices. I am in no hurry to sell it.
Only people that wish to sell seek higher prices. People whom wish to buy seek lower prices...unless they are idiots and want to deplete dry powder needlessly.
Damn Tall Tom... I never took you for actually being 'Nick Nolte' in THE DEEP final scene.
I was inspired to make that cross after a private viewing of the Atocha jewels recovered from that 1622 Shipwreck. (At the time that almost bankrupted me but it was well worth it.)
Another fine example of the USA education system...
gold is going to $7000 per ounce,
shorts screwed
There, fixed it for you.
Gold to 55k
No sellers
Tax payer squeeze
Gold is going infinite (or to zero depending on how you look at it) because after all this shit unwinds no amount of fiat will buy any amount of gold.
INDIANA DEFAULTS AND SAYS THANK YOU!
FYI A short squeeze is a brutal liquidity flip from short positions beeing triggered , which is by the way not indicative of anything in terms of future prices , other that the sellers were wrong and are reversing positions (Given the last COTs , i can assure you it has nothing to do with that)
What we currently have is one central bank stopping a peg while the other one is attempting a 1.14 trillion bombing .With friends like central bankers , i can also assure you this 700 call won't help your trading record.
When everybody and their dog is shorting the Swiss France because of the Euro peg...
When the Swiss National Bank announces publically that they would retain that peg regardless of the forthcoming European Union QE...
And then the Swiss announce that they will not retain that peg...
You can bet that the Swiss Bank and the insiders made gobs of money on the Fx.
Now that is a short squeeze.
"Just weights and measures" here we come!
Get your tungsten bars here!!! "It's as good as gold!"
-1? somebody's got NO sense of humor...
OH, OK, now I feel bad. Here ya go.
(Sorry, it WAS me. 'T was a mistake, didn't notice til now!)
OK, that other one wasn't me.
He is just another typical liberal seeking consensus and validation, indicative of inherent feminist personality traits, as he has no principles of his own, nor a moral compass to guide him.
And you gave quarter to THAT?!?
Give me a break..
Nah I just thought it was funny so I riffed off it a little. Always makes me laugh when people care about their polls. Fight club man, remember when it was a badge of honour to have junk in the trunk? Some years back before we had so many useless trolls & spammers.
have been buying 1/10th oz gold coins lately
some thing to make change with..
That's what silver is for.... Making change ; )
Depends upon what you are buying I guess.
from snb referendum the silver is up 35%
read this article on sputnik
Google charman predicts end of internet
and this one,
better hurry; scients predicts
Shock-ed shock-ed I tell you!!
All out of tradition, of course
Correction. This is what happens when you don't coordinate money printing with gold price suppression.
Correct. But they were in a rush. Even though Draghi said "whatever it takes" a couple years back he never thought he'd actually have to do it.
Damn. That didn't take long. Guess I need to send my resume to the ECB/FED.
It's hard for me to believe that the masses will have an ah-ah moment and relize that their paper worth is heading down the crapper and has been for decades.
Seriously what does it take, if you don't already understand that?
I guess here in the USSA it would be the girl with the huge ass going on faceplant and telling her dimwitted followers that PM's are cool!
TMZ baby!
When store shelves are empty and there's no gasoline to be bought at any price, and not a moment sooner.
Even then most people won't truly understand. They'll just be mad that "someone f'ed up somewhere."
True story: I once had a 10-minute or so conversation with a twenty-something around my age about precious metals, specifically the gold to silver ratio, while waiting for a plane to take off. It was only as our conversation was wrapping up that he informed me that the gold to silver ratio he was talking about was the ratio of gold-colored fabric to silver-colored fabric in the high fashion industry.
This country's fucked twelve ways to Sunday.
Holy shit, I never thought I'd ever run into you again....I'm a stacker, I let no one know besides for the NSA.
Haha, you fell for it "fabric".
I drag a leafy limby branch to cover my trail - even behind my boat!
I stack fabric -Bitchez!
And as Tyler's army grows...
Bitchin' story.
you mean this girl?
http://imageshack.com/a/img538/5751/JxKk9G.jpg
Admittedly this is Zerohedge and not Faceplant, but.....
Faceplant? Yeah...Good.
I will remember that.
