G&G Associates Tax & Financial Consulting
Congressman Ron Paul...''Texas Straight Talk'
Karibu (Welcome) G&G Readers,
From Congressman Ron Paul, in his weekly ''Texas Straight Talk'' column on his House of Representatives website, on January 10th:
''Our government is based on a system of checks and balances. With no check on the Fed, it is no surprise it has thrown the economy wildly off balance. The solution is not to re-inflate the bubbles the Fed created, or to continue to devalue the currency, or to throw billions at failing banks and corporations. The solution is to return sanity and freedom to monetary policy. Forcing the entire country to use a medium of exchange that is subject to the whims of elite bankers and their cronies on Wall Street is not sanity. Hoping that an unchecked, all-powerful, behemoth banking cartel will solve any economic problem is not sanity.
The problems the Fed was originally created to solve now look miniscule compared to the problems it has created. If 'political independence' erodes the purchasing power of the currency by 98%, destabilizes the economy with radical booms and busts, all while increasing unemployment and tipping us ever closer to hyperinflation, perhaps it is time to try a little transparency and accountability instead. Better still -- we should try giving the people true economic freedom.''
''It is nothing short of cruel and criminal for Congress to stand idly by while the life savings of Americans are inflated away to nothing. It is high time Congress insist on getting complete information on what the Fed has been doing, and for whom. My hope is that exposing the truth will demonstrate the insanity of the status quo and more people will call for sensible changes, such as legalizing competing currencies.''
. . . and from Richard Russell, editor of Dow Theory Letters, in remarks posted on his website on January 12th:
''Nixon slammed the gold window down in 1971 because France was calling in so much US gold that it frightened the administration. Incidentally, the US hasn't had a good word to say about France since. If the US made the dollar convertible into gold, there'd be a rush by internationals to swap their dollar holding for gold.
The US is reported to hold 262.5 million ounces of gold at Fort Knox and at the NY Fed. One strict measure of the US money supply is simply cash and coins, totaling $909.2 billion. If we divide gold into this measure, we get a price of $3,477 per ounce for gold.
OK, now let's use the M-2 money supply for the equation. Dividing gold into M-2 (which is $8,764 billion) gives us a price for gold of $33,514 per ounce (statistics courtesy of Richard Mayberry's great 'Early Warning Report').
So you can see if the US were to fully back the dollar with gold, the US would have to raise the price of gold roughly between $3,000 and $33,000 an ounce before it could fully back the Federal Reserve Notes with gold.''
. . . and from Jeff Reeves, in an ''Outside the Box'' column on MarketWatch on January 14th:
''There are several reasons to love gold right now. From the twin specters of a weak dollar and commodity inflation, to the recent all-time highs north of $1,430 an ounce, to returns that doubled the broader market in 2010.
Yet investors who focus on gold and ignore silver could be missing an even better bet. Demand and performance numbers show that silver is beating gold handily right now and has been for a while. What's more, a look at the uses and possible supply bottlenecks of silver shows that this metal could have an upside gold may not enjoy in the new year.''
''Silver has lapped gold's gains better than three times over the past year, with appreciation of about 79% compared with 24% for gold. Silver also has better long-term performance, with three times gold's run in the past 20 years. Specifically, silver has posted gains of about 637% . . . compared with 255% for gold in the same period.''
''Still, the numbers show silver isn't yet near its historic ceiling when it comes to raw prices or valuation versus gold. And by the way, these are raw numbers that aren't adjusted for inflation. Based on that, silver's peak was actually around $130 an ounce in today's dollars.''
Yes, Ron Paul is a libertarian. But he has also been in Congress (off and on) since the 1970s, and he is now the chairman of the Joint Finance Committee. He knows more than almost anyone else about the true financial condition of the government. He is giving you a clear warning. What are you going to do about it?
Most people will do nothing. They will continue to assume tomorrow is likely to be pretty much the same. Sure, we might have some tough times... but this will pass. Nothing serious is going to happen.
If you feel this way, that's fine. But ask yourself these questions:
1) How high will gold have to get before you think something is seriously wrong?
2) How high will silver have to get?
3) How many banks will the FDIC have to close before you consider the dollar to be unsafe?
4) How many municipalities will have to go under before you think there's a crisis?
5) How European states will have to leave the euro before you begin to doubt the stability of the world's paper currencies?
6) How high will agriculture prices have to go before you see that a global food panic is underway?
I suggest you write down the answers to these questions now. Because almost no matter what you answered, you'll get to that point soon.
What should you do about this? It's pretty simple. First, you should use the correction in silver and gold to stock up on physical bullion. Make sure you've got a year's living expenses (at least) in gold and silver bullion. If you can, store a portion of it overseas.
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Asar Gary Gray
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LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.