I’m sure glad Nixon only “temporarily” suspended the convertibility of the dollar into gold. When a politician or banker uses the word temporarily to describe some un-Constitutional act they are taking to protect you, be sure it’s permanent and you are getting screwed on behalf of the establishment. Nixon closing the gold window in 1971 allowed him to continue the welfare/warfare state.
Bernanke temporarily reduced interest rates to 0% eight years ago to avert some sort of financial disaster (Wall Street banks reaping the consequences of their actions and going bankrupt). Rates are still essentially 0%, supposedly 7 years into an economic recovery. Obama and his minions temporarily were going to run huge budget deficits to jump start our economy with Keynesian magic. It’s seven years later and the budget deficit will exceed $600 billion this year and on path to exceed $1 trillion in the next few years. Temporarily is code for bend over citizens.
The de-linking of the dollar to gold allowed politicians to promise free shit to their constituents in order to buy votes, with no immediate consequences for their re-election campaigns. Politicians gone wild led to the national debt going from $370 billion in 1971 to $19.1 trillion today. It allowed these treasonous bastards to promise $200 trillion of goodies to the people, which they won’t honor.
It allowed Wall Street to peddle credit cards, auto loans, mortgages, and home equity loans to the unwashed masses through the greatest propaganda program in history. They’ve lured generations of math challenged Americans into the debt slavery of low monthly payments for eternity. We now sit with $60 trillion of total debt and a faltering economy which will never generate enough wealth to pay off the debt.
We’ve passed the point of no return. The economic collapse is a forgone conclusion. It’s just a matter of how much longer the sociopathic establishment can keep the charade going. There are cracks appearing everywhere. Time is running out. Thank Trick Dick for his temporary suspension of dollar convertibility.
Fiat money is like free money to the Elite and politicians; it’s their Green Coke. It is a fatal insidious poison to the rest of Society (although it gives the FSA a free ride for awhile).
I credit Nixon with the destruction of our financial system, and honest money. No one in the past 100 years, not ever Roosevelt with his array of socialist programs, did as much damage to our formerly fair and honest system than Nixon, and at least Roosevelt was trying to meet a dire short term need and provide drastically-needed relief to millions suffering starvation and homelessness as a result of the bursting of the 20s Credit Bubble.
In addition to his destruction of the gold standard, and setting us on the path of rampant inflation and financialization, Nixon put into place the blatantly socialistic Section 8 program that has destroyed our best urban neighborhoods, and created the War on Drugs.
Only Lydon Baines Johnson with his escalation of the war in Vietnam and his Great Society programs, was as destructive. While those who have come since, such as the Bushi, Clinton, and Obama, have been very destructive in their turn, no one did as much as Nixon to wreck the foundations of our system.
Atlantic City, NJ could declare bankruptcy …… within a MONTH
http://www.marketwatch.com/story/atlantic-city-could-go-bust-in-one-month-2016-03-09
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The parent company of Men’s Wearhouse and Jos. A. Bank is closing 250 stores, unable to stanch chronic sales declines after an ill-advised merger two years ago
http://fortune.com/2016/03/10/mens-wearhouse-store-closings/
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A “sudden” regime change in Brazil is LIKELY
http://www.thenewamerican.com/world-news/south-america/item/22691-investigators-circling-brazils-president-sudden-regime-change-likely
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Norstrom spent $330 MILLION on technology last year … not panning out ….. sales tanking …. layoffs coming
http://www.geekwire.com/2016/more-layoffs-at-nordstrom/
—– Miami’s OCEANFRONT nuke reactor is leaking into the ocean ….. tritium, a radioactive isotope, is spiking to 200-times higher than normal levels.
http://fusion.net/story/278064/turkey-point-leaking-radiation-into-biscayne-bay/
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Ain’t life grand!!
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Gordon Brown, the UK Chancellor of the Exchequer at the time who later became Prime Minister, sold approximately half of the UK’s gold reserves from 1999 to 2002 when gold prices were at their lowest in 20 years following an extended bear market. Gold has quintupled since then ($1,250 as of Friday) and nearly octupled at its peak in 2011. The period of the UK selling their gold reserves was known as Brown’s Bottom.
Interestingly, as of this month, Canada has sold all of their gold reserves under new Liberal Party Prime Minister Justin Trudeau. I think it’ll be known as the Trudeau Trough and fully expect a five-fold increase by the time it’s all said and done, with gold in the $5,000-6,000 range as the new normal. It’s taking a lot longer than expected, but I firmly believe it will happen.
After this, I am done hijacking the thread.
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Is Russia About to Deploy the World’s Most Advanced ICBM?
