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Big Changes Ahead: Gold Just Became Money Again

Written by Doug Hornig Subject: Casey Research Articles

On June 18, the Federal Reserve and FDIC circulated a letter to banks that proposes to harmonize US regulatory capital rules with Basel III.

BASEL III is an accord that tells a bank how much capital it must hold to safeguard its solvency and overall economic stability.

It's a global standard on bank capital adequacy, stress testing, and market liquidity risk.

Here's the important bit:

At the top of the proposed changes is the new list of "zero-percent risk weighted items," which now includes "gold bullion," right after "cash."

That's the part to take notice of.

If the proposals are approved by regulators – and that seems likely since adoption of Basel III will be– then this is a momentous change for the gold market.

Now banks will be allowed to hold bullion in their vaults and count it among their Tier 1 assets – in other words, the least risky assets.

That by itself would be bullish for the gold price, as banks that recognize gold's unique characteristics seek to stockpile more of it.

But that's not the whole story…

Gold Regains Money Status

For one thing, Basel III also stipulates that a bank's Tier 1 holdings must rise from 4% of assets to 6%.

That means that banks may not only replace a portion of their existing paper with bullion, but may use it to meet some of the extra 2% as well.

In addition, this vote of confidence from the highest monetary authorities gives further impetus to the remonetization of gold.

In essence, what's happening is that from now on gold will be considered "money" in virtually the same way as cash or bonds.

And banks will be given the choice between holding more of their core assets in history's most reliable store of value vs. paper backed by nothing more than the promises of increasingly wasteful governments.

Finally, there is the impact on individual and institutional investors.

Jeff Clark, in Casey Research's BIG GOLD newsletter, has been guiding gold investors for years. In his view, this news looks set to really shake up the gold market, because as regulators and banks increasingly view gold as having safety on a par with the various paper alternatives, it is logical that they will also see the need to beef up their own holdings.

There are a number of positives for gold going forward.

Though it remains speculation on our part, we believe that the net result of Basel III and associated adjustments to US regulations will be an increased recognition of gold's safe-haven status across all markets.

And that translates into higher global demand for the metal next year, and a concomitant increase in its price.

If you haven't done so already, it's time to get informed on gold and begin adding it to your portfolio.

53 Comments in Response to

Comment by Ed Price
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Thank you, McElchap, for the encouraging words. Why does that other pack run as a pack? Because we need the encouragement of our own. "Birds of a feather ..." you know. Solomon says it better when he says, "Iron sharpeneth iron; so a man sharpeneth the countenance of his friend."

Comment by David McElroy
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 God bless you, Pure Trust. You did a great service in your sharing of the scriptures regarding God's Law versus the evil prevailing under the "color of law" men write for wicked ends. I don't think I can do better than you have. So I walk away from this rather heated and lengthy bout with the "Avengers" who tolerate no means of independence or liberty. They fail to know Christ as libertarian, and prefer the heavy yoke of a stern taskmaster. So I salute you in doing God's work in this forum, where some think Christians should be thrown to the lions. I would walk with you any day!

Comment by Ed Price
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From the Bible...

Saint Paul, writing in his letter to the Galatian people, chapter 5, verse 1 (NIV).

"It is for freedom that Christ has set us free. Stand firm, then, and do not let yourselves be burdened again by a yoke of slavery."

Saint Paul goes on to describe religious legalism as an encroachment on freedom.

But, what is the biggest slave-making "thing" in the whole world? Jesus explains it this way in John 8:34 (NIV)

"Jesus replied, 'Very truly I tell you, everyone who sins is a slave to sin.'"

So, what is sin? First John 3:4 (NIV) says it this way:

"Everyone who sins breaks the law; in fact, sin is lawlessness."

So, what is the law, that there can be lawlessness? Exodus 20:1-17 (NIV) - The Ten Commandments:

1 And God spoke all these words:

2 “I am the Lord your God, who brought you out of Egypt, out of the land of slavery.

3 “You shall have no other gods before [as you live before; Ed.] me.

4 “You shall not make for yourself an image in the form of anything in heaven above or on the earth beneath or in the waters below. 5 You shall not bow down to them or worship them; for I, the Lord your God, am a jealous God, punishing the children for the sin of the parents to the third and fourth generation of those who hate me, 6 but showing love to a thousand generations of those who love me and keep my commandments.

7 “You shall not misuse the name of the Lord your God, for the Lord will not hold anyone guiltless who misuses his name.

8 “Remember the Sabbath day by keeping it holy. 9 Six days you shall labor and do all your work, 10 but the seventh day is a sabbath to the Lord your God. On it you shall not do any work, neither you, nor your son or daughter, nor your male or female servant, nor your animals, nor any foreigner residing in your towns. 11 For in six days the Lord made the heavens and the earth, the sea, and all that is in them, but he rested on the seventh day. Therefore the Lord blessed the Sabbath day and made it holy.

12 “Honor your father and your mother, so that you may live long in the land the Lord your God is giving you.

13 “You shall not murder.

14 “You shall not commit adultery.

15 “You shall not steal.

16 “You shall not give false testimony against your neighbor.

17 “You shall not covet your neighbor’s house. You shall not covet your neighbor’s wife, or his male or female servant, his ox or donkey, or anything that belongs to your neighbor.”

----------

Are you committing murder (verse 13)? No, of course not! Or are you? Your Income Tax dollars are supporting a militarized Government that is going around the world killing and maiming multitudes of innocent people, indiscriminately, all over the Middle East, and who knows where else. And the Government doesn't seem to care that some of the people that it kills and maims are its own military personnel.

You will respond, "But, but, but, God tells us in other parts of the Bible that we are supposed to obey our Government."

But I suggest to you, in the words of Joshua, Who is your Government? - Joshua 24:14-15 (NIV):

"14 Now fear the Lord and serve him with all faithfulness. Throw away the gods your ancestors worshiped beyond the Euphrates River and in Egypt, and serve the Lord. 15 But if serving the Lord seems undesirable to you, then choose for yourselves this day whom you will serve, whether the gods your ancestors served beyond the Euphrates, or the gods of the Amorites, in whose land you are living. But as for me and my household, we will serve the Lord.”

God is not a divided God. He does not change. Which God will you serve... the God of the Ten Commandments? Or the god of the United States Government and the Big World Bankers that are going out and killing and maiming innocent people around the world?

Disobey the Ten Commandments and become a slave to sin... that is, A TRUE SLAVE... because "... everyone who sins is a slave to sin."

Obey the truth of the salvation of Jesus, the Christ, and follow the Ten Commandments, and become and remain free... because "It is for freedom that Christ has set us free."

"... choose for yourselves this day whom you will serve, ..."
 

Comment by David McElroy
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Britany Swinger and Bayag: I am growing tired of the lies, slander, and threats you sling my way like angry chimps. I am OUTRAGED you would defame my character FALSELY claiming I have blasphemed my Lord Jesus Christ. You make it clear you are ignorant of the biblical canon and lack ethics. My criticisms of your behavior do NOT constitute blasphemy, and you should read the gospels of Matthew, Mark, Luke, and John to see how Jesus himself addressed evildoers. Jesus was not "churchy" and "nice" and "polite" in the face of wicked men. Neither am I. I have used harsh language as accurately as possible in criticism. I have NOT cursed nor blasphemed in any way. You either lack understanding of language and scripture, or you simply lie and slander.

