How The Fed Gets Away With Ripping Off Ordinary Americans

By Clint Siegner – Re-Blogged From Gold Eagle

The Federal Reserve has printed trillions of dollars without generating runaway price inflation through the use of a neat trick.

The privately owned bank cartel shovels the bulk of the money to Wall Street banks and not to the public at large. Instead of millions of Americans rushing out to bid up prices on consumer goods, a relative handful of bankers is using the free money to bid up asset prices and then pay themselves huge performance bonuses.

Will Great Unlock Push Gold Prices Down?

By Arkadiusz Sieroń – Re-Blogged From Gold Eagle

As Great Lockdown was positive for the gold prices, the Great Unlock will be bad, right? We invite you to read today’s article about the Great Unlock and find out whether it really must be negative for the gold prices.

It’s all government’s fault, right? After all, the Great Lockdown was introduced by the federal and state governments, wasn’t it? Well, not quite.

Before I will explain why, let me clear one thing up: I’m a liberty lover and I’m skeptical about the government regulations. And the economic shutdown was obviously untenable – the only reason to shut down the economy was to buy some time to prepare the healthcare system for better handling of the epidemic. So, it’s good that the Great Lockdown is ending.

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Will COVID-19 Reset the Global Monetary Order?

By Andrew Moran – Re-Blogged From Liberty Nation

In response to the Great Recession a decade ago, the international community fired off the big guns to stave off the inevitable decay of the global economy that had been manipulated and distorted through the Keynesian doctrine. Despite the massive fiscal and monetary stimulus at the time, many countries failed to recover from the financial crisis – and those that survived the market meltdown are still paying for the spending and bailouts. After pulling the trigger on the Coronavirus-targeted bazookas, the world’s pockets are empty, potentially creating a scenario for a reset in the global monetary order. On the other side of the lockdown, who will stand tall and reign supreme? If history is any indicator, it will either be the country with a lifetime supply of printing press ink or the one with a vault full of gold.

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Where Is The Money Coming From?

By Egon von Greyerz – Re-Blogged From Gold Eagle

Will the Coronavirus be the catalyst of not just a depression but also major reduction in global population? The growth in world population since the 1850s has been explosive. In the 1850s there were 1 billion people and today we are 7.8 billion. Although many “experts” have extrapolated the growth to 10 billion and more in coming decades, this has in my view not been based on sound reasoning. Instead, as I been writing about and discussed many times the spike in population that we have seen in the last 170 years will not end well.

Anyone who can read a chart knows that a spike on a major sample doesn’t continue straight up. And it doesn’t just correct sideways either. At some point, a spike up is always corrected by a major spike down. I talked about this in my article from April 2018. Below is an extract from this article:

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Inflationary And Insolvency Implosion Of The Bond Market

We are all praying for the Wuhan virus to die. But there is something the virus can actually “cure” itself: deflation. I put the word cure in quotes because it’s not an actual issue in reality. Low inflation and disinflation are actually great conditions to enjoy and help an economy thrive. Increasing the purchasing power of consumers is something that should be cherished and targeted goal. Increases in productivity, along with a strong currency, raises your standard of living. In sharp contrast, Central Banks think any rate of inflation that is less than 2% is a deadly economic disease that must be vanquished faster than the Wuhan virus.

Many Austrian economists believed the money printing that occurred during the Great Recession of 2008 would engender massive inflation. That indeed turned out to be the case; but only with asset price inflation. The Fed’s balance sheet expansion left Consumer Price Inflation (CPI) far behind. This is because the Fed bailed out banks, not consumers. Mr. Bernanke printed trillions of new dollars to purchase bad assets from banks’ balance sheets. Thus, it gave banks credit in exchange for those assets; and that base money was primarily parked back at the Federal Reserve. In other words, there was a huge increase in Fed credit but not in loans that would have led to an increase in the broader monetary aggregates—the kind of money supply increase that leads to rising CPI. What money that was lent out arrived directly to Wall Street by the process of banks selling MBS, ABS and other troubles assets and then using that credit to buy more bonds and stocks. The rich got richer and the lower classes were, for the most part, left out in a big way.

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Will Fed And President Trump Save The US Economy

By Arkadiusz Sieroń – Re-Blogged From Gold Eagle

The Trump administration will seek an additional $250 billion to support small businesses hurt by the widespread economic shutdown and slowdown. Will the government and the Fed save the US economy? What would be the consequences for the gold market?