Come on people, this barbarous relic is heavy; bitcoins are much more portable. ;-)
I'll give you a grennie because I'm pretty sure that is sarcasm there.
<-- I know how bitcoin works
<-- I don't know how bitcoin works
I don't give a flying fuck how bitcoin works
Ding, ding, we have a winner!
Me too.
The only thing you need to understand is anybody can design another system like bitcoin with similar underlying mathematics, actually an unlimited number of such systems!
The rest of the discussions around it are just fluff.
+1. how many xyz-coins have come into existence since the take-off of bc...? a lot.
Do you even know what a "BitCoin 51% Attack" is?
Me? I have honestly no idea. Enlighten me.
The protocol is replicable, but the ecosystems that accept coins aren't hot-swappable, hence Bitcoin's dominance of the crypto sphere. You can make as many scamcoins as you want, but if no merchants accept them, if no one buys them, if no exchanges adopt them, they are abandoned and forgotten as quickly as they came. Literally thousands of coins have gone by the wayside following this exact pattern, while Bitcoin and a handful of others that provide added utility retain purchasing power.
Gold and silverbugs are about to get a lot more friendly with Bitcoiners, as CoinBase (a major Bitcoin-Dollar exchange) has just recently partnered with NYSE and the Winklevoss asswipes to "make Bitcoin price discovery more transparent." Their plan to do so? ETFs, of course! *sigh*
ZeroHedgers seem to be fairly comfortable with the "enemy of my enemy is my friend" philosophy, a-la Putin. Might be time to bury the hatchet and unite against a common enemy. You don't even have to own any to rid yourself of prejudice towards a technology you admittedly don't understand. Or you can keep playing right into the Divide and Conquer methodology that's been set up for us, your choice.
Downvotes in 3, 2, 1...
I guarantee I will not partner with ANYTHING or ANYBODY associated with the Winklevi.
Oh, the "it's not a lie if they believe me / accept them" defense!
"My fiat don't stink"
I don't think you know what that word means. Seriously, look it up. Its root is Latin, if you needed some etymological assistance, which you clearly do.
Bitcoin is a lot of things, even a lot of flawed things, but "by authoritative legal decree" is not one of them. Hard to take you mopes seriously when you prove your ignorance at every fucking opportunity.
but "by authoritative legal decree" is not one of the
You are correct.
It needs to read "by non-authoritative crowd madness" for bitcoin.
Yeah yeah, I know, gold is also just a 6000 year crowd madness.
That is also correct, from a "I know better than all of history/tradition" viewpoint, just as human intelligence is clearly in a 20,000 year bubble.
Do not get caught up in the rush.
For a secure financial future there has never been a better time to buy Tulips.
in what way is bitcoin "madness"? please clarify, if you can.
it seems to me, people have recognized value in bitcoin, in being able to transact financially and in a de-centralized way, outside the captured financial system, and in being able to ignore the government's financial controls.
and that seems perfectly rational, not madness at all.
I think the problem most ZHers have with bitcoin has very little to do with bitcoin and everything to do with a guy named fonestar. He kept beating it like a dead horse and kinda killed the message.
i'm not sure about that.
there's a lot of people who comment on bitcoin who are not very informed about what it is, and, as much as the zh-crowd likes to think of themselves as "awake", for the most part they are just sheeple, too, who repeat what they hear without really looking into things and doing their own research.
unfortunately some liberty-oriented people like brandon smith, chris duane, andy hoffman, peter schiff (although i think peter schiff is coming around, europacific is starting to accept bitcoin as payment) have been bashing bitcoin and making ignorant comments about it.
ultimately, though, it doesn't really matter what people say - bitcoin will succeed or fail on its own merits; it's not a popularity contest.
my guess is that it will succeed wildly, as the underlying value is there: the 2%-3% saved per transaction for credit card fees for people who do commerce is huge, especially in areas with thin margins. not to mention it avoids chargeback scams, etc.
and, in a hyperinflation scenario, or bank holiday, or enacting of heavy capital controls, bitcoin will truly shine.
