And it continues... Bank Run in Hong Kong...

[RonPaulVolunteer]

http://www.bloomberg.com/apps/news?p...efer=worldwide


Hong Kong Savers Fret as Bank East Asia Fights Rumors (Update2)
By Kelvin Wong and Theresa Tang

Sept. 25 (Bloomberg) -- For the first time since the Asian financial crisis more than a decade ago, Hong Kong has faced a bank run.

Hundreds of depositors lined up at the city's third-largest lender Bank of East Asia Ltd. yesterday as the bank hit out at ``malicious rumors,'' and Chairman David Li rushed back to Hong Kong from the U.S. to reassure clients and investors. The city's central bank jumped to BEA's defense and police said they're investigating phone text messages questioning its health.

``The rumors were groundless,'' Li, 69, told reporters at Hong Kong's airport late yesterday. ``The bank has no problem.''

BEA's woes underline how a year of turmoil in financial markets has undermined confidence in the global banking system. Britain's government last year bailed out mortgage lender Northern Rock Plc after a run. The U.S. took over American International Group Inc., the nation's biggest insurer, to prevent the worst financial collapse in American history.

In Singapore, customers thronged outside the offices of AIG's local unit this month to terminate their policies.

[ronpaulforprez2008]

I don't believe the run-on-banks BS, my initial reaction is that it is fear mongering.

[Jeremy]

Hong Kong is the most economic free place in the world. So what's this about?

[enjerth]

Hong Kong is the most economic free place in the world. So what's this about?

It's the economy, but more to the point it's fiat currency that's manipulated to promote endless economic growth (overgrowth) and the more overgrowth we experience, the more drastic measures needed to promote further growth. Recessions crash the party, but it's the natural balance that's being neglected -- REPRESSED -- in the market.

It doesn't matter how FREE a market is if it's SLAVE to fiat currency.

[FreeMarketEconomy]

What is wrong with fiat currency?? And, the gold standard is supposed to be better??

There is nothing wrong with fiat currency. The problem is with the corruption of government and the crazies who use fear to sway people towards the gold standard or stay with fiat money.

[RonPaulVolunteer]

What is wrong with fiat currency?? And, the gold standard is supposed to be better??

There is nothing wrong with fiat currency. The problem is with the corruption of government and the crazies who use fear to sway people towards the gold standard or stay with fiat money.

Wow, with a handle like you have, one would expect you to be educated to these things.

[hopeforamerica]

Wow, with a handle like you have, one would expect you to be educated to these things.

Don't feed the trolls(even the cute little harmless ones)....I have a feeling this one signed up to have a little fun on the forums. Just a guess, but check out the post history

[FreeMarketEconomy]

Wow, with a handle like you have, one would expect you to be educated to these things.

Well give me proof that fiat money is a lot worse than the gold standard. Please, be very detailed and apply it on micro and macro levels.

Give me proof that government is not corrupt.

Give me proof that crazies on both sides of the coin are not using fear to enhance their causes.

[CasualApathy]

Well give me proof that fiat money is a lot worse than the gold standard. Please, be very detailed and apply it on micro and macro levels.

Give me proof that government is not corrupt.

Give me proof that crazies on both sides of the coin are not using fear to enhance their causes.

LOL

Since you asked the question I think its only fair that you answer the reverse;

Please give me proof that fiat money is a lot better than the gold standard. Please, be very detailed and apply it on micro and macro levels.

[TGautier421]

Well give me proof that fiat money is a lot worse than the gold standard. Please, be very detailed and apply it on micro and macro levels.

Give me proof that government is not corrupt.

Give me proof that crazies on both sides of the coin are not using fear to enhance their causes.

Dude your views are... completely backwards.

[RonPaulVolunteer]

Well give me proof that fiat money is a lot worse than the gold standard. Please, be very detailed and apply it on micro and macro levels.

Give me proof that government is not corrupt.

Give me proof that crazies on both sides of the coin are not using fear to enhance their causes.

Since gold has been money for 6000 years, the burden of proof is firmly on you. Prove that FIAT currency is better than gold.

[freelance]

Did any of you watch Bush last night? I have a hard time believing that we aren't having bank runs here.

[FreeMarketEconomy]

Since gold has been money for 6000 years, the burden of proof is firmly on you. Prove that FIAT currency is better than gold.

No one is forcing you to stay with the USD currency. There are many other currencies in the world. And, you can even buy commodities, such as gold.

I thought Ron Paul was against a one world currency, wouldn't the gold standard be a one world currency?

[RonPaulVolunteer]

No one is forcing you to stay with the USD currency. There are many other currencies in the world. And, you can even buy commodities, such as gold.

I thought Ron Paul was against a one world currency, wouldn't the gold standard be a one world currency?

You're kidding right?

Ah, I'm not even going to bother. You haven't got the foggiest have you.

Bye, good luck troll.

[FindLiberty]

Thanks, best laugh I've had all day...

(Provide proof that 6000 year old gold is somehow a bigger problem) than our fractional reserve banking and fiat paper printing process that lets government grow as it silently eats up all our wealth without direct taxation. Inflation is just a tax on the nation's poor and future generations that's used to fund today's largess.

ANSWER: Gold would be great as a worldwide currency!!! It's hard to print gold out of thin air! The only risk I can think of would happen if large pure gold meteors started bombarding the Earth every day. The "gold currency" would then inflate and prices would rise.

