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Thread: Why Gold?

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    Post Why Gold?

    Why Gold?

    By Hans Sennholz

    [March 6, 2003]

    It is difficult to argue with gold. To men everywhere, gold is a desirable economic object. It can be used for the manufacture of jewelry and ornaments. It is a corrosion-resistant element, the most malleable and ductile metal, ideal for plated coating on a wide variety of electrical and mechanical products. It is a good thermal and electrical conductor. It is durable and storable, can be easily hidden from partakers and predators, and readily shipped to other places. Gold is very marketable. In fact, gold may be the most marketable commodity around the globe.

    The value of gold is determined by the same considerations as that of all other economic goods. Individuals give it value according to the enjoyment and satisfaction they expect to get from its possession. Economists explain this fact in terms of utility and scarcity. Value rises or falls in accordance with the utility which people ascribe to an object and the scarcity they perceive.


    Like that of any other economic good, the value of gold changes according to changing perceptions and situations. This must be emphasized because there are many goldphiles who wax eloquent about the eternal, immovable value of gold. They obviously have never experienced, and cannot think of, a situation in which basic essentials that sustain or safeguard human life do soar in value while that of gold in any form plummets. In fact, in desperate situations people may prefer a pound of bread to an ounce of gold, essential clothing and shelter to a pound of gold and, when their lives are at risk, their lives to a ton of gold.

    The supply of gold is plentiful. For thousands of years it has been mined and accumulated; very little is consumed or lost. Existing supplies in the form of coins, jewelry, decoration, and plated coating are greater by far than current production. No matter how much gold is produced in South Africa or Russia, current output is rather negligible when compared to the quantities in individual possession throughout the world. This characteristic, in which it differs from all other metals, reduces the risk of sudden changes in quantity and, therefore, sudden changes in its value. Even silver, which has many characteristics similar to those of gold, is subject to great changes in production and consumption that may affect its value.

    The special characteristics which man ascribes to gold have made it the most marketable economic good of all, the popular medium of exchange and unit of economic calculation and account; they have made it man's money. For more than 2500 years, from ancient Greece to modern USA, gold coins have served as money and the standard of calculation and account.

    Throughout the ages governments have had a love-hate relationship with gold. Most of the time they sought to amass it in their treasuries and monopolize its use. They claimed and brutally enforced a monopoly of the mint. At other times governments waged war on gold, seeking to ban it under penalty of fine, imprisonment, or even death.
    During the French Revolution hundreds of businessmen died on the guillotine because they had dared to calculate prices in gold or ask for gold. In the United States of 1933 to 1975, it was a crime punishable by fine and imprisonment to own standard gold coins. At the present, the U.S. government, while clinging to a sizeable hoard buried in Fort Knox, seeks to disparage it and make little of it as an unimportant metal.

    We are living in an age in which all governments, regardless of the system of political and economic organization, whether interventionistic, socialistic, democratic or dictatorial, are occupying an economic command post. Most of them work through central banks issuing legal-tender notes and through government mints manufacturing coins. In 1971, they all suspended gold payments and made the most important and most stable currency, the U.S. dollar, take the place of gold. The world has been on a dollar standard ever since.

    For the federal government the dollar standard has been a magical guide to cheerful spending and soaring debt. It released the Federal Reserve System from the shackles of gold and set it free to finance federal deficits no matter how large. In 1971 the federal government deficit amounted to $23.033 billion and the federal debt stood at $409.5 billion. By now, the 2003–2004 federal budget calls for expenditures in excess of $2.1 trillion and a debt of some $7 trillion.

    Since 1971, the American dollar has lost almost 70 percent of its purchasing power and is losing more every day. That makes it difficult to project future debts and deficits, but it is likely that the dollar standard will disintegrate if foreign investors should ever lose their confidence in the U.S. dollar.