The question is not "how" bitchcoin works, it's how LONG it works when the SHTF. You don't seem to understand such trivial things as "When the money crashes electricity becomes a "sometime thing." All bitchcoin needs is a really good virus or malware that hits any computer that tries to open the bitchcoin site and... *POOF*
"Aaand it's gone. All gone. Money? What money? There's no money here. Never has been. There used to be a computer game at this URl once, but it's gone... allll gone."
If you can't hold it in your hand, it doesn't exist. Printed out paper receipt for deposit? Ummmm wanna buy some paper gold? Paper silver, maybe? How 'bout today's special - paper hamburger? Only 6 bitchcoins per paper pound. Get it while it's fresh!
"open the bitcoin site", lol!
please tell me where you go to "open the bitcoin site".
Here maybe this will help you understand Bitcon Bitcoin
https://silvergoldbull.com/gold/1-oz-2014-bitcon-silver-round
you forgot the option 'i dont care how it works'
the impoverished masses in greece and spain are no doubt pleased by this
As a matter of fact i think they are.
I don't pretend to know everything the "empoverished masses" are pleased by , (if not by simple justice , a descent amount of meritocracy , and some economic freedom)
but each steps taken by idiotic central bankers overlords and their politician friends leads closer to the inevitable consequences of their actions.
Thus gold rise , because the human mind gave gold value long before trusting other men to determine what has value , and what is worthless.
Are we talking about paper gold or physical gold? Big difference.
For now price is always gold price is paper gold price. When paper gold burns in hell, then the case of additional zeroS (yes plural ! ) could come into play. Why else is silver alone a 5T market, when there is only 18B of physical mined and recycled each year.
Physical in large quantity has around a 50% premium right now.
jeezus.
most of my money is tied up in debt, but can anyone recommend a good place online to buy physical? And are coins the way to go - someone told me something about you can declare face value on gold coins, versus actual value on bars... but I don't plan on leaving the country or putting anything in a sd box.
A friend recommended JM Bullion. Seems to know his shit, but I figure its best to ask around.
I buy my gold from APMEX (American Precious Metals Exchange) competitive pricing and great customer service. Checkout their website, Apmex.com.
Nope. Go to:
http://www.gainesvillecoins.com
Lowest premiums & quickest delivery. APMEX, been there, done that. Doesn't compare to Gainsville.
Tulving has them all beat!
Oh, wait...
where did you say you live again?
apmex has impeccable top-notch service and the best variety of inventory, but there's other good vendors that are a little bit cheaper and just as good.
example: right now ampex has 100oz silver bars for $1895, provident $1856, silver.com $1853
i've used all 3 and they are all good, no problems with any of them ever.
i haven't i used jm bullion, they are showing a price of $1861
i check prices on https://comparesilverprices.com/
also https://comparegoldprices.com/
http://www.goldcore.com/us/contact/contact-us/
coins have a larger premium over bars
melt both down and you end up with the same thing (assuming equivalent fineness)
Shred both $100 and $1 bills and you end up with the same thing (assuming similar shredders)
Second vote for APMEX. Great service. For fastest turn around, do a bank transfer.
You can discover what your enemy fears most by observing the means he uses to frighten you. ~ Eric Hoffer
i'm just glad this fucker got caught....now more gold for him!
http://sacramento.cbslocal.com/2015/01/17/ups-driver-arrested-in-theft-o...
No offense meant Groupie, but a bank transfer means a paper trail. Normally mrs. Futs and myself go in with 9,900 each in cash and no one even has to know our names. But ever since that boating accident....
Silvertowne usually has some free shipping offers with their bars.
Just be smart and keep those purchases on the down low (no cc or wire transfers over 10k) and tell them no email confirmations on the purchases.
I always call my orders in.
Stay off of ebay and CL. They are full of hucksters pawning their Alibaba bars and coins.
I do all of my research on street and jewelry store-offered counterfeit coins by digging into eBay offered coin images. Canada allows reproductions to be produced without "COPY" being stamped into them. The USA requires COPY on all repros. So Canadians can reproduce counterfeits, legally. These find their way onto eBay. Always buy PM face to face and use Fisch for bullion coin purchases, on every coin.
Local coin shop. Call around, check them out in person, pay cash in a face to face transaction. If you don't have any near you, apmex is good, so is silvertowne, but face to face cash transactions are still the way to go.
