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

Tuesday, November 10, 2015

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.

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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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GOVEROTRAGEOUS: For the benefit of labor unions and corporations

Wednesday, August 18, 2010

Monopoly-Privilege Agents are Skilled at Verbal Legerdemain by Don Boudreaux on July 24, 2010

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Translation: “Ambassador Ron Kirk is committed to holding the interests of American consumers hostage to the interests of American corporations and labor unions. He is tough in his determination to ensure that any trade deals struck on his watch will shield politically powerful U.S. producers from the competitive consequences of free consumer choice.”

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The Gooferment is not our friend. It’s has its own agenda. That’s rewarding those who put money in the pockets of politicians and bureaucrats. Can anyone explain price controls — ceilings or floors — that benefits “We, The People”?

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TECHNOLOGY: Nuke power from Japan?

Thursday, October 29, 2009

Japanese firms to develop small nuclear reactors

Oct 24 01:08 AM US/Eastern

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Japan’s major nuclear reactor manufacturers have begun developing small nuclear power systems for both developed and emerging countries, a report said on Saturday.

Toshiba Corp. is developing an ultra-compact reactor with an output of about 10,000 kilowatts and has started procedures for approval in the United States, the Nikkei business daily said.

The new reactor, the Toshiba 4S, is designed to minimise the need for monitoring and maintenance, with an automatic shutdown function to ensure safety in case of problems, the newspaper said.

Toshiba plans to market the reactor first in the United States, while foreseeing demand from emerging countries in Southeast Asia and Eastern Europe as well as in Africa, it said.

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For America’s “lost generation” of nuke engineers, I’m sure the approval of this will really put a knot in their shorts.

At one time, America “owned” the nuclear engineering niche.

France gets 80% of its power from nukes; we get near zero.


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MONEY: The dollar is done

Monday, October 26, 2009

Dollar Forced to Abdicate by Peter Schiff

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To save our currency, the Fed must get very aggressive with interest rate hikes and reign in the supply of dollars that have flooded the world over the past few years. The federal government must also do its part by cutting spending, which means no more stimulus and no more bailouts. Undoubtedly, these actions will have unpleasant economic and political consequences. A student who studies harder may have to miss a party or two. A simple analogy, but unfortunately it is that simple.

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BUT, (there is always a big butt), it will never happen.

The “patient” (i.e., the dollar) is a “dead man walking”. The only question is when.

The congress critters killed it. And, us.

Like the line from the movie “Red October”, “You killed us, you arrogant ass!”

Only in this case, it’s the political class.

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MONEY: UN says kill the dollar!

Tuesday, September 8, 2009

UN wants new global currency to replace dollar
The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world’s monetary system since the Second World War.
By Edmund Conway, Economics Editor
Published: 6:45PM BST 07 Sep 2009

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In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.

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And, why are we in the UN? We’re financing this “barbara streisand” against our own self-interest. We “nuked” Sadam for suggesting oil should be priced in Gold not dollars. Let’s see if we do the same to the UN for a similar suggestion!

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MONEY: Dollar is in big trouble

Saturday, August 22, 2009

Sound Money: The Impossible Dream?
by Floy Lilley

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Debt: The US must borrow 46 cents for every dollar spent this year. Outstanding public debt as of 18 August is $11,704,322,903, 918. An estimated population of the United States is 307,209,243, so each citizen’s share of this debt is $38,127. The debt-to-GDP ratio is 82%. This debt will grow by a trillion dollars a year. The debt has to be rolled over every four years. That’s $240 billion a month to be skimmed off capital markets. The four largest budget items are wars, social security, Medicare/Medicaid, and interest on the debt.

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How does the Republic get out of the mess that the congresscritters have created?

Inflation? Repudiation? What Chapter applies to the nation?

It’s clear we can’t meet our commitments. So what, or rather who, gets thrown under the bus?

Clearly the Chinese, and any one holding our debt. Senior citizens, pensioners, the sick and elderly.

Social security goes broke. What does that look like?


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MONEY: Hyperinflation

Tuesday, August 18, 2009,1518,641758,00.html
Germany in the Era of HyperinflationBy Alexander Jung

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During the hyperinflation in Germany of 1920s, the country’s currency, the mark, went crazy. The government of the Weimar Republic may have been able to clear its debts, but it came at the cost of the citizens’ savings. It’s an era that is still part of the national psyche today.
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Take for example the family that sold its house to emigrate to America. On arrival at the port of Hamburg, they found that the money wasn’t enough to pay for their crossing — in fact, it didn’t even pay for their tickets back home. Then there was the man who drank two cups of coffee at 5,000 marks each, only to be presented with a bill for 14,000. When he asked why this was he was told he should have ordered the coffees at the same time because the price had gone up in between. And then there’s the story about the couple that took a few hundred million marks to the theater box office hoping to see a show, but discovered it wasn’t nearly enough. Tickets were now a billion marks each.

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And that kiddies is what faces us here in the USA in the near future.
But It CAN’T happen here!
Can it?
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