MONEY: Gas for a dime a gallon

Sunday, September 11, 2011

http://lewrockwell.com/orig9/watkins-b2.1.1.html

Could the Presidential Election Turn On a Dime?
(Not if the WaPo Banksters Have Their Way)
by Bill Watkins

*** begin quote ***

Really? Now? Where? Congressman Paul explained that a SILVER dime is currently worth over $3.00, which is nearly enough to buy a gallon of petrol in the U.S. You remember those Mercury head dimes, don’t you? What ever happened to those? And, come to think of it, why doesn’t a dime minted in 2011 buy a gallon of gas?

Admittedly, it’s a simple question. And that why it’s so dangerous. This line of thinking simply can’t be allowed to gain traction. It’s crazy talk by Ron Paul who stubbornly clings to a bygone era of monetary policy (including relevant clauses of the Constitution) and who simply doesn’t comprehend the modern wonders of “quantitative easing.” Move along citizens, there’s nothing here to see. Got it?

*** end quote ***

The recent Republican debate had a moment of unprecedented clarity.

“dime a gallon”!!!!

The moderators were falling all over themselves to get off that point.

Why?

Because it would unleash a cornucopia of issues that would put the proverbial metaphorical pin in the propaganda balloon.

Here’s just a few of my observations. (probably obvious to real economists and history students.)

* The “dollar” is a perverse illusion of what it used to be. Systematic inflation robs the workers of the fruit of their labor as surely as if they were robbed at gunpoint. It’s immoral. By not having a connection to anything constant, the theft is by “printing press”.

* The fraud of the “dollar” is “We, The Sheeple” have been trained to think of it as a constant. The North Star of value. That’s like playing football on a field where the yard shrinks between 2 and 20% every year. Great for breaking records. Not too honest. And, certainly not a way to keep score.

* The FED is a cabal of bankers that use the fiat currency to ensure that they keep the power.

* The politicians and bureaucrats like this system real fine. It allows them to spend money. They don’t have to take wealth from the producers in the form of taxes. They get it by the “printing press”!

* A fair news report would report prices in ounces of gold. Or, any fair basket of commodities. Then people would see the “hidden story”. Hard to imagine reporting the price of gasoline, the Dow, and the dollar in terms of ounces of gold.

All from the “dime a gallon” comment.

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MONEY: Is gold money?

Thursday, July 21, 2011

http://blogs.forbes.com/afontevecchia/2011/07/13/bernanke-fights-ron-paul-in-congress-golds-not-money/

ECONOMY
Bernanke Fights Ron Paul In Congress: Gold Isn’t Money
Jul. 13 2011 – 11:26 am

*** begin quote ***

“Is gold money?” he asked. Clearly bothered, Bernanke told the representative, “No. It’s a precious metal.”

*** end quote ***

“Money is a matter of functions four, a medium, a measure, a standard, a store.” He repeated that four times like poetry. “Six Characters in Money: Portable – Durable – Divisible – Uniformity – Limited Supply – Acceptability.” — CHURCH 10●19●62 (Vol 1) 978-0-557-08387-9 page 110

Clearly, the Federal Reserve Banknote is NOT a store of value. 95% loss of value from 1970 to 2000.

But, Ron Paul has to admit that gold isn’t either. It’s not a medium of exchange. Was; could be; ain’t.

Argh!

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MONEY: Gold 28% LTCG rate, but who sells?

Monday, March 28, 2011

http://gregnupe.wordpress.com/2011/03/20/the-long-term-capital-gains-tax-rate-on-gold-is-28/

The long-term capital gains tax rate on Gold is 28%

*** begin quote ***

People keep asking me what I think about gold. Its been on a great run, but one must be extra careful when investing in precious metals. Precious metals like gold and silver are considered “collectibles,” as are the ETFs that track them (like the ETF, “GLD”). Per the IRS tax code, “collectibles” held less than one year are taxed as short-term capital gains at one’s ordinary income tax rate, and if held for greater than one year, collectibles are taxed as long-term capital gains at 28%. Your broker probably won’t tell you this because he or she probably doesn’t know, yet will gladly take your commission. However, a 28% capital gains tax rate can be a problem.

