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The Gold Standard Newsletter Issue #10 ● 15 October 2011

The Gold Standard Newsletter Issue #10 ● 15 October 2011

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Published by Carl Mullan
The purpose of the Institute is to promote an unadulterated Gold Standard
http://www.goldstandardinstitute.net
The purpose of the Institute is to promote an unadulterated Gold Standard
http://www.goldstandardinstitute.net

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Published by: Carl Mullan on Oct 17, 2011
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 The Gold Standard
 
 The Gold Standard Institute
 
Issue #10
● 15
October 2011 1
 
 The Gold Standard
 The journal of The Gold Standard Institute
Editor 
Philip Barton
 Regular contributors 
Rudy Fritsch Thomas AllenLouis Boulanger
Occasional contributors 
Publius Justin Downie Thomas BachheimerKeith Weiner
 The Gold Standard Institute
 The purpose of the Institute is to promote anunadulterated Gold Standard www.goldstandardinstitute.net
Patron 
Professor Antal E. Fekete
 President 
Philip Barton
President 
 – 
Europe 
 Thomas Bachheimer
Editor-in-Chief 
Rudy Fritsch
Senior Research Fellow 
Sandeep Jaitly 
Membership Levels
 Annual Member
 €
75 per yearLifetime Member
 €
2,500Gold Member
 €
25,000Gold Knight
 €
250,000
Contents
Editorial
 TheUtah Monetary Declaration  was signed my  many attendees at the Summit in Salt Lake City,Utah (26th September, 2011). Amongst the attendeesand signatories were legislators from other US states. This further evidence of the emergence of gold fromthe deepest bowels of the Internet into themainstream media and, from there, into theconsciousness of the people, is truly revolutionary. The Gold Standard Institute was founded just underthree years ago with the firm understanding thatanother era of paper money was drawing to its close.One of the stated and primary objectives was tooffer a sane alternative to the sort of solutions thathistory has thrown up at such moments. Theseinclude the collapse of the Assignat being followedby Napoleon, of the Rouble by Lenin, of theReichmark by Hitler (eventually) and of the Yuan by Mao Tse-
 Tung. Could ‗out of the frying pan into thefire‘ situations such as those be avoided? To be
entirely honest, three years ago I had my doubts. The heartening evidence is starting to emerge thatyes, it can be avoided. There is a broadunderstanding building, and tentatively spreading around the world, that it is the paper money that is atthe root of the problem, and, more importantly, thatit is gold that is the solution to that problem. This is no time to relax though. There is a lot of road still to travel and a lot of work still to be done.
 The gold standard needs ‗letters to the editor‘ writers
and talk-back radio callers. I check the print mediaregularly and they are still largely absent the most
important topic of our time… gold as money.
 The voices demanding a gold standard should beloud and clear. We must continue to strongly andclearly make the case for an unadulterated goldstandard. Yes, the classical gold standard would be ahuge improvement on what we have now, but anunadulterated gold standard would give us theliberty, prosperity and peace that would produce aGarden of Eden, instead of this nasty and fraudulentpaper-money cesspit that is now on its last legs.
 
 The Gold Standard
 
 The Gold Standard Institute
 
Issue #10
● 15
October 2011 2
 
I have offered space on the website to Ralph Benkofrom  The Gold Standard Now   who are doing great  work in the US. See:  The Honest Gold Standard. 
News
GS in Australia drew our attention to this short YouTube  where a US television reporter BridgetBrown gave a breathless opinion on the reason for
gold‘s correction
, being that there was nothing backing gold whereas investors preferred the USdollar because it was backed. Interestingly, the link no longer works, saying 
due to a copyright claim by CTVglobemedia Inc
. More likely they wereembarrassed by her silly statement?
≈≈≈
 
 Telegraph:Qatari wealth fund plans $10bn goldbuying spree.
≈≈≈
 
 
,Director of the Office of Management and Budget (1981
 – 
1985):
―BenBernanke is the monetary Darth Vader‖
≈≈≈
 
Beijing‘s first gold dispensing 
machine begins operation.
≈≈≈
 
Zero Hedge: The Greek conservative opposition
New Democracy party said ―a shortage of ink had
prevented the computerised tax centre at the financeministry from sending out claims to taxpayers over
the last 10 days.‖
 
≈≈≈
 
Kansas City Federal Reserve Bank President ThomasHoenig: "When you encourage consumption by inhibiting your interest rates from rising to theirequilibrium level, you will in fact buy problems, and we have in fact bought problems"
≈≈≈
 
Ron Paul at Congressional hearing on return to thegold standard.Greek Economy Minister Michalis Chrysochoidis:
―… it doesn't look like the government can count on
many of their fellow Greeks being willing to sacrifice
themselves for the interest of The State.‖
 
