TFMR Podcast #22 - John Butler, author of "The Golden Revolution"

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Of all the podcasts I've recorded, this is certainly one of the most important.

Our pal, Ned Naylor-Leyland, introduced me to John Butler a few weeks ago. I'm grateful that he did because John's new book, "The Golden Revolution", is the most important book that I've read in quite some time. At just 200 pages, the book neatly summarizes the history of global sound money, the circumstances surrounding the exit of the previous gold standard and the likely events that will effect and implement the next, global gold standard. Read this book and you will begin to understand how and why this new gold standard is inevitable.

I implore you to purchase this book for yourself and/or someone else. Father's Day is right around the corner and it would make a terrific gift, too. Most importantly, John's book is indispensable in the preparation for the end of The Great Keynesian Experiment and you simply must read it.


Comments

realitybiter's picture

Dent, gold's future

Dent speaks well, his demographic analysis is sound, but he completely misses the boat regarding the feds ability and desire to fight deflation with an airforce of helicoptors.

Dow 36k?  God I hope he's right.  I can't imagine what a $36,000 Krugerrand would feel like.

How might we get a gold standard?  It is not going to come from any country encumbered by debts or entitlements (debts by another name).  Some other country, that likely begins with a C, is going to became the overnight reserve world currency when they create a strong, sound gold attached currency.  And all of those other countries, loaded with debts and entitlements are going to get inflated into chaos.....destroying the debts and entitlements.  I see no way out.  Look at how the Greeks are refusing the choice of wiping out all debts (including entitlements) and starting over with a sound currency.  People will not do the right thing because they view it as too punitive-even if it is the right thing.   So they choose to keep the fraud going....until the day it stops entirely.  You've got the bankers and the entitled all on the side of keeping the ponzi going....take the Tea Party folks who want fiscal responsibility, but "don't touch my medicare"..."I earned it".......eh, scuz me, no you didn't.  You don't get a hundred trillion dollar UNFUNDED liability because you funded it, i.e., earned it.  That happened because a long list of corrupt politicians stole it from future taxpayers and lavished it upon you.  Of course, you voted for them...Its a fraud and you are possessing stolen goods.....I better duck!

and that is my point.  America will not address the fraudulent debts and entitlements....ever.  It will be forced on us.

Remember, you don't get massive unfunded liabilities because you funded them in the first place....that is not savings, and surely is not earnings.  

Now vets, they earned it....they have funded with something far more dear than savings.  It is Memorial weekend....

realitybiter's picture

Ivars

PV=nRT

also, whats new? (nu)

c/L

chemistry and physics mock economics

Xty's picture

Economics ... not a science

A nice little rant I stumbled upon:

Monday, May 14, 2012

Economics...not a science, not even a dismal science...just dismal

 

I've been doing TV for a long time and I can tell you that sometimes the best conversations occur during the commercial breaks.

Last Friday I was on "Rewind" on Bloomberg TV. My co-host was Joe Brusuelas, Bloomberg LLP's Chief Economist. He says he has a PhD in economics, but it's not posted after his name, nor does anyone over there call him "Doctor." Anyway, it doesn't really matter because as we all know Warren Mosler only has a Bachelor's degree in Economics, but he's the most brilliant economist I've even met and he can run circles around these PhD's. Even Keynes didn't have a formal degree in economics.

Anyway, during the break we got into a discussion about the economy and what could be done to get growth up. We were talking about the "fiscal cliff" looming out there next year and I said that I thought it was a big problem if not addressed and he said something was going to be done, but it wasn't going to be on the fiscal side. He specifically said that fiscal was off the table yet he didn't give a reason why, however, I sensed it was not because of political reasons, but more a question of "means," at least in his mind. Then he laid it out to me and said, "The Fed will do it."

I said, "The Fed? How?"

He said, "monetary policy."

"Monetary policy?" I asked, incredulously. Then added, "That's worked well." Of course I was being deeply sarcastic.

I followed quickly with, "There is no direct channel from monetary policy to demand."

He says, "Of course there is. There's at least six."

(So this guy is saying to me that there are six channels to demand from monetary policy.)

"Name one," I say.

He said, "interest rates."

(Me, laughing), "That's it? That's what you got? Interest rates? That's worked well, too," I repeated, making sure I said it in my most sarcastic voice, while laughing.

I could tell he was getting peeved. He must have been thinking, who was this no-name economist, former Fox News Contributor talking to me about economics? After all, he was the Chief Economist of hoity toity Bloomberg. Who was I? John Thomas who?

I pressed, again (I love doing this as you can see), saying, "QE, doesn't do anything for demand."

