Saying that gold/silver is not legal tender is a mischaracterization. You can go into any coin shop and get a little under spot. Gold/silver = money. Dollars = currency. There is a difference. Money retains value. Currency needs to move to be valuable, i.e. in transactions. As a result of the governments ridiculous policies, the value of the currency is being constantly debased. That is why the ratio of money to currency is growing in money's favor. Do the math.
And he wants to sell you that precious gold for your "worthless" cash why then? He wants a gold standard and old common law or execution of the law where you pay in flesh if you don't happen to have cash. How would America pay for fanny Mae then?
Peter Schiff wants to go back to a gold standard but gold is not leagle tender in the US. He says it's real money but it is classed as a commodity. So it can't be used as money. Going back to a gold standard would take people back to old common law. Old common law was execution of a contract. They paid in flesh if they couldn't with gold. Be careful about who you believe. He has a lot of gold he wants to sell to you for "worthless" cash
I keep telling people that the dollar keeps getting spanked in the global market everyday, but no one listens. I was even told that I look at the web too much. Its madness I tell you!!!!!!!!
I wouldn't have bought the $20 gold because I would have thought it was a scam. Especially since I have no idea how to test for real gold, other than some odd biting technique that I've never been able to try on gold before, so I have zero reference.
Man, the dollar has been having new lows for the year every couple of weeks... For the past year. I just wish people were more knowledgeable in the creation of money, fractional-reserve banking, credit, savings and history. If they were, they would plainly see what is happening to our economy. I guess that it would also help if they ever read Hayek, Mises, Rothbard, etc. Shoot, they should even read Keynes 'General Theory' just so they can see how ridiculous it actually is. Seriously!
On the point of the man trying to sell an ounce of gold for 20 dollars, I cannot agree with the assertion that they didn't take the offer because they don't see the value of an ounce gold. I know the value of gold, and if a man offered me an ounce for 20 dollars I would be worried it is a fraud. The fear that I would be losing 20 dollars for nothing would weigh heavily in my consideration.
Not everyone can spot a counterfeit. Any deal that seems too good to be true usually is, and simple risk calculus will dictate that most people hold on to the cash.
Also, look at the demographics. The baby boomers are retiring which means they have reached peak spending. As people retire they stop spending and start saving. Case in point JAPAN. Also, with the fall in asset prices people feel a lot less wealthy.
Plus if the fed were to destroy the dollar that means interest rates would go up...then the 40 trillion in consumer debt would be facing higher interest rates. Which means more defaults and insolvent banks...HELLO DEFLATION :)
Check out Iceland. Flat broke, ruined currency, insolvent banks, 12%+ interest rates, and prices are through the roof.
There's nothing deflationary about that. Just a whole lot of pain. Oddly enough, it's now probably a better bet for a sovereign debt purchase than ever before ;-)
Money Velocity is going down and so is the money multiplier.
You are not going to have inflation under those scenarios.
As far as gold I think it gets to 1,300 or 1,400 an ounce and brings in all the gullible speculators and then its going to crash. So the Chinese, Saudis, and Indians are going to be destroyed once the Fed raises interest rates and the dollar begins to cycle up.
currencies tend to move in cycles. Some cycles can last 5 or 10 years.
Peter India bought 200 tons not 100...check your facts. Gold is going no where compared to where you predicted it would. Sure it is going up but no where near the levels what you have been predicting. I do admire your ability to brand yourself alot of people love what you are selling especially now.
I think Schiff tends to be a little naive. He says Washington isn't aware of what they're doing but they are not that dumb. This is quite deliberate. The bad economy is just a segway to destroy our dollar and wrap us up in the whatever international "solution" they have planned.
Nov. 11 (Bloomberg) -- Gold surged to a record $1,119.10 an ounce in New York on speculation a decline in the dollar will spark demand for the precious metal as an alternative asset.
The metal climbed for the eighth straight session, the longest rally since January 2006. Before rebounding today, the dollar extended a slump to a 15-month low against a basket of currencies. Indias central bank bought gold last month to diversify reserves.
Good job Peter, you just automatically disqualify yourself as a candidate with half a brain. You favorited the idiot who tried to look smart by selling gold coin on the street? Looks like you're just gonna be another politician who likes to stir up shit out of nothing. Guess it makes your company more money if you become a, ahem, senator huh?
For now, the bull is still ramming right into your ass! ouch.
Remember that the USD IS the reserve currency, so you compare your local currency to the dollar. Take the dollar out of the equation, it doesn't matter. It still will be high; no currency is backed by gold.
Peter is always talking about the future and how it's important to focus on what is going to happen because of the policies in place by the current empire. And that is important, but remember, this is an empire and it has been proven throught history that when an empire speaks about the "future" It generaly refers to the future as an extremely narow-minded window of opportunity, and refers to the past as an abstract concept that has no bearing on current events. This is how an empire functions.
Damn... didn't know there were so many morons posting here.
If you want to buy gold you go to your neighbourhood swindler ???
No...you silly boob you go to a reputable source who buys and sells gold every day on the market. Central Fund of Canada. EuroPacific Cap. can suggest more.
All you guys saying you wouldn't buy the coin because he is in the street are a bunch of pansies. I'm sure no one makes any money unless it's in a nice new clean store.
Gotta agree Protenon. With all the scammers out there you'd be an idiot for taking what some clown on the street was saying, at face value. If all he wanted for what he knew was 1100, was 20, well then it ain't real, and no-one in their right mind would barter that down for anything more than zero. What's the difference? he's giving it away anyway.
Somebody should have grabbed it and tossed it in the water to see what they guy would have really done. Now that would have been most telling.
You are right to say that gold and the dollar both offer the same basic function - that being as a form of money.
But the key difference is the the supply of gold is fixed - it can not be expanded at will like the Fed can expand the dollar supply through quantitative easing. It means if you hold gold you can't be diluted down at the stroke of a computer key like you could if you held dollars.
Actually the supply of gold is not '"fixed" - every time the price of gold goes up - that means more areas can be profitably mined for gold - which works against rises without adjustment.
When the guy said "I don't need it" it was probably because he didn't know how else to -politely- tell the dude to f* off. Is it that hard to notice that those people were just not interested in doing business on the street, especially with a guy with an Ed Hardy shirt?
Some people wear Superman pajamas. Superman wears Peter Schiff pajamas.
Peter Schiff keeps his friends close and his enemies closer. Close enough to drop them with one round house kick to the face. Peter Schiff can slam a revolving door. Peter Schiff got his drivers license at the age of 16. Seconds. Peter Schiff never wet his bed as a child. The bed wet itself out of fear. You get the idea
If honesty equates to a lack of political understanding, I want to be as politically ignorant as they come. Maybe an endorsement of someone who criticizes the American public, and accurately so, is a bad political move, but I think Peter's confidence in understanding economics--the real issue--will determine his candidacy's legitimacy. In fact, I think that his apolitical attitude is exactly what will get him elected. I'm hoping so, at least. Thanks for your frankness, Peter.
Good luck getting elected for senate when you are favoriting a video where the maker says that most people are braindead. That will make you popular Schiff.
Peter Schiff has as little an understanding of politics as politicians do on economy.
