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Author Topic: Fear of gold  (Read 2148 times)

Silver

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Fear of gold
« on: January 01, 2016, 03:37:23 pm »

This the most concentrated 5-minute hate on gold and the gold standard I've seen in some time.  Makes me think someone is worried.  Titled as an article about Ted Cruz, by the third paragraph HuffPo has started shrieking about gold, and they never stop.

The article is written as if the editor's guidance was "use as many examples of the classical logic fallacies as possible."

The argument from authority: 
Quote
A 2012 survey of economists conducted by the University of Chicago's Initiative on Global Markets found literally no support for the gold standard among any of its respondents. ...

"A gold standard regime would be a disaster for any large advanced economy," University of Chicago economist Anil Kashyap told the researchers, adding that support for the idea "implies macroeconomic illiteracy."

The ad hominem attack, guilt by association variant:
Quote
"In the late 19th century, the Gilded Age robber barons and big bankers thought the gold standard very modern," University of Texas at Austin economist James Galbraith told The Huffington Post in an email. "I congratulate Senator Cruz; his economics is perfectly in line with his worldview."

The Anecdotal fallacy:
Quote
Say the price of gold drops 10 percent because a new mine is discovered, and speculators fuel a downward spiral in prices. If the dollar is pegged to the price of gold, that means the value of the dollar just dropped 10 percent because someone dug a hole in the ground.

I'm giving them a bit too much credit by calling this an anecdote, when in reality it is a bald-faced lie.  There hasn't been a gold mine discovered in at least 500 years that moved the price of gold that much, and with over 95% of all gold ever mined accounted for, it is next to impossible that one will be found.

They do let a little bit of truth slip by:
Quote
If the dollar gets cheaper, it effectively becomes less expensive to pay workers in dollars. Maybe, then, it would be time to open a factory in Arkansas and shift production away from Vietnam.
Re-patriation of manufacturing jobs.  Can't have that!

Assuming the conclusion:
Quote
"Every country in the world went off the gold standard for a reason," says economist Dean Baker, co-director of the Center for Economic and Policy Research. "It was inconsistent with normal economic policy."

More guilt by association:
Quote
The Cato Institute's Mark Calabria is one of the few serious economists who supports a gold standard. When he talked about it on Glenn Beck's show in 2011, he had to share airtime with a conspiracy theorist from the John Birch Society who once produced a film on chemtrails and wrote a book arguing that vitamin B-17 -- which is actually a poison, not a vitamin -- can cure cancer. Still, Calabria and this guy were able to agree about gold.

Lew Rockwell had a nice summation:
Quote
I wish I thought Cruz was this good. But the GOP bad guys like Ted as a counter  to Trump.

Peace,

Silver
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RVM45

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Re: Fear of gold
« Reply #1 on: January 01, 2016, 06:14:49 pm »

Friends,

I got momentarily confused. You meant TED CRUZ the Idiot Politician. I thought for a moment that you meant TOM CRUZ the Idiot Actor and Scientoligist.

What the Hell? Tom Cruz's thoughts on the subject wouldn't be any more Irrelevant and they couldn't be Stupider…

Probably…

As I see it—and I admit that much of the Fiat Money Economics completely bewilders me much of the time—but the main objection that Fiat Money Apologists could name is that Metal-Backed Currencies prevent the Government from kiting Counterfeit Currency as a Matter of Policy.

If you want the Politicians to posses that Kanabo—Okay—but at least come right out and be Frank about it…

O wait—Modern Politicians do not consider Honesty and Frankness to be Virtues—or if they are, then they're Inconsequential Virtues.



…..RVM45


O yes, and as a Public Service:

If anyone has some of those nasty Precious Metals and you're afraid of them—please send them to me for proper disposal.

{The Title was:  "Fear of Gold".}

Include $10 per pound in Postal Money Orders to help me defray my overhead...
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Bill St. Clair

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Re: Fear of gold
« Reply #2 on: January 02, 2016, 07:45:16 am »

If anyone has some of those nasty Precious Metals and you're afraid of them—please send them to me for proper disposal.

Include $10 per pound in Postal Money Orders to help me defray my overhead...

Heh. I doubt you'll find many takers here, but a comment on the Huffington Post might do better.

Reminds me of the guy filming himself offering people the choice of an ounce of gold or $50. Most of them wanted the $50.
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knobster

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Re: Fear of gold
« Reply #3 on: January 02, 2016, 08:03:35 am »


Reminds me of the guy filming himself offering people the choice of an ounce of gold or $50. Most of them wanted the $50.

