Stacy Summary: George Soros says gold is the ‘ultimate bubble.’ Perhaps it will be, but not yet, not for many, many more years. Unless Soros can show me a government or Central Bank ready to stop trashing their own currency, then I’m not believing his talking his book.
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@”then I’m not believing his talking his book.”
I think I understand what you’re saying !
Mornin =D
Gold bubble eh? Ill have to try and understand his position. I expect financial tricks this year to manipulate the coming USA elections. Also, the players that extract wealth will probably not let gold be a way out of the vampiric embrace.
Buy GOLD ! George Soros is full of manure. If that’a a bubble, I am Jesus Christ. Bubble ? Want a real bubble George Gulash Soros ? US treasury bonds.
Ah heck ! All bonds ! French bonds. Ireland bonds, UK bonds. Lesotho bonds. James bond.
Her another bubble. That’s quite an impressive one for a lot of corporate junk. Mad rush is on for corporate bonds.
Hurry ! Hurry ! Who wants my toilet paper !
http://globaleconomicanalysis.blogspot.com/2010/01/state-of-wisconsin-goes-insane-with.html
Banker comments from Davos about Obama’s recent bank rhetoric:
http://www.reuters.com/article/idUSTRE60J3M320100128
They don’t sound very worried . . . just smug and combative. Oh, and Sarkozy sounded much more like a progressive populist in his Davos speech than Obama sounded last night. Obama sounded like a Reagan-Clinton-hybrid wannabee. Nice of Soros to say that it’s right to break up the banks, but it’s too bad that during the State of the Union, the Volcker Plan was not referred to. What was referred to is the crap financial reform bill that the House has already passed.
STATE OF THE ONION: THE DONUT ECONOMY
http://www.youtube.com/watch?v=WzBFbLlfVh8&feature=sub
Adjusted for inflation, gold got up above 2K in ’80, when the USD last came close to losing its international reserve status. Once it gets above its inflation-adjusted ’80 value, we can start talking bubble.
We get it George – your trying to push the price down because alot of idiots will listening to you and sell their gold – and you can come in and buy it at a lower price. Right?
This is a confidence booster for gold if anything
And I thought it was a “bubble in gold at $400″?? Riiiiight.
There is at least one essay out there about Gold being in a 6000 year bubble.
This issue to me is avoiding what Marx refers to as ‘Commodity Fetishism’ — and in these economic conditions it can mean only this:
Gold
Silver
Platinum
Palladium
Is your basket of precious metals to hedge against hyperinflation.
Mind you, if it were possible –
Tungsten
Iridium
are worthy of this basket too.
Sadly, they are crappy for making coins with…
===========
Adjusted for inflation, gold got up above 2K in ‘80, when the USD last came close to losing its international reserve status. Once it gets above its inflation-adjusted ‘80 value, we can start talking bubble.
===========
Essentially true, but this means that the band for the bubble would be around (4100 … 5600) USD depending on how you read the inflation figures.
And there is the issue of the Gold:Silver price ratio.
The G:S ratio in my view is equally worth paying attention to vs the prices alone. The ratio can provide some interesting Macroeconomic signals, or if you are into dread — omens.
@Y’All
Y’all aint talked about GOLD for a while… kinda missed it…. one of my main objections this site trying to promote GOLD as a kinda er… financial super cure… sometimes seems slightly obsessive…. and IF returning to a GOLD standard is mostly what MAX is all about… then IMHO it seems… he is putting all his ‘GOLDEN ‘eggs in one basket!!!
The Parliaments – The Goose That Laid The Golden Egg.
http://www.youtube.com/watch?v=u6NQk9pE8gk
Parliament – The Goose.
http://www.youtube.com/watch?v=ZEugl0oIejs
By saying Gold is in a bubble is simply ridiculous.
Translated = Fiat Money is in the Dumper big time !
Adjusted for FIAT Inflation ( Fiat Money devaluation ) since 1986, Gold should be being valued at ca. 3000$.
A new “Mercedes 200″ cost 14,000 Euros in 1982.
Today, you cannot get a new Merc under 40,000 Euros.
( excluding the A-Class mini of course ).
A normal UK Salary in 1972 of 2,000 GBP p.a. would be 20,000 GBP today.
Soros is deliberately inverting the argument to avoid talking about real money devaluation.
Dr. Berninger
http://www.youtube.com/watch?v=VOmzcCpXGbE&feature=sub
I’m still trying to get my head around the difference between a “rich” country and “poor” country,..
1. Ethics, as a basic principle.
2. Integrity.
3. Responsibility.
4. Respect to the laws & rules.
5. Respect to the rights of other citizens.
6. Work loving.
7. Strive for saving & investment.
8. Will of super action.
9. Punctuality.
It seems the poor countries seem to neglect these basic principles, mostly,..
Stacy did say something about central banks,..didn’t make a lot of sense to me,..
Soros is talking his own book.