    For the American people the world dollar standard has been, and continues to be, both a welcome boon and a dreaded affliction. It is pleasant and beneficial as it permits the Federal Reserve System to engage in massive credit creation that generates unprecedented trade deficits now running at a rate of over half a trillion dollars a year. At some five percent of gross national product (GNP), the trade deficits actually have lifted the levels of consumption of the American people while they depressed the levels in creditor countries. Moreover, the dollar standard has enabled the U.S. Treasury to place much of its new debt with foreign investors and thereby shift much of the burden of debt to foreigners.

    The dollar standard also has been a dreaded affliction as it allowed the Fed to depreciate the American dollar every year and finance a frightful expansion of government functions and powers. Dollar savings have lost some 70 percent of purchasing power while the number of government rules and regulations probably has risen by a similar proportion.

    Many economists are convinced that the current pattern of Treasury deficits and Federal Reserve money and credit expansion is not sustainable. They call for large tax increases or drastic spending cuts that would allow the Federal Reserve to decelerate its money fabrication. But they also are aware that large tax increases at this time of economic stagnation and rising unemployment would depress economic activity even further. Spending cuts, on the other hand, probably would bring relief to the ailing economy but undoubtedly would be unacceptable to the political forces that benefit from the spending. They usually cite old notions and theories that advocate deficit spending as a panacea for economic evils and difficulties.

    The huge budget deficits may yet be solved in another way: the Federal Reserve may continue to cover them with new money and credit, which may depreciate all dollar debt as fast or faster than it can be added. A five-percent inflation depreciates the purchasing power of a $7 trillion federal debt by $350 billion a year. At the 1980 rate of inflation of 12.5 percent, the federal debt would shrink by $875 billion in purchasing power, and at the 1990 rate of inflation of just 6.1 percent by $427 billion. But such a solution may cause a crisis of confidence in the integrity of the American dollar and precipitate the end of the dollar standard.

    For most of a generation the almighty dollar has been a great object of confidence and trust throughout the world. It brought honor, friends, influence, and possession to the United States. As a symbol of power and prestige it answered all things. Although we do not know what the future has in store for us, we are fearful that the age of the world dollar standard may some day draw to a close. Huge federal government deficits and chronic Federal Reserve inflation may destroy it.

    The deficits force the Fed to generate ever more money and credit which in turn weaken and erode the dollar's trustworthiness in the eyes of the world. Its present weakness toward many other currencies, such as the euro, the Swiss franc, and the British pound, is an early symptom of the erosion.

    No other currency, national or international, can conceivably take the place of the American dollar. They all suffer seriously from the same ideological malady: they are the creation of political concern and authority. Whatever we may think of gold, it always looms in the background, beckoning to be used as money, as it has been since the dawn of civilization.

    Hans F. Sennholz, emeritus professor of economics at Grove City College, is an adjunct scholar of the Mises Institute. Send him MAIL. See also his Mises.org Articles Archive and his Personal Website.

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    Post Re: Why Gold?

    Gold is symbolic of the sun and a solar spirituality. This factor makes gold an important symbol in the Collective Racial Unconsciousness of Aryan man. What a pity that the Jew has debased this metal from a symbol of spirituality into a medium of financial exchange.

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    Post Re: Why Gold?

    Quote Originally Posted by AryanKrieger
    Gold is symbolic of the sun and a solar spirituality. This factor makes gold an important symbol in the Collective Racial Unconsciousness of Aryan man. What a pity that the Jew has debased this metal from a symbol of spirituality into a medium of financial exchange.
    It was not just important to Aryan men, but also to, for instance, Egyptians, Incas, Aztecs, etc.
    .

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    Post Re: Why Gold?

    Quote Originally Posted by Johannes de León
    It was not just important to Aryan men, but also to, for instance, Egyptians, Incas, Aztecs, etc.
    Absolutely and they were Aryan civilisations.

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    Post Re: Why Gold?

    Quote Originally Posted by AryanKrieger
    Absolutely and they were Aryan civilisations.

    Extraordinary claims demand extraordinary evidence.

    And please, spare me any Arthur Kemp's texts.
    .

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    Post Re: Why Gold?

