An Inauspicious Anniversary

Loading the player ...

Download Podcast (Right Click + 'Save As')

One hundred years ago today, The Federal Reserve System of The United States was born. To "celebrate" this unfortunate anniversary, I invited G. Edward Griffin, author of the book "The Creature from Jekyll Island", to spend some time in Turdville. In a webinar format, Mr. Griffin spoke candidly about his dislike of central banking and he took questions directly from listeners.

In this 50-minute conversation, Mr. Griffin addresses many topics near-and-dear to the hearts of Turdites everywhere, including:

  • Why was the Federal Reserve System created and whom do they serve?
  • Why does The Fed create money and will Quantitative Easing ever stop?
  • Can the process of monetary destruction and devaluation be halted and reversed?
  • Are we inevitably headed toward totalitarianism or is there still time to change direction?
  • What role might alternative currencies such as Bitcoin play in the future?

Many other topics are discussed, too,  so please make the time to listen to this entire recording. You will not regret doing so.

Finally, at the end of the webinar, Ed and I ask you for a favor. His longtime assistant, Joan, is struggling with some health issues brought about by her exposure to radiation poisoning some years ago. To help with her struggle, please take the time to visit her website. She's an accomplished artist and, by supporting and purchasing her work, we can all help her in her fight against these diseases. If you're an art lover...or perhaps shopping for one this holiday season...please check out Joan's site and consider making a purchase. Use can use this link: http://pennypup.wix.com/joanhunterart

Thanks for listening!

TF


73 Comments

Turd Ferguson's picture

A2A webinars

MODERATOR

We try to host these A2A webinars once per week, usually on Thursdays. The idea is to give subscribers direct access to some of the biggest names in the precious metals industry and blogosphere. The webinars are hosted on the GoToWebinar platform so that listeners are able to interact and ask questions directly of the guests.

This is just one of the features that Vault subscribers enjoy...and all for just $10/month. Please consider subscribing today. (A subscription makes a great Christmas gift, too. wink)

http://tfmetalsreport.com/subscribe

woofwoof's picture

not going to say it

not going to say it

silver66's picture

Tis a day that will live in infamy

What an interesting track record of price stability they have achieved

Silver66

sierra skier's picture

Not far behind.

Not far behind.

TheGoodDoctor's picture

Fizifth!

Fizifth!

ArtL's picture

6th

nice top 10!

thesandbox's picture

and the minstrals....

rejoiced.....yeeeaahhh

Mudsharkbytes's picture

I eight

too much - belch...

Mudsharkbytes's picture

What the?

A double post?  

Sorry 'bout that. 

achmachat's picture

christmas

these public posts are very much appreciated!

the last time I got anything for Christmas was around 12 years ago. it was a gift from my then-girlfriend's father. A small diecast corvette that was radio controlled with a wristwatch.

here's the interesting part:
he said that they're playing with these all the time at work!
1) he was a government employee
2) I live in a country where more than 40% of the population has a direct or indirect government job.

draw your own conclusions!

ivars's picture

Seems that gold ETFs are

Seems that gold ETFs are destined to bleed more. Any ideas why silver ETFs are not bleeding?

http://uk.reuters.com/article/2013/08/19/uk-gold-uk-exports-macquarie-idUKBRE97I0PQ20130819

Quote:
The UK exported 240 tonnes of gold to Switzerland in May alone, while its exports over the first half of this year totalled 797 tonnes, Macquarie said in a note.

In contrast, Britain exported just 92 tonnes of bullion to Switzerland in the whole of last year, it said.

"And why is it going to Switzerland? Two explanations make sense. One would be that investors have decided to switch their gold investments from ETFs to allocated deposit accounts, which are often held in Switzerland."

It added: "But a bigger factor, we think, is that the gold bars from ETFs have gone to Switzerland, where most of the world‟s gold refining capacity is, to be remelted into different size bars and coins and then sold on end consumers, predominantly in Asia, specifically China and India."

ivars's picture

Seems that gold ETFs are

Seems that gold ETFs are destined to bleed more. Any ideas why silver ETFs are not bleeding?

http://uk.reuters.com/article/2013/08/19/uk-gold-uk-exports-macquarie-idUKBRE97I0PQ20130819

Quote:
The UK exported 240 tonnes of gold to Switzerland in May alone, while its exports over the first half of this year totalled 797 tonnes, Macquarie said in a note.