Your threats to turn me into the DHS or FBI simply for public discussion and criticism of fascist/socialist thuggery such as you and the "Avengers" persist in carrying forward in your marginally literate sputtering rage is evidence that you are the true threat to TRUTH, JUSTICE & LIBERTY. If you do not repent and obey Christ, you will burn in Hell.  Bondage to Christ is liberty among men. It is sad you flap your jaws so foolishly, hatefully, and unjustly. FP readers see you for what you are. Christ is libertarian. Ask Ernie Hancock.... or Pure Trust!

Comment by Anonymous
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 For McElchap's blasphemy of Christ, let's say that the Jews cried, "Crucify him!

Comment by Arty Choke
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McElchap, I am beginning to worry about you. Let me pick up where Panocha left.  You sound so righteous and Godly as a “follower of Christ” when you speak about yourself, but you insult Christ when you curse like a demon with Lucifer’s rage anyone who thinks like Panocha that your brain is no larger than a pea. That makes you a dangerous, angry and violent character that could flip over anytime with people ending up dead like what happened in the Colorado shooting. I wouldn’t be surprise if without your knowledge, Panocha has notified the FBI about what she found out about you.

 

You have to admit that when you fantasize to compare yourself to JV or Annonymous75 -- like when you said that you too was a "banker" [I reviewed your comments below] like them because you lived with a neighbor for years who was a banker – you slipped, dropping off your cover. Because of this gaffe or slip-up, Panocha was right to discover that according to her, you are actually some kind of a sociopath pretending to be a "genius". I think this is the reason why when she compares you to JV, she threw you into the “trashcan” like a bad-smelling fungi-infested rotten potato.

 

It is not a good day for you to finally discover the sad truth about yourself -- that you are not an average normal individual but a “special person” the Homeland Security might consider a threat to the safety of the American public.

 

 

Comment by David McElroy
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Panocha: Put down your crayons and pay attention. I have never claimed to be a "holy man", only a follower of Jesus Christ. And Jesus didn't always talk nice to slanderous snakes either. If you actually read the Holy Bible you might know that. I certainly want no praise from you. In fact, I don't think I would care to be associated with you at all, judging from the vile arrogant character you exhibit here repeatedly.  Your mouth keeps writing checks your brain can't cash. Do us all a favor and go back and get your GED before you attack grown-ups again.   

Comment by Ana Panot
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I was not even thinking of you McElchap every time I openly admire JV… I don’t understand why you have to single me out to ventilate your wrath. You represent yourself as a holy man, and yet your badmouth is so unholy.

I don’t mind PureTrust. Never mind him because according to Kim Dryer he is actually a woman. He is useless to both genders. As a woman, she is an embarrassment to the female gentry. As a man, he is incapable of intellectual intercourse -- unattractive to women because he is actually an intellectually castrated male, a Eunuch.

And you McElchap …You cannot be a man of God that you represent yourself to be. You are misleading the public. If I were you, I should be ashamed of myself.

Well, the reason I do not think of you every time I think of JV is that I do not waste my time on OXYMORONS like you who preaches love of God in one instance and on another, spit the fire of hell using the words of Satan while you condemn an innocent person who disagrees with you.

I have to let you know that to me you are a bad guy in Limbo, a wicked Wingbat who is neither here nor there, hanging in there upside down like a bat that’s neither bird nor beast.

To find a guy like you – if I ever think of you every time I think of praising JV because of what he is doing in this website -- I have to pinch my nose first before I open the trashcan and finger you out from the bottom of it.

So that you may know who I am, I want you to know that my academic forte is about analyzing and knowing a person’s judgment whether it is sound or not. You cannot be part of the "Avenger" in this website unless you have at a least a Master’s degree in your academic background. My Masters is in Philosophy. That’s why I know why your logic stinks.

The idea of being a learned "Avenger" in this website is that Freedom Forum is spiteful and revolutionary. People like you whose civility and education are terribly wanting -- and whose level of intelligence like yours is low and hateful -- are ATTRACTED to this page. We don’t want the American public to be misled or blindsided by your aggressive ignorance when you make a deleterious comment. To provide the necessary balance between truthful reporting and destructive propaganda, we run to the public’s rescue.

I am sorry to say that you want me to praise you like I praise JV because of his intelligence. I can’t do that. You are no man of intelligence like JV or Annonymous75, and that is obvious … you are not even a shadow of either of them.

For example, I read your comments and right away I discharged your intelligence as moronic. For instance, you can never be an Economist like JV and Anonymous75 who are both lawyers too with a Ph.D. each in Economics and you were desperate to compare yourself to them. You told them that you have a neighbor who was a banker, and you think that made you a banker [read one of your back comments]. That is so stupid, that's why when I think and admire JV and Annonymous75, in my mind you are not even a speck in the eye.

Again sorry … you can never be in my list of intellectuals. You are out of the loop and I do not need to pick you up down there from the gutter. That’s neither inside the area of my tolerance nor within the ambit of my reasonable kindness I always have for miserable human beings

Comment by Ed Price
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Oh, McElchap. You are so fun. I know that I should probably let you take these jokers down alone - you don't need a wingman, least of all me - but I just couldn't help myself.

So, JV and cohorts, I am not being a wingman to McElchap. I'm just watching and laughing. You hoots don't stand a the chance of a nitrocellulose dog chasing an asbestos cat in hell!

Comment by David McElroy
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 Panocha: As usual, you offer the least to this ongoing bout, and if Vanderville is the great intellect and professional you claim him to be, why does he need such a pea-brain like you or Suka to support him like wingmen in a dogfight? Does it really take three of you slanderous shills to deal with me? Apparently, none of you are individually capable of winning a logical debate, and certainly unable to do so with decorum or specific facts well reasoned. You are the weakest of the "Avengers" trio, offering the lamest and most discourteous remarks. If you would like to converse like an educated adult, stop sniffing your turd blossom and clean yourself up.  Or do you prefer brown-nosing Vanderville?

Comment by David McElroy
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 Vanderville: I have exercised the courtesy of not mangling your name as you persist in doing to mine. I had hoped you were "moving toward a more civil and thoughtful discourse," but I never said you actually got there. Yes, I have a prejudice, a worldview that I stand by after 60 years on this planet. I a Christian libertarian of the Jeffersonian persuasion, with a tip of the hat to Patrick Henry. You insist I use "dirty words", that I am thuggish. You are wrong, but neither am I timid or so given to being "nice" that I can't rebuke evil in harsh terms. You are espousing the evils of force and fraud known as collectivism, or statist views. You are not a man of liberty or personal freedom, and neither are your sycophants who soil these pages with nothing but arrogant name-calling and irrelevant canards and strawmen. When I use unpleasant terms, I strive to use language appropriate to the wicked or debased behavior exhibited by my targets. I do not excoriate those who simply err, or had a bad day and snapped. I save my ammo for the evil that preys upon the people, like those supporting the District of Criminals and Lucifer their lord and master. You know which affiliation you identify yourself with. You know my affiliation with Jesus Christ. We will differ to the death.

Comment by Ana Panot
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JV, you want them or somebody to go "deeper" with you in this exercise of intelligence so that they can see you and grasp your wisdom. But when you do that, they lose you. Instead, you become their target of contempt for losing you.

In your latest post of this great "NOTICE" to all Freedom Forum buffs, I know where you were going, but this is the tragic part of this whole exercise … they missed you by a mile! Nonetheless, I and the rest of the "Avengers" in this page never stop admiring you. Take that as an advance down payment of our assurance that we need you in Freedom Forum otherwise to us this page loses its flavor … it is going to taste parched and dry …as dry as biscuits.

