Another Reason for Higher Gold and Silver Prices - Part 3
Jim Rogers started the Quantum Fund with George Soros. It is famous for average annual returns of 30+% over 25/30 years. Jim is outraged over what The Fed is doing:
"I think the Fed should be abolished ... this one [the States have had two others] will go out of business, too. ... He's [Bernanke] letting the dollar collapse. He's given up on the dollar."
"I find it outrageous that the Federal Reserve is just throwing the dollar out the window." ... [using the federal government's current CPI formula which is big time rigged to the down side] ... "gold should be over $2,000." ... [speaking of the Fed's bailout of Bear Sterns] ... "That's not capitalism. That's socialism for the rich." ... [on central banks] ... The first two central banks in America failed. ... Greenspan and Bernanke ... They're setting up the failure of the central bank. The demise of the Federal Reserve. The first two failed. This one's gonna fail, too.
Another interview with Jim Rogers:
Andrew Jackson and the Bank War
The best published account of the "bank war" between Andrew Jackson and Nicolas Biddle is Robert Remini’s Andrew Jackson and the Bank War. Jackson considered fiat money to be "the instrument of the swindler and the cheat. For Andrew Jackson, hard money – specie – was the only legitimate money; anything else was a fraud to steal from honest men." (Remini, p. 19). Jackson also believed that the doctrine of states’ rights meant that a central bank was unconstitutional. This view was quite pervasive, especially in the South. As Timberlake writes (p. 83): "The states . . . . were properly jealous and fearful of encroachment by the federal government. Since a central bank would necessarily be a federal bank and would maintain and operate state branches from a distant center, proponents of states’ rights found opposition to a national bank almost mandatory."
Jackson suspected that a central bank would be controlled by Northern bankers and would be used to manipulate politics. Remini does point out that the strongest support for the bank came from New England, whereas the fiercest opposition came from Southern politicians like Jackson.
Jackson had good reason to fear political manipulation by a central bank. The first president of the Bank of the United States (BUS) was Navy Captain William Jones, who had no banking experience and who had just gone personally bankrupt. Murray Rothbard blames him for the Panic of 1819 in his book of the same title, which is cited by Remini."
President Jackson fights the U.S. Bank . . . and wins!!
"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists." - Ernest Hemingway
"One of the objectives they had for the creation of the Federal Reserve System was to create a structure which would have a hand in the public purse, so that when the banks got into trouble they would be able to draw upon tax payers' support to bail them out, and they would do so under the banner of protecting the public. It's a very clever ploy." … G. Edward Griffin
"The Federal Reserve System virtually controls the nation's monetary system, yet it is accountable to no one. It has no budget; it is subject to no audit; and no Congressional Committee knows of, or can truly supervise, its operations." … Murray N. Rothbard
"The central bank is an institution of the most deadly hostility existing against the principles and form of our Constitution." … Thomas Jefferson
"How fortunate for governments that people do not think." … Adolf Hitler
"If a politician found he had cannibals among his constituents, he would promise them missionaries for dinner." --- H. L. Mencken
"The suppression of truth has long been among the highest priorities for the upper echelons of power and authority. For a minority elite that clings to power by the manipulation of the masses using an omnipresent cocktail of lies, deception, mass-produced ignorance and ingrained propaganda, the destruction of truth is an essential method of control. It is a formula that has worked to unmitigated success for the elite throughout history, whether the shadows of power stretch from ancient pyramids, marble temples, castles, mansions or halls of governance. Those holding the levers of power and control understand, better than most, that the dissemination of truths to a blind majority could spell the end of their reign, for truth brings sight to the blind." … Manuel Valenzuela
The Fed has got the "pedal to the metal", M3 growing at about an annualized 18 freekin percent, but hasn't finished shifting through the gears let alone hit overdrive:
"Gold still represents the ultimate form of payment in the world....(May, 1999)" - Alan Greenspan. [Alan knows the game. He used to hang out with Ayn Rand's crowd (author of Atlas Shrugged). He just turned bad boy and went over to the dark side.]
Gold and silver prices are going up. Way way way up, much higher, in their US$ prices. As Marc Farber said, "Mr. Bernanke is the gold buyer's best friend. ... My biggest position is basically gold."