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Barbara 10-07-2005 07:32 PM

Bye, Bye Old Dollar Standard
Signals of the End of the Dollar Standard
October 5, 2005

Rob Lee is an economist who has been involved in investment markets for 30 years, the last few in nominal retirement.

I am an economist who worked for 25 years in large investment companies in South Africa. I “retired” to the UK a few years ago. For most of my career I lobbied for policies such as money supply targets and later inflation targets that were (implicitly) intended to substitute the role of gold as an independent anchor for the monetary system. I was never an advocate of any form of gold standard, unlike the current Fed Chairman, now ironically testing the fiat money system to destruction.

However, in recent years the scales have fallen from my eyes. As Voltaire said in 1729 “paper money eventually goes down to its intrinsic value – zero.” Every fiat paper currency before or since has confirmed to this prediction. A fiat paper currency that is also the global reserve currency becomes this problem writ large. A US Treasury official of old - Sam Cross - put it this way: “if you postulate a system that depends on one country always following the right policies, you will find that sooner or later no such country exists. The system is eventually going to break down”. In my view the Dollar Standard system is irretrievably breaking down, as signaled by four recent developments described below: r=1&sb=1&snsa=A#M322713


Taking a hard lesson from Germany, after the war, this is how it will go. Get your wheelbarrow ready, fill it with worthless paper money and transport it down to the grocery store to buy a loaf of bread.

Don't turn your back on it or someone will dump the worthless paper money and steal your wheelbarrow. :-?

nohope187 10-07-2005 07:38 PM

Re: Bye, Bye Old Dollar Standard
I expect mass rioting and total chaos ensuing cuz the grocery stores only have enough food stocked for 3 days. By then the sheeple will beg for martial law. Care to speculate when a good crash date is? :-P

nohope187 10-07-2005 07:45 PM

Re: Bye, Bye Old Dollar Standard
My guess would be sometime in the next 7-10 years. :-P

nohope187 10-07-2005 08:09 PM

Re: Bye, Bye Old Dollar Standard
ya know what's really fucked up, is that us common folk can't afford to actually buy gold cuz the shits valued at least 450-500 dollars an ounce. I hear that shit on the radio all the time saying," invest in gold, gold is the stuff that stands the test of time" and bullshit like that. Of course those fucking fuckers are talking about "gold stocks" which is the same as buying any other stock on fucking wall street. But as always, the sheeple don't know the difference and don't care so long as their portfolio is diversified and keeps them above breaking even. :-P

Barbara 10-07-2005 08:18 PM

Re: Bye, Bye Old Dollar Standard
"Close enough for government work," as the saying goes, NoHope. I don't think it is eminent (hey, what do I know, I changed my major from Economics to Accounting) but the Austrian Economists whom I look to for input on this, like the Honorable Ron Paul and the Mises Institute feel like we are in for an inflationary depression.

The price of things will keep escalating while the bankers draw the purse strings. Notable exception - the housing industry will go down like a rock.

With Keynesian Economics the rule of thumb is, when times are good, roll those printing presses, when times are bad, roll those printing presses.

It gives the impression of having great wealth and a bull market. People go crazy buying everything in sight 'cause "happy days are here again."

This has gone on for decades and the markets are screaming for an "adjustment." Dr. Paul said that the sooner it happened the softer the landing or, vice versa, the later it happened the harder the landing. That was at least 15-20 years ago or longer so I think we can forget the soft landing senario.

Just how painful it will ultimately be and how long it will last is anybody's guess. We are at the mercy (?) of the bankers, that's the way it works with a fiat paper currency. :-(

Barbara 10-07-2005 08:41 PM

Re: Bye, Bye Old Dollar Standard
Oh, hey, I would insist on buying the real thing and taking delivery of it forthwith IF I COULD AFFORD TO BUY GOLD, which I can't either, just as you said.

Face it, the bankers intend to end up with all the gold. Yes, they offer it for sale to the public and those who can afford it, buy it as a hedge against chaos.

Here's the kicker, what is to keep the "gubmint," which is totally controlled by those same bankers, (the borrower is subject to the lender) from declaring the ownership of gold illegal and having it all recalled? There's precedent on the books.

All purchases on the open market are recorded, much like registering your guns at point of purchase. Even if you don't have some goon in a black SWAT or Homeland Security uniform come and kick your door down, just try to use that gold.

I'll tell you what is an even better investment for the "little guy"; if you have a cellar buy regular canned goods, (not dried, what if they cut the water off or you have to move in a hurry where there's no water?) Buy spare parts for your car, things like belts that are apt to wear out or break, maybe even an extra set of tires. Wouldn't hurt to keep and extra 20 or so gallons of gas on hand - use it and replace it immediately so it doesn't separate on you.

I wasn't alive during the last depression but I heard many a conversation between my grandparents and my parents. They had food because they and later I lived on a farm but you can't imagine the social upheaval and civil disorder when the grocery store shelves are empty or, even worse, there's food and you have no money.

David 10-08-2005 06:21 AM

Re: Bye, Bye Old Dollar Standard
I agree with what Barbara said, buy stuff you know you will need before you buy gold. The idea to get an extra set of tires is a good one too, back duing WWII you couldn't get tires since all rubber was needed for killing. If you needed new tires before the war started and put it off you were in a tough spot. Food, water filter, fuel, solar panel with batteries to charge, radios, LED flash lights, self defense stuff. It's easy to go overboard, just get things that can be used even if nothing happens so that it doesn't go wasted and don't buy so much stuff that people think you have lost your mind.

I'd suggest silver over gold if you wanted some kind of metal to use as a trade unit if the dollar became worthless. Silver spot is about $7.40 an Oz vs. $475 for gold. Buy some 1 oz silver rounds, they are big, heavy(1oz :lol: ), and have some flash. People like those and I feel they would be willing to take a coin or two for food or other things if times got real bad...if it never gets bad they make great gifts for kids and they can always be sold. Silver prices are fair...too much on the market to corner it. I buy mine on that famous online auction site...sometimes below the spot price.

this 10-08-2005 07:22 PM

Re: Bye, Bye Old Dollar Standard
I don't think FIAT money is the problem. There has to be some kind of publicly agreed upon value for a currency. There's other problems with fiat currency, not that it is a currency by government decree. I saw Bill Still's Money Masters video btw.

You can't eat gold, or silver.

Our money is temporary credit (world wide). The interest accruing to the private banks that lend out the loans comprising 97% of our money supply is permanent.

nohope187 10-08-2005 07:35 PM

Re: Bye, Bye Old Dollar Standard
diabolically brilliant is it not? A system designed to fail, yet they can determine when by how much they manipulate it.

Shannow 10-09-2005 02:59 AM

Re: Bye, Bye Old Dollar Standard
That's what's worried me about gold standard money since I was a teenager.

Who determines how many apples I can buy with an ounce of gold, versus a piece of paper with a picture of a ferret on it ?

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