Category: GOLDBUG

GOLDBUG: And, the Decline of the (American) Empire began … …

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https://dailyreckoning.com/dec-23-1913/

Dec. 23, 1913  — “I’ll do the deed first,” said the president of the United States, Woodrow Wilson. “And then I’ll have something to say.”

By Byron King  — May 13, 2023

*** begin quote ***

The Dollar’s Lost 99% of Its Value Since 1913

And as the U.S. monetary system stood, this is how things were established on Christmas Eve, 1913, when President Wilson used four gold pens to sign a new law to create a central bank for the U.S., and to help U.S. business better function in a world still working on a classical gold standard.

Now, not quite 110 years later and in no small measure due to long-term efforts of the Federal Reserve, that old $20 American gold coin is worth nearly $2,000 just for the precious metal, let alone the scarcity premium and markup for whatever value may come with numismatic rarity.

In other words, do the math here: Over the past century and one decade, the value of a dollar has declined by 99% if you use gold as the basis for comparison.

Looking ahead, where do things go? Well, we could discuss it all day.

*** end quote ***

Penny candy, the nickel cigar, the dime store novel, and three silver dime gas  — all represent the counterfeiting of the dollar.

The Dead Old White Guys knew the result of paper money.  They had seen France descend into “democratic” chaos as the franc went from a gold hockey puck to thin shirt button.  

The rich got richer until the mob chopped off their heads.

Is the USA heading for the same fate?

IDK but at best it might dissolve just like the Soviet Union.  

Hopefully, the ₿itcoin or gold might save us from chaos.

—30—

GOLD: End the FED, FDIC, FLIC, Freddie,

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https://www.lewrockwell.com/2023/05/lew-rockwell/the-big-government-big-bank-plot-to-exploit-us/

The Big Government-Big Bank Plot To Exploit Us
By Llewellyn H. Rockwell, Jr.
May 8, 2023

*** begin quote ***

Putting an end to inflation requires not only the abolition of the Fed but also the abolition of the FDIC and FSLIC. At long last, banks would be treated like any firm in any other industry. In short, if they can’t meet their contractual obligations they will be required to go under and liquidate. It would be instructive to see how many banks would survive if the massive governmental props were finally taken away.”

We must do everything we can to end our corrupt monetary system, which threatens to bring down our economy through runaway inflation and bank insolvency. We need to restore the gold standard and end the Fed.

*** end quote ***

The only way to get Leviathan Gooferment under control is to starve it of resources, 

A gold based currency would “put the genie back in the bottle”. 

Gooferment politicians and bureaucrats would have to collect taxes and fees to run.  

Finally the “little people” could get a fair deal and opposed to all the other “Deals” they have been getting from Gooferment  — new, fair, square, etc etc.

—30—

GOLDBUG: When priced in gold, beer was $3 a litre in 301AD

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https://www.lewrockwell.com/2023/02/alasdair-macleod/golds-return-as-money/

Gold’s Return as Money
By Alasdair Macleod
Goldmoney
February 17, 2023

*** begin quote ***

To confirm gold’s price stability, we can go even further back to the time of Diocletian, who produced his edict of maximum prices in 301AD. The circumstances were that the purchasing power of the denarii coin was falling due to its debasement. From the edict, we find that a gramme of gold was fixed at 216 denarii, giving us a conversion value for goods listed in the edict for comparison with today. From this, we know that in today’s currency pork was about $4 a pound, sea fish about $8 a pound and a dozen eggs $3.32. Vin ordinaire was $2.96 for a 75cl bottle, and good quality wine $11.10 a bottle. Beer was $3 a litre. Clearly, prices for staples which we still consume were similar to today, irrefutable evidence that gold valued as money is stable even over thousands of years. 

*** end quote ***

The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion — policemen, customs guards, penal courts, prisons, in some countries even executioners — had to be put into action in order to destroy the gold standard. Solemn pledges were broken, retroactive laws were promulgated, provisions of constitutions and bills of rights were openly defied. And hosts of servile writers praised what the governments had done and hailed the dawn of the fiat-money millennium. — Ludwig von Mises

I always use my three silver dimes for a gallon of gas in the Sixties to demonstrate that the “dollar” has lost its purchasing power due to inflation.  That and “penny candy” which has long since disappeared. 

I can’t translate what $3 per liter of beer equates to, money wise BUT, (and there is always a BIG butt), I do know that a liter is about 33 fluid ounces. That’s about two 16 ounce bottles that I pay 6$ each for at the local tavern.

So in 301AD two bottles would be 3$ and today it’s 12$.

So when the politicians and bureaucrats tell you “what inflation?”, you can tell them %$^#&@( themselves.

Argh!

