tag:blogger.com,1999:blog-8702840202604739302.post7265878992134808231..comments2024-03-28T03:38:53.734-07:00Comments on MacroMania: Is gold money?David Andolfattohttp://www.blogger.com/profile/12138572028306561024noreply@blogger.comBlogger63125tag:blogger.com,1999:blog-8702840202604739302.post-27932829608723842572015-02-09T22:23:17.064-08:002015-02-09T22:23:17.064-08:00Money is a thing which can be used to buy gold and...Money is a thing which can be used to buy gold and later when the value of gold increases then you can sell that gold to get more money. It is seen as a trading, most people think it as a business opportunity. <br /><br />Regards,<br />HCBL Bank<br /><a href="http://hcbl.in/" rel="nofollow">Tathastu</a><br />Anonymoushttps://www.blogger.com/profile/01628870659549741190noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-22791338550197522852014-11-09T03:54:02.165-08:002014-11-09T03:54:02.165-08:00"Gold is the basis for ALL currencies." ..."Gold is the basis for ALL currencies." Well, the basis for the Roman denarius was silver. When Charlemagne created his empire he established a common currency based on silver. In China up until at least the nineteenth century the basis for their currency was silver. "...you shall not press down upon the brow of labor this crown of thorns. You shall not crucify mankind upon a cross of gold." As to why central banks want it on their books, central banks are at the mercy of lunatic politicians as we all are. Maybe off-topic, Crazy Uncle Liberty (Ron Paul) got rich from publishing a newsletter that constantly urged people to buy gold. I'm pretty sure none of his customers got rich, but he did.Procopiushttps://www.blogger.com/profile/17554355440319405363noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-19867680846516589542014-11-09T03:44:26.594-08:002014-11-09T03:44:26.594-08:00One problem with "if you want to preserve you...One problem with "if you want to preserve your wealth, buy gold," gold is a commodity. Price goes up, price goes down. I happen to have noticed this past week the price is going down ... again. As long as you understand that "store of value" may be pretty leaky, that's good.Procopiushttps://www.blogger.com/profile/17554355440319405363noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-82262771644132633952013-03-06T07:02:50.087-08:002013-03-06T07:02:50.087-08:00If you are thinking about selling any of your used...If you are thinking about selling any of your used gold you will want to see the shocking video on this cash for gold review site,it exposes the dirty dealing that are going on in the gold buying industry.<br /><a href="http://thegoldrushstore.com/sell-your-gold/" rel="nofollow">Cash For Gold</a>Anonymoushttps://www.blogger.com/profile/16008954826357096057noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-56918904383392880342012-12-19T07:00:01.099-08:002012-12-19T07:00:01.099-08:00how wordpress blog is definitely renowned online c...how wordpress blog is definitely renowned <a href="http://freeonlinecasinogamesx.webs.com" rel="nofollow">online casino games</a>free online casinohttp://casinogamesonlinex.weebly.comnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-54649004077794602902012-07-03T21:49:30.833-07:002012-07-03T21:49:30.833-07:00FDIC sent a memo to the banks stating that they ca...FDIC sent a memo to the banks stating that they can now hold gold in reserves at a 0% risk. this is the first time in decades that banks can now hold gold as collateral. So, yes, gold is now money.goldgirlhttp://goldprices247.comnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-4225938541137108422012-03-16T20:43:41.578-07:002012-03-16T20:43:41.578-07:00Gold is the universal currency. Anywhere in world,...Gold is the universal currency. Anywhere in world, you can never go wrong with gold.<br /><br /><a href="http://www.cashforgoldleprechaun.com/local-offer.php" rel="nofollow">cash for gold Fresno</a>ahnnhttps://www.blogger.com/profile/04734082191753937494noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-77979676190010772692011-09-22T09:04:58.365-07:002011-09-22T09:04:58.365-07:00Anonymous above:
Thank you for pointing that out...Anonymous above: <br /><br />Thank you for pointing that out. I am defining money as "an object that circulates widely as a medium of exchange." This is an economic definition; not a legal one.<br /><br />When was the last time you used gold to buy your morning coffee? <br /><br />PS. I can think of sadder things than that.David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-21227428929704265702011-09-21T14:07:16.778-07:002011-09-21T14:07:16.778-07:00...The Canadian Currency Act lists 4 things as mon......The Canadian Currency Act lists 4 things as money:<br /><br />15. Notwithstanding any other law, where any law of Canada or any treaty, convention, contract or agreement to which Canada is a party makes reference to<br />(a) a currency of a country other than Canada,<br />(b) a unit of account that is defined in terms of currencies of two or more countries,<br />(c) gold, or<br />(d) a combination of any of the things mentioned in paragraphs (a) to (c),<br />the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of that currency, unit of account, gold or combination thereof.<br /><br /><br />AS AN ECONOMIST YOU HAVE NO UNDERSTANDING AT ALL ABOUT MONEY THAT IS SAD>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-41574344281192179702011-02-10T13:48:06.659-08:002011-02-10T13:48:06.659-08:00Cornell:
Forgive me for being slow in replying.....<b>Cornell:</b> <br /><br />Forgive me for being slow in replying...but I do have a day job, you know! <br /><br />I'm not sure what to say about politicians who grand stand like that. I doubt whether there is content to their accusations and innuendo, but I would have to dig deeper to check.<br /><br />OK, gold/silver eagles are legal tender. Now, go and buy your groceries with them and see what happens. Report back to me.<br /><br />On old hickory and Jefferson, will have to get back to you.<br /><br />There is a very good point for having the Fed separate from Congress. Think, man. Think Zimbabwe, for example. Goodness gracious. <br /><br />And I have no problem with the Fed being legislated out of existence. This is a decision that the American people must make. End the Fed just means that David moves back to Canada or into the private sector. :)<br /><br />Oh, and I've put out a call to my colleagues concerning your request about information on gold swaps. Will keep you posted. (I am off for a while to a conference). <br /><br />PS. On End the Fed. Be careful what you wish for.David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-56605217486236960092011-02-09T16:39:20.924-08:002011-02-09T16:39:20.924-08:00Hey David...last post...you're a good sport..r...Hey David...last post...you're a good sport..really I mean it. I am sure I wouldn't wouldn't be too fond of someone calling for and wishing for the abolition of my job.<br /><br />BTW..I visit the St. Louis FED site often..looking for little nuggets to help in my trading. Don't fight the FED and all. About the only thing I really want to know and have never been able find is what kind of gold swaps you CB's are doing with each other. <br /><br />CornellAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-81914776397428173242011-02-09T14:45:40.034-08:002011-02-09T14:45:40.034-08:00David wrote: "If the Fed cannot be independen...David wrote: "If the Fed cannot be independent from Congress, then what is the point of having the Fed at all?"<br /><br />exactly..what is the point? I am all for abolishing the FED and legal tender laws as well. But I am sure you concluded that by my posts. <br /><br />CornellAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-44292725558901490582011-02-09T14:27:40.913-08:002011-02-09T14:27:40.913-08:00Part 2
So no response to Gold/Silver Eagles as le...Part 2<br /><br />So no response to Gold/Silver Eagles as legal tender government money? You can read the 1985 legislation.( or maybe it was 1983, I forget the exact date) Doesn't that prove that Gold is money?<br /><br />Did you also know that one can exchange private FRN's for Eagles and back again when they rise in price, making a profit in FRN's and not have to pay tax? <br /><br />No response to Old Hickory..was he right? if not why not?<br /><br />No response to Jefferson quote, which has been proven correct. <br /><br />You only responded to something I previously conceded I made a mistake on...boy you fed heads are good...you can fool some of the people......<br /><br />CornellAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-33056268820032061792011-02-09T14:26:39.553-08:002011-02-09T14:26:39.553-08:00Thanks for the response David...but...
