Greenspan on Gold

Greenspan on Gold

“Gold is a currency. It is still by all evidences the premier currency where no fiat currency, including the dollar, can match it.” Alan Greenspan comments to The Council on Foreign Relations October, 2014.

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Podcast Summary

Intro: 0:00 – 2:40

Greenspan on Gold

2:40-5:03 Discussion of Greenspan’s Recent Very Pro Gold Comments to the Council of Foreign Relations.

Discussion of why Greenspan flipped from being a former gold bug to Fed Chairman to the Maestro back to gold bug.

5:03-12:50 Discussion of Greenspan consumed by power of the Fed Chairmanship.

Alan Greenspan, a former banker, appointed by Ronald Regan to the Fed Chair was an Ayn Rand acolyte gold bug before becoming Chairman of the Federal Reserve.

“Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process.” Greenspan in “Gold and Economic Freedom” published in Ayn Rand’s “Objectivist” newsletter in 1966.

Greenspan’s job required him to promote central bank power and dollar strength.

While Chairman in 1997 Congressional testimony, Alan Greenspan had this to say regarding gold: “central banks stand ready to lease gold in increasing quantities should the price rise.”

Another post-Chairman comment by Alan Greenspan:

Are Treasury Bills Still a Sound Investment?

Gold Buying around the World

12:50 -16:25 discussion of why countries are buying gold around the world.

Discussion of the twisting of the media stories re jobs data and bureau of labor statics by the main stream media.”Wages are ABOUT to increase”, they haven’t yet. Comment boards don’t believe them.

Fake Fake Fake!

16:25-18:25 all fake.

Discussion of Paul Singer’s comments “Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth.”

Also discussed: the fake housing recovery.

Housing is fake and no longer touted as a pillar of the “economic recovery’ to create a wealth effect. The Fed is counting solely on the stock market to keep the “recovery” going.

All housing data is down

Ebola, ISIS, Republicans Obama and the Economy

18:25 -25:00 No more Ebola and ISIS stories after the election. Why people voted republican in 2014. Now it’s the Republicans’ turn to show us their bad form of government. Both parties want to spend trillions of dollars the U.S. doesn’t have, just on different things. Military spending boosted 3rd quarter GDP.

What exactly is Obama care other than a way of getting people to put information into a government data base via a $1 billion dollar unsecure website so they can get worse coverage at a higher price or get fined if they don’t buy it?

Certainly its not “affordable” not “health care” but has “Obama” written all over it.

Obama care – Gruber Gate

While many voters may be stupid, as per Gruber, even a dog knows the difference between being stepped on and kicked. People can’t be fed propaganda to make them believe the economy is better (or that Obama care is less expensive). Yet President Barack Obama said Monday the American economy was primed for “steadier, more sustained growth.”

Don’t Fight the Fed

25:00- 27:15 market participants know they are participating in a farce but they stay in the game. As long as every one is playing monopoly and the Fed is the banker the game will go on. The farce won’t end with a default on comex, but rather when people don’t believe the game any more or another game gets set up somewhere else.

China revalues gold?

Discussion of how supply and demand don’t matter anymore in determining price, especially in the silver and gold markets.

Gold and Silver Manipulation – UBS to Settle Charges

27:15-30:55 discussion of the settlement of manipulation of precious metals charges by UBS and the revolving door between the regulators and the employees at the banks. The money flows Back and forth between government agencies and the too big to fail banks.

Banks pay non recuring recurring legal fines and fees- different fines for different offenses thus they call them non recurring. Comparison between main street and wall street crime penalties.

Discussion of the Fed’s intervention in markets.

Housing Market

30:55-44:15 Discussion of lending practices and short selling charge offs are discussed.

Realtors more bullish on new home sales than home builders (because they don’t have to outlay money, hold inventory or pay taxes)

Perhaps home builders have received a false signal re the supposed housing inventory shortage.

Low jobs growth, low wage growth, part time jobs equals lower home sales.

While initial jobless claims are down, job growth is mostly in the 55 years and older age bracket (who as a group are not prodigious homebuyers)

With first time home buyer participation in the housing market at multi year lows, cash buyers exiting the market, who will buy the homes to support the housing “recovery”?

Lower interest rates won’t fix the housing market. Discussion of the Fed’s inability to see that it doesn’t work or calculated ignorance on the matter.

Discussion of the growing cashless/priceless society and the ignorance of many real estate agents-“now is a good time to buy a home.”

How Long can the Fake Economy Last?

44:15 Discussion of the prospects for the economy the next two years.The system is working for the politicians and the lobbyists and Wall Street, but not for main street. As long as the monopoly game is run by the Fed, the game will carry on unless they decide to turn the board over.

Discussion of Starbuck CEO’s statements re giving the new congress thirty days to “prove itself”. Will even higher Starbucks coffee price be charged if they don’t?

Prospects of Obama care being repealed are discussed.

How a “deflationary threat” will cause the Fed to do another round of QE.

Discussion of the dollars held overseas, 60+% of the physical US dollars in circulation are outside of the United State, if that money were to return it would cause price inflation, unless it is prohibited from returning.

Discussion of the problems of trying to get your cash out of a bank. Banks act as agents for the government.

Greenspan on Gold

Entire Greenspan interview

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Further Reading:

Janet Yellen and Negative Interest Rates

Janet Yellen and The Precious Printing Press

The Importance of Gold

Gold Around the World

Gold Supply and Demand

Silver Supply and Demand

Gold vs. the Dollar

Silver vs. the Dollar

Save our Swiss Gold

Swiss Gold Referendum – What You Need to Know

Gold and Silver Manipulation – Suspected

Silver and Gold Manipulation – Actual

Initial Jobless Claims

Housing Inventory Shortage Myth

Who Will Buy the Homes To Sustain the Housing “Recovery”

Have Home Builders Received a False Signal on Housing

Misinterpreting initial jobless claim data

Royal Canadian Mint

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