No doubt Carl. Why would anyone leave a paper trail for phyz? It's like buying drugs with a personal check or paying a hooker with my Visa card. Some things are best kept private.... Sorry, most things.
I used to think like that (and still do regarding payment for hookers and blow ;) ), but with PM's it's a double edged sword.
Yes, use a bank transfer or cc and there is a paper trail. But pay by cash and if the thugs/goons rock up at your house for some reason (or even do a 'random' street search after a face to face meet) then you're stuck with needing to prove ownership and shit outta luck. Personally I believe that with the forfeiture laws the way they are the concern is more with crooked cops than anything the gov will do knowing I own a bit of PM.
Though I'm talking about face to face meets with other stackers, if you go to a dealer with cash a lot are going to ask for your ID anyway - along with the fact that you don't think they store *their* receipts which are probably more accessible than a bank paper trail?
Cheers
Provident is good; I sometimes have longer shipping times, but they have always sent what I bought.
Thanks, fellas.
texas precious metals
nothing but impeccable service...
the boat accident wasn't their fault...
Tell 'em Bernanke sent you!!
I prefer to tell 'em Greenspan sent me. After all, "Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it."
Counterpunch, for not being here very long you have made some very good points on this thread and I have greened you several times. What you are asking about PM's is a little tricky. My suggestion for you is to buy the Krause world coins books and start reading them. They are not cheap but you will learn some amazing things. I've had bullion bar and while still great to have it is a bit boring. Coins are much more interesting. Your friend is correct and if you if are not going abroad then you declare anything to anyone.
I suggest that you start small and go to the local coin shop or even better to go a coin show. Bring cash. Do not buy copper of clad coinage. I have been in numismatics for over 20 years now and I think I have earned a stripe or two. Start with small purchases. In time you will learn how to grade coins. Buy a jewelers loupe so that you can inspect the coins. Rim dents are death so avoid those unless it is an extremely rare coin. Don't buy right away but carry a notepad a write down what you like and research it with your KM book before making an offer. Mintages are everything. Numismatic value and bullion value are very different. You can haggle over the price and usually get a better price. Never pay full retail unless you really need it.
You can collect whatever you wish to. You will have fun doing coins and learn a great deal in the process as well. The best part of all is that you will have evidence of the bankster's chicanery. It can not be denied if you have a discussion with someone. There is no bigger can of "Shut The Fuck Up" then collecting coins because as soon as you bust out that silver or gold coin and ask for an explanation the room will go silent. Well, explain what this was. No one will fuck with you.
I hope that helps.
Peace.
https://comparegoldprices.com/
Do not buy sub-999 metal. Unless
1) you are completely confident that neither you, your heirs, nor anyone to whom you may want to sell your metal will ever want to remove it from the USA. OR
2) you can buy it at a very low price (you know, like the price you're likely to get when you try to sell it).
APMEX is great.
But you should also consider your local coin shop -
after you equipped yourself with a mobile means to check PM prices, a Digital Pocket Scale (w/ a calibration weight at home), a sliding caliper, a list of sizes and weights of common coins, and the knowledge how to use all those.
I've had good luck with Cache Metals
Do you have a link to that info?
From Rob Kirby who actually brokers those purchases, prolly.
utter bullshite
The problem isn't Fiat. The problem is willful mismanagement of fiat. The money itself isn't bad. It's a good enough way to trade the value of work.
The real problem is willfully negligent government and central banks. If they wanted to, they could do a much better job of providing fiat stability. But, they'd rather have the immediate satisfaction of buying votes and power by printing.
gold is a check on people's propensity to cheat - you cannot separate people & fiat into their own universes and call it good
One day you'll take the next logical step when you realize (learn) that everything man uses or creates is corruptable. And that includes gold.
but of course - got tungsten ?
When are you to learn;
You didn't make that
Gold is the 79th element, You cannot break it down or reproduce it. It is what will always be, the 79th element.
Now corrupt that!
the real problem is private central banks loaning the public currency to governments at interest. That is, currency = debt not only because of how banks create it down the chain but because of how it originates {something like 97% of currency is created via frac reserve lending, so the role of the Fed may in fact be overstated - but it is still absurd to have to pay banks for our own currency]
But fiat really is a problem anyway. More precisely fiat + fractional reserve banking + compound interest.
