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Keynes Would Be “Buying Gold Hand Over Fist” Today
- What Keynes would think of today’s “Neo-Keynesians”
- Unlike his acolytes, he understood the value of gold and the dangers of currency debasement
- Keynes did not desire “a world where currencies are backed by nothing more than a governmental promise to pay while the printing presses whirled unchecked”
- Keynes would have been “puzzled that his theories are associated with aggressive currency debasement and a rabid hostility to gold”
- With “today’s economic vista of near-zero interest rates and quantitative easing, it is clear that he would be buying gold hand over fist …”
Richard Hurowitz, an investor and the publisher of the Octavian Report, has written an excellent article in the Wall Street Journal in which he takes to task the “neo-Keynesians” who have used Keynes and his work as a cover for financial and monetary profligacy that Keynes himself would be shocked by.
This must read article is available here (paid subscription required).
DAILY PRICES
Today’s Gold Prices: USD 1129.30, EUR 1009.11 and GBP 729.66 per ounce.
Yesterday’s Gold Prices: USD 1136.85, EUR 1007.27 and GBP 732.86 per ounce.
(LBMA AM)
Gold in EUR - 5 Days
Gold ended with a loss of 0.5% and fell to $1.133.20 per ounce yesterday while silver rose 4 cents to $15.19 per ounce. Gold in euros is testing recent resistance at the €1,115 per ounce level and has reached its highest in nearly three weeks today.
In Singapore, gold bullion ticked a little higher and maintained those gains in London, hovering just below the $1,135 per ounce level. Silver prices are 1% lower to $15.10 today, while platinum and palladium are lower too.
Read more on the GoldCore.com blog
IMPORTANT NEWS
Gold Holds Drop as Lockhart Remarks Strengthen Rate-Rise Outlook – Bloomberg
Gold retains losses as firmer dollar, stocks dent safe-haven demand – Reuters
Gold settles with a loss as the dollar strengthens – MarketWatch
U.S. existing home sales fall more than expected – Reuters
Russian Billionaire’s Miner Sees Gold Pain as Buying Opportunity – Bloomberg
IMPORTANT COMMENTARY
Greece’s new government and the Troika have to face the awful truth – Bloomberg
In 10 years, banking will look like a sci-fi film – The Telegraph
Martin Armstrong Warns “Hell Is About To Break Loose” – Zero Hedge
Why The Big Banks Want Higher Interest Rates – DollarCollapse.com
SILVER INVESTORS: Why The Next Financial Crisis Will Be Different – Silverseek.com
Read more News & Commentary from GoldCore.com
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Fuck Keynes. I'm buying gold.
And some hi ho silver too!
I'm not the least bit interested in rehabilitating Keynes "work" as it is lost in the "theory" of statism and manipulation.
Just because a few quotes are true didn't prevent him from going over to the darkside against all humanity in "his belief" that governments are altruistic.
I'm here to tell you they are not.
They are run by the very same greedy, self-absorbed people that socialists rail against and de Tocqueville warned about and are more concerned with keeping their heads out of a basket on the guillotine steps than procuring any peace & prosperity for anyone.
The sooner everyone realizes this the better off we'll all be.
well said
The man just screams pedophile. Scary looking dude imho.
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."
From the last two paragraphs of Gold and Economic Freedom by Alan Greenspan. 1966.
see: http://www.constitution.org/mon/greenspan_gold.htm
Yup, gold and silver will not skyrocket soon, however, who's stacking for an early payday? When reading a post like this, it is taken for granted you are looking and stacking for the distant future. There is only one outcome for fiat, and it is not one in which you would want to place your financial well-being.
It may have been "distant" for a while. But see that light down the tunnel, getting bigger every second? That's the "distant" future you're talking about.
BULLSHIT...I've been reading that GOLD/Silver/Miners will skyrocket soon
All I've seen is lower prices and blame manipulation.....yeah right!
Hmmmm, I believe gold was under $300 and silver under $5 as recently as 2003. Look at it today - there's your skyrocket.
...what's that stuff in Ft. Knox? Anyone know?
Have a hunch?
Just think if there is an INDEPENDENT audit of the place someday soon?
"...what's that stuff in Ft. Knox? Anyone know?"
Space
.
The nation's economy is based on Keynesian theory ergo the economy is strong.
As a result, rat bastard Keynes would not see any sound reason to buy gold thus he would not.
Your deduction suffers from an invalid premise.
Keynes was a very complex man. He certainly was brilliant, as Bertrand Russell said Keynes was the only man he ever feared in a debate. Kyenes' early writings were crytsaline, among the most perceptive and readable of the day, "especially "The Eonomic Consequences of the Peace". His magnum Opus "the General THeory", on the other hand, is inpentrable and in the end appears to be nearly 100% wrong.
He loved being a cult figure, the center of attention and adoaration. And the young economists in that cult went on to establish Keynesianism as the dominant force in post war economic theory. Today you considered a crank if don't believe Keynes in your bones. It doesn't matter if you are free-marketeer or a communist, Keynes is the man.
OK, I'm a crank.
In truth, the gold standard is already a barbarous relic. – Monetary Reform (1924), p. 172
It irritates me to see his quotation incorrectly referring to gold per se.
Ok..so US currency is not backed by gold..so what..if I am located overseas and I have $1 million dollars...do I care if the US government has $1 million in gold locked up in Fort Knox...am I going to ask the US government for $1 miilion in gold...probably not...but I may want $1 million in corn bushels delivered to my overseas farm...can someone in the US make that happen...ok..I am a happy camper...and life goes on...
__+++ double plus good - that way you carry your weight on the GMO diaspora ... gmo corn is one of the most effective weapons of the Elite as to the general Eugenics program pogram ...
GMO's - a lil' carcinogens a lil' bite @ a time, makes the world go Round! zhey!
Yeah, then the Chinese announce that the Yuan is now backed by 12,000 tonnes of gold, and who ever you are purchasing corn from decides
they would prefer to be paid in Yuan. So, then after currency exchange you find you can buy $400,000 worth of yesterday's corn. Probably best
to spend that fiat while it is artificially high. It may very well go higher, but it assuredly WILL go much lower at some point in time.
Tail risk could morph into your tail getting corn holed in the FX market.
This weekend the FED decides your $1 million is worth only $100 in the new money they just created. Good luck with your corn bushels.
People don't even think that way. They think when the government seizes their gold or freezes their retirement accounts- they are doing so for the good of the country. FDR said so. Obama said we shall move forward and gave the crooks a pass.
Winner= A few thousand bribe extending bankers.
Loser= 300 million middle class Americans.
Same as it ever was.
Same as it ever was.....
Jesus overturning the money lenders tables was a long time ago...
The black and white photos just made me realize how long these kinds of people have been trying to destroy civilization.
-Argenta
Goldcore says buy gold? There's a big fucking shocker! It's true, though, that Keynes would kick these "Keynesians" square in the nuts.