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Old 09-27-2008, 10:19 AM
stompk's Avatar
stompk stompk is offline
I work for God
 
Join Date: Jan 2008
Location: In the valley
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Default The Emergency Lending Fund. $3000 Gold?


While the government has the publics attention diverted to the $700 Billion bailout, the Emergency Lending Fund chugs away.

Quote:
WASHINGTON — Banks and investment firms ramped up borrowing from the Federal Reserve's emergency lending facility over the past week, more proof of the credit stresses plaguing the country.

A Fed report released Thursday said commercial banks averaged $39.36 billion in daily borrowing over the past week. That compared with a daily average of $21.6 billion in the previous week.
Banks dip deeper into emergency lending fund - The Denver Post

At nearly 40 billion dollars a day in lending, the Federal Reserve lent $200 billion last week alone, and in less than a months time, will make the $700 billion look like small potatoes.

Where do they get the money?

They print it!

If you or I printed money when we needed it, we would be thrown in prison, but the Federal Reserve, a privately owned bank, pumps all this money into the system, right under our noses.

Do you know what this will do to inflation??

Watch gold go to $3000 an ounce, not in years, but in months.


Quote:
Although gold is off its record at slightly below $900 an ounce, GATA Chairman Bill Murphy predicted this week that the U.S. government's $700 billion market rescue proposal for the financial sector will give a "staggering" boost to gold because it would feed inflation and hurt confidence in U.S. markets.

"People from the average American to the sovereign wealth funds are going to pile into the tiny gold and silver markets," said Murphy, who maintained that gold needed to rise to between $3,000 and $5,000 an ounce for market equilibrium.
Gold buyers see vindication in crisis | Editor's Choice | Reuters

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