This page has been archived and commenting is disabled.
Why The "1%" Hates The Gold Standard
By now everybody knows that the primary consequence, one which we originally predicted back in 2009 - and many have since agreed - was completely intended, of the past 6 years of unprecedented monetary policy has been to push wealth inequality to record levels, not just in the US but across the world. What may not be so clear is precisely when this period of unprecedented wealth disparity started. The answer, as the following handy chart from NPR shows, is that long before QE, the wealth gap for the 1% really started in the early 1980s, courtesy of none other than Greenspan's "great moderation."
More importantly, and what is certainly not known, is that between 1930 and 1970, it was only the "bottom 90%" that saw their incomes rise, as can be seen on the next chart.
This is how the NPR qualified this dramatic variance in wealth gaps, the first of which benefited most Americans, especially the middle-class, and which ended with a thud in the early 1970s, and the second which was unleashed in the early 1980s:
In the first phase, known as the great compression, inequality fell. Incomes rose for people in the bottom 90 percent of the income distribution, as the postwar boom led to high demand for workers with low and moderate skills.
At the same time, income was basically stagnant for the top 1 percent of earners. A combination of high marginal tax rates (around 80 percent) for the wealthy, and social norms, may have kept a lid on wages at the top, according to the economists who gathered the data we used to make the graphs.
In the last 35 years, the reverse occurred. Top marginal tax rates fell sharply. Incomes rose for those in the top 1 percent, largely driven by rapidly rising pay for top executives.
And this is how NPR tries to describe the transformation that took place: "a combination of global competition, automation, and declining union membership, among other factors, led to stagnant wages for most workers."
Sure, why not.
But while we are all speculating, there is one far more important and very critical event on the calendar that happened just as the ascent of the non-1% peaked.
This:
Which should also clarify just why to the "1%", including their protectors in the "developed market" central banking system, their tenured economist lackeys, their purchased politicians and their captured media outlets, the topic of a return to a gold standard is the biggest threat conceivable.
»
- 56835 reads
- Printer-friendly version
- Send to friend
- advertisements -
<- Precious Metals
<- Jew bux
OT: Any one looking for a job: This guy gets his rctm examined for a living, about 6 thousand times in the last few years.
Mark Manning knows his body well. In fact, if you were to take your index finger (gloved, of course) and insert it into his rect...
<-- shitty job
<-- shit for brains
Wonder why they compare the "top 1%" to the "bottom 90%"?
What statistically does the data show (that NPR doesn't want you to see) when they compare 1% to the other 99%?
Anti Gold Banksters: they hate us for our freedoms.
These charts are barbarous.
Yeah, but they have all covered their (risk) tails with stashes.
Its also impossible to be a world reserve currency and be tied to a gold standard. You have to have a trade deficit in order to supply the dollars needed for foreign countries to trade in US dollars. I don't support it but its a reality of mathematics. For the record I am sure that having any entity being a "reserve currency" is not good for humanity as a whole.
The market will never be free until the last central banker is strangled to death with the fiber optic cable from the last algo trader.
The NPR rendition is straight out of Robert Reich's talking book. They completely ignore the fed/gold factor and choose political pandering instead.
gold is the enemy of the state.
Liberty and freedom are enemies of the state.
the sovereign man.
Why the 99% should own gold....but don't.
"The one percent" are mostly government workers. Many get multimillion dollar (equivalent) pensions, with health care paid for, for harassing tax payers for 20 to 30 years. On average they earn more than their private sector counter-parts. On top of that there is zero risk of losing one's job so the pay isn't higher due to risk. Oh, and don't forget four weeks of vacation per year after a few years of showing up to work. Government employees are the one percent.
Because Gold itself would be the world reserve currency QED. It does not depend on pretty pictures and fiat currency "legal tender" laws to give it some arbitrary "value"; it simply Is.
It is the best possible thing (and only prima facie honest thing) that could be used as a reserve 'currency' for humanity as a whole.
"Its also impossible to be a world reserve currency and be tied to a gold standard. You have to have a trade deficit in order to supply the dollars needed for foreign countries to trade in US dollars. "
because without the dollar, those foreign currencies would not trade, or just not trade in USDs?
the USD greases the world trade machine, yes. and this allows the supplyier of this grease... to have a permanent trade deficit
works like a credit card
Well, ok, but these graphs don't prove causality. Maybe the fact that the marginal income tax rate was 75% in 1939, 94% in 1944 and 92% in 1953 are equally important? Today, the tax code allows Warren Buffett to pay taxes at lower rate than his secretary. These tax loopholes were also not there historically. Another reason.
Libertarians like me will say there should be no taxes because free markets. However, in our modern economy, excessive greed needs to be held in check for the benefit of society as a whole.
