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Will India Implement The First "Executive Order 6102" Of The 21st Century?
Something strange has been happening in India in the last year: while the rest of the "developed" world has been doing all in its power to crush its currency in order to promote exports within a globalist mercantilist system suddenly gone haywire, India has had the opposite problem: with its economy slowing down even as rampant inflation persists, its currency has been sliding against all other currencies. But probably more importantly: plunging against gold, as can be seen on the chart enclosed.
It appears that finally after months of "being long of Gold in Indian Rupee terms" having proven to be quite a resilient and profitable strategy, the Indian state has also figured it out. And they are unhappy. Because to them, the key reason for the rupee weakness has nothing to do with the actual economy, and all to do with the Indian population trying to protect against currency debasement coupled with inflation: i.e., purchasing gold. And they will no longer allow it.
From The Business Standard of India
The Reserve Bank of India (RBI) is likely to clamp down on gold coin sales by banks, amid rising bullion imports adding pressure to the current account deficit and weakening the rupee.
The Banking Regulation Act does not allow banks to trade in commodities and they play the role of a financial intermediary. This norm was relaxed in the pre-2008 era when the country saw a dollar influx that resulted in a sharp appreciation of the rupee. To sterilise dollar inflows, banks were allowed to sell gold, as they imported the yellow metal. The measure was temporary.
Banks were allowed to sell gold by importing it to fight the excess dollar flows. By the same logic, the measure should be reversed now as we are at the opposite end of the spectrum. It was a temporary measure, which unfortunately was made permanent by banks,” a top RBI official said.
The rupee has depreciated 30 per cent since August amid the sovereign debt crisis in the euro zone, which made investors flee to safer havens. Weakening macroeconomic fundamentals like the fiscal and the current account deficit have resulted in investors pulling out from the Indian market.
In its recent interactions with bankers, the central bank sounded its discomfort over the practice of banks pushing gold coin sales and asked them to go slow. However, banks have not stopped the practice of incentivising their staff to push gold sales, as they earn a margin of Rs 100-150 per gramme of gold sold.
Sadly, India's reaction which does nothing to address the actual source of the economic malaise will backfire, as acts of economic desperation always do. However, the next step will be even sadder, and one known rather well to most American alive between the two world wars: the first instance of Executive Order 6102 in the 21st century. Because again, he who defects first from a regime that pretends to allow fair price discovery of currency substitutes, defects best.
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Freeeeeeeedoooooooooommmm!
Uninforcable!
You can't buy gold, or else.....or else.....
....OR ELSE!
Give me your gold. The Indian Gold Finger.....
It's one thing to steal someone's wealth by currency debasement. It's another thing to force someone into a scenario where you confiscate their wealth.
The word is "Opression". Plain and simple.
There is no record of anyone ever being arrested or charged under Executive Order 6102. It's just a scam to get gullible peons to hand over their gold, they will never be able to forcefully confiscate it with all the boat, gardening and vietnamese hooker accidents.
Frederick Barber Campbell would disagree with you. He was indicted and lost 5K gold ounces to the federal gov.
For a traditional barbaric relic, that yellow metal sure has governments in a tizzy. I really just can't figure it out. Must be something in the Ganges water that makes people want to buy it. /s
Confiscation is a tradition.
This is interesting as well: "Breaking News: Regulators to Classify Gold as Zero-Risk Asset"
http://m.financialsense.com/contributors/john-butler/breaking-news-regul...
Something very interesting is happening here.
Got Gold?
Another 3rd world dump. Whatever.
The truth is that Central Bankers love to buy Gold, but hate it when the general population buys Gold.
That would be because it makes their paper look like the paper that it really is.
So the Central Bankers in India are playing the violin, do they really want us to feel sorry for them?
As opposed to another 1st world dump? Whatever, exactly. How's the vantage from your shithole--does the horizon swarm with brainless Walmart shoppers??
