tag:blogger.com,1999:blog-7982981413278241287.post6687023932157028692..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: Economy May Be Headed Into Free Fall AgainDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-7982981413278241287.post-61220089772123680592012-05-01T09:06:24.022-06:002012-05-01T09:06:24.022-06:00The Real Reason Ben Bernanke Resists the Gold Stan...The Real Reason Ben Bernanke Resists the Gold Standard<br /><br />The fact that the chairman devoted substantial time to the subject suggests that the idea of a new gold standard is gaining traction and that some public rebuttal was required. That’s interesting because for decades mainstream economists of the Bernanke type have disparaged the role of gold. If a new consensus is emerging that gold has some role to play, this is a threat to the beliefs of Bernanke and others such as Paul Krugman who take the view that money-printing capacity is essentially unlimited.<br /><br />Bernanke’s public attack on gold comes down to two propositions, both demonstrably false:<br /><br />Gold cannot be used as a monetary standard because there’s not enough gold. This is one of the most frequent charges used by gold standard opponents. In fact, the quantity of gold is never an issue; the issue is one of price. There are approximately 31,000 metric tons of gold held by central banks today and another 130,000 metric tons in private hands. It is true that if this gold were valued at the current market price of about $1,650 per ounce, a money supply of equivalent value would be far less than the current money supply. This would be highly deflationary and probably result in a contraction of world trade and gross domestic product. However, the same quantity of gold valued at, say, $10,000 per ounce would support today’s paper money supply at a reasonable ratio of gold-to-paper in line with historic gold standards.<br /><br />So, the issue is not the quantity; it’s the price. Central bankers do not want to face up to the fact that they have printed so much paper money that a return to sound money would involve a one-time hyperinflationary spike in all hard asset values and a concomitant destruction of paper wealth. This adjustment will take place eventually—it always does. The issue is whether we will face up to the reality sooner than later in a studied and orderly way or wait for a disorderly and catastrophic day of financial reckoning.<br /><br />http://www.usnews.com/opinion/blogs/economic-intelligence/2012/04/30/the-real-reason-ben-bernanke-resists-the-gold-standardAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-10762671903873109442012-05-01T08:57:30.918-06:002012-05-01T08:57:30.918-06:00Renewed Hope that Jon Corzine, President Obama'...Renewed Hope that Jon Corzine, President Obama's Top Tier Campaign Bundler, Will Face Criminal Charges <br /><br />The Financial Times reported that many industry professionals were resigned to the idea that there would be no criminal charges in the matter of massive misuse of so-called segregated customer funds by MF Global. According to the article, MF Global's Trustee, James Giddens, is trying to sell the story that sloppy bookkeeping in chaotic final hours prior to the firm's bankruptcy was the problem. You see, according to Giddens, it was unintentional. Former MF Global customers are not buying that story. This is the computer age, and any adequate control system can more than keep up. Moreover, MF Global's officers attested that the firm's internal controls were adequate. At the very minimum it seems they should face a Sarbanes-Oxley lawsuit, and it looks as if there's even more to it than that.<br /><br />Behavior that Giddens is trying to pass off as sloppy bookkeeping is fraud's identical twin and a serious violation of U.S. rules. Early estimates of $600 million of impermissibly transferred customer money later climbed to $1.2 billion. <br /><br />http://www.huffingtonpost.com/janet-tavakoli/renewed-hope-that-jon-cor_b_1466744.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-80971840805389125312012-05-01T04:40:28.100-06:002012-05-01T04:40:28.100-06:00Rotflmao!Rotflmao!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-86973177606452214772012-04-30T22:24:39.536-06:002012-04-30T22:24:39.536-06:00So the chronology for Thain is: Goldman (1985-2004...So the chronology for Thain is: Goldman (1985-2004) to NYSE (2004-2007) to Merill to BAC to (? present postion) CIT Group.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-57696058162817356642012-04-30T22:24:23.611-06:002012-04-30T22:24:23.611-06:00LOLLOLDave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-88924665166064891462012-04-30T22:23:49.287-06:002012-04-30T22:23:49.287-06:00ahh forgot about that. thanks for the correction!...ahh forgot about that. thanks for the correction!Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-88139722721444569972012-04-30T22:15:09.090-06:002012-04-30T22:15:09.090-06:00Thanks for the post. One minor fact correction, Th...Thanks for the post. One minor fact correction, Thain did not leave Goldman to Merril, he left as CEO of New York Stock Exchange to Merril.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-19576984526453331182012-04-30T15:47:11.592-06:002012-04-30T15:47:11.592-06:00(Quinn)
Dave: I agree with everything you wrote;...(Quinn)<br /><br />Dave: I agree with everything you wrote; however, this headline has me feeling that we might be completely wrong here:<br /><br />"Bloomberg - April, 9 2012<br /><br />Dennis Gartman, an economist and newsletter editor, said he abandoned his bullish view of stocks in March because of the possibility the market will retreat."<br /><br />I just don't know if I can side with Gartman on this one. Oh wait, he has probably already changed his mind on this. I didn't realize it was written 21 days ago.... my bad.<br /><br />QAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-11488634179242837392012-04-30T15:41:20.053-06:002012-04-30T15:41:20.053-06:00Psst, psst, hey buddy, wanna good deal on a kilo?
...Psst, psst, hey buddy, wanna good deal on a kilo?<br /><br />over here...<br /><br />http://www.ebay.com/itm/SUISSE-999-9-PURE-GOLD-1-KILO-BAR-32-15oz-W-CERT-/140746325158?pt=LH_DefaultDomain_0&hash=item20c5227ca6#ht_1386wt_1398European Americanhttp://www.flickr.com/photos/54175126@N06/5477604073/lightbox/noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-34410062403741872672012-04-30T13:44:26.964-06:002012-04-30T13:44:26.964-06:00The Action Plan to Reform
Contextually speaking, ...The Action Plan to Reform<br /><br />Contextually speaking, I am asking your help in forming and executing solutions to the current crisis. I know I am asking a great deal of you . But I know that you want America to change. I know this because many people would like to have Ron Paul as their representative in government. We need to leverage his work, build upon it, and then go further in scope and application. It will take the actions of many of us to move forward. We must move forward before we see the dim-remaining light of liberty perish before our eyes. Thus;<br /><br />http://youtu.be/7sa1GXwwj_YAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-23588597485903494302012-04-30T13:26:25.345-06:002012-04-30T13:26:25.345-06:00LOLLOLDave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-46205907307635300762012-04-30T13:26:19.563-06:002012-04-30T13:26:19.563-06:00Thanks JG - can't take credit for tho - zerohe...Thanks JG - can't take credit for tho - zerohedge coined it. I think it's hilarious AND appropriateDave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-24067951235048416772012-04-30T13:16:35.148-06:002012-04-30T13:16:35.148-06:00TOTUS -- that hurts!
Spot-on commentary, as usual...TOTUS -- that hurts!<br /><br />Spot-on commentary, as usual, Dave.John G.https://www.blogger.com/profile/09127952173210718830noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-36784009420496981912012-04-30T12:33:18.320-06:002012-04-30T12:33:18.320-06:00Hard to believe Dave in Denver ends this missive b...Hard to believe Dave in Denver ends this missive by saying we should pray for a good outcome. <br /><br />But that might be the best likelihood for success.Halnoreply@blogger.com