Realcent.org

bros.....shiny ripping, 46 plus and we be doing the happy dance....which we should, but its a double edge sword, and we all know that.

how so?.....shiny has already been declared a national strategic metal, if you white mkt sell it, they'll slap a windfall tax on it like no tommorrow....think i'm nutz? some of the latest 10 face rolls of gem 90's i been buying been slapped with a up front 10% tax....i just shrug....coz i see a day real soon when $50 MIGHT buy a citizen a loaf of bread....think of the ramifications of that .....grim stuff....so how did we get here?.........i could go back to 65...then 71, when nixon closed the window.....but black box MBS's....and in 97, one woman TRIED , a good woman, tried , here's the story......pray brothers, much love, n

"The Warning"
https://www.youtube.com/watch?v=S_EVqOJhmvQ&t=2877s

Your clip was at the end of that piece (which was segmented). It ends in 2005 with Greenspan getting the Presidential Medal of Freedom, just before the financial system crashed in late 2007 (it was already in process of crashing, and the crash and post-crash after-effects continued for several years, but Oct 2007 was the seminal market event). Apart from warning of a major market crash again (which we seem to be winding up into), did you have any other take-aways?

Greenspan is a hypocritical A-hole.

In 1966 he wrote an essay called “Gold and Economic Freedom” and stated that the gold standard is essential for protecting economic freedom and restraining government overreach, particularly deficit spending and inflation.

I'm not a Greenspan defender. Hard to tell what the truth was of what he believed, but if he actually was a disciple of Ayn Rand then he was more of a Libertarian than I would have thought. But if so, he badly compromised his beliefs to play in the game, and his actions were at times quite hypocritical to those beliefs.

There may be some revisionist history going on.

In a statement before the "COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS, UNITED STATES SENATE" in 2005 Greenspan said this (he was referring to SS in this instance)

"We can guarantee cash payments as far out as you like whatever size you like but we cannot guarantee their purchasing power"

Equally interesting from 1997 (bold by me):

"Central banks can issue currency, a non-interest-bearing claim on the government, effectively without limit. They can discount loans and other assets of banks or other private depository institutions, thereby converting potentially illiquid private assets into riskless claims on the government in the form of deposits at the central bank.

That all of these claims on government are readily accepted reflects the fact that a government cannot become insolvent with respect to obligations in its own currency. A fiat money system, like the ones we have today, can produce such claims without limit. To be sure, if a central bank produces too many, inflation will inexorably rise as will interest rates, and economic activity will inevitably be constrained by the misallocation of resources induced by inflation. If it produces too few, the economy's expansion also will presumably be constrained by a shortage of the necessary lubricant for transactions. Authorities must struggle continuously to find the proper balance.

It was not always thus. For most of the period prior to the early 1930s, obligations of governments in major countries were payable in gold. This meant the whole outstanding debt of government was subject to redemption in a medium, the quantity of which could not be altered at the will of government. Hence, debt issuance and budget deficits were constrained by the potential market response to an inflated economy. It was even possible in such a monetary regime for a government to become insolvent."

Alan Greenspan: Central Banking and Global Finance (January 14, 1997)

Apparently somewhere along the way he got twisted into a central government banker. Sadly.

silverflake wrote:Apparently somewhere along the way he got twisted into a central government banker. Sadly.

No integrity whatsoever. He sold his soul for paper dollars, just like all the rest of them did.

Neil - I have no idea what your post means.

As for Greenspan, he was an Ayn Rand acolyte and authored a famous essay on gold and economic freedom which Rand republished in her Objectivist newsletter.
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/http://www.ok-safe.com/files/documents/1/Gold_and_Economic_Freedom_an_Article_by_Alan_Greenspan_1966.pdf

He later abandoned these principles as a Fed Board Governor and later chair.

In the early 90s, people were worried about the deficit, there was a deficit reduction bill called Gramm Rudman. But by the time Greenspan became Fed Chair in the mid to late 90s he was printing with reckless abandon.

Anyway, I'm skeptical about a windfall profits tax. There was not one in 1980 for gold or silver. There was one for oil companies, but they get a lot of special treatment under the tax code. Silver is still off of its all time high - especially after adjusting for inflation. Gold is more at risk of such a tax than silver. Sorry, I don't know what "shiny" is.

Lemon Thrower wrote:Neil - I have no idea what your post means.

As for Greenspan, he was an Ayn Rand acolyte and authored a famous essay on gold and economic freedom which Rand republished in her Objectivist newsletter.
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/http://www.ok-safe.com/files/documents/1/Gold_and_Economic_Freedom_an_Article_by_Alan_Greenspan_1966.pdf

He later abandoned these principles as a Fed Board Governor and later chair.

In the early 90s, people were worried about the deficit, there was a deficit reduction bill called Gramm Rudman. But by the time Greenspan became Fed Chair in the mid to late 90s he was printing with reckless abandon.

Anyway, I'm skeptical about a windfall profits tax. There was not one in 1980 for gold or silver. There was one for oil companies, but they get a lot of special treatment under the tax code. Silver is still off of its all time high - especially after adjusting for inflation. Gold is more at risk of such a tax than silver. Sorry, I don't know what "shiny" is.

https://www.youtube.com/watch?v=1CLhqjOzoyE

and then he did this......i didnt coattail him, just did same same
https://www.youtube.com/watch?v=2sWhvOaavTQ