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Fed Chairman Ben Bernanke admitted the central bank created $1.3 trillion out of thin air to buy mortgage backed securities. This shocking admission came from the Joint Economic Committee hearing on Capital Hill last week. I was dumbfounded when I saw Bernanke shake his head in the affirmative as Representative Ron Paul said, “Well, where did you get the money? You created this money. So you did monetize debt, and that went into the banking system.” I was amazed he admitted this. I looked up the original hearing on C-Span to make sure the clip was not edited. It was not.
Anyone with a savings account or money market denominated in dollars should be terrified. You have scrimped and saved only to have the Fed print money and devalue what you have worked so hard for! Inflation has been chosen for you by the Federal Reserve, and we the taxpayers can’t even audit its actions. Below is the video from the Joint Economic Committee Hearing last week. Watch for yourself Bernanke nod yes to printing $1.3 trillion:
Originally posted by beebs
I just want to buy some physical gold and sit for a while, but of course the fam says thats stupid...
Originally posted by wantsome
Cool hopefully the system collapses. I'm already broke and lost everything so it don't matter to me. I'd love to see it catch up with the upper class. I'm waiting down here with my pitch fork.
Originally posted by Kaytagg
Originally posted by beebs
I just want to buy some physical gold and sit for a while, but of course the fam says thats stupid...
Well, it probably is stupid, with all due respect.
Gold isn't a magical commodity that is SURE to increase in value year over year, forever. And if it was, the price of gold would already be factored into the market, and you would be paying a very high premium on your gold, and its return wouldn't be very high. In other words, it would be a poor investment.
Now is probably the most risky time to buy gold, imo. I'd probably be looking to sell gold, instead -- especially if it goes above 1200 an oz, again.
But if you really don't believe that gold has its risks, take it from this inflation adjusted data chart:
inflationdata.com...
If you had bought at its peek in 1980, you'd still be holding onto an investment that has lost money, instead of made money.
P.S.
If you buy gold, don't buy coin gold -- it always comes at a premium, which cuts into your profits. And if you're buying gold in case of some apocalyptic crisis, don't bother -- buy food, instead. Gold will be worthless if the world markets ever collapse.
Originally posted by debunky
Now, M2 Money supply in the US is 8500 trillions. A 1.3 Increase won't have a noticable impact.
When SHTF gold is always one of the only accepted forms of payment. Time for you to read history books.