I haven't argued for higher taxes. I just explained which other differences than the monetary regime may have caused this result.
The wealthy can always escape high taxes especially with Trust and Foundation who existed already at that time and enable a lot of tax evasion more or less legally, so don't try to explain this because of the "high Marxist marginal tax rate will solve everything" rhetoric because it don't works.
Search rather from QE and the drop of the gold standard.
Tax is theft, be it from 10k a year to 1 billion a year income, period.
Nobody ever really paid 92% or 94% ,,, there were NUMEROUS loopholes ,, most 1%ers back then paid about the same as the middle class... of course to do that they had to be funneled into tax sheltered investments ,,, my father had to buy into many of those schemes to preserve his income ... apartment complexes and such where much of the return can be written off as return of capital...
Warren Buffet doesn't pay income taxes on income , he pays AMT or cap gains tax ,,, don't fall for his crap... his sexretary pays income tax.
we have been on an undercover gold standard this whole time. that is the reason CB's buy the stuff. if we wernt on a gold standard, they wouldnt be liquidating peeps national gold reserves. the catch is they cant admit it. because the last thing they want is for peeps to trade FRN's for gold. only they can have the gold. currency of kings, not slaves.
I agree, I think each is waiting for the other to go back on the gold standard so all want to be ready at a moments notice without letting on.
The debtor is always slave to the creditor. -Some where in the Bible.
“While boasting of our noble deeds, we are careful to conceal the ugly fact that by our iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery.”
-Horace Greely -1872, in writing his opinion of the National Banking Act. Greely served a short term in the US House of Representatives (NY 1848-1849). He was editor of the New York Tribune, and ran for president in the new liberal Republican party in 1872. He was the only presidential candidate to ever die during the electoral process. He died before the electoral votes were cast. Sited in US Senate Doc. 23, 76th Congress, 1st Session – January 24, 1939
You think Al Greenspan and Bernanke were buying gold? Are you serious? I doubt the US has much in physcical form.
And this.
http://en.wikipedia.org/wiki/Sale_of_UK_gold_reserves,_1999%E2%80%932002
"Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves."
–Norm Franz, Money and Wealth in the New Millennium
We don't have money anymore, we have scrip. Same scrip that was printed by US Treasury in late 1700s. It's where "worthless as a Continental" came from. Now it's printed by the Fed. That's the only difference.
Ok there's another difference. Sheeple have been conditioned to using this scrip, which wasn't the case back then.
Ok another difference. Back then debt never would be viewed as backing for a currency. The whole idea would be laughed at.
It must be physical gold, paper gold is bank crap.
If you really want to puke look at the .1 or .01% comparied to the bottom 90%.
This looks like two seperate events. First the closure of the gold window halted ALL wage growth, then something else, perhaps increased Fed intervention in the markets after the S&L crisis, caused the 1% to start gaining ground.
Financial deregulation during Reagan/Thatcher, as well as Major/Clinton, and the hammering of trade-unions.
These last few years have been unparalleled for finance, but we will soon see a transition back toward the real economy.
That's why all of the hedge-fund managers and investment bankers are cashing in their chips (banker bonuses) despite poor performance.
Peak debt in 2008.
Should have a different title:
WHY ZH HATES THE ONE PER CENT ! lol
Gawd those are Perfect Tits...
Too bad they are ON A MAN!
You don't have enough brains to find out for sure... :-D
Only because the 1% cheat, lie and steal. Qualities they excel in. Very few got their riches justly and morally.
AAPL and the stock market are going to the moon, while precious metals keep getting shafted. Evil pays and good gets punished.
They hate it because they cannot print it. No way to cheat the 99.9% by depreciating their dollars surreptitiously with the hidden inflation tax.
With all the 'can kicking', 'extend & pretend' activity going on, the sad truth is that eventually they'll be able to PRINT THEMSELVES enough worthless currency [& otherwise use that process to manipulate prices], to be able to incrementally use it to re-purchase these & other physical assets for themselves.
THAT's the real tragedy... The more you stack, the more you'll eventually be ON THEIR SIDE when the switch is flipped.
Trust me ~ Whenever PM prices start to rise, that'll be the moment YOU KNOW, that the end is near.
What you want to do is create money out of thin air and give it to people that have no chance of paying it back. Then you can (in your mind) have justification to take everything they have from them. See: Greece etc.
they tried it in detroit to loot the art institute, the tribe is always at work.
Who's been in charge of Detroit the last 50 years?
Hold on....it will come to me.
Detroit? You mean the city with the enormous "Black Power" fist statue at the entrance warning all that they are entering hostile territory.
I have no idea who is in charge there... https://www.youtube.com/watch?v=f96p-IhcZhQ
you've nailed it. The whole idea is to flood the world with fiat, use it to purchase real wealth (land, PMs, other commodities, etc.), then collapse the fiat system and "own" the whole world, lock stock and barrel.