[dannno]

Well give me proof that fiat money is a lot worse than the gold standard. Please, be very detailed and apply it on micro and macro levels.

Give me proof that government is not corrupt.

Give me proof that crazies on both sides of the coin are not using fear to enhance their causes.

Give me proof that if we had a stable, honest currency backed by permanent assets that the "corrupt government" would be able to do anything??

You don't seem to understand the purpose of having a non-fiat currency. You should listen to Ron Paul more often, he explains it very clearly. The purpose is so that the corrupt politicians cannot take advantage of the currency!

[FreeMarketEconomy]

The real trolls are the ones who troll about trolling. Think about it.

[ThePieSwindler]

Since gold has been money for 6000 years, the burden of proof is firmly on you. Prove that FIAT currency is better than gold.

Ah the appeal to tradition and a bit of a non sequitor. Surely, this means you have history on your side...

except that the vast majority of that 6000 years, gold has not correlated at all with prosperity or stability. It just happened to be what people used for money because its some rare shiny metal that isn't too easily counterfeited because of its rarity.

Gold being used for 6000 years is a wholly insufficient argument for gold to be used now and in the future. That's great that it has stood the test of time as a medium of exchange, but that gives no evidence as to its actual utility, because there are plenty of things humans have done/used for millenia that certainly do not need to be reinstated. And i'm not necessarily against a gold standard, but FreeMarketEconomy is demonstrating why these forums often suck - people pile on, use questionable arguments, or resort to name-calling, and it is assumed here that everyone MUST agree on a specific issue or they are an EvIL TROLL!!?!? A traditional gold standard just gives more power to an already inept and useless congress - and it politicized the money supply, just as it was politicized for much of the late 19th and early 20th century (like during the free silver movement and WJ Bryan's cross of gold speech). If a commodity-based standard is to truly work, it needs to be set up under an institution similar to the fed, given power by congress, but with independent oversight... or at least set up under some alternative form. But it needs to be a very, very different structure from what we commonly think of (this historical gold standard).

Don't take this post as a defense of fiat currency - most certainly it is not that (though fiat currency does have its advantages over gold..), but rather a bit of a reality check on the need of people in this forum (not singling you out specifically, RPVolunteer) to focus their arguments and think critically of their own positions a little bit.

[Chester Copperpot]

What is wrong with fiat currency?? And, the gold standard is supposed to be better??

There is nothing wrong with fiat currency. The problem is with the corruption of government and the crazies who use fear to sway people towards the gold standard or stay with fiat money.

When having to choose between the honest of politicians and gold, gold wins every time... This is the problem of fiat currency.. Even since the days of Rome, this has been the problem.

[dannno]

The real trolls are the ones who troll about trolling. Think about it.

What are you talking about? I just pwned you.

If you can't understand that private banks manipulating the currency is not a "free market" activity, then you are stupid and have no real knowledge of what a free market actually is.

[eric_cartman]

Well give me proof that fiat money is a lot worse than the gold standard. Please, be very detailed and apply it on micro and macro levels.

Give me proof that government is not corrupt.

Give me proof that crazies on both sides of the coin are not using fear to enhance their causes.

government is corrupt, and that's the main reason why they cannot be trusted with fiat money... because they will just keep printing it

and the proof that fiat currencies don't work, is that all fiat currencies throughout history have all collapsed. there are many examples of this happening. gold is the only currency that has held its value for thousands of years.

[nbhadja]

What is wrong with fiat currency?? And, the gold standard is supposed to be better??

There is nothing wrong with fiat currency. The problem is with the corruption of government and the crazies who use fear to sway people towards the gold standard or stay with fiat money.

Umm sorry but you could not be more wrong.
Gold has had a strong purchasing power for thousands of years.
Fiat currency is useless paper and ALL fiat currencies have died.

[nbhadja]

No one is forcing you to stay with the USD currency. There are many other currencies in the world. And, you can even buy commodities, such as gold.

I thought Ron Paul was against a one world currency, wouldn't the gold standard be a one world currency?

Ron Paul is for competing currencies, in which gold and silver would murder useless paper money.
Get out of here you uneducated facist communist troll.

[Dave39168]

Free Market Economy. Actually we are forced to stick with the US dollar atleast to some degree, because its the only thing our government will accept for payment for all the taxes they hit us with.

Legalize freedom. Legalize competing currencies. Then everything works itself out. If I want to use precious metals for exchange, A true free market will determine what they are worth. If you want to use fiat for exchange, the market will determine what that paper is worth.

I don't have a problem with anyone using fiat, but the problem is when people get arrested for using silver (like the Liberty Dollar people...). They broke no laws that I can see. In fact the constitution says something along the lines of "only gold and silver shall be legal tender..." So let currencies compete freely in the market, and keep gold and silver legal tender for paying (minimal) taxes, just as the constitution says.

[RSLudlum]

Did any of you watch Bush last night? I have a hard time believing that we aren't having bank runs here.

yeah, there is a bank run........The banks with our govenment's help are running for our pockets!

[jcarcinogen]

An ounce of gold in Roman times could buy a tailor made toga and some quality shoes, comparable to a nice suits and shoes today that is worth the amount of an ounce of gold.