Peter Schiff will come nowhere near the US Senate even though it could be good for the country.
1. nobody trusts a guy on the street trying to sell a 'gold' coin.
2. but nobody has the guts to say so.
3. Peter thinks the marks were stupid for not buying the gold. It is true that few of them seemed to know anything about gold, but even if they all knew, it would still be a bad idea to buy from some guy on the street.
4. If Peter would buy coins from me if I caught him on the street, I'd get some lead and gold leaf and mint a few for him. !!!
I think he was overly enthusiastic about pointing out how few people know anything about gold and its value, and he left himself open for a sniper like me. It is true that gold has a long way to go before the mainstream gets the idea. I don't think Peter would buy 'the brooklyn bridge' from anybody. Too smart for that (I hope).
Schiff! Why is silver being slaughtered? It can't even break out of the 17 range while gold keeps climbing. I thought they always followed each other.
It's just difficult because gold is not considered legal tender. it has value but inorder to buy things you need the paper money. so yes gold is money but where can one exchange gold at for money other then to sell it to another for the paper. when folks are so broke they can't afford to look for buyers for gold to get paper to buy other things with.. how can gold be money? untill we buy things in gold instead of paper it will be hard to work with as money.
Today who is able to trade in their wealth in Zimbabwe, Gold owner or Zimbabwe paper currency owner ? It doesn't mean USD will be same like Zimbabwe Dollar. What I want to say is Gold is proven world exchange for trade since centuries. Paper USD need financially reliable backup(non decaying) in order to sustain it's value and that backup comes from US and which is decaying day by day. Just an example From Jun 2007 to Jun 2009 US lost it's value by 7 trillions(5X India GDP) in just stock.
Mr. Schiff, especially since you are running for Senate, I think you need to dumb things down a little and at least explain what a "carry trade" is. Good luck.
You obviously have no idea of how many people on the streets are selling phony gold coins. Ask any cab driver how many times in the last month he has been approached.
Hope he can prove he is not working for the big banks or Rothschilds. To do this he would have to say who supports him and give us an audit. Many people say the market was going to crash but he got all the media attention- why? Does he believe the richest people should be able to buy America or capitalism with limits?
"Hope he can prove he is not working for the big banks or Rothschilds"
Yeah, it's not like calling central bankers on their bullshit or pointing out what a terrible idea the financial sector bailouts were indicates that someone is not working for the big banks. "Many people say market was going to crash but he got all the media attention". Well, one, he could actually say WHY it was going to crash and 2. Really? I first found out about Schiff from yt, not the mainstream media.
Thanks Peter, I respect you and your views very much. I saw the video you talked about. It was really funny and shows just how stupid the average American is on real money - Gold.
the NWO could corner the market on gold and silver, but why don't they? they have enough cash. guys like Buffett, and Bill Gates could corner the entire silver market like the Hunt brothers, but why don't they?
I dont know they dont but i bought into silver many years ago, at an average of $6oz., waiting for this day, and until it peaks i'll ride it all the way to the top.
Why you sound so bitter? You lose your ass betting in their free markets charades or what? Sheesh.. .bitch about making money you'll bitch about everything
mrzack -- Consider this: The IMF is also in the process of dumping a bunch of gold. Doesn't make sense, does it? Well, maybe it makes sense if one considers that perhaps they are trying to discredit gold and set the stage for a new fiat world currency -- maybe SDRs or something like it. If the "NWO" is going to corner the market on something, I think they prefer that it be something they can print from thin air and lend at interest.
Weird how you don't mention the main problem..The Federal Reserve Bank, them charging us interest for every dollar printed..rather it's paper or digitally created, also The Military Congressional Industrial Complex. You mention health care not being paid for over 10 years where the military budget isn't paid for either and since the tax cuts it's only increased. Please be fair is all I'm saying. People seem very scared to really talk about the federal reserve bank. They are the center of it.
You missed the point. Sure this one was easy, but what if Peter has to start proving everything he says with video clips. . Now he'll know how to do it and when he gets more popular and people will want to fact check everything he says, it will all be one click away. Peter has to design this vlog for democrats you know!
These gold companies are praying on the weak and less fortunate. Peter is absolutely right, they are doing the opposite of what they should be doing. But many many people out there are hurting so bad that they need to turn in old jewelry to get cash quick to keep the lights on or get that next weeks worth of groceries. I saw this first hand when I went to have some items appraised. People were constantly strolling in to dump anything and everything they had to get paper. They didn't look to well
I would agree with you to a point, but when people for the last 25 years have laughed at the expense of those who have tried to warn/teach them and engaged in tom foolery cause they didnt have an ability to see outside the box, its in a way deserved.
People never wouldn't listen, but everybody has an opinion today yet everybody isnt informed enough to know the truth of whats taking place. Guess they more or less reap what they sow when arrogance takes over and clouds their better judgement..
Being fat isn't a commodity anymore. Buying gold certificates from companies they may go bankrupt doesn't help either. Nor does having gold coins when everyone is exchanging food, materials and finished goods.
Thats not necessarily 100% accurate. Gold has several other aspects of which aren't generally known, but deal with the ethereal aspect of this world. This is well known by those in the known which is why Gold became the metal of choice going back into antiquity..
@Prometheus4096 I should say, that the fact that you can't infalte it to oblivion is what gives it's value...as a medium of exchange. Because gold has a 5000 year history as a usefull medium of exchange is why everyone gravitates to gold, especially when everyone is using fiat money and the government is printing like crazy. Personally, I've been really big on Silver because I think it has more upside at this point.
@Prometheus4096 Interesting concept but the thing is that gold has several industrial applications that make it very usefull(including the very device that made this post possible) and it is also harder to reproduce than 5" X 1 1/2" peices of paper (unless you know an alchemest) That fact that you can't inflate it to oblivion is what gives it value. If it wasn't gold, the market would pick something else of value.
Can be managed and is being managed are 2 different ball games. Inflating the money supply with fiat money takes a few keystrokes. Where as with gold, you have to clip coins and re-refine them. I'm not saying Gold is perfect, but it's the best thing that we've had. It's far more difficult to inflate Gold than add 1,000,000,000 to the money supply with a computer
The first person in history who sold gold was just a crack smoking swindler, tricking the buyer into thinking it has value. That buyer then sold it to an even bigger sucka, ad nauseam.
"It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
You're missing my point. It's not that he "can't do it without the donations of supporters". It's that he won't do it without the donations of supporters. However, he could, if he so desired. But yeah, I wouldn't risk my own money either, but I also would claim that it couldn't be done without the donations of others when it could.
Perhaps so, but why should he be risking his wealth in order to gain the votes of those who refuse to make judgments about the risk of voting for the wrong candidate. Bloomberg sank $100-million into running for the mayor of New York City. Such cheque book democracy is hardly what is wanted for the democracy of the 21st century, even though it is what passes for such, in Afghanistan and elsewhere.
You're missing my point. It's not that he "can't do it without the donations of supporters". It's that he won't do it without the donations of supporters. However, he could, if he so desired. But yeah, I wouldn't risk my own money either, but I also would claim that it couldn't be done without the donations of others when it could.