*** end quote ***

Of course, some, less than scrupulous folks, or tax protestors, might use gold to evade the inheritance tax laws. AND, if one is concerned about the possibility of hyperinflation a la pre-WW2 Germany, gold bullion coins is an interesting choice. Personally, I wouldn’t call it an “investment”; more of “insurance”.

As “insurance”, metals only make sense if they are in your custody; not in an account somewhere. And, if you’re buying bullion, then clearly the cost over spot should be minimized. As well as, avoiding anyone like the plague selling “collectible coins” at a premium over spot. TV ads are a clue as to who to avoid.

In the pyramid of a financial plan, if one has a “big pyramid”, then certainly metals have a place. I learned very early in life not to be overly concerned about taxes. Yes, they are theft, but it should NOT drive your behavior. IF by some chance, you have to liquidate some gold, then you can worry about paying taxes. There are options to sales with a paper trail.

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MONEY: Utah Considers Return to Gold

Friday, March 4, 2011

http://www.foxnews.com/politics/2011/03/03/utah-considers-return-gold-silver-coins/

Utah Considers Return to Gold, Silver Coins
By Stephen Clark
Published March 03, 2011 | FoxNews.com

*** begin quote ***

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.

The legislation, which has 12 co-sponsors, would let Utahans pay their taxes with gold and also calls for a committee to study alternative currencies for the state. It would also exempt the sale of gold from the state capital gains tax.

The bill cleared a state legislative committee on Wednesday, the first of 11 similar bills in statehouses across the country to do so. If the bill clears the House, it would have to pass the Senate before the governor could sign it into law.

*** end quote ***

Excellent!

We need a return to sanity.

And, an end to “legal tender” laws.

Allow the marketplace and the people to decide what is “money”?

I’ll know we’re free when the supermarkets price their wares in units of silver or gold.

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GOLDBUG: Time to return to Constitutional money

Sunday, July 4, 2010

http://www.commodityonline.com/futures-trading/technical/Can-gold-be-valued-in-currency-or-is-itself-money-16935.html

Can gold be valued in currency or is itself money?
Published on June 21, 2010 14:45:00 IST

*** begin quote ***

My suggestion to Ron Paul and all those wanting to return to gold, is the best way to accomplish this is not by proclaiming your determination to replace the Federal Reserve Board with the gold standard, but to attack the legal tender laws of this country.

*** and ***

The key is to go after the governments monopoly on money. If broken, gold will find it’s way into the monetary system, as it is today, and reclaim it’s superior role as long as it is not prevented from doing so. Legal tender laws do just that. They prevent choice.

*** and ***

If governments fail to get their fiscal houses in order there is no telling what the future will bring. Gold offers some semblance of security. Among other things, it is a hedge against stupidity. Given the almost criminally reckless fiscal policies of government, who in his right mind would not want to protect himself. And if a currency crisis occurs, who would believe the promises of a new government paper currency in light of the broken promises of governments everywhere. Gold is not a promise that can be broken, and therein lies its present appeal.

*** and ***

To all the pundits that believe a gold standard is impractical, I suggest they look at the present fiat system and then judge it against the hundred years of monetary stability we enjoyed in years past under the gold standard. Then talk to me about which system is practical and which system is not.

*** end quote ***

The Dead Old White Guys had just experience the inflation of paper money. They saw first hand how it let the Gooferment buy more than it had without any check or balance.

By the creation of the Federal Reserve Bank —

(which: ain’t “federal”; it’s a private cartel of banks; ain’t a “reserve” of anything; it’s ious with the taxpayer being the ower; and ain’t a bank; it’s a price fixing machine that makes the bankers rich and the politicians with an unending supply of spendable “money”.)

— they have made the Dead Old White Guys’ worst nightmare true. Unchecked gooferment.

Argh!

Time to roll back “progress” and go back to gold.

As a check on gooferment spending. ANY gooferment!

How can we be “independent” without honest money?!

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MONEY: Fun way to get the message across

Sunday, January 3, 2010

Bullion Is A Girl’s Best Friend

ROFL!