This, in a nutshell, is the banksters' agenda, which they've been implementing for centuries. Parasitic psychopaths in power suits, every last accursed one of 'em.
What is almost hysterically funny is that it seems that they didn't even understand this for an entire decade [from about 2001 ~ 2011].
Then ~ ALL OF A SUDDEN realized their miscalculation in May 2011 [& tossed in the Bin Laden bullshit for good measure as a smokescreen]... I really believe that they'd previously calculated that they could 'SELL' the Lehman collapse debacle as yet another in a long series of natural 'boom/bust' cycles [which, as we all know, aren't NATURAL at all, but instead, engineered 'cullings' of exchanging debt & accrued value added labor for resource ownership title, & control].
They're a bunch of fucking oafs! The hamhandedness is actually comical... I'm serious when I say they're gonna have to shut down the goddamned internet to really have any hope of #winning. Dog knows they're trying to do that as we speak.
Edit: to be precise, they're not 'flooding the world' with FIAT. All the 'flooding' is contained strictly within, and to the benefit of, their own buyer accounts. Saavy 'outsiders' of this rigged game only, perhaps, get rewarded if they ignore the parallel propaganda, and avoid getting themselves to raid grannys tea set cupboard, to bring down the street to sell to Rube Goldberg & Sons
It doesn't matter if they shut down the free internet. People will get creative. Thomas Paine's 'Common Sense' was nothing but a pamphlet, but it had a tremendous impact.
It is unimaginable to many people that there would be no free internet. But the underlying principles are well known - including the dangers of paper fiat money as a means of theft and control. We tend to get tied up in the day-to-day details and drama of events, but this isn't absolutely necessary.
It's too late. The cat's already out of the bag & had tons of kittens. They can't get them back in the bag again.
I'll agree with you there...
FFS ~ IMO TPTB have had a hell of a time playing 'catch up' over the past 2 decades.
- 1st with the internet
- Then with the loss of faith in fiat
They probably THINK they're still in control, but as you suggest, they're kitten wranglers at this point.
I think what you see as "hamhandedness" is really just extreme arrogance and utter disdain for all who do not share their royal bloodlines. Call us The Great Unwashed, the filthy ignorant rabble...the peasantry...the goyim*...whatever. They've seen no need to hide their actions from us, because we're too stupid to catch on, and too undisciplined to work together to stop them. Now, as we're proving this wrong, we see the efforts to regulate the Internet, presented to us in terms of saving us from the evil 1%. As usual, the 0.01% who are the actual culprits are studiously ignored. "Pay no attention to those men behind the curtain."
And while the benefits of the fiat flood only accrue to them, the detriments (loss of purchasing power of already earned dollars, f'r instance) certainly do accrue to the rest of us. We are being drowned in the fiat flood, while Noah 2.0 builds his new Ark for the banksters' benefit alone.
(*Note: it is a huge mistake to think that the only perpetrators of worldwide banksterism are overtly Jewish. Those simply happen to represent the largest percentage of bankster families. But, for example, the Norman interlopers in Buckingham Palace also belive their bloodline to trace back to King David. And don't forget who the Vatican's bankers are, either. The real driving force behind everything these vermin do is reinstating the divine right of kings to rule. This is why the 1st plank of the Communist Manefesto is the abolition of all private property rights, which effectively turns the entire non-elite population of the world back into serfs.)
I don't disagree with what I'd describe as the 'spirit' of what you write in your *Note
My general synthesis is as follows: [limiting this, of course, to WESTERN CULTURE]
- Fall of Roman Empire
- Power Void
- Emergence of 'Holy Roman Empire' [loosely 'Hapsburg Dynasties' throughout Europe]
- Eventual difficulties in population control & treasuries due to:
a) diminishing global resources to plunder
b) frivolity
c) power struggles with the Vatican
d) technology & science
- Enter the Ashkenazis [who were seen by the elites as a way to circumvent difficulties with the Church in terms of usury & other things]
- Ashkenazi power influence grew from there and moved from banking, & advanced to involve media, propaganda, law, & 'post monarchial' politics]
- So, toss in false flags, world wars, central banks, printing press, filmmaking, television, entertainment, the MIC, spy agencies, bolshevism, civil rights, women's liberation, LGBT activism, internet, Bretton Woods, cancellation of Bretton Woods, etc. & well, HERE WE ARE
But in the end you're absolutely right with your "KINGS TO RULE" thesis.
From my perspective, & assuming we get to that point & TPTB succeed in their plans, it would be naive to think that, ALL OF THE ABOVE [even though there may be a limited RULER CLASS], will all just join hands & divvy everything up. In this game, there will be only ONE CLASS of winners & it'll be a fight to the death.