US Epidemiological Update

As of April 7, more than 360,000 people were confirmed to be infected by the coronavirus in the US, and more than 10,000 out of them died because of the COVID-19, as the chart below shows. Actually, the US is entering the worst period of the epidemic, as hospitals are struggling to maintain and expand capacity to care for infected patients.

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Baltic Dry, Copper, Oil, Tech And China Continue To Call For Market Crash Soon…

By Clive Maund – Re-Blogged From Gold Eagle

In this update we are going to review a small but important range of commodities / lead indicators which strongly suggest that the seemingly endless bullmarket in US equities is living on borrowed time and will end sooner rather than later, and given how long it has lasted and how extremely overvalued it has become, the downturn will likely start with a crash phase.

Regardless of what the eventual impact of the Coronavirus epidemic is, US stockmarkets in particular seem to be in a state of denial about the actual real-world consequences of the Chinese shutdown and impact on the global supply chain and corporate profitability everywhere, and some elements even seem to be gloating about China’s misfortune and predicament, completely oblivious to the fact that this is going to have a negative impact on almost everyone.

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Priced For Perfection

By Michael Pento – Re-Blogged From Silver Phoenix

The stock market has now priced in a perfect resolution for all of its erstwhile perils. Wall Street Shills would have you believe that since the Fed has turned dovish it will always be able to push stocks higher. The trade war is about to reach a peaceful conclusion and that will be enough to fix all that ails the global economy. A no-deal Brexit is off the table and a smooth transition out of the EU will occur. Peace will soon break out in Hong Kong and its troubled economy will have no contagious global economic effects. And, there will be a sharp rebound in EPS growth from the current earnings recession because…well…just because we need one.

However, beneath the surface of this economic charade the carcass is rotting and the stink can be smelled by anyone who isn’t willingly holding their nose. To this point, the leveraged loan market, which consists of loans made to highly indebted and barely solvent entities, has seen an increase of 100% since 2007, according to the Bank for International Settlements.

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America’s Trade Policy Will End Up Destroying The Dollar

America’s tariffs against China are already showing signs of undermining the global economy and will create a funding crisis for the Federal Government when it leads to foreigners no longer buying US Treasury debt and selling down their existing dollar holdings. A subversive attempt by America to divert global portfolio investment from China by destabilising Hong Kong will force China into a Plan B to fund its infrastructure plans, which could involve actively selling down her dollar reserves and hastening the introduction of a new crypto-based trade settlement currency.

The US budget deficit will then be financed entirely by monetary inflation. Furthermore, the turn of the credit cycle, made more destructive by trade tariffs, is driving the global and US economy into a slump, further accelerating all indebted governments’ dependency on inflationary financing. The end result is America’s trade policies have been instrumental in hastening the end of the dollar as the world’s reserve currency, ultimately leading to its destruction.

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Gold Stocks Now?

You know the monetary drill:

  1. Commercial bankers and central bankers create more digital dollars from nothing, inject them into the economy, dollars devalue and prices rise. They issue press releases claiming they are doing a great job.
  2. Commercial and global central bankers are counterfeiting (legally). This benefits the financial and political elite. Don’t expect this nonsense to change.
  3. Prices for stocks, food, consumer goods and gold rise as dollars buy less.
  4. Inflation statistics (official) are “managed” to show minimal inflation. Check out the Chapwood Index.

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Targeting nGDP

By Keith Weiner – Re-Blogged From Gold Eagle

Not too long ago, we wrote about the so called Modern Monetary so called Theory (MMT). It is not modern, and it is not a theory. We called it a cargo cult. You’d think that everyone would know that donning fake headphones made of coconut shells, and waving tiki torches will not summon airplanes loaded with cargo. At least the people who believe in this have the excuse of being illiterate.

You’d think that everyone would know that printing fake money and waving bogus theories around will not create new wealth. The excuse is that so called the wealth effect is so pleasant. Like drugs provide a happiness effect.

There is an old joke about a guy who talks to a psychologist about his crazy brother.
The guys says, “Doc, my brother thinks he’s a chicken.”
The psychologist says, “You should make sure he gets therapy for this delusion.”

“I would, but the eggs are good!”