Indeed, it is frustrating even for us to know that those without any "faculty of making discerning judgments" especially on "aesthetic matters" you specialized are like microbes that attack you when you are the antidote of intelligence in this whole system.

Comment by Joseph Vanderville
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To Maclap … I am beginning to get disappointed that what I have posted – which the sharp-minded Anno75 called it a "Truce" [partly right] – is almost understood by you but not quite, when you said that I was "moving toward a more civil and thoughtful discourse with me [with you?]". Nothing of that sort – not even close.

What I have posted was a realization that none of you have any idea that you act your prejudice, and even the worst of yourself when you indulge in name-calling, right here in a different dimensional world – the Internet – in this case, in this website’s Freedom Forum.

What I have emphasized in my recent posting was that [read again my NOTICE FOR THE BENEFIT OF OUR READING PUBLIC] even though you and I are the "worst" persons in our respective eyes seen through this illusionary and tricky hostile world [FP.com is NEVER a friendly site when you are severely ostracized], you and I are DIFFERENT persons in our REAL world.

In real life, we are NOT the "hoodlum", the "thugs" and rascals, the ax-murderers of characters and what have you when pictured as such in this Internet battle-page.

For instance, who would think that Maclap, pictured as a sort of a vicious dragon of the past here in Freedom Forum who spits fire and burn down anybody’s character and pride when provoked using the dirty searing words coming from the devil’s mouth, is in fact a soft-spoken gentleman, the kindest human being you ever met, a Minister of the Church that preaches love and kindness to the children of God in our REAL world – repeat – in our REAL world? In our real world, Maclap is never that mean in his real person – and so am I.

I concluded with a reminder that notwithstanding of how nasty, savagely sadistic and wild we can get on each other in Cyberspace, in real life we are still Americans whose love and respect of each other aside from our love of country made us the strongest, the richest and the mightiest nation on the planet.

PureTrust has a "hint" of the NOTICE I have posted, but unlike yours, it seems he does not trust his instinct – his prejudice is more severe, quite advance and controlling. I think you being a Minister of God, makes that difference. On the other hand, PureTrust thought that I have some kind of a trick in my sleeves he didn’t trust and continued to attack me when in my post there was no sign of attack or hostility. It seems that his motto is when the "enemy" is not attacking – attack! He is a true "warrior" in every sense of the word in which commonsense is as precious a metal as gold is, for him to hold in his hour of need.

He didn’t even realize that my post is not just for you and for him. I was in a bigger picture … that was for EVERYBODY in Freedom Forum – to make them understand that they are acting in a dimensional world apart from the real world we live. Their real persons are not as vicious as they appear to be in the Internet’s fantasy world… this is just the important point I want them to know and understand well enough to everybody’s comfort.

Since it is hard to get across a message as simple as the one I posted, maybe I should stay aside for a little while, and wait for some sense to come along … some kind of intelligence to show up in this page which may recapture back my fleeing attention.

 
Comment by David McElroy
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Joseph Vanderville: It is good to see you are moving toward a more civil and thoughtful discourse with me. As far as my rough handling of your wing men, Suka and Panocha, I was merely striving to use accurate, if stinging, criticism, not simply slinging mud. I am never the "thug" you suggest I am, but neither am I the timid ministerial type who flees controversy and conflict. The Lord Jesus Christ spoke truth to power, boldly calling the "leaders" of His day "vipers", "thieves", "liars", and those "of the synagogue of Satan". Neither do I mince words when I see snakes. Seeing as I have provoked you to speak on a higher level, I am happy to reciprocate. As Sgt. Friday was famous for saying, "Just the facts, please."  I never respond kindly to fecal matter thrown at me.

Comment by Joseph Vanderville
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Just as I said, Maclap. Suka, the Psychologist that made a mental analysis of you and concluded that you are a psychiatric specimen for him to treat and cure is NOT the person in real life who in your mind that "mean" a person he appears to be, just as Maclap whose name in real person is David A. McElroy who badmouths Suka as a "sucker" aside from calling him other dirty names, is not really a hoodlum but in fact a Pastor, a man of God in real life. I don’t think for a moment that in real life McElroy is a thug acting like he is in this website’s Freedom Forum.

Note carefully that the world we have in real life and the world we have in this website or in the Internet, are of two different dimensions.

The Internet has created a world of fantasy separate from our real world, and made as think and act as creatures of the Web … for example, we are acting characters of FreedomPhoenix.com, where in this tinseled world we are free to fantasize our delusion of grandeur, our inner-most biases and prejudices, our sense of fairness and justice, our abomination of mankind and undying love of country and countrymen, our need of Government and Order as well as disdain of authority and society, our Godliness and wickedness by showing our best and our worst without any form of restrain, inhibition or restriction – we are FREE at last, to enjoy an absolute liberty which we couldn’t have in our real world, the enjoyment of freedom that almost has no accountability! This is why online editorial policies require a "user" name different from your real name, as you think and act in the Internet …you are a different person in this illusory and tricky world where even the most heinous crime of insults, defamation and moral injury hardly results in a police arrest, trial, conviction and punishment in the court of law.

That was why I have to print the above NOTICE explaining all these for the BENEFIT OF OUR READING PUBLIC because it caught me by surprise that even educated men like you are hardly discern their voluntary self-conscription as actors and actresses who are merely acting their scripts on Cyberspace’s public stage.

Comment by Ed Price
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I could almost feel sorry for these kids. In the past, they have been lonely (Now they have each other.). Their work, their lives, even their very selves have been shunned by others. They need building up, not tearing down. They need encouragement to maintain their happiness. ... BS!

Almost I could believe JV, that he is attempting some form of honest, forthright, logical, non-anti-American-freedom discourse. Almost I could believe that he is coming around to see that there might be some other light at the end of some other tunnel. Such sweet rhetoric. The pathological liar!

In all innocence he says, "Even the name PureTrust, Maclap, JV, Anno75, Suka and the rest who are writing their comments and everything what they say here, are virtual reality if not fake," including himself in the things that he says here. Yet, he can't even block his own oozing hatred for something that might make a little sense. You can tell! It's right there! He can't even use the name "McElchap," which would be the only thing he could do if he were in the least bit sincere.

Comment by David McElroy
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JV, I grant you have made some cogent and relevant remarks about the medium we use here, FP. To the extent possible, I use my real name, unashamed For the record, my true name since birth has always been David A. McElroy, and I am published under that name. My work is archived at www.OnlyWay.com and the forum at Breaking All The Rules, among other websites. I don't hide, JV.

I have been excoriated for citing some familiarity with bankers with the repost that my observations don't constitute an education in economics. Quite true, I was not in their offices looking over their shoulders as they worked. However, I can certainly note my assessment of their CHARACTERS! As I have stated, I have served as a chaplain, and a journalist who covered government activities very extensively. I know a criminal mind when I see it! Banks and governments are full of these psychopathic personalities, and there are credible mental health studies attesting to this social malady. As far as the basic issue of having facts about economics, I reiterate: Economics is simple. Economic fraud is what is so complicated. Credible economic experts, like Allan Greenspan, have concurred.

Suka is not my friend any more than Dr. Frankenstein was a friend to the monster he created in arrogance. He demonstrates an anal retentive personality that could benefit from a strong laxative.  His character is deficient.

