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Thread: "Money Is Gold... And Nothing Else"

  1. #1

    "Money Is Gold... And Nothing Else"

    https://www.zerohedge.com/news/2018-...d-nothing-else
    https://dailyreckoning.com/money-gold-nothing-else/

    Authored by James Rickards via The Daily Reckoning,

    Following the Panic of 1907, John Pierpont Morgan was called to testify before Congress in 1912 on the subject of Wall Street manipulations and what was then called the “money trust” or banking monopoly of J. P. Morgan & Co.

    In the course of his testimony, Morgan made one of the most profound and lasting remarks in the history of finance. In reply to questions from the congressional committee staff attorney, Samuel Untermyer, the following dialogue ensued as recorded in the Congressional Record:

    Untermyer:I want to ask you a few questions bearing on the subject that you have touched upon this morning, as to the control of money. The control of credit involves a control of money, does it not?

    Morgan:A control of credit? No.

    Untermyer:But the basis of banking is credit, is it not?

    Morgan:Not always. That is an evidence of banking, but it is not the money itself. Money is gold, and nothing else.

    Morgan’s observation that “Money is gold, and nothing else,” was right in two respects. The first and most obvious is that gold is a form of money. The second and more subtle point, revealed in the phrase, “and nothing else,” was that other instruments purporting to be money were really forms of credit unless they were redeemable into physical gold.

    My readers know that I am a big proponent of gold. We should all be mindful of Morgan’s admonition, and not lose sight of the way in which real wealth is preserved through manias, panics and crashes.



    ...
    ZeroHedge Quoted, Full article on second link. The guy toots his own horn for a bit, but goes on to validate the original statement a bit later after his self promotion...



    So Bernanke says Gold isnt money, but that is what the Central Bank holds and uses to back the value of currency? So its not money? How about this. I tell you it ISNT money because it actually IS money so I can have more REAL MONEY and sell everyone else on fake Fiat Currency!

    This is how the Scam continues. This is HOW the same quantity does not have the same value.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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  3. #2
    So Bernanke says Gold isnt money, but that is what the Central Bank holds and uses to back the value of currency?
    The Fed does not hold any gold. The US gold reserves belong to the US Treasury- the Fed does help store it for them but they don't have any gold themselves. As for backing the dollar- that ended decades ago. The currency is not backed by gold anymore.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.

  4. #3
    Quote Originally Posted by Zippyjuan View Post
    The Fed does not hold any gold. The US gold reserves belong to the US Treasury- the Fed does help store it for them but they don't have any gold themselves. As for backing the dollar- that ended decades ago. The currency is not backed by gold anymore.
    I would disagree slightly. On paper gold is not backing our money.
    In practice however, it still holds this function to a certain extent. This is why it's still there (at least, we assume it is).

    It's a good hedge.
    "I am a bird"



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