IMF gold reserves : myth or reality ?

Max Keiser talks to Stacy Herbert about the IMF new currency and it's alleged gold reserves

recorded on March 21st 2009

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[psbyowner]

The trumpets of lucifer ring proud today.... DOW up 500 points. Satans minions revel in glee; the sheep scamper before the slayer, oblivious of their inevitable SLAGHTER..

[TheFlex21]

Your prognosis is 100% accurate

[4hsbs]

they will give SDRs for gold ETFs > paper for paper

[CMeWint]

GLD does not own any gold. It is paper. There is no vault representing an equal amount of gold to the number of assets in the ETF. It is nearly impossible to constantly be trading gold bullion to match assets, the cost would be a lot more than .4%

[gosciu555]

Where did this Stacy Herbert come from?

[ivangrozny27]

great stuff from M&S...i started salivating homer simpson-style @ 6.56 mmmmmm.....gollllllllllllld.

[boxwi]

Menger, I'm an Austrian economist as well, but Karl would easily school you in any economic argumentation. Go call him an idiot in his forums, explain why you think so (intelligently), and get his response. Expecting hyperinflation is insane, despite the train wreck that is the USA.

[herbs814]

The FED doesn't want to actually buy US treasuries. They'd rather buy assets now, rather than IOU's with only an implied promise to later recover their own Federal Reserve Notes ("Dollars").

The Fed talks about "monetizing debt" to encourage investors to buy US treasuries. If the Fed really wanted to buy treasuries, they would have bought them unannounced -- to get the best price. I'm sure they hoped that investors would buy treasury debt (and lower yields) so they wouldn't have to.

[hume12345]

stacy hebert makes an excellent point at 6:50.

[MengersDisciple]

May I be the first around here to go ahead and call Mr Denninger an idiot?

The Fed just announced that they will start purchaing treasurys Wednesday, March 25, 2009.

NY Fed announcement: tinyurl (DOT) com /dl5tjv

[MengersDisciple]

Hey Max...

Went and check Denninger's latest radio show.

He thinks gold ain't going anywhere and the Fed is not actually going to buy treasurys, but they only talked about it to make the yields go down.

So apparently he thinks the Fed can solve this crisis... just by talking.

And there's no inflation/hyper-inflation threat.

Wow man... don't plug fools like him Max!!

Here's the show:

watch?v=NEVlnG0Tp-E&feature=Pl­ayList&p=FAE54F75CDBCC4E3&inde­x=0&playnext=1

[MengersDisciple]

It's from their radio show.