"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
And there are plenty more just like him, and they can all vote!!! The worst part of the whole thing is that neither the writer nor the editor were savvy enough to blow a huge hole in the guy's plan. Just imagine how many more people will read/hear the story and think to them selves "that's a great plan"...
The national debt as now reached $16 trillion dollars. There is not enough gold in the world to cover that unless the price were to be inflated well buyond the current. People do not understand how big the public sector is compared to the private sector.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
This article is more than anything else an example of the sad state the media is in in this country. Why in G's name would this person's ideas merit a news story? I think we should all write letters to Santa Claus to fix the economy. Can I be the subject of a new story too?
<< <i>The national debt as now reached $16 trillion dollars. There is not enough gold in the world to cover that unless the price were to be inflated well buyond the current. People do not understand how big the public sector is compared to the private sector. >>
There are approximately 5.5 billion oz of gold ever mined in mankind's history. At $1600/oz, it would cover just over half.....or $8.8 trillion of the U.S. debt.
The U.S. reportedly owns 8,100 tons, or about 260 million oz of gold. At $1600/oz, it would generate just $416 billion dollars, or cover 2.7% of our national debt.
Another way to look at this is that if our government sold every single oz of gold it held.....and we hold more than twice as much as the 2nd largest worldwide holder......we could generate enough revenue to pay for exactly ONE year of interest on our national debt.
Oops, in that drawing they got the manhole cover underground...not good if you're the man trying to get down into that hole. Hey, maybe that guy that made this very forward looking interview could come and fix that manhole.
<< <i>Gosh! It's sure a good thing, then, that there are other assets existing in the world besides gold bullion >>
You are absolutely correct! How much does a nuclear sub go for these days? Think Pakastan would be interested? Lets sell a few aircraft carriers, nuclear subs, and maybe that tall pointy thing in D.C. What else does our $15 trillion indebted government own that can be used as payment in the future should the green toilet paper fall out of favor? Ooooops, it already has fallen out of favor...as evidenced by the FED being the current single largest purchaser of our treasuries.
And Baley thinks all this is just "normal" activity.
<< <i>none of that little rant follows from the observation that there are other assets in the world besides gold.
but this thread is not about your delusions... take them to the PM forum >>
Taken exclusively out of context, you are correct. But when the statement comes 3 minutes after this post:
"There are approximately 5.5 billion oz of gold ever mined in mankind's history. At $1600/oz, it would cover just over half.....or $8.8 trillion of the U.S. debt.
The U.S. reportedly owns 8,100 tons, or about 260 million oz of gold. At $1600/oz, it would generate just $416 billion dollars, or cover 2.7% of our national debt.
Another way to look at this is that if our government sold every single oz of gold it held.....and we hold more than twice as much as the 2nd largest worldwide holder......we could generate enough revenue to pay for exactly ONE year of interest on our national debt."
Then I have no choice but to infer that your statement relates to government owned asset classes. Carry on Baley....starbucks is still selling coffee and babies are still smiling.
<< <i>Not sure which is worse, people with that much misinformation, or the "news" organization that reported it! >>
Of all the comments within this thread, this is the one which folks should really be most concerned with.
It's one think having to deal with an idiot. It's something altogether different having to deal with a mob of idiots and poorly researched stories such as these which are broadcast to hundreds of thousands of people do nothing more than feed an already poorly informed mob called the public.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
Funny thing is that (based upon a information in a recent thread about all the gold ever mined posted on the PM forum) at $1,600 per ounce, all of the gold ever mined would have a value of just over half of the $15 Trillion + national debt of the USA.
Further (and I do not know how accurate the following is) I heard that a study was done that concluded that if ALL of the income of people who make over $1,000,000.00 (or maybe $10,000,000.00) per year was taken by Uncle Sam, the money so taken would be enough to pay for the operation of the government for maybe three weeks; and that if all of the income and assets of these same people were taken by the government, such income and assets would be enough to pay for the operation of the government for about 3 months.
I think we should all e-mail that reporter ( Janelle Ericsson jericsson@kjct8.com ) and let her know what an epic fail this article was, and how disappointed we are that she would help to spread such nonsense to the population.
<< <i>none of that little rant follows from the observation that there are other assets in the world besides gold. but this thread is not about your delusions... take them to the PM forum >>
But it just happens to be the only asset besides paper fiat and bonds that central banks keep in their vaults in quantity. Last I checked there wasn't any oil, wheat, uranium, or land stored in CB vaults.