—30—

GOLD: The Shrinking Trust Horizon will boost the value of gold

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https://www.zerohedge.com/markets/gold-and-shrinking-trust-horizon

Gold And The Shrinking Trust Horizon
Via John Rubino’s Substack,

*** begin quote ***

Last week I posted an article on the implosion of the official vaccine narrative.

That’s a controversial topic so not surprisingly it generated some heat on both sides. And a few readers expressed the wish that I’d stay in my lane (precious metals investing) and avoid venturing into unrelated and less well understood territory.

But believe it or not, the public health establishment losing its credibility is related to precious metals, via something called the trust horizon. It works like this: When things are good and the people in charge of big systems seem to be running them well, we’re content to trust the experts. We keep most of our money in banks, brokerage houses, and crypto wallets that exist for us only as websites. We buy produce that’s grown in a different hemisphere and shipped via boats, trains, and trucks to corporate chain grocery stores. We vaccinate ourselves and our kids according to the schedules set by the NIH or the CDC. We pop pills on our doctor’s orders without doing any research. We eat processed foods on the assumption that the FDA keeps them free of dangerous additives. And we believe what we see on cable news.

In other words, our trust horizon, defined as the distance from ourselves at which we’ll believe what we’re told, is global. We assume everything everywhere is working for our benefit and we’re thus willing to put our welfare in those distant hands.

*** end quote ***

So everytime the Gooferment screws up, “We, The Sheeple” trust it less.

Guess what happens when they realize that their wealth has been stolen by monetary inflation?

—30—

GOLDBUG: When does the clock strike midnight and Cinderella’s dream world end?

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https://www.lewrockwell.com/2022/11/alasdair-macleod/the-upside-down-world-of-currency/

The Upside-Down World of Currency
By Alasdair Macleod
Goldmoney
November 19, 2022

*** begin quote ***

The gap between fiat currency values and that of legal money, which is gold, has widened so that dollars retain only 2% of their pre-1970s value, and for sterling it is as little as 1%. Yet it is commonly averred that currency is money, and gold is irrelevant.

*** and ***

At some stage, the inversion of monetary reality, where legal money is priced in fiat, will change. Instead of legal money being priced in fiat, fiat currencies will be priced in legal money. But that will be the death of the fiat swindle.

*** end quote ***

Goldbugs have been predicting disaster since the 60’s when the welfare / warfare state went financially nuts.

It’s hard not to be a permanent-bear when the “facts” seem so obvious.

Nothing seems to wake up “We, The Sheeple” who are sleepwalking towards this economic disaster.

Look at modern day Japan that has a debt to GDP of 230%.  The USA is 124%.  This is pure insanity.

What can we tell future generations other than “sorry suckers; deal with it”?

What should we be telling people to do?  Like Casandra, the Oracle at Delphi, who could see the future but couldn’t change it.

If I was advising a youngster, then it would be to study and live like the Amish. Buy land, do some farming, bury some bullion, get a cheap education, minimize your wants, and prepare for the hard times to come.

Success for your generation is: (1) ruthless financial discipline — no bad debt; (2) a life long interest in learning — education — a degree — they can’t take it away from you; (3) a NON-OFFSHORABLE white collar job in order to save big bux; (4) a blue collar skill for hard times — never saw a poor plumber; (5) one or more internet based businesses — your store is always open; (6) a free time hobby that generates income; and (7) a large will-maintained network of people who can “help” you.

Like the Amish!

Argh!

—30—

GOLD: A gold back currency

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https://www.theburningplatform.com/2022/04/02/russia-could-be-planning-the-ultimate-gold-move/

Russia Could Be Planning the Ultimate Gold Move

*** begin quote ***

Imagine the global response to the first national currency of the 21st Century backed by physical gold! At a stroke, Russia could reposition itself as a globally relevant economy, virtually guarantee international investor interest, and re-establish its currency as a store of value. And it could do all this without violating sanctions.

Consider the response from the U.S. and EU, both suffering four-decade high inflation, both crippled by debt and awash in freshly-printed currency. A new Russian gold standard would represent an economic coup over the west. All without firing a single shot.

Though the odds of such a move seem low, it looks like the kind of out-of-left-field move that Putin delights in. We’ll be paying close attention to developments in this story over the next few months.

*** end quote ***

Hell, I’d buy me some roubles.  A gold back currency,  Where do I sign up?

—30—

GOLDBUG: Time to diversify savings?

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EMAIL TO LUDDITE AND OTHERS

Bitcoin: The Inevitable Path Toward Global Adoption Of The Next World Reserve Currency https://www.zerohedge.com/crypto/bitcoin-inevitable-path-toward-global-adoption-next-world-reserve-currency

So, if the USD has a shelf life partially due to historical precedence and partially due to fiscal irresponsibility (overprinting of the money supply), what comes next? What replaces the USD? Another fiat currency? It’s possible, but my guess is the days of trusting a centralized party to maintain a stable supply of a currency have come and gone. Why trust, when you can just verify? An argument could be made that gold is today’s reserve asset as it is held by the majority of central banks.