It is amazing how you, Suka, and Panocha claim to be lofty professionals whose notions are beyond question by others, while you offer precious little in the way of specifics while beating your chests and ever loudly screaming what awesomely brilliant legends you are in your own minds. Shouting others down is evidence of your lacking substantive arguments.

Whatever names you choose to use, why not actually conduct yourselves like you have REAL education and engage in REAL debate with salient points in fact?

Comment by Ana Panot
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You are truly a great guy, JV.

Comment by Bertha Anonimo
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Wow!  A TRUCE!

 

Okay … those who may resume hostilities may do so anytime. But keep me out of it in the meantime.  Out of respect, I want to feel and enjoy what JV has just said.

 

 

 

Comment by Joseph Vanderville
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FOR THE BENEFIT OF OUR READING PUBLIC …LISTEN TO WHAT I SAY…

Let me advise the reading public that what are read here are either true or false. The headlines may have a semblance of truth, but when you read the text of the report, either a propagandist or a charlatan had taken over, making his/her opinion or what he/she saw in his/her mind’s eye becomes the "truth" of the event or the "truth" of what occurred.

Even the name PureTrust, Maclap, JV, Anno75, Suka and the rest who are writing their comments and everything what they say here, are virtual reality if not fake! They may admit what I say or deny it, but it does not make any difference at all because the truth is that the Internet has become a Fantasy Land where what you see, hear or touch is what you see, hear or touch and experience in Disneyland.

What is certain is that you are taking a fantasy ride for every single word you read in this website and similar blog sites. Here to be fake, even in the use of your real name, is an editorial policy requirement … to be condescending the better, to be full of hate, especially towards the U.S. Government and the State, here you will easily find a home. They call you a Libertarian "revolutionary". To be different or to be otherwise, is only TOLERATED. It is a matter of policy that those who believe that this country is NOT "evil" … those who really believe in the bottom of their heart that this country is the greatest on the planet – are merely editorially accepted or accommodated so that those who are full of hate who found a home here, have something to punch on, a therapy of some kind for a chronic neurosis. This has been by announced by Ernie early on. Even I – am merely TOLERATED. Just a sound of a click in the Publisher’s computer your hear, and I am gone.

No offense intended to Suka, Anno75, PureTrust, Maclap and their kind and the rest when I say we are all "fakes" in this website. Even those INSULTS we hurled against each other are just simulations of our thinking and feelings, our passion of approval and disapproval of our respective views of the day. Our true self -- who you are and who am I are NOT referred to in those throwing of balls of fire on each other or in those verbal clashes of swords – these are isolated and protected. They do not reflect what we have attained in life, they do not project the true persons that we are and the personalities that we have in REAL LIFE, and that I firmly believe that on the contrary, as Americans, we truly respect and love one another notwithstanding our differences.

Comment by Steve Duncan
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To Maclap and PureTrust … I am your friend. You don’t have to badmouth me because you can suppress that symptom. With the mental and psychological problems you both have, I am not only your friend but your medical savior.

This I have to say to both of you: I have analyzed your responses and mental behavior. I am curious that Maclap exhibits a calculated – not spontaneous or random – hostility disorder, very similar to ASPD [Antisocial Personality Disorder]. PureTrust has a hard time focusing on what he/she [according to Kim Dryer this guy is either a "he" or a "she] wanted to say, thus he/she fires his comment like a bullet that cannot get a direct hit. First it goes around the bush, then bounces to the Moon and drops back to earth, and still misses the target! In my field of study, this lack of focus is known as ADHD [Attention Deficit Hyperactivity Disorder].

Both cases manifest an OCD [Obsessive Compulsive Personality Disorder] an example of which is the absence of remorse or the lack of feeling guilty for their wrong doing. Advices like what they are doing are wrong or telling them to keep away from wrong-doing, do not ring a bell in their mind. This explains why criminals are compulsive. The self-denial of their inadequacy or personality deficit, or you may call this also as "personality disorder" is virtually uncontrollable.

For example, how many times both of these guys have been notified that they are ECONOMIC-ILLITERATE – it is the fact of life [the Truth] that they have to recognize and admit because that was what they really are!]. That being the case, they had been advised several times that they shouldn’t waste the readers’ time debating with economic authorities like Bernanke, JV and Anonymous75 each of which has a Ph.D. in Economics – boring the public with the "Loconomics" they learned from the streets -- but to no avail.

As I said they can be interesting subject for a psychiatric treatment with a health-insurance covered cost.

 
Comment by David McElroy
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 Suka: When I was in a state college, the Psych Dept. was home to some of the weirdest, most paranoid, morally bankrupt and unbalanced characters on campus. As you claim to be a "mental health" professional, I won't be comining to you except to suggest you repent of your insulting, devious, offensive sins and turn to Christ for redemption. You need His help, badly. Tell your intellectually crippled friend Panocha that I will not go away just because barbs are hurled my way. It is strange how people who make so much effort to boast of intellectual superiority can conduct themselves so poorly with vacuous and specious arguments, and don't know when to shut their mouths.

Comment by Ed Price
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Hi McElchap. You know, it's kind of interesting about JV and his group. Many of them are professionals of some kind, to hear them say it. In the past, JV has said that he is a journalist. Brag and Anonymous75 are lawyers, and brag is a former military person. Now we have Suka more or less saying he is a shrink.

The thing that is very interesting is their professionalism in this forum. All of them are professionally, extremely discourteous. The only one of the group that seems to speak with a little professionalism at times is JV. It seems (though I could be wrong) that now and again JV latches onto an idea or two, and ponders them a little... enough so that he can talk about them intelligently. And then he, more or less, drops some of the name-calling and character assassinations for a moment.

Considering all the unprofessionalism, name-calling and character assassinations that these people do, do you think that any of them are professionals in anything besides dirt (Oh, I had forgotten about Ufactdirt, who is right in there with the group. Sorry Ufd.)?

Look, Suka offered his/her/its services, even invited you to call, but in its rage, never left a number where it can be reached.

--- Sorry, Suka. I only use the pronoun "it" with reference to you, because sometimes you speak like a man, and other times you talk like an emotional young woman. Are you JV's teenage, almost adult, daughter? If you are, I commend you in your abilities for engaging in the highest quality of unprofessionalism at times. You know? Professionally unprofessional, right? ---

Anyway, the professionalism these folks express on a regular basis leads me to question whether or not they are professionals of anything at all. I mean, if they so readily speak unprofessionally in this forum, some of it must spill over into some of the conversations that they have with their clients as they practice their professions. And the only clients that might stick around after being treated so unprofessionally, are ones that are required to stick around.

This leaves us with only a few options:
1. They are professional prison personnel (or inmates);
2. They are in the funny farm;
3. They are propagandists or humble (if bitter) Islamic fundamentalists;
4. They are paid by the power elite to constantly attack forums like this;
5. They are simply a bunch of liars about anything that they talk about.
6. Sometimes I wonder if they are friends of Ernie's, here at his request to stimulate forum conversation a little.
7. They work for Homeland Security, trying to elicit terrorist language from patriots so that they have reason to haul well-meaning citizens off to prison.

There is one other thing that they might be. They might all live in the ghetto, happened to get a hold of a computer and hook up to the Internet, and have nothing better to do than express Ghetto language on political forums.