He can't do it without the donations because his access to the media is determined by the value of the donations, and the estimate is $20-million to win. More properly, the electorate should simply know who is available to vote for, and they make an effort to ascertain his/her suitability for the post. For the Democrats to have burned through almost a billion dollars to propagate sloganeering such as 'change' and 'yes we can' is hardly credible.
Given the amounts of money involved, it occurred to me that it would simplify things if the Senate seat was simply put up for auction, as was common practice in the Roman Empire, and was thought still to be the case for Chicago by Rod Blagojevich. ebay would be very useful for this purpose, and would provide the necessary public transparency :-)
Most people I know don't even realize that gold has actual purchasing power and it's actually worth a dollar amount. I bet I could do the same thing here where I live in the states and people would have the same reaction. People are so far disconnected from understanding just basic economics, it's so sad. Just another reason why nothing will ever change. We the people choose not to learn. Peter, I look at you as a mentor. I've learned so much from your words. Thank you for expanding my mind.
People sell gold because they need cash. Normally you cannot pay your food/rent/clothes with pieces of gold. So if they choose to use poor value exchange rates is their loss. Also I wouldn't buy a gold coin from someone on the street corner as I'm not an expert in gold coins and wouldn't be able to say if it is real or fake one.
Heres the thing about the guy selling the gold coins. If you run into someone like that on the street anyone with an ounce of common sense is gonna think its a scam. So you have to look at that aspect of it and recognize why people weren't buying the coin. Very likely few of them actually had an idea how much gold is worth but something like that screams "SCAM" in big neon letters.
what is the actual primary use of gold? computer circut boards? you can't eat it, you can't drink it..........it looks good thats about all i can think of
When a paper currency becomes inflated beyond conventional use, all those things you mentioned happen. So making metal itself won't make people rich because they can currently trade it in for paper if they want to do so and get the same purchasing power assuming they spend it in time before it loses value.
Anyways, i think it's also important to note that we've only had our current money for a little over 30 years and it's already having problems.
All money can realty do is hasten progress, which is pretty subjective and relative to where you stand, but thats about it. unless fear is the only thing that drives you
Actually, no money is not "more psychology than anything else." That's a myth propagated by paper money. The only reason paper money exists is by an emergent money substitute...but it's supposed to represent real money, a commodity that DOES have a value other than serving as a monetary unit. The commodity that is most marketable as money becomes a monetary unit in the marketplace. When a fiat currency has arisen, it's always been by government decree.
eh, close but not quite. It does facilitate trade. PART of it is psychological but only because of the initial recognition of something....that people in general accept it, and in a free market this happens because the monetary unit has property that make it useful as a medium of exchange. portability, durability, divisibility, relatively high value-to-weight ratio(so this assumes people actually use it for something from time to time), and relatively good store of value.
What's your point? That could happen with a paper money as well. There is no perfect system, and just because you say war can break out, that doesn't disprove how money came into existence. . People have to actually be exchanging things in order for money to arise. And unfortunately, what's more often the case in war is inflation and expansion of the use of paper money.
convince them of what? To use money? Nobody has to "convince" them, at least not out of conscious planning. Money can arise, and has done so before, simply through the market process. Nobody needed convincing by a central authority. They were convinced simply by seeing other people accept a particular good in exchange more often than they saw other goods being exchanged.
Actually, no you wouldn't. You'd simply have to make sure that there aren't laws that impede competition in banking and make sure you don't tax gold. You'd also have to repeal all the legal tender laws. Basically, you'd have to repeal a lot of regulations, many of which are nonsensical. You wouldn't have to nationalize the banks. In fact, some businesses accept gold. There's a youtube vid of a grocery store doing so.
banks don't like gold? They used to accept gold back when gold was our money, lol. To my knowledge, there were no rules against using other money if you wanted to do so...but banks accepted gold. Again, this is probably due to regulations
As for ending the United States, I sure wouldn't mind
;-)
but that isn't gonna happen overnight. Steps need to be taken in the right direction so that we can eventually have a voluntary society. In this voluntary society, gold would more than likely be accepted
banks don't like it because they don't make money off of it - gold is doing well now, but if you want to weigh it against the dollar & become the standard again it's going to have to drop back to its 1972 value (in today's money that about $350). It has to because most people can't afford it & the FR will start dumping it on the market, If India & China don't first. The only question is when...
If you want a volunteer society you'll have to get rid of DC first and you'll need a collapse
Actually banks can make money off of it and DID make money off of it when we had gold as money. Either through fractional reserve banking(which has its problems, but mainly when demand deposits are lent out. You can still lend out time deposits as long as you get the money back in time). OR you could charge a storage fee like other people did.
People at the Mises Institute aren't bankers (one is, but I'm not sure if he's still in banking or not), so your point doesn't even make any sense.
You could still have financial instruments in a gold banking system. The monetary unit doesn't really matter. Secondly, the amount of wealth isn't changing much even if the prices are going up. You're basically under money illusion if you think that inflation is wealth. PRICES would tend to be lower under gold, but that doesn't mean wealth would be
we are in a doom loop it doesn't matter what prices are any more, the only people who are going to make out are the wealthy, the rest will be chasing their tales
Yes it does matter what prices are, lol. Even the rate of change in nominal prices is important because fact of the matter is that wages always lag behind inflation.
And you got it backwards on what would happen to gold's value. It would INCREASE from being used as money. In fact at the current price, we don't have enough gold to go back on a standard, especially not if we would cover all the way up to M3 of the money supply. The value of it, in terms of dollars, would need to go higher in order to use it as money.
Furthermore the important thing is to simply have a free market in money. For smaller transactiosn ppl can use silver or copper.
this isn't going to happen because one, you have an financially ignorant public and two, the banks won't allow it., so unless you're ready to storm the Bastille as they say, well.... wait, even then, from the looks of things, you're on your own buddy or you cold move to Keene, New Hampshire.
One, you have the financially ignorant public, two the government won't allow it. Banks might not want it, but the government has the ultimate say. They have the monopoly on violence. WIthout their heavy regulations and stifling of competition, it wouldn't matter what "the banks" wanted because someone could start up a competing bank.
And I think educating people is a good way to get the word out, and it has been showing some more success within recent years thanks to the economic mess we're in
The government is only going to allow so much hording. If gold gets to high all they have to do is say they are thinking of releasing USTG into the market, add that to India and Chine following suit. Don't underestimate the relinquishing of power.
What I mean is that if a free market was to somehow come into existance, and some people saw it coming and horded precious metals then that would cause some economic imbalances in the beginning. but they would not last long and would pale in comparison to the economic imbalances we have now.
