Posts Tagged ‘Gold’
The Banks, most famously the Fed, just print whatever they want. They also manipulate society and individuals at will, and all with the flick of a switch of a printing press.
Banksters, Gangsters, Madoffs, Bonuses – the age of falsity ..
Russia backs return to Gold Standard to solve financial crisis
Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.
By Ambrose Evans-Pritchard
Last Updated: 10:05PM BST 29 Mar 2009
Arkady Dvorkevich, the Kremlin’s chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.
Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week, although the world may not yet be ready for such a radical proposal.
Mr Dvorkevich said it was “logical” that the new currency should include the rouble and the yuan, adding that “we could also think about more effective use of gold in this system”.
The Gold Standard was the anchor of world finance in the 19th Century but began breaking down during the First World War as governments engaged in unprecedented spending. It collapsed in the 1930s when the British Empire, the US, and France all abandoned their parities.
It was revived as part of fixed dollar system until US inflation caused by the Vietnam War and “Great Society” social spending forced President Richard Nixon to close the gold window in 1971.
The world’s fiat paper currencies have lacked any external anchor ever since. It is widely argued that the financial excesses and extreme debt leverage of the last quarter century would have been impossible – or less likely – under the discipline of gold. –more–
Video Ron Paul explaining the G20 summit simply
This video previously posted March 16th on this Blog
Ron Paul says there would be no need for the G20 meeting if there was a Gold Standard
I made a post on October 19, 2008 full of quotes about Fiat money, with an attempt at linking them with a narrative. I failed.
So this is a repost with just the quotes. Gold is now over a thousand dollars an ounce, and all the evil of our world is quantified in Fiat money.
So maybe this is more timely now. It seems that globalisation, Banks and Fiat money are anyway collapsing.
A commenter [Federal Reserve] said:
On September 29, 2008 at 10:30 pm Seven Star Hand
“Most people have no idea that the common-denominator math of all the world’s currencies forms an endless loop that generates debt faster than we can ever generate the value to pay for it. Those who scoff at this analysis have simply failed to do the math. Consequently, this civilization is verifiably based on purposeful and institutionalized deception, coercion, and exploitation. The time is long overdue to change the human equation and end the root causes of most injustice and suffering.” Seven Star Hand
Not only is the so-called Fed a great deception, but money itself is verifiably and undeniably evil. The time has arrived to finally “kill the beast” and take our civilization away from the evil cabals that control all money and banking.
Bring paper money into a country where this use of paper is unknown, and everyone will laugh at your subjective imagination.
If the world were split in half, and one half kept using money and the other didn’t, I might choose the one with money. But I would rather it was real money. And that a whole banking class was not taxing the system and using those taxes (their profits, bonuses and salaries for right wing neo colonial ventures.
The New York Times  had a fascinating article on Saturday by Don Van Natta Jr. about a new cabal of rich conservatives who are gearing up to do battle with the rich liberals at MoveOn.org.
The group is called Freedom Watch, and its goal is to take a hard line against Iran and pursue other foreign-policy and domestic issues. The article says Freedom Watch aims to raise $200 million by next fall, which “will be easy,” according to an anonymous benefactor. SOURCE
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
Dollar’s Slump Erases Months Of Solid Gains
The dollar yesterday staged one of its biggest one-day drops against the euro and fell to a 13-year low against the Japanese yen as near-zero interest rates and the Federal Reserve‘s plan to print vast sums of cash dilute the value of the greenback
Live Gold Phase chart
This chart works only on weekdays
The Fed Says Buy Gold
December 17, 2008
by David Nichols
On Tuesday we received direct confirmation from the Fed that the U.S. dollar will continue to be sacrificed to resuscitate ailing credit and asset markets. “Helicopter Ben” is finally living up to his advance billing, as dollars are set to rain down on the economy. Source
Milton Friedman explains what happened during the great depression and what the role of the federal reserve is during economic ups and downs. This is from a 10 hour documentary series which can be viewed online at: http://www.ideachannel.tv/
“Large number of 400-ounce gold bars appearing on the market with markings [suggesting] U.S. Treasury or IMF reserves”
Mints struggle to meet metals demand
Demand for physical gold and silver is gobbling up product at nearly every mint around the globe and in Canada has the Royal Canadian Mint allocating its supply among its distributors, who in turn are limiting the number of coins they sell to dealers, who sell to consumers.
“Virtually every mint in the world is sold out of product and as fast as we can produce it, all of us, there is more demand,” said David Madge, director of bullion services at the Royal Canadian Mint. Source
Why Gold Might Soar…
Last Friday, the Taiwan government announced that it had completely liquidated its holdings of Fannie Mae, Freddie Mac and Ginnie Mae bonds. If a long-time ally of the United States is willing to admit that it is bailing out of dollar-denominated debt, will other nations continue to show restraint?
Last Friday and Saturday, leaders from 43 Asian and European nations met in Beijing to discuss the global financial crisis. The United States was specifically excluded from this meeting….
The U.S. government and its partners are pulling as many strings as it can to try to hold down prices. A large number of 400-ounce gold bars have been appearing on the market with markings that indicate that they may either be coming from the U.S. Treasury or International Monetary Fund reserves. The IMF is not yet authorized to sell any gold, but apparently can lease gold without restriction.
If it becomes public knowledge that the U.S. or the IMF is sneaking gold onto the market to help hold down prices, the news will actually have the opposite effect because it would represent an admission that the U.S. dollar deserves to be worth much less than it is today.
Graph from: http://www.goldprice.org/
The official price is 720$
The real price is about a thousand dollars
This image from: ebay link
No individual wants a recession for him or herself. We are headed for a downturn because the financial system has not had the funds to lend or (presumably) to sustain itself.
Yet we all want an income and to be active. The system we were born into, capitalism, relies on interest and lending. Preferably lending to invest. If all personal and business debt could be pardoned, so that there were no longer any debts. Then we could surely continue as we were. Borrowing and spending. But countries outside of the West are unlikely to like that, given how much they are owed.
If we consumers could just be allowed to continue spending and earning money, we would be happy. But some large corporate figures are saying they cannot balance their books therefore we need to worry, and then jobs get lost. And homes are foreclosed in order for capitalism to survive, when in reality the opposite is true, it is bad for capitalism to be out of a home and hence a family breaking up.
How could we live without the banks and stockmarkets? Banks could just accept gold and silver only. There would need to be a money/gold exchanger in or near the bank.