Alan Gray...Thanks for the response David...but...<br /><br /><br />Alan Grayson: Right, but you’re the Inspector General. My question specifically is do you know who received that $1 trillion-plus that the Fed extended and put on its balance sheet since last September. Do you know the identity of the recipients?<br /><br />Elizabeth A. Coleman: I do not know. We have not looked at that specific area at this particular point on those reviews.<br /><br />Alan Grayson: What about Bloomberg’s report that there are trillions of dollars in off-balance sheet transactions that the Federal Reserve has entered into since last September? Are you familiar with those off-balance sheet transactions?<br /><br />Elizabeth A. Coleman: You know, I think it may be important at this point to, just to bring up a certain aspect related to our jurisdiction and just to clarify perhaps some of my earlier comments. We are the Inspector General for the Board of Governors and we have direct oversight over Board programs and operations and we’re also able to look at Board-delegated functions to the Reserve Banks, as well as the Board’s oversight and supervision of the Reserve Bank.<br /><br />We do not have jurisdiction to directly go out and audit Reserve Bank activities specifically. Nevertheless, in our lending facility projects, for example, we are looking at the Board’s oversight over the programs and to the extent that it extends out to the Federal Reserve Bank of New York.<br /><br />Alan Grayson: Well, I have a copy of the Inspector General Act here in front of me and it says among other things that if you’re responsible, you can conduct and supervise audits and investigations relating to the programs and operations of your agency.<br /><br />Elizabeth A. Coleman: That’s correct.<br /><br />Alan Grayson: So I’m asking you if your agency has in fact, according to Bloomberg, extended $9 trillion in credit, which by the way works out to $30,000 for every single men, women, and child in this country. I’d like to know if you’re not responsible for investigating that, who is?<br /><br />Elizabeth A. Coleman: We, actually… we have responsibility for the Federal Reserve’s programs and operations, to conduct audits and investigations in that area. In terms of who is responsible for investigating… would you mind repeating the question one more time?<br /><br />Alan Grayson: What have you done to investigate the off-balance sheet transactions conducted by the Federal Reserve, which according to Bloomberg now total $9 trillion in the last eight months.<br /><br />Elizabeth A. Coleman: I’ll have to look specifically at that Bloomberg article. I’m not… I don’t know if I have actually seen that particular one.<br /><br />Alan Grayson: That’s not the point. The question is have you done any investigation or auditing of off-balance sheet transactions conducted by the Federal Reserve? "<br /><br /><br />Ok I think Alan Grayson made my point didn't he..just like Ron Paul has as well. or actually Elizabeth Coleman made the point when she said. <br /><br />"We do not have jurisdiction to directly go out and audit Reserve Bank activities specifically."<br /><br />Of course she was just protecting the FED Governors..but that's another story. <br /><br />See HR1207 as to what the people want. Just because Congress abdicated its responsibilities 100 years ago, doesn't mean you FED guys get a free pass forever. your guy Barney Fife..I mean Frank...isn't the Chairman anymore. That Bill had over 300 sponsors..until the bankster/fraudsters bought enough of them off to kill it..for now. <br /><br />part 2 belowAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-29681511137117156812011-02-09T10:22:33.567-08:002011-02-09T10:22:33.567-08:00Anon: You are right. A man should never tender his...<b>Anon:</b> You are right. A man should never tender his Fender! Stayed tuned. I'll be making another gold post soon. Thanks for your comments.David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-54952083357110391322011-02-09T10:17:31.140-08:002011-02-09T10:17:31.140-08:00My only point is that there seems to be a more int...My only point is that there seems to be a more intrinsic acceptance of gold (as of late), or perhaps perception that it's liquidity (again, for physical) has increased, as a medium of exchange, not just as a store of value, as QE and other Fed monetary efforts have provided the perception of a gradual devaluation of the dollar over time. Reserve currncey status probably tends to mute the negative effects by overstating demand, even absent of Fed and PD invervention. Perhaps correlation does not equate causation, but I can't see them being totally disconnected, no? <br /><br />Caveat - opinion of a J6PK, not a trained economic analyst, YMMV, so sorry if this post is a hot mess.<br /><br />PS - I would question the priorities of a man that would tender his guitar as collateral. Surely there could be other things like clothes or shoes you could tender first.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-59852669991600428742011-02-09T09:52:03.253-08:002011-02-09T09:52:03.253-08:00Anonymous @9:33
What do you believe is the signi...<b>Anonymous @9:33</b><br /> <br />What do you believe is the significance of accepting gold as collateral?<br /><br />In the commercial paper market, inventory is accepted as collateral.<br /><br />In the mortgage market, residential capital is accepted as collateral.<br /><br />When I go to the pawn shop, my guitar is accepted as collateral.<br /><br />So what?David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-69448071200930750332011-02-09T09:49:59.389-08:002011-02-09T09:49:59.389-08:00Cornell:
There are many legitimate complaints on...<b>Cornell:</b><br /> <br />There are many legitimate complaints one could make against the Fed, so it is important not to get side-tracked with illegitimate allegations.<br /><br />You originally claimed that the Fed was "afraid" to show its balance sheet. You now accept that it does make its balance sheet public. Good. <br /><br />You now suggest that the Fed is afraid of being audited. This is simply not true. If fact, the Fed (including its 12 regional balances) are audited up the wazoo. For more information, consult my earlier post:<br /><br />http://andolfatto.blogspot.com/2010/04/information-disclosure-policy-for-fed.html<br /><br />You may also want to consult this:<br />http://andolfatto.blogspot.com/2010/12/feds-bailout-list-disclosed.html<br /><br />What Bernanke does not want is Congress breathing down the Fed's neck when the Fed conducts monetary policy. The Fed is willing to disclose everything, but not necessarily right away (if such disclosure would disrupt financial markets). Bernanke believes that monetary policy should be conducted, as far as it is possible to do so, free of political pressure. Indeed, this is what Congress believed as well when it created the Fed in 1913. If the Fed cannot be independent from Congress, then what is the point of having the Fed at all?David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-3613004569359463392011-02-09T09:33:36.598-08:002011-02-09T09:33:36.598-08:00let me amend that to say 'accept as collateral...let me amend that to say 'accept as collateral', just in the name of accuracy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-13440242966675776592011-02-09T09:31:03.192-08:002011-02-09T09:31:03.192-08:00When JPM starts accepting physical for settlements...When JPM starts accepting physical for settlements, to me the question is not "Is gold money?", but rather what larger statement does this make on the state of the US Dollar? <br /><br />I'd like to think that absent the Fed's expansionist policies of the preceding 2 years, JPM would not be accepting bullion for settlement. JMHO.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-12177039092108536022011-02-09T06:21:52.731-08:002011-02-09T06:21:52.731-08:00David:
Yes you are right, your balance sheet is ...David:<br /><br />Yes you are right, your balance sheet is transparent. A balance sheet full of MBS, which are essentially worthless. I should have been clearer. However, your Boss, and his friends in Congress are afraid of being audited...true or false? Is your Boss not on record as opposing an audit of the FED? Why? Is their something to hide? <br /><br />I also forgot to bring this up: How come a Gold or Silver US eagle coin is considered legal tender, Government money, but yet you claim Gold is not money? <br /><br />As for the FED holdings in Gold. So you hold the German peoples gold..ok..what happens when they want it back? <br /><br />You misunderstand one thing. I don't expect a "mad max" scenario. The impending collapse is the collapse of the banking system. Well, its bankrupt now as you well know. Of course if the people could live their lives by marking their assets to fantasy, well, we would all be rich. When Americans revolted against the British, the world didn't end. When we end the FED, the world won't end either. The people will just have their liberty returned to them. Frankly the doom and gloom has been going on for 100 years as liberty has been stolen from the people. The collapse of the FED will be a time to rejoice as we rebuild ourselves bigger, stronger and free. <br /><br />Old Hickory had it right.<br /><br />"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."<br /><br />or Jefferson:<br /><br />"If the American people ever allow private banks<br />to control the issue of their money,<br />first by inflation and then by deflation,<br />the banks and corporations that will<br />grow up around them (around the banks),<br />will deprive the people of their property<br />until their children will wake up homeless<br />on the continent their fathers conquered."<br /><br />Americans have had about 10 years of zero, if not negative returns on their savings and realistically will go through the next 10 years the same way. How long do you think this can go on before there is a reaction? <br /><br />And yes, you are right. Coercion is necessary. In fact, that has been the battle in this country since day one..for control of the Money supply. Hamilton, Clay, Wilson, and the American Lenin, FDR, all proved that. <br /><br />I realize your Boss and his friends at J. P. Morgue and Lord "I am doing Gods work" Blankcheck think they are above the rest of us, but we both know that is only true as long as they can keep the fraud going. And it is fraud. In fact your previous boss said as much. Watch this clip as he tells the truth and your current boss hangs his head, probably thinking, 'shut up Greenspan, don't tell the truth'. The irony is the Conference where he admitted this was in Jekyll Island. <br /><br />here:<br /><br />http://www.youtube.com/watch?v=RM1wRcr7XeY<br /><br />and then this here:<br /><br />http://www.youtube.com/watch?v=JBiw8Dh0dkI<br /><br />Regards;<br /><br />CornellAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-34207137777343252992011-02-08T21:14:15.664-08:002011-02-08T21:14:15.664-08:00Cornell Robertson:
Well, that's better. It...<b>Cornell Robertson:</b><br /><br />Well, that's better. It's good to know who one is exchanging barbs with.<br /><br />I am going to make an honest effort to reach out to you.<br /><br />First, I wonder what makes you claim that the Fed is afraid to show its balance sheet? Our balance sheet is in the public domain. Indeed, its size and composition is what everyone is talking about. So please clarify what you mean by this.<br /><br />Second, as for the gold being held by the Fed, you can consult Wikipedia: <br /><br /><i>The United States Bullion Depository (Fort Knox) holds 4,603 tons (4,176 metric tonnes) of gold bullion (147.4 million troy ounces[1]). It is second in the United States to the Federal Reserve Bank of New York's underground vault in Manhattan, which holds 5,000 metric tonnes of gold in trust for foreign nations, central banks and official international organizations.</i><br /><br />Third, as for the element of coercion, well, there has always been some of this, hasn't there? No amount of reform will ever eliminate it. This has been true since the Sumerians issued scrip representing claims against centrally held grain stores. <br /> <br />Fourth, as for your prediction of impending doom, what can I say? Even a broken clock is correct twice a day. I suppose the world will end one day, just as doomsayers since Isaiah have been predicting for millenia now.<br /><br />Take care, dude.David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-45400091697385918792011-02-08T20:29:23.834-08:002011-02-08T20:29:23.834-08:00"Anon @8:27PM I always marvel at the courage ..."Anon @8:27PM I always marvel at the courage displayed by anonymous posters like you. Isn't it time for your diaper change?"<br /><br />haha..I didn't feel like registering is why I posted under anonymous. My name is Cornell Robertson. And yes you are right about one thing..I do have lots of courage...more than the cowardly lions at the FED. I am not afraid to show anyone my balance sheet...how about you guys? How about we audit the FED? What are you afraid of, the Truth? How about Gold? How is it that the PEOPLE can't see the gold you are supposed to be holding for the PEOPLE? Why is that David? You know as well as anyone that without FORCE or the threat of FORCE, the US dollar would be worth..well a Continental...or a Greenback. You guys at the FED and your friends in "The Den of Thieves" - Congress-, just don't see what is happening right before your eyes. There are millions of folks like me...and we are growing everyday. Time and history are on our side. And Time is just about up. And here is the best part David..baring some disastrous ailment, you will be alive to watch it all crumble. In fact, you will have a front row seat. It is not going to end well. <br /><br />And except Santelli, Erin Burnett and the rest of the clowns at CNBS are nothing but Bubble Vision puppets. Do you ever listen to the completely ridiculous comments they make..gosh one would think they worked for well...The FED. I stand by all my comments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-47369904335657476482011-02-08T19:03:44.389-08:002011-02-08T19:03:44.389-08:00Anon:
I'm sure that people do care about nomi...<b>Anon:</b><br /><br />I'm sure that people do care about nominal price levels in the sense that money illusion is a real phenomenon. But let's ignore money illusion for the moment.<br /><br />Sure, one should care about the future price level when holding on to non-interest-bearing cash. But no one saves for retirement by holding onto non-interest-bearing cash. They will save it in an interest-bearing asset. And if one believes that the Fisher relation holds, at least approximately over long horizons, then the nominal interest rate will rise step in step with inflation rate. This will leave the real rate of return unchanged. <br /><br />People seem to think that if inflation was brought down to zero, their nominal wages would continue to grow at the same rate. In fact, one would observe a corresponding decline in nominal wage growth, leaving the growth in real wages virtually unchanged (at least, to a first approximation).<br /><br />To the extent that people do not understand this, I think they suffer from money illusion (look it up, if you do not know what this term means).David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-56965404362257635912011-02-08T17:14:57.002-08:002011-02-08T17:14:57.002-08:00"People care about the purchasing power of th..."People care about the purchasing power of their nominal wages; not about the price-level per se."<br /><br />Well, people *do* care about the nominal price levels. When I save some of my paycheck to pay for things I want to buy in the future, then I definitely care about nominal price levels. That is particularly true when we talk about long-terms savings, like for retirement.<br /><br />In a properly designed monetary and banking system, there is no reason why money that is stored in your mattress would not retain its purchasing power 20 or 30 years from now. <br /><br />The current system obviously does not meet this standard, and that is why we need reform and why we will actually have reform--during your lifetime no less--and possibly in the next 2-5 years!Anonymousnoreply@blogger.com