≈≈≈
 
… Assets Priced in Gold Show No
Inflation.
≈≈≈
 
Reuters:China to refine gold to 99.999 purity. FromM.M. Australia.
≈≈≈
 
 The Gold Standard Institute receives a great plug from the  ABC Bullion Blog  in Sydney Australia.
≈≈≈
 
:Enough Already, Let‘s Return to the
Gold Standard.
≈≈≈
 
Silliest paragraph of the year award goes to  The WallStreet Journal
… ―On Thursday, the newest tenant in
 Donald Trump's 40 Wall Street, a 70-story skyscraper in Manhattan's Financial District, willhand Mr. Trump a security deposit worth about$176,000. No money will change hands
 — 
just three32-ounce bars of gold, each about the size of atelevision remote co
ntrol.‖
 
≈≈≈
 
CNBC:Central Banks Can Fail, Should Return ToGold Standard: Asset Manager
≈≈≈
 
≈≈≈
 
 – 
Sydney Australia The Gold Standard subscribers may be interested inthe second Gold Symposium in Sydney at on 14 and15 November 2011, with a line-up of excellent and well known speakers (John Embry, Egon vonGreyerz, Ben Davies, Eric Sprott etc), as well as goldmining company presentations and exhibitions.Follow the link at for further details.
 
 The Gold Standard
 
 The Gold Standard Institute
 
Issue #10
● 15
October 2011 3
 
Letters to the Editor
Did an article in The Gold Standard get you hotunder the collar? Feel compelled to share an insightprovoked by an author
‘s commentary? ―Letters‖ to
the Editor are welcomed by email topb@monetarymetals.org . 
Report from Utah
 A primary motivation when I write is the chance toexpress my thoughts on issues involving the politicalstruggle over the monetary system, including theimplications for individuals and for civilization as a whole. Therefore, I was eager to attend the Utahmonetary summit earlier this week.For readers unaware of developments at the statelevel in America, some very intelligent, keenly motivated, and highly principled politicians areattempting to re-introduce gold and silver money alongside fiat currency. Yes, I realize that lastsentence sounds improbable in at least one way. Butlet any doubter do his own research into thismovement. I suspect he will agree the practical wisdom of these men, and their unelected fellow-travellers, is impressive in its depth and scope.Using a combination of the existing provisions of the US Constitution, the applicable judicialprecedents, old-fashioned political know-how and asophisticated understanding of the importance of moral legitimacy, these gold warriors are pursuing astrategy with an excellent chance of success.Furthermore, I would question the motivations of anyone who discounts the importance of theseevents, as one well-known and otherwise insightfulcommentator did recently. When an individual - or even an organized group of people - defies the monetary authorities, it isrelatively easy, despite the internet, for their voices tobe silenced by federal misuse of existing statutes orregulation. But when a state government moves toexercise its clear constitutional rights, thepsychological impact is ultimately impossible tocontain. Utah has been the first, but others are closeto passing the required legislation. Presently thereare a dozen states in various stages along the pathUtah has taken, with South Carolina looking to bethe next on board.
 America‘s founding fathers understood extremely 
 well the various ways in which would-be tyrantscould corrupt even the best constitution. It is a
testament to the founders‘ brilliance and foresight
that even at this late date we still have a possible way out of our monetary difficulties, prior to a systemiccollapse. A single American state, let alone a groupof them, introducing gold and silver currency lawscannot help but hasten the universal return of themetals. Unfortunately, time is not wholly on ourside. The weaker the economy becomes, the morefearful and dependent grows the citizenry. Andmore likely to forget they ever had inalienable rights,let alone try to re-assert them.On what, then, do I base my optimism for thesuccess of this strategy? Part of the answer lies inthe story an Idaho state senator told of how hisfellow legislators exploited an entrenched power
structure‘s need to save face in order to accomplish
an urgent goal with respect to wolves. On thesurface it has nothing to do with getting preciousmetals back into circulation, but at a morefundamental level it may illustrate the key to theproblem.Some time ago, wolves had been re-introduced intoIdaho under the authority of federal endangeredspecies initiatives. The animals had taken advantageof their protected status to breed to the point of becoming a serious plague on livestock, and also athreat to humans through disease and direct attack.Unable to obtain federal government permission fora cull despite repeated formal requests, the stategovernment passed legislation declaring anemergency based on the threat to life and property. As this would have allowed a cull to proceed indefiance of the environmental rules, federalauthorities relented. Permission to cull arrived theday before the Governor of Idaho was about to signthe emergency bill into law. When politically ormorally outmaneuvered, illegitimate authorities oftenprefer to retain the appearance of their control ratherthan see it openly defied. The stakes are higher withregard to the monetary system, but the principle isthe same.

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