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- in reply to: Miscellaneous #4885
Dear REAP (see below),
A modest mining man has the answers to your questions, many of which are scattered throughout this FORUM in almost every topic on the FORUM and headings listed to your left. Let’s begin with the first question, “What has been the response to this situation in Sierra County?” Growing interest based on phone calls, traffic in the mining areas and correspondences.
In California the response seems to be wonderment as to why the hills aren’t alive with the sounds of music from air compressors and happy workers; however everyone is scared away by the threat of lawsuits or time delay in beginning production.
No signs of new investment can be found. Every now and then people with an interest materialize. None have conducted a thorough inquiry.
Varied and detailed development plans based on history, geology and the present are published on this web site, well thought out and designed to “Get as much product to market as fast as possible”. Others may have plans also.
Significant consolidations of mines in the Alleghany Mining District occurred. Large companies fail to recognize the benefits from investment in small vein, underground, high-grade gold mines. Frankly, these operations are not suited for their corporate style.
Ah, the culture of “Crystal Ball” exercises about gold, a favorite or up-and-coming pastime of those who mine, those who wish and those who dream; sometime (rarely) someone does all three. You ask about the future structure of mining in the county. The structure will be similar to those that have taken place for 150 years: one company dominates (that company has changed over time); partnerships will form (General and Limited); associations may give it a try (most will fail); stock promotion companies will sneak into the county (most will fail); some really smart businessmen with the spirit and understanding risk/reward ventures may make an important contact and conduct his or her “due diligence”. (This would be refreshing.)
However, California has festering inside its governmental bowels some misinformed career employees that continue on a path of destruction for gold mining and other natural resource extraction industries. They are succeeding, which frightens away one of three ingredients for success in mining gold. The Central Valley water board staff currently leads a list that has hurt Californians much more than people realize. Tied for second are the “Attorney General” staff and the staff of the department of conservation.. They have swarmed like flies on shit. Instead they should be embracing all serious programs to utilize California’s splendid natural resources. They could be swarming like bees on honey. All Californians would reap the benefits of Sierra County’s gold.
I do not have a crystal ball to gaze into and see the future. I do run a gold mining company. I know that the future of Sierra County, California and the United States is understanding the past in tandem with predicting the future. Gold’s historical truth in social and cultural evolutions is undeniable. Like gold, truth lies at the bottom. One company may overcome the obstacles in Sierra County and California. It has an unusual name, Original Sixteen to One Mine, Inc. I have a personal stake in its welfare and treatment. A litigious government, working to selectively enforce and selectively prosecute any person or entity is at work in Sierra County to destroy this company. The drivers work in Sacramento. Their actions hurt every person in America except those who financially benefit from the present prosecutions.
“Many reasons may be assigned for the amazing economic development of the United States. The abundance of our national resources, the freedom of our political institutions, and the character of our population have all undoubtedly contributed. But in my judgment the greatest factor has been the fact that by the happenstance of good fortune there was created here in America the largest area in the world in which there were no barriers to the exchange of goods and ideas.” Gold helped bring about this happenstance of good fortune.
in reply to: Gold Enters Major Bull Market #4882Gold $1824.50 DOWN $10.60
Silver $41.57 UP $ 0.22
Gold/XAU Ratio 8.37
XAU/Gold Ratio 0.119
Gold/Silver Ratio 43.89Martin Armstrong has recently said that he expects gold to be in a $1700 to $1825 trading range. Mr. Armstrong earlier hah spoken of expected weakness in the yellow metal starting in early Septermber. Other analysts are expecting gold to be higher in the months ahead.
It’s a mixed bag of nuts over the short term with the bull trend fully intact. Caution seems to be the order of the day for new long term buying of anything gold or silver related.
The XAU Index, representing gold and silver shares along with Freeport McMoran that mines a great deal of copper plus gold and silver, is in position to gain some minor relative strength against gold.
