This article is very timely. It dovetails perfectly into what I have been saying about debt based, fractional reserve, fiat money systems and also about the beliefs in gold backed money systems. Again, I used to spout the line, “no fiat system has ever stood the test of time!” But the truth, as Martin aptly points out here, is that the gold standard has NOT stood the test of time either!
That doesn’t mean that gold is not a hedge against a LOSS OF CONFIDENCE, it is. What it is NOT is a hedge against inflation, again, as Martin points out.
This is one of his best articles ever. What he says here is extremely important. He is saying that the gold standard is not the answer, that both systems fail because politicians (and bankers) cannot be trusted! Thus, we circle back to what Bill Still is saying, “It’s not WHAT backs the money, it’s WHO controls its QUANTITY!” I encourage everyone reading this to view Bill Still’s movie “The Secret of Oz.” Once you have seen the movie, please join our discussion, I will be doing several articles on it.
Armstrong makes the following points in this document that are key to what I’ve been saying:
I agree with Martin that the gold backers will hate this language, but it is true. You must judge history for what it is, not what you hope it was. There is a better way forward, and I’m going to present that path to you in the days ahead.
All this does not mean that I don’t own gold, I do! Martin goes through key levels of support and resistance and lines them up with his turn points to give you a better feel for the market. A terrific read, I hope you enjoy it and please take what he’s saying here to heart.
What follows is Martin’s Petition for Habeas Corpus addressed to Justice Scalia. In it, Martin once again lays out his case and why he believes justice has not been served. An interesting read, I encourage supporters to write to the list of parties within this document to complain about the way that his case is being ignored. He deserves to be answered and those answers need to stand up to the law…
US Dollar Long Term Chart
36 minutes ago