    Gold is an element created by nature that has certain healing and medicinal potentials, not just for us but to the soil itself. Gold was used as decouration and jewellery in ancient times because the people knew the magical powers behind it, but later on in time people started wearing it for it's beauty. Gold is otherwise similar to fire, the same fire that creates life. Centuries later when gold became used in trade and banking, it's energy was transfered from magical uses of life to finance and political power. Transfering gold energy into a use for greed is both a rape and pollution of the metal.
    (It doesn't matter how old the song is, I won't stop liking it).

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    Post Re: Why Gold?

    Quote Originally Posted by Johannes de León

    Extraordinary claims demand extraordinary evidence.

    And please, spare me any Arthur Kemp's texts.
    It is an indisputable historical fact that Egypt was settled by successive waves of Indo-European invaders and it is the Indo-Europeans that formed the ruling classes of Egyptian society.
    You will be aware of the numerous examples of evidence of Aryan predominance in Egyptian society from their art where pharaos and other nobles are depicted with fair or red hair,blue eyes and pale white skin.
    Solar religion also came to be a factor in Egypt as well which is entirely Aryan in character and origin.
    Mummies have also been recovered from the 4th millenium BCE with typical Aryan characteristics such as red hair.
    I see no reason to question the presumptions of an earlier generation of scholars just because it is not pc to regard the ancient Egyptians as Aryans.

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    Post AW: Re: Why Gold?

    GOLD is for the mistress—silver for the maid—
    Copper for the craftsman cunning at his trade.”
    “Good!” said the Baron, sitting in his hall,
    “But Iron—Cold Iron—is master of them all.”


    From the poem Cold Iron by Rudyard Kipling
    Tolerance is a proof of distrust in one's own ideals. Friedrich Nietzsche


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    Post Re: Why Gold?

    The Aztecs and Incas were once believed to have settled upon the cities which were already built a long time ago. The cities were originally very old and pyramid designed. It's said that the people who built them were from a mythical place called Aztlan, which has been remarked by scholars to be Atlantis. The Aztecs got their name from a language from mysterious Aztlan. The Aztec gods were blond haired.
    (It doesn't matter how old the song is, I won't stop liking it).

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    Post Re: Why Gold?



    Although situated in North Africa, Egypt had been settled by three White groupings prior to 3500 BC, namely Old European Mediterranean types, Proto-Nordics and Nordic Indo-Europeans, with the latter group penetrating the territory as part of the great wave of Indo-European invasions which took place from 5600 BC onwards.

    Left: Entering Egypt at the time of the great Indo-European migrations from the Black Sea Basin circa 5600 BC, Nordic peoples such as "Ginger" (below) settled the Nile River Valley and laid the basis for what was, by 3000 BC, to become the first Egyptian Dynasty.

    Living in typical Neolithic settlements, this period of history is called the pre-dynastic period and is formally considered to have come to an end in 3100 BC.



    Above left: Remains of the outer wall of the Saqqara tomb of the pharaoh Uadji of the 2nd Dynasty (2770 - 2650 BC). It shows the recessed paneling of the period and the clay bull-heads, carrying natural horns. Note the distinct similarity. alongside right, to the Catal Huyuk bull-horn cult from Turkey (see chapter 3) nearer to the Black Sea, further evidence of the link between the two regions.





    "GINGER" AND OTHER INHABITANTS OF EARLY EGYPT

    Racially speaking, the inhabitants of Egypt at this period in time were divided into three groups. Skeletal evidence from grave sites show that the original White Mediterraneans and Proto-Nordics were in a majority in the area - a well preserved body found in a sand grave in Egypt dating from approximately 3000 BC, on display in the British Museum in London, has even been nicknamed "Ginger" because of his red hair - a racial trait only found in persons of Nordic ancestry.



    Above: A well preserved body from the pre-dynastic period in Egypt, circa 3,300 BC. Buried in a sand grave, the natural dryness of the surroundings kept the body preserved. His red hair (and thus Nordic features) have been so well preserved that he has been given the nickname "Ginger" at the British Museum where he is kept on public display. Right: "Ginger's" head.






