The United States presents the Baruch Plan for the international control of atomic weapons to the United Nations. The failure of the plan to gain acceptance resulted in a dangerous nuclear arms race between the United States and the Soviet Union during the Cold War.
Continue reading “THIS DAY IN HISTORY – The United States presents the Baruch Plan – 1946”
“Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort.”
Antony C. Sutton
“Gold is unique among assets, in that it is not issued by any government or central bank, which means that its value is not influenced by political decisions or the solvency of one institution or another.”
Salvatore Rossi, Central Bank of Italy, 30 Sept 2013
“When a government overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation.”
Gresham’s Law
“Gold has worked down from Alexander’s time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.”
Bernard M. Baruch
“You have to choose between trusting to the natural stability of gold and the natural stability and intelligence of the members of the government. And with due respect to these gentlemen, I advise you, as long as the capitalist system lasts, to vote for gold.”
George Bernard Shaw
“During my eighty-seven years I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
Bernard Baruch
“Remember, my brothers and sisters, that few of you were wise in the world’s eyes or powerful or wealthy when God called you. God chooses those that the world considers foolish in order to shame those who think that they are wise. And He chooses those that are powerless to shame those who are powerful.”
1 Corinthians 1:26-27
“‘My name is Ozymandias, king of kings:
Look on my works, ye mighty, and despair!’
Nothing beside remains: round the decay
Of that colossal wreck, boundless and bare,
The lone and level sands stretch far away.”
Percy Bysshe Shelley, Ozymandias
Multimillionaire and financier Bernard Baruch, in a speech given during the unveiling of his portrait in the South Carolina House of Representatives, coins the term “Cold War” to describe relations between the United States and the Soviet Union. The phrase stuck, and for over 40 years it was a mainstay in the language of American diplomacy.
Continue reading “THIS DAY IN HISTORY – Bernard Baruch coins the term “Cold War” – 1947”
“Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England….At the time of the Banks action I warned of its consequences….I felt that sooner or later the market had to break.”
Bernard Baruch
“Gold has worked down from Alexander’s time… When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.”
Bernard M. Baruch
“Gold has worked down from Alexander’s time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.”
Bernard Baruch
“Approach each new problem not with a view of finding what you hope will be there, but to get the truth, the realities that must be grappled with. You may not like what you find. In that case you are entitled to try to change it. But do not deceive yourself as to what you do find to be the facts of the situation. ”
Bernard M. Baruch
“Every man has a right to his own opinion, but no man has a right to be wrong in his facts”
Bernard M. Baruch
“I made my money by selling too soon.”
Bernard M. Baruch
“The main purpose of the stock market is to make fools of as many men as possible.”
Bernard M. Baruch
“Be who you are and say what you feel, because those who mind don’t matter, and those who matter don’t mind.”
Bernard M. Baruch
“Most of the successful people I’ve known are the ones who do more listening than talking.”
Bernard M. Baruch
“Vote for the man who promises least; he’ll be the least disappointing.”
Bernard M. Baruch
“Every man has a right to his own opinion, but no man has a right to be wrong in his facts”
Bernard M. Baruch
“If all you have is a hammer, everything looks like a nail.”
Bernard M. Baruch
“Approach each new problem not with a view of finding what you hope will be there, but to get the truth, the realities that must be grappled with. You may not like what you find. In that case you are entitled to try to change it. But do not deceive yourself as to what you do find to be the facts of the situation. ”
Bernard M. Baruch
Multimillionaire and financier Bernard Baruch, in a speech given during the unveiling of his portrait in the South Carolina House of Representatives, coins the term “Cold War” to describe relations between the United States and the Soviet Union. The phrase stuck, and for over 40 years it was a mainstay in the language of American diplomacy.
Continue reading “THIS DAY IN HISTORY – Bernard Baruch coins the term “Cold War” – 1947”
“Be who you are and say what you feel, because those who mind don’t matter, and those who matter don’t mind.”
Bernard M. Baruch
“Most of the successful people I’ve known are the ones who do more listening than talking.”