I don't know about that any more, the world has gotten smaller, there are more people, resources aren't endless, not for the number of mouths that need feeding
we're going to have to make some very big changes or develop a new system of management
our biggest challenge is corruption
until we tackle that not much will change.
we could start by ending corporate personhood - the ability to buy politicians would clear up about 80% of our troubles
Big changes yes, I believe the answer is a stateless society.
v=Cd-SLRyuRq0
Anything is possible in a free market as long as people are willing to participate voluntarily to achieve it. The dilution of risk is surely one of those things.
that's the point it's a finite non consumable. You never run out, you never have too much, you just trade it. It represents "liquidity" before currency was created and it has always held that intrinsic value
what is the primary use of paper currency? i guess you can burn it to heat your home, or use it for toilet paper. gold is inherently rare, where paper is everywhere.
moe howard
1961arnie 1 year ago
Saying that gold/silver is not legal tender is a mischaracterization. You can go into any coin shop and get a little under spot. Gold/silver = money. Dollars = currency. There is a difference. Money retains value. Currency needs to move to be valuable, i.e. in transactions. As a result of the governments ridiculous policies, the value of the currency is being constantly debased. That is why the ratio of money to currency is growing in money's favor. Do the math.
snarbywrx 2 years ago
And he wants to sell you that precious gold for your "worthless" cash why then? He wants a gold standard and old common law or execution of the law where you pay in flesh if you don't happen to have cash. How would America pay for fanny Mae then?
julianmck 2 years ago
Peter Schiff wants to go back to a gold standard but gold is not leagle tender in the US. He says it's real money but it is classed as a commodity. So it can't be used as money. Going back to a gold standard would take people back to old common law. Old common law was execution of a contract. They paid in flesh if they couldn't with gold. Be careful about who you believe. He has a lot of gold he wants to sell to you for "worthless" cash
julianmck 2 years ago
i still say this "the only thing holding up the dollar is our military mercenaries" "a global force for good"? global?
ok that means we dont have to declare war to be there. sure. fk the Contitution!
I'll buy an ounce for $50!!!!!
connj67 2 years ago
keep on buyin keep on buyin!
(gold/silver)
cds162 2 years ago
I keep telling people that the dollar keeps getting spanked in the global market everyday, but no one listens. I was even told that I look at the web too much. Its madness I tell you!!!!!!!!
XICANOXOC 2 years ago
I wouldn't have bought the $20 gold because I would have thought it was a scam. Especially since I have no idea how to test for real gold, other than some odd biting technique that I've never been able to try on gold before, so I have zero reference.
AllahConsciousness 2 years ago 3
Hey Pete this guy trying to sell the gold 0n the street looks like a con man. I wouldn't buy it. If it sounds too good to be true it probably isn't.
maxs9742 2 years ago 4
Man, the dollar has been having new lows for the year every couple of weeks... For the past year. I just wish people were more knowledgeable in the creation of money, fractional-reserve banking, credit, savings and history. If they were, they would plainly see what is happening to our economy. I guess that it would also help if they ever read Hayek, Mises, Rothbard, etc. Shoot, they should even read Keynes 'General Theory' just so they can see how ridiculous it actually is. Seriously!
jaffijoe 2 years ago
On the point of the man trying to sell an ounce of gold for 20 dollars, I cannot agree with the assertion that they didn't take the offer because they don't see the value of an ounce gold. I know the value of gold, and if a man offered me an ounce for 20 dollars I would be worried it is a fraud. The fear that I would be losing 20 dollars for nothing would weigh heavily in my consideration.
fallenrockzone 2 years ago
Yes there are plenty of those fake reproduction coins out there that are not worth 20$
IWashMyOwnBrain 2 years ago
Not everyone can spot a counterfeit. Any deal that seems too good to be true usually is, and simple risk calculus will dictate that most people hold on to the cash.
fallenrockzone 2 years ago
Also, look at the demographics. The baby boomers are retiring which means they have reached peak spending. As people retire they stop spending and start saving. Case in point JAPAN. Also, with the fall in asset prices people feel a lot less wealthy.
Plus if the fed were to destroy the dollar that means interest rates would go up...then the 40 trillion in consumer debt would be facing higher interest rates. Which means more defaults and insolvent banks...HELLO DEFLATION :)
SuperperformanceStok 2 years ago
I don't think so, SuperPerf.
Hello Deflation?
Check out Iceland. Flat broke, ruined currency, insolvent banks, 12%+ interest rates, and prices are through the roof.
There's nothing deflationary about that. Just a whole lot of pain. Oddly enough, it's now probably a better bet for a sovereign debt purchase than ever before ;-)
TraderSteveR 2 years ago
Money Velocity is going down and so is the money multiplier.
You are not going to have inflation under those scenarios.
As far as gold I think it gets to 1,300 or 1,400 an ounce and brings in all the gullible speculators and then its going to crash. So the Chinese, Saudis, and Indians are going to be destroyed once the Fed raises interest rates and the dollar begins to cycle up.
currencies tend to move in cycles. Some cycles can last 5 or 10 years.
SuperperformanceStok 2 years ago
most people are locked into the mainstream media
don't believe the hype
follow your heart
connj67 2 years ago
Peter India bought 200 tons not 100...check your facts. Gold is going no where compared to where you predicted it would. Sure it is going up but no where near the levels what you have been predicting. I do admire your ability to brand yourself alot of people love what you are selling especially now.
siziam 2 years ago
I think Schiff tends to be a little naive. He says Washington isn't aware of what they're doing but they are not that dumb. This is quite deliberate. The bad economy is just a segway to destroy our dollar and wrap us up in the whatever international "solution" they have planned.
stracinsrt4 2 years ago
The higher gold goes the nicer his suits get.
stracinsrt4 2 years ago
The more I listen to Peter Schiff, the more EVERYTHING makes sense!!
Peter Schiff for Senate 2010!!
BlueTunisia 2 years ago 2
Your a busy man Peter keep up the fight!
akparker1 2 years ago
Peter is good a reading markets:
Nov. 11 (Bloomberg) -- Gold surged to a record $1,119.10 an ounce in New York on speculation a decline in the dollar will spark demand for the precious metal as an alternative asset.
The metal climbed for the eighth straight session, the longest rally since January 2006. Before rebounding today, the dollar extended a slump to a 15-month low against a basket of currencies. Indias central bank bought gold last month to diversify reserves.
jibbi4one 2 years ago
Good job Peter, you just automatically disqualify yourself as a candidate with half a brain. You favorited the idiot who tried to look smart by selling gold coin on the street? Looks like you're just gonna be another politician who likes to stir up shit out of nothing. Guess it makes your company more money if you become a, ahem, senator huh?
For now, the bull is still ramming right into your ass! ouch.
hkgoldendotcom 2 years ago
HK, you are a moron. Go learn something before you post about it, or explain to the rest of us how the bull is ramming anyone here, in the ass.
TraderSteveR 2 years ago
ZZZZZZzzzzzzz......
silverbluejc 2 years ago
What if we are off the USD as reserve currency will that make other currencies getting stronger and subsequently makes gold cheaper in that currency?
virtuous8 2 years ago
Remember that the USD IS the reserve currency, so you compare your local currency to the dollar. Take the dollar out of the equation, it doesn't matter. It still will be high; no currency is backed by gold.
emindead 2 years ago
Peter is always talking about the future and how it's important to focus on what is going to happen because of the policies in place by the current empire. And that is important, but remember, this is an empire and it has been proven throught history that when an empire speaks about the "future" It generaly refers to the future as an extremely narow-minded window of opportunity, and refers to the past as an abstract concept that has no bearing on current events. This is how an empire functions.
Spencerianism 2 years ago
gold will drop when the next great depresion rolls in why ! becouse ya just cant eat gold lol doesnt taste good
rolficus 2 years ago
You can't eat worthless cash ether.