    However, diggings also reveal a significant minority of Semitic (Arabic) peoples were living in the Nile Delta valley alongside the Whites, and in the very far south (in what later became southern Egypt and the Sudan) lived a large number of Blacks. These were the Nubians who were to feature in Egypt's history - and against whom the Egyptians waged war and enslaved for nearly 2,000 years.

    The existence of these two non-White groupings within Egypt was later to have a major impact on the history of that civilization, and also do much to destroy the "environmental" theory of the origin of civilizations, as all three groups shared the same environment, yet produced very different levels of achievement.

    THE OLD KINGDOM 3100 - 2270 BC

    In terms of contemporary time frames, however, the Egyptian state first started formally emerging shortly after the establishment of the civilization between the Tigris and Euphrates river valley.

    By the year 3100 BC, a measure of unity had started to take hold in Egypt, coalescing into northern and southern kingdoms. Around that year a dynamic leader named Menes united these northern and southern kingdoms and established a capital city at Memphis on the Nile River. The year 3100 BC therefore marks the start of the Dynastic Period, called the Old Kingdom by historians.

    Menes developed the idea of using channels to divert the waters of the Nile to irrigate land - and this irrigation system exists along the Nile River to this day. Menes was such a gifted and charismatic leader that he was later deified by later Egyptians, and a cult developed which pictured him as a direct descendant of the Gods, a tradition which then spread to other pharaohs. It is very likely that the very word "man" originated with Menes.

    During the reign of Menes, construction was first started on the greatest city of ancient Egypt, Memphis, which became the capital of this first kingdom. Also about this time, Egyptian pictograph writing appeared, probably inspired by the Sumerian script. The Old Kingdom traded extensively with surrounding lands, obtaining wood from Lebanon and copper from mines in the Sinai peninsula.







    Above left: The first great pyramid of Egypt: the step pyramid of Saqara, circa 2600 BC. The architect, Imhotep, was later made into a deity out of respect for this technological achievement. Above right: Part of the massive stone complex which surrounds the step pyramid.




    It was also during this Old Kingdom period that the great pyramids and Sphinx at Giza were built, starting around the year 2,500 BC. The project was launched by Pharaoh Cheops (also known as Khufu), who, because of the pyramids, remains one of the most famous pharaohs of this First Kingdom.






    Queen Hetop-Heres II, of the Fourth Dynasty, the daughter of Cheops, the builder of the great pyramid, is shown in the colored bas reliefs of her tomb to have been a distinct blonde. Her hair is painted a bright yellow stippled with little red horizontal lines, and her skin is white. (‘The Races of Europe’, Carleton Stevens Coon, New York City, Macmillan. 1939, p.98)




    The Cheops pyramids are however not the oldest Egyptian pyramids - the step pyramid at Memphis predates the Cheops pyramids by at least a century, and was designed by a court architect who was later to be deified by the Egyptians, Imhotep. This great structure, nearly 66 meters high, must have seemed overwhelming to ordinary Egyptians at the time, who at best lived in two story mud brick houses, and it is no surprise that the builder was eventually deified.



    The Sphinx and pyramids of Giza, circa 2500 BC.





    The Cheops pyramids are impressive today - by the standards of the time of their construction they must also have appeared to be superhuman. Twenty years in the building, these pyramids used between five and six millions tons of stone, some blocks being moved over 500 miles, with virtually perfect masonry work on site so that the alignment variance of the stones even today is less than one percent. The greatest pyramid reaches 146 meters - higher than St. Peter's cathedral in Rome (which remains the biggest Christian cathedral in the world.)

    Old Kingdom Racial Types








    Head of Khafre, dating from the 4th Dynasty (2575 - 2467 BC). Flinders Petrie Collection, University College, London




    Death mask of King Tety, dating from the 6th Dynasty(2323 -2152 BC). Cairo Museum









    Pharoah Shepsekaf, last king of the 4th Dynasty (2575 - 2467 BC).

    A statue of Pharaoh Menkaure and his consort, Khamerernebti II, dating from the 4th Dynasty (2575 - 2467 BC).



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