Or perhaps its the commercials promising an affluent Bollywood lifestyle to any p.o.v. who takes out a high LVR loan to buy gold?
When I think about what's in the Ganges water, it makes me want silver a lot more than gold. In the form of a filter.
That's right...It must be the ganges...or maybe even the heat and humidity that has kept us from becoming 'civilized'. Most western folks (or even westernized Indians) are still confounded by our total fascination and love of gold. India of old was called 'sone ki chidiya' (The Golden Sparrow), and sadly, subject to dozens of invasions by middle east bandits who came just to plunder all that gold.
http://en.wikipedia.org/wiki/Executive_Order_6102
Indians LOVE their gold. The mandate is completely anathema to their culture. It's like telling us Americans we can't buy large sodas anymore.... oh wait.
lulz...
You will NOT buy gold. You Will buy health insurance. You will NOT buy a Big Gulp. You will buy car insurance. You will NOT buy...80,000 pages more.
It's great to be a free people with free markets, right?
The truth is that 100% of the people are ruled now. No one is free. You may be ruled by a pseudo-democratic process or the venerated and proven good old fashioned dictator...but you are ruled and have no inalieanable rights that cannot be overruled. Do your best.
I will NOT obey tyrants.
Just by happening to exist, you already do, unfortunately. There are no free men - we're all in this ugly fucking game together man.
Do you pay their taxes?
Also kinda like telling Americans they can't buy guns and ammo.
Molon Labe!
This is as good a place as any... I write about the the dangers of complicated THINGS... Wait until I visit the topic of complicated systems...
http://tinyurl.com/83flkz9
I lost all of my PM's in a boat accident involving several vietnamese hookers, a bottle of Johnny Walker Black and four watermelons.
Very tragic.
What were the watermelons for?
Never mind. I don't want to know. :)
.......as the Arabs say, small boys for fun, women for children, and mellons for ectasy.....
Really, I didn't think the Arabs' spoke English...
That was a tragic day when our boats collided :(
Lost all my pm's and guns.
Who knew three boats would try to occupy the same space at the same time? At least your hookers made up for the loss of my PMs and ammo. And the watermelons -- O.M.G. that was amazing! I didn't know that was possible.
wait just a minute...
you say FOUR watermellons?
what kind of fools do you take us for?
wow! never had any PMs on a boat.....but my long dead cousin Jimmy, whom I have a key to his PO box, bought alot of PMs with cash and MOs and had them sent to our shared box. so, technically i don't 'own' any PMs....just storing them for my poor cousin Jimmy.
Clarke & Dawe
http://www.youtube.com/user/ClarkeAndDawe
Clarke and Dawe - Top Flight News Story #236b
http://www.youtube.com/watch?v=O-nKJFjYkHg (2:30)
Clarke and Dawe - Articulating an alternative vision for the country
http://www.youtube.com/watch?v=z3wKCzIw5Gs (1:48)
Clarke and Dawe - The European Crisis
http://www.youtube.com/watch?v=OrhJcqgXrlw (2:44)
in other words . . .
mumbai
shot-in-the-dark, right . . .
that the first guy killed, karkare, just happed to be india's terrorism chief
http://www.pharosmedia.com/india-books-bookstore/Book_Book_on_Islamic_Terrorism_in_India_Who_Killed_Karkare.htm
What most Indians think of as British Raj is in reality the Rothschild Raj. The British empire was the Rothschild empire.
It has been British policy since the Revolt of 1857 to keep Hindus and Muslims divided . . . For this purpose, they created the Indian National Congress (INC) with the help of Allan Octavian Hume, a member of the occultist Rothschild front Theosophical Society. INC was expected to keep India as a British dominian with a nominal democracy formed by a small subset of the population . . .
When INC began to go out of their control, they promoted the Muslim League and the "Untouchables" league led by Ambedkar. They also created Muslim League's anti-thesis, the Hindu Mahasabha. Hindu Mahasabha gave birth to RSS, VHP, and BJP. The Muslim League and Hindu Mahasabha together killed almost a million people in the riots that followed the partition of India - to imply the Indians were incapable of managing their own destiny and needed British rule to live peacefully.
