Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    • Offizieller Beitrag

    (wenn er wieder mal das verfaulende Lemmingfleisch aus den Zahnzwischenräumen herausgekratzt hat):


    Mal wieder Geld vom Tisch nehmen!


    Was ich mit dem vorangehenden, obigen posting (free update) sagen wollte:
    Wir wissen alle, dass die EM-Märkte sehr volatil sind. Klar, die Fundamentaldaten sind grundlegend wichtig und obsiegen langfristig. Wer nur langfristig (10-20 Jahre gemeint) investiert (d.h. wegen jugendlichem Alter so investieren kann oder das halt so will), braucht sich um die Vola nicht gross zu kümmern.


    Alle andern müssen (sollten) die extreme Vola (die wir momentan grad wieder bestaunen können) irgendwie in den Griff kriegen, jede(r) halt auf seine/ihre Weise!


    Elliott-Analyse hat einen gewichtigen Nachteil: es braucht sehr viel Erfahrung, damit umzugehen. Wenige Leute haben die. Stümperhafte Zählungen gibt es, und die bringen die Methode in Misskredit. Denn dass Börsenkurse fraktale Verläufe zeigen (sogenannte 'Manipulation' annulliert diese nicht!!) ist völlig unbestritten (früher Autor: Mandelbrot). An gewissen Punkten im Kursverlauf ist die Prognosequalität von EW-Analyse meines Erachtens (als nicht-EW-Experte) aber ganz einmalig hoch. Hätte ich nach Elli's öffentlichem posting vor vielen Monaten 'volle Kanne long' mit ein paar DAX-Futures a la longue spekuliert, könnte ich heute privatisieren. Hätte ich ein Elli-Abo kürzlich gehabt (und den Mut, die Prognosen umzusetzen), hätte ich wiederum enorm profitieren können. Ich hatte beim EM-Hoch (aus Instinkt, weil es sehr topig aussah) zwar etwas vom Tisch genommen, aber bei weitem nicht so viel, wie ich eigentlich hätte nehmen können. Nun ja, 'you live and learn'!


    Gute Geschäfte wünscht:
    Lucky Friday

    "Das einzige Geld, auf das ich mich verlassen kann, ist das Gold, das ich besitze" J.Sinclair
    "Die meisten Politiker sind ja Vollidioten! Schmeißt diese Idioten RAUS!" Marc Faber, Schweizer Finanzanalyst, Thailand, nach einem Bier...
    "The whole game is rigged" Gerald Celente

  • Mixed Stories ... :D


    The US military says:



    Baghdad - Abu Musab al-Zarqawi could barely speak, but he struggled and tried to get away from American soldiers as he lay dying on a stretcher in the ruins of his hideout.


    The US forces recognised his face, and knew they had the leader of al-Qaeda in Iraq.


    Initially, the US military had said al-Zarqawi was killed outright.


    But Friday ""new details"" emerged of his final moments.


    On Wednesday, the US military tracked him to a house 225KG bombs.


    Al-Zarqawi somehow managed to survive the impact of the bombs, weapons so powerful they tore a huge crater in the date palm forest where the house was nestled just outside the town of Baqouba.


    Iraqi police reached the scene first, and found the 39-year-old al-Zarqawi alive.


    "He mumbled something, X( X(" :D but.. it was indistinguishable and it was very short," ( F..Y !) ?(.......
    Major-General William Caldwell, spokesperson for US-led forces in Iraq, said Friday of the Jordanian-born terrorist's last words.


    Medical treatment


    Iraqi police pulled him from the flattened home and placed him on a makeshift stretcher.


    US troops arrived, saw that al-Zarqawi was conscious, and tried to provide medical treatment, the spokesperson said.


    "He obviously had some kind of visual recognition of who they were because he attempted to roll off the stretcher, as I am told, and get away, realising it was the US military," :D.. Caldwell told Pentagon reporters via videoconference from Baghdad.


