Whose excuse what? Italicize my comments so I know what you're talking about. I'm too lazy to reconstruct every post you make.
Describing history is not an excuse for what happens in it. By the 1980s farmers were facing an entirely different sort of problems some monetary some not.
Exactly. People have problems in fiat money systems, so blaming all problems on gold is short-sighted.
I was merely giving a hypothetic example of what farmers were facing during the period of deflation from around 1875 to 1900.
How much was this deflation? A whopping 1%?
The price level did deflate by over a third during that period...
That's known as an increase in productivity.
...and interest rates were probably higher than 5%. Farm prices fell even more than the overall price level making their plight even more difficult.
Yep, the same thing happened in the 80s. Productivity increases favored those who were better at the business of farming. Small farms are cute and quaint, but people love lower prices. A businessperson is a businessperson. Stay on top of your business, or you're out of business.
Obviously I never claimed that it was.
What? I've slept since yesterday.
I was speaking of J.P. Morgan the individual who used his personal influence to stop the runs on banks and alleviate the Panic.
Did I disagree with you? He used this saviour episode to help establish the Federal Reserve. FDR shipped tons of gold to Europe after the Federal Reserve was created. Those guys that came over from Germany in 1913 and met with Morgan among others knew they'd end up with the real money after passing out pieces of paper to the American people.
The firm was not a saviour and things happening now have nothing to do with the Panic of 1907.
Then why'd you mention it?
Neither you nor anyone talking have any idea how much the firm has invested in options.
$23.4 trillion! It's in the public record from the government. Read the recent threads on Citibank and Morgan!
But it is interesting that you believe one of the most astute financial houses is willing to bet against gold. Wonder why?
They don't necessarily bet against it. They pay 1% unterest on the gold they owe to other banks. They sell gold derivatives and use the money to buy treasuries thereby making the diffence between the 1% and whatever the treasuries are. It was relatively under control until Rubin came along and exponentiated this activity for free money. The company went out on a limb because they knew Rubin would protect them in case gold went up. Now the situation is too for out of control for anyone to save them. So they had an emergency meeting, surprise, surprise, gold goes down $11.00 the next day even in the face of a bad day on Wall Street, breaking an opposite relationship since the middle of June and Morgan is saved...for now...
It is a concern but a country that elects scum like that deserves what it gets. Germany of 1923 will never happen here not even with a president as corrupt and evil as Clinton.
You have a lot of faith in man.