Wall Street Breakfast: Must-Know News [View article]
Japan needs to stop selling debt to Japanese citizens. Those citizens will take their last Yen to support their government. Japan will never be able to create any inflation if they continue their current approach.
With a record of poor shareholder returns, why do the TBTF banks (JPM, C, BAC) even exist, writes Sheila Bair. Capital markets certainly wouldn't finance such "unstable behemoths" if it weren't for their de facto government backstop. Jamie Dimon can provide a better return to shareholders by recognizing his bank is worth more in smaller pieces. [View news story]
Wow....brilliant. Seems like someone finally has the guts to call them out. Way to go Sheila !
You don't have to shave....all you have to do is mint various sizes. They do that now with gold - 1 oz, 1/2 oz, 1/4 oz and 1/10 oz. They do not make 1/2 "dollars" or 1/4 "dollars" or 1/10 "dollars" in silver.
Your statement of my belief is actually not true. I do touch it and I do buy and sell it. I give physical away as gifts. Sometimes, I consider, but have not pulled the trigger on trading some of this asset class for other asset classes. Sometimes I just sell some to buy other things. That's exactly what I would do if it were legal tender at 'market' value.
People don't circulate Eagles because it is illegal....well, not technically, you can use them as legal tender at a $1 and $50 respectively for silver and gold, but who would do that? Presumably, if the legal tender "face" value were consistent with the market value of 1 ounce of gold, then anyone would be able to use them in everyday commerce. As it is, if I bought one for $500 and sold it for $1500, I would theoretically have to pay a tax on the gain, whereas if it were tradable at "market value" of 1 ounce, then there would be no reason to have a gain. You buy an ounce, you sell an ounce and that's all there is to it.
Sorry....my point was there is now no need for a fixed exchange rate. It can be a floating exchange rate determined by market forces, just like currency exchange rates are. With computer/internet technology, anyone in any business could tell you what the exchange rate was between FRN's, Gold, Silver, EU, Yuan, etc.
Wow....not a single comment on these results all day long. Ho hum.....I guess we're just plodding along for now and things are not getting much better. Barely creating enough new jobs to handle growth in population at the civilian workforce level. But wait.....I'm sure we'll see unemployment numbers fall as the workforce keep shrinking.
Where Are Gold Prices Headed: Flat, Down Or Up? [View article]
Well let's just say this. If you have to power to create a bubble and then explode it, or if you have the power to create inflation or hyperinflation, then you have the power to create cycles and if you know the intent in advance, they you have the power to profit from that knowledge.
Where Are Gold Prices Headed: Flat, Down Or Up? [View article]
Article 1 Sec 8 Para 5 gave the power to Congress to "coin money and regulate the value thereof". The Coinage Act of 1792 identified the nature, weights, amounts etc of gold and silver coins. It originally identified $10 of gold as the equivalent of 16 grams of pure gold.
I would be happy if the cashier would accept the WMW IOU's. They are high quality and traded quite extensively within my family.
On the other hand, regarding gold or silver coins. I am more than happy to have the US mint stamp and certify weight and fineness. That's their job and they do it today with Gold Eagles and Silver Eagles. When they produce those, anyone with cash is capable of exchanging cash for coins. If I happen to have a good period in the market and make $250,000, then I can determine whether to hold FRN's or Gold or Silver or any combination. I could just as easily take my FRN's down to the store, but in some circumstances I might find myself short of FRN's. I may decide I want to take Gold when I go on my trip to Europe or Asia and having a few ounces that I could use for walking around money would be easier than converting USD to Yuan to EU's to HKD, etc. I could lose 40% just in converting back and forth in a couple weeks.
"A legally fixed exchange rate of Fed notes and gold and legal tender laws would be necessary for this to happen".