For the life of me I can't understand how people fail to see that [even now in it's 'formulative' stage]. To use an analogy, it's like any sports game. The eventual goal is to WIN THE GAME, but during any given inning, period, quarter, or half, the objective is simply to do something mechanical to advance the overall objective. Golfers like to say:
"You can't WIN a Tournament on Thursday, but you can LOSE it on a Thursday".
Agreed. Lots of families, like the Bush family for just one example, are going to be very surprised to find themselves flung from the top of "Olympus" by the Rothschilds and their ilk, if the banksters' agenda succeeds in reducing the world to a nationless, neo-feudal "estate," wholly controlled by the oligarchy. Lots of wannabes are going to be mighty surprised, indeed. Bloodlines trump everything with those globalist vermin.
We can also purchase real wealth with fiat. Keep stacking, and get out of debt.
China has been manipulating (or "falsifying" if you like) its gold production numbers for years. Buy gold, send FRNs to China, they buy more Treasuries. I really wonder how long they can hold on?
PM holders are going to get shafted by currency moves unless we get some more QE.
Explain to me how a hypothetical 'physical' 1 oz gold coin in a stackers basement gets 'shafted' by a 'currency move'
Someone comes and takes it out of their basement. That would classify as a currency move. Other than that not so much.
The market value of that gold coin.
What's the 'market value' [to an individual] of something that isn't for sale at any price?
The new gold being mined around the globe at record rates *is* for sale.
the question was not answered... I'm DONE with this path to nowhere.
It's what they use to make Brawndo.
ill take the gold being mined at record rates over the amount of debt being created at record rates every time. To each his own, though. Best of luck to you. Im sure this time will be different.
Huh? If they have been mining less gold, then that is bullish. If they are mining more gold, it doesn't matter because its illegal to export, and it's enforced, as no-one has ever seen a Chinese bar on the open market.
Sorry to ruin your trolling. Is your pay docked when your lies are so obvious that they get concretely refuted in less than an hour?
China is mining much more than reported. Import/export rules don't matter...that metal exists in China.
Trolling? Lies? Everyone left on ZH seems to be pro-gold but that's been a losing bet for years. The mechanism by which precious metals have stagnated demands some discussion.
Gold is not a bet.
You just lost all credibility here.
Time for a new account/handle/avatar.
I think China is done w/ treasuries at this point. It's not "falsifying" it is actually not saying how much it has at all. That is not leading nor misleading.
Idiots think: well what are ppl going to do carry gold around in their pockets? (or silver)
answer: yes, rather than carrying around paper which is much more crazy.
but a gold backed dollar wouldn't mean carrying gold or even buyinig gold, it would mean the currency or a % of total monetary funds, is backed by gold. Frequently auditable gold. But then how would we grow? If the money couldn't expand, could two parties benefit?
You could start out iwth 100% backed, every year go down a 1%. Reset every 75 years...
Or you could get this growth crap out of your head. It is for product exchange and labor exchange, that is all. Where there is labor, it should have a result in product or service rendered. Otherwise, you aren't doing shit but making money off of doing nothing but to the detriment of other people!
My PMS are not exchangable for paper---only tangible assets. Where is all this physical gold & silver going to come from?
Very true! That's the reason they abolished it in the first place...
Switching to an elastic money supply was generally supposed to be a good thing. Unfortunately too many people in the US gov't trust the "broken window" economists and the GS sociopaths.
Have you noticed yet you are the only one up voting yourself?
game theory is like "NO SHOES, NO SHIRT, NO DICE"...
Learn it. Know it. Live it
“The modern banking system manufactures "money" out of nothing; and the process is perhaps the most astounding piece of "sleight of hand" that was ever invented. Banks in fact are able to create (and cancel) modern "deposit money." They can in fact inflate and deflate, mint and unmint, the modern 'ledger-entry" currency.”
-Major L.L.B. Angus
In a nutshell...
And of course, all the socialists, commies and fascists have been talking about is ``taxing the rich`` yeah cause that's gonna solve this...
I pity people who aren't familiar with this knowledge...
That would be about 99% of the planet, right?
wrong...99.9%.
All this arguing about incomes is useless (paper gains will be lost). The whole system is going to collapse at some point in the future. How long can a a nation continue to borrow 50 cents of every dollar it spends every year. The only reason we are still paying taxes is to keep the chirade going to give the appearance as though we will really care and promise to pay it all back some time in the future. If there is no financial collapse the next generation will refuse to pay the national debt due to it being an odius debt they did not incurr, especially when or if they start to see confiscatory taxes that are unbearable on top of there studen loan garnishments.
how long can such a nation go on? a lot longer than you would think. See: Japan. They have been doing this for many more years than us, and they don't even have a reserve currency enabling them to export their inflation. This can drag onward much longer than might seem possible
we have to get back to gold and raise interest rates we are going to keep this country going
Blasphemer!!!
