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Always do your own due diligence. We seek safe harbor.
We have been aware of the perils of fiat money creation ever sense man discovered paper money by the Chinese and that alone has brought about the destruction of more so called civilizations than that other famous Chinese invention: gun powder!! The Constitution of the United States Of America calls for gold and silver coins only in Article1; Section 10 but the modern economists relying upon the FED. are more involved with what Mr. Bernanke decides than what was decided by our founders when they composed the protections established by the US Constitution. Now, that we have placed OUR economy OUT ON A LIMB, we are confused how to extracate ourselves from the fraudulent involvements that always accompany fiat, I Owe U Nothing, paper money creation. Our box of band aids is almost empty as usual and we will be left soon with the only remedies that work: Deflationary Hard Knox Decisions. These decisions should have been taken decades ago but the forked tongues of monetarists and their political enablers have persisted over the head of the Constitutional Standards. History is replete with various trends and we have been in this destructive fiat trend now for some 41+ years, Fiat money leads to fiat profits in business and what is there to protect these profits but limited issue gold and silver coins/bars etc.? OUR fiat journey isn’t over but we are coming to an unusual Y in the road come next week; when Mr. Bernanke will tell US if we will have more QE’s or not and otherwise cut back on his usual monthly issue of fiat @ the rate of $85 billion each month or another amount? In either case his dicision will appeal to traders to determine the price of gold and silver but both gold and silver should have NEVER seen their prices denominated in paper money in the 1st place. The locals in each state aren’t aware of this and so their ears are not in tune with their US Constitution but instead tuned in to hear the ramblings of the FED. Chief whose colorful statements will seal the near term fate of the $ & associated markets. Who needs the ancient text of the US Constitution? We all do not until we can no longer avoid it!!!
RUSS SMITH, CA. (One Of Our Broke Fiat Money States)
resmith@wcisp.com
So much for this article. Today’s “important low” just broke tonight already with gold down yet another $11. The gold bugs have been calling the bottom for so long now it’s not even funny. With improving economies worldwide, I think the days of gold over $1,000 are severely limited. This 2 year downtrend is showing little sign of being over. This has just been a bigger dead cat bounce than previously and now we’re heading to new lows in the near future with tapering being reduced to add to golds woes.
Biggest whiners are the goldbugs. How much did you lose since 2011?
People call tops all the way up and bottoms all the way down. Nothing really matters but the current trend, which can change instantly, and for no particular reason.
As an example, in the late ’70s gold kept rising in a high-interest rate environment. A daily commentator at that time used to say, when gold went up, that gold was rising because interest rates rose, because interest rates were an indication of more inflation. If gold went down, it went down because high interest rates meant that it was more expensive to hold gold.
Analogous to these opinions are the remarks of people today: the economy is ‘improving’ (allowing that that is in fact true), therefore gold goes lower. A case could also be made that if the economy is improving, the classic argument was that inflation usually followed and there would be more money and more reason to buy gold. And contra that argument, if the economy is shrinking, gold should fall.
In other words, nobody knows from one minute to the next, and there is no reason for what happens – only rationalizations for the market behaving as it does.
Actually, the Constitution states that:
Art 1, Sec 10: “No State shall: … coin money; … ; make any thing but gold and silver coin a tender in payment of debts” – meaning that States could use money but not define new forms of money, which was a power given to Congress.
Art 1, Sec 8: Congress shall have the power: “To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures”.
It does not state what the Federal money shall be, only that it has the power to ‘coin money’.
So the Constitution does not define money, nor the value of it, Congress does.
The Coinage Act passed by Congress in 1792 defines the value of the dollar in terms of silver (371.25 grains, or 24.1 grams) and in terms of gold (1/10 of 247.5 grains, or 1.6 grams) , 1/15th the weight of silver to be a gold dollar. Subsequently, in 1834, the ratio of silver to gold was changed to 16:1 from 15:1, revealing the error in fixing the value of silver to gold. As the value of silver dropped, people were redeeming gold for silver, in the same way that caused the suspension of convertibility of silver (in 1873) and of silver certificates in the 1960s. Bad money drives out good – Gresham’s Law.
Subsequent to all this of course, many Acts were passed by Congress and by Executive Order (decree) which varied the form and convertibility of ‘money’.
*DO* SOMETHING about this GOD DAMN “RUSS SMITH” SPAMMING JACKASS !!!!!!!