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Financial System Is Rotten

By Egon von Greyerz – Re-Blogged From Silver Phoenix 

Something is rotten in the state of Denmark the world (from Shakespeare’s Hamlet).

In a world that cannot survive without incessant deficit spending, money printing and negative interest rates, there is clearly something very rotten. It is not only rotten but it stinks! Yes it stinks of lies, deceit and moral decadence.

So why doesn’t anyone stand up to tell the world where we are heading. Well, for the simple reason that no politician can tell the truth. Because if they did, they wouldn’t be elected. The principal purpose of any politician is to buy votes and to get votes you can never speak the truth.

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Money And The Theory Of Exchange

By Alasdair Macleod – Re-Blogged From Goldmoney

Evidence mounts that the global credit cycle has turned towards its perennial crisis stage. This time, the gathering forces appear to be on a scale greater than any in living memory and therefore the inflation of all major currencies to deal with it will be on an unprecedented scale. The potential collapse of the current monetary system as a consequence must be taken very seriously.

To understand the consequences of what is likely to unfold requires a proper understanding of what money is and of the purpose for its existence. It does not accord with any state theory of money. This article summarises the true economic role of money and how its use-value is derived. Only then can we apply the lessons of theory and empirical evidence to anticipate what lies ahead.

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Central Bank Folly: Blame The Boomers…

By Michael Ballanger – Re-Blogged From Gold Eagle

“Destroyers seize gold and leave to its owners a counterfeit pile of paper.” – Ayn Rand

The baby-boom generation, of which I am a less-than-proud member, blew it.

There was a time long, long ago when the mention of the word “baby-boomer” evoked a sense of pride of membership. Amidst the prosperity of the post-WWII era, birth rates in North America soared while the sons and daughters of many men and women that fought in the war became the dominant demographic force by the year 1966. When I was in Grade 10, I wrote an essay that pointed to the defining moment where the excitement and unbridled optimism of the Space Race, advances in modern medicine, and unparalleled economic growth was snuffed out forever by an assassin’s bullet in Dallas in the autumn of 1963. With the end of Camelot, the boomer generation suddenly began to question things. They threw away the Beach Boys “Surfin’ Nirvana” lifestyle to the darker messages of Bob Dylan, CSNY, the Doors, and Hendrix as they watched while the Viet Nam war claimed over 58,000 U.S. servicemen and caused massive civil unrest to permeate the inner cities and the campuses of America.

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Socialism 2020?

By Stefan Gleason – Re-Blogged From Gold Eagle

The 2020 presidential election is already shaping up to be one of the most bitterly contested in history. The outcome could have enormous ramifications for all asset markets, including precious metals.

In the meantime, a lot can happen before November 2020 – especially with the Federal Reserve apparently set to turn dovish and cut interest rates this summer.

Some historical research into presidential election cycles suggests that the stock market tends to perform well heading into an election year. The incumbent administration tends to focus on padding economic statistics.

And during election years, Fed officials (who swear up and down they aren’t motivated by politics) tend to avoid making policy moves (such as rate hikes) that could make them vulnerable to political attacks.

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Silver Price – 1993 And 2001 Repeat

By Gary Christenson – Re-Blogged From Silver Phoenix

The M2 measure of money supply has increased about 6.7% per year since 1971 when President Nixon severed the last hint of gold backing the dollar. The subsequent deluge of digital dollars levitated prices for oil, trucks, hamburgers, the S&P 500 Index, silver and almost everything else. Examine the log scale graph of M2 and smoothed silver prices. M2 rises, while silver prices increase to unsustainable levels, fall too low and then rise again.

In late 2018 silver prices are too low! They hit bottom in December 2015 and have risen since then. First slowly, then rapidly, as Hemingway said…

Analysis: Silver prices are too low.

Silver prices rise along with M2, but they are now well below trend. This graph shows that silver could rise above $30 in 2019.

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What Can Kill A Useless Currency

By Keith Weiner – Re-Blogged From Gold Eagle

There is a popular notion, at least among American libertarians and gold bugs. The idea is that people will one day “get woke”, and suddenly realize that the dollar is bad / unbacked / fiat / unsound / Ponzi / other countries don’t like it / <insert favorite bugaboo here>. When they do, they will repudiate it. That is, sell all their dollars to buy consumer goods (i.e. hyperinflation), gold, and/or whatever other currency.