RESPONSE

Not sure what to say on this, it’s above my pay grade.

MY CONCLUSION

Me neither. But, with the Gooferment’s inflation destroying the U$D’s value, it would seem that “diversification” of savings is essential to preserving what little wealth one has. 

Pre-1913, people saved gold and silver coins.  Since there was a gentle price deflation in the USA during that interval, it was a great strategy for preserving wealth.  After 1913, the erosion began, I blogged in June of 2006 about Evy’s Dad and his Fifty Dollar bill  —

https://reinkefaceslife.com/2006/06/30/rant-a-visit-from-one-of-my-favorite-socialists/

*** begin quote ***

My now departed father in law used to have a folded up fifty dollar bill in his wallet. He had carried it their since he was a young man, so that he’d “never be broke”. He was blue collar working guy. Salt of the either. Raised his family, paid his bills, and did the best he could. He was poor! BUT, he never realized, (I didn’t tell him cause he wouldn’t have believed me! I was just a child in his eyes.) that HIS beloved DEMOCRATIC (not that the R’s are any different), silently stole his “fifty in sunken city”. Yup, when he put that Fifty in his wallet if could buy lots of stuff: A hundred gallons of gasoline. Feed his family for a week. Ffity cartons of his beloved Lucky Strikes. Pay an entire hospital bill for an accident. It had value 60 years ago. After 60 years of inflation, I didn’t have the heart to tell him that his beloved Fifty was really was worth about 13 cents. Sad isn’t it.

*** end quote ***

As you know I like gold and silver bullion coins, but recently I’ve been thinking about diversifying to bitcoin.  Now I’m thinking about GOLDBACKS. I’ve dabble in BITCOIN and ETHERIUM.  I’ll probably dabble in GOLDBACKs too.  My bullion coin dealer is shifting out of coins and into middleman.  (Why use him when I can go directly AMPEX or others?). Sigh. So in March, I’ll be shifting.  Not sure exactly what mix but I’ll do something.

YMMV

# – # – # – # – # 

“Three hundred years from now where will you be and where shall I be?” — Thich Nhat Hanh

—30—

GOLD: Central Bank digital currencies are the path tp further devaluation of the US$

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https://www.activistpost.com/2021/09/warning-digital-currencies-portend-deeply-negative-interest-rates.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ActivistPost+%28Activist+Post%29

Warning: Digital Currencies Portend Deeply Negative Interest Rates
TOPICS:Banking,CBDC,Patrick Wood,Technocracy
SEPTEMBER 8, 2021

As a matter of Technocrat policy, “If people can’t hoard physical money, it becomes much easier to cut rates far below zero.” This means your banked funds risk being plundered at the will of the policy makers. Eventually, all money accrues to the takers while the depositors see their wealth vanish. ⁃ Technocracy News & Trends Editor Patrick Wood

By: James Mackintosh via WSJ

*** begin quote ***

Investors have been ignoring progress toward government-issued electronic money, even as many countries are progressing rapidly toward their own online cash. They should ask two questions: Will the Federal Reserve issue a digital dollar? And will it eventually replace physical bank notes?

I think the answer to both questions is yes, and those who agree should be assessing the impact on future monetary policy already, because dramatic change is likely within the timespan of the 30-year Treasury.

The main monetary power of the digital dollar comes from the abolition of bank notes. If people can’t hoard physical money, it becomes much easier to cut interest rates far below zero; otherwise the zero rate on bank notes stuffed under the mattress looks attractive. And if interest rates can go far below zero, monetary policy is suddenly much more powerful and better suited to tackle deflation.

*** end quote ***

Holding gold and silver is one strategy to defeat the Central Bankers.

Crypto currencies like ₿ Bitcoin and Bitcoin cash or other “private” digital currencies might (EMPHASIS on the MIGHT) be another strategy.

Central Bank cryptos are merely a way to keep “We, The Sheeple” in the pen to be sheered or worse.

Argh!

