40 votes

News reporter: Unlike US Dollar gold is backed by NOTHING!

Dear good heavens, listen to this! This DUMBEST news reporter in the world says US Dollar has more confidence in it, because it's backed by US govt & 1 more year from now Federal Reserve will be around. And gold is backed by NOTHING!!!! So that's why there is no confidence in it.


http://youtu.be/BiXIs3bbETA




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Well she is not the brightest

Well she is not the brightest person that's for sure.

The unfortunate thing is that

The unfortunate thing is that there are more ignorant fools out there that still believe FRN's are money, hence why gold prices are down.

Cyril's picture

Not only fools, but also some (unlucky) almost desperate people:

Not only fools, but also some (unlucky) almost desperate people:

As Argentine Peso Falters, President Keeps Low Profile

and people lining up outside a bank to buy... US Dollars (!)

http://www.dailypaul.com/311522

"Imagine that."

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

They are still fools.

They are still fools. They should be bartering in precious metals for food items, etc. not dependent on a manipulated currency controlled by a corrupt in humane government. I can see why the founding fathers believed who ever messed with the currency should be put to death.

Propaganda

What a surprise. We are slaves. I'm certain.

Un like the us dollar

Gold is backed by the fact it can not be made out of thin air by zionist Rothschild central bakers.

Unlike the us dollar gold is issued at face value. The us dollar is issued, COUNTERFEIT by a private Rothschild corporation, then loaned to Roth zio puppet pigs implanted thru BS elections, loaned at a COMPOUNDING false NATIONAL DEBT.

Said FALSE national debt is then used to identify the opposition thru extorted theft called tax collections using the counterfeit compounding false national debt as justification and either retrain/punish or put into a forced labor prison any oposition.

Gold is better than Rothschild zionist Counterfeit compounding false debt so called US dollar. You got to be real stupid or real sold out to actually make a statement like this reporter.

What a good debt slave to love her Rothschild masters so much.

PS GOLD IS BACKED BY THE CONSTITUTION the illegal counterfeit debt slave money being issued is not.

sovereign

One corirection. The currency

One corirection. The currency act of 1796 defined a dollar(roughly an ounce of silver) Federal Reserve Notes are NOT US dollars...they are a debt denominated in US dollars to be redeemed upon request in the real thing...if you could hold the FED to that contract they would go bankrupt overnight.

You almost have to admire the

You almost have to admire the boldness of the inversion.

Master Pretzel Twister
https://twitter.com/MenckensGhost

Why?

The current front-man in the White House does it every single day in front of an entire planet of 7 billion people. Has been for getting on six years now.

And *still* only about 30% of the people actually notice at all.

This reporter's an amateur by comparison.

Cyril's picture

Indeed.

Indeed.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

The U.S. $ is Backed

By the government's promise of your slave labor.

"To learn who rules over you, simply find out who you are not allowed to criticize." Voltaire

Gold is backed by its scarcity

...

Cyril's picture

And by its divisibility, portability, stability, etc, etc.

And by its divisibility, portability, stability, etc, etc.

http://oll.libertyfund.org/?option=com_staticxt&staticfile=s...

But again, who cares about such boring things these days?

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

And

Monopoly money is backed by a shoe, a top hat, a wheelbarrow, a car, and a thimble.

And houses and hotels

.

I must admit in an objective

I must admit in an objective way that this is devilishly brilliant.

To the average Canadian or American watching CTV it makes a lot of sense. To us here at the DP, no. To the viewing public, yes.

For a long time, many Americans have been saying the US dollar is backed by nothing except the, "Full faith and credit in the United States government."

Nobody ever dared to ask, "What is gold backed by?"

What IS gold backed by besides gold itself and 5,000 years of history behind it?

It's a good question in today's economic atmosphere of digital money, because digital money in the form of credit cards and paypal didn't exist until very, very, very recently in the grand scheme of what people consider money to be.

All economic activity the world has ever seen was dominated by gold and silver for century after century.