The rich get richer because they have more capital [disposible income or wealth] to invest or loan - that's just any token of excange in a system where interest operates.
But the fiat/frac/interest ...vortex of fuckery accelerates the transfer of wealth from productive labor to capital - including the trading around of debt based on future labor.
It robs the currency of its value faster, therefore robs the middle and even lower upper class faster, all while transferring proportionally more and more wealth to banks - who use the debt based currency vortex to buy up more real assets during times of trouble.
In the past 10 years, or more, GDP growth was largely driven by an unproductive financial sector which extracted tons of wealth from the system while doing comparatively little to help small and mid sized business. That's a sham, Potemkin economy, and it takes an economist to believe it is either good for the average bear or sustainable.
[criticism of my points here most welcome]
Spot on, IMO. There is no such thing as a "good central bank policy, if properly managed." As soon as a country goes down the central banking route, doom, despair, volatility, etc will follow.
Ok wisecrack, what is the best approach to deny the willful mismanagement of fiat?
a finite supply
Of course the dolts here in the US don't have a fucking clue, as usual. Yesterday, mid day snap shot as I didn't go back and check the close, the US dollar was up 75 basis points, a friggin HUGE move, and gold was trending up but more or less level. The fucktards that look at that chart would see nothing particularly interesting about gold going sideways but just think about that in terms of the US dollar screaming up. When, not if, the dollar does what every other currency is currently experiencing, we are in for a rocket shot in the dollar price of gold. Of course by that time the lack of gold to buy will further exacerbate the move, IMO.
I like how we're now hearing the central plansters worrying about the dollar being too strong. It will be time to hammer that down soon enough.
of course - setting the narative for QE4 - but after UK does their next QE since they are on deck soon to move into the batter's box
at a future court hearing a bankster in the docket says;" I was following the orders of the politicians they are the ones who should be sitting here."
Since there is no real economy to speak of, the only way the FED will have to get that paper into circulation (to reduce its value) will be either do massive increases in the "benefits" to the "eaters", or they might have to get Helicopter Ben's helicopter out of mothballs and fly it around the country making drops.
Update. Just checked the charts on Kitco. The dollar is up a whopping 91 basis points. Gold is down $3 and change. We are setting up for one hellacious move in gold.
Agree chubbar. The other currencies are in freefall against the dollar while gold in dollar terms is not falling (yet anyway). If there is no beatdown then when the dollar weakens look out above for the price of PM's. If a beatdown attempt fails things will be looking doubly good for gold in dollar terms imo.
See? I told yall a coupla days ago to go long xau/eur. You could be bazillionaires by now.
This currency crisis could spread like measles at Disneyland.
Gold babies!
Aleksandr Zakharchenko, the terorist who has declared him self as Prime Minister of the Donetsk People's Republic - has announced that all property from those who has fled the war zone, will be taken over by "liberators" (AKA terrorists). So if your family left war zone and you had a flat there, well - under these terrorist rule - you don't have it any more.
http://youtu.be/1iEbvuSJJL4
And Kiev is using Xe mercenaries, shelling civilians, and sending poorly trained recruits into a meat grinder rather than negotiate some sort of autonomy for those regions - which at least initially, both they and Putin would have accepted.
You, Sir, are an unremitting cunt.
Now Counterpunch; that is some unrelenting truth you just said...
+1 the truth fucking stings like a bitch...
Counterpuke,
Putin is sending poor Russian conscripts to their deaths to support his dream of conquering a neighboring country. Some people in some countries will not agree to be over run by the Russian Kleptocrats you admire. Your admiration for this disregard of property ownership illustrates that you are an unremitting Putin nut nuzzeler.
You are a surrender monkey.
How have the YANKS survived all these YEARS and still to this day, with THEIR currency worth even less than the EURO ? Prozac, denial ? ;)
Euro still stronger than US ! Just sayin !
the US has the biggest guns to support its dollar. that's all it comes down to.
Don't confuse "parity" with "strength". By your standard, the Israeli shekel is worth 4x more than the USD.
"Still", nicely done.
Like watching two ships sinking and the one mostly topwater has bragging rights.
The public isn't aware yet. IMHO I think the increase of the value of gold is because some of the big money is moving, not the little man on Main Street.