He can’t make as much money in a world where gold IS money since he arbitrages the differences between floating currencies thus exploiting the weaknesses of the system.
What is good for Soros is not necessarily good for the people.
Has gorgeous George sold off all his gold then?
@Y’All
Opps just read one of the comments above… well Americans do seem to have a need to ‘fetishise’… PERFECT!!!
Well, if all the gold disappeared tomorrow it would not make a difference, there are plenty of other materials that will trade well for the forseeable future..Strangely few people would be ready to separate from their gold for nothing for that reason…
All a matter of perspective:
http://www.openworldthailand.com/index.php?lay=show&ac=article&Id=303032&Ntype=6
@mep
Why wouldn’t they be these banksters with all the money they stole frome the taxpayers ? Hey ! Look at me ! I’m King Shit Bankster. I can do anything with my country slaves. OBEY !
Smug. Arrogant bastards.
By the way. Have they started selling the children and the women in Iceland ?. There is a lot selling of kids going on NOW in Haiti. It’s that blatant. Iceland is next. Why not after all ? No wonder the security chief in Davos killed himself. Probably bought CDO junk from UBS ? Smug arrogant demonic banksters. Life is great. They received their bonuses two weeks ago. Perfect timing for a little bit of high class tourism at Davos. A banker’s life is grand !
@Bill Stewart, I’ve just gotten tired of pointing out that silver is undervalued. Thanks for taking up the slack.
“Fear the Boom and Bust” a Hayek vs. Keynes Rap Anthem
http://www.youtube.com/watch?v=d0nERTFo-Sk&feature=player_embedded#
@Y’All
who’s right… only one way to find out… FIGHT!!! Ladeeze ‘n’ Gennelman… a fight between in the RED corner Georges EGO ‘n’ in the BLUE corner Max’s MAAAAD OBSESSION!!!
@ Marc – Well, they know that they pump more money into politicians’ pockets than any other “interest group,” so they’re right to be on the arrogant, fearless side. The pols should’ve wrote into the bailout legislation that no bank or firm receiving TARP $ or any other form of government backing could lobby Congress or make campaign contributions until ALL of the money they were given was paid back to the government. At least that way, the greedy bastards (the politicians) would know that nobody else was getting any $ from the banksters, and knowing that, they might have been more serious about reforming Wall Street.
@TMFTG
brilliant link!!!
Gold unlikely to fall below $1000: Jeff Nichols 25 January 2010 (CommodityOnline) http://tinyurl.com/yj4l9ya
‘Next decade is all for gold’ 25 January 2010 (CommodityOnline) http://tinyurl.com/yz275xw
Error. George Soros was talking about himself. He’s the ultimate bubble.
@mep
It’s proves only one thing. It’s not YOUR money or YOUR savings. You belong to us. YOUR friendly bankster.
@SG, It pretty much sums up the current debate about how to respond to the GFC, but I think post-Kenesians would say it misrepresents Keynes. Still, Obamanomics is portrayed as a rebirth of Keynesianism. After a century, things get confused.
Owning gold is multifaceted. I’ve owned the bullion (silver, too) for many years. I’ve traded the futures for many years, both long and short. Owning the bullion is wealth protection and trading the futures is an opportunity to make some spending cash. It’s apples and oranges. Gold’s price is just as subject to manipulation as the rest of it (maybe even more) and the big swings are nice to catch, but I limit my risk to small losses. It’s not easy, even if you’ve been doing it for years, but it can still be done.
Gold, commodities are not in bubbles: Jim Rogers http://tinyurl.com/yfh82zp
China eager to buy IMF gold for $1,000 per ounce http://tinyurl.com/ycp36pu
Chinese gold demand may remain robust http://ow.ly/Ww8x
Max Keiser-ism Is Spreading Worldwide: Davos Hoax
Clip only:
“It is by now universally understood that many of our institutions were directly responsible for the collapse of housing value, not to mention massive unemployment and misery, in the United States and much of the rich world,” said Lloyd Blanfein, Chair of the New York Financial Caucus, and current Chief Executive Officer of Goldman Sachs.
http://www.we-forum.org/en/PRs/newdir.html
LOVE IT THEY HACKED DAVOS WITH SOME TRUTH.
@The Man from Glad
What about: Silver and gold are tops, but platinum group metals are runner ups http://tinyurl.com/yckj6sx
Platinum, Palladium ETFs Make Debut http://tinyurl.com/ydx4rmr
Guess This Had To Happen To Apple
Does Apple iPad Have A Female Firewall?
There are tons of this stuff all over the web, and most are funny as can be. Guess the male chauvinists pigs are getting revenge.
http://www.businessinsider.com/does-apple-ipad-have-a-female-firewall-2010-1?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28The+Business+Insider%29
Here is a 4 year old skit from MAD TV warning Apple about using this name, ha!
http://www.youtube.com/watch?v=YFNQE_TzQNI&feature=player_embedded
Amazing Jim Cramer ” The Bavarian I-llumi-nati, The Trilateral Commission, Goldman Sachs and the Queen of England are not all bad.” http://www.cnbc.com/id/15840232?video=1397295660&play=1
If Obama outlaws the private ownership of gold and sets a low redmeption price ( like FDR did), goldbugs R skrooed.
