Wednesday, April 5, 2017

Turkey to introduce sovereign gold back bonds.

For a long time now I have repeated the famous words of Mr. JP Morgan, "Gold is money and everything else is not".  Sooner or later everyone is going to come back around to knowing that this is true.  If this was not true, why is Turkey now trying to get its people to bring the gold from "under their mattresses" into government and in return hold an interest bearing promise to be repaid in the same gold they loaned to the government?

All I can say is that anyone who takes a few percent of interest in exchange for giving up their personal control of their gold stash is an idiot.  In doing so not only will they have they told government just how much gold they have (thus opening themselves to the scam of paying tax on the inflation "gains" of their gold), chances are high that they will never see their gold again. 

They will be told it is there waiting for them to be returned on demand but when the gold is called, their corrupt piece of shit government will default.  This is not a slam specifically on Turkey. The US is the biggest piece of shit gold defaulter on the planet. We completely defaulted on gold convertibility for the dollar back in the early 1970s and we are failing to return the gold held on account at the federal reserve for the likes of Germany.  When too many come asking for their gold they will eventually get the shaft.  We will tell them they can't have the gold but they can have some paper currency instead.  After all, having taken effort to produce, gold has intrinsic value but paper currency and electronic currency in accounts are just a complete joke.

Here's good, conservative advice for anyone on the planet: keep governments of all kinds out of your financial affairs and for the love of Pete, never let government get between you and your gold because they will just steal it as soon as they feel the need to do so. 

Governments are shameless parasites who will steal from you and then kill you if you object too loudly about it.  They will do whatever they can to stay in power because power is all those parasites care about.  Don't trust government about anything, ever.

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