“If we can’t print money fast enough to fend off another deflationary Great Depression, then let’s change the value of the money.”
" How can they reprice gold to $30,000? "
This question from you, it proves for my eyes what I have said. Indeed, if I viewed as a western person, gold money as $30,000 paper dollar credits, my thoughts would also show " this cannot be"! But, from another world, I view this US$ and say "how can it be of such value to all and have numbers as the stars in heaven"? Please understand, money as paper or metal is as "perception of value in the minds of people". If all the gold held by earth were placed in the hands as money, it would be used to revalue every "real thing" at a fair price. A tiny fraction of gold would buy much production of goods and services, on a basis equal for all men, not as a debt for later settlement, as currencies are now!
Thank you - Date: Sat Apr 04 1998 22:42
If you think this weekend’s G-20 meetings in Washington are only about designing short-term fixes to the financial system and regulatory reforms for banks, hedge funds, brokers, mortgage companies and investment banks … think again.
Behind the scenes, a far more fundamental fix is being discussed — the possible revaluation of gold and the birth of an entirely new monetary system.
I’ve been studying this issue in great depth, all my life. And given the speed at which the financial crisis is unfolding, I would be very surprised if what I’m about to tell you now is not on the G-20 table this weekend..... Link
"It seems more than likely that the world's central bankers will eventually convene to reprice gold to a level sufficient to persuade a world of paper skeptics that the metal must be reinstated as the numeraire."
- John Hathaway, Tocqueville Asset Management L.P.
November 18, 2003
Some Thoughts from Steve Hickel on this subject:
What should Gold be valued to to relinquish National Debt…?
Per article below, $60T is amount of US debt. US holds 8,000 tons of Gold (we think) plus or minus a few tons. US would want 1/2 of its Gold reserve remaining after the pay down, so here is the math:
60 trillion divided by 128 million = four hundred sixty-eight thousand seven hundred fifty dollars per ounce. $468,750/ounce of gold (and growing).
Funny how the last three digits is where gold is now… $750(ish). Only $468,000 to go.
Inventory US gold.
Link Dollar to gold at $500,000/ounce (overnight and swiftly with no leaks).
Peoples’ jewelry would then pay off all personal debt. Peoples’ wedding rings and teeth will pay for cars. (the heck with chewing)
Fire all Wall Street insiders in government or prevent them from going back to wall street after their jobs are up.
Fire all upper management on all major banks.
Change rules of public firms such that fate of profits is the fate of salaries and bonuses at the public firm. Put skin back into the game.
I am sure there are more ideas you have…
The uptick in gold to $500K/oz must be secret until done…
Any leak on that would cause a run extraordinaire…
All this talk about gold may go to $10K would not satisfy debt and cause a depletion of all gold reserves. The debt and notional derivatives around debt is simply too large. It will take over $100K/oz or more to do the trick and any such move would have to be a secret until done, imo.
The Group of 20:
1. Argentina 54.7 Tonnes of gold
2. Australia 79.8 Tonnes of gold
3. Brazil 33.6 Tonnes of gold
4. Canada 3.4 Tonnes of gold
5. China 600 Tonnes of gold
6. France 2562.3 Tonnes of gold
7. Germany 3417.4 Tonnes of gold
8. India 357.7 Tonnes of gold
9. Indonesia 73.1 Tonnes of gold
10. Italy 2451.8 Tonnes of gold
11. Japan 765.2 Tonnes of gold
12. Mexico 2.9 Tonnes of gold
13. Russia 402.8 Tonnes of gold
14. Saudi Arabia 143 Tonnes of gold
15. South Africa 124.3 Tonnes of gold
16. South Korea 14.3 Tonnes of gold
17. Turkey 116.1 Tonnes of gold
18. United Kingdom 310.3 Tonnes of gold
19. United States 8133.5 Tonnes of gold
20. European Union 563.6 Tonnes of gold (ECB)
(Source: World Gold Council)