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Anatomy Of Hyperinflation

By Michael Pento – Re-Blogged From Silver Phoenix

Two drones filled with explosives were recently deployed in a failed assassination attempt to take out Venezuelan President Nicolas Maduro. Chaos filled the streets as the military ran for their lives. But this sort of pandemonium is commonplace in Venezuela today: Where citizens have run out of basic necessities such as toilet paper and have begun eating their pets in order to stay alive. The mainstream Keynesian-brainwashed media doesn’t talk much about Venezuela or hyperinflation; perhaps because they are viscerally aware that the seeds of intractable inflation on a worldwide basis have already been sown by the global elites–and they don’t want to frighten you.

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Ancient Dollars And Gold Bullion

By Gary Christenson – Re-Blogged From Gold Eagle

Consumer price inflation is real. It sneaks into every facet of life. Bags of coffee shrink from 16 ounces to 12 ounces and then to 10 ounces. “Shrinkflation is policy. That Snickers candy bar is smaller but costs the same or more.

But don’t blame the candy industry, coffee distributors or automobile manufacturers. Fiat currencies create the problems.

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Venezuela’s Annual Inflation Rate Has Reached Over 4,000 Percent

By Sydney Jones – Re-Blogged From https://ijr.com

In 2017, Venezuela’s annual inflation rate rose to 4,068 percent, according to reports made by the opposition-led National Assembly.

According to The Wall Street Journal, the inflation rate has risen so rapidly that the government cannot print money fast enough to keep up with the demand. A U.S. dollar currently is worth more than 200,000 bolivars, the Venezuelan currency.

TOPSHOT-VENEZUELA-CRISIS-ECONOMY-PETRO

Federico Parra/AFP/Getty Images

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Money That “Rots And Rusts”

By John Rubino – Re-Blogged From Dollar Collapse

In the next downturn (which may have started last week, yee-haw), the world’s central banks will face a bit of poetic justice: To keep their previous policy mistakes from blowing up the world in 2008, they cut interest rates to historically – some would say unnaturally — low levels, which doesn’t leave the usual amount of room for further cuts.

Now they’re faced with an even bigger threat but are armed with even fewer effective weapons. What will they do? The responsible choice would be to simply let the overgrown forest of bad paper burn, setting the stage for real (that is, sustainable) growth going forward. But that’s unthinkable for today’s monetary authorities because they’ll be blamed for the short-term pain while getting zero credit for the long-term gain.

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The Penny vs The Dollar

   By Bob Shapiro

The move is on again to get rid of the Penny from US Government official coin production.

Sen John McCain s sponsoring the Bill because currently, it costs around 4 cents to make a Penny. This is even though Copper prices today are down significantly over recent highs. Besides, the Penny was gutted many years ago, leaving almost zero copper in the coin anyway.

I expect that this round of Penny Pinching will come to naught just as past efforts have. Prior efforts were fought vigorously – and successfully – by the Illinois delegations in Congress. Remember that Lincoln, whose face appears on the Penny, is a state hero in Illinois.

OK, so if we are not likely to stop losing money on minting Pennies by stopping the minting of Pennies, how else can we achieve this worthy (if not monumental) goal? As you might expect, I have a suggestion.

Image result for penny

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Stop Using National Credit Cards! Just Pay Our Bills!

By http://www.BizarroWorldUSA.com – Re-Blogged From iPatriot

For just shy of eight years now the United States has been economically hindered by the distorted interpretation of economist John Maynard Keynes’ twentieth century economic theory.

Application of Keynesian economics extended the Great Depression longer than necessary as it has for the recent recession.

Classic economic theory suggests that world and national economies experience rises and falls. Periods of stagnation can be moderated with reasoned spending and by controlling variable expenses. Keynesian economic theory, on the other hand, advocates that increased government spending in times of downturn spurs the economy resulting in shorter downswings. The flawed theory doesn’t work in a personal or household situation and it most certainly doesn’t work for individual states or nations. In fact, the larger the entity and economic platform the more in-congruent the premise becomes.