    Al-Zarqawi "attempted to, sort of, turn away off the stretcher", he said.


    "Everybody re-secured him back onto the stretcher, but he died almost immediately thereafter from the wounds he'd received from this airstrike."


    So much blood covered al-Zarqawi's body that US forces cleaned him up before taking photographs.


    "Despite the fact that this person actually had no regard for human life, we were not going to treat him in the same manner," Caldwell said.


    Blast


    The airstrike killed two other men and three women who were in the house, but only al-Zarqawi and his spiritual adviser have been positively identified, he said.


    Caldwell also said experts told him it is not unheard of for people to survive a blast of that magnitude. :D


    "There are cases when people, in fact, can survive even an attack like that on a building structure. 8o


    Obviously, the other five in the building did not, but he did for some reason," Caldwell said.


    He said he did not know if al-Zarqawi was inside or outside the house when the bombs struck. :D


    News24

    7 Mal editiert, zuletzt von Eldorado ()

    • Offizieller Beitrag

    The History of the Cost of Money, Action of the US Dollar, Inflation and Precious Metals: 1968 to 1980 First Quarter



    Wer dies durchgeackert hat,zweifelt nicht mehr an der Zukunft des Goldes.


    Grosse Schaubilder,die weitere Einsichten vermitteln.


    :]Grüsse



    http://www.jsmineset.com/ARhom…741&cTID=0&cCat=&cSubCat=



    This Is Reality


    What you see here is fact. There are no mitigating factors today that can skew what you have reviewed. The historical view you have just seen will repeat now and into 2011.


    What you reviewed makes me feel I am being too conservative on my expectations for gold.


    Now post this on every web site and chat board you can find. ;) No need to give any credit for where it came from, just post it everywhere on the planet. Maybe a picture will penetrate their thick heads. :D Maybe they will then realize we have just experienced our first market charade of major proportions by the US fed in concert with other central banks in a stealth attempt break inflationary expectations.


    You cannot break inflationary psychology unless you introduce policies that have that ability historically validated.
    The cost of money now compared to the size of the Bernanke Helicopter Drop of international liquidity means that rates will have to exceed the level of 1980 in order to have any impact. That is a long time ahead, a much greater increase in the price of gold and many adventures from now.

  • Zitat

    Original von Edel Man
    Wir erleben noch goldige Zeiten wie noch nie,absolut sicher.


    Logisch werden wir das. Auf die Politiker ist schließlich Verlass! Es muss halt reifen. Wie guter Wein. Geht alles nicht so schnell. Aber trotz Korrektur bin ich ja, absolut gesehen, im Plus. Und Ihr vermutlich auch. Und wenn die Korrektur vorbei ist, dann bin ich durch gute Nachkäufe noch mehr im Plus. Und Ihr vermutlich auch. :D


    1 schönes WE


    wünscht


    der KR

    Zeit ist der Freund von wunderbaren Unternehmen und der Feind von mittelmäßigen Unternehmen. Warren Buffett

  • Danke für die Milch, guter Tipp!


    Hab super geschlafen.


    aber jetzt gehts gaaaanz sicher bald los!!!
    calls, calls, calls


    Papa sagt du bist eine ganz harte fodder unit und er liebt deine durchhalteparoli


    Big time meint dein Donquijoterie hat schon bald was liebenswertes


    Nur Condi zischelt was von du seist ein ziemlicher Machoarsch und wir sollen dich noch ein bisschen bluten lassen. (tss, weiber was wissen die schon, nada, niente; nicht??)


    Klein-Ben schlägt vor du solltestdir das noch ein bis zweimal durchlesen, hast nicht alles verstanden:


    http://www.federalreserve.gov/…004/200403022/default.htm


    Trotzdem gaaanz tollen Urlaub, komm doch mal vorbei nach Texas (wenn du es dir noch leisten kann, wenn nicht schick ich dir ein paar dollar elektronisch (zwinker, zwinker)


    dein Buba

    In einer irrsinnigen Welt vernünftig sein zu wollen, ist schon ein Widerspruch in sich.