Then he said (get this), "That's because house prices have not risen."

House prices have not risen???? That was his PhD response....

​http://mikenormaneconomics.blogspot.ca/2012/05/economicsnot-science-not-even-dismal.html

Prize Fighter's picture

johnboatcat, that's why I

johnboatcat, that's why I bought my Saiga-12 now.  They hate those things.  Will it make them illegal in any form or can they be resold with a Class III like an M16?

El Gordo's picture

Gold standard not a voluntary solution

I suggest that we not look to government to generate any type of currency that would be accepted by the masses should our current system collapse.  No one will want to trade goods or services for fiat, but barter and items of generally known and accepted value would be traded.  Thus, presumably, gold and silver, along with chickens and loaves of bread, would be traded among the people routinely.  At some point government would step in to try to intervene in order to collect taxes on the trades and might offer up some sort of trinkets or paper claiming to represent value, but it would be up to the people to accept or reject it.  Given what would logically lead up to a collapse of currency to begin with, government would probably have a difficult time trying to convince the people that they could be trusted no matter what they came up with.  There's no reason to think the government leopard is going to change his spots just because of a national calamity or two - those people never change.

peckerwood's picture

Thank You veterans and active military

Thank you for your service, past, present, and future.  As we celebrate Memorial Day, I would like all here to read the military oath, whether military or civilian.  Note that defending the Constitution comes before following orders from the Commander in Chief (POTUS), or higher ranking officers.  I have spoken a length to high ranking military, and this is not my own personal opinion.  It was the prior posts regarding the assault on the 2nd amendment that motivated this post.  I have several military rifles (they are not"assault rifles" IMO), and several home defense shotguns.   Come and get 'em bitches.

anyway, here it goes...

 

The Military Oath

 
The Commissioning Oath

"I, _____ , having been appointed an officer in the (Service) of the United States, as indicated above in the grade of _____ do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign or domestic, that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservations or purpose of evasion; and that I will well and faithfully discharge the duties of the office upon which I am about to enter; So help me God." (DA Form 71, 1 August 1959, for officers.)

The Enlistment Oath

"I, _____, do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; and that I will obey the orders of the President of the United States and the orders of the officers appointed over me, according to regulations and the Uniform Code of Military Justice. So help me God." (Title 10, US Code; Act of 5 May 1960 replacing the wording first adopted in 1789, with amendment effective 5 October 1962).

johnboatcat's picture

Prize Fighter, I think it will be to ban imports

like the MKA 1919.  Got mine already.  Great gun.  Eats everything I feed it within reason.  They don't like shotguns with mags.

Battle Beagle's picture

Iran designs alternative system for SWIFT: CBI

Iran designs alternative system for SWIFT: CBI

 
Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani says the country has designed and implemented a new system for conducting international transactions.




 

Bahmani said on Saturday the new system,enlightenedwhich has already been activatedenlightened, would replace Worldwide Interbank Financial Telecommunication (SWIFT) 


 

http://presstv.com/detail/2012/05/26/243243/iran-designs-alternative-swift-cbi/

withoutwax's picture

CIC of China

The so-called 'Sheriff of the East'?

Other members of the Advisory Council of the CIC (our saviours from the East, apparently…) are:

Merit Janow – Council on Foreign Relations
David Emerson – violated ethics code in Canadian elections
John J Mack – former CEO of Morgan Stanley
John L Thornton – former President of Goldman Sachs
Jean Lemierre – President of European Free Trade Association

Turd – are you on to this? I’m getting a bit bored of Western ‘alternative’ financial analysts referring to ‘China’ as the ones who are going to save us from these Wall St crooks, when in reality it’s the same bunch! Let’s give this exposé some media coverage.

johnboatcat's picture

ATF shotgun article is about a news article that

is 13 months old.  Ignore it.

Prize Fighter's picture

That 1919 is sweet.  Saiga is

That 1919 is sweet.  Saiga is an import straight from the Russian Izhmash factory, makers of the AK.  They come without a pistol grip so some conversion is needed to get it to this point but pretty easy.    http://forum.saiga-12.com/

question's picture

venn diagrams

Clinton ,Obama, and D seem to have the most connections by far; a few Bush, Reagan, especially if you go to the link and read those too.

Seems kind of weird somehow

admin's picture

Had seen this Reuters video a

Had seen this Reuters video a few weeks ago with John Butler:

Gold standard inevitable, $10k/oz looms, says new book

GuerrillaCapitalist's picture

@peckerwood:I Appreciate the Sentiment BUT

I am a retired Army Colonel with 34 plus years of service. I was an infantry platoon leader and company commander in Vietnam for three tours. My son is a recently separated Captain with 5 tours in Iraq and Afghanistan. He's smarter than I and fled the madness.