What a Creep this Soros character
@Lloyd ?
Lloyd Blankfien in person ? Not really. Here’s why. Even though FDR ordered the banning of physical gold in the USA ONLY 30% of the gold actually ended up in thehands of the FED gangsters. This time it would be even less. Just don’t keep your physical gold at the bank. C’est toutttte ! And hide it in a real secret place.
@jimodonnell
I am not Mac saffy. I am an typical PC guy but I am looking for something to read all my web Html e-mail dossiers I have and PDF E- books so maybe this could be something. Watch Steve Jobs Unveil The “Unbelievably Great” iPad http://www.businessinsider.com/ipad-video-2010-1
I must say I respect jobs cause he always tries to come up with something new. But probably it will a mini laptop or somtin like the Samsung N140 http://www.laptopmag.com/review/laptops/samsung-n140.aspx
@Youri Carma, The whole platinum group is worth looking into more. This includes some exotic precious metals, like Rhodium, on which very little is published regarding investment value. That physically backed ETF looks intriguing.
@Youri Carma, I ♥ Big Brother.
@Y’All
I’m not a massive ‘tech’ GEEK but something I wanted to say… avoid PETS… especially cats… we have three lappies the oldest is a’ ‘Tosh’ … I’ve always kept it clean… I regularly vacuum out the vents etc… but for a quite while now it has been overheating and cutting out… I realised the cause wasn’t the RAM upgrade, wasn’t to do with the heat sink, power supply… or even the wifi card… no it was frikkin cat hair!!!… a fine clump of cat hair had become congealed all around the back of the FAN… you couldn’t see it at first but after a seriously long session with a vacuum and scraping with a pin… I managed to remove some really big bits… now ‘The FANS’ have gone quiet… the computer is running cooler and it’s back to the good ole days… So if you ever see computer or electrical eqipment for sale and it says ‘non pet owner’ bear this in mind…crazay,because I had our cat was put down a long time ago… it was old and was starting to shit everywhere… but that’s another story!!!
Youri Carma
Jan 28, 2010 at 3:45 am
This is about all the help I can provide. Yes, Apple and its OS is the best much better than MS, but ……..
There are the cost that must be considered. I have a 2002 Gateway tower [now owned by Acer] which has been upgraded to max 1 gig ram and 1,000 gigs storage. This has cost me a total of about $2,000 over time. Runs XP as I tried Vista on a new laptop but I never even use it anymore as it is a “boat-anchor” and worthless.
Today you can buy stuff like 4 gigs of ram and 500 gigs of storage off the shelf cheap for about $1,000. Why should I? Currently mine is just fine for “my” needs as I don’t do a lot of video and graphics at which Apple is excellent but costly.
I don’t own a cell phone, in fact I hate telephones, or an iPod, allthough I do have a collection of over 80,000 mp3 files and many videos. You can buy for about $150 an add-on hard disk of 500 gigs which plugs into any UBS port and can be moved easily to any other computer.
I love Apple but I don’t currently need any of their products and MS XP works just fine for me. The only real need for me is internet speed and I already have a 10 mps connection.
Most people over computerize themselves and waste money, Computers were a large part of my responsibliities before I retired. I remember buying a wiz-bang multiuser system in about 1985 for my company which had 0.5 meg ram and 50 megs storage. It could handle 20 users and cost at the time $40,000.
Times have sure changed.
I was thinking of buying some books,..shuffling through the adds section ,…
FOR SALE BY OWNER: Complete set of Encyclopedia Britannica. 45 volumes. Excellent condition. $1,000.00 or best offer. No longer needed. Got married last weekend. Wife knows everything. : /
Gold: The Ultimate Un-Bubble
http://fofoa.blogspot.com/2009/12/gold-ultimate-un-bubble.html
@Y’All
huh… Casino Mentality… I notice on twit feed… Max wants to bet $100.000 dollahs that George Soros is ego trippin’… huh, I guess once a speculator always a… or should I say ‘You can take the boy out of Wall Street, But you can’t take Wall Street out of the BOY!!!
http://www.voxeu.com/index.php?q=node/3854
Soros admonition that the big banks need to be broken up is relative to the desire of many financial ‘visionaries’ to regulate cross-border capital flows in advance of the international clearing union:
“What is the solution for the rest of the world in this impasse? I propose that large, internationally active financial institutions- that are too big to fail or too interconnected to fail- should be reduced to holding companies of national operations that are organized as stand-alone units in the respective countries. Such a structure would reduce the risks to financial stability by creating domestic financial institutions subject to local jurisdictions in the respective markets. Once other countries demonstrate commitment to achieve some stability, the UK and the U.S. can be brought on board to discuss and accept the detailed arrangement of a new financial order.