But in the end? It is your money. Food can be grown
linux23dragon2008 2 years ago
Peter Schiff 2010!!!
toshibavoodoo 2 years ago
Comment removed
myster1234 2 years ago
Damn... didn't know there were so many morons posting here.
If you want to buy gold you go to your neighbourhood swindler ???
No...you silly boob you go to a reputable source who buys and sells gold every day on the market. Central Fund of Canada. EuroPacific Cap. can suggest more.
jibbi4one 2 years ago
seems like a pretty cool guy
lawlroy 2 years ago
All you guys saying you wouldn't buy the coin because he is in the street are a bunch of pansies. I'm sure no one makes any money unless it's in a nice new clean store.
jamesguzman1 2 years ago
who the hell would buy a gold coin from a shady guy on the street selling it for 5% of the market price? Use your head Schiff!
PROTENON 2 years ago
Gotta agree Protenon. With all the scammers out there you'd be an idiot for taking what some clown on the street was saying, at face value. If all he wanted for what he knew was 1100, was 20, well then it ain't real, and no-one in their right mind would barter that down for anything more than zero. What's the difference? he's giving it away anyway.
Somebody should have grabbed it and tossed it in the water to see what they guy would have really done. Now that would have been most telling.
TraderSteveR 2 years ago
Comment removed
dudebud007 2 years ago
Homeland Gestapo Police State
Likud Joe Lieberman and Bibi
Backlash Neocon AIPAC
Projection much?
ryanshaunkelly 2 years ago
gerglmuff:
You are right to say that gold and the dollar both offer the same basic function - that being as a form of money.
But the key difference is the the supply of gold is fixed - it can not be expanded at will like the Fed can expand the dollar supply through quantitative easing. It means if you hold gold you can't be diluted down at the stroke of a computer key like you could if you held dollars.
That's why gold is a better form of money.
ngertch 2 years ago
nger -
Actually the supply of gold is not '"fixed" - every time the price of gold goes up - that means more areas can be profitably mined for gold - which works against rises without adjustment.
DillonX 2 years ago
Of course it's not fixed.
But it's a hell of a lot less elastic than the fed's balance sheet which has expanded by a factor or 4-5 times in the last 18 months.
Can you imagine Obama declaring he's going to hand out nearly a trillion dollars worth of gold?...
ngertch 2 years ago
Oop's!!!!!!! Traders SHORT CVM A.S.A.P.
GOOOOOOO DIE CVM DIE lol
havoctrend 2 years ago
When the guy said "I don't need it" it was probably because he didn't know how else to -politely- tell the dude to f* off. Is it that hard to notice that those people were just not interested in doing business on the street, especially with a guy with an Ed Hardy shirt?
KP23anda 2 years ago
Some people wear Superman pajamas. Superman wears Peter Schiff pajamas.
Peter Schiff keeps his friends close and his enemies closer. Close enough to drop them with one round house kick to the face. Peter Schiff can slam a revolving door. Peter Schiff got his drivers license at the age of 16. Seconds. Peter Schiff never wet his bed as a child. The bed wet itself out of fear. You get the idea
theEDobv 2 years ago
lol EDobv. The bed wet itself out of fear.
I am so going to use that one someday.
TraderSteveR 2 years ago
Now's a good time for you females to drag out your old engagement rings to sell.
All you music guys may also wanna get rid of your bling while prices are up.
DillonX 2 years ago
Inflation is a hidden tax!
Blackjack555 2 years ago 2
If honesty equates to a lack of political understanding, I want to be as politically ignorant as they come. Maybe an endorsement of someone who criticizes the American public, and accurately so, is a bad political move, but I think Peter's confidence in understanding economics--the real issue--will determine his candidacy's legitimacy. In fact, I think that his apolitical attitude is exactly what will get him elected. I'm hoping so, at least. Thanks for your frankness, Peter.
OpenYourMindQuaid 2 years ago
Good luck getting elected for senate when you are favoriting a video where the maker says that most people are braindead. That will make you popular Schiff.
Peter Schiff has as little an understanding of politics as politicians do on economy.
Peter Schiff will come nowhere near the US Senate even though it could be good for the country.
ThorkilKowalski 2 years ago
The guy with the gold coin is interesting.
1. nobody trusts a guy on the street trying to sell a 'gold' coin.
2. but nobody has the guts to say so.
3. Peter thinks the marks were stupid for not buying the gold. It is true that few of them seemed to know anything about gold, but even if they all knew, it would still be a bad idea to buy from some guy on the street.
4. If Peter would buy coins from me if I caught him on the street, I'd get some lead and gold leaf and mint a few for him. !!!
smytor 2 years ago
So true, Peter fell a little for me on this one. Would he really do business with a douche on the street?
KP23anda 2 years ago
I think he was overly enthusiastic about pointing out how few people know anything about gold and its value, and he left himself open for a sniper like me. It is true that gold has a long way to go before the mainstream gets the idea. I don't think Peter would buy 'the brooklyn bridge' from anybody. Too smart for that (I hope).
smytor 2 years ago
I made 3K on BIOF and I am giving 1K to our man here.
Listen up: buy 5K-10K CVM* and AUY on a pullback.
havoctrend 2 years ago 2
Schiff! Why is silver being slaughtered? It can't even break out of the 17 range while gold keeps climbing. I thought they always followed each other.
stracinsrt4 2 years ago
Mr Schiff are you a Zionist? What is your opinion on Israel?
tommy6238 2 years ago
Mr. Schiff is a Economist first and foremost. An Economist from the Austrian School of Economics as opposed to the Keneysian School.
chicagomixologist 2 years ago
he is running for senate so he is politician now and should answer this question.
tommy6238 2 years ago
Where is this movie that you pointed out ?
secretarul 2 years ago
It's just difficult because gold is not considered legal tender. it has value but inorder to buy things you need the paper money. so yes gold is money but where can one exchange gold at for money other then to sell it to another for the paper. when folks are so broke they can't afford to look for buyers for gold to get paper to buy other things with.. how can gold be money? untill we buy things in gold instead of paper it will be hard to work with as money.
twylightsky2007 2 years ago
Only because you believe you cannot conduct transactions in gold. Real Estate in India is valued and mortgaged in ounces of gold.
chicagomixologist 2 years ago
Today who is able to trade in their wealth in Zimbabwe, Gold owner or Zimbabwe paper currency owner ? It doesn't mean USD will be same like Zimbabwe Dollar. What I want to say is Gold is proven world exchange for trade since centuries. Paper USD need financially reliable backup(non decaying) in order to sustain it's value and that backup comes from US and which is decaying day by day. Just an example From Jun 2007 to Jun 2009 US lost it's value by 7 trillions(5X India GDP) in just stock.
swastikstar2000 2 years ago
Good luck.
Truthpolice9698 2 years ago
That was Mark Dice of
THE RESISTANCE
he is a good man peter, look into him
crinoid1919 2 years ago
Have you seen, I should say listened to "Mark Dice calls Sean Hannity?" lol
havoctrend 2 years ago
Wow, right now I just became really sexually aroused for some reason.