  • kerouac


    Eigentlich darf man keine Trolls fuettern, aber ich bin gerade in der Stimmung.


    Ich lese nur diese paar Zeilen von deinen Link und denke mir meinen Teil.


    The gold standard was suspended during World War I, however, because of disruptions to trade and international capital flows and because countries needed more financial flexibility to finance their(oil) war efforts.


    This ""leadership"" helped the system adjust to imbalances and strains; for example, a ""consortium"" of central banks might lend gold to one of their number that was experiencing a shortage of reserves. ...Goldman Sachs and JPM...z.B


    The finding that leaving the gold standard was the key to recovery from the Great Depression was certainly confirmed by the U.S. experience..... :rolleyes:.


    ------------------------------------------------------


    The system was based on the faith the public had in the gold receipts, with all issuers not being equal. The Federal Reserve Bank was therefore created to regulate the system and stand ready to bail out any bank that could not meet its obligations.
    Fractional banking was allowed to continue subject to additional regulation and scrutiny, but the system is still based purely on the faith and confidence that people have in pieces of paper. :rolleyes:


    http://www.paulvaneeden.com/displayArticle.php?articleId=156


    Well, Helicopter Ben soll mal weiter drucken, es kommt alles wieder als Inflation zurueck frueher oder spaeter.
    Einige Banken oder eine LTMC,Enron Type collapse demnaechst.
    Als erstes der housing market, die US Wirtschaft geht runter,keiner will mehr den USD Dollar oder US Goods, nur wenn er keine andere Wahl hat.
    Ein zweites Vietnam im nahen Osten, das US Imperium beginnt jetzt schon zu zerfallen, China wird die neue Weltmacht, fly now, pay later.


    America is losing its grip on the world ,that for sure.
    Just ask 300.000 American's who immigrated to Canada lately why they went. Who wants to live or travel to Texas? , no thanks !


    I prefer to fly to VC in Canada. :]


    That's the country with a better future...... the US is doomed in the long run, you'll see Kerouac.


    Btw, how is your breast today ???


    Cheers, you cheeky Illuminati.
    Say hi to your friends from Goldman Sachs, Gold will kill them all !
    And to ""Condi"" ...FY2 ! :D



    By End of 2006 Gold will be between 750-800 USD, mark my words !


    XEX

  • Gaza City - Hamas ended an 18-month ceasefire on Saturday, firing 11 rockets at Israel just hours before Palestinian leader Mahmud Abbas was due to announce a controversial referendum........


    Tehran - Foreign minister Manouchehr Mottaki said on Saturday that Iran had started to study the West's incentives to resolve the nuclear crisis and might reply with its own package, :D Iranian media reported.
    "We have opened the package, and we are studying it, and afterwards we will officially reply to the Europeans," Mottaki was quoted as saying after a meeting with Palestinian foreign minister Mahmud al-Zahar.
    "We hope ... a shuttle diplomacy will be started for the Islamic republic's proposals in the form of amendments or counter-proposals to be studied seriously by the Europeans," he added.........


    Iraqi Prime Minister Nouri al-Maliki has ordered a five-hour midday ban on all vehicle traffic in Baghdad and Baqouba, state TV reported Friday, in a bid to prevent reprisal attacks by suicide car bombers following the death of Abu Musab al-Zarqawi.


    Al-Qaeda's No. 2 hailed Abu Musab al-Zarqawi in a videotape broadcast Friday. Ayman al-Zawahri focused on political developments in the Palestinian territories, Sudan and Egypt in the tape aired by the Al-Jazeera network. It mentions a national referendum proposed on May 25 by Palestinian President Mahmoud Abbas.