A further advantage is that domestic pools of liquidity and capital will prevent short term destabilizing capital flows.”
George Soros says “I think that since the adjustment process to the recession is incomplete, there is a need for additional stimulus. Some countries, like the US and European countries, have plenty of room to increase their deficits. The political resistance to doing so increases the chances of a double dip in the economy in 2011 and after that.”
What a load of crap.
Is he one of those undercover goldmanites?
With what will the countries cover up their deficits when production is decreasing in an ever faster rate?
Global Enron accounting?
I regret putting children into this retarded world
Marc Authier -
Gold is sorta worthless if you can’t do anything with it.
If gold is not included in the sdr basket when it is retooled in 2010, then Soros is correct. The sdr could be a way of detaching the nation/state currencies from global trade: a currency not used in export is a neutered currency. The bankers at the BIS are set about damming the flow of currencies in a bid to create sdr-denominated trade vehicles which will surplant dollar trade globally. The people can do what they like domestically: the reserve ‘currency’ will be in the elite kitty and under elite control.
Those who promote the use of gold as a way “to get back at those mean bankers” are also promoting the policies of international cross/border currency restrictions which will only diminish the value of gold. Do you really think the talking heads are that stupid?
http://www.financialcrisisupdate.com/2009/09/cross-border-coordination-of-hedge-fund-regulation-could-be-tangible-fruit-of-sec-fsa-dialogue.html
http://www.pittsburghsummit.gov/documents/organization/129868.pdf
http://www.financialstabilityboard.org/publications/r_0904c.pdf?noframes=1
Mongo “I regret putting children into this retarded world”, I’m sure your children will be just overjoyed to hear that, gee thanks Dad we love you too.
@David, I am refering to the future of my kids.. not my kids. Thought you’d understand that.
@frances snoot
Interesting take on gold.
But what will happen to the dollar in this sdr scenario? I think it would go down and that would drive gold up cause the sdr is not a replacement for the dollar all together when the sdr takes over the world currency status sort of. We cxan’t use the sdr only the central banks of countries can.
Still wondering about this article: ‘Real interest rates are the prime driver of gold price’ 20 January 2010 (CommodityOnline) http://tinyurl.com/y94xvgy
In my view the gold prices are fueled by loss of trust in the dollar as world trading currency as the U.S. debt becomes more an more unsustainable. Guess this has a connection with the “Real interest rates” and thus boils down to the same conclusion.
“Given the prevailing major shortcomings in the international financial and monetary system, UNCTAD draws attention to some elements of reform of the international financial architecture, which is long overdue. These include effective capital account management, strengthening the role of special drawing rights, and a multilaterally agreed framework for exchange rate management. These reforms imply a fundamental rethinking of global financial governance to stabilize trade and financial relations by reducing the potential for gains from speculative capital flows. This will reduce the likelihood of similar crises in the future and help create a stable macroeconomic environment conducive to growth and smooth structural change in developing countries.”
http://zunia.org/post/trade-and-development-report-2009-unctad/
United Nations Conference on Trade and Development (UNCTD)
Soros is an arrogant bastard.
http://www.slate.com/id/2106077/
Hastert was fed up with the politics and the GOP weakness in the face of Soros’ blatant political manipulations. Remember that Hastert was from Illinois and was Speaker of the House back when the GOP still had a shred of crediblity.
Gold is the standard, whether Soros or Jim Rogers or anyone else wants to admit it.
The fact that about 2 billion people don’t get it in UK, USA, and EU has no impact.
The rest of the planet in Asia, Africa, and Latin America do get it. They’re buying the gold in their fiat currencies and not in US Dollars anyway.
The strength in the US Dollar right now is due to the falling value of the Euro. I posted on that a few hours ago.
@Youri:
Gold’s price now is in dollars. The relevance to the price of gold in dollars is the privileged position the dollar still retains within the structure of the international financial system. The change is the dollar position will be devastating to gold.
“We cxan’t use the sdr only the central banks of countries can.”
Those with access to the IMF unit of account are not only central banks: sovereign wealth funds also have access. And central banks are owned and controlled by uber-elites. As such, central banks do not represent the people’s interests.
The banks retaining interest in the dollar, The Federal Reserve and it’s members, is insolvent: will it be “shut down” by gold-bugged patriots.
HAHAHAHAHA
That’s bright.
Does the BIS dilute the shares of the sdr basket by including G20 currencies? The basket retains potency; the individual currencies will not. Does the dollar get the boot? I wonder. What happens with the yuan inclusion?
Once the sdr is retooled we will see some real volitility: the thing of beauty of Mike/Liverpool’s imagination.
http://2.bp.blogspot.com/_H2DePAZe2gA/SzgOEXLqUhI/AAAAAAAAK7Y/b_1g0oHC7rc/s320/sdr.JPG
“Gold is the standard, whether Soros or Jim Rogers or anyone else wants to admit it.”
