Previously, I wrote about “America’s Ridiculous Toy Money”, as pennies and nickels become worth more than their face value. While I warned that the end result will be inflation by the printing press, the short term cannot be predicted. Currency crises always involves psychological events. Last week I attended a speech by a member of the Philadelphia FED and he was careful to note the true primary short-term danger from the Greece bailout was psychological loss of confidence in government’s paper currencies. This is all due to the insanity of unbacked paper money and the penchant for politicians and central bankers to print whatever is needed to fund their pet programs and undisciplined bureaucratic and military spending.
The below video, MELTUP, was placed together by the National Inflation Association, so of course by default they are primary concerned with warning about inflation. Feel free to leave any comments or questions below. I have previously written about the gold and silver markets in “The Summers Gold Price Suppression Scheme” last year, and this topic is covered in the campaign’s Sound Money and Jobs plank.
“The current European debt crisis likely will not end until the euro collapses as a currency and takes the entire European Union with it.”
~ Dennis Gartman, hedge fund manager and writer of The Gartman Letter
I was just in Greece, where the stupidity and venality of the political class are in full view.
The coming repudiation of Greek debt and the credit contagion that will spread among the weaker members of the European Union, including the UK, will ultimately slop over onto the U.S. But while we wait, the process will bring us the answer to a long-simmering question. Will the European Union be a supra-state ruling the formerly independent nations of Europe or will it be a confederation of quasi-independent sovereign nations?
The Eurocrat elites want a union of European nations with one central bank, one currency and just one flag that really matters, all molded to fit the American model. I believe Europe would be far better off as a confederation of sovereign states that allows competition among individual national currencies. Some countries might even revert to backing their national currency with gold. It’s amazing how responsible institutions become when they’re forced to compete.
Ron Paul delivered a speech on the House floor earlier this week illustrating the potential for inflation due to our 40 year adherence to a fiat monetary system.
He names gold as “the one true money” and delivers a warning to everyone that our ability to cover up the fundamental flaws in our economy may be coming to an end.
I feel like I’ve become a bit of a collector, so to speak, of attacks on Ron Paul. There really haven’t been any new attacks on Ron Paul since 2007. The attackers all parrot one another while flapping around in a self-congratulatory, moronic bubble of intellectual laziness.
Let’s dig a little deeper and attempt to un-attack Ron Paul. Here is my collection.
The “guilt by association” attack:
This is probably the most commonly-used attack on Ron Paul. Paul was criticized for “accepting” a $500 donation during his campaign from a white supremacist. Of course, the Paul campaign didn’t find out about the donor until it came to light after the donation was made. He refused to return the donation. Instead he argued that it would be better to spend the money wisely in the name of freedom for all rather than returning $500 to a known white supremacist. Some see this as a cop-out. It could also be argued that it was Paul upholding freedom of speech found in the First Amendment. Yes, unfortunately for some, the First Amendment does protect all speech, not just agreeable speech.
People choose to support any given candidate for all kinds of odd reasons. It’s quite common for people to vote for the most likable candidate regardless of the candidate’s political views. I can’t fathom this reasoning (or lack thereof). There are probably some really “scum of the earth” type of people who voted for and supported Barack Obama and John McCain. The reality is that candidates cannot choose their supporters; therefore, they should not be condemned through them.
Earlier today Ron Paul did what he does best: Hammered central government/economic planning during a House committee hearing. He then gets to ask Ben Bernanke a few questions on interest rate manipulation. Unsurprisingly, Bernanke claims the problems were due to not enough regulation rather than admit that regulation was the cause of the problems.
“Central Banking is an art.” – Bernanke
Near the end of the 2nd clip both men get to the heart of their differences:
Bernanke: “You are a gold standard, er, uh…”
Paul: “I’m for the Constitution.”
“Paper money eventually returns to its intrinsic value — ZERO.” – Voltaire (1694-1778)
Originally published February 25, 2010 at http://towneforcongress.com/economy/what-is-an-olympic-gold-medal-worth-1
The world champion athletes at the Winter Olympics receive gold, silver, and bronze medals that contain roughly the same amounts of metal as the last Summer Olympics.
A gold medal contains 550 grams of silver and is layered with just 6 grams of gold.
A silver medal has 509 grams of silver and about 41 grams of copper.
The bronze medals likely contain about 450 grams of copper and 50 grams of mostly tin and zinc.
At current market prices, a gold medal is exchangeable for about $494, a silver for about $260, and a bronze for just $3. If the gold medal was solid gold with the same mass, it would be exchangeable for almost $20,000.