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The missile, which is expected to become operational sometime this year, is even turning heads in Washington and Beijing. According to Russian news reports:
In a Chinese television program aired earlier this month a local defense expert hailed the unique characteristics of the Russian ICBM and the fear it had instilled in the hearts of foreign militaries
What makes the RS-26 so terrifying? It has a range of 11,000 km and a continuously changing trajectory, meaning that it can very likely penetrate even the most advanced missile defense shields. And there’s more:
What makes the RS-26 so special is that even though it weighs just 80 tons, compared to the 120-ton heft of its RS-24 Yars predecessor, the Rubezh packs a frightening 1,2 megatons into its four 300 kiloton warheads.
Moreover, its booster stage is down to under five minutes, which means that NATO radars in Europe will have no time to register the launch.
Adding to NATO air defenders’ worries, during the descending section of its trajectory, with only a few hundred kilometers left to the target, the missile’s warheads suddenly take a dive, lose altitude, and continue the approach as a cruise missile.
There’s a lesson here, somewhere. Maybe, “don’t surround Russia with military bases”? Yes, maybe.
Admin–I don’t lay the blame at the foot of Nixon, the consummate politician. What occurred and is occurring now should be laid at the foot of Woodrow Wilson and the creation of the Federal Reserve Bank in 1913.
What we are experiencing today is the logical extension of that act. From its inception, the outcome was predictable. Nixon was just a long line of ignorant politicians under the influence of a corrupting evil.
Kennedy wanted to institute US notes, which pay no interest, unlike the Private Federal Reserve Note. A month of so later he was dead.
Yes, the closing of the gold window gave money creation ‘carte blanche’ and that shows on your chart with the ‘parabolic rise’ in money creation with the benefits accruing to the banksters, expansive government, and political connected cronies.
Like the Roman Empire, the US drive for world hegemony is paid for by ever depreciating currency.
Empires cost a lot, more than can be squeezed out of taxpayers, but credit expansion fills the bill (pays the bill). But…Even credit expansion has its limits, limits which we have now reached.
The race is between ‘utter economic destruction’ and ‘One World Government’. Which will come first? I pray that it is the former as the latter, I believe, is evil incarnate. If it is the former, people will wake up to reality, if it is the latter, Soma will work its magic.
St. John the Divine, purportedly the writer of ‘Revelation’ in the bible, stated quite well the logical outcome of government, I think. I have always felt that the ‘beast’ was totalitarian government in opposition to the Creator elevating itself to the position of god in the lives of men. The mind of man seeks God, whether in a ‘golden calf’, government, or in their own heart.
Jesus said, “The Kingdom of Heaven is within you.” God is in Heaven, God is within you. Is that the reason man seeks after God? He is a part of you?
There is a story, the gods were gathered around at man’s creation and were wondering where to hide the ‘Key to Heaven’ from man. We will hide it in the farthest galaxy said some, but others argued that man would build a space ship that would travel there and find it. It was agreed after many suggestions that the ‘Key to Heaven’ would be hidden within man as he would never look there.
Stucky–No need to apologize. Important information needs to be expressed and not with held.
Admin–Notice how closely those two bill look. It was a con from the start. One payable in species and one payable in—well nothing.
“SOLVING THE WORLD FINANCIAL CRISIS”
I thought about this for a long time. I’ve concluded that in terms of the present state of world finances that it can’t be save in its present form. By ‘saved’ most mean without any pain. I don’t even suggest saving it with a lot of pain. It must be completely replaced as ‘fiat paper’ has permeated every aspect of value, risk assessment, and trade. Its corrupting influence is everywhere. It is a destroyer of wealth. It is a destroyer of serfs and of free men alike. It is a destroyer of freedom and liberties. It is a destroyer of families and all we hold dear. It is the great destroyer.
Switching to a ‘cashless society’ with chips in our hands or forehead leaves in power those that have fostered this war against mankind for their own selfish ends. NO! Truly, such would end in slavery. They would become gods determining your very existence, what you should eat, who you should marry, what your job is to be, etc. You would have security in your very existence, except from the ‘State’.
The God of Creation that provides your existence will be relegated to the trash bin of history as a quaint relic of Neolithic thinking. The new God will be ‘man in the State’. Yes, that’s where all this is going. It, truly, is a war between ‘good and evil’. Hitler was a failed attempt at the ‘Uber’ man. There are those that carry that torch today.
The FIX. There ain’t none. We will experience the consequences of our choices. That’s the law of the Universe. However, money is the ‘life blood’ of trade, of civilization. Money was stolen from the people. Governments and the banksters stole it and gave you credit, instead. It was a terrible loss of freedom. Money must be restored to the people who earned it. They’re the rightful heirs and it belongs to them. Money is power and it must be returned to the people to whom it belongs.
The golden light will dispel the specter of ‘Fiat Money’ and restore power back to the people.
“If these banks don’t care about gold, why do these banks care about gold.”–David Morgan
Remember when Obama inferred he’d voluntarily be a one-term president if he didn’t cut the budget deficit in half?
https://www.youtube.com/watch?v=2S8rHJtLJE0&feature=youtu.be
Time is money……. Money is time
Debt = A claim against tomorrow’s time……
Savings = A claim against Yesterday’s time – that has not yet been spent.