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At This Current Pace, A Record-Shattering 2.4 Trillion Dollars Will Be Added To The National Debt This Year

By Michael Snyder – Re-Blogged From http://www.EndOfTheAmericanDream.com

Barack Obama is about to become the 20 trillion dollar man. With less than two months to go in his second term, the U.S. national debt stands less than 150 billion dollars away from the 20 trillion dollar mark. And at the pace that the debt is increasing, it seems almost certain that we will cross 20 trillion dollars before Inauguration Day. After promising us that “deficits are under control”, the federal debt jumped by more than 1.3 trillion dollars last fiscal year, and so far this year it is on pace to rise by a record-shattering 2.4 trillion dollars. This is a recipe for national suicide, and yet it wasn’t even a major issue during the recently concluded presidential campaign.

uncle-sam

It is really, really hard to spend a trillion dollars. For example, if you were alive when Jesus was born and you had spent a million dollars every single day since that time, you still would not have spent a trillion dollars by now.

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Capitalism, Socialism, and Pigs

cropped-bob-shapiro.jpg   By Bob Shapiro

240 years ago, Adam Smith wrote “The Wealth of Nations.” Largely, he described what he observed in the Economy, and provided a reasonable explanation. For example, Pigs.

He observed that the production of pigs fluctuated, as did the price of pork. His explanation – the Pig Cycle – was that, if the production was low, the relative shortage caused prices to rise, which encouraged greater production. The higher production eventually might cause prices to fall, which led to reduced production.

All this unfolded irregularly over a 3-5 year period, and repeated. Prices for any individual product (or service) do not remain the same over time – they fluctuate.

Image result for pig

But there are other forces which affect prices. A pig farmer may develop better methods or adopt some new technology. All else being equal, he will produce more over time, meaning that pig prices will tend to decline over time – even though those prices will continue to fluctuate according to the Pig Cycle.

The farmer may choose to work longer hours (or shorter hours) causing increased (or decreased) production, and the changed supply will lower (raise) prices. Of course, this is self-limiting as the farmer has to sleep sometime.

The demand for pigs may go up (or down) as population and food preferences change. Demand also may appear to go up if more new money is printed. If the money supply change is a one shot deal, then any change to demand and prices is akin to the farmer working longer hours – but of course the result is opposite.

The greater demand will cause prices to rise, stimulating greater production. As the money supply increase works its way through the Economy, pushing prices for each and every product and service up somewhat, then the higher general Cost of Living will equalize the apparent demand, although at a higher nominal level. “Adjusted for Inflation,” the Pig Cycle will be back where it started before the money printing.

Image result for money printing

In today’s world, money printing certainly is NOT a one shot deal. The FED and other world Central Banks (and other banks through the fractional reserve banking system) continue printing indefinitely. Eventually, the expectation of future price increases due to the money printing will nullify the effects of the monetary inflation, and production will settle back in where it would have been without the money printing.

All the while, the FED et al benefit from getting the new money out of thin air, while everyone else is penalized from the increase in the general price level. As Keynes said, “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”

Many times, the deliberate debasement of the country’s money leads to general price rises so high that the public demands that inflation be controlled. In response, the money supply increases are slowed (or even stopped!).

But the reduced apparent demand within the Economy then causes prices to fall, leading to a reduction in production – a Recession or a Depression. Yes there are natural price and production fluctuations within any Economy, and better methods and technology will lower prices continuously – but this money supply normalization is another animal altogether.

Bread Line

The Recession or Depression caused by a halt to money supply increases is totally artificial – totally outside the normal fluctuations of any dynamic Economy. The bad times are caused directly by the previous theft of purchasing power through money printing. Central banks benefit when they print, but when they stop printing, the rest of us suffer – sometimes mightily.

Another factor affecting our Economy wide Pig Cycle is taxes. There is an old saw which says, “If you want more of something subsidize it, and if you want less of it then tax it.”

Taxes take some of the price that the producer receives. His apparent lower price leads to lower production. The lower production leads to higher prices which restore the production level. Producer taxes – regardless of whether they are sales taxes, income taxes, or whatever, wind up being passed partly onto consumers. And with less revenue available, the employees also receive a smaller share of what’s generated by the private, productive sector of the Economy.

The price level reaches a new equilibrium, where profits, wages, and consumer prices all reflect what’s left after taxes. It makes no difference what the tax money goes to buy. That tax money is used to buy something other than what each one of us would have bought if we had been able to keep our money. The Economy is reduced by taxation.

