Posted on 09/03/2011 2:50:22 PM PDT by Comparative Advantage
How about that.
How about the dollar devaluing to zip, along with external debts, and out comes a new partially gold backed US buck.
That would throw a big wrench into China’s plan.
hmmm...can Obama print gold?
If he can heal the Earth and lower the oceans, anything might be possible.
Not surprising. It’s been pretty obvious that they’ve been doing this, although they might not want to be quoted as saying so.
But they were polite enough to let Wikileaks say it for them.
I'm buying and holding cash. US Dollars.
I believe gold we be $1200 or less by the end of the year.
Interesting article. Please note my tag.
Note that this is a US diplomatic cable dated 2009.
It’s not news that the Chinese have been adding to their gold reserves. In Q2 2009, official Peoples Bank of China (PBC) gold reserves increased from 600 to 1054.1 metric tons.
Since then official PBC reserves have been unchanged, though many suspect that the either the PBC or other Chinese government entities have been acquiring gold. About two years, the Chinese government also began promoting private acquisition and ownership of gold to preserve the value of individual savings. Imagine that ... a government that encourages private gold ownership.
Imagine if the US government could only finance its deficit by borrowing gold.
That would be an outright default unless we exchanged old notes for new notes.
The world monetary system would collapse and this would usher in the next world war.
I have wondered just how much of the gold collected at these gold parties and mall stores goes to China.
Interesting to consider. It’s also interesting to consider the source(s) and date.
Well, yeah. In this case a fascist super-state that will shoot you if you don't give them the gold when they decide they want it.
I would say this is what Zero Hedge says that Wiki-leaks purports to be a US Diplomatic cable dated 2009. There are several levels of possible fabrication/bastardization of the actual communication. I'd view this with some skepticism, until there is some sense of authentication. Think of how long Wiki-leaks has supposedly been in possessions of this mountain of documents and cables. They could be playing this dump by seeding the actual messages and documents with a lot of fabrications. I will agree that it is a hell of a mess.
ZeroHedge provides the WikiLeak file, which appears to be real. My point is that it seems to be a 2009 cable commenting on the increase of PBC gold reserves, which was public knowledge. It’s not really significant that a diplomatic cable would comment on something that is already public knowledge.
It will be your loss to hunker down with savings in US cash dollars. They’re rapidly depreciating.
Look at the big picture: a dollar in 1914 is worth 3 cents today. Check www.shadowstats.com to learn the facts about how official inflation measurements have been changed so that they now dramatically understate true inflation (which also means that GDP is significantly overstated).
Most people in the USA unfortunately do not understand what is happening to the true value of currencies in the highly indebted western nations. Gold isn’t increasing in value; currencies are dropping. It is a race to the bottom.
It is delusional to think that what has happened to other excessive-money-printing nations “can’t happen here.” We are well down the road already, and other nations such as China do get it.
We should accumulate PORK BELLIES. See if they can EAT gold.
Newbie “capitalists” do not understand that gold is not capital (unless you are a gold miner) just a store of idle cash value.
Not the first to try to corner a market. Just creating another bubble: when they have it all, price collapses as everyone else moves to something else still on a free market!
China, or the United Police States of America?
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