In contrast, Britain exported just 92 tonnes of bullion to Switzerland in the whole of last year, it said.

"And why is it going to Switzerland? Two explanations make sense. One would be that investors have decided to switch their gold investments from ETFs to allocated deposit accounts, which are often held in Switzerland."

It added: "But a bigger factor, we think, is that the gold bars from ETFs have gone to Switzerland, where most of the world‟s gold refining capacity is, to be remelted into different size bars and coins and then sold on end consumers, predominantly in Asia, specifically China and India."

ivars's picture

Info on India's gold

Info on India's gold accumulation and effects of US sponsored levies to reduce demand in India. 

Quote:

India has, on average, 22,000-32,000 tonnes  of accumulated gold. There have been varying estimates of the amount of accumulated  gold over the last 100 years. But there is one   important statistic –the accumulated gold within the temples of India is sufficient to meet the country’s demand for at least 10 years.  One can monetise idle gold deposits held within temples through the Gold Deposit Scheme  (GDS). The gold deposit plans would see gold  owners in India – the world’s  largest consumer  of the metal – give their gold to a bank and  earn interest in return. They would also enjoy a  “guarantee” from the central bank for the gold’s  full return at the end of the deposit period.

http://www.lbma.org.uk/assets/Alch_72_India_Asia_and_the_World.pdf

DeaconBenjamin's picture

China Rates Approach Crisis Levels Despite Central Bank Measures

By NEIL GOUGH
Published: December 23, 2013

HONG KONG — An exceptional bid by China’s central bank to curb soaring interest rates and relieve pressure on the financial system appeared to have come up short on Monday, as Chinese money market rates shrugged off the measure and continued to approach the crisis levels seen in June.

The central bank, the People’s Bank of China, said late Friday that it had provided more than 300 billion renminbi, or about $50 billion, in short-term funds to selected banks over a three-day period that week.

Rates continued to surge on Monday, however, in China’s money markets — a key source of short-term funding for commercial banks and also for financial institutions engaged in risky, off-balance-sheet shadow lending.

One key rate, the seven-day repurchase rate, rose as high as 10 percent on Monday. That was double the rate of a week earlier and the highest level since June, when the People’s Bank of China allowed rates to surge in an effort to curb speculative investment in the country’s sprawling shadow banking sector.

China’s banks are scrambling for short-term cash to meet month-, quarter- and year-end regulatory requirements. At the same time, demand for cash is high among Chinese companies seeking to meet year-end payments.

These and other factors have combined to push the costs of short-term borrowing in China up drastically, a situation that if left unchecked, could leave some banks struggling to meet their obligations and could have implications for the broader economy.

http://www.nytimes.com/2013/12/24/business/international/china-rates-approach-crisis-levels-despite-central-bank-measures.html?_r=0

ag1969's picture

J.P. Morgan Sees Golden Opportunities for Huge Gains in 2014

With serious inflation still only a gleam in the eyes of the ardent gold bugs, 2014 looks like a tough year for gold miners. The metals analysts at J.P. Morgan think it is easy to look at the cost of new mines and conclude that current prices are unsustainable. But new mine projects may not be needed for several years if more of investors’ above-ground gold horde is unwound. Here is where the story gets more interesting.

For many on Wall Street the question of future inflation is a when, and not if, proposition. Central backs around the world are printing money at a furious pace, debasing the value of their local currency. So whether it is a question of gold and silver as a hedge, an industrial commodity or simply a straight contrarian stock trade, the J.P. Morgan team thinks now is the time to look hard at the top names. They also think the downturn in prices has created a golden opportunity.

J.P. Morgan has six top names for 2014 for which investors may buy the stocks at rock-bottom prices.

 
____________________________________________________________________________
In a world not run by central planners, the headline would have been:
 
After Several Years of Manipulating the price of Gold and Silver Lower, JPM has cornered the Gold Futures Market, and therefore, will allow the price to rise in 2014.
dgstage's picture

What Happens When You Have to Admit the Gold’s Not There

What Happens When You Have to Admit the Gold’s Not There-Eric Sprott

http://usawatchdog.com/what-happens-when-you-have-to-admit-the-golds-not-there-eric-sprott/

dgstage's picture

Jim Willie

Turd

When is the holiday Willie

ag1969's picture

dg

"What Happens When You Have to Admit the Gold’s Not There-Eric Sprott"

____________________________________________________________________________

Oh, that's an easy one dg, you flip over the game board like a petulant 8 year old and start bombing the snot out of anything and everything.  Do you have any other brainteasers for me this morning?

tmosley's picture

Ivars: I wonder if they

Ivars:

I wonder if they aren't bleeding because those inventories already belong to China, and are there as part of a joint agreement between China and the Fed to suppress prices of both PMs?