Even after India became independent, it was a Rothschild stooge who became Prime Minister - Jawarharlal Nehru, a freemason. Other contenders were eliminated. Gandhi, even though he was refused to take up office, was killed by an ex-RSS man Godse.
For Jammu and Kashmir, Nehru and Mountbatten enacted a drama, which allowed Pakistan Army to invade and occupy a part of Jammu and Kashmir - at a time when both Indian and Pakistani armies were led by British officers. Instead of driving out Pakistani invaders, Nehru forged a Instrument of Accession that gave Pakistan a leg inside the door of Kashmir. To make matters worse, Nehru being the great "internationalist" that he referred Kashmir to the United Nations where Britain promptly sided with Pakistan. It is because of Nehru's perfidy that prevented India and Pakistan from having friendly relations. He also ensured that Pakistan's Army became sole arbiter of the fate of that country. Jinnah probably got bumped off by the Rotschilds, for his usefulness had run out . . .
Nehru's perfidy was not limited to Pakistan. In China, Rothschilds betrayed their stooge Chiang Kai-Shek and allied with a more nutty variety named Mao Zedong, who lead the Communist party of China . . . into genocide's alltime allhell
http://www.vsubhash.com/article.asp?MV-RFM-IE=on&id=12&info=The_Rothschilds
.
and, history, in case you missed it . . . honkonged, shanghai'd and long since sino-sassooned
In 1829 . . . the Sassoon family fled to Bombay, India. This was the strategic trade route to interior India and the gateway to the Far East. In a brief time the British government granted Sassoon "monopoly rights" to all manufacture of cotton goods, silk and most important of all ? Opium ? then the most addictive drug in the world!
The Jewish Encyclopedia of 1905, states that Sassoon expanded his opium trade into China and Japan
http://www.israelect.com/reference/WillieMartin/Sassoon_Family.htm
The Boston Tea Party was about throwing East India Company tea into the harbor. Sam Adams and the boys new the score back then.
Good conspiracy theory...some elements do make sense. In that case, the current headless state of Indian affairs is most likely conducive to total anarchy in the coming months. I think maybe India will be the fall guy in the coming conflict between US and China. China has not helped matters by keeping an aggressive posture on small tracts of land along the Indo-China border...many times even claiming that the entire state of Arunachal Pradesh is actually Chinese territory. When the conflict starts, many nukes will hit India instead of across the Pacific.
Start burying your coins.
http://jimrickards.blogspot.ca/
Hahahahaha, good luck pissing off 1 billion plus Indians, that hold 22,000 tons of it.
That would be a reason for India to become a new country complete with new government if confiscation were tried there,
Its impossible to stop sale of gold coins in India. Moreover the private Jewellery shops sell about 90% of the gold sold in retail the banks dont even account for any major share
This order is just a show boat... No Indian will be bothered by this...lest anyone forget Indians hold more money in hand than they deposit in the Bank.. Black Money and Black Market is more prominent across India than anyone can Imagine. 80-90% of transactions of all kind are done in CASH :) :)
+1 black market is King, in India
btw, " To sterilise dollar inflows, banks were allowed to sell gold, as they imported the yellow metal." - sell/import? Eh?
I live outside the Homeland. I went to buy a new truck. I had to go across the street with a shopping bag to get the cash and bring it back. Auto dealers have staff on hand who's specific talent is counting money. They also have the money counting machines all over the place. I think in most of mainland Asia it's the same story. Good luck digitizing that.
There's no doubt that cash is a greater enabler of freedom than digital currency. Now, if only there was a way to preserve the buying power of the cash.. Oh, right.
I can't wait for gold to be valuable like in the spaghetti westerns. We gonna have some saloons and shootins boys.
No one is going to confiscate anyone's coins.
There's a far more effective way to do this.
