Originally posted by Jean Paul Zodeaux
reply to post by 00nunya00
What is legal is not necessarily lawful. If what is legal is not lawful then this legality is merely a mystical incantation that has as much force as any shamans ooga booga nonsense. It matters not what nation we are talking about, there is a rule of law and there is "rule by law". The rule of law begins with the inherent political power belonging to the people, and all governments are established to protect and defend the rights of individuals. "Rule by law" is the reverse, where governments assert that only they can grant rights and that the people exist solely for their pleasure.
Very true, and important to remember, but it's also important to remember that the people who did these transactions are the very same ones bankrolling the legislators and judges that will be deciding if it's fraud or not. Kind of hard to expect that Goldman isn't going to get paid when Obama (and all the other presidents) has stocked his cabinet with them and taken vast amounts of donations from them.
In terms of electronic transferals, no this is not "cold hard cash". Cold hard cash would actually be coins minted with some precious metal that reflects the value of the coin. Fiat currency is not "cold hard cash" it is money build upon confidence instead of backed by actual wealth. If I take out a loan based upon confidence then what do I have? If I take out a loan backed by say gold, what do I have?
Ah, I see where' you're coming from on that, and I agree. Gold has an intrinsic value, whereas paper is worthless without the system behind it. I believe this is possibly why gold has been kept unrealistically low to this point while allowing a slow growth; you get the people to give up every ounce they have thinking the prices are at a temporary high and that they will take an inevitable downturn (as they always have), so they need to cash in that broken gold NOW while prices are still at "historic highs". But in reality, they are simply hoarding it with the full knowledge that paper will collapse and a new currency can only be based on intrinsic value----which they will now hold (and control) the vast majority of. Want to pan for some gold yourself? Talk to the EPA. Want to mine some? Good luck trying to afford that patch of land.
You're right; fiat is dying, and only two things can replace it: Greenback-type currency, or gold. Seeing as the banks can't control the former, its stand to reason that they will opt for the latter. We'll be fooled into seeing it as "the people's currency" but in reality, it will be the people's slavery, as they are giving over the right to coin money solely to the banks, not their government. There's no gold at Fort Knox, so the US is SOL trying to coin its own new currency without them.