Sunday, November 15, 2009

Max Keiser - On Buffet's Dollar Toilet Paper & Gold w/ James Turk...

Max Keiser on dollar: Buffet's toilet paper opium for China:

First of all, let's set the record straight here since Mr. Turk supports gold. All money, even when there is gold "behind it," is FIAT! Fiat means, "By decree - usually by the King (government). Turk and other supporters of the gold standard confuse the word "fiat" with the other features of money that make them vulnerable... namely fractional reserves, and interst bearing debt backed. The truth is that NO CURRENCY, be it debt backed fractional reserve fiat, or gold backed fiat has ultimately succeded for one reason or another. It's time to figure out why gold backed money has failed and why interest bearing fractional money has and is failing, and to come up with something better - it's doable. It's not WHAT backs your money, It's WHO controls its QUANTITY!

On the Edge with Max Keiser - 13 November 2009:

On the Edge with Max Keiser - 13 November 2009: