[youtube]http://www.youtube.com/watch?v=9nzjhA5ON5g&feature=player_embedded[/youtube]
These people are fucking nuts. I’m just sayin’.
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I made 40% on my purchase of silver just a few months I’m not complaining, your damn dollar deflating spending machine in DC is causing the Gold and SIlver markets to skyrocket. Keep it up.
I believe the current value of all the gold that has ever been mined is something like 7 or 8 trillion dollars.
165,000 metric tons?
Not the least practical practical. Right wing pipe dream.
The Federal Reserve is the one who’s inflated their balance sheet.
They’re in the process of printing 600 billion dollars over 8 months if I’m not mistaken.
Hmmmm…
What was our standard of living in 1789?
1913?
2010?
1 LD
Ride that bubble, dude.
Sure, because we NEVER had a rescession while we are on the Gold Standard!!!!
Panic of 1893
Of course, these guys are nuts only if they believe what they are saying. If the purpose of their proposals is to increase the value of gold and thereby inflate their own holdings, then it’s just devious. Note that Republican wingnut radio and TV has been full of “buy gold” and “sell gold” advertisements for the past year.
And if you read the link, you will find that attempts to use gold/silver standards to stimulate the economy only compounded the problems, and cause the 1893 panic to extend into 1897, resulting in significant Republican victories in both federal and state elections in 1888.
Hmm… Wonder how many Buy Gold adverts ran during that program?
The Big Picture on gold:
http://www.ritholtz.com/blog/2.....mining-it/
Charlie Wiggins just took the lead!
How’s Wiggins doing in Snohomish County? I think they post their results at 7:00 p.m.
The gold standard was removed for a reason. The very wealthy, the robber barons of the day hoarded it and used it to manipulate the currency values to increase their wealth while screwing people out of their land and homes in the cities by reducing the money supply. It was being deliberately controlled outside the realm of the U.S. Treasury by the moneyed interests. Both Roosevelts recognized this as being a major threat to the Constitution and the Treasury as a branch of the U.S. government.
The only other real commodity that held actual value was land. But if the bankers could screw you out of that they would, and manufactured the mortgage/debt system to guarantee that access.
The sharecroppers of the post-States War period were mostly working for free, held under economic thrall by the banks under the threat of being forced off the land if they didn’t meet quotas that were often changed without notice, and their rents could be raised at any time without cause or any way for them to appeal the issue.
Next they’ll be discussing the merits of the LA Dodgers returning to Brooklyn.
# 12: Well, they are discussing the Rams or Raiders returning to L.A.:
Chargers, Rams First To New, Empty LA Stadium?
Gold? They only want to go back as far as gold??
We need to go all the way back.
I want a wampum standard, damn it!
@Deathfrogg….
Yeah, but you’d only know that if you can read!
We should be on the diamond standard. We can manufacture those!
@11: Land? Ha. See George, Henry. Otherwise, spot on.
Basing the value of currency on something “real” is a mirage. By definition mirages are “not real”. So to the gold bugs, I say: “Get real”.
@1: Unless you’ve sold your holdings and realized your profit, you haven’t made shit, but best wishes.
Cocoa futures have gone down 15% this year. Where the fuck were you? You coulda’ made millions!
Well?
@12: They should have never let them go.
All of Goldy’s readers should check in with Dean Baker’s “Beat The Press” blog each and every day.
If you want to lean a little about economics, that’s the place to start.
It was a Republican by the name of Richard Nixon that got us off the gold standard.
Idiots. Might as well discuss the “prospects for building our houses out of diamonds.” There isn’t anything close to enough gold to represent our actual currency value. So it’s moot. That was one of the basic problems. Eventually as the country grew (from 1776 to 2010) there simply wasn’t going to be enough gold dug up to represent the money. Sorry, I can’t pay you your salary today, the government can’t “make” any more money until we dig up some more gold. Come back next week.
And Wall Street (free market capitalism) are the folks who wanted to get OFF the gold standard so currency itself could become a speculative market. Why does Fox News hate capitalism? Fox News…we’re communists!
Nixon took us off the gold standard because the Brits and the French wanted to redeem their dollar holdings for gold. Seems the British ambassador showed up with $3 billion and wanted gold one day and Nixon basically said no doin’.
We might ask where the Brits and French get so many dollars? Probably from all the troops we had stationed in post war Europe who liked to drink and party when they were stationed over there plus a few million tourists.
@22
Then, as now, the currency markets were pretty much king of international economics. The banks ran on gold, even after much of the supply had been squirreled away in the Federal Reserve Banks and Ft Knox.
Once Tricky dickhead took us off the standard for good, the currency became totally speculative, and fluid based on industrial output and export values.
Ronnie Raygun got rid of that and pretty much turned the US into a totally service industry based economy, leaving everyone not engaged in finance to twist in the wind while his owners ran away with the Treasury. He slopped the hogs with our money and you idiots call him a hero for it.
Can you imagine a Republican president now doing what Tricky Dick did? The Teabaggers would hang him by his balls. While American politics has moved to the right (thank you, Prince Ronnie and Karl Rove), the American populace really has not. We just vote against our interests quite a lot of the time, even if our sentiments have moved left.