--- Hey kids, if you are in the ghetto, this is America, and you can work your way out. Or do you like it there? ---
 

Comment by Steve Duncan
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Mr. Maclap, you have never been right even a single time since the very beginning – let’s accept this fact so that I can do something to your mental problem. You still don’t have any idea who you are dealing with. Their background is authority in Economics and what do you think is the point of engaging economic-illiterates like the two of you in a conversation whose voodoo economics scares everyone? Do you understand? When you talk economics, Prof. JV and Prof. Anno75 hear aliens talking of some kind of "economics" from another planet ... no, I assure you that they want to discuss economic issues only with human beings.

As I read their mind and yours – now remember that the science of the mind is my line of expertise -- I assure you that it was not what was in their mind when you said they "retreat" or retreating from you … in their mind it was regret [not retreat] that they have wasted their time with you. So obviously they have nothing anymore to do with you … they are done with you.

Here’s the thing: I will say to you what they want to say to you …Beat it! Scram!

I think it is better that you get out of here … get lost!

You need my professional attention. Call me. My rate of services per hour is affordable. I have noticed a certain degree of psychological deterioration and it is rapidly sliding downhill. You need my attention very badly, and fast … before it’s too late!

Comment by David McElroy
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Pure Trust and I can perceive and appreciate the strategic retreat of Vanderville and his entourage of trolls as a victory of reason in this issue of central banks and our national economy. Their declaration to no longer respond illustrates that their sputtering rants are totally without merit or substance, completely impotent on the field of logic. 

Comment by Ana Panot
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So good for you, Bimbo … With your freaking imagination, you just sit there and wait, wait and wait until it is time for you to buy either a bamboo cane to walk by or a battery-operated ambulatory chair for the disabled while watching and praying, waiting and hoping for banks and banking to go away … or until hell freezes over, whichever comes first!!!. In the meantime that you are still able to go to the bank, don't say anything stupid, bad for your health, don't act like a fool, bad for your self-respect ...don't tread on me, bad for your safety ... the "snake" your freaking mind imagines, warns you … heh, he, he …! [I love this last comic standing … I really love it…]

Comment by Ed Price
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A gigantic snake with its head cut off, wriggles in its death throes for a long time before it settles into quiet stillness. Like the big, fat snake that it is, central banking will continue in its death throes for a long time before people finally have their long awaited peace from it.

Comment by Ana Panot
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Ufact, these thick-headed guys below are like turtles turning on their back face up flailing their flippers of ignorance for help. I think JV and Anno75 pushed them hard with their back against the ground, stepped on them and squeezed them to their last drop of ignorance. Still, I don’t expect that they have any idea at all about banks and banking in the Science of Economics that our two authorities in Economics were talking about. I think we will just leave them in that miserable state of ignorance and move on. JV and Anno75 are no longer responding considering that these guys have no hope of learning anything they get for free.

 
Comment by Courtney Jalospanis
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Move to your side, JV, Anno75, and let me say something to that pygmy-minded insolence. Good riddance … imagining life in the future right here in the United States without banks! But until then, I am afraid you have to kiss your ass for as long as banks are still here or until banks and banking will go away! And that will be a very, very long, long time ...I assure you -- if it will happen at all!

 

Comment by David McElroy
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Suka (#045785): Thanks for proving my point in your last attempt to defend your bankster friends. You asserted we must have banks because they control the currency we use in daily commerce. This is like saying I must accept a gangster's demands because he controls the gun placed to my head. There are other options. I could list them, but obviously I would be wasting my time with you. A number of them have been featured in FP. Secondly, banks don't need to disappear completely, we just need to remove their stranglehold on the flow and value of currency by killing the central bank, the Federal Reserve Bank. Central banks create a cycle of boom and bust, setting us up with good times and material gains, only to knock us down with a bust and seize all our assets in reducing us to poverty while multi-millionares become billionaires and billionaires become trillionaires at our expense. To Hell with the Rockefellers, Rothschilds, Windsors, Warburgs, et al.  Check the scriptures if you think I am too harsh in saying it.

Comment by Ed Price
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You are absolutely right. We DO need banks. But there is only ONE reason why we need them. And the best way to illustrate it is to imagine what it would be like if all the banks disappeared right this instant.

You see, it's going to take a couple of decades for people to get used to the idea of working without banks. And during the changeover, banks will still be needed for some of the property transfers and exchanges. But banks are a has-been.

Soon everyone will see the advantages to using Bitcoin and the similarly encrypted e-currencies that will follow it. But, of course, there will always be some people who will absolutely refuse to do business with anything except a bank. So, small, bank-like operations will always be around for some people and for some things.

With Bitcoin, and her sister e-currencies that will be based on gold, silver, platinum etc., there will be no need for a central bank. No Federal Reserve. There won't even be any need for the U.S. dollar. Trade and barter will be done without money, direct between people and companies, via the encrypted Bitcoin, with private mediation companies making sure that there is no funny stuff going on in transfers.

It's the future. Money and central banking is dead already.

Comment by Steve Duncan
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You think as if your life does not need banks the way you demonize the country’s banking system. That's why I said your attack on banks and banking is nothing but your IGNORANCE.

You can argue your ignorance about banks and the banking system as your mortal enemy in life for as long as you want or until hell freezes over, but even as we talk you have to go to the bank to put money in your wallet.

Banks are always part of your life, part of the way you live every day. You cannot win this argument. Every time you go to the bank, you lose your argument. You cannot escape banking for as long as you use money, not even when you live on top of the tree or in the cave. Get it?

Comment by Ed Price
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You can go over to Walmart grocery, or Safeway, or Fry's or any of a number of grocery stores, any time you want, and buy food (you need money, of course). The food in the grocery stores doesn't just magically appear there. There is a whole gigantic process that gets the food to the grocery store. And it all depends on the flow of MONEY.

Go to any resort town that is within a hundred miles of a large city. Watch how the grocery stores are wiped out on holiday or vacation weekends. It doesn't take long to happen. Vacationers from the big city are visiting. And that is only about food.

Just a few short years ago, there were a bunch of folks who partook of the vacation time. These folks are living in tent cities, now, on permanent vacation, because they lost everything in the economic slowdown. At one time, they felt secure with money. Where did the money go? Why did their jobs dry up? Here's why.

The banks, in their ever-growing greed for interest returns, loaned way more money to folks than the economy could stand. When it finally became evident that more loans would implode the whole money system, money lending was drastically reduced by the banks. The kinds of prosperity that came about through loaning money, started to dry up.

Many small businesses that had thrived because there were large amounts of money available to them via loans, now could not remain solvent. Among these were the multitudes who had invested in real estate through mortgage loans. When the economy dried up, they lost their jobs, they couldn't make their loan payments, and they lost their homes and other real estate.

Who owns the real estate now? The banks, of course. And to hear local banks talk about it, they don't really want the real estate. They would rather it remained with the people, and that the payments kept coming in. Why? Because buildings on property that just sits there fall into decay, without anyone keeping them up. Local bankers don't like what is happening. But the big Fed bankers don't care. They own the land through all their satellite banks. And in most cases, the land isn't going anywhere.

Who figured out this kind of banking prosperity? Who determined that they couldn't lose, but only gain, using a central banking system? Wasn't it the bankers and the economists? Talk to the people that lost their homes and live in the tent cities. They haven't gained anything. In fact, many of them lost it all, because the big bankers and economists assured them that things would work out well.

Did the bankers lie? No! It is working out well for the bankers, even though some of them are sympathetic with the former home owners.