ProJanitor 2 years ago
Mr. Schiff, especially since you are running for Senate, I think you need to dumb things down a little and at least explain what a "carry trade" is. Good luck.
PilsenB 2 years ago
Unfortunately, to dumb his rhetoric down enough for the average voter, he'd have to first explain what inflation was.
nonantianarchist 2 years ago
Borrowing cheap dollar at low interest and buying assets/currencies with it that give better interest/return.
rumco 2 years ago
I'd vote for him but not w/ those Tea Party nut cases in the party
jrubin22 2 years ago
You obviously have no idea of how many people on the streets are selling phony gold coins. Ask any cab driver how many times in the last month he has been approached.
xlytb 2 years ago
NO! MY MAPLE LEAF, DAMMIT!
nonantianarchist 2 years ago
He probably didn't want to call the guy a cheater- they thought it was a fake coin.
loai050 2 years ago
Hope he can prove he is not working for the big banks or Rothschilds. To do this he would have to say who supports him and give us an audit. Many people say the market was going to crash but he got all the media attention- why? Does he believe the richest people should be able to buy America or capitalism with limits?
Turbo291 2 years ago
"Hope he can prove he is not working for the big banks or Rothschilds"
Yeah, it's not like calling central bankers on their bullshit or pointing out what a terrible idea the financial sector bailouts were indicates that someone is not working for the big banks. "Many people say market was going to crash but he got all the media attention". Well, one, he could actually say WHY it was going to crash and 2. Really? I first found out about Schiff from yt, not the mainstream media.
nonantianarchist 2 years ago
Well said..... and sooo true!
blttomato 2 years ago
Thanks Peter, I respect you and your views very much. I saw the video you talked about. It was really funny and shows just how stupid the average American is on real money - Gold.
naggold 2 years ago
the NWO could corner the market on gold and silver, but why don't they? they have enough cash. guys like Buffett, and Bill Gates could corner the entire silver market like the Hunt brothers, but why don't they?
mrzack888 2 years ago
I dont know they dont but i bought into silver many years ago, at an average of $6oz., waiting for this day, and until it peaks i'll ride it all the way to the top.
Why you sound so bitter? You lose your ass betting in their free markets charades or what? Sheesh.. .bitch about making money you'll bitch about everything
blttomato 2 years ago
i wasn't bitching, i was making a legitimate comment. you little bitch.
mrzack888 2 years ago
dickhead!
blttomato 2 years ago
you got some major malfunctions man. what is wrong with you?
mrzack888 2 years ago
mrzack -- Consider this: The IMF is also in the process of dumping a bunch of gold. Doesn't make sense, does it? Well, maybe it makes sense if one considers that perhaps they are trying to discredit gold and set the stage for a new fiat world currency -- maybe SDRs or something like it. If the "NWO" is going to corner the market on something, I think they prefer that it be something they can print from thin air and lend at interest.
PilsenB 2 years ago
You want to haggle about a play on words? You're free to engage just don't expect me to entertain your arrogance!
blttomato 2 years ago
Weird how you don't mention the main problem..The Federal Reserve Bank, them charging us interest for every dollar printed..rather it's paper or digitally created, also The Military Congressional Industrial Complex. You mention health care not being paid for over 10 years where the military budget isn't paid for either and since the tax cuts it's only increased. Please be fair is all I'm saying. People seem very scared to really talk about the federal reserve bank. They are the center of it.
genefire 2 years ago
Silver and gold buyers are optimists. Brass and lead buyers are realists.
prescottbill 2 years ago
Peter, please add the video's you make reference to in the side bar. It's just a lot easiler for your viewers, also more of us would watch it. Thanks
skrtich72 2 years ago
How friggen lazy can folks be today...its only a couple clicks away..
I'll bet you got one of those vacuums that run automatically so you dont have to do it yourself...lol!
blttomato 2 years ago
You missed the point. Sure this one was easy, but what if Peter has to start proving everything he says with video clips. . Now he'll know how to do it and when he gets more popular and people will want to fact check everything he says, it will all be one click away. Peter has to design this vlog for democrats you know!
skrtich72 2 years ago
These gold companies are praying on the weak and less fortunate. Peter is absolutely right, they are doing the opposite of what they should be doing. But many many people out there are hurting so bad that they need to turn in old jewelry to get cash quick to keep the lights on or get that next weeks worth of groceries. I saw this first hand when I went to have some items appraised. People were constantly strolling in to dump anything and everything they had to get paper. They didn't look to well
tslipsitin 2 years ago
I would agree with you to a point, but when people for the last 25 years have laughed at the expense of those who have tried to warn/teach them and engaged in tom foolery cause they didnt have an ability to see outside the box, its in a way deserved.
People never wouldn't listen, but everybody has an opinion today yet everybody isnt informed enough to know the truth of whats taking place. Guess they more or less reap what they sow when arrogance takes over and clouds their better judgement..
blttomato 2 years ago
I live in Kansas, Peter, but I'm still going to support your campaign any way I can!
We NEED more Rothbardian Libertarians in Congress, no matter what State.
DarthKazi 2 years ago
Being fat isn't a commodity anymore. Buying gold certificates from companies they may go bankrupt doesn't help either. Nor does having gold coins when everyone is exchanging food, materials and finished goods.
Turbo291 2 years ago
Thanks again Peter.
Have a great day.
McRocket 2 years ago
Peter this should be you're theme song
The Who- I can see for miles
rollinglibs101 2 years ago
You Rock ....... smoke one .
jessemac13 2 years ago
theres been inflation for years going on in usa mostely quality food and products have beed riseing alot.
tomanyasses 2 years ago
seeds cigarettes toilet paper gas masks
Jicim 2 years ago
Thats not necessarily 100% accurate. Gold has several other aspects of which aren't generally known, but deal with the ethereal aspect of this world. This is well known by those in the known which is why Gold became the metal of choice going back into antiquity..
blttomato 2 years ago
Someone sell me gold for $50.
nesianboy 2 years ago 2
@Prometheus4096 I should say, that the fact that you can't infalte it to oblivion is what gives it's value...as a medium of exchange. Because gold has a 5000 year history as a usefull medium of exchange is why everyone gravitates to gold, especially when everyone is using fiat money and the government is printing like crazy. Personally, I've been really big on Silver because I think it has more upside at this point.
WPAJoker 2 years ago
@Prometheus4096 Interesting concept but the thing is that gold has several industrial applications that make it very usefull(including the very device that made this post possible) and it is also harder to reproduce than 5" X 1 1/2" peices of paper (unless you know an alchemest) That fact that you can't inflate it to oblivion is what gives it value. If it wasn't gold, the market would pick something else of value.
WPAJoker 2 years ago
But gold can, and has, been inflated.
At least fiat money can be properly managed unlike specie.
Why do gold fools always think money is paper?
You people should learn a bit about the money supply.
maxine2win 2 years ago
Can be managed and is being managed are 2 different ball games. Inflating the money supply with fiat money takes a few keystrokes. Where as with gold, you have to clip coins and re-refine them. I'm not saying Gold is perfect, but it's the best thing that we've had. It's far more difficult to inflate Gold than add 1,000,000,000 to the money supply with a computer
WPAJoker 2 years ago
"They act like they're Mr Magoo" lol
kasrkinmullet 2 years ago
The first person in history who sold gold was just a crack smoking swindler, tricking the buyer into thinking it has value. That buyer then sold it to an even bigger sucka, ad nauseam.