The following is a link to a relative strength chart of the XAU compared to gold.
http://stockcharts.com/h-sc/ui?s=%24XAU%3A%24GOLD
A right ascending triangle has been forming on the chart over the past four weeks between 0.11 and 0.12. A move above the top of the triangle will be received well by patient investors of this group with higher valuations. Although the overall short term trend continues to remain bearish against the XAU with gold, its shares will benefit some from a price move above the troublesome 0.12 area and possibly, set the stage for continuing better times for shareholders in this sector.
in reply to: Miscellaneous #4880Right on, Bluejay. By the way
A.P. Gianini was not born in Italy
He was born in San Jose, Calif.
MY wife’s grandma knew the wife
as a customer in the store her
family had in San Francisco.in reply to: Miscellaneous #4879Hi Martin
This is what I know, according to a man, Bob Chapman, that claims he’s 98% right with his projections and facts:
“The Bank of America has become a dumping ground for toxic debt the past three years. The Bank of America is upside-down to the tune of $500 billion.”
The sad thought is, I’m sure, that this mess wouldn’t have happened under Mr. Giannini.
in reply to: Technology #4878Good Luck with the new radar!!!
in reply to: Technology #4877Sorry Kit, more data to analyze due to additional underground scanning, but your horse is still at large. Ride on over to the Sixteen to One so you can check out your machines in the mine. Give me a call.
in reply to: Technology #4876One year and 4 months has passed since the last technology post. Any breakthroughs? The high frequency Falcon hobbyist detector seems to be successful. Any new technology horses for Kit Carson to mount and find gold in his Nevada lode?
in reply to: Miscellaneous #4875In 1927 there was a “run” on the
Santa Rosa CA. Bank of America.
The branch listed 3mil in de-
posits but only had 300,000 to
pay out. Cash had to be brought in
from San Francisco and Healdsburg
to cover the demand.
every body that requested their funds got paid. A.P Gianinni was
the President of the Bank then,
what would he do now and any
different?in reply to: Miscellaneous #4874My grandfather retired from Wall Street as a partner in a brokerage house and moved his family to West Hollywood, California in 1923. He later bought into the local Sherman Bank and became its vice president.
On the day of the famous run on the banks in 1929, employees put aside cash that the owners had on deposit. When my grandfather arrived at the bank, wading through lines of people seeking their money, he was told his deposited funds were safe. It was at that time he ordered employees to unsegregate his share and make it available.
Knowing the man my grandfather was and knowing how bankers operate these days leaves little to be desired of them. In addition, it is beyond my imagination why anyone would rent their money to the banksters for the going rate of 1% when the current inflation rate is 11.2% according to John Williams of Shaddowstats.com of Oakland, California.
Below are some of today’s related comments from Martin Armstrong:
“I wrote in the Rise & Fall of the Euro an example of DIRECT intervention rather than INDIRECT that would mitigate the decline and would have helped to actually stabilize the economy and real estate markets.
As always, we benefit only the lobbyists and the expense of the economy as a whole. “In the US Mortgage Crisis, government ONLY concerned itself with the bankers, and not the borrowers. Lending money to the bankers FAILED to restart the economy because it was one-sided. The solution would have been easy.
Revalue all property, shave 25% off the mortgage price, use the funds to accomplish that end, which would have left the majority of people in their homes reducing the supply of real estate coming to market, and thus stabilize the two ends and the economy.
The political solution was motivated ONLY by the bankers and this created the propaganda of “too big to fail” implying that they somehow were more important than the economy.”
in reply to: Gold Enters Major Bull Market #4872We are told elsewhere that the
US has more oil than all the other
nation/producers combined. We have it in Alaska, continental US
all over. It is politics that
keeps us from really pumping it.in reply to: Gold Enters Major Bull Market #4871Gold-Price has not changed at all during the last year in Swiss Francs. In Euros it has gained 10% during the last year.
The gold-price-hike-hype in US-Dollars is an obvious result of Bernanke’s attempt to drain 14 trillion in debt down the inflation pipe.
Fly to Zurich an enjoy a 10,00 US-$ cup of coffee at the airport lounge. That experience will give you a rough idea, what the US-$ price for a barrel of crude-oil may be as soon as the Arabs get through will their ongoing revolutions.
in reply to: Gold Enters Major Bull Market #4873Saudi Arabia is a good customer for U.S. debt in exchange for their oil. The Saudi’s break-even price for production is $85 a barrel.
Lindsey Williams is predicting, from a reliable source, that oil will rise upwards from between $150 to $200 by the end of 2012. He also states that unpublished, government censored, vast oil reserves in Alaska will come on line at about $200 a barrel.
That equates to gas prices in the neighborhood of $6 to $7 a gallon here for us in the U.S. by the end of next year.
in reply to: Gold Enters Major Bull Market #4868Gold $1764.40 DOWN $67.80
Silver $39.45 DOWN $ 2.35
Gold/XAU Ratio 8.58
Gold/Silver Ratio 44.65It appears today that the go-go hedge funds are closing out gold positions directed by their computer software trading programs.
The most price extreme movements in bull markets are short term sell-offs, it’s just what happens. Nothing wrong with it, it’s just what they do. The opposite is true in bear markets, the biggest short term moves are to the upside.
It is considered that these counter-trend moves are painted to shake people out during bull markets and to suck people in during bear markets. The price movements, when they occur, are routinely used by smart money to saddle up up more of their primary trend positions.
The Gold/XAU ratio continues to favor holding gold and silver over the gold and silver stocks. Some market followers contend that the shares are under-valued. The probabilties point to their being right but more proof needs to be established on the relative strength chart of the two.
The Gold/Silver ratio is another matter. The last on the ratio chart is 44.65 ounces of silver needed to buy one ounce of gold. Some weeks back an historical breakdown occurred when the 60 level gave way which was followed by a crash in the ratio down to about 32. This is when silver nearly hit $50.
A bull market currently exists favoring silver over gold. The 46 level on the ratio chart appears to be a high point until silver begins, again, regaining more relative strength against gold. The CMI Coin Investment spokesperson stationed in Phoenix on last Saturday’s Weekly Metals Wrap at King World News is calling for an eventual return to the 16 to 1 spread and possibly, lower to 10 to 1.
If and when gold attains a price of $5000 for example, the lower ratio would put silver at $500 an ounce. Today, silver is under $40, down from $44 a few days ago. Buying silver coins to me, is a “no brainer.”
Disclosure: 20% of my liquid assets are in silver coins and 100 ounce bars.
in reply to: Miscellaneous #4866Martin Atrmstrong laments:
Our once great societies constructed out of wilderness dominated by nature, sprung to life and were crowned with the golden roofs of a temple of Liberty. That temple is now overthrown, the gold and noble morals have been pillaged, the wheel of fortune has indeed accomplished her revolution, and the sacred ground upon which so many statesmen had espoused such noble goals of Liberty and Justice for All, is but once again disfigured with decay of politics and corruption as tyranny rises from the ashes.
Capitol Hill, formerly the envy of nations, the citadel of Freedom on earth, the defender of human rights; illustrated by the stupendous footsteps of so many great minds encapsulated in Jefferson’s words “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness.” This breathtaking achievement of man’s struggle to be free, the pinnacle of accomplishment, how is it fallen!
This spectacular triumph of hope over experience, how is it possible to now crouch in the shadow of such greatness, gobbling over the spoils of the people like casting lots for what remains after death. How changed are the inspirations that moved a people to stand tall and assert Liberty and Justice for All? How disfigured the structural design of a nation obliterated by the theories of Karl Marx concealed by a mountain of rules and procedures incapable of improving upon the simple Ten Commandments.