“And how we burned in the camps later, thinking: What would things have been like if every Security operative, when he went out at night to make an arrest, had been uncertain whether he would return alive and had to say good-bye to his family? Or if, during periods of mass arrests, as for example in Leningrad, when they arrested a quarter of the entire city, people had not simply sat there in their lairs, paling with terror at every bang of the downstairs door and at every step on the staircase, but had understood they had nothing left to lose and had boldly set up in the downstairs hall an ambush of half a dozen people with axes, hammers, pokers, or whatever else was at hand? . . .” — Alexander Solzhenitsyn

—30—

GOLDBUG: What if all the gold in Fort Know has long since left the country

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https://www.zerohedge.com/markets/extinction-gold-derivatives?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

The Extinction Of Gold Derivatives
BY TYLER DURDEN
SATURDAY, AUG 07, 2021 – 07:00 AM
Authored by Alasdair Macleod via GoldMoney.com,

*** begin quote ***

The escape route of digital currencies probably explains why reducing the role of commercial banks in financial markets by curtailing their derivative activities is not raising serious concerns at the central bank level, let alone over the likely impact on the gold price. We can only conclude that at the highest levels of government the authorities are no longer concerned that a rising gold price is a challenge to fiat currencies and can be simply dismissed — in which case they will have underestimated the likely consequences of reversing a fifty-year tide of gold suppression.

*** end quote ***

All fiat currencies fail; it’s just a question of when.

In the pre-Fed pre-FDR days, one could save gold and silver coins as a “store of value”.  Since then “everyone” believes in the good old U$D.

I don’t.  

Catholic high school, taught by grizzly vets of WWII and Korea turned into religious, we learned Roman history.  Often struggling over the Latin. “nequam” stuck in my mind about the amount of silver in the Roman denarii.  

On a visit to the Smithsonian, I saw a display of the French franc of Louis I to Louis XVII which went from a hockey puck of gold to a paper thin shirt button.

At least in those cases, you could see the only shrink.  Now the FRB “greenbacks” look the same but their value has shrunk to next to nothing.

I don’t know when this very ugly chicken will come home to roost, but it will come.

Anyone not saving some silver and gold coins will have a rude awakening.

—30—

GOLDBUG: TWO DOZEN REASONS WHY OWNING PHYSICAL GOLD IS IMPERATIVE

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https://goldswitzerland.com/why-buy-gold-when-there-is-bitcoin-tesla/

WHY BUY GOLD WHEN THERE IS BITCOIN & TESLA
March 24, 2021By Egon von Greyerz

*** begin quote ***

TWO DOZEN REASONS WHY OWNING PHYSICAL GOLD IS IMPERATIVE

Let me give people who are frustrated with the gold price the reasons why they shouldn’t be:

1. Firstly, physical gold is not bought for instant gains but as insurance and protection against a rotten financial system and constantly depreciating currencies.

*** and ***

5. In relation to US money supply, gold is today at the same level as in 1970 when the gold price was $35 or in 2000 when gold was $290.

*** and ***

20. Exponential deficit and debt growth combined with galloping money printing will inevitably destroy most paper currencies in coming years.

21. The major structural shortages of physical gold and a failure of the gold paper markets could make physical gold unavailable at any price.

*** end quote ***

Yes, I am a goldbug. Aside from its beauty and simplicity, it’s the only asset without a counterparty risk.

When I consider the debt and deficit, I don’t understand how the USA doesn’t become like the Weimar Republic?  (You know where the children played with bank notes, bundled of notes were burned for heat, and some wag said: “Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.”  (Yes, I know it was Milton Friedman)

When you consider the currently in charge politicians and bureaucrats, who want to raise taxes and create a wealth tax, what better way to “insure” your portfolio.

Remember in “beans, bullets, bandaids, and bullion”, gold is number 4. 

I won’t quibble if you add a fifth B — bitcoin — to the list.

Sigh!

Glad I won’t be around to observe or absorb the suffering.

—30—

GOLD: Will the price of gas reflect the price of gold?

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“… … the idea that gold will break above $5,000 per ounce in due time.”
https://www.economicpolicyjournal.com/2020/07/gold-price-breaks-above-1900.html

# – # – # – # – #

​This will be a disaster for Joe Sixpack and “We, The Sheeple”.

5k$/oz gold implies 50$​/oz silver and if I go my math correctly 12.50$/gal gasoline.

I don’t think the USA can survive that.

Today the price of gold and silver is artificially suppressed by the Gooferments and the Central Banks of the world.  If, and not so big an “if” imho, the U$D loses its “reserve currency” status and the “petrodollar” monopoly ends,  the USA will be hurting as the “very ugly chickens” come home to roost (i.e., the FED printed trillions come back to the USA).

—30—

GOLDBUG: The Greatest Gold Quotes Of All Time | Zero Hedge

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“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

Source: The Greatest Gold Quotes Of All Time | Zero Hedge

# – # – # – # – #

I liked this one best!

“We are often told that the Gold Standard will shackle us to the United States. I will deal with that in a moment. I will tell you what it will shackle us to. It will shackle us to reality. For good or for ill, it will shackle us to reality.” – Winston Churchill

— 30 —

GOLDBUG: This Gold Rally Is Different For One Critical Reason

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From Birch Gold Group This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: Why the gold rally might be different this time, gold could continue to soar if the Fed keeps cutting rates, and gold and silver prices push higher following weak U.S. jobs data.

