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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Rolla Coasta who wrote (10902)	11/1/2006 5:28:37 AM
From: TobagoJack	Read Replies (2) \| Respond to of 217802

<<golden>> ... from richard russell day before yesterday A few months ago a subscriber was kind enough to send me a booklet written by the economist, Dr. Franz Pick. He was an economist, schooled in Europe. Pick has also lived through the inflations following World War I and World War II. Twenty years ago Pick was a name recognized by everyone in this industry. Among other things, Pick was famous for one sentence. The sentence was "Bonds are certificates of guaranteed confiscation." What Dr. Pick meant was that through a policy of systematic inflation, holders of bonds were guaranteed to see their bonds buy less and less in the way of purchasing power as the years went by. Last night I was reading some of Dr. Pick's writing. Here's what I read -- "There have been three fraudulent state bankruptcies in the history of the United States. The first was in January 1934. The official price of gold jumped from $20.67 per ounce to $35. "The second dollar devaluation, a comic book event, took place in December 1971. The official price of gold increased from $35 per ounce to $38. "Then, on February 12, 1973, the dollar was devalued for the third time. The official price of gold increased to $42.22 per ounces. "The two most recent devaluations alone amounted to about 18%. If we continue to do this, we are going to ruin the Unites States, and we may drift into dictatorship. "The destiny of the currency is, and always was, the destiny of the nation."