Simply tax gold transactions. Tax them big. Trading will come to a halt and so will published prices.
And that will be that.
if the government will slap windfall profit taxes on crude refiners, you damn well better believe they'll impose it on gold whenever they want to.
They will probably even be "generous" about it, and give you one last shot to sell it to the treasury before the tax goes into place ...
When their system starts to fall apart, they are going to get desperate.
Pretty much exactly that. Gold is meaningless today to "the system".
If it ever threatened to become meaningful, a steep tax on transactions will erase it as a threat, and frankly such a thing would be inevitable.
You will have no published price to use, and you will never know if your counterparty is a tax official. That will be that for gold.
I'm just glad that they don't tax weed.
Um... they've made it thirty times as expensive as it could possibly be without them. Prohibition is the mother of all taxes, and it benefits some very bad people.
Ha ha ha...good luck taxing transactions where the rupee is not involved at all. Gold *will* circulate as money and directly purchase goods and services (including bribery!). Fat chance that the Govt can do anything about it.
Just remember where you buried them. The guy who buried these apparently forgot to tell anybody the location:
http://www.dailymail.co.uk/sciencetech/article-2164897/Iron-Age-coins-wo...
"Hecho in India" T-shirts at Walmart are about to get alot cheaper for us.
Bug
Richards is a smart guy but he is just guessing at future gold policy...like everyone else.
That's sooooo 1700's. Get past the Enlightenment, will you. It's a small banker-ruled world, after all.
/sarc off
I've got my gold sewn inside my clothing. Can't get me.
apparently you havent been updated on TSA..........
TSA, heh heh. The metal detectors are unplugged and you can sneak the gold through the naked body scanner with a pocket in the side seam of your shirt. The TSA couldn't find gold if it was lit up with neon and shot off sparks. The only thing the TSA is good at finding is iPads to steal.
In an economy where gold loans are booming, through financiers you never heard of, something is wrong beneath the surface. I mentioned this a previous ZH India article too. I will love to see some article covering that aspect too - how come a society in love with buying gold is now one of the biggest markets for gold loans itself.
The gold bugs will ignore that fact until its too late. Look out below if the subprime gold liquidations start.
13% of households now have some kind of loan against their gold. That's a lot for a country with an underdevloped banking system. Tens of millions of subsistance farmers now anxiously waiting for the monsoon rains to see if they can meet the next installment.
Blame the government if you wish but any way you look at it demand from the world's biggest gold market is falling off a cliff.
My posts on this site are never popular. That's because they're true.
I am crying all the way to the bank.
You have no clue ...
http://timesofindia.indiatimes.com/business/india-business/Rupee-Eurozone-crisis-hit-gold-demand-in-India/articleshow/14430762.cms
Buying from rural areas accounts for about 60 percent of gold imports, and farmers depend on monsoon rains for better yields, production and profits.
Farmers often invest in gold due to a lack of banking facilities in rural areas.
i.e. farmer park their money in gold and take out loans against it for cash. It is the banking system in rural areas. Also ironically the govt regulated the value of a cash for gold loan to 60% of gold value.When gold becomes a teir 1 capital asset a lots going to happen.
The Ultimate Thief: the Government.
Reading about how the US used the stolen gold to finance its programs during the depression, one cannot help but feel complete revulsion.
However, it should be noted that if the blatant theft of one's property - scammed with a too-low compensation - doesn't bring about a revolt - what makes any of you think anything the government does now will result in a revolution?
The sheeple, like the poor, shall always be with us.
-30-
India should simply back the Rupee with gold
Yes! Defect from the defectable!
that's a joke, right?
fiat uber all youse!
India should simply back the Rupee with gold
common sense has no place in politics.
'India should simply back the Rupee with gold'
Just ask Muammar how that went...
http://www.youtube.com/watch?v=PLJu0X14vmg
'India should simply back the Rupee with gold'
Just ask Muammar how that went...
Mummar wasn't NUCLEAR.
