Gold Backed Currency Fans Have Sweaty hands

[JohnQPublic]

What a jerk. (http://www.marketwatch.com/story/gold-standard-debate-back-40-years-after-nixon-2011-08-15)

"Today, the debate is equally heated. Those calling for a return to gold — the minority in this modern debate — deride those opposed to such a move as “sheeple” (sheep-like people) who blindly trust in their governments and refuse to see that the world’s central banks have devalued the dollar and other major currencies into irrelevance. Meanwhile, those who dismiss a gold standard as impractical see its supporters as “Ayn Rand wackos” (in reference to the author/philosopher popular with some gold supporters), praying for the economic apocalypse as they clutch their bullion with sweaty hands."

[gunDriller]

"Today, however, the banker is the enemy more often cited by the pro-gold camp. Some of those seeking a gold standard say, for instance, that U.S. quantitative easing has adulterated the dollar to the benefit of financial firms, and that the banking industry is the guardian of the fiat currency system.

— Michael Kitchen"


i don't know about praying for the Apocalypse ... but i wouldn't mind if Mr. Kitchen had a little Kitchen accident.

[mamboni]

What a jerk. (http://www.marketwatch.com/story/gold-standard-debate-back-40-years-after-nixon-2011-08-15)

"Today, the debate is equally heated. Those calling for a return to gold — the minority in this modern debate — deride those opposed to such a move as “sheeple” (sheep-like people) who blindly trust in their governments and refuse to see that the world’s central banks have devalued the dollar and other major currencies into irrelevance. Meanwhile, those who dismiss a gold standard as impractical see its supporters as “Ayn Rand wackos” (in reference to the author/philosopher popular with some gold supporters), praying for the economic apocalypse as they clutch their bullion with sweaty hands."

Government hates gold, so it's a safe bet that gold is good for the citizen. Gold is the guardian of freedom and private property rights.Whenever some fool decries gold, just ask him why he objects to gold as backing of the dollar. He will not be able to articulate an argument of substance. Rather, he will simply villify gold.

Rest assured all the old retires on fixed incomes from pensions and CDs wish their holdings had a gold clause as was de regeur before 1933. Since 2001, their dollars have lost ~25% or more in purchasing power and interest rates have dropped from ~5-6% to virtually zero. Interest income has typically been cut fully 90%! Imagine being a millionaire who is scraping by on $5000 per year in interest. As Jim Willie points out, ultralow interest rates and monetization by the central bank destroy the capital base of the nation, inexorably.

[beefsteak]

Visited via phone with our west coast daughter last night after they returned home from their week's relaxing vacation in No. Cali. At one point in the conversation, it turned to the S&P downgrade event that occurred after they left town a week ago Friday, just before the S&P surprise announcement.

HE was bemoaning the newest hit his 401-K had taken during in the week they were gone.
She was elated at the new PoG levels occuring during the week they were gone and still maintained.

That pretty much said it all for dear ole' Dad & Mom who gave her her "gold education" waaaaaaaay before she met this guy a/w/a her initial grubstake.

Thanks again for your post, mamboni.


beefsteak

[mamboni]

Visited via phone with our west coast daughter last night after they returned home from their week's relaxing vacation in No. Cali. At one point in the conversation, it turned to the S&P downgrade even that occurred after the left town a week ago Friday, just before the S&P surprise announcement.

HE was bemoaning the newest hit his 401-K had taken during in the week they were gone.
She was elated at the new PoG levels occuring during the week they were gone and still maintained.

That pretty much said it all for dear ole' Dad & Mom who gave her her "gold education" waaaaaaaay before she met this guy a/w/a her initial grubstake.

Thanks again for your post, mamboni.


beefsteak

Good for you - your daughter is blessed to have you and your wife as good parents.

I own gold and silver for my children. Gold and silver will immunize them from the coming vicissitudes of debt slavery that envelopes the entire nation and has destroyed our children's future. Debt is an immoral theft from the future, from our descendants. Government debt is the most depraved type of theft because it robs abd enslaves so many and is justified with such high-minded lies.