I used to think that way too, until I charged my hotel room in Shanghai to my AMEX and got billed in USD with a slight FX conversion fee attached to it. If AMEX can do that every day of the week all over the world, then any Point of Purchase system anywhere in the world can function to effect an gold or silver backed transaction at any time. All I have to do is present my gold or silver coin to the cashier, they accept it, input the denomination into the POP system and the system converts and tells them what change to give in currency, or they can change in specie. I could have a real AMEX "GOLD CARD", and it could debit and credit my account based on transactions and the balance on my card could be accessible at any time over the internet. I could deposit 4 ounces of gold and spend for the next 3 months any way I wanted. Today's technology would make it all very simple.....IMHO.
Because they are smart. Because they see the descendency of the USD. Because they are working together to develop an alternative the USD as a reserve currency. Because they are over allocated to USD (at least China). And likely because the no name faces that run the world and who are moving the world toward the NWO are enlisting their support (either as insiders or unwitting dupes) to put an end to the USD as reserve currency - thus pulling the legs out from the one country in the world with a US constitution and the military to back it up.
Wall Street Breakfast: Must-Know News [View article]
At the top of Goldman Sachs' VIP List of 50 stocks most important to hedge funds is Apple (AAPL), followed by GOOG, ESRX, MSFT, QCOM, C, GM, PCLN, JPM and LMCA. Leading the list of the firm's top 50 short positions is JNJ, XOM, INTC, IBM, AMZN, T, CVX, VZ, DUK and DIS. [View news story]
With a record of poor shareholder returns, why do the TBTF banks (JPM, C, BAC) even exist, writes Sheila Bair. Capital markets certainly wouldn't finance such "unstable behemoths" if it weren't for their de facto government backstop. Jamie Dimon can provide a better return to shareholders by recognizing his bank is worth more in smaller pieces. [View news story]
Gold: A Seismic Move Is Coming [View article]
Why I Am Short Gold: 5 Reasons [View article]
Why I Am Short Gold: 5 Reasons [View article]
Your statement of my belief is actually not true. I do touch it and I do buy and sell it. I give physical away as gifts. Sometimes, I consider, but have not pulled the trigger on trading some of this asset class for other asset classes. Sometimes I just sell some to buy other things. That's exactly what I would do if it were legal tender at 'market' value.
Why I Am Short Gold: 5 Reasons [View article]
Why I Am Short Gold: 5 Reasons [View article]
Initial Jobless Claims: 370K vs. 371K consensus (prior week revised to 372K from 370K). Continuing claims -29K to 3.26M. [View news story]
Where Are Gold Prices Headed: Flat, Down Or Up? [View article]
Where Are Gold Prices Headed: Flat, Down Or Up? [View article]
Why I Am Short Gold: 5 Reasons [View article]
On the other hand, regarding gold or silver coins. I am more than happy to have the US mint stamp and certify weight and fineness. That's their job and they do it today with Gold Eagles and Silver Eagles. When they produce those, anyone with cash is capable of exchanging cash for coins. If I happen to have a good period in the market and make $250,000, then I can determine whether to hold FRN's or Gold or Silver or any combination. I could just as easily take my FRN's down to the store, but in some circumstances I might find myself short of FRN's. I may decide I want to take Gold when I go on my trip to Europe or Asia and having a few ounces that I could use for walking around money would be easier than converting USD to Yuan to EU's to HKD, etc. I could lose 40% just in converting back and forth in a couple weeks.
Why I Am Short Gold: 5 Reasons [View article]
"A legally fixed exchange rate of Fed notes and gold and legal tender laws would be necessary for this to happen".
I used to think that way too, until I charged my hotel room in Shanghai to my AMEX and got billed in USD with a slight FX conversion fee attached to it. If AMEX can do that every day of the week all over the world, then any Point of Purchase system anywhere in the world can function to effect an gold or silver backed transaction at any time. All I have to do is present my gold or silver coin to the cashier, they accept it, input the denomination into the POP system and the system converts and tells them what change to give in currency, or they can change in specie. I could have a real AMEX "GOLD CARD", and it could debit and credit my account based on transactions and the balance on my card could be accessible at any time over the internet. I could deposit 4 ounces of gold and spend for the next 3 months any way I wanted. Today's technology would make it all very simple.....IMHO.
It's Ben Bernanke! [View article]
Gold: A Seismic Move Is Coming [View article]