I miss Carter. New Clear sounded so much nicer!
If you want to be taken seriously, never have Cynthia McKinney or Hank Johnson in your newscast.
What and find the American Fifth Army on the Pakistan border ready to invade and destroy your country? Just ban it, Much easier and less costly.
India should simply back the Rupee with gold
Or maybe India should simply back the Rupee with Oil!
Ridiculous! Indian govt has neither gold nor oil. Both have to be imported and both are consumed by its citizens. Of the tiny amount of foreign exchange that RBI has (unjustified stash according to me) only about 4 or 5 % of it is in gold. And even that, most of it is not in RBI's possession...probably still held in custody by IMF (duh!?!)
terrorist goldbugs. lulz
Gold, silver, and copper jacketed lead!
Why would anyone want gold anyway? Ya can't eat it!
Can't eat cows either..................
lol
fuckinA thats funny as hell
Especially can't eat a golden cow.
lets see how religious they remain when the shtf and they are out of rice and naan bread...................hamburgers looking good right about then...............
Jewish conundrum: "Pork for Free!"
I wonder if the book "Green Eggs and Ham" is banned in Israel?
Ah yes, I can't wait for my lunch: a salad of freshly minted $1 dollar bills, topped with a three coin coulee of niclkes dimes and quarters.
WTF MORON came up with this "You can't eat gold" thing. You can't eat any form of money. If you could eat it, they would call it FOOD not MONEY.
You can eat bananas in a banana republic. That's a form of currency there.
Does can eat bananas in a banana republic count as democracy?
Roubini
http://www.zerohedge.com/article/roubini-blasts-barbarous-relic-recommends-spam-over-gold
"Much like a
fiat currency, gold’s value is based largely on the irrational beliefs
of investors. In a depression or near depression, one would be better
off stockpiling canned food and other commodities like oil that are
useful for riding out Armageddon. You cannot eat gold or burn gold."
I tried to eat my stocks, but then I realized that I couldn't eat a line of computer code telling me I "own shares". Same thing happened when I tried to eat my bonds. My house is unfortunately also inedible, as are my cars, television, computer, furnishings, etc., ie., basically anything in my house or stored as random digits in an account somehwere that I could actually sell and thus realize it's cash value, is inedible.
Try bath salts??
Love eaten that green colored linen... yum, yum.
I wish that chart showed the dollar against gold so we can let this BS stop already!
This is the other string of dominoes starting to fall - confiscation begins...
All physical assets of real value are a store of wealth when paper is worhtless. What will be the next commodity/asset that the governments will try and outlaw in these "free" markets? Silver? lead? oil? bread? beans? rice? rainwater? More madness from paper-pushing fucks that think they can suspend gravity.
No no no no.
I've been assured this will never happen for several reasons, none of which I wish to support.
Confiscation my ass. If I can't have it, no one will. There won't be a boating accident. I'll just dump it in the bottom of the deepest lake I can find.
Throw it into a volcano, back to the earth with it!
Cryptonomicon by Neil Stephenson. A great read.
Storing wealth in bread, beans, rice? not for that long. The preservation of them consumes.
AnAnonymous stated as fact:
The AnAnonymousity of consuming resulting then in blobbing up of Chinese citizenism roadside excretions magnificently.
Finding logic or sense in the gibberings of AnusAnonymous? The selfdenialization and insanitation of him consumes the brain cells of the non-Chinese Citizenism citizen.
"This is the other string of dominoes starting to fall - confiscation begins"
well of course... you see, the world would be fair if everybody had the same credit rating, and the same checking account balance, and the same number of Gold ounces burried under the tree in the backyard...
And it's government's job to make sure this happens... /sarc
Catching ur rainwater in NM is already forbidden.
Use to live in Durango and had a place in Taos. Two words; NOT ENFORCED.
Yet............................
Nice. You've been on a tear lately, LOP. Great comment.