It is difficult to allow a faulty system to crash and not lose your hide to a bunch of angry folks who just lost everything. So the bankers are doing it slowly. Today's vacationers who frequent the grocery stores in the small towns are the ones who will lose everything tomorrow. This will happen when the bankers cause the money flow to slow down further. The new round of losers won't like their permanent vacations any more than the present tent-city people. But the bankers won't lose anything. They will only gain.

This is the great prosperity that the bankers and economists have brought to the nation... and the world. Government has seen the writing on the wall, and they are arming themselves with millions of rounds of additional ammunition in an attempt to keep order. Messy looking dead people can be laid out in an orderly fashion easier than angry mobs can be constrained while still alive.

The wise planning of the bankers and economists has brought this great prosperity on us all! And they could care less about the people!
 

Comment by David McElroy
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 Hey, Suka! (Or is it "Sucker"?) You and your ilk keep posing more and more straw men. I get tired of knocking them down. You keep boasting of Ph.D. education in Economics, but Ph.D. only stands for BS "piled higher and deeper". Economics is simple. It is the financial con job that is complicated. Such as you insist the matter is too complex for us mere mortals, because you want to hide your crimes behind a smoke screen. You keep insulting my intelligence and throwing up irrelevant canards while never actually dealing with specifics I raise. The whole banking paradigm is built on an archaic and predatory foundation. It is a proven fraud and you know it. Why should Americans, or their government, pay interest on currency when it is not necessary to do so? It is the whole basis of skyrocketing national debt and a debased dollar. The Federal Reserve Bank was chartered to stabilize the value of the dollar, but the dollar has lost more than 95% of its' value since the Fed took charge of the US currency. But, you make it clear you want more of this "progress" you tout so strongly. You are a shill of the most transparent kind, lacking class and debating skills. You do not engage, you simply assail character with ad hominem attacks and shouting opponents down in rude and arrogant fashion. Aside from what I have previously mentioned, I was a journalist (and newspaper editor) for some years. I sat through many boring government meetings at various levels, often dealing with finances. I would not trust a government politician or bureaucrat for the time of day. Nor you. 

 

Comment by Steve Duncan
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Maclap, you irritate my eyes and my brain when I read your comment. Get out from this discussion in Economics because you are not only illiterate who knows nothing but you are also a small-mind that cannot cope up with the big boys in their turf. You are a complete stranger-intruder in their field of expertise.

For example, I will share with you what I knew about them: JV and Annonymous75 [successful lawyers and retired Professors in Economics] are TOO MUCH for you they make you look like a stray fly in their frying pan!

And the function of your brain is so inferior judging from your comment below that stinks. Living "next door to a banker", does not make you a banker … having an uncle who is a banker, does not make you one either. See how this comes out from the gutter? Since you are irrational, what you are only good at is in talking dirty or badmouthing which also shows that your education is low.

My advice to you is that you have to go to school not only to get educated but also to learn something like banking, and to come up to their level of banking and economic knowledge and/or expertise, you must at least get a specialization or a Ph.D in Economics like what they have. Right now, to them you are just a scam pretending to be a banker which I also consider so ridiculous.

Get at least an elementary education so that you make some sense when you make a comment – but just stay away from Economics. I have a Ph.D. in Psychology but I kept my distance … away from Economics which is outside of my area of expertise. But I guess I am one of the "Avengers" in this website that open the eyes of the reading public when they are blindside with propaganda and stone-blinded by excessive anti-Government hate.

You much realize and accept the fact that like your "witch doctor Ron Paul", what you have is Loconomics. You must get this toxic voodoo economics out of your head that makes you crazy. You need more than a dosage of 50mg of "sulfuric acid" [the medicine you prescribed] to get it out of your system and cure your badly damage cerebellum – especially that part of the brain between the back of the medulla oblongata and the underside of the posterior part of the cerebral hemispheres where your nonsense comes from when you speak. Now that you are in my field of study, believe me you need help.

Comment by David McElroy
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 JV and sycophants: How much education in economics does one need to know that the man with a gun to your head is a threat? I used to live next door to bankers, had an uncle in that line of work. ( He lived in a gated community where garbage trucks and utility workers traveled in tunnels so as not to be seen or heard by the rich mansion dwellers.) You are supporting the robber barons raping the world with fractional banking, socializing loss and liability while privatizing profit and privilige in a fascist tyranny. I am a Christian libertarian who has served as a Baptist hospital chaplain. I don't appreciate your suggestion that I have been involved in sordid things like prostitution. I don't support communism, or mandatory collectives like you do. Please give yourself a sulfuric acid enema to freshen your breath.  I am certain many FP readers would appreciate it.

Comment by Boston Releigh
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Annonymous75, this dressing down of "Maclap" is for the book he will never forget as long as he lives. He no longer needs to go to school to learn Economics, for, from this day on, he had become wiser than Ron Paul, his "idol" who because he is now very old never has any chance to get out from his Loconomics or voodoo economics! As scripted in the famous Mona Lisa song, he will " just lie there, and die there"!

Comment by Bertha Anonimo
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Let me handle this, JV.

Mr. Maclap, because of your meaningless if not deformed [ignorant or severely lack of economic knowledge] comment below, you needed badly a formal education in banking.

To follow your comment, banks bankrolled you too and your family to eat outside of the garbage can, bankrolled you too to become a diehard admirer of Mao Tse-Tung, Lenin, Engels, Marx, Hitler and Stalin you mentioned… bankrolled you to go to school and learn how to read and write, how to use the ATM machine to withdraw money to buy dupe, to go down Manhattan street, seek a dark alley there to buy sex; banks financed you how to hate America that you want to destroy, to love your benefactor Al Qaeda and to kill Americans as an act of gratitude for being able to use the bank to receive funds from the Middle East – is this what you understand about banks and banking in America?

Osama bin Laden and his family – the terrorist Supremo you seem to idolize since you madly hated the U.S. Federal Government like he does -- owned banks in Saudi Arabia, so are the members of the Rothschild family in Europe. In your freaking mind you are suggesting that they are "evil" or it is "evil" for them to own and operate banks.

If they are, what has that to do with the function of banks and the banking system in the Science of Economics that I brought up in the discussion or even to the role of the Central Bank [the Federal Reserve that your economic witch doctor Ron Paul wanted to exorcise in his voodoo Loconomics]? Do you understand what I am saying?

Your other "idol" besides Osama bin Laden is Alan Greenspan. You are proud to mention him in your comment. If by chance you happen to know, Greenspan, the Thirteenth Chairman of the Federal Reserves, is a radical banking activist who was responsible for the infamous "subprime mortgage crisis" that almost busted the U.S. economy. Take note of this switch of knowledge I just touched for your own benefit.

When Wall Street Journal reduced him down to the status of a banking rogue, he cried out foul saying that WSJ "tarnished his image". But no monetary economist, including, myself ever ran to his rescue. You have no idea why and what this means – not in your wildest dream -- so I will no longer drag you there because you might suffer a severe case of mental indigestion! This further important information is definitely NOT for you, not for minds that rise from the gutter, in short, not for you and your kind.

It is now clear to me and in the mind of our readers that your understanding of banks and the banking system is not only garbage, but your adoration and worship of banking luminaries which you mentioned are not only SUSPECT but in the FBI Watch List.

