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Clueless in Wyoming

Central bankers from around the world got together last week in Jackson Hole, Wyoming for their yearly monetary mixer. We know they talked a lot about how central bank monetary policies could “help” the world with its economic woes. But there’s one thing we can be sure they didn’t discuss – how many of the world’s economic problems are created by these very same policies. In a new commentary, Steve Forbes analyses six areas about which these central bankers are completely clueless.

  1. The role of money: Central bankers think money controls economic activity, instead of the other way around. Thus, they believe they can successfully manipulate the economy into real growth with their monetary meddling.
  2. What money is: Money itself isn’t wealth. Money measures wealth and reflects marketplace activity. Creating more of it is counterfeiting, a.k.a. theft.
  3. Commerce does not cause inflation: On the contrary, central banks cause inflation when they create more currency.
  4. Manipulating interest rates is equivalent to price controls: Interest rates are the price we pay to borrow money. Just like any other price, the market should set them.
  5. The job of central banks is to keep the value of money stable: They have clearly failed at this. The gold standard is the best system ever devised for keeping the value of a currency stable. The whims of central planners have failed over and over, and nothing will change this time around.
  6. Monetary policy can’t cure an economy’s structural flaws: Taxes, regulations, and labor laws are suffocating economies all throughout the world. Even if central bankers were able to overcome the failures of central planning through monetary policy, they could not overcome the barriers of regulations.

Read the Full Article Here

Steve-Forbes

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Today’s Key Gold Headlines – 8/19/14

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Today’s Key Gold Headlines – 8/14/14

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Gold Videocast: Jim Rickards & Peter Schiff on Gold & Currency Wars (Video)

In his latest Gold Videocast, Peter Schiff meets with Jim Rickards, author of The Death of Money, for an exclusive interview about gold’s role in the international currency wars.

Jim Rickards is Chief Global Strategist at the West Shore Funds, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital. In The Death of Money, Rickards shows why another monetary system collapse is rapidly approaching – and why this time, nothing less than the institution of money itself is at risk. Fortunately, it’s not too late to prepare for the coming death of money. Rickards explains the power of converting unreliable money into real wealth, such as gold and other long-term stores of value.

0:28 – A review of the most recent developments in the international currency war and why the US is unfortunately going to “win.”

1:43 – Countries with the biggest dollar reserves are building up gold reserves in preparation for a currency crisis.

2:15 – China’s officially reported gold holdings are probably false. Rickards leads Peter through his reasoning that China’s gold holdings are likely 4-5 times greater than official reports!

4:00 – If China told the truth about how much gold they really have, the dollar would collapse and gold would skyrocket. They don’t want this to happen before they’ve bought as much gold as they feel they need.

5:11 – Why has Germany seemingly changed its mind about repatriating its gold?

6:49 – Basically, the Fed has “leased” the same gold over and over again.

7:12 – Rickards explains why gold dropped in 2013 and why it was a one-time event.

8:10 – At some point, US Treasuries can no longer be the safe haven for investors.

8:30 – Rickards addresses the problems surrounding the London Gold Fix and how the gold market is moving to the East. Shanghai is rewriting the rules of the gold market.

10:01 – Rickards explains how the next liquidity crisis will play out, with the collapse of central banks, as well as sovereign nations.

11:17 – When you have a currency crisis, it’s the paper wealth that evaporates. Rickards explains how Warren Buffet is preparing for exactly this endgame – by dumping paper money and buying hard assets.

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Today’s Key Gold Headlines – 8/13/14

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Today’s Key Gold Headlines – 8/12/14

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Silver Can Protect You from “Financial Heroin”

Jeff Clark of Casey Research has just released a new commentary laying out his reasoning for buying silver right now. From the rising cost of production to Asian demand, Clark goes into detail about the latest silver fundamentals that serious precious metals investors need to be aware of.

“The drugs of choice for governments—money printing, deficit spending, and nonstop debt increases—have proved too addictive for world leaders to break their habits. At this point, the US and other governments around the world have toked, snorted, and mainlined their way into an addictive corner; they are completely hooked. The Fed and their international central-bank peers are the drug pushers, providing the easy money to keep the high going. And despite the Fed’s latest taper of bond purchases, past actions will not be consequence-free.

At first, drug-induced highs feel euphoric, but eventually the body breaks down from the abuse. Similarly, artificial stimuli and sub-rosa manipulations by central banks have delivered their special effects—but addiction always leads to a systemic breakdown.

When government financial heroin addicts are finally forced into cold-turkey withdrawal, the ensuing crisis will spark a rush into precious metals. The situation will be exacerbated when assets perceived as “safe” today—like bonds and the almighty greenback—enter bear markets or crash entirely.

As a result, the rise in silver prices from current levels won’t be 10% or 20%—but a double, triple, or more.”

Read the Full Article Here

SilverPriceDeclinedSharplyRelativetoProductionCosts

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Today’s Key Gold Headlines – 8/11/14

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Argentina’s Default – A Euro Pacific Precious Metals Original Commentary

Argentina’s Default: A Devastating Lesson in Unfunded Government Liabilities

By Dickson Buchanan Jr., Director of International Development

Last week, on July 30, the Republic of Argentina was declared to be in default for the third time in 30 years.

Let’s put that into perspective. If you were a bank officer who offered a 30-year mortgage to the Government of Argentina in the early ‘90s you would have spent nearly the entire life of the loan in a perpetual nightmare of refinancing. You would likely be not only fired from your job, but a pariah in the entire industry. This is what Argentina’s international creditors and domestic citizens have faced in real life. At the time of writing this article, S&P has downgraded Argentina to CCC-, one of the lowest ratings available for sovereign governments.

The tragic history of sovereign defaults in Argentina expounds a vitally important lesson to all overly indebted countries, including the US, which do not want to face a similar fate.

The inability for governments to pay back debt spells economic disaster.
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Today’s Key Gold Headlines – 8/8/14

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