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GOLDBUG: Why gold?

Monday, November 9, 2009

http://www.321gold.com/editorials/casey/casey110509.html

Why Gold Has a LONG Way to Go
Jeff Clark
Casey’s Gold & Resource Report
Nov 5, 2009

*** begin quote ***

Now ask yourself the same thing: how many of your family, friends, neighbors, and co-workers are buying gold and silver coins? Are any of them giving you hot stock tips about a fantastic gold producer, or telling you about the latest gold discovery made by a company in China? Have any fellow investors told you they’re dumping their brokers because they can select gold stocks better on their own? Anyone telling you they’re going to night school to learn the gold mining business?

*** end quote ***

Gold is the money of a thousand years. With the Gooferment spending us into oblivion, how else does one preserve wealth? And, after the “inflation tax” and “inheritance tax”, what’s left?

Argh!

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MONEY: A dollar is worth a dollar, except when the dollar is a gold coin

Friday, July 3, 2009

http://federalism.typepad.com/crime_federalism/2009/06/are-gold-american-eagles-worth-what-congress-has-said-they-are-worth.html

June 16, 2009
Are Gold American Eagles Worth What Congress Has Said They Are Worth? Or: The IRS v. Robert Kahre

*** begin quote ***

[Editor’s note: I am not a tax protester. Until researching the issue that is subject to this blog post, I thought all of the arguments raised by the tax protester crowd were frivolous. On this issue, I am not so confident.]

Take a look at this gold coin. It’s a Gold American Eagle. Look at the image on the right. Do you see what the coin says on the bottom half, underneath the nesting baby eagle?Gold American Eagle 50 Dollars

It says $50, right?

Indeed, it is (as I will explain below) $50. It’s worth as much as an Ulysses S. Grant. Well, if you believe it’s really only worth $50, send all of your Gold Eagles to me. I will sell them on eBay for about $1,000 each.

And now you can see the problem of Robert Kahre. Mr. Kahre is facing federal prison because he claimed that Gold Eagles are worth what Congress has said that Gold Eagles are worth.

Is Mr. Kahre’s position frivolous? I don’t think so. Please indulge me.

*** end quote ***

I blogged about this one.

*** begin quote ***

https://reinkefaceslife.com/2008/02/26/goldbug-why-buy-and-hold-gold/

(4) There are some interesting nuances in holding American Gold Eagle, which are produced by the gooferment (i.e., the Treasury Department’s Mint), and are asserted to be dominated in dollars. The one ounce gold American Eagle is stamped 50 “dollars”. AND, it is really worth ~940 “dollars” in Federal Reserve Notes. (There’s a recent tax case where the employer declared his employees earnings in “dollars” as represented on the Eagles he gave them. Everyone paid less taxes.)

*** end quote ***

This is an interesting quirk that can be exploited.

Of course, at your own risk.

Sigh, what is a dollar anyway!

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MONEY: Don’t mess with Uncle Sugar’s monopoly

Monday, June 15, 2009

http://www.wired.com/threatlevel/2009/06/e-gold/

Threat Level Privacy, Crime and Security Online
Bullion and Bandits: The Improbable Rise and Fall of E-Gold
    * By Kim Zetter Email Author
    * June 9, 2009

*** begin quote ***

Jackson has finally registered E-Gold with FinCEN, and has begun applying to states for money transmitting licenses. The company is also blocking people who appear on the Treasury Department’s list of Specially Designated Nationals and plans to follow bank procedures for verifying customer income and sources of transmitted funds. There are other plans in works to clean up the system as well.

*** end quote ***

Read this with an eye towards why this fool was targeted.

Think they care about catch bad guys?

Or, could it be that he was undermining their monopoly over “money”.

That stuff they laughable call “money” … Federal Reserve Banknotes.

Paper!

Fiat trash.

No, he was giving people an easy and cheap way to store value.

That couldn’t be “taxed” by inflation.

Imagine how much better the Chinese would be if they had 5T$ of gold as opposed to Uncle Sugar’s little green pieces of paper.

No, anyone who messes with that monopoly, will bring the goons out in force.

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