Posted by Ivo Cerckel on 9th December 2008
QUOTES
“Moreover, by implication, it would also be the end of the irredeemable dollar as we know it. I am convinced that the managers of the irredeemable dollar are not afraid that their prodigious dollar proliferation policy endangers the value of the currency, Quantity Theory of Money notwithstanding. What they are afraid of is that the gold bulls will force Comex to close its gold window by cornering the supply of gold certificates. When that happens, it will be not only “gold is not for sale at any price” but also
“oil is for sale only against payment in gold”.
+
“The “last contango in Washington” refers to the end of the hegemony of the irredeemable dollar that is in no position to throw its weight around any more. The advent of backwardation means that a writing has appeared on the wall: “Mene tekel, upharsin”: the dollar has been weighed and found wanting. On the last day of this year of economic and financial surprises we shall know whether the backwardation in gold is permanent, or whether it will become permanent only after the inauguration of the new president, at the expiration of the next active gold futures contract in February.”
( Has The Curtain Fallen On The Last Contango In Washington?
Posted Monday, 8 December 2008
Source: GoldSeek.com Copyright © 2008
by Antal E. Fekete
Gold Standard University Live
http://news.goldseek.com/GoldSeek/1228744800.php )
Posted in Uncategorized | No Comments »
Posted by Ivo Cerckel on 9th December 2008
Your savings in dollar? – soon to be worthless
Engllish -language video with Spanish subtitles:
Hal Turner muestra el Amero – 08:33 – 08/10/2008
http://video.google.com/videoplay?docid=1954933468700958565&hl=es
Text document:
Amero Uproar
http://www.snopes.com/politics/business/amero.asp
SNIP
Claim: The U.S. has been producing the “Amero,” money to be used by an economic union of the USA, Canada, and Mexico.
Sierra Madre (usagold.com 08December2008; 16:23)
Cytek and all: thoughts on the Amero…
http://www.usagold.com/cpmforum/
1. The “Amero notes” that Hal Turner presents, could easily be manufactured in any of thousands of computer design equipments. They might be totally false.
2. Devaluation of 90%, as predicted by GEAB, “Global European Anticipation Bulletin” is a quite logical move for a country that has gotten itself into such a mess as the US has on its hands.
3. However, the US cannot do what any other “banana republic” can do as a matter of course. Under “Banana republics” I classify, for instance, Argentina as well as dozens of minor economies in the world.
4. A 90% devaluation would not only directly impoverish Americans immediately, it would also devalue by 90% the value of international reserves held in Dollars by C.Bs. around the world. Also devalued, would be enormous holdings of Dollars by foreign corporations and individuals. About 60%, at least, of International Reserves held by Central Banks – $6.7 Trillion dollars – are held in Dollars. That means that $4 Trillion of Reserves would turn out to be worth only $400 billion.
5. A move such as this would inevitably provoke the hostility of C.Bs. around the world. The US would be, at a stroke, an outcast and enemy of the rest of the world.
6. Such a move does not correspond with the “neocon” objectives for the US as an imperial power, an objective that has not been abandoned.
7. For these reasons, I continue to disbelieve Hal Turner’s allegations.
8. Just to be on the safe side – hold GOLD! (And silver, too.)
SIERRA
Posted in Uncategorized | No Comments »
Posted by Ivo Cerckel on 9th December 2008
How could regulation have prevented this crisis?
We are in a systemic financial crisis.
This crisis is due to the phenomena of worthless digital liquidity and fraudulent fractional-reserve banking.
If we want to solve the crisis, we have to replace these phenomena with something which has value and which is not fraudulent.
Not so for Qatar, nor for the Washington-based Institute of International Finance (IIF).
Qatar, where the central bank is still responsible for banking regulation, is reconsidering the structure of a new super-regulator. (1)
The IFF says that, despite the recent plunge in oil prices, the six Gulf Co-operation Council states are in control of massive funds to allow them to intervene and prevent the collapse of key regional banks. (2)
Qatar and the IIF are not interested in solving this crisis.
Qatar and the IIF want to save/preserve the existing riba-system of worthless digital liquidity and fraudulent fractional-reserve banking at all cost.
Ivo Cerckel
(1)
Financial sector: Regulators seek the right framework
By James Drummond
Published: December 8 2008 16:34 | Last updated: December 8 2008 16:34
http://www.ft.com/cms/s/49469108-c4bf-11dd-8124-000077b07658,s01=1.html
SNIP
But the events of recent months have caused the authorities to reconsider the structure of a new super-regulator. The central bank, still responsible for banking regulation, is a traditional institution. But its strict formulations are credited with maintaining liquidity – so far – in the local banking system.
(2)
GCC will not allow bank collapses amid global financial crisis
By Nadim Kawach on Monday, December 08, 2008
http://www.business24-7.ae/Articles/2008/12/Pages/12082008_090a25f034104540b0bbd6e79db00c43.aspx
SNIP
Despite the recent plunge in oil prices, the six Gulf Cooperation Council states are in control of massive funds to allow them to intervene and prevent the collapse of key regional banks, the Washington-based Institute of International Finance (IIF) said in a study.
Posted in Uncategorized | No Comments »