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From: CusterInvestor11/13/2011 6:24:42 PM
1 Recommendation   of 29397
 
Curious about Armstrong's argument on gold--any thoughts?

"Then there is the Gold Standard nonsense to further distract people from the truth. There is NOTHING that the Gold Standard can offer. That is just gibberish. The problem is so far greater than what is MONEY. This is the Sovereign Debt Crisis that is exploding because we do not have the means to pay everything that was promised. Making gold MONEY will accomplish absolutely zilch! Those who preach MONEY is a “fiat” and we have to return to gold to cure the evils of the world have not thought this through! Just how do you pay the outstanding debt in gold? The banking system, credit cards, mortgages, everything related to debt would collapse if there is no fiat system. If you deposited a $20 gold piece in a bank, they lend it to another and now we both have $20 in our accounts, but there is still ONE $20 gold coin. The entire financial system is constructed on a fiat system. Forget it! The Gold Standard on a real one-to-one basis with no fiat will destroy society, and solve not a single problem."

added, more from Armstrong:

"Gold is not MONEY, nor is MONEY a store of value. Gold is reflecting the CONFIDENCE within the global economy and on that score; it is an international vote that should not be ignored. Because of the Gold Standard hype and this nonsense that MONEY is fiat when all systems are fiat once you introduce credit, there is an equal and opposite group that hate gold and see it as the anti-stock market instrument. This is simply wrong. When it is time to rally, we will see stocks and gold rise in harmony as they did after 1932. This will be because the value of MONEY will decline on a wholesale purchasing power basis for MONEY has become in many respects a vote of confidence in the political government in question. So for those who have stayed away from gold as if it were some underground protest movement cult, take a fresh look at gold for it has its place in the sun. It is the Sovereign Debt Crisis that is destroying everything on every front."
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