And then came the calculator, computers, and super computers.

If your gold coins get stolen by a burglar that broke into your home, they're gone forever if they don't get caught.

If your credit cards are stolen by a burglar and they're stupid enough to use them, you won't lose any of your money.

Digital money is backed by credit card companies that refund your money if somebody steals your account number and makes purchases without your knowledge. Happened to me a few years ago, somebody was able to use my credit card number, racked up a large bill and I got a phone call from Discover asking me if I recently purchased $400 of stereo equipment in Connecticut. Nope, cash refunded, no problems.

Never be afraid to ask simple questions.

Gold is backed by the universe

Gold is on the periodic table. It has electrons. The dollar is backed by the idea that America is awesome.

Neutron star collisions

Only conditions under which gold (and platinum) are formed in this universe are when 2 or more neutron stars collide with each other, in cataclysmic violent events.

Percentage ratio of neutron stars in general in the universe is relatively low, since large % of stars are small & end up becoming supernovae, dwarf stars etc. On top of this, probability of multiple neutron stars colliding is even more miniscule. That explains why gold & platinum are extremely rare elements in general in the entire universe, not just on our planet.

Immoral funding of Military Industrial Complex by Federal Reserve and US taxation system must stop!!!! End illegal/unconstitutional wars! Preserve US currency!
http://facebook.com/NoPropagandaZone
http://twitter.com/the_chiefe71

Nice

Does that mean our solar system was made from a neutron star collision?

Gold on earth?

I think what you're asking is: How did gold & platinum end up being on our planet in the first place?

If our entire solar system was created by a neutron star collision, it would be interesting to find out if other metallic planets like Mercury, Venus & Mars have any gold/platinum on them as well. Or did through some rare set of circustances, only earth end up as the lucky planet containing these?

Unfortunately, I don't know conclusive answer to this one way or another. Potential neutron star collision for formation of our solar system is being studied & discussed, but not conclusively proven yet.

Here are some more links that dig into this mystery. But what is certain is: If ever we have communication with other intelligent lifeforms elsewhere in the universe, gold & platinum will prove to be effective forms of currencies - simply because neutron star collisions that formed them are extremely rare in THE ENTIRE UNIVERSE.

http://www.csmonitor.com/Science/2013/0717/King-Midas-in-spa...

http://www.dailygalaxy.com/my_weblog/2013/07/the-earths-gold...

Immoral funding of Military Industrial Complex by Federal Reserve and US taxation system must stop!!!! End illegal/unconstitutional wars! Preserve US currency!
http://facebook.com/NoPropagandaZone
http://twitter.com/the_chiefe71

You're missing the point.

You're missing the point. The core issue is whether or not our money can be manipulated by the government.

Money with real backing cannot be manipulated by the gov. Money backed by nothing (like the USD) can have its value inflated away by whoever has the power to create more of it.

...

The price of gold has been

The price of gold has been manipulated for over 80 years.

Never be afraid to ask simple questions.

Gold is not manipulated. The

Gold is not manipulated. The manipulation occurs in the USD in which gold is priced. The "price" manipulation in gold is a result in devaluation in the "value" of the dollar.

80 years ago, you're referring to 1933 when we were taken off the gold standard. Prior to that gold was $20 per ounce. Afterwards the price was reset to $35.

Keep in mind that nothing changed with the gold. An ounce of gold is an ounce of gold and always will be an ounce of gold. But something must have changed.

The change: Prior to being taken off the gold standard the "value" of a dollar was considered to be 1/20th (roughly) of an ounce of gold and that was the value of a dollar for more than 100 years prior to 1933. Afterwards the value of the dollar was reset to 1/35th of an ounce of gold.

To show it in a different way:

Before 1933: $1 = 1/20th of an ounce of gold

After 1933: $1 = 1/35th of an ounce of gold

Gold, of course, remained unchanged both before and after 1933 as an ounce is an ounce and that's that.