There isn't enough Gold now on the planet for the size of the population to go back to the Gold Standard. There wouldn't be enough Gold to go around.
There would be a big price adjustment to it of course, and I think you could stretch the amount of papers backed by gold to a certain extent. As long as the majority of it all is backed by tangible assets, like gold, silver, platinum etc., so there would be constraint and discipline regarding the politicization of money.
There isn't enough Gold now on the planet for the size of the population to go back to the Gold Standard. There wouldn't be enough Gold to go around.
You've been here 3+ years and you still haven't the slightest grasp of this stuff?
Wow. That's impressive, in a horrifying kinda way.
LOL It was a joke, I hear financial experts say it all time though, I knew it would get a good rise out of ZHers.
Sorry CCCheers ,my mistake, I just assumed you were a chosenite shill when you commented that Dennis Wise,s 6 hour documentary the Greatest Story Never Told, was "too long". Considering that nearly all of us have been subjected to probably thousands of hours of fiction , documentaries , and victors/bankers/gov/hollywood propaganda in our lives I think he did a pretty good job of telling the other side of the story and hey you dont have to watch it in one mouthfull. But you got me there on your "joke "
So anyone who criticizes you or your recommended viewing is a chosennite, which is another way of calling them a Jew which is another way for you to mask your antisemitism. Do you recommend the ovens or the gas?
Lol , nice try, so calling someone a "chosenite" or a "jew" is anti semitic ? How would you like me to refer to someone to someone who calls themself a jew and claims to be especially chosen by god ?
If I call them the Goa'uld it's antisemitic ?
Bravo!
Dont most people on the planet have absolutely nothing anyway? How would it be any different?
Well Cliff
what if it HAD to???
All that would be needed is a right price.
What we are seeing now is a 'gold market' in which the price has been suppressed when that suppression ends gold will rise again....and probably more than it did between 1971 and 1980 (24X !!!)
Think about that.
Gold is divisible to the atom.
Maybe he struggled with fractions in grade school.
“The relative average abundance (of gold) in our Solar System appears higher than can be made in the early universe, in stars, and even in typical supernova explosions. Some astronomers have recently suggested that neutron-rich heavy elements such as gold might be most easily made in rare neutron-rich explosions such as the collision of neutron stars."
http://apod.nasa.gov/apod/ap080518.html
“Only in a supernova is it possible to create atoms with 30 protons, 40 protons, 50 protons or even 60 protons. Nature prefers even numbers for stability, but every so often, the star will forge an odd-numbered atom, a real rarity: gold! Gold is a rare, odd-numbered atom with 79 protons. For every single gold atom in the universe, there are 1 million iron atoms..."
-http://www.npr.org/templates/story/story.php?storyId=7397200
There is at least one oz for every man woman and child on the planet dipshit. Add in silver (bitchez), copper, oil backed, kilowatt backed, crypto, and who knows what in a free market for "money" and there is more than enough of it all
None for you.
Haahahahahaha Good one Cliff, you probably should have kept quiet on this one, your ignorance is showing.
"Look, Dick, we can't rip people off with this gold standard. You gotta get rid of it."
But what if they start to complain?
Simple: We invade them.
The 1% dont like a level playing field. Rothschild's Rules Book.
You mean the 0.01%, of course. And no, they don't.
Pharisees never do.
A lot of the top people make their living off of the skim of fractional reserve banking.
No brainer that they would want to keep things how they are.
pods
I suspect that more than a few of us on this site make our living off of the skim of fractional reserve banking. A return to the gold standard would all but eliminate my day job industry but that doesn't mean I support the current system. I'm ready to burn this MoFo down.
Long Live Ragnar Danneskjold!
Yeah, this is the real reason behind this. It's not even a 1% thing, it's a people who make their money from fractional reserve banking thing -- and they happen to make so much, it puts them in the 0.01%.
As a 1%-er that saves, I'd freaking love a gold standard, where the first dollar I saved when I was 18 would have the same purchasing power or more as the last dollar I saved at 50. Under this fiat regime it's worth less than half (42%), and that's using the fiat regime's own fake CPI data.
I would bet that A. Greasepan has a few gold coins tucked away in Andrea's panty drawer.
Are these charts in Piketty's manifesto?
Umm...Mankind hates the gold standard.
Why else would mankind repeatedly throughout history change the rules when convenient and oversubscribe their gold with paper substitutes??
COme on folks, a gold standard is never coming. Mankind ditched that 40 years ago.
It's about moving forward, not backwards to "glory days" of gold standards (which is a false meme neway).
'Mankind' ditched the gold standard, did they?
As it happens, any government-imposed gold standard is unworkable if governments also impose a single national fiat currency and legal tender laws.
ALL gold standards have failed and failed big. Remove you qualifiers....any gold standard has failed, will fail. lose your idealism and focus on reality.
Yes, to make it maybe easier for you to understand- humans have failed their gold standards everytime they tried to set a value on gold.
>>>Mankind ditched that 40 years ago.
40 years. Man, that is like forever.
Things are so very diffeent now... now than mankind has at last transcended the greed and violence of his past.
They own gold.....but they buy it with their inflated fiat....I think we have another 50 trillion of prining to go before things get wierd...its just paper money....and they will print it
Thats funny, I have already returned to the goldstandard.
They call me mr. goldbug but thats not true, I also got silver and platinum.
>>>They call me mr. goldbug.
A number of ZHers must be known to friends and family as being positively disposed towards precious metals. However, I strongly suggest that each "Mr. Goldbug" develop a well thought-out cover story which explains why his actual holdings of physical PMs are so surprisingly... small. FWIW the "boat story" makes a cute joke, but is does NOT qualify as plausible.
Hopefully, none of us will ever need a cover story, but if friends and family think of you as a "gold bug" now, you may already be in trouble, and the cat already out of the bag. This could quickly become a major problem for you if/when severe economic dislocations occur: in the eyes of your neighbors, you will quickly be transformed from a crank to a person of great interest....
Anybody can know that you own a bag of junk silver, or some mining stocks, but IMHO no one, except your principle heir, has any reason to know that you own a significant quantity of phyz. Even if we never see a SHTF scenario, there is already a steady trickle of PM thefts (I can think of Trinidad, British Columbia and France for starters) where some prosperous patsy is relieved of $500,000, or perhaps millions, in PMs because they were just a little too free with their words.
Bullshit. Bretton Woods was never a gold standard. It was a system by which American governments could print money and export the inflation to Europe. It collapsed as soon as the Germans realized what was happening and demanded their gold.
What actually happened in the late Seventies was the death of Mao Zedong, the purge of hardline Maoists from the CCP, and Deng Xiaoping's opening of the Chinese economy---that is, making hundreds of millions of slave labourers available to unscrupulous western firms. Why give Americans good jobs for good pay, much less respect their rights, when you can shit-can them all and move your operations to a police state where people are glad just for enough rice to eat that day?
It was the French that demanded their gold, I believe.
Because well-educated US workers in a developed economy with decent infrastructure are vastly more productive than uneducated Chinese peasants in a country with dirt roads?
The US lost its manufacturing base because government regulations made it impossible to hire most US workers economically.
The jobs will come back when the USD loses its reserve status.
Let's hope there's still some remnant of the old protestant work ethic to be found.
why german jobs didnt disappear as well. they have more regulation to swallow? yet their economy was able to employ several milions of immigrants at the same time?
german jobs stayed with euro or DM?
and how about switzerland jobs?
"The US lost its manufacturing base because government regulations made it impossible to hire most US workers economically."
-Well, that PLUS the extra overhead that Unions extracted via their coercive methods of demanding higher wages for workers, so that the workers could pay higher union dues, in order to pay for more expensive Union representation...wash, rinse, repeat.
Labor Unions are as parasitic on a functioning economy as government policy meddlers are... merely two heads from the same ugly hydra.
"The jobs will come back when the USD loses its reserve status."
-This statement I do agree with 100%.
Fuck the satanic 1%. Great story Tyler.
Let us not forget that what the 1% has accumulated is mostly merely paper wealth.
They actually do not see a use for gold in the same way traders abound who have never seen a bear market.
It will be their downfall.
Hey, I'm all for a gold standard, but it's a little far fetched to compare income gains made by the mostly white lower 90% of yesteryear to whatever the lower 90% is composed of today. It's pretty easy to see that broken down by race, median income has been rising across all groups:
http://www.epi.org/blog/real-median-household-incomes-racial-groups/
But overlayed on that is a massive demographic change from high earning groups to mostly lower earning groups.
growth of and access to credit money never mentioned
Fuck the MoneyChangers...
we have the ability to implment our own Gold and Silver standards...just continue to dump their worthless debt coupons and accumulate the only 2 forms of real money with the 5000 year history as such...
which ever one u can still afford - JUST FUCKING DO IT!
FUCK THIS ARTICLE IT IS SO FUNDAMENTALLY MISLEADING BY OMMISSION.
