"You Can't Print Gold": Credit Agencies Still Giving Central Bankers Too Much Credit

The Peter Schiff Show - (8/8/2011)
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[winner502]

@Minethis1

havnt taken any one elses word im rich and your poor and mad

just go away poor poor baby

and i want 2 coats of wax on that biff

[BOZ11]

They can print gold certificates though. There are 10 times more gold certificates than there is gold inventory. It's fractional reserve gold. They get away with it because very few purchasers take physical delivery of their gold. Buyers are none the wiser.

[JpassTheTime]

@rezac05 i accept. but they can't spend forever. and it seems to me that the growth of government and extension of regulations and red tape on the private sector is the reason for the economy not recovering. So if what i just said has any validity, don't you think after the Debt/GDP ratio becomes more and more lopsided won't foreign creditors ease of us gov debt and then once they aren't holder to many dollar denominated assets, stop accepting dollars?

[rezac05]

@JpassTheTime US does not need not go thru Forex (TO PAY THEIR DEBT),bcos their debt is already $ denominated. But others have to. And forex mkt set the prices of currency. With rgds to printing money, US already did it in 2009 when Fed bought 300B in treasuries..it did not devalue $ rght?. USD has a sp. status bcos it is the premier reserve currency for all countries and so demand will always be there..so gradual devaluation(inflation) will occur but not a sudden deval like peso crisis or ZWB

[JpassTheTime]

@rezac05 makes sense up to the "they don't have to go through the foreign exchange market". How does the US not have to go through foreign markets? And how does this exempt the US from devaluation? when printing money to monetize government debt?

[rezac05]

I like Peter's commentary in general(a bit too pessimistic) but nevertheless mostly good analysis. However, in this video he talks about how all countries can print money & pay off debt. I disagree. All countries hold debt in $. Other Cntrys can still print THEIR money and BUY $ & pay off debt, but it will lead to an immediate devaluation of THEIR currency. US, on the other hand, can print &pay-off, but bcos they dont have to go thru a FOREX mkt, will not see imm deval.(grad. inflation tho)

[ltmikepowell]

One question, what will be the few best solution when one day the U.S. Dollars finally collapse and the stock market plunged? Is storing gold and silver the best option for the national leaders? Or maybe there more solutions out there?

[multicubby]

@ltmikepowell right, but someone like him was. Lets hope history doesnt repeat itself

[ltmikepowell]

@Rawego Come on, just hang that mobster high, I mean high up at the Empire State Building for those Wall Street robbers to watch clearly.

[ltmikepowell]

@multicubby Come on, if Greenspan is in say, chaos of French Revolution, he is GOOD AS DEAD (Guillotine here it come).