The Golden Truth: Obama To Banana Ben: Fire Up The Printing Press

Tuesday, December 8, 2009

Obama To Banana Ben: Fire Up The Printing Press

Obama in his speech today, in effect, has called for a new stimulus program that could be enititled "The Cash for Everything Program:"

President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to "spend our way out of this recession" until more Americans are back at work...Without giving a price tag, Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaks for small businesses and tax incentives to encourage people to make their homes more energy efficient Article Link

The message is clear, simple and loud: The Government will continue debasing the U.S. dollar by printing as much money as it takes to try and create jobs. The hidden message is that our economy is in deep doo-doo.

That same message from Obama is a message to exchange as much of your cash reserves and retirement investments as possible for physical gold and silver. As per my commentary earlier, physical gold and silver is getting scarce.

4 comments:

EdwardoTuesday, 08 December, 2009
Get a load of this:

http://www.nakedcapitalism.com/2009/12/no-need-for-new-tarp-fed-land-grab-in-miller-amendment.html
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Dave in DenverTuesday, 08 December, 2009
Nice find Edwardo. Jim Bunning summed it up the best when he stated to Bernanke that the Fed truly had become the Creature from Jekyll Island.
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EconomicDisconnectTuesday, 08 December, 2009
Edwardo,
I included your hat tip tonight. Just unreal what is going on in plain site.

Dave,
found your gold coin take the post before very interesting.
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JoeWednesday, 09 December, 2009
Your masthead quote tells the whole story. Why people cannot understand the ultimate destiny of a pure fiat currency is zero is beyond me.

With Gold/Silver its inverse, it is the obvious goto investment. However, tangible-life-goods will be the new wealth in the coming calorie-barter-based economy.

Joe M.
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.