Comment by David McElroy
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Vanderville and his "Anonymous" friend apparently will only accept comments on economics from those who are entrenched authorities in such matters. They gave no response to my citing Alan Greenspan speaking of how fiat currencies are designed to steal wealth, unlike gold, or how the banking system is a big fraud. Or how Vladimir Lenin said establishing a central bank accomplishes 90% of communist goals in stealing the wealth of the people. Banking legend Nathan Rothschild bankrolled Marx & Engels to create the Communist Manifesto. Big bankers bankrolled Lenin, Hitler, Stalin, Mao, and Obama. So, Vanderville, it is good to know you stand with the tyrants of central banking ponzi schemes. 

Comment by Bertha Anonimo
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My response to our good-looking Panocha – good-looking doll both in body and model-like face and mind … I was busy doing something important, but at the same time I was glancing over this page once in a while, and while I was in my computer-key-pounding break to finish and complete my task. I noticed this page was tilting towards the side of anger and uselessness – no comments to read that have substance to learn from -- so I am back to give this page the necessary boost and balance it requires, which to my dismay the editors could not provide.

Comment by Ana Panot
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To Anno75 …I lost interest when I have not seen your comments for a little while. What I have been reading are GARBAGE. Now that I can read you again, the sun seemed to have come out from behind the cloud. Again there is light on this page – and for our readers, important things to learn from the wisdom you are transmitting.

 
Comment by Bertha Anonimo
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JV, as your colleague in the graduate school of economics, you can talk to me and discuss with me what might be worthy of attention in our present banking system, specifically about the merit of banking bailout Obama is using against Romney to win a comeback to the White House after November 2012.

But talking economics not only to an "ignoramus" as you put it, but to one with ADHD [attention deficit hyperactivity disorder] is a kind of frustration that invites a heart attack. If I were you, I won’t sort out what’s in the garbage or dirty trashcan to find something you can save or salvage out of compassion.

But I bow down to your passion to help the needy. I know your inner flare of empathy, that in-born sense of humanity that I am familiar with, which you would bestow as a privilege even to your enemy, again, I repeat, out of compassion.

Comment by Joseph Vanderville
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I WILL BE EXTREMELY HAPPY IF YOU KNOW EVEN JUST LITTLE ECONOMICS ...

If only PureTrust and his kind from the "lunatic fringe" are not economic-illiterate, or have even just a little knowledge or understanding of what the banking system does to his life or how it improved the American way of life to what it is today, I would have an excellent opportunity to use what I know in graduate school and out of academic and actual experience as economist … to discuss with him how our banking system, functioning under the supervision and monetary policy and authority of the U.S. Central Bank otherwise known as the U.S. Federal Reserves, had built up the economy of this nation to become the richest, the mightiest and the greatest on the planet!

Unfortunately, he is ignorant and you cannot talk sense to an illiterate when you tell him what banking is all about. You cannot imagine, nay even where to find, a country as economically prosperous as the United States, without a bank, a banking system, or a Central Bank [the U.S. Federal Reserve] that his WITCH ECONOM IC DOCTOR Ron Paul practicing voodoo economics wanted to get rid of, also out of pure ignorance.

The major role of the Federal Reserves in the economy in general, and to the banking system in particular, is even more sophisticated – more erudite even to ordinary economists who in the academe have not moved forward to the cutting-edge of advance Economics, the likes of Bernanke and I did. Having said that, what is there to expect from illiterates like PureTrust and his kind who in comparison are TOTALLY shut-off? That would be like talking to the wall.

What is worst is when the "ignoramus" in banking is badly opinionated … his ignorance graduates not just to a forgivable error but to a despicable contempt.

For instance, he thinks that bankers and economists are here to "conquer the world". Conquer the world with what? Using a bouquet of roses as sword, as Don Quixote would probably say in conquering the windmill?

This is no longer exposing sheer ignorance but showing a very sick mind.

Notwithstanding all these, I still hope I can help PureTrust and his unfortunate, badly disadvantaged kind. I thought of how I can make him and his friends from the "lunatic fringe" understand – I, not as an economist but as a layman talking about our banking system in the language of the common man, to an ordinary man … I’ll use this language that was quoted in my book:

"A bank as a matter of fact is just like a heart in the economic structure, and the Capital provided by it, is like blood circulating in the system. As long as blood is in circulation, the organs will remain sound and healthy. If the blood is not supplied to any organ then that part of the system would die, so if banks do not provide finance to the Agricultural sector or industrial sector, it will be destroyed. Loan facility provided by banks works as an incentive to the producer to increase the production…etc..," hence creating a robust and healthy economy.

Comment by Ed Price
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Actually, the bankers and economists are extremely smart, like JV says. But maybe a better word is "shrewd." After all, it is extremely difficult to maintain a world economy, intact, while at the same time using it to conquer the world. And that is exactly what the bankers and economists with Ph.D.s are doing.

Some people will be hurt. Some will die in the bankers attempts at world conquest. But JV is right. If Ron Paul's economics were followed, there would be no world conquest for the bankers. And the only good that would come out of that would be greater prosperity for all the people except the bankers and economists that have Ph.D.s. Oh, and we can't have that, now, can we? We just have to get conquered by the bankers, don't we?
 
So we can see. World banker puppets and forum crashers like JV, are attempting to help the bankers conquer the whole world by downplaying the importance of freedom in economics!

Comment by Joseph Vanderville
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RON PAUL’S VOODOO ECONOMICS AND HIS ECONOMIC-ILLITERATE FOLLOWERS …

You guys from the "lunatic fringe" – followers of Ron Paul -- are economic-illiterates. You are not even aware that we are discussing economic issues. You don’t understand a thing of what we are saying.

In our comments below, Economists like us with Ph.D. in Economics whose specializations are more or less similar to that of Dr. Bernanke’s, were telling you that when we listen to Ron Paul "lecturing" with his "Loconomics", as if we are in the middle of a jungle in Africa listening to a WITCH DOCTOR chanting his voodoo economics in the congressional committee hearing.

For example, on economic issues as to what constitute "money" and what causes "inflation", if you are an economist listening to Ron Paul, an "unelectable" politician running for president who has no academic background in Economics whatsoever, you will know right away that he talks nonsense because he has no idea what in hell was he talking about… his blah-blah on what is causing "inflation" was long, agonizing and boring because he was making NO ECONOMIC SENSE at all. That was why you could see Dr. Bernanke’s face grimacing as if in pain because schooled economists listening to Ron Paul talks voodoo economics is "torture".

Comment by Ed Price
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JV and his kids were on vacation for a few weeks, and just got back about a week ago. You'll probably find that they went to their headquarters in Dubai to meet with their Islamic fundamentalist terrorist leaders, just for a one-on-one about the work they are doing in patriot forums in America.

When they got done with that, they probably went on a mini-hajj, just to test it out. You watch. They'll probably go on another vacation in mid-October to do the real pilgrimage.

Comment by David McElroy
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 Hey, Anonymous 75! I simply responded to Vanderville in the same insulting tone he used. Simply dismissing Ron Paul because his doctorate is in the area of medicine, and lionizing Bernanke because his doctorate is in economics, is to set up a real straw man. Such men have cross-disciplinary expertise, and Paul has strong credentials in economics backed by his role in House committees on economic issues. He has been privy to info such as JV and yourself will never have. What is your doctorate in? I don't suppose you'd ever cite bankster Alan Greenspan, former Fed chairman, being quoted saying the whole fiat money system is a means of robbery the discarded gold standard had protected us from, or his saying on television the whole system is rife with fraud. You NeoCon trolls are no solution, but champion the swindlers enslaving the world with illusions. I suppose you'd heartily support the recent federal court ruling allowing banks to steal customers' deposits as a good economic policy.