Every Memorial Day and Veteran's Day I get good and pissed off. I resent being cannon fodder for the hidden agenda of the government. My heart aches for what my beloved son experienced as he followed me into the family business. (My father, maternal grandfather, and maternal great-grandfather were all Army officers and I have an ancestor that fought in the first American Revolution, albeit for the losing side. He was buried along the trail and his grave is probably a Walmart parking lot.) 

My heart is broken at the senseless violence done by our out of control leaders. All of the wars that have transpired since 1945 have been illegal under the US Constitution. Yet, we the people let that slide time and again. I guess we deserve what's coming.

My son and I are off to build a fire on sacred ground, cook steaks from our own herd and drink a bottle of fine hand made bourbon. We'll tell war stories, laugh, yell and cry. A fuck of a family tradition, but it works for us.

It's time for a national draft with no exceptions. If you can't meet military standards then we'll find something you can do. I'm a fan of Roosevelt's Civilian Conservation Corp. Many of the parks in the country were built by these fine citizens and still stand today. It's long past time for shared responsibility. We'd have far fewer wars of adventure if the President and Congressmen's kids were in the line of fire.

Ran_capital's picture

Great podcast Turd

We Turdites appreciate your hard work.  I want to invite all Turdites who are interested in active trading focused on precious metal equities to visit.  http://rancapital.blogspot.com/ for the latest free trades and market commentary.

ivars's picture

Evaporation requires

Evaporation requires concentration of all extra thermal energy in the system in one place/functional subpart of it increasing temperature in that part enough to evaporate the pieces/liquid that seems to be particularly de cooperating. That is called war in policy- take the heat out of other problems, focus it on war, plus evaporate/liquid(ate)  the annoying parts of system.

However, the vapor in this case will be oversaturated as there is no space in the system ( Earth- or is there) where is could expand and cool to equilibrium. Instead, it will condense into liquid on various frozen segments, adding heat to them and destabilizing them. Thus, one relatively small event of evaporating the unpleasant disturbance of unity  can start a chain of creating de cooperating pieces all over the system, nearby at first, leading to the need to evaporate more of them.

And so on, until thermal balance is achieved- a relatively chaotic heated state with a lot of structures gone which thermodynamically will match the deviation in heat caused by initial shock which initially led to extreme cooperation and freezing, thus letting out a lot of heat. This heat, once distributed in a destructive manner described above, partly unfrozen (structures liquidated-e,g states or functions) , partly evaporated ( productive assets including labor) , create a new equilibrium -quite chaotic with a lot of vapor but in thermal balance, and this vapor will be so distributed that it will start to condense over all system almost at once, starting at most suited freezing centers- new centers of power- creating new frozen structures and pathways leading back to increased degrees of cooperation- new world order ( not in conspiracy theories sense) - just a new way for the world to be able to operate again.

This processs has happened many times in the past, but as with the USA debt limit being a new parameter in current financial crisis, where debt limits have been reached, the intensity of vaporization increases with every time as human population still growing superexponentially in a precrash like manner reaches the closer and closer to the  limits of planet Earth and there is less and less of still empty space where the vapor can condensate  and cool off without disturbing some existing structures. Hence population growth is the single most disturbing , though natural, determinant of the scale, length and intensity of coming future calamities. The vessel is full, and we have not developed enough  leaks to other planets.

I wonder if these analogies make ANY sense, Just fun.

peckerwood's picture

to guerrillacapitalist

we are in total agreement.  i only post to try to get people to think a bit deeper.  my best friend is in Afghanistan for the 3rd time, after 2 tours in Iraq.  he has a security clearance up in the stratosphere - i was interfered by the FBI for over an hour because he used me for a reference. but guess what - he feels the same way as you and your son.  he once believed in what he was doing, and he deserves the thanks for putting his life on the line.  now he and i both just hope he gets home alive - he is due home in August, and will retire.  

thank you, and thank your son for me.  i must assume that you thought you were doing "right" at the time.  after all, it is the military that tweaked and mastered MOPE, aka psyops. 

if it helps, and this is only through my contacts, many of the present enlisted and ranked military now feel as you do.  i doubt the US military will ever fire on civilians here (again).   too many illegal and senseless "conflicts".  let's hope i am right.

enjoy your deserved holiday with your son.  and build your campfire down wind from  the Wal Mart, and hope it gets real windy.  i know what you are talking about and its a disgrace.