The above sentence is axiomatic.
It has the exact substance of a meringue.
@Lloyd Blankfien
Gold is ALWAYS useful contrary to your toilet paper. ALWAYS buddy. Gold, with guns and ammunition, and grain, is THE MOST USEFUL thing to have. Don’t worry. The barbaric keeps its valu even if the government gangsters try to outlaw it. It never works by the way. Even in Cuba, Vietnam, USSR. Get gold ! And hide it. Lloyd you must work for “Gold”man Sachs ? Just kidding.
“During times of low to negative real interest rates, gold reclaims its traditional role as money, with investment demand the prime driver of the gold price.”
Youri, this man is claiming gold as money because it retains value as a store of wealth during inflationary periods for the dollar. That is a retropective analysis: the man is clueless to the new structure of the financial international system emerging from the nuclear five power base: the G20.
The whole analysis is based on the dollar retaining a privileged position within the G20 system. It is a flawed outlook.
If Soros believes his own story, then he wouldn’t have helped fund (a rumor) the many recent gold expeditions of Odyssey Sea Explorations. Neither would have John Edwards, who owns shares. There’s a reason Odyssey has been illegally plundering the last of the big wrecks, against the wishes of several governments. They want to be holding when gold is used to back the next world reserve currency. Rumor is that the currency will be backed by about 50% gold.
However, I do believe that gold will drop significantly, to shake out the weak hands. Forbes magazine last week announced gold will be going under $500/oz. soon. Since the media is well-coordinated on this message, when it happens the public will be reaffirmed in their trust in the mainstream media. This is the “tell,” so to speak (a poker term). The Rothschilds and their ilk are trying to kill too many birds with one stone, and in doing so, they give away their own agenda.
In any case, people will be very reluctant to purchase gold after it falls so low. Your best solution is to hedge against these gold and silver losses, and then remove your hedge when the prices are at their lowest levels, and are moving back up.
A safe hedge is to purchase the following ETFs and ETNs — UUP (US dollar) and also DB Gold Double Short ETN (DZZ) and DB Gold Short ETN (DGZ).
Gold luck!
@snoot
Love that dance. It also a dessert. Nice. Meringue comes from Santo-Domingo if I remember. Gold is the standard. It’s ultra rare and recognized as medium of exchange and store of value il about ALL countries. On planet Earth en tout cas. Lloyd Blankfien you are mistaken. Like Jim Rogers once said “Shares can go to zero. Bonds can go to zero. But commodites (gold included Lloyd Blankfien), NEVER !” And that’a a fact budd.
Kaisernaught inflationistas are going to have to answer the following question: If we are observing outright deflation (UK, for example) in the aggregate, then why is the gold price persistently climbing?
http://goldnews.bullionvault.com/deflation_UK_012220105
The only power position France retains within the G20 is their name on a piece of paper which indicates a right to monopolize uranium through a regulatory agenda. Yet they posture like they have Napoleon reincarnate hiding out in the broomcloset:
http://www.chron.com/disp/story.mpl/business/6839195.html
They’re just bullies!
And France is one of the countries in that notorious ‘ring of fire’ of Bill Gross imaginatory rhetoric.
@Lloyd
By the way 0% interest rates on a US treasury is real hot value stuff ! Arrrrhhhhh ! You still don’t get it. We are the end of a cycle. What’s next Lloyd MINUS 10% interest rates on US treasuries.
US treasuries in that context too are kindda worthless too.
“There is no other economy than the market economy,” the French leader insisted. “We can only save capitalism by rebuilding it, by restoring its moral dimension.”
We?
Start thinking Silver. Gold and or Silver will end up in the basket of currencies behind a one world currency.
If not Gold, Mr.Soros how about Silver. This man speaks with a fork tongue.
@snoot
Think you have the wrong bullies. You’re not bad as bullies too in the USA. This year Germany will be beaten by China. See ? And in 5 to 10 years the USA too will be a small 330 million market like France. Yes yes. USA bully will eventually be a smalls potatoes like France. Everything comes around.
“And that’a a fact budd.”
Gold is a metal that looks nice and is shiny. Are you indicating it is of more value to the nuclear five hegemony than uranium?
These guys are stocking up on uranium because they are regulating their way through the crash of the old system through an energy monopoly consistent with their other bully tactics. It will be chaos. And your gold retains whatever value your transactions can acquire only through its special ‘alchemy’.
good luck
If gold was in a bubble
1) people would not be selling their jewelry for cash but would be buying gold.
2) central banks would still be selling gold not buying (india russia china etc
3) the man in the street / housewives would be advising people to buy it
4) the PHYSICAL supplies in the world would be increasing not decreasing. Currently its paper gold and ETF that are increasing
5) its price with respect to inflation would be much higher.