    An Al-Jazeera anchorman said the tape was made before al-Zarqawi's death was announced Thursday because al-Zawahri praised his efforts to confront U.S.-led forces in Iraq. "God bless the prophet of Islam in Iraq, the persistent hero of Islam, the Holy Warrior Abu Musab al-Zarqawi," al-Zawahri said.


    He also sent greetings to the Shura Council of Mujahedeen in Iraq and fighters, "who are confronting crusaders and their apostate aides and the merchants of religion."

  • Condie und die jungs sind jetzt wirklich böse!
    die "eulogia-hegel-jungs" finden jetzt dich ziemlich cheeky und thü:gtu:a-.
    Da läßt man euch mal auch ein wenig leben nach den jahren der dürre
    und was ist, ihr glaubt wir sind im "Endspiel" und ihr die ganz großen Checker.
    zur Strafe gibts montag die 5xx
    zum sinnieren:


    Papier (These und Fakt)
    Gooold , Silber (Antithese und Eldos teocuitlatl)
    Synthese (????????) (ich sag nix, sonst bumm)
    spielen wir schon sollange


    Buba trollt sich
    god bless america
    (sind wir nicht alle ein bisschen amerika)


    Bleib gut drauf Eldo, bin ja auch einer von euch
    kerouac

  • God bless the debt nation No.1 America ...but not Bush ! :D
    http://www.alkalizeforhealth.net/Ldebtclock.htm


    The Bush Administration sucks, the next President is a Democrat.
    Somebody must stop this Wanker who plans WW3.
    Oiladdicts come from Texas, soon they get 5 USD per Gallon, than they gone cry loud with their SUV's. :D....end


    Washington - A computer hacker stole a file containing the names and social security numbers of 1 500 people working for the energy department's nuclear weapons agency. :D


    Officials told a congressional hearing on Friday that the department's senior managers were informed only two days ago of last September's incident, which was somewhat similar to recent problems at the veterans affairs department.


    None of the victims was notified, they said.


    The data theft occurred in a computer system at a service centre belonging to the national nuclear security administration in New Mexico.


    No more comments Texas Girl, let the pictures speak !


    ich sag nix mehr, sonst bumm !


    Eldo trollt sich ueber die mit den Wolf heulen -- in Texas ganz besonders. :]


    Houston, we get a blow off ....in personal debts ! :D

  • PAULSON'S OTHER JOB AS WALL ST. PLUNGE PROTECTOR


    June 8, 2006


    -- QUICK, somebody tell soon- to-be Treasury Secretary Hank Paulson about the other part of his job: being a member of the Plunge Protection Team.


    What is that? It's something that Wall Street is gonna need if the stock market continues to be freaky.


    But this is a story that's best told in chronological order.


    Back during a stock market crisis in 1989, a guy named Robert Heller - who had just left the Federal Reserve Board - suggested that the government rig the stock market in times of dire emergency.


    Yep! He didn't use the word "rig" but that's what he meant.


    Proposed as an op-ed in the Wall Street Journal, it's a seminal argument that says when a crisis occurs on Wall Street "instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thus stabilizing the market as a whole."


    Had Heller been any other schmoe who writes op-ed pieces for The Journal this would have been long forgotten. But he had served for three years as a governor at the Fed and this proposal had the look of a trial balloon since stocks had just fallen sharply on Oct. 13, 1989, and memories of the 1987 crash were still fresh.


    Over the next few years people like me (meaning, those who watch the financial world with a critical eye rather than a blind one) suspected that Heller's plan was indeed in effect. Whenever the stock market was in trouble someone seemed to ride to the rescue.


    Often it was a Wall Street firm that seemed more courageous than fiscally responsible. Often it appeared to be Goldman Sachs, which just happens to be where Paulson and former Clinton Treasury Secretary Robert Rubin worked.


    Did the U.S. Treasury actually have an allocation of money to carry out what Heller had suggested - that is, throwing fresh investment cash in front of a falling market until it stopped declining? For a while I thought something called the Currency Stabilization Fund - which actually exists at the U.S. Treasury but is meant for currency stability - was the slush fund used for this venture.