While the Vancouver athletes are receiving the same amount of gold and silver as the Beijing Summer Olympics, world central banks – like the Federal Reserve – have been devaluing their currencies steadily for the past century or so to pay for the wild growth of government, non-stop warfare that have killed well over 170 million civilians, and the redistribution of wealth from those who worked for it to special interest groups. Sound money has been considered such a serious threat to the primacy of the state that virtually all dictators – Hitler, Mussolini, Stalin, and Mao top the list – have banned it so government spending cannot be checked.
Money is an invention of mankind. Our society refers to the irredeemable scraps of linen and ink as “money,” but in truth the dollar is no such thing. It is merely a currency, a medium of exchange, created by fiat – by government decree and force. The dollar is a phantom I.O.U. note. It is a Ponzi scheme and the central banking system issues new dollar currency whenever it wishes.
Dollars are toxic waste in the literal and fiscal sense. Literally, each dollar bill contains arsenic, cadmium, mercury, thallium, and cyanide and generates dumpster upon dumpster of hazardous waste every day. Fiscally, the dollar has lost 98.3% of its value as of January 1, 2010 since the creation of the central bank known as the Federal Reserve in 1913. (Note 1) Many Americans are unaware that the electrons and scraps of linen we trade around as currency are mere shadows of sound money.
To see the shadows in our money, we have only to look at it. Look at this old quarter. The one I have is a little worn but it still has a silvery glisten to it and rings when you drop it. Now look at the rim of any current quarter – it is a cheap copper sandwich with a thin plating of nickel on top to make it appear like silver. It makes an annoying tinny sound when you drop it. The quarter was exchangeable in 1916 for about 0.012 troy ounces of gold, or over $13 modern-day dollars. Today it is still exchangeable for over $3just for its silver content. The modern quarter? The “melt” value of its copper and nickel is worth less than 5 cents.
Ron Paul was the guest host on CNBC’s Squawk Box this morning where he was met head on by two of his fiercest critics against his Federal Reserve audit efforts. Both Frederic Mishkin and Senator Judd Gregg attempted to argue for maintaining Fed “independence” to the wonderment of 79% of the American people. Ron Paul defended his view by charging them with distorting the facts of the audit to meet the desires of their big bank puppeteers.
Here’s the opening clip where Ron Paul begins his “lesson”:
Next, Mishkin gives it a go.
Finally, Judd Gregg gets a bit more heated.
Ron Paul does okay here, but it’s difficult to argue on the side of logic when his detractors refuse to use logic. The Federal Reserve is and never was independent. When those like Mishkin and Gregg begin their argument from this lie how can we trust anything else they say?
Ron Paul took his anti-Fed, anti-regulatory, pro-transparency message to the CNBC Squawk Box crew today. This is another winning appearance from Ron Paul. He outlines his views fairly well and makes extremely good arguments for his side of the Fed transparency debate.
His appearance was so positive that they end up telling him that he should come on the show as a special guest (as they have from time to time) for the full 2 hours of the show. Paul makes a joke in response. Check it out below.
This morning in London the gold price hit an all-time high in non-inflation-adjusted dollars of $1047.
While some who hold gold might be rejoicing, I do not view this as good news at all. The campaign still has plenty of people to reach in this district, and may run out of time since we certainly do not have the funds to launch a major ad campaign.
The all-time high in the gold price is a warning of dire times to come as it merely indicates that the dollar’s purchasing power is at an all-time low. The next phase of the dollar crisis may be on the doorstep.
For those of you who would shout “au contraire!!” and are excited about the stock markets gains since the spring, please take a look at the following chart. Note that maximums in the P/E (price-to-earnings) ratio often precede market crashes, as the stock is overvalued as compared to its dividends/earnings. This S&P 500 chart is from 1935-present.
Notice anything strange? We are way out of historical means. I do not believe that such absurdly high P/E ratios are possible to maintain over the long-term.
The campaign is extremely busy and continuing to pick up steam, but we need your help to spread the word. The above should not be taken as investment advice, merely facts.
Liberty Maven
At current market prices, a gold medal is exchangeable for about $494, a silver for about $260, and a bronze for just $3. If the gold medal was solid gold with the same mass, it would be exchangeable for almost $20,000..jpg)
Dollars are toxic waste in the literal and fiscal sense. Literally, each 
To see the shadows in our money, we have only to look at it. Look at this 
For those of you who would shout “au contraire!!” and are excited about the stock markets gains since the spring, please take a look at the following chart. Note that maximums in the P/E (price-to-earnings) ratio often precede market crashes, as the stock is overvalued as compared to its dividends/earnings. This
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