You said it recently, and I completely agree: possession is 9/10ths of the law, and here I'm talking physical possession, not bits in a computer who knows where.
Barbarians I tell ya, barbarians.
Ahem... and this says:
http://www.fdic.gov/regulations/laws/rules/5000-200.html
???
That's a perculiar statement in the FDIC rules, paragraph 6:
"It is the opinion of the Secretary of the Treasury that Public Law 93-373 did not repeal or alter the so-called Gold Clause Resolution of 1933 (31 U.S.C. 463)."
And, they can change the rules anytime they wish.
It appears to me that far too much Delerium has been consumed by most of the contributers here.
The reference to the Gold Clause Resolution in the above link includes this: "The Resolution prohibits any contractual provision which purports to give the obligee the option of requiring payment of the obligation in money or a specified amount of gold." This has nothing to do with owning gold.
More generally, the article only talked about banks not being able to sell gold coins in India. Are there coin shops there that sell bullion coins?
I advise everyone to calm down and take a deep breath or two. You can panic when you hear the 2 AM knock on your door, and by then it won't matter anyway.
totally agree with geezergeek. "wooo the sky is falling" lol.
Back in a sec, someone's at the door.
When $ starts leaving the U.S. stock and treasury markets in sizable amounts and heading for the proven
safety of PMs, PMs will become taboo or taxed heavily. That's why one must buy some lead also.
"That's why one must buy some lead also."
To turn floaters into sinkers? Because I prefer cement overshoes. More effective and much much cheaper.
Just sayin'
Have you priced cement lately?
Of course, I always keep a sack of QuickCrete in my go-bag. For emergencies.
Or the Gulf way. A nice, big crab pot.
pods
India...dont care for India..they as a people do not care either..no1 is interested..they only go by the prapoganda...they dnt have minds of their own...they need someone to tell them to choose whatever...they dnt believe in all this..they are a growing/booming story and shining..all they are interested is in saying this...all is well...
Speaking of "only going by the propoganda" - Have you been to the United Stated Lately?
Those people truly understand the currency debasement theft. Soon we shall too.
Their black market and literally porous border will save them. Gold will continue to flow to India.
India has a long history of gold and silver smuggling because of high duties imposed on imported PMs. There has been a Bollywood movie with this theme. So all this does is offer some enterprsing Bombay dons an opportunity to expand their business smuggling gold from Dubai.
http://apocalypse2010.blogspot.ca/
Importing gold is recorded as a decifit in India. How stupid is that?
If exports are less than imports then there is a deficit, no ?
Yes but he said decifit, may have already started happy hour...
A monopoly on legal force, for your benefit.
pods
A monopoly on humanity, for human beings'benefit.
An American.
What the fuck are you even talking about?
He has no idea. Too much Tsingtao.
I'd translate for ya but I left my Gibberish to English dictionary at the office.
Is it that time already?
Good morning Confucius.
Get it right, it is US Citizenism, not A'mercan.
pods
Confucius say, "US citizenism is nothing more than Chinese citizenism looking in mirror."
now that's original
lmao :-))
Confucious also say:
"Chinese Citizenism is nothing more than roadside Chinese Citizen squatting over mirror and looking down."
Like a jaded, faded, faded, jaded, jaded mandarin.
charlie munger mongoloid Vice-Chairman of Berkshire Hathaway civilized people don’t buy gold”.
Warren Buffett has dismissed gold as a valueless asset saying that it has no inherent value. Buffett said that gold investors were pinning their hopes on future demand.
He warned that gold was a self-inflating bubble, created by investors desperate for a viable alternative to property and shares.
"The assault on gold today is an integral part of a planned move into a new economic order under the dominance of a single country. It was Nazi Germany in the 1940?s; it is the United States in the 1970?s. In brief, the war on gold that we observe today, and discuss below, is dollar imperialism, designed to maintain the U.S. dollar as the only world currency without competitors. The purpose is the formation of a world totalitarian state under Wall Street dominance." (The War on Gold, Antony C. Sutton, 1976, p. 63)
Wait till he figures out that nothing has inherent value, his head'll explode.