1 & 5. I’ve ridden many bubbles, and as long as you have your sell triggers ready, they are not bubbles. I’ll take my profit when I am ready, but with the economic climate of debt and phony money printing in this administration, this investment was a slam dunk!
@25: Yeah, sure. Tell that to the Hunt brothers.
The Hunt Brothers didn’t have a Fed chairman or President as clueless as these two wannabes are.
GM earns $2 billion, projects 2010 profit
US Defecit is racking up 5 Bil a day.
How about an IPO on Obama
The gold/cash problem was part of the reason Hoover and some European countries failed to take action during the great depression – they did not want to print “extra” money beyond gold.
If we limited ourselves to an economy based on gold – we would have an econmony 1/100th the size and looking like the 19th century – what a bunch of forward thinkers there are at Faux News.
So Thanks Obama for Doubling the Debt in 5-7 years. All Hail to the Defaulting US currency
Oh and I see more good news in this l9iberal state, 1,417 more job LOSSES this week. Keep up the good work Gregoire!
@30: Umm, are you a complete idiot? Bush turned the largest budget surplus in history into the largest deficit in history and you said ……nothing.
Now, in what was almost the biggest economic collapse since the great depression – you want government to spend less? Just so the economy could have been even worse? Almost all economists agree that without the government actions we would have been MUCH worse off.
How about “thanks, Bush for creating the largest deficit in history with wasted spending and then also killing the economy”. Did you forget the over 1 trillion wasted in the unnecessary war in Iraq? Or how Bush did not finish the job in Afghanistan (because he went into Iraq) – and now we have to spend much more cleaning up the place that actually attacked us.
Actions have consequences – blaming Obama for the mess Bush left is simple-minded and stoopid. but then again, that is what rightwingnuts are known for.
What is the republican plan for cutting the budget deficit? You fools just won the house – what is YOUR plan?
Oh, there IS NO plan….grow up and get some balls and start proposing cuts – say in the defense budget and then come back here when you are a real man not a little baby boy with simple minded ideas.
@30 LD
The economic growth rate in January 2009 (when Obama took office) was -7%, by January 2010 it was +5% (annual GDP). When Obama took over we were in the worst recesssion since the great depression. While the economy is still weak – it was BUSH who tanked the economy.
http://www.tradingeconomics.co.....Symbol=USD
@33
Don’t try to argue with them. They’re convinced Obama’s been president since 1981,and we fought on the wrong side in WW2.
@34: Thanks for the laugh! I just think it is important to counter the LIES with real facts.
@1 Wait a minute, idiot, inflation not deflation pushes up gold prices.
@30 “So Thanks Obama for Doubling the Debt in 5-7 years.”
Obama’s been president for 5-7 years? I think you’re confusing him with someone else.
According to the state’s economist the gold bubble could burst within 2 years, it may be bursting now, in 2013, or the Mayan calendar could be right.
Check the graph on page 43 (the page is numbeed 37), bottom half.
See the peak in 1980, know that the numbers are adjusted for inflation, and see the peak we are climbing now.
http://www.erfc.wa.gov/forecas.....5color.pdf
Are they advising you to buy because they are selling?
I think so.
Actually, both the right wing and left wing radio talking heads are hyping gold as an investment. Thom Hartmann, over on what used to be Air America, is constantly doing ads for buying gold on his show. The hype for gold is not just a right wind activity: lefties are in it up to their eyeballs, too.
As for this whole topic, I recommend reading “The Creature From Jekyll Island.” It’s got some loony tunes ideas, but there’s some good stuff to think about in a lot of the book, particularly the historical stuff on how we blundered into WWI and WWII. If we had not got involved in WWI, there probably wouldn’t have been a WWII.
The Fed is printing money to buy government bonds. This is supposed to cause banks to want to lend money to businesses and individuals. We’ll know in about two or three months if this move is having any effect. My guess is that this course of action will only be minimally effective. What Obama and the Dems need to do now is decide about the expiring tax cuts from Bush. Pee or get off the pot about it, Dems, and get on to doing something else. Businesses and individuals are waiting on an answer. Do something, even if it’s wrong!
@36,
Inflation is a rise in the general level of prices throughout the economy, not just the rise in price of a single commodity (yes, gold is a commodity just like pork bellies and wheat).
What’s causing the price to rise with gold is the demand for gold. People see it as protection against the aforementioned inflation.
The rise in price of gold will reverse itself eventually, as people calm down and realize that true wealth is not a nice shiny yellow metal but a well-diversified portfolio of assets that should include a little gold.
Fox news has always been crazy
@41,
Yep, crazy like a fox!
@39 Politcally foolish:
If you paid attention to anything you would realize the dems are being STALLED by the threat of republican filibuster in the senater (once again). the dems and Obama have a clear proposal – keep the tax cuts for all but the rich earning over 250K.
The republicans have stalled it because they want their rich buddies to also get a tax cut they don’t need and that won’t help the economy.