To: Don Green who wrote (35041 ) 6/9/1999 4:40:00 PM From: KobaltBlauw Read Replies (4) | Respond to of 116761
Don, you remind me of my 8 year old nephew who constantly badgers me with the same old tired stories about why he's right and I'm wrong... I have absolutely NO doubts about the continuing ascent of man. I also have no doubt that at some point in the future those pieces of paper in your wallet will become exactly what they're worth. Just as the hundreds of other currencies before them have. Which is why I continue to trade pieces of paper for pieces of gold. I couldn't care less if it falls another $100. In fact I hope so, so that I can get even more metal for my paper. You're probably chuckling smugly to yourself right now, thinking I'm a fool. I really couldn't care less though. You go build your paper mountain and I'll go build mine out of gold. I post the following occasionally, more as a reminder to myself than anything else that we've been here, done that and I doubt that things "really are different this time." If you think goldbugs need "Doom and Gloom" to prosper you don't understand the nature of money. All of these news clippings could just as easily have been written today with Don Green as the author... -------------------------------------------------------------------- From NEWS and VIEWS ( USA Gold ) Newsletter, feb 98: The following are quotes published recently by James Blanchard in his GOLD NEWSLETTER. Please note the similarities between what you see and hear now in the financial press and what was being said in 1976, just before gold made its historic run to nearly the $900 level. At the time these comments were made, gold was in its darkest hour having collapsed to the $100 level under the pressure of US Treasury and IMF gold sales. ************************************************ "I don't know where we go from here. I'd hate to say $90 an ounce, but I suppose even that is possible."......Wall Street Journal 7/20/76 ************************************************ "Thanks to the latest IMF dumping of the stuff ( gold ) , the great rush of '76 --to unload-- took on the makings of an old fashioned panic. But take heart, gold bugs! Dick Donelly, from his privileged perch in Commodities Corner, assures us that the intrinsic value is at least $5 an ounce."...........Barron's 7/22/76 ************************************************* "...Gold, that fair weathered friend, is distinctly out of fashion. Even to bring out the subject is to lay oneself open to sneers."................... .......Financial World, Fall 1976 ************************************************* "There seems to be little to stop the price of gold going below $100 an ounce."....................... ...........The Economist, 9/11/76 ************************************************** "The new low for gold is an indication that the central banks of the world, particlarly the US Federal Reserve, and the West German Bundesbank, are determined to press on their plans to demonetize gold regardless what that does to the price.".... .................Business Week,9/13/76 ************************************************ "The rebound in the gold price from the low of $103 in August to around $140 by mid-November probably isn't the beginning of another sustained boost because neither runaway inflation nor recession are immediate global threats. That's the view of gold watchers who aren't 'die-hard' gold bugs."...... ............Money Magazine 12/76 -------------------------------------------------------------------- "...Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion--when you see that in order to produce, you need to obtain permission from men who produce nothing--when you see that money is flowing to those who deal, not in goods, but in favors--when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you--when you see corruption being rewarded and honesty becoming a self-sacrifice--you may know that your society is doomed. Money is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot. ...Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it becomes, marked: 'Account overdrawn...' from a speech by Hank Rearden "Atlas Shrugged" by Ayn Rand