• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Larry Summers

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Yes, The Dollar Should Be Backed By Gold...





A certificate for sound money, and quite a bit of it too. Our benevolent modern-day social engineers would be appalled: not only is this a certificate for gold, it is one for 10,000 smackers worth of the stuff! Only über-turrsts could possibly have use for such a thing... it clearly embodies way too much freedom and responsibility for the average tax serf. If you’re not convinced, ask Larry Summers, and if that doesn’t help, think about the children!

 
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Canada Goes Full-Krugman, Jacks Up Borrowing And Spending, Confirms Gold Sale





In his youth, Morneau completed graduate studies at the London School of Economics and INSEAD in France, where, as Talleyrand would have said: “He learned nothing and forgot nothing.” The result, as might be expected, was a Canadian budget that was pure Keynes/ Krugman, with a bit of Larry Summers thrown in.

 
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NIRP Hail Mary





Negative interest rates are a tax! Not a traditional tax paid to the government, but an expense paid, on savings. Years of policy designed to encourage spending and discourage savings is likely reaching the end game; the point where those exhibiting prudence must be punished to keep the game going.  At some point, and likely soon, central bankers will be forced to realize the efficacy of lowering interest rates is vanishing and is hindering achievement of their goals. When this occurs a paradigm shift in the way monetary policy is conducted will likely occur. Investors that understand this dynamic, and what it portends, will be in a much better position to protect and profit from the asset price adjustments that lie ahead.

 
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Will The Fed Follow The BoJ Down The NIRP Rabbit Hole?





At this point, one wonders why any central banker would chase down the NIRP rabbit hole only to find themselves the protagonist in the latest retelling of "Krugman in Wonderland," but alas, the experiment continues. The only question now is this: will the FOMC take the plunge? Here's a chronological list of Fed NIRP commentary.

 
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Sweden Minister Says Cashless Society "Not Possible"; Elderly, Disabled People Blamed





Just when Sweden was set to become a cashless utopia, a problem emerged...

 
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The Financial System Is A Larger Threat Than Terrorism





What this picture shows is that government, economists, and presstitutes are allied against citizens achieving any financial independence from personal saving. Policymakers have a crackpot economic policy and those with control over your life value their scheme more than they value your welfare. This is the fate of people in the so-called democracies. But the greed, fraud, and self-serving behavior of Western financial systems, aided and abeted by governments, could be leading to such a breakdown of economic life that the idea of a private financial system will become as abhorent in the future as Nazism is today.

 
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Hillary's Scary New Cash Tax





As the crisis develops, our deeply indebted government will act like a giant wounded beast, lashing out in all directions. It will grow more desperate for control. It will grow desperate for money. And just like FDR did in the 1930s, it will confiscate the wealth of private citizens. But Hillary Clinton (or Donald Trump, or whoever wins the election) won’t go after your gold. Nowadays, the gold market is very small compared to the overall economy. Going after gold would be too much work for the government. The government is going to go after YOUR CASH.

 
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Are Greek Banks About To Charge For The Privilege Of Banning €500 Bills?





Just look at it as a repo for everyday depositors: post your €500 notes as collateral, take the haircut, get smaller bills in return.

 
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Sweden Begins 5 Year Countdown Until It Eliminates Cash





Famous. Last. Words. "... but I think it's going to be so simple that you pretty soon realize that this is a lot easier and better than having cash"

 
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Bill Gross Previews The Financial Apocalypse: "The Classical Economic Model Has Reached A Dead End"





"central bankers seem ever intent on going lower, ignorant in my view of the harm being done to a classical economic model that has driven prosperity – until it reached a negative interest rate dead end and could drive no more."

 
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Keynes: How A Witch Doctor Convinced The World He's A Neurosurgeon





In the Middle Ages, no matter what ailed you, the doctor had one cure: attaching leeches to your body. Today, modern medicine has discredited leeches as a cure-all. We look back on it and laugh. “How could we have been so stupid?" Some things haven’t changed much. The average person is still willing to blindly accept conventional thinking—maybe even more so than he was in the past. Today, he hears the financial equivalent of “more leeches!” and agrees. Conventional wisdom and economic “experts” continually prescribe treatments that we will no doubt look back on and say, “How could we have been so stupid?”

 
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According to Larry "Ban $100 Bill" Summers, Donald Trump Is The "Greatest Threat To American Democracy"





"Donald Trump’s rise goes beyond his demagogic appeal. It is a reflection of the political psychology of frustration – people see him as responding to their fears about the modern world order, an outsider fighting for those who have been left behind. If we are to move past Trumpism, it will be essential to develop convincing responses to economic slowdown."

 
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Law Professor Slams Summers: "Cash Is The Currency Of Freedom"





Former Treasury secretary Larry Summers wants to get rid of the $100 bill. But I think he has it exactly backward. I think we need to restore the $500 and $1000 bills. And the reason is that people like Larry Summers have done a horrible job.

 
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An Escalating War On Cash Threatens The Stability & Tranquility Of Developed Societies





The size and scope of the political, economic and financial problems that now challenge the relative stability and tranquility of developed societies are unprecedented. Negative interest rates combined with the eradication of cash appear as a desperate attempt to control global private wealth. Should the war on cash prove unsuccessful in its early stages, banks could be closed for long periods.

 
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