I still don't see "Europeans start to distrust their government and shift to gold" happening here yet. Many don't even know what gold and silver does exactly. What they do know is that Euros are getting worth less so they start spending them. Of course, that won't help the deflationary period were being sucked into.
Europeans have "been there done that" several times over the course of history. They will not be announcing that they are moving to gold they will just quietly do it...
One of the gold stores here closed recently. IMO, that's because everyone has hocked all their loose gold. When people are broke and unemployed they are more likely to sell gold. Socialist Europe is in the same boat as Socialist USA. People on the dole, or drugs, have no clue about metal values. Then, add in how stocks are promoted in MSM as a retirement vehicle. It will be far too late when 'most' people wake up.
The increase of the value of gold is because the ECB is debasing the Euro at a rapid pace and the Swiss unpegged their Franc from the Euro which in turn made smart money move.
Many Europeans are distrusting their governments and more and more rotate into precious metals,
they don't have know what gold and silver exactly does as long as they know it is worth more to hold then their fiat notes and numbers.
Gold is being manipulated UPWARD.
Never thought I'd see the day.
..to make it look like Draghi's Dastardly Deed actually had some merit.
What bullshit.
Gold is going to $900. Make no mistake.
Can you recommend some stocks?
Can you recommend some stocks?
Angus is good... unless you want milk and butter, then one of the milking breeds would be better. Poled shorthorns are a good compromise...
gold (large orders) is trading for around $US 1800 currently and heading up
paper may go to $900, who knows - who cares
paper will find its intrinsic value eventually like all paper has thru-out all of history: 0
Owen Li is that you?
OT - Tyler, nice ad pics today, some nice ladie-folk - but that pic of Buffet's mangled mug has to go - makes me puke
Thats a heavily fungal laden toe.
Count your lucky stars... I'm getting Zuckerberg.
you're a moaron.
It's easy to overlook Canadian long term bond statistics, but the sobering rate regime in sovereign bonds makes central bank moves look appropriate under the circumstances:
http://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/
Some idiots think gold is going to be worthless with new electronic fiats like bitcoin.
That's it's a barbaric relic from the past.
Ask them why countries want their gold back.
The media talking heads really have these people buffaloed.
Bitcoin is doing what all good fiat currencies do...it is trending to zero.
Apparently the Winklevoss twins want to take Bitcoin mainstream. Ok, whatever rocks their boat. If Bitcoins were a viable alternative, the Russians first and foremost but also Argentinians or Canadians would have bought massively into it.
Instead what do they do? Converting to USD, CHF and gold or silver.
I'm no BTC fan but can you guys explain how it is a fiat currency with a fixed finite amount and exponentially harder production over time?
yes but why dont you fucking google it. Its still shite despite its trendy algos
I may dig into it this weekend because I honestly don't understand a lot about it and it is apparently too obvious to talk about directly.
You should have been here 18 months ago. BitCoin is done as a discussion. Check the archives, whatever. But don't expect a real discussion.
Besides, you smell like a troll. Have a nice conversation with your other IDs.
One of the best comments here from an old post (and I'm paraphrasing):
At the end of the day, the dollar bill is a promise. Nothing more nothing less. However, as we know that promise is backed with more of the same promise.
(Me again): When this all goes South (as in violence and hyper inflation), I can still trade my Silver or my bullets for something tangible, be it food or a horse and bridle. I suppose people can burn their "Bernanke Bucks" to keep warm.
For a moment there I thought you said "horse and bride".. I was thinking.. well why not.
so thinking of John Kerry and his wife
I can still trade my Silver or my bullets...
Trading silver OR bullets... yep. Just don't make your silver into bullets. Tests indicate that the Lone Ranger was a moron because silver is too hard to be affected by the rifling grooves in a gun barrel, so you can shoot, but you can't hit what you're aiming at. Silver bullets are like the old mini-balls in smooth bore muskets - liable to go anywhere! (So with an old flintlock, it didn't really matter if the shooter closed his eyes when he touched off the pan...)
It really mattered a lot: those old Kentucky and Pennsylvania flintlock rifles were so accurate they defeated the much larger British Empire's Army. Unrifled musketballs killed 600,000 in the US Civil War, mostly from shock.