    I was told by people who claimed to know that this part of the theory wasn't so.


    There was no way to prove that these surreptitious government intrusions into the stock market were actually occurring. In fact, just mentioning these possibilities got a person branded as a conspiracy nut.


    This country, the critics would say, never interferes with its free capital markets. Sure, there's intervention in the currencies markets. And, yes, the Federal Reserve does manipulate the bond market and interest rates through word and deed.


    But never, ever would such action be taken at the core of capitalism - the equity markets, which for better or worse must operate without interference.


    That's the way the standoff stayed until 1997 when - at the height of the Last of the Great Bubbles - someone in government decided it wanted the world to know that there was someone actually paying attention in case Wall Street could not handle its own problems.


    The Working Group on Financial Markets - affectionately known as the Plunge Protection Team - suddenly came out of the closet.


    Today - with the stock market acting skittish again - the future Treasury Secretary should get ready to go to bat for PPTeam as soon as possible.


    (Tuesday: How the Plunge Protection Team got exposed and my first-hand run in with the riggers.)


    john.crudele@nypost.com

    2 Mal editiert, zuletzt von Eldorado ()

  • Equity markets were hit by comments from the Federal Reserve Chairman that indicated more interest rate hikes are possible. Ben Bernanke is worried that a slowdown in the US economy may not be sufficient to dampen inflation; hence the necessity to raise interest rates.


    The equity markets are under pressure because higher interest rates reduce corporate profits and mean higher yields on debt investments, both bad for stocks. The economy in general suffers since corporations curtail investment spending and consumers take out less debt to finance their spending habits.


    A recent report from the Fed showed that household debt increased at an annualized rate of 11.6% during the first quarter, so there is no indication yet that consumers have slowed down their accumulation of debt. Mortgage debt rose by $250 billion in the first quarter and home owners continue to cash out the equity in their homes. Interestingly enough, if we look at M3 data (that we calculate ourselves now since the Fed stopped publishing it) we notice that M3 increased by only $194 billion in the first quarter (less than the increase in mortgage debt) and that since April there has been a decline in M3. Whether this is just a seasonal effect is not clear at this stage, but it does seem that money supply growth has slowed down. I find it very amusing that Bernanke is concerned about rising inflation when M3 has declined by 1.15% in the past month (a monetary deflation).


    Going forward, I see US economic growth as anemic at best, (Blutarm)...spilling over into other markets and reducing demand for commodities such as base metals. That’s why I am not bullish on base metals.


    It appears that higher interest rates have already started having an effect on the growth in money supply. That could seriously hurt perceived economic growth, especially when cash-out house refinancings abate. Bernanke can of course fix that by “printing money” -- monetizing the US Federal Government’s debt.


    Monetizing the debt would increase the money supply and reduce the outstanding debt, keeping interest rates in check at the same time. The risk with debt monetization is that fractional banking can cause a dramatic expansion of money supply and so debt monetization has to be administered carefully.


    Further confusion is created by the Fed, on the one hand, calling for higher interest rates, which boost the US dollar exchange rate, and the Treasury on the other hand calling for a lower US dollar exchange rate to combat the growing US trade deficit. You may have noticed how metals prices slumped this week on the back of a rising US dollar fueled by Bernanke’s talk of higher interest rates.


    More confusion will come when the dollar starts to fall in the face of rising interest rates
    (see: http://www.paulvaneeden.com/displayArticle.php?articleId=101) and that is when gold will truly shine. :)


    When that happens we could very well see the gold price rise while other metals prices fall since gold, unlike the other metals, is not a commodity.


    In the meantime we are back to the same environment we were in for most of 2004 and part of 2005 when rising interest rates buoyed the US dollar exchange rate and kept a lid on the gold price.
    This time, however, because there was so much hot, speculative money in metals, we are experiencing a correction instead.