Source: This Gold Rally Is Different For One Critical Reason

*** begin quote ***

Isbitts believes that this one, however, will be markedly different. In the previous two instances, while the gold market flourished, it also had a safe-haven competitor in the form of government bonds, as the 10-year Treasury’s yields stayed between 4% and 5%.

*** end quote ***

It certainly seems that the Gooferment bonds are no longer competitive in the “safety” dimension. Nor, would they compete on the “ROI” dimension (i.e., gold pays no interest)!

It’s a sad state of affairs the “We, The Sheeple” will find themselves in. Like Venezuela, Zimbabwe, and German Weirmar Republic.

Hope everyone is saving nickels since they are the only currently circulating US coin with any intrinsic value.

— 30 —

GOLD: How can we ever get the debt and continual deficits under control?

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https://www.zerohedge.com/news/2018-02-08/strong-dollarweak-dollarwhat-about-gold-backed-dollar

“Strong Dollar”…”Weak Dollar”…What About A Gold-Backed Dollar?
by Tyler Durden
Fri, 02/09/2018 – 05:00

*** begin quote ***

Contradictory Palaver

The recent hullabaloo among President Trump’s top monetary officials about the Administration’s “dollar policy” is just the start of what will likely be the first of many contradictory pronouncements and reversals which will take place in the coming months and years as the world’s reserve currency continues to be compromised.  So far, the Greenback has had its worst start since 1987, the year of a major stock market reset.

*** end quote ***

How can we ever get the debt and continual deficits under control as long as the Gooferment has an unlimited checkbook?

Argh!

# – # – #

GOLD: Why should gold be money? No bureaucrats required!

Published on by reinkefjLeave a comment

2017-Jul-16

From (the brilliant) Alasdair Macleod: “Understanding Money and Prices”

“Gold matters, because, excepting silver, it is the only form of money that has survived since individuals discovered the convenience of money over barter. It is beyond the control of governments, as they cannot issue it without acquiring it first. It is subject to the constraints of its quality, so that as a medium of credit it cannot be debauched, only defaulted upon. Its relative inflexibility and its soundness are the primary reason governments do not like monetary gold, and force their preferred alternative on their citizenry. The vested interest of government is therefore to discourage, or even ban the use of gold as competing money.”

# – # – # – # – # 

Imagine the world without any “central banks”?

Imagine the world without bureaucrats “setting” interest rates?

Imagine the world without politicians borrowing “money” to spend to buy votes?

Sounds like a pretty good world to me.

You could save for your retirement and know that Gooferment “inflation” couldn’t steal your wealth from you.

If a politician wants to start a war, then they have to pay for it.

If a bureaucrat wants to increase his staff, then they have to pay for it.

If the “community organizer” wants to get “free” stuff, then they have to pay for it.

Go ahead “raise taxes” and see how that worshippers out for you.

Argh!

# – # – # – # – # 

GOLDBUG: Alternatives to “soon be virtually worthless Federal Reserve Notes”

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https://www.lewrockwell.com/2017/05/no_author/another-ron-paul-victory/

LewRockwell.com anti-state•anti-war•pro-market

In Blow to Federal Reserve, Arizona Just Legalized Gold and Silver as Currency
By Shaun Bradley
The Anti-Media
May 27, 2017

*** begin quote ***

The current economic realities affecting our quality of life will continue to force local representatives to take action while Congress faces gridlock. Without establishing alternative options for communities across the country, our entire standard of living may fall fully into the hands of the establishment politicians in Washington DC — more so than it already has.

There is a subtle ongoing realization that no matter what the pundits and politicians claim, there is no easy way out of this mess. The public’s confidence in central banking is clearly eroding, and hopefully, it will be enough to allow a new kind of financial freedom that hasn’t been seen in the United States’ economic system for over 100 years.

*** end quote ***

It’s not enough to see the future. One MUST be able to change it. That was the Oracle at Delphi’s problem.

I’m not a fatalist; just a cynic.

The politicians and bureaucrats are worried about any future; other than their own.

Maybe I should be so short sighted.

Save your nickels.

# – # – # – # – # 

RANT: Time for individual responsibility

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https://gearjunkie.com/rescue-fine-steamboat-springs-backcountry-skiers

December 19, 2016, 12:50 pm By: Adam Ruggiero
Rescue Fine: Steamboat Springs Warns Backcountry Skiers

New signs around the Steamboat Ski Area warn adventurous skiers of newly-implemented rescue fine.

*** begin quote ***

Ski patrol is putting up the signs, proclaiming the $500-per-person rescue fine, on out-of-bounds access gates at edges of the Steamboat Springs, Colo., ski area. The resort’s new trail maps also carry the warning.

The purpose is to deter inexperienced skiers from getting in over their heads (sometimes literally). It is also a response to an uptick in trespassers not heeding the current boundary signs.

