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The Greenspan Warnings
321Gold ^
| Dec. 1, 2005
| Nick Barisheff
Posted on 12/01/2005 10:13:36 AM PST by Travis McGee
click here to read article
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Posted, as gold appears to be set to close above $500 for the first time in many years.
To: Ancesthntr; archy; Badray; B4Ranch; Blood of Tyrants; CodeToad; coloradan; Criminal Number 18F; ...
Interesting article. Most folks do not understand that Greenspan was an ardent "gold bug" before going to the fed.
2
posted on
12/01/2005 10:16:13 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: Ramius
In addition, here's what he said on December 19, 2002 when he spoke to the Economic Club of New York in New York City: "In the two decades following the abandonment of the gold standard in 1933, the Consumer Price Index in the United States nearly doubled. And, in the four decades after that, prices quintupled. Monetary policy, unleashed from the constraint of domestic gold convertibility, had allowed a persistent over issuance of money. As recently as a decade ago, central bankers, having witnessed more than a half-century of chronic inflation, appeared to confirm that a fiat currency was inherently subject to excess."
What was it you said about drunken fools who talk about fiat currency, and who need to be safely guided home from bars?
Is Greenspan a drunken fool, in your estimation?
3
posted on
12/01/2005 10:20:01 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: Travis McGee
What the "printing press bugs" (since they call us gold bugs) fail to understand that is that after the paper money market crashes there is a period of of time that the only currency that will buy anything is copper and lead before even a gold or other PM currency system become stable. I don't think their 401k's or large caps are going to do them much good once the SHTF. I think gold is a good mid term strategy for the unavoidable collapse/recession, but needs to be backed by a food/shelter/method to keep food shelter strategy
4
posted on
12/01/2005 10:23:32 AM PST
by
vrwc0915
To: Travis McGee
Of course...most Americans don't understand (1) that inflation indices...particularly the CPI...are designed to understate inflation and (2) that inflation is just another tax...a tax on savings
And fiat currency allows government to hide the true cost of its bloated entitlement programs...see Senator Jon Corzine dismissing the looiming crisis in Social Security by declaring that "it will never run out of money...the government can just print more money"
Its statements like that (rarely are politicians so open in their admissions of how they can tax savings to pay for their favorite entitlement programs) and a long history of practice that makes me think that incoming Fed Chairman Bernanke was being a bit optimistic/disingenuous/naive when he told the National Economists Club that the government could, but wouldn't, "print money and distribute it willy-nilly."
Stop the Presses Jon Corzine would inflate the currency instead of reforming Social Security
5
posted on
12/01/2005 10:26:40 AM PST
by
Irontank
(Let them revere nothing but religion, morality and liberty -- John Adams)
To: Travis McGee
For all the gold bugs out there, consider the hot economies in India and China. There are roughly 2 billion people in those two nations. In hot economies, jewelry sales tend to do well.
How much of current gold demand is being caused by Indians and Chinese spending their new money on jewelry?
6
posted on
12/01/2005 10:30:43 AM PST
by
fso301
To: Irontank
Meanwhile, the Fed has decided the sheeple no longer need to see monthly M-3 money supply increase data.
"Turn of the radar screen monitor down in the steerage class lounge....might make the passengers nervous."
7
posted on
12/01/2005 10:32:20 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: fso301
"Jewlry?" You mean, like cubic zirconium trinket?
You are talking about GOLD, are you not?
Are you aware that Russia just announced it is doubling its gold holdings? Or that China is encouraging its citizens to buy gold, and not only as jewelry?
Do you really think that Gold closed at $503 today, because more Indians are buying gold jewelry today?
8
posted on
12/01/2005 10:34:40 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: vrwc0915
I hope it doesn't come to that, but like you I think the prudent person invests in steel, brass and lead, as well as gold and silver.
9
posted on
12/01/2005 10:35:59 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: Travis McGee
heh... Well, I can't say that I know about Greenspan's drinking habits. :-)
I can't say that there's anything about that paragraph to disagee with. There's been all manner of bad monetary policy at one time or another. Just like there's been bad fiscal policy too.
Tying the money supply to gold or anything else doesn't eliminate risks to the economy, it just changes the risks.
10
posted on
12/01/2005 10:37:47 AM PST
by
Ramius
(Buy blades for war fighters: freeper.the-hobbit-hole.net --> 1000 knives and counting!)
To: Travis McGee
Lead is better, since you can buy more of it and at least melt it into bullets when things really go to hell. :-)
11
posted on
12/01/2005 10:38:48 AM PST
by
Ramius
(Buy blades for war fighters: freeper.the-hobbit-hole.net --> 1000 knives and counting!)
To: Travis McGee
This guy is a shill for the gold selling market. I am hearing a lot of advertisements from gold sellers these days. They are selling you gold they bought at a lower price.
When was the gold market the hottest? When was everyone buying gold? When it went above $600 an ounce, about 23 years ago.
Remember the lines of people buying silver at $38 an ounce? It was going to $100. No, it topped at a little over $38. Silver just hit an 18 year high, at about $8.30 an ounce.
Where will gold go from here? I don't have a clue. But gold sellers sure are anxious to sell to me. If it is going to double, why are they so interested in selling to me?
12
posted on
12/01/2005 10:42:10 AM PST
by
SaxxonWoods
(Question for Socialists: Why are others bound to do for you what you won't do for yourself?)
To: Travis McGee
Gee, I wonder why the Fed no longer wants us to see M-3 data, and will no longer release the figures????
Crank up the printing presses! "Helicopter Ben" is coming to town!
13
posted on
12/01/2005 10:44:34 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: vrwc0915; Travis McGee
THIS JUST IN!People at "321Gold" (the posted source for this material) recommend you BUY GOLD IMMEDIATELY!
14
posted on
12/01/2005 10:49:07 AM PST
by
Recovering_Democrat
(I am SO glad to no longer be associated with the party of Dependence on Government!)
To: Toddsterpatriot; justshutupandtakeit
You might enjoy reading this.
15
posted on
12/01/2005 10:51:13 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: SaxxonWoods
Look, I just posted the article because the debate is interesting to me. Do what the heck you want, I don't care.
16
posted on
12/01/2005 10:52:27 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: Recovering_Democrat
So what? The shills on MSNBC think you should buy equities all day long. Big deal.
It's another perspective, and the main thing is, THE QUOTES ARE BY THE (so-called) "MAESTRO" SIR ALAN GREENSPAN.
Or do you think the author of this piece just made up those comments by Greenspan?
17
posted on
12/01/2005 10:55:07 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: SaxxonWoods
But gold sellers sure are anxious to sell to me. If it is going to double, why are they so interested in selling to me?Bingo.
18
posted on
12/01/2005 10:56:42 AM PST
by
PRND21
To: Ramius
You said:
"Generally speaking, in an economics discussion, as soon as someone uses the phrase "fiat money" it's time to pronounce last call at the bar and start calling cabs to get the regulars home safe."Is Alan Greenspan now a drunk who needs a safe ride home?
19
posted on
12/01/2005 10:57:13 AM PST
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: Travis McGee
20
posted on
12/01/2005 11:00:05 AM PST
by
Ramius
(Buy blades for war fighters: freeper.the-hobbit-hole.net --> 1000 knives and counting!)
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