    I have no idea how long the correction will last or how much the gold price will drop, so for the time being I am sitting on the sidelines.


    Paul van Eeden


    Ps... And I go on a long holiday. ;)...NOW !
    Take care and all the best, Gold and Silberbugs.


    Adios, VIVIR ,.... Gold bless and protects you for sure. ;)


    Eldo

    • Offizieller Beitrag



    Danke Eldo, für den Eden. So halte ich es auch ;), nachdem ich EW.Charts gesehen habe.


    Pass auf, dass du nicht erschossen wirst (siehe unten)!


    Weil es so ein schöner Tag ist, melde ich mich gleich wieder ab :D


    Lucky

    • Offizieller Beitrag

    Gestern früh sagte ich noch hier.


    "Das ewige Tricksen und Täuschen auch mit Hilfe der Medien ist bald over. :D
    Wir erleben noch goldige Zeiten wie noch nie,absolut sicher."


    Und was meint Sinclair heute Nacht dazu : ;)



    ".... Fundamentals will propel the gold price as the plan of the central banks has no legs with out policy change abhorrent to the present Administration. The Fed is as independent as new born child.


    As this is recognized, each bluff will fall shorter than intended :] and then the black boxes will be totally in charge.


    Gold is going to $1650."



    http://www.jsmineset.com/ARhom…743&cTID=0&cCat=&cSubCat=



    :]Grüsse
    Edel Man

    • Offizieller Beitrag

    Und : Rubel - Gold und Öl !! 8)



    Ein weiterer Schlag gegen den "starken" Dollar.



    "..The Russian Trading System, Russia's premier stock market, announced Monday that it would start trading in gold, oil and oil products on June 8th.


    The stock exchange also said it would start trading in futures and options on oil and oil derivatives, including Urals brand, diesel fuel, jet fuel and fuel oil. Trade will be in rubles based on prices calculated by the Platts agency.


    The derivatives section of the RTS, known by its Russian acronym Forts, will trade futures and options on gold in rubles based on the London Stock Exchange evening fixing rate...."



    http://news.goldseek.com/GoldForecaster/1150084800.php

  • Zitat

    Original von Edel Man
    The Fed is as independent as new born child.


    Seltsam. Diese Parallelen zur EZB, BB, ... und den hiesigen Politikern. :D

    Zeit ist der Freund von wunderbaren Unternehmen und der Feind von mittelmäßigen Unternehmen. Warren Buffett

    • Offizieller Beitrag

    Zum ersten Mal seit einem Monat.
    Kein schlechtes Zeichen dafür,daß der Boden erreicht ist. :]



    "We have a bid in for August Gold, our first attempt to buy the stuff in nearly a month as we’ve waited for the correction to run its course........"



    http://news.goldseek.com/RickAckerman/1150069264.php

  • CENTRAL BANKERS ARE NO LONGER ABLE TO BEHAVE AS IF THEY ARE ON A GOLD STANDARD


    By Adrian Douglas



    Today I was pondering the relationship between the US dollar and gold. My study led me to produce some graphs which are extremely enlightening which I will share with you. In order to set the stage I want to reference an exchange between Ron Paul and Alan Greenspan before Congress, July 20, 2005. I have reproduced the entire exchange because I think it is critical in understanding the discussion that will follow.


    QUOTE


    Before the House Financial Affairs Committee, July 20, 2005


    RON PAUL: If, indeed, this is your last appearance before our committee, Mr. Greenspan, I would have to say that, in the future, I’m sure I’ll find these hearings a lot less interesting.


    But I do have a couple of parting questions for you. Keynes, when he wrote his general theory, made the point that he has tremendous faith in central bank credit creation because it would stimulate productivity.