Fiat currency = A “no promise’s” claim against yesterday’s and tomorrow’s time with ever increasing inflation and no redeem-ability whatsoever.
To be fair, warnings of the collapse were broadcast in 1965 when the coins lost 100% of their silver content, before Nixon’s presidency, they fucked the small people.
It’s funny how they call the pre 64 silver ‘Junk’, rather than Constitutional. I wonder why that is….
Fiat- Sophisticates refuse to dialog with Hick Logic, and that was some of the best.
Your final syllogism had some issues though. Fiat money is claims against future time based on force, not on tangible asset. Its irredeemability is directly proportional to the effects of force. With effective force it could be Golden!!!
Homer says:
Admin–Notice how closely those two bill look. It was a con from the start. One payable in species and one payable in—well nothing.
Species is not plural for coinage
I was away forn this site for a few hours and the pressure was too much, I needed to vent about something, anything. I started talking to my wife who generally doesn not know what people talk about on TBP.
“They are crooks, all of them. Clinton supposedly left office with a balanced budget. Bush came in and handed the money out to his buddies and the corporations. Clinton let the air out of the market and Bush was left holding the bag. But they never worry about paying anything back. They do this sort of shit and then lay the weight of the whole shit on the public whipping boy, the debt, they cry, as if the debt is the public’s fault.”
As long as they can hold the debt over the public’s head, the people can’t ask anything of government.
Imagine if you had a druggie in the family and he had stolen, hocked or sold everything you owned and if you complained, he would say, it’s your fault we are in debt.
EL Coyote–Of course you’re right. I make a lot of mistakes in posting and very rarely proof read my comments. I am using a keyboard that I got in 1994. It has the delicate touch of a fine woman. I was going to replace it many years ago, but the closest I could find with the same touch was priced at $80.
I have had this keyboard apart so many times switching pads and cleaning out the coffee spills that I almost gave it up.
I have also let mistakes go so as to engender a sense of superiority in the reader. Mistakes keeps me humble.
EL Coyote–I know how you feel. I have felt the same on more than one occasion. Sometimes I think that knowledge is a burden.
My understanding from what I read is that Bill shifted around funds and that he, in reality, never balanced the budget. My question is what happened to the American Indian Trust Fund. My suspicion is that it was used to help balance the budget. It was all an accounting trick.
In politics today there isn’t any accountability for themselves or their buds. No one is held responsible.
The national debt never declined during the Clinton years, therefore he never ran a true budget surplus. Just accounting gimmicks.
“In politics today there isn’t any accountability for themselves or their buds. No one is held responsible.”
Thus the perfect rationale for an insurgent political movement such as we have today. Elections AND 4th Turnings have consequences.
Admin, I often read comments from newbies who say this is a welcome alternative to the MSM. I agree quietly. That’s wrong. There are so many people out there who have this sense that something is wrong in this world, they wonder how they were born already indebted and indentured to a government that claims to be the freest government in the world.
Of course, no enlightenment is forthcoming from their mediocre schooling or the government sponsored media. The churches can’t get involved in politics or even morality now that they are enjoined from speaking out against alternate lifestyles.
If there are some who decry truth telling as racist or homophobic, I hope that never discourages you or contributors here from speaking out against The Donald, Sharpton, Bernie, Hillary or any Deux Du Jour.
Carry on!
Maybe someday my own brown people will take up reading TBP (You) and quoting Stucky, I-S, T4C and so many other bright writers who contribute their valuable two cents’ worth.
Maggie, I made a mistake, I meant ‘Deus’ meaning ‘diety’ sorry!
People rationalize the conditions in which they are immersed, for the alternative is to face possible destruction while standing before the tsunami of our neighbors’ rationalizations.
There is no solution to the paradox of existence. We thus delude ourselves for our entire lives, because as a social animal mankind in the aggregate must do so.
Expecting the world to “make sense” is thus no different than expecting to ride a unicorn.
The entire asset mania of the last 46 years has been built on a foundation of monetary debasement. What’s worse, monetary debasement via credit creation (and thus debt issuance) is a far more insidious mechanism, allowing for the appearance of normalcy to last long enough for the hole digging to reach epic proportions.
I suggest that the economic destruction baked into this cake would have self-limited far earlier if the monetary debasement occurred via Zimbabwe-style banknote printing. Our current experiment with monetary folly is thus far, far worse, and the looming catastrophe (multiple versions, actually) far more terrifying. The amount of wealth slated for evaporation and the breadth of promises (e.g., pensions) slated for destruction have no historical precedent.
Truly, we sail into uncharted waters, with neither sextant nor compass, with a mammoth storm on the horizon and the sounds of reefs and rocky shoals on all sides.