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Posts Tagged ‘Gold’
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.” — Alan Greenspan
“It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is ‘taxed’ in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn’t seem to notice that 5 percent inflation is the economic equivalent.” — Warren Buffett “How Inflation Swindles the Investor,” Fortune, May, 1977
Ironically Greenspan was directly responsible for inflation while serving as Fed chairman and Buffett now advocates, and profits from, inflationary bailouts.
Jim Sinclair writes:
Simply said, as of Friday February 13th, 2009 the situation is in confirmed “Out of Control” mode as this well engineered downward spiral enters into a terminal phase.
When one of the most successful commodities traders in the world says that, it is worth noting.
Or, when to exit hard assets and enter paper assets again. Hopefully you got out of paper a few years ago.
Peter Schiff says the Dow/Gold ratio will be 1. The trend indicates that it may be 5. I am going with 3, which puts gold around $1,500/oz and the Dow around 5,000. Give or take.
When either gold hits 1,500 or the Dow hits 5k, I am reversing course. And will have made a very handsome profit.
Ron Paul: Gold Standard 1/30/09 Fox Business
Via press release:
In a stunning development, the Free & Independent People of Lakota announced today the introduction of the world’s first non-reserve, non-fractional bank that accepts only silver and gold currencies for deposit.
“We invite people of any creed, faith or heritage to unite in an effort to reclaim control of wealth. It is our hope that other tribal nations and American citizens recognize the importance of silver and gold as currency and decide to mirror our system of honest trade.” Mani, also known as Duane Martin Sr, is a member of the delegation that declared Lakota independence on December 17th, 2007.
Looks like the Indians have given up on the government’s corrupt counterfeiting scheme and are taking matters into their own hands. Good for them.
Visit The Free Lakota Bank here.
Previous info about the Lakota here.