I mean, dollars also have no inherent value besides the value people believe they have, right?
By extension, a factory or railroad has no inherent value since all it produces in the end is money, which has no inherent value.
This is a clear buy signal to everybody! LONG GOLD
Let me see if I have this straight. India as a government wants to stop their citizens buying the only thing that will have any value after their (everyone's) currency collapse. This would mean India could have a functioning economy very shortly after their banking sector's demise. The government is against both the people's well being and national functionality or even prosperity. Is the government run by squid?
no one has ever accused politicians of being genuis.
Just schizophrenic. Long term recommendation embracing culture that buys gold gets the Indian gov some good Karma; turns out it doesn't actually mitigate the consequences of money printing. Agenda for next month is dealing with the horsefly on nose; namely fiat currency swirling and in need of immediate help.
You mean farmland?
Bankers own politicians all over the world.
.
How long until they halt sales of platinum, palladium and silver?
Until Indian brides wear catalytic converter parts as jewellery.
Good luck with that! They just tried to levy a tax on it a month or so ago, now they are considering this? My wife is Indian, from Noida, and my understanding is its a tradition there for families to buy gold its part of their society. I imagine most of them don't even know why they buy gold but the point is they do. And the people have not realized what it's doing to the ponzi fraud. Law of unintended consequences! :) Good for them! Those people deserve a break and preserving their "wealth" with all their gold buying should be encouraged.
The state is trying to educate the poor ignorant farmers away from owning dead inedible Jewish Vienniese assets like gold in favor of dynamic financial instruments held in banks and whose integrity is ensured by bankers. That graph seems to show the poor ignorant farmers should be doing the educating.
Bankers own politicians all over the world.
Hmmm, how about all those gifts of gold during the marriage season. A lot of newly weds are going to have to settle for a good old toaster. Made in China of course.
Ridiculous. Will not change a thing.
I can just hear those Dhows being fired up in the UAE right now.
Gold smuggling has been big business between the UAE and Mumbai
for centuries.It hasn't been needed for the last twenty years.
Who says Governments cannot create 'real' jobs ?
On that note, the average western "observer" flipping through the finely fragranced glossy pages of Business Week has absolutely no concept of the accumulated wisdom of these older civilizations. Turkish housewives school most would-be economist ass clowns in defining real wealth in concept and in practice.
A commenter mentions banana republics, how their currency is bananas, and I ssay TRUE, and I've seen it, and as a wise plantation owner (I know many quite personally) you fend off your mortality by letting poor people rob your trees of produce on the fringes of your property. This is a gesture of nobility and a very practical one at that.
Americans be warned on the nature of wealth, versus the nature of money.
The collective empowers the State to make the rules. So the State, which was originally intended to serve and protect the rights of the people, indeed becomes the collector and enslaver on behalf of the collective and job one is continuity of itself at all costs.
When you get a Tax Bill from the State, it is due on receipt, it lawful, punishible by fines; and eventually liens, arrest and imprisonment or physical violence. The state protects itself and it's existance with fear and force and demands payment at the end of a gun. If you you want to appeal, there is a process to be executed at your cost, time, and frustration. Come beg the state to not tax you for something you didn't owe to begin with. If you don't beg and plead with us then you will pay more and more or we will come and take you to a cell. We are the State and your collectivist neighbors salute us and our military, so obey us, live in fear of what we can do, and keep your mouth shut. Go to your local milirary statue or shrink and thank God those men died for the State so you can be raped for more and more tax.
Better to be deaf, dumb and blind to the Inflation Tax, then to argue with it. Gold (and other commodities) is/are a slap in face of state. Gold and other physical assets that are horded, consumed, exhanged via loans, and are not taxed are an enemy to the state's pilfering and fleecing of the sheep. So slap the State in the face with a fist full of spinach and buy silver, gold, fuel and food.