Look upon what remains. A shapeless fragment or moral virtue colossal in size consuming the resources of the people until all property is controlled by the state by regulation leaving title only in name to reside in the meager hands of the people. The great halls within which true representatives of the people once assembled to enact their laws and elect their magistrates, is now hopelessly insolvent, incapable of defending the people or the nation against the change in fortune and circumstance, leaving only monuments and edifices, that were founded with such great hope for eternity, awaiting their fate to lie prostrate, naked, and broken, like those of every civilization that has raised itself from the ground grasping at the chance for culture and progress only to (be) found buried by the sands of time in ruin waiting only in silence to reveal to future generations what a stupendous relic of human folly lays here a victim of its self-inflicted injuries over the course of time and fortune.
in reply to: Gold Enters Major Bull Market #4870CME Group Raises Performance Bonds(margins) For Comex Gold Futures By 27%
in reply to: Miscellaneous #4867Martin Armstrong’s statement is an anthem in its self. It is good to here the cry out for the soul of freedom so eloquently stated.
in reply to: Gold Enters Major Bull Market #4869Current gold comments by Martin Armmstrong:
in reply to: Gold Enters Major Bull Market #4865It could be that the dollar could
be a little stronger. The metal
price has gone up on a weak dollar.in reply to: Gold Enters Major Bull Market #4864Gold $1852.00 OFF $46.10
Silver $42.14 OFF $ 1.58The downward action today in the metal is normal and a deserved time to rest a little for gold, nothing goes straight up forever. A more pronounced percentage decline is certainly in the cards and should be viewed as another buying opportunity.
During the latter part of 1978 gold experienced a heavy sell-off driving prices lower from $455 to about $390. That was a percentage drop of 17% and it still remained healthy enough to trade nearly as high as $900 about 14 months later.
Now as in 1978, we are in a break-out mode and reactions should be bought on a scale down basis with confidence.
For gold to be heading higher sooner rather than later, gold must remain above $1764 for nearly two weeks.
in reply to: Gold Enters Major Bull Market #4862If the price of gold is expressed in a hard currency like the Swiss Frank, the price has increased by 60% during the past five years.
Nothing extraordinary.
http://www.finanzen.net/rohstoffe/goldpreis/chfin reply to: Gold Enters Major Bull Market #4863Gold $1908.60 UP $55.50
Silver $44.14 UP $ 1.24I guess James Dines was 100% correct when he said in a King World News interview in July that, “You have to be out of your mind if you’re invested in anything but gold and silver.”
Remember, it’s not so much that gold is higher but more that the value of your money is worth less. Gold is just in a catch-up transition to where it should have been all along. Martin Armstrong said something like this, gold can lag for a long time as it is being suppressed but when it’s catch-up time, it can roar.
Bob Chapman has stated many times, that everyone is waiting for a gold correction. What if it doesn’t come and gold is revalued overnight? You are either in, or you’re out.
For those willing to learn and to do their homework, advice to follow James Sinclair at http://www.jsmineset.com has been a great gift, thank you Jim.
in reply to: Gold Enters Major Bull Market #4861Gold $1892.30
Silver $43.90in reply to: Gold Enters Major Bull Market #4860Gold $1887.20
Silver $43.75in reply to: Gold Enters Major Bull Market #4859Gold $1881.60 UP $29.50
Silver $43.79 UP $ 0.88Jim Sinclair has repeated that if the central bankers can’t stop the eroding confidence within two weeks in the financial system while gold continues to hold above $1764 then the precious metal will enter stage three of its current bull market. During stage three expect better percentage gains than stage two. I believe stage two advanced 250%.
Bob Chapman says that gold will be selling at $3000 to $3200 an ounce by next February.
It feels like 1979 all over again.
in reply to: Clips from Alleghany #4857Nothing like a little free pub-
licity. Maybe the “doldrums”
are going away and the Mine’s
luck has turned to Good!!.
Congratulations!!!in reply to: Clips from Alleghany #4856I believe the mine has enough data
in it own archives to satisfy the
staff of Dan Logue. You may want
to bring the “california’s gold”
producer, Huell Houser back to do
a sequel to his prev.presentation.