Urban Roman's picture

Black Swan Event

silver2013's picture

Dow up big time. Pm's down

Dow up big time. Pm's down again. If dow hits 20k i will sell and buy more gold.

silver2013's picture

What did willie goldenass

What did willie goldenass said to turd. I wish turd releases the pod cast today before xmass.

Nick Elway's picture

@ivars why aren't the silver etfs being drained?

Perhaps this is evidence in favor of the FOFOA/MF/Bankster worldview.

"Gold is money, nothing else"  JP Morgan testimony

We are witnessing a re-alignment of power(gold) between governments/banks worldwide and their store of value is gold.

I suspect the silver ETFs are "just in case" for price suppression later, when the realignment of power between governments/banks and people is in play.  Silver is the money of people (if they wake up).

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves,” wrote Norm Franz in his book Money and Wealth in the New Millennium (2001). The word “currency” sometimes replaces “money” when this is cited, to become “Gold is the currency of kings...” The quotation has been frequently used in the literature and in videos of gold sellers.

United States Senator James John Ingalls (1833-1900), of Kansas, said in the 1870s, “Gold is the money of monarchs.” “Gold is the money of kings” has been cited in print since at least 1891. Norm Franz, however, appears to have been the first to add “silver,” “barter” and “debt” to the “gold” saying

silver2013's picture

Go to the store and see if

Go to the store and see if you could buy bread,milk,meats,health insurance,gas,new tires for your car, labtop,internet to post on turds site, a funny yellow hat or even pay your water bill with gold or silver? face it , the game is controlled to use fiat.

tyberious's picture

BrotherJohnF

Did a piece on his blog, concerning China and sliver. The Western powers broke China twice by devaluing silver. John alluded to perhaps they will do the same thing again but with gold instead of silver.

I mean perhaps hes right,TPTB could claim gold has no monetary value and go strait to  digital currency.

silver2013's picture

I see gold and silver like a

I see gold and silver like a stock. if it goes up i sell it and make profit. So i can buy those other things i mentioned.

tyberious's picture

Makes you want to puke

http://theeconomiccollapseblog.com/archives/on-the-100th-anniversary-of-the-federal-reserve-here-are-100-reasons-to-shut-it-down-forever

On The 100th Anniversary Of The Federal Reserve Here Are 100 Reasons To Shut It Down Forever

 

theeconomiccollapseblog.com / By Michael Snyder / December 22nd, 2013

December 23rd, 1913 is a date which will live in infamy.  That was the day when the Federal Reserve Act was pushed through Congress.  Many members of Congress were absent that day, and the general public was distracted with holiday preparations.  Now we have reached the 100th anniversary of the Federal Reserve, and most Americans still don’t know what it actually is or how it functions.  But understanding the Federal Reserve is absolutely critical, because the Fed is at the very heart of our economic problems.  Since the Federal Reserve was created, there have been 18 recessions or depressions, the value of the U.S. dollar has declined by 98 percent, and the U.S. national debt has gotten more than 5000 times larger.  This insidious debt-based financial system has literally made debt slaves out of all of us, and it is systematically destroying the bright future that our children and our grandchildren were supposed to have.  If nothing is done, we are inevitably heading for a massive amount of economic pain as a nation.  So please share this article with as many people as you can.  The following are 100 reasons why the Federal Reserve should be shut down forever…

#1 We like to think that we have a government “of the people, by the people, for the people”, but the truth is that an unelected, unaccountable group of central planners has far more power over our economy than anyone else in our society does.

#2 The Federal Reserve is actually “independent” of the government.  In fact, the Federal Reserve has argued vehemently in federal court that it is “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.

READ MORE

4 oz's picture

G Edward Griffin is terrific!

Content such as this Turd, truly shows what I'm missing all week long & makes me want to somehow scrape together enough pop money to become a member!

 
Howard Roark's picture

@achmachat´s christmas

Well and He choose a corvette above all the cars! An american car... not one from the socialist marvels with wheels!

That´s another sign...

All the best,

HR

Syndicate contentComments for "An Inauspicious Anniversary"