Inflation in Recent Monetary History | Joseph T. Salerno
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Yes it was thievery, but people did get more than the market price, just sayin...
And yeah the price was fixed...at ABOVE the market price...
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Bro, you are kidding yourself! The government confiscated people's gold at 30/ounce later to alter the price $4 upward in order to profit from it! Classic case of government thievery! By the way, the price of gold was fixed, not the result of market valuation.
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$30/ounce was, at the time, ABOVE the market price of gold. Later when it was $34 though, if I remember correctly, the market price changed and so after a period of time, it became below the market price of gold.
As for "subjective $30/ounce" - value is subjective. Market prices are determined by the subjective valuations of individuals.
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Interesting, i didn't know most of them didn't give their gold. As for economic laws - governments don't have to compete at all, they just oppress people and it usually works.
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You perfectly stated: "If your gold is stolen"! Being aware of that, you must take your precautions!
You got to be joking! In 1933, FDR demonitized gold in the US and pegged its value at a subjective $30/ounce. After the confiscation, he reset the gold at $34/ounce! The people who gave their gold away LOST, and the government INSIDERS AND GANGSTERS GAINED!
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Actually, most people did not relinquish their Gold to the government, the fools did! Look, no government can compete with Natural economic laws and value financial investment. In the long run, during a period of heavy monetization, commodities and Natural monies always come on top far ahead of other asset classes. That's the basic issue here!
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Just because you *want* to keep gold doesn't mean you actually can in some cases. Again - if your gold is stolen then you're not really better off. Anyways, it's possible the people who initially gave their gold to the government actually gained because the government paid them more than the market price...but of course if they didn't spend it before inflation came then they lost out (there was inflation in World War II)
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Yes, there were plenty of bank runs in the 30s, and FDR bailed out the banks *and* he stole people's gold. So this proves that holding gold will not necessarily protect you since the government can just steal it from you.
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At the end of the day; with the system showing incremental weaknesses and the obvious incapacity of the technocrats in charge to provide satisfactory solutions, the masses of people will rediscover the value of gold and other hard metals. Those of us who have understood the monetary system will be have to deal with a panicked " crowd" looking for a hide out. Buy gold now before the " crowd" comes in a raise price. Gold is still cheap and I will buy, buy, and buy. And burry it somewhere far!
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The issue hand therefore is not so much that gold protect you but rather that GOVERNMENT robs YOU! The FDR wall street gangs had managed to turn a relatively " healthy market correction", caused by the 20s excesses, into a centralized fascist and corporatist wealth transfer operation and the creation of many institutions that are still alive today. The people who " kept" their gold benefited; those who were foolish enough to give it to the robbers in charge lost. I KEEP MY GOLD
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The greatest myth is that the fed tries to "balance" inflation and growth as if the 2 necessarily go together. Keynesian economics is still wreaking havoc in academia and economic reality.
End the fed!
djsherin 3 years ago 20
What if they bought the Nasdaq in 2000? A house in San Diego in 2005? Dow in Oct 2008? Yes "uninformed" guy who bought in the *one* month that gold spiked over $800, held onto it since 1980 (who does that?) he didn't do so well. Gold is an alternative to fiat money, not a get rich quick scheme.
Swish123ABC 3 years ago 7