Stunner: Gold Standard Fully Supported By... Alan Greenspan!? - By Tyler Durden (24/1/11) PDF Print E-mail
Tyler Durden   
Monday, 24 January 2011 10:08

Zero Hedge

You read that right. After such establishment "luminaries" as World Bank president Robert Zoellick, Warren Buffett's father Howard, Jim Grant, and, most recently, Kansas Fed president Thomas Hoenig, all voiced their support for a return to a gold standard, the most recent addition to the motley group of contrite voodoo shamans is none othe than the man who is single-handedly responsible for America's addiction to cheap toxic credit, who spawned such destroyers of the middle class as the current Chair-creature, and who currently is the chief advisor in John Paulson's crusade to gobble up every ounce of deliverable physical in the world: former Fed Chairman - Alan Greenspan! In an interview with Fox Business, the man who refuses to go away into that good night: "We have at this particular stage a fiat money which is essentially money printed by a government and it's usually a central bank which is authorized to do so. Some mechanism has got to be in place that restricts the amount of money which is produced, either a gold standard or a currency board, because unless you do that all of history suggest that inflation will take hold with very deleterious effects on economic activity... There are numbers of us, myself included, who strongly believe that we did very well in the 1870 to 1914 period with an international gold standard." And a further stunner: Greenspan himself wonders if we really need a central bank. Now our only question: why couldn't the maestro speak as clearly and coherently during his tenure which resulted in our current near-terminal financial state. And as a reminder, courtesy of Dylan Grice, if and when we do get a return to a gold standard there would be a need to reindex the monetary base to a real time equivalent price of gold, putting the price of the precious metal at about $6,300: "The US owns nearly 263m troy ounces of gold (the world's biggest holder) while the Fed's monetary base is $1.7 trillion. So the price of gold at which the US dollars would be fully gold-backed is currently around $6,300." And here you have people worried about day trading volatility...



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Tunisia And The IMF's Diktats: How Macro-Economic Policy Triggers Worldwide Poverty And Unemployment - By Michel Chossudovsky (24/1/11) PDF Print E-mail
Michel Chossudovsky   
Monday, 24 January 2011 10:07

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MUST-WATCH VIDEO: Catherine Austin Fitts - The Tapeworm Economy - Corrupt Kleptocracy (24/1/11) PDF Print E-mail
Posted by Administrator   
Sunday, 23 January 2011 23:11

"So, they get richer and we get poorer because the financial tapeworm needs to get richer and richer. And it'll never stop." Federal Housing Commissioner for George HW Bush, Catherine Austin Fitts.





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MUST-WATCH VIDEO: NIA Inflation News Update - National Inflation Association (24/1/11) PDF Print E-mail
National Inflation Association   
Sunday, 23 January 2011 11:16

Video report about latest inflation related news including a massive silver shortage developing.



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China Is To Gold As The US Is To Paper Currency - One More Way The Middle Kingdom Is Distancing Itself From America - By Bill Bonner (22/1/11) PDF Print E-mail
Bill Bonner   
Saturday, 22 January 2011 09:36

Daily Reckoning

Big drop in gold yesterday - down $23. Oil fell hard too. Otherwise not much action...

We'd still like to see a deep decline in the gold price. Too many people are getting onto gold. Most of them have no idea of what they are doing. Like readers of MONEY magazine, they're buying the yellow metal as a speculation. Most likely they're going to lose money. Almost everyone who speculates on gold loses money. Don't ask us why. It's just one of those Iron Laws of investing.

Gold goes up for 10 years straight. Speculators notice. They jump on board. And then the train runs off the tracks.

That's just the way it works.

Besides, remember that this Great Correction is not over yet...not by a long shot. It has barely begun to correct the excesses of the Bubble Era. A quarter of all homeowners are said to be underwater on their mortgages - that still needs to be sorted out. And the whole financial industry - with the collusion of the Fed - is sitting on trillions of dollars' worth of mortgage backed securities, pretending that they are good credits.



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