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A Billionaire Likens America's Fiat Money To Double-Ply Toilet Paper

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posted on May, 14 2011 @ 10:51 PM
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A Billionaire Likens America's Fiat Money To Double-Ply Toilet Paper



www.nysun.com...


NEW YORK — The double-header may be an endangered species in baseball, but a double-header of a different sort last night swept Manhattan, where nearly 1,000 people swarmed into an auditorium on the Upper West Side to hear luminaries debate the question of the gold standard and across town a packed auditorium heard a billionaire investor liken fiat paper currencies, including America’s, to toilet paper.

For the gold standard in the packed debate were one of the city’s most celebrated journalists, James Grant of Grant’s Interest Rate Observer, and a former director of the Office of Management and Budget under President Reagan, David Stockman. Against were a member of GMO’s asset allocation team, Edward Chancellor, and Richard Sylla, a professor of economics at New York University.

Said Mr. Stockman, “The gold standard wouldn't have allowed forty years of deficits . . . Nations were compelled to live within their means. . . . The gold standard was an honest regulator of Wall Street greed . . . nor did we [in upholding a gold standard] punish people who invested in savings accounts.”


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edit on 5/15/2011 by Mirthful Me because: EX Tags.




posted on May, 14 2011 @ 11:06 PM
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reply to post by wisdomnotemotion
 


Interesting. After watching "The Secret of Oz" where he makes the case against the gold standard. I'm not sure what to think. I'm sure you've seen it, but he says it doesn't matter if there is a fiat currency or not, it just matters who is in control of the amount thats in circulation.



posted on May, 14 2011 @ 11:14 PM
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reply to post by wisdomnotemotion
 


I can't help but notice that he's not trading in his billions of worthless dollars for delicious gold, is he? Nor for that matter, are the many other filthy-rich One Percenters who keep telling us how terrible our monetary system is.

Yet, they all advise us to trade in our dollars for gold.

And for some reason, there's a segment of the population who doesn't even think twice before sinking all their cash into gold on that advice.

Here's a tip, for those of you who are bad at critical thinking; this dude didn't get all his lucre by investing in gold. And he's not going to give you sage advice for free. He's certainly not going to give you free advice that would give you any advantage in competing with him for wealth. In fact he's entrely likely to give you the worst advice you've ever heard, because then your money leaves your pockets and, if everything works out, goes into his.



posted on May, 14 2011 @ 11:22 PM
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however due to the consequences of quantitative easing which are about to come home to roost in the homeland...

one might do well to consider some kind of inteligent responce to the current and future conditions.

like comparing the equivilent value of a paper dollar and a gold dollar from parity
untill now
the gold dollar is worth a lot MORE paper dollars today
oooops
case closed



posted on May, 14 2011 @ 11:31 PM
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There's already a thread somewhere about this. Big problem with going back to the gold standard - there isn't enough gold.

This would result in either the value of gold increasing exponentially or the values of the currencies that set the gold standard dropping exponentially.

Neither would be good for anyone other than the rich.



posted on May, 14 2011 @ 11:42 PM
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Just saying i bet all of these people have heavily invested in gold and are planning on cashing in big as the price of gold continues to sky rocket



posted on May, 14 2011 @ 11:45 PM
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reply to post by wisdomnotemotion
 


I'd call it John Wayne Toilet Paper......................................
rough tough full of grit and don't take no S**** off no one!



posted on May, 15 2011 @ 12:09 AM
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A Billionaire Likens America's Fiat Money To Double-Ply Toilet Paper


And that, my friends, is the very definition of irony.

When a *billionaire* tells people money (fiat money) is nothing better than toilet paper/is worth nothing, well, i think that speaks entirely for itself.

When you HAVE it, it's very easy to say it means nothing and that one should "cash it in" or "exchange it," because you don't have much to worry about even if inflation skyrocketed.

I was being cynical (albeit truthful) when i started this post, now i am just angry, at how deceptive they are while trying to screw us. "We have billions! But it's nothing more than toilet paper! Trust us, really! Cash it in, hurry!"


Can't help but quote this:


Originally posted by TheWalkingFox
reply to post by wisdomnotemotion
 


I can't help but notice that he's not trading in his billions of worthless dollars for delicious gold, is he? Nor for that matter, are the many other filthy-rich One Percenters who keep telling us how terrible our monetary system is.

Yet, they all advise us to trade in our dollars for gold.


End note: i DO believe that precious medals/commodities are important to have in the event of collapse, precisely because they ARE commodities, they HAVE ultimate value, and they are NOT fiat. But that is not the point i am making in this post.


edit on 15-5-2011 by Liquesence because: (no reason given)



posted on May, 16 2011 @ 04:09 AM
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Just because he is a Billionaire, does not mean that he has a billion dollars in the banks. One would expect someone of his financial savvy to have his wealth spread in a diverse portfolio.
Why do you guys think he has a Billion in cash?

PEACE,
RK



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