Most people don’t know it’s there
and still open, more or less.The
theme of this effort should be
that it is and still wants to be
a “working mine” rather than just a “relic” and sightseeing
object for looky-lous. If our
mine could get started up $1800
per oz troy should be the impetus.in reply to: Clips from Alleghany #4855Assemblyman, Dan Logue’s office confirmed that he would sponsor a resolution that recognizes the 100-year anniversary of Original Sixteen to One Mine, Inc. The cost will be absorbed in his budget, which is appreciated. He will see if the Senate wants to join in recognizing this rare event in the corporate world of America.
Staff wants a 4 to 5 page historical presentation. Your perspective on the task at hand is requested. Post it here so all can read it or send it to mmiller@origsix.com . Pages are fine but not necessary. Even a couple of paragraphs will help get a well-rounded resolution.
This outrageous price for one measly ounce of gold has brought interest to the Sixteen to One. Maybe the right guy or guys will appear to cash out of dollars and cash in to gold.
in reply to: Clips from Alleghany #4858Hello world, and Assemblyman Logue…welcome to the realization of the vast wealth underneath the greatest smallest town in California.
Interesting that gold-price has finally awoken the sleepers.
When a ‘measly ounce of gold’ is at hand and carrying the current price, rest assured that this grand mine, the Original Sixteen to One Mine, has within it’s belly far more than that.
in reply to: Gold Enters Major Bull Market #4854Gold $1849.10
Silver $41.10in reply to: Gold Enters Major Bull Market #4853Gold $1840.50
Silver $40.69Central Banks’ Demand For Gold Quadrupled In 2nd Quarter
in reply to: Gold Enters Major Bull Market #4852Gold $1833.10 UP $44.10
Silver $40.74 UP $ 0.52It would seem fare to say that gold is on a fast track to higher highs. What is behind this strength?
Take your pick: global financial chaos, a faltering Europe, disappointing growth figures joined by our leaders failed efforts on the economy in attempting to control a run-away train.
We have arrived in time where the charts can be thrown out the window as Bob Chapman has inferred so many times in his interviews. His premise is simple, gold and silver are going much higher and no one can stop that from happening.
As Jim Willie recently said, “Prepare to protect your personal wealth during the greatest transfer of wealth in modern history from toxic paper to reliable hard metal with no counter-party risk.”
in reply to: Gold Enters Major Bull Market #4851Some years ago the company listed
some very notable persons who at
one time were shareholders in the
“Sixteen”. One, I believe was
Bernard Baruche, the noted financier. Perhaps some publicity in that respect might help us secure some needed capital. The reason I knew about the Mine was because
my aunt, and my mother(who was
born in Alleghany) told me about
it. The Mine has a very famous
name with a story that needs to
be told time and time and time again.in reply to: Gold Enters Major Bull Market #4850Gold $1787.60 DOWN $1.40
Silver $40.17 DOWN $0.06Martin
It just seems to be a matter of time, any day now a rich visionary will step up and pat the pony.
Mike Maloney does an outstanding job of calling a spade a spade in describing gold and silver’s future:
in reply to: Gold Enters Major Bull Market #4849It seems to me that since the
Company has areas not yet mined
yet alone developed and with
the spot price on gold now near
the roof there should be somewhere
a source of satisfactory working
capital to enable the company to
develop the most promising regions
People and/or persons should jump at the chance. With the
Company now in possession of
much of the Tightener Mine,
where H.L. Johnson made his famous strike and most or a
portion of it a proven area,
if the Company confirms the
direction to be toward the Tightner, perhaps managemt
may want to emphasize the
possibilities to prospective
investors, that a “strike”
could happen. A little “forward”
language could be appropriate.in reply to: Gold Enters Major Bull Market #4848Gold $1780.60 UP $14.40
Silver $40.01 UP $ 0.09
Gold/XAU Ratio 8.43
Gold/Silver Ratio 44.50Gold may have hit another all-time high earlier in the day at $1787.80. Silver continues to be in a state of malaise as it catches its breathe following the doubling of its price over a short period while almost hitting $50 about four months back.