"It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
-Warren Buffett
rxbladess 2 years ago 2
Peter, you're a millionaire. I'm sure you could win this race without donations, but I'm also sure you're not willing to do so. I wish you the best.
veritasfiles 2 years ago
1. if people want to money to help him get elected it would be dumb to invest just his money in the race.
2. it gives him good soundbytes by saying, my support help me raise $x, giving his contention more credibility
dogatron 2 years ago
This has been flagged as spam show
You're missing my point. It's not that he "can't do it without the donations of supporters". It's that he won't do it without the donations of supporters. However, he could, if he so desired. But yeah, I wouldn't risk my own money either, but I also would claim that it couldn't be done without the donations of others when it could.
veritasfiles 2 years ago
Perhaps so, but why should he be risking his wealth in order to gain the votes of those who refuse to make judgments about the risk of voting for the wrong candidate. Bloomberg sank $100-million into running for the mayor of New York City. Such cheque book democracy is hardly what is wanted for the democracy of the 21st century, even though it is what passes for such, in Afghanistan and elsewhere.
charlessmyth 2 years ago
You're missing my point. It's not that he "can't do it without the donations of supporters". It's that he won't do it without the donations of supporters. However, he could, if he so desired. But yeah, I wouldn't risk my own money either, but I also would claim that it couldn't be done without the donations of others when it could.
veritasfiles 2 years ago
He can't do it without the donations because his access to the media is determined by the value of the donations, and the estimate is $20-million to win. More properly, the electorate should simply know who is available to vote for, and they make an effort to ascertain his/her suitability for the post. For the Democrats to have burned through almost a billion dollars to propagate sloganeering such as 'change' and 'yes we can' is hardly credible.
charlessmyth 2 years ago 2
Given the amounts of money involved, it occurred to me that it would simplify things if the Senate seat was simply put up for auction, as was common practice in the Roman Empire, and was thought still to be the case for Chicago by Rod Blagojevich. ebay would be very useful for this purpose, and would provide the necessary public transparency :-)
charlessmyth 2 years ago
Peter. PLEASE VISIT THE UK!
buffett1000 2 years ago
Peter Schiff is like the smart uncle I never had =D ... he makes me feel like i'm a part of his family... dude cares about the country.
pedroquintero 2 years ago 5
Most people I know don't even realize that gold has actual purchasing power and it's actually worth a dollar amount. I bet I could do the same thing here where I live in the states and people would have the same reaction. People are so far disconnected from understanding just basic economics, it's so sad. Just another reason why nothing will ever change. We the people choose not to learn. Peter, I look at you as a mentor. I've learned so much from your words. Thank you for expanding my mind.
vociti 2 years ago
People sell gold because they need cash. Normally you cannot pay your food/rent/clothes with pieces of gold. So if they choose to use poor value exchange rates is their loss. Also I wouldn't buy a gold coin from someone on the street corner as I'm not an expert in gold coins and wouldn't be able to say if it is real or fake one.
heinanr 2 years ago
Everyone probably thought it was fake. I certainly would. What crazy person would sell 1oz of gold for $50????
gtiapr3 2 years ago 2
Unbelievable story, What an idiot! He wouldn't by an ounce of gold for $20!
Shaunt1 2 years ago
If it sounds to good to be true it probably is.
FlailingJunk 2 years ago
Heres the thing about the guy selling the gold coins. If you run into someone like that on the street anyone with an ounce of common sense is gonna think its a scam. So you have to look at that aspect of it and recognize why people weren't buying the coin. Very likely few of them actually had an idea how much gold is worth but something like that screams "SCAM" in big neon letters.
BMac7773 2 years ago 2
Google "papiermark." What a golden age it must have been for the Germans. Billion dollar notes. Woohoo!
That was not even a hundred years ago and here we are just absolutely committing a national financial suicide.
ocpproduct 2 years ago
I wonder if the Fed Reserve is sending hackers to Schiff's site.
MarcusCMarcellus 2 years ago
what is the actual primary use of gold? computer circut boards? you can't eat it, you can't drink it..........it looks good thats about all i can think of
evilsqurrel420 2 years ago
@evilsqurrel420
you actually can eat small amounts of gold.
11mc22 2 years ago
it lasts, it's a light semi precious metal easy to mold. it won't keep you alive eating it, but it's stable to trade for goods -
fertile land is better if you don't mind working it.
Money is made up commodity and gold is one step away from chaos
marniespeaks 2 years ago
No, actually Gold represents stability and prosperity. "The Gold Standard" unlike Fiat currencies which are the definition of chaos.
kevink040 2 years ago 2
This comment has received too many negative votes show
I don't remember reading the US falling into chaos when Nixon took the US off the gold standard
I don't think gold silver copper will be allowed as currency in mass
1. you'd make those hording it rich overnight - unless the powers that be have most of it
2. churches and museums would be robbed
3. people who have copper gutters, roofs, pipes, wires would start stripping their homes - even empty houses would be at greater risk
Paper is easier to lose then your plumbing
marniespeaks 2 years ago
When a paper currency becomes inflated beyond conventional use, all those things you mentioned happen. So making metal itself won't make people rich because they can currently trade it in for paper if they want to do so and get the same purchasing power assuming they spend it in time before it loses value.
Anyways, i think it's also important to note that we've only had our current money for a little over 30 years and it's already having problems.
stealthswimmer 2 years ago
money is more about psychology than any thing else - you can't eat it, live in it, get care from it, make someone industrious or read to it
it instills fear that without it you will not have any of the above, so in a sense it's a slave master - albeit easier to carry
real currency is barter- though not practical in our modern age-
here's the rub, after basic human needs are covered, create any kind of monetary system you want
marniespeaks 2 years ago
All money can realty do is hasten progress, which is pretty subjective and relative to where you stand, but thats about it. unless fear is the only thing that drives you
marniespeaks 2 years ago
Actually, no money is not "more psychology than anything else." That's a myth propagated by paper money. The only reason paper money exists is by an emergent money substitute...but it's supposed to represent real money, a commodity that DOES have a value other than serving as a monetary unit. The commodity that is most marketable as money becomes a monetary unit in the marketplace. When a fiat currency has arisen, it's always been by government decree.
stealthswimmer 2 years ago
of course all money is psychology - as a self sustaining farmer I can trade food for weapons or for anything.
Money only serves as a smaller exchange unite to increase or grow my tribe which allows me to expand trade and progress.
marniespeaks 2 years ago
eh, close but not quite. It does facilitate trade. PART of it is psychological but only because of the initial recognition of something....that people in general accept it, and in a free market this happens because the monetary unit has property that make it useful as a medium of exchange. portability, durability, divisibility, relatively high value-to-weight ratio(so this assumes people actually use it for something from time to time), and relatively good store of value.
