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Thread: Wealthy Getting Out of Fiat Money

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    Wealthy Getting Out of Fiat Money

    source

    Eric King: The wealthy are on a buying spree. Their goal is to lessen their exposure to paper currencies. From Richard Russell’s piece, “I watch the jewelry auctions, and I subscribe to the Sotheby’s and Christie’s catalogues. Prices for top-grade gems are going through the roof. I was talking to a jeweler friend yesterday who just returned from a Sotheby’s auction. He said he couldn’t believe the prices that some of the jewelry was going for. One diamond that he expected to be able to buy for $200,000 went for $950,000. He said he was staggered by the prices. “

    April 27, 2010

    I interviewed Henri Barguirdjian President and CEO of GRAFF the largest fine jeweler in the world and Henri talked at length about what the wealthy are doing with their money. He also discussed their growing fear of paper assets and currencies. Here is a link to the interview:

    GRAFF CEO Interview on King World News

    Back to Russell’s piece, he discussed the primary bull market in gold and the fact that silver is extremely cheap compared to gold. He also pointed out that many countries are accumulating gold and do not want the price to run away from them to the upside.

    One of those countries accumulating is China and the Chinese need an additional 3,000 tons of gold. The last thing China wants to see is a tremendous rise in the price of gold, but gold is a tiny market. As the army of people around the globe trading in their paper money for gold and silver continues to increase, western central banks and the Chinese are coming to grips with the fact that the gold market is becoming increasingly difficult to manage.

    To read the Russell piece in its entirety here is the link from 321gold:


    http://www.321gold.com/editorials/ru...ell042610.html
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    Gold is in record territory

    Gold prices are up setting records again. They ran up to over $1200 in December & had been trading in the $1100-$1200 range since then, occassionally dropping below $1100. Now it is up around $1240. This is not a bubble, people with capital are exchanging dollars, Euros or whatever for gold. And I would expect real estate prices to start rising again, ahead of the inevitable severe inflation form all of the fiat currency being pumped into the economy.

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    Many experts are saying that normal currency is about to collapse. It's not surprising when the whole banking system is based on debt. Being based on debt means its like a giant pyrimid scheme. http://www.youtube.com/watch?v=gD32q45APGc

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    Creditor of Last Resort / Kreditgeber der Letzten Instanz

    When talking about Fiat-Money, one has to recognize, that there
    will be a final creditor in the background .

    This hole Fiat-Money system should leave partly collapsed money lenders
    once a while .
    Such collapse could lead to new grown banks .

    But since we live in a good-doers society , these Creditors of Last Resort
    will be helped .
    It is likely not about the high income ranks of such banks ,
    but about uncertainity , of what will happen for turmoils below .


    This will be the reason , that banks and national economies will not crush anymore ,
    since money will be printed , to keep the economy alive .
    Of course , some will give up , for having lost the will to steam on further ,
    and these will be very few , usually called "collateral damage" .


    A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market and other facilities or sources have been exhausted. It is, in effect, a government guarantee of liquidity to financial institutions.
    https://en.m.wikipedia.org/wiki/Lender_of_last_resort


    I must say , that I am very new to this concept of lightweight airy "Fiat Money" ,
    just heard about it recently , and likely 35 years too late .


    The outcome will be , that the very rich will accumulate more bank notes ,
    while the lower populace will increase world wide and the standard of living
    will be leveled on the higher White Nations standard , thus leaving the White Underclass
    in stagnation , but giving boom to immigrants , who will swallow the left over of the printed money .
    Mk 10:18 What do you call me a good master, no-one is good .

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