According to a report in Steamboat Today, ski patrol director John Kohnke estimates 500 people a day slip through the access gates. This is up from about 20 when he began 40 years ago.

Neither Routt County Search and Rescue, which sometimes aids in ski area rescues, nor the Forest Service objected to the fines.

Rescue Fines In Steamboat Springs

By Colorado state law, Search and Rescue cannot charge for operations because it may deter skiers from calling for help when they need it. However, this fine appears to be directed specifically at skiers who leave through the resort gates.

*** end quote ***

Sorry, but if you have to have the “Search and Rescue” to haul your sorry butt out, then you should pay for it. 

At the very least, they could sell “insurance”. Buy it and need us, OK. Don’t and you do, you pay.

If you spread the cost across lots of skiers, it’s probably reasonable.

No one has a “right” to be rescued.

Wonder how many of these were “repeats” or “obvious beyond their skills”.

Argh!

Time for individual responsibility.

# – # – # – # – # 

GOLD: What are your “savings” worth?

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https://www.lewrockwell.com/2016/04/jack-perry/praise-penny/

In Praise of the Penny
By Jack Perry
April 14, 2016

*** begin quote ***

Consider this: If I back my dollar with gold, there are only so many dollars I can print because gold is a finite thing. No one will be able to accumulate too many of those dollars because, sooner or later, they’re going to have to part with them if they want to eat. But if I can print unlimited cash, unbacked by anything, I’m not even limited by the supply of paper! I can use a computer to say, “There! I just created ten billion dollars to issue to Slob Junction Central First National Bank!” After all, hey, we’re going to electronic transfers and people are saying we don’t even need the fig leaf of paper money to hide the fiction of the currency. Therefore, people can hoard immense sums and when there’s a shortage of available currency because it’s being hoarded, they just print more. Or open up a computer program and create more out of thin air and electrons. Same thing. That’s what creates “income inequality”, not wages.

*** end quote ***

It’s no secret that I’m a gold bug.

When the <synonym for excrement> hits the fan and the Gooferment can pay its bills, guess what will happen?

Of all the “fun things” that might happen, the one that worries me most and that I have personally seen is INFLATION.

When the value of paper money or “electronic dollars” goes into the toilet, I bet a roll of nickels will be worth something. Never mind an ounce of silver or gold.

Remember that’s what many USED to be.

Twenty dollar gold piece had real value.

Argh!

“We, The Sheeple” are so dumb.

# – # – # – # – # 

GOLDBUG: A universal gram based gold currency is what the world needs

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http://www.321gold.com/editorials/moriarty/moriarty031516.html

Reviewing The New Case for Gold
Bob Moriarty
Mar 15, 2016

*** begin quote ***

… … what we need is for all countries to accept a gram based gold currency unit instead of gold being tied to anything. The financial problems of the world today are caused by fake money and the solution is not another fiat currency that no one understands but real money that you can touch and feel and hold. Gold fills the bill, SDRs do not.

*** end quote ***

Imagine how easy it would be for commerce and travelers.

And, no more controversy about exchange rates, “currency manipulation”, and “racing to devalue”.

The Tower of Babel says that humanity was cursed with different languages. Maybe we were cursed with different currencies and that is really the thing that keeps us separate. And, under the proverbial thumb of the Bankers.

Of course, that will never happen.

“Honest money” is the friend of the poor, senior citizens on fixed incomes, and anyone trying to save! For retirements, a house, a child’s education.

Remember that “Cross of Gold” speech? How much better of would be those Farmers if their “wealth” hadn’t been stolen by the Gooferment with it’s inflation, “price supports”, and regulations?

While there’s no way to know for sure, it couldn’t be as bad as the “hidden tax” of the inflation of the US dollar. It has lost 99% of its value in the last 40 years.

Argh!

And, don’t forget the the current 18T+ national debt and the guesstimated 200T+ in unfunded liabilities that our posterity will have to deal with!!!

Gold is the standard.

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GOLDBUG: The Banksters are going attempt a robbery of “We, The Sheeple”

Published on by reinkefjLeave a comment

https://www.lewrockwell.com/2016/02/clive-maund/curb-enthusiasm-just-little/

Gold Market Update
By Clive Maund
CliveMaund.com
February 22, 2016

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The big banks have plans to seriously mine their customer’s accounts, and we are not talking about charging half a percent a year here, we are talking about 2 or 3 percent of your account money being siphoned off into their coffers every year for the privilege of you being able to hold an account with them. Of course, any rational person knowing this was coming would withdraw their money and stuff it under a mattress or buy gold, so they are going to be prevented from doing so, by the introduction of the “cashless society”. 

*** end quote ***

This situation is shaping up to be a robbery of “We, The Sheeple”.

Not sure how the average Joe Sixpack can avoid this theft.

Maybe save some nickels?

Argh!

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GOLDBUG: Germany Repatriate 200 Tons

Published on by reinkefjLeave a comment

https://www.lewrockwell.com/2016/01/no_author/germans-mistrust-fed/

Uncertain Times Sees Germany Repatriate 200 Tonnes Of Gold Bullion
By Mark O’Byrne
GoldCore
January 29, 2016

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The Bundesbank’s repatriation of 200 tonnes of gold bullion reaffirms the fact that central banks today still view gold as a vital safe haven reserve currency and monetary asset. It also indicates a lack of trust between central banks and specifically with the Federal Reserve, whose gold reserves have not been audited in over 50 years and many have doubts about the integrity of those reserves.

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I got my gold. Do you?

Do you trust the Gooferment, politicians, or bureaucrats?

I don’t!

Why do you?

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GOLDBUG: Gooferment prevents us from making wise economic decisions

Published on by reinkefj2 Comments

http://news.goldseek.com/GoldSeek/1450365360.php

A Free Market in Interest Rates

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Under gold, the saver always has a choice. If he likes the rate of interest, he can deposit his gold coin. If not, he can withdraw it. By withdrawing, he forces the bank to sell an asset. That in turn ticks down the price of the bond, which is the same as ticking up the rate of interest. His preference has real teeth, and that’s an essential corrective mechanism.

Unfortunately, the government removed gold from the monetary system. Now you can own it, but your choices have no effect on interest. If you buy gold, then you get out of the banking system. However, the seller takes your place, getting rid of his gold and thereby taking your place in the banking system. The dollars and gold merely swap owners, with no effect on interest rates.

The Fed has kicked savers to the curb, along with gold. Now the dollar is considered to be money. And what is it, exactly? The dollar is the Fed’s IOU. If you have dollars, then you are funding the Fed. You—along with billions of others around the globe—are empowering the Fed. It can lend at any rate it wishes, because it has a seemingly unlimited credit line. The Fed is lending your wealth to profligate borrowers who use it for nonproductive purposes—and that’s putting it mildly.

*** end quote ***

One of the essential truths that I’ve learned from the Austrian School of Economics is the concept of “malinvestment”. As I understand it, because there is no free market interest rate to evaluate the value of future purchases with, people make decisions that they would not have if they knew the actual correct market set rate of interest. This brings on the boom and bust cycle that we are all too familiar with.

Essentially the interest rate is set politically. 

By the way, I am sure by complete accident, the very low interest rate makes it easy for the Gooferment to carry a large debt. Last estimate, I read was the current 18T+ national debt and the guesstimated 200T+ in unfunded liabilities is what our posterity will have to deal with!

Of course, this is unpayable.

So, the Gooferment will “default” on this debt by further inflating the money supply and rob all the holders of dollars of their purchasing power. Look at any of the charts of a dollar’s purchasing power and see it go to near zero. I’ve ranted about this before citing anecdotally my sainted Father-In-Law’s fifty dollar bill that he kept in his wallet (i.e., when he put it in it work house and feed his family for a month and when he died his daughters didn’t realize what had been lost), the three silver dimes for a gallon of gas in 1963 that could buy two gallons today (i.e., loss of purchasing power), and — my personal favorite — the Smithsonian exhibit of the French gold Franc over the time of the French Kings (i.e., from hockey puck to shirt button).

With a gold standard, there is a finite limit to the amount of credit available. And, like any scarce resource in a truly free market system, the invisible hand of that market will establish the time value of money. That will allocate credit to those people who will pay the most for it. Some people will have their projects funded; others not. 

What we fail to understand is that these resource usage decisions are “the Great Calculator” that takes all our wants, needs, and desires as input and “rations stuff” to maximize satisfaction.

Too hard to understand?

Try it this way. If the cost of interest is more than you can afford, then you’ll change your wants.

Argh!

The Gooferment, by the mechanism of the The Federal Reserve Bank, — a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians. — is robbing us of our wealth and the dikw (i.e., data, information, knowledge, wisdom) to make wise economic decisions.

Argh!

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GOLDBUG: Gold prevents theft by the politicians

Published on by reinkefj1 Comment

http://tomwoods.com/podcast/ep-529-leftist-site-attacks-gold-standard-heres-our-smackdown/

Ep. 529 Leftist Site Attacks Gold Standard; Here’s Our Smackdown
9th November 2015
Tom Woods

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ThinkProgress, the heresy-hunting thought-control site, lashed out at Ted Cruz last week for advocating some kind of tie between the dollar and gold. Cruz himself is not the issue; the issue is how terrible their article was. Their article is the bologna; the Tom Woods Show is the slicer.

