On the Edge with Max Keiser - 28 Aug 2009 - Mish Shedlock (2/3)
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*applaudes*
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How would you know how much gold was ever mined? How presumptuous of you to think you were informed accurately on this matter. Do you have access to, say, NASA satellite data showing gold caches around the world? No? Then you're regurgitating received information.
You're severely misinformed if you imagine gold trades "freely on open markets".
I'm not panicked about this at all: I simply see things as they are here, for I've done my homework.
Damn right they have a "vested interest"!
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You amuse me, markdcarter.
Did you know that all the gold ever mined for all time would fit inside only two Olympic-sized swimming pool?
Gold trades freely on open markets.
You're panicked over the Global Central Bank cartel that manipulates the gold market, allegedly.
Why? Because they have a vested interest in propping up their legal tender currency.
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The Anglo-European oligarchy is perfectly content with gold/silver as currency; also with private central bank-issued paper money/credit. Why? Because they can manipulate the supply of both, to suit their power lust and further their geopolitical agenda.
"Decreed by force" is indeed a central issue! Where is voluntarism - a free market with competing currencies - in that?!
Paper money/social credit ought to be used to move goods and exchange services: it needn't be "redeemable" in metals.
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Gold and silver are poor candidates for a "people's currency". Which cartel monopolizes mining "rights"? Which fixers manipulate these commodities' prices? (Or do you imagine there's a free market in place? See the GATA vs. Barrick Gold class action lawsuit.)
Colonial scrip, which led to extraordinary wealth for the American colonies, was sabotaged by the feudalist British banking oligarchy. Benjamin Franklin states that this was the principal cause of the American Revolution.
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Prior to 1913, the "people's currency" as you call it consisted of gold and silver.
This is what you get when you must suffer through irredeemable paper currency, one with it's value decreed by force -- it must be used to pay taxes and you must pay income taxes.
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Mish is wrong and hopelessly confused.
Everywhere, ongoing DEVALUATION is happening.
Mish confuses devaluation and recession for deflation.
Deflation and inflation are purposeful acts of central bankers. When central bankers raise the interbank lending rate, raise reserve requirements or buy govt treasuries, they deflate. When they do the opposite, they inflate.
When persons stop buying or reduce their willingness to buy unless induced by lower prices, they DEVALUE.
2 years ago 2
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I think the inflation/deflation debate is a dialectical misdirection.
Money is manipulated by its mobby makers: there is no free market. We would do better with a people's currency: not some private central bank issue backed by force.
There's no point in repeating mainstream economic buzzwords or supporting the current monetary paradigm: it's doomed. So let's create something altogether better!
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look i'm not trying to get a peepee contest over words and the inflation/deflation argument - I was just giving my thoughts at the time. Ive looked thru mish's blogs and find him somewhat irritating as he somewhat arrogantly proclaims the deflation argument as the cause for everything occuring, which Schiff has a far more pleasant demeanour while stating his viewpoint. Ithink decouplings happening or is @least in development.. Im thinking we could hit a heavy deflationary wave b4 hyperinflation
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You amuse, RoberTastic.
Congrats on being schooled on how to express yourself properly about economics.
Maybe now, you'll leave your silly buzzwords at home.
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ScottishViking1977 2 years ago 9
Mish is half right. When the stimulus packages hit mainstream we will have hyperinflation until it wears out. In a true deflation, the dollar would strengthen and gold/silver would decline which isn't true from 2000 - present. Google Robert Chapman who writes the international forecaster for more on this.
sandman4224 2 years ago 8