 Interesting comment from Greenspan, What a mess! I wonder who caused it? |
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 Mar 2 2010, 11:25 PM
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 Tri-Centurion  Group: Members Posts: 552 Joined: 8-May 08 From: Australia Member No.: 1,808  |
“Rising prices of precious metals and other commodities are an indication of a very early stage of an endeavor to move away from paper currencies… What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment."
–Alan Greenspan, 9 September 2009 -------------------- What do you mean Flash Gordon approaching ?!!
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Mar 3 2010, 12:10 AM
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 Twistin' by the pool Group: Members Posts: 1,527 Joined: 28-June 08 From: Liverpool Member No.: 1,991 |
I'd have bolded the second sentence. If gold does hold reign and the Gold Standard ended only in name then Jim Sinclair's Federal External Debt Equilibrium Gold Price model is right and we're off to $16,000 (priced in today's dollar).
-------------------- If you're hanging on to a rising balloon, you're presented with a difficult decision - let go before it's too late or hold on and keep getting higher, posing the question: how long can you keep a grip on the rope?
- Danny, Withnail & I |
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Mar 3 2010, 01:39 AM
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 Tri-Millennium Guru Group: Super Admins Posts: 28,366 Joined: 17-March 06 From: Hong Kong & London Member No.: 2 |
QUOTE (BHP Tinto @ Mar 3 2010, 07:25 AM)  “Rising prices of precious metals and other commodities are an indication of a very early stage of an endeavor to move away from paper currencies… What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment." –Alan Greenspan, 9 September 2009 He can now see clearly the mess that he created. (?) But he talks now as if he had nothing to do with it ! Amazing ! -------------------- The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix
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Mar 3 2010, 09:53 AM
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#4
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 Tri-Millennium Guru Group: Administrators Posts: 6,612 Joined: 16-June 08 From: The Southern Alps Member No.: 1,944 |
QUOTE (DrBubb @ Mar 3 2010, 10:39 AM) He can now see clearly the mess that he created. (?) But he talks now as if he had nothing to do with it ! Amazing ! "What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment." What I find amazing is Greenspan finds this fascinating. What a clown. 
-------------------- Modern fiat money "shorts" the currency, and is backed by debt. The debt is real. A debt deflation will lead to a prolonged period of deleveraging, where the short-covering of currencies will strengthen currencies relative to asset prices. At the global level, in the FX market, central currencies will benefit from deleveraging at the expense of peripheral currencies. Due to instability and uncertainty, gold will benefit against all currencies as it continues to be monetized.
Hold on to your hats for hyper-deflation, where cash is king, and gold is the king of cash. |
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Mar 3 2010, 10:56 AM
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#5
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Tri-Millennium Guru Group: Super Admins Posts: 28,366 Joined: 17-March 06 From: Hong Kong & London Member No.: 2 |
QUOTE (romans holiday @ Mar 3 2010, 05:53 PM) "What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment." What I find amazing is Greenspan finds this fascinating. What a clown. His reputation (which he never deserved) is now in tatters. In a few years, he will be a villain everywhere, hated for his misdeeds (as he has been here on GEI for years, because we understood the damage he was doing - few did then) I hope that Gordon Brown & AG will share the same cell in the afterworld -------------------- The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix
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Mar 3 2010, 11:03 PM
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#6
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 Centurion Group: Members Posts: 208 Joined: 12-November 09 Member No.: 3,482 |
QUOTE (DrBubb @ Mar 3 2010, 08:56 PM) His reputation (which he never deserved) is now in tatters. In a few years, he will be a villain everywhere, hated for his misdeeds (as he has been here on GEI for years, because we understood the damage he was doing - few did then) I hope that Gordon Brown & AG will share the same cell in the afterworld I'm sure the US government will provide a state funeral when Greenspin passes away for his wonderful efforts trashing the world...... |
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Mar 4 2010, 10:49 AM
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#7
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 Millennium man Group: Members Posts: 1,815 Joined: 9-July 08 From: Helsinki Finland Member No.: 2,018 |
QUOTE (BHP Tinto @ Mar 3 2010, 11:25 AM) “Rising prices of precious metals and other commodities are an indication of a very early stage of an endeavor to move away from paper currencies… What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment." –Alan Greenspan, 9 September 2009 The governments want you to move away from paper currencies as fast as you can. It is called spending They want you to create inflation. The last think they want right now if for you to think it is beneficial keeping your savings in the bank. Do you really think Greenspan is a totally independant person? I find that hard to believe myself -------------------- |
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Mar 4 2010, 06:20 PM
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#8
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 TERMINATOR Group: Members Posts: 2,622 Joined: 30-January 08 From: LONDON Member No.: 1,524 |
How I Caused the Credit Crunch
http://www.amazon.co.uk/How-I-Caused-Credi...h/dp/1848310676 When I finally get round to reading it I will let you know if its any good. Writer is ex GS - wonder if he is now doing Gawd's work ? -------------------- Capitalism gives you MORE. More efficient production to put you out of work, more globilisation to mess up the planet, more goods to consume and more debt to buy them with.
DO YOU REALLY WANT MORE? Does capitalism give you a healthy life style, healthcare, a pension, happiness or a loving family? Leave it to the free markets? Socialism doesnt work either.... Whats the middle path? GEI SEARCH PAGE: http://www.greenenergyinvestors.com/index....ode=adv&f=0 Nb. The price good men pay for indifference to public affairs is to be ruled by evil men. Plato, Greek author & philosopher in Athens (427 BC - 347 BC). |
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Mar 4 2010, 06:21 PM
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#9
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TERMINATOR Group: Members Posts: 2,622 Joined: 30-January 08 From: LONDON Member No.: 1,524 |
QUOTE (BlackPepper @ Mar 3 2010, 11:03 PM) I'm sure the US government will provide a state funeral when Greenspin passes away for his wonderful efforts trashing the world...... Maybe he can be treated to a Viking style funeral, his body burnt with a pile of American Peso's...... -------------------- Capitalism gives you MORE. More efficient production to put you out of work, more globilisation to mess up the planet, more goods to consume and more debt to buy them with.
DO YOU REALLY WANT MORE? Does capitalism give you a healthy life style, healthcare, a pension, happiness or a loving family? Leave it to the free markets? Socialism doesnt work either.... Whats the middle path? GEI SEARCH PAGE: http://www.greenenergyinvestors.com/index....ode=adv&f=0 Nb. The price good men pay for indifference to public affairs is to be ruled by evil men. Plato, Greek author & philosopher in Athens (427 BC - 347 BC). |
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Mar 4 2010, 08:32 PM
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 Tri-Centurion Group: Members Posts: 861 Joined: 13-December 07 From: London Member No.: 1,421 |
QUOTE (littledavesab @ Mar 4 2010, 06:20 PM) How I Caused the Credit Crunch http://www.amazon.co.uk/How-I-Caused-Credi...h/dp/1848310676 When I finally get round to reading it I will let you know if its any good. Writer is ex GS - wonder if he is now doing Gawd's work ? This is what makes me sick about bankers/people, pedalling out average stories trying to cash in on ANYTHING. 2-bob celebs, 20 something city workers who havent a clue whats going on, 19yr old footballers. So many books coming out, so many voices....... 
-------------------- “What experience and history teaches us is that people and governments have never learned anything from history, or acted on principles deduced from it”
Georg Wilhelm Friedrich Hegel (1770-1831) |
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Lo-Fi Version | Time is now: 9th September 2010 - 07:11 PM |