It appears the table is set for the miscreants to apply their evil crafts in further depressing the precious metal shares in addition to the big U.S. banks cranking down silver’s price to improve their big short position losses.
Both the HUI and the XAU gold and silver indexes are at crucial short term resistsnce areas: the XAU with a last of 211.37 faces trouble at 212.50 while the last sale on the HUI at 577.46 is also near an equally troublesome short term level at 580. Behind these two resistance areas the XAU has long term chart problems in the 220 to 230 area while HUI’s health has been strained many times at its 600 level.
The gold price is preparing to push out of its third flag formation on this strong move that started at 1475 in early July and it remains to be seen if it will be successful.
Martin Armstrong has added to the mix in his latest missive of August 15 entitled “The 40 Year Anniversary Of The Floating Exchange Rate System And The Week From Hell” http://www.martinarmstrong.org/files/Euro%20Dow%2008-15-2011.pdf that the Central European Bank may engage in gold sales.
For the short term, the investment banks along with the hedge funds could seize this as an opportunity to force everything lower in the sector but as Mr. Armstrong states, this will be bullish for the long term.
Martin Armstrong’s article is quite informative discussing exchanges rates, the Dow Jones Averages and why a gold standard just will not work. On page three he uses a 18895 figure which is a type-error in mentioning key chart areas on the Dow which may be 11895.
We are in the midst of historical times concerning debt and declining confidence in governments around the world which has resulted in the continuing push to higher levels on the price of gold. Be prepared for increased volatility as we approach the high volatility month of September.
in reply to: Gold Enters Major Bull Market #4846From today’s International Forecaster:
If you can believe this, the CME-Comex raised margin rates(on gold) just 2-days after the first rise. We just went from $4,500 to $6,000 to $7,500 and this is not the end of it. The CME has their marching orders from the Illuminists and they will most likely take margin to $21,600, just like they did to try to destroy the silver market. It shows you how evil these people are.
in reply to: Miscellaneous #4845Squeeze The People
The money we paid into the Social Security and Medicare trusts has been stolen by the politicians. Not only did they nab our money but they jerked around the value of our monthly payments by reporting bogus CPI figures. Who really knows the final outcome corcerning any benefits “at all” coming to us from the current Ponzi scheme that replaced these Trusts. It appears that fighting wars on foreign soil is more important than taking care of our senior citizens.
One just has to google the Vatican Bank foreign accounts 2010 to learn that U.S. politicians have millions on deposit there. That’s the real Litmus test that could explain where some of our Social Security and Medicare withholdings from our paychecks ended up. It is provable that the source of these millions was the U.S. Treasury.
Some of Bob Chapman’s comments from today’s Saturday International Forecaster:
That fact that Moody’s and Fitch have not downgraded US debt is significant. It tells us S&P did what they did to force large cuts in Social Security and Medicare, because Congress has refused to do so. S&P has said you either cut much more of these two programs or we will downgrade you again in November.
It is hard to image that S&P, an appendage of Wall Street, banking and corporate America, can hold a gun to the head of the US government. That is possible because those who control S&P control the government and our very lives.
That is S&P’s role in this subtle attempt to deprive American workers of what is justly theirs and is what they have paid for. S&P does not mention that all the funds, revenues, deposited since June of 1935, and in the case of Medicare since 1969, have been misappropriated and stolen.
It is the legal job of government to now issue debt to fill those trusts so that they can function and complete their jobs, not to cut the benefits. It has been the work of the Council on Foreign Relations, the Trilateral Commission and the Peterson Foundation to destroy Social Security and Medicare, as we have known it for years.
It is no secret; just access what they have said and what they have done to bring this about. What S&P has done to force this issue is being trumpeted that it doesn’t matter what S&P says – it will be business as usual.