Bernard M. Baruch
“Millions saw the apple fall, Newton was the only one who asked why?”
Bernard M. Baruch
“Vote for the man who promises least; he’ll be the least disappointing.”
Bernard M. Baruch
“Never follow the crowd.”
Bernard M. Baruch
“Every man has a right to his own opinion, but no man has a right to be wrong in his facts”
Bernard M. Baruch
“If all you have is a hammer, everything looks like a nail.”
Bernard M. Baruch
“Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.”
Alan Greenspan, May 20, 1999
“Gold has worked down from Alexander’s time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.”
Bernard Baruch
“The commerce and industry of the country, however, it must be acknowledged, though they may be somewhat augmented [by paper money], cannot be altogether so secure, when they are thus, as it were, suspended upon the Daedalian wings of paper money, as when they travel about upon the solid ground of gold and silver.”
Adam Smith, Wealth of Nations, p. 262
“Every man has a right to his own opinion, but no man has a right to be wrong in his facts”
Bernard M. Baruch
“Approach each new problem not with a view of finding what you hope will be there, but to get the truth, the realities that must be grappled with. You may not like what you find. In that case you are entitled to try to change it. But do not deceive yourself as to what you do find to be the facts of the situation. ”
Bernard M. Baruch
“Most of the successful people I’ve known are the ones who do more listening than talking.”
Bernard M. Baruch
“Vote for the man who promises least; he’ll be the least disappointing.”
Bernard M. Baruch
“Never follow the crowd.”
Bernard M. Baruch
“If all you have is a hammer, everything looks like a nail.”
Bernard M. Baruch
“The main purpose of the stock market is to make fools of as many men as possible.”
Bernard M. Baruch
“I made my money by selling too soon.”
Bernard M. Baruch
“Gold has worked down from Alexander’s time.
When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.”
Bernard M. Baruch
“We hypothesize that, having learned from the misadventures of the 1960s, the policy elites, well-versed in the practice of financial engineering and market manipulation, would have seen no need to dump stocks of government gold reserves onto the market, 1960s style, to keep the price in check.
Instead, synthetic gold, sourced in pyramids of credit extended to bullion bankers by central banks with little or no claim on physical substance, have provided a more efficient, better-camouflaged form of intervention. COMEX synthetic gold and related over-the-counter derivatives are traded in macro strategies implemented by hedge funds, high-frequency trades, and commodity funds in pair trades with interest-rate, currencies, equity futures, or even more exotic offsets. The volumes traded are huge, and bear little resemblance to actual flows of physical metal.
We suspect that shorting gold has come to seem like a riskless proposition as long as there is confidence in the Fed. Synthetic gold is the perfect substance for a carry trade: an easy borrow with very low carrying cost and little upside basis risk. Such a hypothesis, in our opinion, does much to explain the incongruity of a declining gold price while fundamentals for paper currency, and the U.S. dollar in particular, obviously deteriorate; while demand for physical gold has exceeded new mine supply for several years running; and while above-ground 400-ounce .995-gold bars located in London, New York, and other financial capitals (in cohabitation with speculative trading activity in paper markets) have steadily dwindled and disappeared into Asian financial centers reformulated as .9999 kilo bars.”
Tocqueville Gold Newsletter 2Q 2015
Guest Post by Jesse
“Gold has worked down from Alexander’s time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.”
Bernard M. Baruch
Asia continues to add significant amounts of gold bullion to their wealth reserves.
Wall Street and its sycophants would like us to consider gold to be just ‘a pet rock’ or ‘like trading sardines.’ And yet central banks have turned to be net buyers, and Asia and the Mideast continue to buy bullion in record amounts. Talk to the Chan.
One of the few coherent things Alan Greenspan said was that statists of all persuasions, both right and left, have ‘an almost hysterical antagonism towards gold.’ This is because gold resists their will to power over others.
So why isn’t gold ‘working’ at this moment in history?
“Every man has a right to his own opinion, but no man has a right to be wrong in his facts…
Gold has worked down from Alexander’s time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.”
Bernard Baruch
“During my eighty-seven years, I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
Bernard Baruch