6) mines would be hedging their gold to lock in these high prices.
when you buy insurance for your house, at the end of the year you dont say “oh i wasted my money on insurance because my house hasnt burned down” well gold is an insurance against ALL financial storms. gold will never be equal to 0. gold has stood the test of time.
keep your physical gold and dont listen to the nonsense the media coughs out.
The Moral Dimension? Is that an alternative reality or a figment of Sarkozy’s imagination? How was capitalism ever not morally repugnant? What system of control by a small group of elites is not? Is he indicating that we should get ready to be fooled by his vain and cocksure words; or is he indicating that the power will be retained through a crushing tyranny?
I think he’s hoping for the former but relying on the latter.
Sarkozy: he’s the lynchpin of morality, right?
@snoot
It mean mostly that oil is running out, OR….. that a third world war using thermonuclear bombs is coming soon.
@david
Ha, Ha, Haa…ooh ‘D’ aaahh fuck my stomach hurts and I can’t breathe!!!
@snoot
Sarkozy the same as Obeeeeeeeeyma
Steal from the poor to give to the rich. The same as ObammamammanantalibananaBushasamabenladenama.
@ME
Well. My skin will back up my belief. Will yours?
It mean mostly that oil is running out
@Marc:
So is uranium. And they could switch easily to Thorium which is not a danger for nuclear devices and is also greatly reduced half-life for storage of waste and is also readily available and not in a shorage.
Japanese debt downgrade:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asgSCXPi1Deo
http://www.youtube.com/watch?v=VOmzcCpXGbE
latest video by jberni1 (also check the other ones)_
Great insights!
@frances snoot
Oh yeah, one other thing. If gold wasn’t such threat to the Central bankers they didn’t have to manipulate and lie about it so much. Since they do they themselves underline the importance of gold also as a currency.
@Youri:
Gold is a relic of the old system of international finance as are central banks. I wonder what importance central banks will retain if the international clearing union, a global suprasovereign agency proposed by Keynes, is instituted as Stiglitz and Soros desire.
“Could a reform of the international monetary system be achieved through the
SDRs? This would imply changing their current nature, and way of issuance. While the Special Drawing Rights are not created out of existing assets, in their current form, they are issued to acquire an existing equivalent amount of foreign key currencies. In this respect they serve the main purpose of supplementing international reserves. For the SDR to become the centerpiece of a renewed international monetary architecture would require a far-reaching reform of this instrument, abandoning the current issuance through attribution of SDRs proportionally to quota, and substituting SDRs as a mean of settling international balances of payments, by creating a system of international clearing along the lines of the Clearing Union suggested by Keynes in 1941.”
http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/2009/08/31/000158349_20090831143615/Rendered/PDF/WPS5034.pdf
If rates are upholding your gold price, Youri, this sure will be a gloomy gong. Perhaps the ‘stomp out bubbles’ idea is what Soros was indicating concerning gold: there wouldn’t be any bubbles under the clearing union idea. I hope it wasn’t one of their ‘threats’. Hopefully, the IMF still needs that gold price of 850dollars an ounce to support their enslavement of the third world:
“When the new income model was endorsed by the Executive Board in April 2008, the price assumed for the purpose of making medium-term income projections was $850 per ounce, which was based on current and historical developments in gold prices at that time. However, in practice, the price realized for the proposed sales may be above or below this assumption depending on market developments.”
http://www.imf.org/External/NP/EXR/faq/goldfaqs.htm
this gold manipulation is to get everyone to sell their gold. when they get this done, they will buy it all back up. going to weed out the weak. gold has allways retained a value. pg
An economist who can’t say the word fraud is like an engineer who can’t say controlled demolition. I take neither seriously.
P.S. fiat currency is the ultimate bubble.
The move to dismantle the big banks is a move towards the international clearing union. Here’s what the men in power want:
“Accordig to Ocampo, there are essentially three alternatives to reform the current system. The first — and in a sense inertial solution — is to let it evolve into a multi-currency arrangement. The second is to gradually move into a system based on a truly global reserve asset.
Since the SDRs have already been created, and have received increased attention by the G-20 during the current crisis, the obvious solution is to strengthen this mechanism of international cooperation.
The third is to create a new institution, either Keynes’ International Clearing Union or a Global Reserve Bank that would issue a global currency (“Bancor” in Keynes’ proposal) and serve as bank of the world’s central banks. However, negotiating the creation of a new global institution would be a daunting task, says Ocampo.
Still another solution would be a return to gold — the “barbarous relic” in Keynes’ terminology. But this would be swimming against the tide of history, as the monetary history of the world since the 19th century has been a movement away from gold and toward placing fiduciary currencies at the centre of modern monetary systems. Thus, although some voices have been heard calling for the return to a form of gold standard, this would be a non-starter, warns Ocampo.
Although inertia may lead into a multi-currency arrangement, Ocampo argues that the best solution is to fulfil the promises created by the SDR when it were created, by transforming it into the major global reserve asset.
