New World Currency To Replace The Dollar Would Slay The Gold Bull Market
goingbroke
Posts: 1,410
No one can predict the timing, but the signal to sell all your gold will be an emergency economic meeting to create a new global currency. Another signal that gold is in danger of big price slippage is when Ben Bernanke raises interest rates by 1/4 of 1%, Text
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Given the recent history of the Euro, I think the only "global" currency likely to succeed would be gold itself.
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<< <i>You sold all the Platinum?
YEP! but now I am stuck with rolls of gold eagles!
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roadrunner
<< <i>No one can predict the timing, but the signal to sell all your gold will be an emergency economic meeting to create a new global currency. Another signal that gold is in danger of big price slippage is when Ben Bernanke raises interest rates by 1/4 of 1%, Text >>
One world currency? One world government? All nations to give up their sovereignty? UN troops on the the streets of America?
That would spark a revolution in the USA. It won't happen, and if they try it blood will run in the streets.
<< <i>How high did Volcker have to raise rates???? >>
I believe it was around 15% at the peak.
If gold is part of the new world currency, and it very well could be, then the price of gold would maintain a relatively high value compared to its peak price (ie it would not crash to "zero" like in 1980). And a new world currency that does not include tangible assets would become a failure even before it got off the ground.
roadrunner
Definitely a buy signal.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
My take is the more every one wants to agree they wind up disagreeing more.
World powers do not want to give their power up. Emerging powers want it. Radicals just want to spread their agenda.
My take is the more every one wants to agree they wind up disagreeing more.
World powers do not want to give their power up. Emerging powers want it. Radicals just want to spread their agenda.
Yep, it's all about control, power and money. If you are unlucky enough to live in a country that buckles under to a socialism regime', it will always morph into something worse. What starts out as a utopian vision always morphs into something else, because the utopian vision is never achievable and visionaries tend to get more irrational when their visions can't be implemented to their own satisfaction.
It's never good if the power and money are concentrated into small groups with no transparency and no accountability. Radicals always strive for exactly that, contrary to their rhetoric. That is exactly what we've seen in Congress for the past 2 years - a concentration of power with no transparency. The only cure for this type of malfeasance is to always protect the rights of individuals. Big government simply doesn't do that, and that is exactly what the Constitution was intended to combat. It's all too easy for members of Congress and other Branchs to violate their oaths to protect and defend the Constitution without suffering negative consequences. That's a major - but separate - accountability problem.
An honest monetary system is crucial to accountability, on both the micro and macro levels, in both government and finance. The Constitution is our basic contract. Contract law is an extension of accountability to both individual and national governance and finance. Individuals crave honest transactions and honest pay for their efforts. Unless governments are limited, they always seek extension of their own authority in violation of the contract. The best way to arrive at real answers and workable solutions between individual vs. government authority is to demand true accountability via the monetary system and a balanced budget with no deficit spending or off-the books accounts.
<<Physical Gold and Silver>> are honest accounting systems. Every time that a derivative currency is created from anything else, it is eventually manipulated by the issuer beyond the point of trust and reliability. Both government and banks tend to violate this basic money contract by issuing bogus documents en masse. Then we move on to something else, occasionally reverting to the basics of gold and silver. The advent of electronic banking has only exascerbated the problems. Keystroke money is convenient, but it's no different than fiat currency if the trust is gone. Therefore - both government and banks should be limited in their ability to violate the money contract by issuing bogus documents en masse or by keystroking money into existance. That should be a criminal act with dire consequences for the perp, in my opinion.
When enough people are looking at rubble where their home equity and retirement funds used to be, only then will they demand accountability, but then it will be far too late. Until that time, the band plays all night long up on the main deck, but the engine room is taking on water. At some point, I truly think that we are in for a worldwide adjustment in the money contract.
Back to the OP, wasn't Zoelnick of the World Bank recommending just this week that a new standard have some ties to gold? If that is the case, all I can really say is, "well, duh!"
I knew it would happen.
<< <i>I got lots of time! I am rich, my home and other property's are paid in full I am debt free . I spend my days playing with my gold and silver and using search engines! >>
We're not all rich but we all do have search engines.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>He doesn't really make a strong argument. So replacing a bunch of fiat currencies with one global one is supposed to hurt gold values? Seems like a currency crisis on this scale would help gold? >>
I would think so. The question is: "What do we have to convert the gold into in order to buy a loaf of bread down at the store?"
TD
<< <i>He doesn't really make a strong argument. So replacing a bunch of fiat currencies with one global one is supposed to hurt gold values? Seems like a currency crisis on this scale would help gold? >>
You are of course totally correct.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
We also need to re-educate the masses about non-Keynesian economics because as of right now >50% of the populace has things backwards. They feel that inflation is a necessary component of economic growth and think that credit and debt are money. Without retraining the masses how they can go along with a whole new theory of economics and monetary system? The ideology of the masses is the hardest problem to overcome.
Back to the OP, wasn't Zoelnick of the World Bank recommending just this week that a new standard have some ties to gold? If that is the case, all I can really say is, "well, duh!"
This also could have been the ultimate smokescreen to whip the metals into a frenzied and extended high before the bankers dumped the market before the G20 meeting. I can't see a world bank official uttering something like this unless it was a diversion. Same comment for World Gold Council, IMF, and BIS members when they speak out.
I would think so. The question is: "What do we have to convert the gold into in order to buy a loaf of bread down at the store?"
TD
This article, though 15 yrs old, discusses some of the nuts and bolts to a functioning gold standard. No one ever said it would be easy. It it were done 15 yrs it would have been a lot easier, esp. since we now have $1 QUAD in otc derivatives to somehow still deal with. Back then it was probably only $10-$20 TRILLION.
Making the shift
roadrunner
<< <i>
Making the shift
roadrunner >>
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<< <i>
<< <i>No one can predict the timing, but the signal to sell all your gold will be an emergency economic meeting to create a new global currency. Another signal that gold is in danger of big price slippage is when Ben Bernanke raises interest rates by 1/4 of 1%, Text >>
One world currency? One world government? All nations to give up their sovereignty? UN troops on the the streets of America?
That would spark a revolution in the USA. It won't happen, and if they try it blood will run in the streets. >>
Yup.
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