20 million people are government employees. they are not the 1% in america. they are upper middle to middle class.
take away the bond market and you take away their jobs.
it's not the 1% it's the 20% of people whose jobs directly depend on money printing bonds to pay their salaries.
at least try and be clear and honest about what this 'standard' means. imposing any standard is just about restraint. try telling that to 4 million federal and 16 million state employees.
only about 100 million people full time working in the u.s. consider how much federal money and salaries trickle to the private economy.
everyone who has anything to lose connected to the 'economy' and isn't rich enough hates the gold standard. some veyr very rich people that decided to put a lot of wealth in gold lvoe the gold standard. some of those gold lovers are not horrible people. some are actually nazi's or evil men that are of other persuasions.
anyone who wants power to be obtained by destroying government , wants a the only insurance policy in town to make their fortune. that policy is gold bricks.
Fuck the government worker parasites. If they are so 'good' they can prove theirselves in the private sector and get paid their real worth.
PPT hard at work today. It's Friday, Dow must close green and above 18K no matter what.
Where is the venue to teach the unknowing followers of the shepard?
How do you get the sheep to be a captive audience?
These same people don't even value their privacy, they think they have nothing to hide.
Snowden’s point is that the moment you are compelled to reveal that you have nothing to hide is when the right to privacy stops being a right – because you are effectively waiving that right.
We are all doomed unless we can teach the sheep "to snatch the pebble"
Let's say your ideas get out from under your tin foil hat and make it somewhere people are participating in the world rather than hiding away and complaining about it. Then let’s say one of those people manages to enact and install a gold backed currency system.
Don't you realise you'd just find another boogie man and another "truth" to seek? There are already, quite literally, 100,000s of comments here about how the NCBs and global banks are lying about their gold reserves. How they are all lead in the middle. So what fucking difference does it make to you what they call the system? What could they ever possibly do, other than let you guys live in the vaults, that you wouldn't shout "liars and cheats" from the rooftops?
Let me help you - there is nothing they could do... Why? Because rather than getting good at gaming the system we have, you've devoted your energies to complaining about it. You might as well move to Princeton and be roomies with Blinder and Krugman. You are doing nothing any different than them.
Yes the system is built on confidence. Yes there is no intrinsic value in fiat. Yes on a high level there is corruption in the system. Yes you are right about all of it! But who gives a f-ck? Being right ain't gonna feed the kids. Being right ain't gonna stock your prepper pantry. Being right ain't gonna make them stop.
Piece of advice - allocate 1/2 the time you spend worrying about this broken system to figuring out bigger and better ways to game it and you and yours will be much happier and much better off....
"Being right ain't gonna feed the kids. Being right ain't gonna stock your prepper pantry."
neither is a piece of worthless paper that doesnt buy shit anymore...
good luck with your strategy whatever it may b.
some of us think with Gold and Silver at least we got a chance.
Gold and silver will get you as far as the first guy you meet that is strong enough to take it from you.
Also - you'd have as much luck eating your gold as I would trying to eat fiat. At least I can wipe my arse with fiat. Maybe you could throw your gold as a weapon but I doubt you have that much.
My strategy is to raise and educate my kids the same way I was growing up poor in the river swamps of the SE US.
My point was you can sit around waiting for the tribulation/rapture - or you can prepare for that and then get on with taking as much as you can from what the current reality offers.
Most of the people posting here assume they've figured it all out and everyone else is a sheeple. Some of us figured it all out and decided to become apex predators rather than prey.
You gonna be a lion or a lamb?
"Also - you'd have as much luck eating your gold as I would trying to eat fiat. At least I can wipe my arse with fiat. Maybe you could throw your gold as a weapon but I doubt you have that much."
this will b my last remark to ur comments...
First, i assure u aint nobody taking anything from me and my family...well equippied to handle anyone who feels compelled to try us...
secondly, as mentioned b4 - Gold and Silver have been money for an eternity and continue to be the ultimate currency in times of chaos..and yes, i highly suggest u begin practising "wiping ur ass" with those debt coupon dollars...in Wiemar Germany their destroyed Mark worked great as wall paper and heat IF they were lucky enough to find someone to give them a book of matches for them....
good luck man.
Glad you are prepared for the worst. Now start living in the present, not in the future...
"Yes the system is built on confidence. Yes there is no intrinsic value in fiat. Yes on a high level there is corruption in the system. Yes you are right about all of it! But who gives a f-ck?"
Well, then, who gives a fuck about someone breaking into your house and stealing all of your belongings or killing your family? Who gives a fuck?
That's could happen. However I find it highly unlikely. They'd have to go through three generations of a hunting, shooting, determined arse family to get there.
That wasn't my point though. You missed it completely...
"That wasn't my point though. You missed it completely..."