The natural fluctuations of the Pig Cycle can’t be undone. They are… natural. They are part of Capitalism. The natural reductions to prices over time, through innovation and invention, also are part of Capitalism. All of us benefit by the efforts of others.

Money Supply manipulation and Taxation are not natural – they are man-made. They are part of Socialism, and they hurt everyone in the Economy except the favored few. You may want some of what Socialism offers, but still you should recognize that it is Socialism, and your benefit comes at someone else’s greater loss.

Inflation…The Simple Explanation Is Theft

By GE Christenson – Re-Blogged From http://www.Silver-Phoenix500.com

Inflation is theft. It is a simple concept that a single mother and a retiree understand…but a PhD in Keynesian Economics probably does not. Examples:

In 1971 take $1,000 in crisp new $20 bills and place them in a safe while watching President Nixon blame speculators for the loss of Fort Knox gold. (He “temporarily” severed the last connection between gold and the U.S. dollar.) Spend those dollars in 2016 and you will feel ripped off because they would have bought most of a car in 1971, and in 2016 they might buy only four tires.

Take $400,000 and purchase an airplane in 1971. Today that $400,000 will purchase the helmet for an F-35.

A cup of coffee in 1971 probably cost about $0.25. Today it is $2.00.

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History Always Repeats Itself

By Roxy Lewis – Re-Blogged From http://www.Gold-Eagle.com

The price of gold historically remained stable for 200 hundred years up to 1914, except for the period of the Napoleonic wars from 1797-1821.

After the unfortunate war of 1809 against Napoleon the rate of the Bankozettel (the paper currency of Austria) went into a serious fall accompanied by rising prices. The empire was forced to enter the “continental blockade” and was hit hard as imports on many goods was forbidden. Those on fixed incomes were barely able to avoid starvation. Corruption of civil servants grew massively. Great fortunes were made by some; the stock market turned into a literal “gambling hell”. The government made things worse by forbidding the publishing of prices in the newspapers. The farmers calculated their prices according to the stock market price of the Bankozettels and became rich, buying jewelry and luxuries for their women, to save money in goods as soon as possible. Real estate speculation broke out, and the prices of goods were rising into the sky. Another attempt was made to reform the state’s finances, exchanging the Bankozettel against another paper money, backed by a mortgage on church properties (a practical assumption that they belong to the state and spread widely after the French Revolution). This attempt failed as well.

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Claim: We should Print 100s of Billions of Dollars to Finance UN Climate Action

By Eric Worrall – Re-Blogged From http://www.WattsUpWithThat.com

Michael Metcalfe, a senior merchant banker who gave a TED Talk in 2014 campaigning for money to be printed on a vast scale, to fund global charities, now wants governments to print 100s of billions of dollars, to combat Climate Change.

Can we print money for climate finance? Three years ago, the idea of using money in this way was something of a taboo. Once you break down and dismantle the idea that money is a finite resource, governments can quickly get overwhelmed by demands from their people to print more and more money for other causes: education, health care, welfare — even defense.

And there are some truly terrible historical examples of money printing — uncontrolled money printing — leading to hyperinflation. Think: Weimar Republic in 1930; Zimbabwe more recently, in 2008, when the prices of basic goods like bread are doubling every day. But all of this is moving the public debate forward, so much so, that money printing for the people is now discussed openly in the financial media, and even in some political manifestos.

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Gold Stocks

cropped-bob-shapiro.jpg   By Bob Shapiro

I have been following the monetary metals, Gold and Silver, for over 40 years, as the US government and the FED have debased our currency, the US Dollar. Other countries also make bad choices with most governments on Earth spending more than their income (through taxes). Even the Little Country That Could, Switzerland, gave up Gold backing of their Franc several years ago, and in a recent referendum, Swiss voters defeated a proposal which would have required the Central Bank to buy enough Gold to give the Franc only a 20% backing.

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A Dollar Revaluation

cropped-bob-shapiro.jpg   By Bob Shapiro

One of the side effects of a rising CPI is that the value of our money falls. (Duh!)

No, really. The Dollar today can buy what it would have cost 2 cents for in 1913, when the US FED was created. A Penny today can buy… just about nothing. Go into many supermarkets and other stores, and you’ll see a little container with words like, “Leave a penny, take a penny.”

The Penny costs almost double its face value to produce. The metal alone costs about a cent and a third. And, that’s even after the copper

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