Today a single $1 of USD has a value equivalent to approximately 1/1300th of an ounce of gold.

The USD, since 1933, went from being valued at 1/20th of an ounce of gold to 1/1300th of an ounce of gold. An ounce of gold, well, is still an ounce of gold.

The best and easiest visual representation of this that have come across is a chart from Kitco where they compared the price of oil in terms of gold compared to dollars:

On that chart you can see that the equivalent value in USD becomes comepletely unstable since 1933 while a barrel of oil priced in gold remains consistently within 3-4 grams during that entire time period.

Because of how things work with the dollar in the US most of us are more or less brought up being taught that the dollar = value and everything is priced based on that value. In actuality, the dollar is merely a container for storing value... and by inflation (along with decoupling from gold which was keeping the USD's container value stable for more than a century prior to 1933) the ability of the dollar to store value is diminished. That diminished value caused the "price" of gold to increase, because it takes more dollars to be an equivalent exchange for an ounce of gold.

After that simmers for a bit, then consider why our stock markets were basically on fire while at the same time the economy stinks. (USD down and assets priced in the USD up, all else being equal).

...

The US Dollar is backed by the Federal Reserve

and that will be around a year from now according to Bridget.

Gold is backed by nothing and could spontaneously disappear from the face of the earth a year from now.

If Bridget is talking about paper gold certificates, she is right, they are backed by nothing.

If she is talking about the gold in Fort Knox, JP Morgan's vault or COMEX inventories, then yes, it could spontaneously disappear without a trace... or perhaps it already has. Germany seems to be looking pretty hard for theirs.

I highly doubt Bridget was talking about either one of these things. Likely she was just regurgitating something she heard. Either way... pretty stupid comments.

With intelligence like this

She will odds are want to run for office soon.

http://shelfsufficient.com - My site on getting my little family prepped for whatever might come our way.

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Live and Let Live

Honey vs Vinegar

I would like to suggest we give the poor girl the benefit of the doubt. Not everyone is an evil shill bent on the destruction of life, liberty, and the pursuit of happiness. The general tone of the responses on this board are not going to be helpful in attracting support from anyone. It might serve the goal better to look at every ladder climbing, power hungry person caught up in the system as a freedom lover trying to get out. There are more than you think, but they can't join your chorus when it sounds like a pile of spit.

Michael Nystrom's picture

I'll tell you what the US dollar is backed by.

Guns.

All art is only done by the individual. The individual is all you ever have, and all schools only serve to classify their members as failures. E.H.

This Todd Hirsch guy sounds like a real genius

.

Paul Krugman of Canada

Todd Hirsch is the Paul Krugman of Canada:

Todd Hirsch is ATB Financial's Chief Economist. He holds a BA Honours in Economics from the University of Alberta and an MA in Economics from the University of Calgary. For over 20 years he’s worked as an economist at several different companies including Canadian Pacific Railway, the Canada West Foundation and the Bank of Canada. For almost a decade, Todd taught economics at the University of Calgary.

Todd provides economic commentary for several Canadian media outlets and is a regular columnist for the Globe and Mail. He's been recognized as one of Alberta’s 50 Most Influential People by Alberta Venture magazine. In August 2013, Todd was appointed chair of the Premier's Council on Culture, and in early 2014 he was appointed to the Alberta Economic Development Authority.

He is also the author of The Boiling Frog Dilemma: Saving Canada from Economic Decline.

======================================
Without looking @ a word of his book, I presume I can summarize it: "Solution for saving Canada from economic decline is by stocking up on US Federal Reserve bills!"

Immoral funding of Military Industrial Complex by Federal Reserve and US taxation system must stop!!!! End illegal/unconstitutional wars! Preserve US currency!
http://facebook.com/NoPropagandaZone
http://twitter.com/the_chiefe71

Offer her an FRN

Or gold jewelry, which would she take?

On some great and glorious day, the plain folks of the land will reach their heart's desire at last and the White House will be occupied by a downright fool and complete narcissistic moron.