Peter Schiff: China, Russia buying gold because 'they can read the writing on the wall'

[CountryGent]

Troubling news in the world of finance: Peter Schiff: China, Russia buying gold because 'they can read the writing on the wall'.

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[MannyGlocks]

...and the writing would say...?

 

[308]

Why are the hawkers of precious metals always so will to exchange it for worthless fiat currency?

 

[MannyGlocks]

Is Fiat another bogus so-called crypto currency scam?

 

[User 1234]

Schiff will say literally anything to criticize Trump.

 

[clearconscience]

Maybe Russia learned after they folded like a cheap lawn chair the last time

 

[nammac]

Is Fiat another bogus so-called crypto currency scam?

It's our Federal Reserve Note currency scam... Worthless paper...

 

[BSG 75]

Why are the hawkers of precious metals always so will to exchange it for worthless fiat currency?

Because fiat currency is the official medium of exchange in use. People buying precious metals aren't going to ship their precious metals to dealers to buy more precious metals. Dealers accept the official medium of exchange - paper or more accurately electronic dollars - then use some of the profits to buy precious metals for themselves.

People should invest in the precious metals: gold, silver, and lead. Or be left with everyone else wondering "what happened?" when the bubble bursts and the whole house of cards collapses.

Is Fiat another bogus so-called crypto currency scam?

Fiat currency is what the whole world has been using since 1971 when Nixon severed the last connection of the dollar - and every other world currency since they were all tied to the dollar - to gold. The paper currency in your wallet is a fiat currency.

So were these worthless German marks during the Weimar Republic, being used as wallpaper.



It is backed by absolutely nothing except the government's decree (fiat) that it is worth something. So yes, it is bogus and a scam, the biggest scam in history. Throughout history 100% of fiat currencies eventually failed because governments couldn't resist printing more and more of them to finance deficit spending.

Explanation of the difference between money and currency

and how the government is able to print as many Federal Reserve Notes - what you call money, take a look at it, it says "Federal Reserve Note" on it, not US Treasury - as they want.

The Federal Reserve is no more a part of the government than is Federal Express. Just becase Federal is in the name doesn't mean it is a government agency. As the Fed so frequently likes to remind us they are an "independent agency" which means they are a privately owned institution, not part of the government, and in 1913 Congress gave the Fed complete control of our currency (not money) supply.

Thomas Jefferson opposed creation of a private central bank



yet exactly what Jefferson warned us about is exactly what we have now: a private bank (the Federal Reserve) controls the issue of our currency.

Andrew Jackson paid off the national debt and eliminated the central bank, the Fed of his time. He felt it was his greatest achievement.



But the private bankers and moneyed interests didn't give up and in 1913 they succeeded in sneaking through Congress during the Christmas holiday when many key opponents were home for the holidays a bill giving the Federal Reserve central bank control of our currency.

Article I, Section 10 of the US Constitution prohibited states from making their own coinage (money), reserving that for the federal government, and stated only gold and silver should be used for coins and used as legal tender for payment of debts.

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

In 1965 we stopped using gold and silver in coins, so our current cupro-nickel coins are unconstitutional.

I recommend watching this whole series of videos. They are well done and real eye openers. Hidden Secrets of Money ALL EPISODES - YouTube

 

[Certaindeaf]

Bylow Hopsong? Better they buy that than steal like they usually do.

 

[Member 34319]

Bought some food today using cash. Felt like a good transaction.

 

[GWS]

Non-perishable food is always a good investment.
Just remember to keep an eye on expiration dates.

 

[nammac]

Non-perishable food is always a good investment.
Just remember to keep an eye on expiration dates.

Rotate your stock, keep it fresh...

 

[No_Regerts]

Bought some food today using cash. Felt like a good transaction.

Ah, good trade loo-ten-ten!

 

[American123]

Eh - I get the premise, but I've always found it rather laughable that in some type of major incident that someone who is starving, but with a lot of shiny rock, is going to be able to trade that shiny rock for food.

People can horde whatever floats their boat.

 

[BSG 75]

Eh - I get the premise, but I've always found it rather laughable that in some type of major incident that someone who is starving, but with a lot of shiny rock, is going to be able to trade that shiny rock for food.

It doesn't have to be that bad. Imagine a prolonged bear market - like the 1966 through 1982 bear market - with billions of paper or electronic "wealth" being erased, people who were retired or near retirement suddenly finding they have no retirement "savings" and Social Security is bankrupt, and hyperinflation as seen in Weimar Germany, Argentina from 1989-1990, or in Venezuela today. History is full of examples. The Great Depression worldwide and on steroids. And an ounce of gold being worth $5000 of whatever paper currency is being used at the time.

What do they say about the real Golden Rule: whoever has the gold makes the rules.

As some of the speakers in the videos explained, it's insurance. Economic conditions that would cause stocks, bonds, and fiat currencies to lose most of their value would cause gold and silver to skyrocket. If the collapse doesn't happen during your lifetime - although it probably will - at least you would have an asset whose value has never gone to zero in 5,000 years and that has actually outperformed the stock market this century. Most experts are recommending around 10% of your financial assets should be precious metals, not 100%.

 

[Camelfilter]

Eh - I get the premise, but I've always found it rather laughable that in some type of major incident that someone who is starving, but with a lot of shiny rock, is going to be able to trade that shiny rock for food.

People can horde whatever floats their boat.

It's to maintain wealth AFTER whatever has occurred has stabilized.

Perhaps increase wealth during whatever, if someone would choose to sell something of value directly for PM's (property, as a simple ex).

 

[American123]

It's to maintain wealth AFTER whatever has occurred has stabilized.

Perhaps increase wealth during whatever, if someone would chose to sell something of value directly for PM's (property, as a simple ex).

Gold, like everything else, is only so valuable as determined by how it is desired by others. Basic laws of supply and demand.

What doesn't make sense however, is why gold is sought after. (Traditionally, not counting the application it is used for with technology today)

It's just a shiny rock, has no practical value or use for the common man and seemingly the only reason why others desire it is because it is an agreed upon method of exchange. The same could be done with any item chosen to act as currency.

 

[nammac]

Gold, like everything else, is only so valuable as determined by how it is desired by others. Basic laws of supply and demand.

What doesn't make sense however, is why gold is sought after. (Traditionally, not counting the application it is used for with technology today)

It's just a shiny rock, has no practical value or use for the common man and seemingly the only reason why others desire it is because it is an agreed upon method of exchange. The same could be done with any item chosen to act as currency.

While all this is indeed true, the other factor is supply, the planet isn't rendering hoardes as it once did. Which technically goes back to supply and demand...

Why such a high value is placed on the material the streets of heaven are paved with is beyond my

 

[BSG 75]

Gold, like everything else, is only so valuable as determined by how it is desired by others. Basic laws of supply and demand.

What doesn't make sense however, is why gold is sought after. (Traditionally, not counting the application it is used for with technology today)

It's just a shiny rock, has no practical value or use for the common man and seemingly the only reason why others desire it is because it is an agreed upon method of exchange. The same could be done with any item chosen to act as currency.

Not really. There are few elements that meet the specifications for an ideal money and none do as well as gold. It hasn't been the ideal type of money for 5,000 years for no reason.

 

[308]

I have been hearing the same thing about precious metals since the Carter years....back when I drove my dad's car to the gas station on odd days to get our 10 gallon limit. We bought silver really low before hand and it jumped to $40/oz when Benson and Bunker started playing games, then it tanked a while later.

My point above was to the guys crying out that gold could reach $4000/oz, so quick, come buy mine!!! Curious why they don't just keep it and wait for that peak....