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Sound Dollar and Economic Stimulus Act of 2008 proposes return to gold standard

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  • #16
    Re: Sound Dollar and Economic Stimulus Act of 2008 proposes return to gold standard

    Originally posted by jtabeb View Post
    Can you quote a Source?
    I think he was joking, since ever Friday brings another bank failure. Kind of like moving first base back 3 feet to eliminate all the close plays!

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    • #17
      Re: Sound Dollar and Economic Stimulus Act of 2008 proposes return to gold standard

      WARNING: insert a large grain (maybe a rock) of salt in mouth before reading!

      Those of you who read the commentaries on kitco know it takes a lot of weeding to find the relevant information. Jim Willie has a very fatalistic writing style but he's been pretty accurate on things like the demise of Lehman, Bear, and Fannie and Freddie. Here's a couple of his latest.

      "Part of the event schedule, down the road in time, not at an early stage, is the launch of the gold-backed Russian currency and the gold-backed Gulf dinar."

      "In all likelihood the Bank For International Settlements in Basel Switzerland ordered the United States to call in USTreasurys and USAgencys, the bond instruments, the financial weapons of mass destruction."

      "The initial big move from 73 to 77 in the US$ DX index was powered by the unprecedented central bank purchase of USTBonds in July and August, as they tripled their usual volume pace. This is a vividly clear illicit market override. The latest big move from 77 to over 80 has been powered by the formal bailout of Fannie Mae & Freddie Mac. To call nationalization of this cratered corrupt colossus a positive for the USDollar is like calling the death of all your children a positive since it consolidates the family fortune."

      "While all eyes are on Lehman, the big failure is likely to be Merrill Lynch. Both firms have failed to find idiots in SKorea to bail them out. The discovery phase was way too ugly, and they were too smart."

      http://www.kitco.com/ind/willie/sep112008.html

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      • #18
        Re: Sound Dollar and Economic Stimulus Act of 2008 proposes return to gold standard

        As per another thread i reckon you ought to have a look at his maths before working any numbers.

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        • #19
          Re: Sound Dollar and Economic Stimulus Act of 2008 proposes return to gold standard

          Originally posted by nathanhulick View Post
          According to Gresham's law, the new dollar (gold backed) would be good money, and therefore unable to push out the old dollar (bad money).
          Exactly. Internally, fiat money would be used for all internal transactions while the gold-backed money would be hoarded (or used for international transactions).

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          • #20
            Re: Sound Dollar and Economic Stimulus Act of 2008 proposes return to gold standard

            Jim Sinclair’s Commentary
            If the US wishes to maintain its place in the fraternity of major economic countries, a floating Federal Reserve Gold Certificate, modernized and revitalized, is the only tool. It cannot be convertible, automatic or fixed.


            HR 9966 is a joke but the above will do the job. Maybe the judge should have spoken to me before he wrote that knowledge lacking embarrassment of a piece.

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