    But along with this, he also recognized that it would push prices and labor costs up. But he saw this as a convenience, not a disadvantage, because he realized that, in the corrective phase of the economic business cycle, that wages had to go down – which people wouldn’t accept, a nominal decrease in wages, but if they were decreased in real terms, it would serve the economic benefit.


    Likewise, I think this same principle can be applied to our debt. To me, this system that we have today is a convenient way to default on our debt – to liquidate our debt after the inflationary scheme.


    Even you, in the 1960s, described the paper system as a scheme for the confiscation of wealth.


    And, in many ways, I think this is exactly what has happened. We have learned to adapt to deficit financing. But in many ways, the total debt is not that bad because it goes down in real terms.


    As bad as it is, in real terms, it’s not nearly as high.


    But, since we went on a total paper standard in 1971, we have increased our money supply essentially 12-fold. Debt in this country, federal debt, has gone up 19-fold – but that is in nominal dollars, not in real dollars.


    So my question is this: Is it not true that the paper system that we work with today is actually a scheme to default on our debt? And is it not true that, for this reason, that’s a good argument for people not – eventually, at some day – wanting to buy Treasury bills because they will be paid back with cheaper dollars?


    And, indeed, in our lifetime, we certainly experienced this in the late 1970s – that interest rates had to go up pretty high and that this paper system serves the interests of big government and deficit financing because it’s a sneaky way of paying for it.


    At the same time, it hurts the people who are retired and put their money in savings.


    And aligned with this question, I would like to ask something to dealing exactly with gold, is that: If paper money – today it seems to be working rather well – but if the paper system doesn’t work, when will the time come? What will the signs be that we should reconsider gold?


    Even in 1981, when you came before the Gold Commission, people were frightened about what was happening – and that’s not too many years ago. And you testified that it might not be a bad idea to back our government bonds with gold in order to bring down interest rates.


    So what are the conditions that might exist for the central bankers of the world to reconsider gold?


    We do know that they haven’t given up on gold. They haven’t gotten rid of their gold. They’re holding it there for some reason. :D


    So what’s the purpose of the gold if it isn’t with the idea that some day they might need it? They don’t hold lead or pork bellies. They hold gold. :]


    So what are the conditions that you might anticipate when the world may reconsider gold?


    MR. GREENSPAN: Well, you say central banks own gold – or monetary authorities own gold. The United States is a large gold holder. And you have to ask yourself: Why do we hold gold? :D


    And the answer is essentially, implicitly, the one that you’ve raised – namely that, over the generations, when fiat monies arose and, indeed, created the type of problems – which I think you correctly identify – of the 1970s, although the implication that it was some scheme or conspiracy gives it a much more conscious focus than actually, as I recall, it was occurring. It was more inadvertence that created the basic problems.


    But as I’ve testified here before to a similar question, central bankers began to realize in the late 1970s how deleterious a factor the inflation was.


    And, indeed, since the late ’70s, central bankers generally have behaved as though we were on the gold standard. :D


    And, indeed, the extent of liquidity contraction that has occurred as a consequence of the various different efforts on the part of monetary authorities is a clear indication that we recognize that excessive creation of liquidity creates inflation which, in turn, undermines economic growth.


    So that the question is: Would there be any advantage, at this particular stage, in going back to the gold standard?


    And the answer is: I don’t think so, because we’re acting as though we were there.


    Would it have been a question at least open in 1981, as you put it? And the answer is yes.


    Remember, the gold price was $800 an ounce. We were dealing with extraordinary imbalances, interest rates were up sharply, the system looked to be highly unstable – and we needed to do something.


    Now, we did something. The United States – Paul Volcker, as you may recall, in 1979 came into office and put a very severe clamp on the expansion of credit, and that led to a long sequence of events here, which we are benefiting from up to this date.


    So I think central banking, I believe, has learned the dangers of fiat money, and I think, as a consequence of that, we’ve behaved as though there are, indeed, real reserves underneath the system.


    END

    3 Mal editiert, zuletzt von Eldorado ()

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