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Gold/Mining/Energy : Gold Price Monitor

GDXJ 129.79

+4.6%

4:00 PM EST

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To: Alex who wrote (25344)	1/4/1999 1:19:00 AM
From: E. Charters	Read Replies (1) of 116958

It is interesting to not that some time ago the British Crown confiscated all the people's jewelry and Gold that was stored on deposit in the Tower of London. This was done in order to build a fleet of naval vessels. This was the origin of Royal ownership of much of the crown jewels. This enraged the gentry so much that they began to deposit their gold with goldsmiths in England who became money lenders based on the deposited gold. They lent money by note based on a fractional reserve system of 25%. That started the English Banking system. It was later in the 18 century that the King, no longer able to steal gold from the "rich", made a deal with the goldsmiths and the banks became chartered by Royal proclamation. They lent money to the crown and were allowed to lend that same money, supported by bonds, to the people. This was the birth of imaginary wealth and government confiscation by guile rather than force. EC<:-}

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