We understand why S&P had done what it has done and it should not affect the rating of US debt. Those who believe this and that US Treasuries are a governmental gold standard are sadly mistaken. Just look at the performance of gold – you have your answer. US debt is not worth the paper it is written on and that gold is the only currency – not the dollar or any other fiat currency.
in reply to: Miscellaneous #4844The politicians in Sacramento are no different than our representatives in Washington.
Martin Armstrong voices his opinions recently on who is creating the National mess for all of us:
The new European ban on (legal) short-selling is pure insanity. It is doing the same thing politicians do with every crash that fails and they actually expect a different result. It also highlights our problem that nobody even bothers to look at what has been tried before.
We cannot hope to advance as a society with stupid management of the economy by people who are clueless.
So hold on to whatever you can grab. The politicians are out to just destroy society once again and picking up a simple history book is just too much trouble. I can predict with 100% accuracy what they will do next because they follow the same script each time like a rat in a maze that can smell the cheese.
They NEVER learn about anything. They are like a mentally defective person who keeps putting their finger in the flame of a candle incapable of understanding that the flame burns. And this is what democracy is all about?
in reply to: Gold Enters Major Bull Market #4842Gold $1746.60 OFF $48.80
Silver $38.41 OFF $ 0.88
Gold/XAU Ratio 8.44It appears that gold may have run its course on this recent spike. Gold has been put in front of the public eye and this in itself over the short term has invited the investment banks and hedge funds to do their dirty deeds in positioning the other side against recent buyers which should be followed by their price suppression schemes.
The most obvious sector being targeted relating to gold’s advance is the precious metal shares. They have been naked shorted for weeks while gold advanced much higher than the manipulators anticipated. This has been a bold move on their part but then again, if they’re wrong, it has been the custom for the public, at the hands of the government, to bail them out.
The investment banks in particular have been granted a license to steal. Their unbridled printing of securities, which never get delivered, have in some instances destroyed many small companies who depend on the credit markets to stay alive.
Some believe that the 1929 stock crash was caused by the commerical banks involvement in stock underwritings which may be true to some extent but the real cause of the depression was sovereign debt troubles which never seemed to make it into our history books.
The banks have always been greedy and have never had enough profits for themselves regardless of the future that they have caused the public to suffer from. In 1933 Ferdinand Pecora made it his personal mission to restrict the banks from ever being involved in the brokerage busines side again when he gathered up enough support to insure passage of the proposed Glass-Steagall Act which became law that year.
The Fed composed of bankers began to dismandle Glass Steagall in 1987. It was a long effort by the major banks to get back into the brokerage side of the business and cause troubles again with Alan Greenspan and Robert Rubin along with their millions in bribe money doing their bidding for them.
The act of years of destroying Glass Steagall can be followed closely at the following link: http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
Gold hit $1800 yesterday but the precious mretal shares can’t get through the over-head supply of counterfeit shares. This is all being brought to us by these miscreants who rig markets for massive short trerm gains at the public’s expense.
Bob Chapman has stated many times that our representatives in the House and Senate our bought and paid for by the bankers. You strike back at the bankers by not giving them your money thus keeping it away from their greedy little fingers and in gold for the long term aside from expected temporary weakness starting in September for an unknown period of time.
The ultimate hedge against currency debasement will always be to hold gold.
Stay strong.
in reply to: Miscellaneous #4843Martin Armstrong’s recent comments on U.S. debt:
Nobody seems to analyze the interest expenditures. You can’t cut the interest costs without defaulting on the debt! In the end, we will default because there is no intelligent life residing in Washington. We will default because there is NO intent to ever pay off anything and right now each and every taxpayer’s share of the national debt is almost $130,000. HELLO! Is anybody home?
The rhetoric that America always pays its debt is not true! They forgot about the default on the Continental Currency before the US dollar. America is not above everyone else and will be thrust into default as buyers of debt shift from public to private assets towards the end of the cycle (NOT NOW). Certainly, there is no hope of paying off the debt. We ran out of magic beans to climb to a new world and the last I looked, there was no manna falling from heaven.
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