About the Guests

Joseph T. Salerno is academic vice president of the Mises Institute, a professor of economics at Pace University, and the John V. Denson II Professor of Economics at Auburn University.

Jeffrey M. Herbener is chairman of the department of economics at Grove City College and associate editor of the Quarterly Journal of Austrian Economics.

*** and ***

SALERNO: Yeah, that’s true, absolutely. In the 19th century, prices from 1800 or so toabout 1896 fell by about 20%. In other words, $1 bought roughly 20% more in 1896 than it did in 1800, whereas if you compare the timespan that the Fed was in existence from 1914 until today, our dollar’s worth about 4 cents. So in other words, the value of the dollar has declined by over 95%, and it has nothing to do with — that is, the 19th century performance — had nothing to do with the fact that the dollar was tied to a”shiny metal” and that the value was real; it’s simply that the gold standard restrained the number of dollars that politicians could print.

*** end quote ***

I think the essential point, of a “gold standard” or any “sound money”, is the restraint it put on the banksters to dilute the value of money. At least the Kings and Princes of old had to “clip” the gold and silver out of the coins. 

I came to this epiphany when I saw a Smithsonian exhibit of the French franc over time. IT started as a “hockey puck” of gold and wound up as a “very very thin shirt button” of gold. Argh! That’s when the light bulb went off. All I could think at the time was William Jennings Bryan saying “I will not help to crucify mankind upon a cross of gold.” We should have stuck with gold!

I can’t imagine what America would be like if we didn’t have the FED (The Federal Reserve Bank is a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians.) which allowed the welfare / warfare state to silently rob the people of their wealth. Argh!

Now try to lock the proverbial barn door.

The FED’s “zero interest rate” policy for the last eight years (?) is a double disaster — (1) without interest rates to filter “bad” capital projects, all sorts of mistakes are being made; AND (2) the poor old senior citizen on a fixed income have had their wealth destroyed.

Argh!

Hope there is a special circle of Hell for these people.

Good job by Woods, Salerno, and Herbener to knock this out of the “park”.

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GOLDBUG: China acts like gold is NOT a “barbarous relic”

Published on by reinkefjLeave a comment

https://www.newsmax.com/Finance/StreetTalk/china-gold-tons-metal/2015/11/07/id/701062/

China Probably Raised Gold Hoard Again by Adding 14 Tons
Saturday, 07 Nov 2015 12:52 PM

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China probably boosted central-bank gold holdings yet again in October, raising them by about 14 metric tons, as it seeks to diversify its foreign exchange reserves.

The value of gold assets was $63.26 billion at the end of last month from $61.19 billion at end-September, according to data on the People’s Bank of China website released Saturday. That works out to 55.38 million troy ounces or about 1,722.5 tons, based on the London Bullion Market Association afternoon price auction on Oct. 30, Bloomberg calculations show. The stash was 54.93 million ounces a month earlier.

China ended six years of mystery in July over how much gold it’s hoarding as it seeks to spur greater global use of its currency and pushes for the yuan to be included in the International Monetary Fund’s Special Drawing Rights basket.

Efforts to promote the yuan have boosted speculation the government is stockpiling gold as part of a plan to diversify its $3.53 trillion in foreign-exchange reserves.

*** end quote ***

Unless you think that the Chinese are “dumb” — according to the Keynesian economists — gold is more valuable than fiat currencies.

Silver and gold were money long ago — prior to the 1932 in the USA — thanks FDR — and probably will be again. 

When the <synonym for excrement> hits the proverbial fan, how will you protect your wealth. 

Real estate can be taxed to death. Savings are ravaged by inflation and zero interest rates. Technology is eliminating unskilled labor at $15 per hour. And outsourcing is killing white collar and high paying blue collar work. Also, just in case there’s anything left, HB1 visas are allowing foreigners to replace American workers.

Trump is tapping into the anger and frustration of “We, The Sheeple”.

And, the Chinese are “diversifying” out of US Treasury debt and into gold.

What should you do? I know what I’m doing.

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GOLDBUG: Gold preserves value

Published on by reinkefjLeave a comment

https://www.lewrockwell.com/2015/09/alasdair-macleod/is-gold-still-money/

Gold Remains Money
By Alasdair Macleod GoldMoney
September 19, 2015

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Government currencies come and go while human values endure. The adaptability of the human race will allow it to continue to use whatever is most convenient for day-to-day transactions. But the days of ordinary people in the welfare states blindly accepting fiat currencies as valid for storing the product of their labour, however temporary, are probably drawing to a close. The impossibility of our debt obligations, including the net present value of future welfare commitments, is catching up with us, and the requirement to debase these obligations is becoming paramount.

*** end quote ***

There is NO way to preserve value but in gold.

Argh!

The FED is the essence of the King debasing the currency and stealing for the people.

The Federal Reserve Bank is a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians.

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