Comment by Joseph Vanderville
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 Members of the congressional committee listening to Ron Paul lecturing on "inflation" as the fault of Dr. Bernanke’s management of the Federal Reserve were so bored that some of them were caught "yawning" by the video camera. Ron Paul foolishly blamed "inflation" on the Federal Reserve for the printing of money which in his mind increases the money supply thus causing price increases which he believes in turn causes "inflation". This is elementary in the study of inflation learned by kindergartens in economics, which probably Ron Paul had read in the quantity theory of money [the Fisher’s Equation that has long been discarded]. Although money supply has a correlation with prices of goods and services, these are NOT the real sources of inflation… the "distributional structure of the economy" is.

In the study of Macroeconomics, what this means is that the "inflationary gap" between the Aggregate Demand in the economy is greater than the Aggregate Supply of resources coming forward to meet the demand. The consequences are persistent rising prices and cost leading to what is known as "galloping inflation" which monetary-policy decision-makers have to avoid because that would be gravely detrimental to the economy. There are several fiscal and monetary ools the Federal Reserve may use to prevent the happening of this catastrophe. But as of now, the danger of Inflation that Ron Paul was raving about like a scared rabbit is nowhere to be found in the present state of our national economy.

But Dr. Bernanke has to "educate" Ron Paul by telling him that the CPI Index at X-time measures increases in prices, which means that rising prices are not measured by the imagination of pseudo-economists the worst of it was Ron Paul. Furthermore, the price index is prepared by the Department of Labor – NOT by the Federal Reserves – as Ron Paul thought it was, that was why he dropped his ax on Dr. Bernanke’s head as his scapegoat – an ignorance which so embarrassing!

If I have to contribute a little bit in educating Ron Paul on Economics to avoid such humiliating embarrassment, re, on the subject of Inflation and Money Supply, I would add that increasing the money supply [M2] results in the sustained increase of production in real terms instead of inflation, more so in the wake of recession when many resources are underutilized. Nominal GDP is not affected. The relationship between the velocity of money and money supply changes so that the increase in the money supply has no "unpredictable effect on the growth of nominal GDP" to borrow a phrase which appropriately described this effect.

But because Ron Paul was in the field of medicine rather than Economics, he has a lot to learn before he bores his listeners who understand Economics, to death.

Comment by Ana Panot
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Speaking about the truth that those in the side of our reading public espoused in their commentaries, Ron Paul sponsoring zombies are at a miserable losing end. How they wished Ron Paul has a formal education in Economics so that when he talks economics, at least it is backed-up by academic credential to make him believable, like how the Chairman of the Federal Reserve he criticizes is solidly backed up by at least a Doctorate in Economics. But as it is now – how can ordinary Americans who have no knowledge of Economics, believe what Ron Paul is saying sounding as if he has an authority of knowledge in Economics, when he does not even have an academic education or background in Economics? This clearly explains why he appears like a clown with his blah-blah in Economics, as Annonymous75’s comment pointed out.

Comment by Bertha Anonimo
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I would like to barge in if I may, in order to stress the obvious … It is no use for a badmouth to engage in an obnoxious behavior and resort to personal nonsensical, pointless and meaningless language like McElchap [Maclap] does as a habit.

To Maclap, this is not to lionize JV and kick you to the garbage as an expendable follower of Ron Paul from the notorious quote "lunatic fringe", but JV is 150% right about your "idol" Ron Paul when he said that Ron Paul has no academic background in economics – you have to admit this painful truth that JV splashed in the screen [the added 50% right being in it is for correctly treating Ron Paul like an eager-beaver child wanting to be like Dr. Bernanke in Economics, which unfortunately he could never, never be even though how much he tries!].

Sorry to you Maclap and your kind … but Ron Paul presented himself like a clown in his attempt to "debate" with the nation’s "Economic Czar" Dr. Ben Bernanke who has a Doctorate in Economics and a university dean of economics, while your Ron Paul has nothing but his "Loconomics" learned as a gynecologist who talks about the Science of Economics like a "loco" or a "loco-loco" [who mouths "economics" like a loopy-loony].

JV cited a damning example – Ron Paul believes that Gold is money [?!#] so help him God, and that gold and silver medallions like those used in the Olympics as well as ordinary token round-coins with a tint of silver in it could and should be used in the grocery store as money because the gold and silver contents of it in Ron Paul’s mind are "money" as JV pointed this out from Ron Paul’s "economic" mentality. From what school of economics did he learn all these "loconomics", only a loony can tell.

Just because in the committee hearing Ron Paul had an opportunity to face Bernanke – a "giant" in Economics -- does not make the Congressman look like a "giant" economist that Dr. Bernanke is. But delusional Ron Paul followers like Maclap truly believe otherwise.

With that I join the rest of comments by saying that this knowledgeable guy JV is right in pointing out the ugly truth about Ron Paul whose followers from the "lunatic fringe" like Maclap are pissed-off because this hurting truth-serum about their make-believe "idol" is so bitter for them to swallow!

Comment by David McElroy
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As usual, the ugly harlequin Vanderville hurls fecal matter at Ron Paul, insulting his intelligence and education in mocking Paul's quest for a return to constitutional money. Vanderville maligns "silver rounds" as though they were worthless slugs lacking intrinsic value. Hey, Vanderville, when i was a kid, we all used "silver rounds" to purchase things from vendors. They were called "coins", and "legal tender" minted by the government. And Canadian dimes were welcome , and gold from anywhere could always find an open hand! Paper fiat "money", or "debt instruments", are "fraud", robbing us all. Ron Paul has strong economic credentials and his roles in various House economic committees document this very well.

Comment by Courtney Jalospanis
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Attaboy, JV! This is really funny! Next time Ron Paul "debates" with Bernanke, the Economic Czar of this country should bring a detergent so that he could wash Ron Paul's mounth with a Lifeboy soap for talking dirty in Economics -- which by the way -- only the warbbling Ron Paul understands what he is really talking about!

Comment by Joseph Vanderville
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In a recent exchanges during a committee hearing in Congress on the subject of ECONOMICS between Dr. Ben Bernanke with a Ph.D. in Economics and Dr. Ron Paul, M.D. whose Economics was learned in hospitals from delivering more than 400 babies out of mothers'womb, Paul "lectured" Bernanke that GOLD is money.  Shocked by this ignorance of the Congressman, Bernanke politely told Paul that gold is NOT money, just as Treasury Bills and Bonds are not money.  Gold and bonds are "assets", not money. Paul insisted Gold is money!

 

Paul then proposed to Bernanke to consider the likes of a Silver Circle as money he can use in grocery stores …

 

Well, treating Paul like a kid with whims and caprices, Bernanke winked at the Congressman and agreed he will work on that childish “proposal”.

 

I did not hear Ron Paul say that as Congressman he was going to amend the Law of Supply and Demand, although his "followers" from the "lunatic fringe" wanted him to ... Ay, yay, Mama mia!

 

The funny part of it is that Ron Paul’s followers from the “lunatic fringe” headlined this congressional encounter like a UFC fight in the Octagon claiming that their bubble hero Ron Paul “knocked out” Bernanke flat on the canvass! 

 

It was the joke of the year and you can die laughing at the pit of your stomach!

 

 


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Attorney For Freedom