Buffet says he knows how to end the deficit in 5 minutes.

[Denny]

lol

[gearhead78]

Al P, can a nga get a PM whenever the fuck I'm supposed to convert all my holdings to gold, the euro, the pound, gold doubloons, NASCAR commemorative plates, or whateverthefuck??

lol lol lol

[Broncojohnny]

I knew Denny would love that one!

[SMEGMA STENCH]

Government has already proven that they can and will confiscate PM

When has that been done? I'd confiscate government property over it.

[LANTIRN]

When has that been done? I'd confiscate government property over it.

Depression. FDR confiscated and made private ownership of gold illegal except for industry and I think rare coins. Silver has never been touched, I believe.

[SMEGMA STENCH]

How the hell was that legal and how did he get away with it?

[LANTIRN]

How the hell was that legal and how did he get away with it?

Fuck if I know. How was half the shit FDR did legal?

[Denny]

You'd have to look back to 1933, but you also have to understand that back then, gold and silver were more widespread and collectively accepted anywhere as money... more so than now.

It was done with little to no resistance through FDR's Executive Order #6102 that outlawed any possession of gold coin, bullion or even gold certificates. They justified it by saying that hard times caused some to hoard gold. Remember, this was right in the midst of a depression like we're in now (LOL A those still calling this a recession). He basically used a wartime statute against hoarding any material that the government felt it to be a necessity. One could argue that since we still had somewhat of a gold standard back then, that hoarding gold could drive up gold to be more valuable than the coined price that was minted on it. So, this order was put out like the first week of April and gold was essentially outlawed by May 1st.

Here's the kicker... at the time, a one ounce gold coin was 20 US Dollars. When people brought it to the bank to be turned in, it exchanged for $20.67 per troy ounce. This was a sweet deal for people back then... or so they thought.

[Denny]

And if you don't think any of these major currencies will go, I invite you to watch the Yen chart. A lot of central bank intervention going on and still fighting a losing battle.

[Hobie]

When has that been done? I'd confiscate government property over it.

http://en.wikipedia.org/wiki/Executive_Order_6102

[forbes]

You'd have to look back to 1933, but you also have to understand that back then, gold and silver were more widespread and collectively accepted anywhere as money... more so than now.

It was done with little to no resistance through FDR's Executive Order #6102 that outlawed any possession of gold coin, bullion or even gold certificates. They justified it by saying that hard times caused some to hoard gold. Remember, this was right in the midst of a depression like we're in now (LOL A those still calling this a recession). He basically used a wartime statute against hoarding any material that the government felt it to be a necessity. One could argue that since we still had somewhat of a gold standard back then, that hoarding gold could drive up gold to be more valuable than the coined price that was minted on it. So, this order was put out like the first week of April and gold was essentially outlawed by May 1st.

Here's the kicker... at the time, a one ounce gold coin was 20 US Dollars. When people brought it to the bank to be turned in, it exchanged for $20.67 per troy ounce. This was a sweet deal for people back then... or so they thought.

i may be wrong on this, but by outlawing the possession of gold, it made it easier for the federal reserve to get established ?

[Denny]

i may be wrong on this, but by outlawing the possession of gold, it made it easier for the federal reserve to get established ?

By removing our currency's direct ratio to gold allowed the Federal Reserve to exercise inflationary tactics to favor governmental spending and leveraged lending.

[Broncojohnny]

By removing our currency's direct ratio to gold allowed the Federal Reserve to exercise inflationary tactics to favor governmental spending and leveraged lending.

You have to have inflationary tactics during a liquidity crisis.

http://www.youtube.com/watch?v=O7pnjzCuSv8

[forbes]

good watch

[Denny]

Because they were hoarding the gold... hypocracy at its finest. LMAO!