Another hilarious film from Mark Dice, showing how brainless the zombies out there really are.  He was offering a bona-fide 1oz silver bar to folks for $10.  He was standing on the sidewalk in front of a coin shop and even told the zombies they could go in with him to verify it was indeed pure silver.  No one took him up on the offer.  I had to bring my jaw up from the floor multiple times.
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Bill St. Clair

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Re: Fear of gold
« Reply #4 on: January 02, 2016, 08:44:06 am »

I misremembered the gold for dollars video. Mark Dice was attempting to sell an ounce of gold for $25, back in 2012, when it was worth $1500.

https://youtu.be/ndshbH3qZ6Y
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"The state can only survive as long as a majority is programmed to believe that theft isn't wrong if it's called taxation or asset forfeiture or eminent domain, that assault and kidnapping isn't wrong if it's called arrest, that mass murder isn't wrong if it's called war." -- Bill St. Clair

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Silver

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Re: Fear of gold
« Reply #5 on: January 02, 2016, 09:13:02 am »

It will remain this way until we heed Mises's advice:

Quote
Gold must be in the cash holdings of everyone. Everybody must see gold coins changing hands, must be used to having gold coins in his pockets, to receiving gold coins when he cashes his paycheck, and to spending gold coins when he buys in a store
Ludwig von Mises, The Theory of Money and Credit pp. 450-51
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slidemansailor

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Re: Fear of gold
« Reply #6 on: January 02, 2016, 09:27:49 am »

I finally got to hold gold coins.
There is awesome power in them; almost tangible.
When you look at one of the little beauties, then run through your head the various things that one coin could be exchanged for.
And know it will not lose value to the whim of some banker.
Sound money is so quiet, yet speaks so incredibly loudly.
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heyoka

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Re: Fear of gold
« Reply #7 on: January 02, 2016, 09:39:01 am »

Quote
Everybody must see gold coins changing hands, must

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Re: Fear of gold
« Reply #8 on: January 02, 2016, 01:58:30 pm »

If anyone has some of those nasty Precious Metals and you're afraid of them—please send them to me for proper disposal.

Include $10 per pound in Postal Money Orders to help me defray my overhead...

Heh. I doubt you'll find many takers here, but a comment on the Huffington Post might do better.

Reminds me of the guy filming himself offering people the choice of an ounce of gold or $50. Most of them wanted the $50.

lucky I was not around, I'd have taken the gold
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DiabloLoco

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Re: Fear of gold
« Reply #9 on: January 02, 2016, 05:37:51 pm »

If anyone has some of those nasty Precious Metals and you're afraid of them—please send them to me for proper disposal.

Include $10 per pound in Postal Money Orders to help me defray my overhead...

Heh. I doubt you'll find many takers here, but a comment on the Huffington Post might do better.

Reminds me of the guy filming himself offering people the choice of an ounce of gold or $50. Most of them wanted the $50.

lucky I was not around, I'd have taken the gold
You and me both, brother! I'd have even gone "Mario" and smashed my head into some bricks for it! :laugh:

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da gooch

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Re: Fear of gold
« Reply #10 on: January 02, 2016, 09:36:24 pm »

snip

Makes me think someone is worried.

snip - snip - snip

Peace,

Silver

This rings true even for me and I am about as far from being an economist as anyone can get.

Now ... Is it Cruz himself or the possiblity of the return of the gold standard that has them so worried?
« Last Edit: January 02, 2016, 09:38:47 pm by gooch »
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knobster

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Re: Fear of gold
« Reply #11 on: January 03, 2016, 07:13:59 am »

Very interesting point about Mario smashing for gold coins DL.  How many of these zombies play many, many games where the money being collected is gold?  And still, they look at an actual gold coin here in the real world and poo poo it.  Amazing...
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Re: Fear of gold
« Reply #12 on: January 03, 2016, 03:31:16 pm »

I misremembered the gold for dollars video. Mark Dice was attempting to sell an ounce of gold for $25, back in 2012, when it was worth $1500.

https://youtu.be/ndshbH3qZ6Y

Youtube hates my computer so I can't watch the video.  But I'd probably flee if somebody made me that kind of offer.  We had a situation locally with some guys trying to sell rare coins cheap at a bus station -- turned out they had murdered the owner.
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Bill St. Clair

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Re: Fear of gold
« Reply #13 on: January 03, 2016, 05:23:59 pm »

Youtube hates my computer so I can't watch the video.

Are you perhaps using Firefox, and when you click a link you see the video but it never plays? If so, try clicking twice on the play button in the lower-left-hand corner of the video area. It will initially be two parallel bars. After clicking it once it will change to a right-pointing triangle. After clicking again, the video should start playing and it will change back to two parallel bars.
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"The state can only survive as long as a majority is programmed to believe that theft isn't wrong if it's called taxation or asset forfeiture or eminent domain, that assault and kidnapping isn't wrong if it's called arrest, that mass murder isn't wrong if it's called war." -- Bill St. Clair

"Separation of Earth and state!" -- Bill St. Clair

Mr. Bill

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Re: Fear of gold
« Reply #14 on: January 05, 2016, 07:59:52 pm »

Are you perhaps using Firefox, and when you click a link you see the video but it never plays?...

Yup, thanks for the suggestion.  Either Youtube or a software update or a geomagnetic storm seems to have fixed the issue, but I'll remember your trick if I have more problems.
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