The IMF could move into a fully SDR-based institution, as some have argued it should be for decades. SDRs would be issued primarily during crises and could be used to improve the collective insurance against crises that it provides, which should include generous overdraft facilities.
SDR issues could also take into account the demand for reserves, and thus concentrate on developing countries, or there can be a special “development link”, by allowing the IMF to buy bonds from the multilateral development banks.
Says Ocampo: This could be accompanied by a substitution account, which would allow IMF members to substitute foreign exchange for SDR-denominated assets issued by the Fund, and by encouraging strong regional monetary arrangements.
Although a reform along these lines is viable, several political obstacles must be overcome. The most significant concerns the fears generated in the U.S. by the eventual loss of the pre-eminence of the dollar, Ocampo points out.
But the U.S. can also gain by avoiding possible destabilising speculation on the dollar and by being able to run its macroeconomic policies with greater independence without the concerns associated with being at the centre of the system.
This shows that the current system has costs for the U.S., particularly when its domestic concerns call for expansionary policies. For the same reason, the euro area would benefit from being able to avoid such costs. In any case, the proposed reform would leave the dollar (and the euro) as the world’s major means of payment.
“Finally, issuances of SDRs under current conditions would be most welcome in a world with strong recessionary effects generated by the fact that no country wants to run balance of payments deficits. Thus, while the political challenges of the proposed reform are considerable, they are not insurmountable, as it contains benefits for all countries. For this reason, reform of the global reserve system should be a priority for policymakers in all countries,” Ocampo concludes. ”
http://www.turkishweekly.net/news/96404/global-economy-‘reform-dollar-based-reserve-system’.html
1. leave alone
2. create a NEW RESERVE SYSTEM
3. go back to gold
Number one and two go together: the move is on to create a new reserve system with sdr as reserve unit. Number three is what UN Under-Secretary-General for Economic and Social Affairs calls:
“Thus, although some voices have been heard calling for the return to a form of gold standard, this would be a non-starter, warns Ocampo.”
Why a warning? The power to retain the value ‘inherent’ in gold is being castrated by the UN and the IMF/BIS. Hope has nothing to do with gold value, and it won’t in future.
I guarantee he has a ton of gold hidden in a Swiss bank vault!
Vote sound money! Vote Libertarian Party of Canada!
http://www.libertarian.ca/
@ Phil
Berni is awesome. Interesting that he is providing instruction in basic macroeconomics applied to the US economy but with a broader perspective from Germany. Instead of videos on how to pack a bugout bag, he is posting mini-lectures that are easily assimilated and contain the information necessary to start a rational process for understanding issues, developing plans, and reaching decisions that can translate into peaceful political action. Almost anybody can understand what he has to say. His series can help people to gain the language skills of basic macroeconomics so that the people can better grasp what is happening and how to deal with the situation at hand. If he can get a better viewership in the US, I think the effect could be greater peaceful empowerment of the people. His videos need to go viral.
What a wonderful gift to the US from someone who doesn’t even live here. Better than the statue of liberty.
@Sherri:
Phil admitted to desiring the collapse of the US economic system as he considers us ‘evil’, so his links aren’t actually, most probably, in the favor of an extension of the US system but rather the reverse.
Berni is way too boring to ‘catch on’ in the US as anything but a sleep aide.
Senate hearing for Helicopter Ben(d-over)…
on CSPAN2
Republicans not happy
Democraps are deluded…
http://cspan.org/Watch/C-SPAN2.aspx
HAHAHAHahaha Bob Menendez thinks Benny is a “great scholar of the Great Depression”
wow… there’s an interesting mix of opinion developing amongst the senate over Benny…
I just heard a Republican cheer for him, and now a couple Dems pissing on him…
I guess it’s going to come down to the vote… but the consensus seems to be that he’ll get back in…
Comprehension is everything. He said
” GOLD IS THE ULTIMATE BUBBLE”
which it is….bubbles start out flat and can grow to enormous size, this one is barely half the size it will be when it finally burst. HE DID NOT SAY GOLD WAS IN A BUBBLE. Read several media reports, several say gold is NOW the ultimate bubble. Those are NOT Soros’s words, note they have NO QUOTATION MARKS. Banksters at work. I will buy all your RELICS @$1,000/oz .
Why Soros and Roubini love gold bubbles http://www.commodityonline.com/futures-trading/technical/Why-Soros-and-Roubini-love-gold-bubbles-14201.html
Marc Authier-
Assuming the economic apocalypse scenario, you’re better off having a supply of things that would be more useful in barter — like shotgun shells, first aid supplies, liquor, etc.
Dmitri Orlov has some practical advice:
http://docs.google.com/Doc?id=dtxqwqr_20dc52sm
@Lloyd
Absolutely. Still. Don’t expect the government stop printing money. Gold is a nice compact tool for barter. Indeed it can be soap food etc…… It’s always the storage problem. It could be canned food. Why not. Or a nice little garden far far away from the city. You assume that government won’t keep on printing in the USA. Eventually the same scenario will happen like in a third world country. What would you prefer Lloyd ? Some prisine real estate in Flint Michigan ? or an an ounce of gold and silver ? I think I would take the precious metal without any hesitation. In Detroit you can buy some houses for less than an ounce of gold. See. Gold even works when there is hyper deflation like in Detroit, that bombed city.