:-)
stealthswimmer 2 years ago
until war breaks out and someone takes it away from you - like they did to the native Americans -
marniespeaks 2 years ago
What's your point? That could happen with a paper money as well. There is no perfect system, and just because you say war can break out, that doesn't disprove how money came into existence. . People have to actually be exchanging things in order for money to arise. And unfortunately, what's more often the case in war is inflation and expansion of the use of paper money.
stealthswimmer 2 years ago
you'll have to convince 200 million people
marniespeaks 2 years ago
convince them of what? To use money? Nobody has to "convince" them, at least not out of conscious planning. Money can arise, and has done so before, simply through the market process. Nobody needed convincing by a central authority. They were convinced simply by seeing other people accept a particular good in exchange more often than they saw other goods being exchanged.
:-)
stealthswimmer 2 years ago
banks don't want gold - you'll have to nationalize them to make them take it
marniespeaks 2 years ago
Actually, no you wouldn't. You'd simply have to make sure that there aren't laws that impede competition in banking and make sure you don't tax gold. You'd also have to repeal all the legal tender laws. Basically, you'd have to repeal a lot of regulations, many of which are nonsensical. You wouldn't have to nationalize the banks. In fact, some businesses accept gold. There's a youtube vid of a grocery store doing so.
:-)
stealthswimmer 2 years ago
banks don't like gold.
and the repealing of regulation - why bother, just end the United State
marniespeaks 2 years ago
banks don't like gold? They used to accept gold back when gold was our money, lol. To my knowledge, there were no rules against using other money if you wanted to do so...but banks accepted gold. Again, this is probably due to regulations
As for ending the United States, I sure wouldn't mind
;-)
but that isn't gonna happen overnight. Steps need to be taken in the right direction so that we can eventually have a voluntary society. In this voluntary society, gold would more than likely be accepted
stealthswimmer 2 years ago
banks don't like it because they don't make money off of it - gold is doing well now, but if you want to weigh it against the dollar & become the standard again it's going to have to drop back to its 1972 value (in today's money that about $350). It has to because most people can't afford it & the FR will start dumping it on the market, If India & China don't first. The only question is when...
If you want a volunteer society you'll have to get rid of DC first and you'll need a collapse
marniespeaks 2 years ago
Actually banks can make money off of it and DID make money off of it when we had gold as money. Either through fractional reserve banking(which has its problems, but mainly when demand deposits are lent out. You can still lend out time deposits as long as you get the money back in time). OR you could charge a storage fee like other people did.
stealthswimmer 2 years ago
not much - not compared to the other financial product s and instruments
Visit the Mise institute then ask Warren Buffett
marniespeaks 2 years ago
People at the Mises Institute aren't bankers (one is, but I'm not sure if he's still in banking or not), so your point doesn't even make any sense.
You could still have financial instruments in a gold banking system. The monetary unit doesn't really matter. Secondly, the amount of wealth isn't changing much even if the prices are going up. You're basically under money illusion if you think that inflation is wealth. PRICES would tend to be lower under gold, but that doesn't mean wealth would be
stealthswimmer 2 years ago
we are in a doom loop it doesn't matter what prices are any more, the only people who are going to make out are the wealthy, the rest will be chasing their tales
marniespeaks 2 years ago 2
Yes it does matter what prices are, lol. Even the rate of change in nominal prices is important because fact of the matter is that wages always lag behind inflation.
stealthswimmer 2 years ago
we are in a doom loop - do you know what that is?
marniespeaks 2 years ago
"Hope It Changes " LMAO !!
gofucoffee 2 years ago
not without your help
marniespeaks 2 years ago
(continued)
And you got it backwards on what would happen to gold's value. It would INCREASE from being used as money. In fact at the current price, we don't have enough gold to go back on a standard, especially not if we would cover all the way up to M3 of the money supply. The value of it, in terms of dollars, would need to go higher in order to use it as money.
Furthermore the important thing is to simply have a free market in money. For smaller transactiosn ppl can use silver or copper.
stealthswimmer 2 years ago
this isn't going to happen because one, you have an financially ignorant public and two, the banks won't allow it., so unless you're ready to storm the Bastille as they say, well.... wait, even then, from the looks of things, you're on your own buddy or you cold move to Keene, New Hampshire.
marniespeaks 2 years ago
One, you have the financially ignorant public, two the government won't allow it. Banks might not want it, but the government has the ultimate say. They have the monopoly on violence. WIthout their heavy regulations and stifling of competition, it wouldn't matter what "the banks" wanted because someone could start up a competing bank.
And I think educating people is a good way to get the word out, and it has been showing some more success within recent years thanks to the economic mess we're in
stealthswimmer 2 years ago
Sup brah? You mad?
stracinsrt4 2 years ago
oh hai. Nope, not mad.
:-)
stealthswimmer 2 years ago
Dealing with the aftermath of hording in a free market will be vastly preferable to continuing the current insanity.
FlailingJunk 2 years ago
depends who has the most bullets doesn't it?
The government is only going to allow so much hording. If gold gets to high all they have to do is say they are thinking of releasing USTG into the market, add that to India and Chine following suit. Don't underestimate the relinquishing of power.
marniespeaks 2 years ago
Don't forget that gold is nearly impossible to track.
JohnBigBootay 2 years ago
the world is much smaller now and everything has a number. Mine as well start your own armed tribe or country unless you like living the shadows.
Just watch a you tube video of the sheriff evicting a family or someone being robbed at gun point.
Holding something is good for a rainy day more than that... death and taxes
marniespeaks 2 years ago
What I mean is that if a free market was to somehow come into existance, and some people saw it coming and horded precious metals then that would cause some economic imbalances in the beginning. but they would not last long and would pale in comparison to the economic imbalances we have now.
FlailingJunk 2 years ago
I don't know about that any more, the world has gotten smaller, there are more people, resources aren't endless, not for the number of mouths that need feeding
we're going to have to make some very big changes or develop a new system of management
our biggest challenge is corruption
until we tackle that not much will change.
we could start by ending corporate personhood - the ability to buy politicians would clear up about 80% of our troubles
also in a true FM we'd have to end all insurance
marniespeaks 2 years ago
Big changes yes, I believe the answer is a stateless society.
v=Cd-SLRyuRq0
Anything is possible in a free market as long as people are willing to participate voluntarily to achieve it. The dilution of risk is surely one of those things.
FlailingJunk 2 years ago
then you're an advocate for a world currency?
marniespeaks 2 years ago
No... how could you think that I do?
FlailingJunk 2 years ago
"I believe the answer is a stateless society"
marniespeaks 2 years ago
I believe we are misunderstanding each other.
Google "stateless society", click i'm feeling lucky.
FlailingJunk 2 years ago
"1. you'd make those hording it rich overnight - unless the powers that be have most of it"
they do.
GovWillKillU 2 years ago
and it's worth only what they paid for it until they threaten to release it
marniespeaks 2 years ago
that's the point it's a finite non consumable. You never run out, you never have too much, you just trade it. It represents "liquidity" before currency was created and it has always held that intrinsic value
yytrert 2 years ago 4
That's true up to a point.
marniespeaks 2 years ago
It's perty.
redxii1234 2 years ago
what is the primary use of paper currency? i guess you can burn it to heat your home, or use it for toilet paper. gold is inherently rare, where paper is everywhere.
GovWillKillU 2 years ago
you can't eat it
marniespeaks 2 years ago