No I didn't. Your point was that the system will always be corrupt, and that the average person can't do anything about it and would be better off not complaining and just gaming the system and skimming off whatever he can for himself. And my point was, then you shouldn't complain about other forms of lawlessness, either. If your house gets burglarized, don't waste your time complaining to the police about it, because it's not going to stop future burglars and burglaries. If a family member is murdered, don't complain to the police about it, because your complaining isn't going to stop future murderers and murders. Unfortunately, I have a pretty strong sense that if your house was burglarized or one of your family members was murdered, you'd complain to the police, now, wouldn't you? Why is that? I know why--it's because you have the convenient luxury of being able to safely ignore lawlessness that doesn't directly affect you...
You seem to not know that however you try to cope with the "CHEATERS" you will always be cheated, because they make the rules and they change them whenever they see fit.
If you were invited to a poker game and you were told that everyone at the table is going to cheat you, would you still go?
By the sounds of you, you would, but you would try to cheat yourself and become a winner, good luck to you, you are going to need it!
I don't need any luck. I am prepared should it come. Land, Know-how, location.
However, you miss my point.
Just because a tool is broken doesn't mean you shouldn't still try and squeeze the most utility out of it...
Your 'game' is to be short-lived. An honest man will 'game' you...
You don't know me... And you miss my point...
Gold is the reason why the top 1% is getting richer?
How about:
Globalization and wage arbitrage
Endless war profiteering
Crony capitalism
------------------------------
Those 3 alone would drive 1% wage growth rather than just pointing out the causual relationship between wage growth and the gold window.
You have an education, a computer and the internet... You are the 1%... When the shlt hits the fan the target on your back will be no smaller than anyone elses...
Don't believe me? Ask the Cambodians....
Speaking of the 1%........We haven't forgotten you Corzine ...http://dailybail.com/home/we-havent-forgotten-you-jon-corzine.html
If there is no currency standard.
Then obviously the people printing the currency will benefit the most while those who are not permitted to print the currency will suffer and lose everything to those who can.
If you can print unlimited tickets to buy assets, then there is no reason that you can not endup with all the assets... while others will eventually endup with worthless non-redeemable tickets.
This is why a currency standard that puts constraints on inflation and coupon printing is necessary on the long run and such a system without constraints will inevitably cause some problems... or catastrophic failure of the economy resulting in the death and isolation of millions if not billions of people.
The currency system as it works today is designed to discourage and punish savings, to impoverish the bottom 80% and to keep the intelligent 20% working and "running things".
The currency is quite litterally backed only by the promises of about 90 million people in the U.S. to work and acquire these currency tickets and to willingly exchange their labor and time for devaluing tickets that will trickle down to the non-producers and drag them up and keep them alive.
The middle class has a symbiotic relationship with the money printers... the middle class works, produces all the wealth, and employs the useful portions of the population and pays taxes and tribute to the elite whom use that money to operate social programs to keep the useless eaters from rampaging, raping , and pillaging the intelligent portion of the population.
What people don't understand is, on a long enough time line, you are really only supporting the propagation of useless genes in a society... by operating social programs.
If we cut all programs for the poor, the poor would die and the burden on the middle class/elite would be lifted and the people who work hard would actually acquire all the latent wealth that they were previously forced to share with the poor/sick/unfit to survive.
Does a virus mutate into a stronger strain and then pay taxes to the weaker strain ? no... but somehow humans do ... and look where that has got us... a permanent state of recession where those who know how to produce wealth will never get a break because 50% of the population is brain dead and on life support.
Its like America is a triple Siamese conjoined twin.... one twin is a retard does nothing but eats and shits, the other twin is very skilled and productive, and the other twin has an oversize criminal mastermind brain and found a way to keep itself alive and rich off the middle twins labor, by using the practically brain dead twin as a boogie man to scare the middle twin into working.
If the middle twin was smart he would kill the other two twins in their sleep so he can find some peace.
The problem is not just the mega rich, its also the mega poor that abscent the social programs would rampage and destroy 200 years worth of human progress.
In Alberta Canada back in the 70's the prisoners used to make the liscense plates, now that is against there right"s.
The welfare leaches sit at home and TAKE. Can we make them work for there check, NO, that is against there rights.
In my city we pay expensive union city workers to pick weeds and plant flowers, we should make the welfare do this or they do not get there cheque, NO THAT'S AGAINST THERE RIGHTS. What RIGHT'S does the middle class have?
Only to be the middle siamese triplet.
How about the middle class goes on strike and becomes the welfare class?
I think that would be called a revolution.
Welfare to the rich and well-to-do dwarfs the size of welfare to individuals. Use that head for something more than a hat rack (60's saying my beloved mother used to tell me)! Not saying either is 'Just' but much more fiat flows to the rich than the poor...
Maybe you don't realize how aprpos your example of conjoined triple Siamese twins is;
"If the middle twin was smart he would kill the other two twins in their sleep so he can find some peace."
You see, conjoined twins often share internal systems, so by killing the other two, he's killing himself.
Never mind having to spend the rest your life connected to two rotting corpses.