fredag 19 december 2008

Uncle Sam may grab your gold

En läsvärd artikel i sin helhet:

"So what are these Keynesian boy wonders going to do next? This week, the first big lever has been pulled and the Fed funds interest rate has been cut to zero. (With the US and Japan at virtually zero interest rates, most major countries will follow). In addition, the newly-elected administration will be stepping on the gas and we could see Treasury deficits of 10 percent of GDP; for most governments around the world, deficits could easily exceed seven percent of GDP."

"What other tricks with your money will these economists dream in the coming months? As Treasury Secretary under President Bill Clinton, Professor Summers believed in Gibson's Paradox. Gibson’s Paradox was a trick used by the government to manipulate the price of gold down, thus creating the illusion that if the price of gold is weak, the dollar must be strong! He loved Gibson's Paradox. He actively helped major governments including the United Kingdom sell gold, and even today the US is still trying to hold the price of gold down by manipulating the gold futures markets. Because of his actions over 10 years ago, it’s been hard to resist not accumulating gold and silver, and I suspect he’d love to pull off this trick again now, or try something even bigger, if that doesn’t work!"

"With Professor Summers back at the wheel in the fast lane shifting gears, he may soon be in total disbelief when he realizes the attempts to push down the price of gold – to make the dollar look strong – are not working! Although he is extremely bright, he’s famous for turning red and going ballistic when forces outside of his control don't go his way. Why should you care? One reason is that the Treasury sets US economic policy for the value of the dollar, and he’ll be the magician behind the scenes. Guys like him have a need to control and there is nothing more important in the world than the value of the US dollar. With gold running in short supply, to support a Gibson’s Paradox policy he’ll be searching for ways to beg, borrow, or steal gold to support the dollar but it won’t be easy while the Fed is printing up trillions of dollars to fight deflation, and holding interest rates at zero.

Beware! If you currently own gold through an ETF it may not be safe. With one little stroke of the President's pen, it can be confiscated by the US Treasury for so-called national security purposes. The government officials will claim they are out to protect US citizens from speculators whom they blame for the dollar collapsing, but in reality their policies that will force Americans, who actually want to save, to flee the dollar. So, could the US Government grab your gold in an ETF?

The act of governments stealing gold and robbing currency holders is nothing new, even in America. President Roosevelt grabbed the gold and devalued it in the 1930 Depression, and Nixon jumped off the gold standard in the 1970s. In order to save the nation the government will need to save the dollar, and the right way to do this would be to run prudent fiscal policy with low budget deficits, and have the Federal Reserve raise interest rates to encourage savings. But the easy short-term fix is to steal some gold now owned by a few who were only trying to protect their savings."

http://www.financialsense.com/editorials/benson/2008/1218.html

Men sedan är ju frågan om det bara är ETFs man bör vara vaksam på och varför inte även fysiskt guld. Återigen lär av vad som hänt även här tidigare i historien:

Red Alert: Gold Backwardation!!!
http://intheendwerealldebt.blogspot.com/2008/12/red-alert-gold-backwardation.html

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