God bless you.

peckerwood

Fortinbras's picture

@guerrillacapitalist

I spent 4.5 years enlisted and another 6 as an officer before I hung up my spurs in disillusionment.

That said, I was lucky enough when I was a Corporal to have a then Colonel as a mentor and father figure... he is still a father figure to this day.  He retired as a 4 star and you very likely served under his father in Vietnam... his father died as Chief of Staff of the Army.

I resigned my commission without talking to him and years later, when we talked about it, he said this: "I failed you.  I didn't teach you one very important thing... you [me] fell in love with something that couldn't love you back... the Army.  My father taught me to love the SOLDIER in the same way that Patton taught him."  He was right.  

That said, I agree with everything you said (and he would too) except for one thing.... I am not sure yet that I am in favor of a universal draft... we NEVER really had one, certainly not for your generation in Vietnam, but not even the "Greatest Generation" for WWII where 75% were draftees... sons of the "elite" were not serving then either other than for personal, potential, future gain (see the Kennedy's).  THEY will ALWAYS have an out... anything else is a pipedream in my opinion.

For CENTURIES... even MILLENIUMS, countries, empires, city states... have ALL draped their young men in their flags and banners in the name of "good" to do nothing more than further self-interests... sometime, the self-interests are "more good" than others, but it is ALWAYS been and ALWAYS will be in self-interest... we delude ourselves to think otherwise and I am unapologetically American to this day so to speak.

Enjoy your day... my wife and children are home in Pensacola while I too am in Afghanistan, but only until Wednesday. ;)

Hang in there... and here is the one other thing my mentor always said that always stuck with me that I truly understood...

"KEEP THE FAITH!"  Because THAT is what being in uniform is really about.

R man J's picture

Remonetization coming: Gold's move to Tier 1 Collateral

This article show how bank regulating agencies connected to at least 7 countries may revalue gold as top rated collateral for bank loans. Currently Sovereign Bonds and Cash are valued at 100% but gold is only 50%. That is about to change. Another potentially key sign for the remonetization of gold. 

"The Basel Committee for Bank Supervision (BCBS), the maker of global capital requirements and whose Basel III rules form the basis for global bank regulation, is studying making gold a bank capital Tier 1 asset."

If gold is made a Tier 1 Capital asset banks could operate with far less equity capital than is normally required. Gold would be the new backstop for debt, currencies and bank equity capital.

http://www.coininfo.com/clkmaster/clicker.php?type=bmV3cw==&src=Y29pbmluZm8uY29t&ts=1338166163&ws=d3d3Lm1hcmtldG9yYWNsZS5jby51ay9BcnRpY2xlMzQ4NDkuaHRtbA==

johnboatcat's picture

Has anyone else here heard that bakelite

might become rarer than diamonds? :-)  Did you know it is just pressed cotton?  These are all 2011 vintage. Bakelite is vintage.  410 shotgun and two AK's in alternate calibers.  Love that bakelite. Now that's real plastic!

Who said, "The weapon of my enemy, when I need one, needs to be my friend."? I don't remember but I took it to heart.

Turdle GG's picture

Turd's ladies like John Butler

One of Turd's favourite ladies, Daniela Cambone, also recently interviewed John Butler:

As did Lauren Lyster:

kingboo's picture

To the Veterans.......

Thank you, we love everyone of you...
 
Although these wars have been mis-represented to us by criminal leaders...
We know why you served....and Thank You for it from the bottom of our hearts....May God Bless you for your
tremendous sacrifice...it is not lost on us.     Peace 
LonePen's picture

Nice Work!

Turd, Great podcast!  Seems like "rack 'em and stack 'em" is the way to go, especially if it's all accepted for everyday use again in the not-so-distant future.

50Jim's picture

podcast

Turd

Need more like these two ................Hung on every word

gbend's picture

Memorial Day

Last year a friend of mine told how is platoon Lt went insane after leaving 2 guys behind in the bush.  It hurts thinking about it.

ClinkinKY's picture

"Old"

ATF shotgun article is about a news article that

is 13 months old.  Ignore it.

------------------------------------------

Yeah, Constitution is 236 years old. Ignore it.

Just sayin'wink

Really-'s picture

When I See

....someone make predictions of gold getting to 10,000/oz that tends to make me skeptical and I then find the rest of that person's writing somewhat dubious.  I know the thought of gold getting that high gives a lot of readers  "warm fuzzies".  If I was to say I believe gold is going to drop to 1,000/oz in the future (which I don't), a lot of people here would say that I am a "troll" and would want me to validate my prediction.  Yet, my "prediction" is only about 570.00 less than current spot.  I guess when people hear predictions  that conform to their mindset, attainability isn't questioned.

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