Clearly it’s not a bubble, but he’s right about it having been bid up too high too fast if you take into account all the enthusiasm that gripped the metal when it started blowing by road blocks at a pace of 20 bucks per day. The deflation has already started. The dollar is now well into it’s big bear market rally, oil has been quietly retreating, along with gold, and all that is left now is to turn these hiccups in US equities into a real crash.
Anyone have any comment on the supposed expiration of swap agreements between the ECB and the Fed? Does this mean that the Fed is no longer on the hook to aid the eurozone with cheap credit? If so, isn’t this also dollar positive?
@Lloyd
Read this. GOLD is it. Even on a long term basis. People buying US treasuries at negative interest rates should read this instead.
According to the Minneapolis Federal Reserve, since 1935, the dollar has lost 93.5% of its purchasing power. But take a look at how well gold has held up:
In 1935, when an ounce of gold was worth $35, you could buy:
a top-quality tailored suit for $19.75 – or 0.56 ounces of gold
a family car for $500 – or 14.3 ounces of gold
a house for $7,150 – or 204.2 ounces of gold
Today, with gold at $1,060 an ounce:
that same top-quality, tailored suit costs $600 – or 0.56 ounces of gold
the family car now costs $15,000 – or 14.2 ounces of gold
the house averages $181,100* – or 204.6 ounces of gold*
*average house price from 2008 / gold at 2008 price of $880/ounce
That a bubble ? SOROS that piece of lying trash, knows perfectly the real number. He’s probably buying the stuff.
Money market funds no longer safe.
http://market-ticker.denninger.net/archives/1909-Money-Market-Funds-No-Longer-Safe.html
So gold is supposed to be the ultimate bubble ? Nice try Soros.
Not really a good indicator of paper health. Expecting minus 10% negative interest rates on the tresuries. The crazier the merrier.
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@Bill Stewart, I’ve just gotten tired of pointing out that silver is undervalued. Thanks for taking up the slack.
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Yes, but Tungsten and Iridium may be undervalued too … as well as the rest of the precious metals basket.
I just found out today that the Mises Institute has almost all the literature available for free online… PLUS AUDIO BOOKS!!!
so here is something I think people here would find of great interest
The case for a 100% Gold Dollar by Rothbard
http://mises.org/rothbard/100percent.pdf
What has Gov’t done to our Money? by Rothbard
http://mises.org/books/whathasgovernmentdone.pdf
And the audio books for the above
http://mises.org/media.aspx?action=category&ID=92
I found it was good to listen and read along…
@ Guiseppe
Here’s my favorite: “Inflation and the Fall of the Roman Empire”.
Fascinating.
http://mises.org/media/2839
@Marc:
You do know they are reforming the international financial system so that the dollar will no longer be the reserve currency? The links you provided concerning the depression will not be relevant in the new system. You need to look ahead, not behind, to understand the value of gold operating within the new system. The guys with the power and the armies are making these decisions: not me.
“In this New Normal environment it is instructive to observe that the operative word is “new” and that the use of historical models and econometric forecasting based on the experience of the past several decades may not only be useless, but counterproductive.”
http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2010/February+2010+Gross+Ring+of+Fire.htm
Hey Frances Snoot. Let me introduce you to Daniel Estulin, who devotes his life to getting the insider information direct from the source. The news leaks he gets are quite accurate. Here are the leaks concerning the US dolllar… note how the folks you have been quoting are a bunch of liars. Why would anyone trust anyone at the IMF or World Bank?
On May 21, the Macedonian International News Agency reported that, “A new Kremlin report on the shadowy Bilderberg Group, who this past week held their annual meeting in Greece, states that the West’s financial, political and corporate elite emerged from their conclave after coming to an agreement that in order to continue their drive towards a New World Order dominated by the Western Powers, the US Dollar has to be ‘totally’ destroyed.” Further, the same Kremlin report apparently stated that, “most of the West’s wealthiest elite convened at an unprecedented secret meeting in New York called for and led by” David Rockefeller, “to plot the demise of the US Dollar.”
Do your own research on Estulin. I am not providing links since I doubt you would read them if I did so.
@SorosEater:
I have read Estulin. I agree with him: the powers are set to destroy the dollar system. Why do you see inoonsistency in my posts and Estulin’s ideas?
The “folks” I have been quoting have agreed with Daniel Estulin in principal: they look to move away from the dollar/reserve system. The links are quite accurate in their portrayal of the consensus among the elite to move to a new international system. The IMF is hoping to improve its tarnished image through rhetoric emanating from George Soros Institute for Open Society and from the Jubilee Campaigns globally.