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Various reports coming out of last week’s G20 meeting in Cannes are suggesting that some member countries had proposed Germany use its gold reserves as collateral for a Eurozone bailout fund. This brought a series of quick and unequivocal responses:
Asahi recently posted a story about Japanese pensioners who are selling their gold. Remarkably the perception of gold has been quite a bit different in Japan than around the rest of the world. The country as a whole has been a net exporter of gold since 2006 and according to the World Gold Council, Japan is the only major economy where the demand for gold is decreasing.
Congressman and presidential candidate Ron Paul recently introduced legislation calling for the federal government to cancel the $1.6 trillion debt held by the Federal Reserve. Such a move creates legal challenges, one of which would be that the Fed would openly acknowledge that it is a private entity and that fedgov has no authority confiscate its assets. (Fedgov had no “authority” to call in gold in 1933, but legal tests to that stood up.)
The sad history of paper money is that it is printed until it is worthless. This is to say that whenever paper currencies are de-linked from gold or silver (made no longer redeemable in gold or silver), politicians print those currencies until they are worthless. The most infamous destruction of a paper currency occurred in
For some investors, and apparently for the media and for Congress, judging their coverage and comments, the looming failures of Fanny Mae and Freddy Mac were surprises. To other investors, however, the lid was simply pulled off a barrel of rotten apples. For years, the head of Fanny Mae has bragged about lending money to
On news that the Fed and other central banks are going to intervene in the sagging US mortgage market, stocks got off to a roaring start today. The Dow Industrials, the most watched stock index in the world, opened 200 points higher, for nearly a 2%. The NASDAQ, which opened 50 points higher, did see
One of the tenants of Austrian Economic Theory is non-intervention in the marketplace. However, this concept is lost on economists who think that they know better than the marketplace when it comes to what the marketplace wants. The mortgage market is one such market where the interventionists delight in manipulation. Now, the President himself has
So far, it looks like the world’s central banks have been successful in averting a meltdown of financial markets. However, there may be more work (money to be printed) by the central banks as more problems surface. The latest to report problems in the market include China’s second largest bank, the Bank of China, which
An often heard knock on gold and silver is that they do not pay interest. Consequently, many investors eschew the precious metals and seek to achieve asset appreciation by compounding interest, a proven path to wealth, assuming things remain normal and the interest and the funds loaned are secure. However, today “things are not normal”
It is not hyperbolic to say that last week the world’s central banks averted a worldwide financial meltdown. And, it is not an exaggeration to say that the public’s response was a yawn. The central banks prevented the meltdown by “injecting” massive quantities of freshly-created monies into the markets. No new wealth was created, but