Are we sure this news story is not from 1931 rather than 2011?
Comments
<< <i>One troy ounce--depending on who you sell it to--goes for $600 to $800. >>
Anyone know where I can buy a 1 oz gold coin for that price?
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#1 1951 Bowman Los Angeles Rams Team Set
#2 1980 Topps Los Angeles Rams Team Set
#8 (and climbing) 1972 Topps Los Angeles Rams Team Set
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<< <i>The national debt as now reached $16 trillion dollars. There is not enough gold in the world to cover that unless the price were to be inflated well buyond the current. People do not understand how big the public sector is compared to the private sector. >>
There are approximately 5.5 billion oz of gold ever mined in mankind's history. At $1600/oz, it would cover just over half.....or $8.8 trillion of the U.S. debt.
The U.S. reportedly owns 8,100 tons, or about 260 million oz of gold. At $1600/oz, it would generate just $416 billion dollars, or cover 2.7% of our national debt.
Another way to look at this is that if our government sold every single oz of gold it held.....and we hold more than twice as much as the 2nd largest worldwide holder......we could generate enough revenue to pay for exactly ONE year of interest on our national debt.
Liberty: Parent of Science & Industry
<< <i>Gosh! It's sure a good thing, then, that there are other assets existing in the world besides gold bullion
You are absolutely correct! How much does a nuclear sub go for these days? Think Pakastan would be interested? Lets sell a few aircraft carriers, nuclear subs, and maybe that tall pointy thing in D.C. What else does our $15 trillion indebted government own that can be used as payment in the future should the green toilet paper fall out of favor? Ooooops, it already has fallen out of favor...as evidenced by the FED being the current single largest purchaser of our treasuries.
And Baley thinks all this is just "normal" activity.
but this thread is not about your delusions... take them to the PM forum
Liberty: Parent of Science & Industry
Jim
<< <i>Does his vote count the same as mine? >>
"Plus our government is lying to us...which I can't imagine...heheheheh"
I just got a bellyache from laughing at this guy's joke, he should do standup.
<< <i>none of that little rant follows from the observation that there are other assets in the world besides gold.
but this thread is not about your delusions... take them to the PM forum >>
Taken exclusively out of context, you are correct. But when the statement comes 3 minutes after this post:
"There are approximately 5.5 billion oz of gold ever mined in mankind's history. At $1600/oz, it would cover just over half.....or $8.8 trillion of the U.S. debt.
The U.S. reportedly owns 8,100 tons, or about 260 million oz of gold. At $1600/oz, it would generate just $416 billion dollars, or cover 2.7% of our national debt.
Another way to look at this is that if our government sold every single oz of gold it held.....and we hold more than twice as much as the 2nd largest worldwide holder......we could generate enough revenue to pay for exactly ONE year of interest on our national debt."
Then I have no choice but to infer that your statement relates to government owned asset classes. Carry on Baley....starbucks is still selling coffee and babies are still smiling.
Looks like the government should give those dollars to the education system instead.
<< <i>Not sure which is worse, people with that much misinformation, or the "news" organization that reported it!
Of all the comments within this thread, this is the one which folks should really be most concerned with.
It's one think having to deal with an idiot. It's something altogether different having to deal with a mob of idiots and poorly researched stories such as these which are broadcast to hundreds of thousands of people do nothing more than feed an already poorly informed mob called the public.
The name is LEE!
...AMEN!!!
Larry L.
Further (and I do not know how accurate the following is) I heard that a study was done that concluded that if ALL of the income of people who make over $1,000,000.00 (or maybe $10,000,000.00) per year was taken by Uncle Sam, the money so taken would be enough to pay for the operation of the government for maybe three weeks; and that if all of the income and assets of these same people were taken by the government, such income and assets would be enough to pay for the operation of the government for about 3 months.
Fred, Las Vegas, NV
<< <i> And it sounds like he would like to confiscate your wedding rings. >>
Too late, mine already has.
Number than a pounded thumb.
<< <i>none of that little rant follows from the observation that there are other assets in the world besides gold.
but this thread is not about your delusions... take them to the PM forum >>
But it just happens to be the only asset besides paper fiat and bonds that central banks keep in their vaults in quantity.
Last I checked there wasn't any oil, wheat, uranium, or land stored in CB vaults.
Are we sure this news story is not from 1931 rather than 2011?
<< <i> This guy is dumber than a box of rocks.
I was thinking the same thing, but was afraid the rocks would gather round and stone me for insulting them if I said it!