patrick.net

https://www.activistpost.com/2024/03/federal-reserve-refuses-to-provide-records-of-foreign-gold-holdings.html

Federal Reserve Refuses to Provide Records of Foreign Gold Holdings

Weeks after Federal Reserve Chairman Jerome Powell evaded a sitting congressman’s questions about the central bank’s foreign gold holdings, the Fed has also declined to comply with a Freedom of Information Act request for records about such holdings.

The Federal Reserve’s lack of transparency comes amidst reports that countries are removing their gold and other assets from the U.S. in the wake of the unprecedented Western sanctions imposed on Russia over its invasion of Ukraine. According to a 2023 Invesco survey, a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.

Rep. Alex Mooney, R-W.Va., asked Powell about the matter in a December letter, only to have the Fed chair respond last month with evasive non-answers, telling him that the Federal Reserve does not own gold but holds it as a custodian for other entities—a fact that the congressman presumably already knew.

https://mises.org/mises-wire/price-inflation-comes-government-not-excuseflation-or-greedflation

Price Inflation Comes from Government, not from “Excuseflation” or “Greedflation” ...

The fault of inflation is not in business “monopoly,” or in union agitation, or in the hunches of speculators, or in the “greediness” of consumers; the fault is in the legalized counterfeiting operations of the government itself. For the government is the only institution in society with the power to counterfeit — to create new money. So long as it continues to use that power, we will continue to suffer from inflation, even unto a runaway inflation that will utterly destroy the currency.

Inflation, or whatever you want to call it, is nothing more than government taxation in stealth form. Only the government can conjure up new money from nothing, using it to bid away resources from private individuals.

“Control the coinage and the courts. Let the rabble have the rest.” Quote from Frank Herbert, Dune

Patrick says

For the government is the only institution in society with the power to counterfeit — to create new money.

The "creation" referenced in the Constitution refers specifically to specie, the only real money. Governments role is more in the realm of standardizing weights and measures, and even that is really still set by the market.
What I'm saying is there is not Constitutional provision that allows for mass printing, and only central bankers would want you to think there is.

Gold is killing it. It's fucked up, but if you've structured your investments for globohomo catastrophe, things are really playing out well.

Yeah, thing with that line of investment, if you aren't ready for the practical meaning of your profits, it's all for shit...

NuttBoxer says

The "creation" referenced in the Constitution refers specifically to specie, the only real money. Governments role is more in the realm of standardizing weights and measures, and even that is really still set by the market.
What I'm saying is there is not Constitutional provision that allows for mass printing, and only central bankers would want you to think there is.

Exactly, the Constitution is about the federal government overseeing the coining of money and to protect the public from counterfeit fraud. It was to establish standard currency to ensure free and legal interstate commerce.

.

AD says

Exactly, the Constitution is about the federal government overseeing the coining of money and to protect the public from counterfeit fraud. It was to establish standard currency to ensure free and legal interstate commerce.

You realize what happened don't you?

The Federal Reserve created more currency than they had specie for, this caused the "roaring 20's" but at the end of it with a credit contraction, they were shown to be acting in fraud - and they should have been disbanded (and executed, you can execute people for counterfeiting which is what they did), and gold was made illegal for Americans to own, and the dollar remained convertible to gold still but only outside of the nation. This was at a fixed rate from $35 an ounce (down from $20 an ounce about pre 1933).

The Federal Reserve keeps doing this, but good luck getting the average Joe Six Pack to understand that. The Federal Reserve really is as federal as Federal Express. It should be all rights be abolished, but if it was, it would really F up our system. In time, we WILL come kicking and screaming back to a specie standard, and you'll be able to buy a house for 10 ounces of gold, but you'll think twice about doing it, because you'll be buying a house in a war zone.

richwicks says

you'll be able to buy a house for 10 ounces of gold, but you'll think twice about doing it, because you'll be buying a house in a war zone.

I agree if the system collapses and the dollar goes to shit then we'll need lead more than silver and gold , and lots of lead in the form of 9 mm and 223 Remington. It will be based on bartering and also vital skills and supplies like food and potable water will be only valued.

Maybe when the system recovers, then gold could be used for currency.
.

AD says

richwicks says

you'll be able to buy a house for 10 ounces of gold, but you'll think twice about doing it, because you'll be buying a house in a war zone.

I agree if the system collapses and the dollar goes to shit then we'll need lead more than silver and gold , and lots of lead in the form of 9 mm and 223 Remington. It will be based on bartering and also vital skills and supplies like food and potable water will be only valued.

Maybe when the system recovers, then gold could be used for currency.
.

It's maddening to see a slow train wreck and having no ability to prevent it.

Patrick says

While they fuck you in the ass, they fuck you in the face is why.

AD says

I agree if the system collapses and the dollar goes to shit then we'll need lead more than silver and gold , and lots of lead in the form of 9 mm and 223 Remington. It will be based on bartering and also vital skills and supplies like food and potable water will be only valued.

Yep! Just want to pimp this excellent book on the TEOTWAKI 0subject again:

https://www.amazon.com/SHTF-Survival-Stories-Memories-Balkan/dp/B084DGF9QD

So many interesting observations and experiences, the best being that the Grey Market will be run by the Milita/Mafia, so if you're seen doling out silver rounds, they're going to follow you home, kill you and your family, and take your stash. Ditto if you whip out a plastic roll of silver rounds to bribe your way past a checkpoint. In fact, just possessing a single mini bar or coin will cause interest. And the guy you're buying from, whose ass does he need to kiss and who does he know?

Those guys will beat and snuff out any "Har, har, I prepped with coins and nobody else did, nyah nyah" of a pompous prepper pretty powerfully.

The better thing to do is wear some cheaper silver/gold jewelry like a thin chain and say "Oh, my grandma gave this to me for my communion, it's all I have", which satisifes the Greed AND the Thug Ego of the bad guys. "Ha, ha, little shit had to give me his communion necklace. We bad mothers!"

Grey Man and inconspicuous is the lifesaver.

Another glimmer of hope was that "Hey, but under socialism you guys had to give up all your guns, so how did you have weapons?"

And Selco was like "Well, that was the law, but... we still had a few old rifles laying around here and there."

I might be repeating myself, but I hope for your forebearance. Somethings just trigger the connections and I gotta share.

richwicks says

AD says

whats are the implications for those who own Silver Trust (ticker: SLV) ?

SLV is used to buy options to suppress the price if the material.

If every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year. It would break everything.

A good reason to trade in silver with each other as, I believe, Patrick has been saying.

GNL says

f every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year.

Back in the days of film cameras, people could easily use 2 oz of silver per year.

HeadSet says

GNL says

f every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year.

Back in the days of film cameras, people could easily use 2 oz of silver per year.

But how many people are we talking about? Here, we're/Patrick is talking about over 300 million Americans.

GNL says

But how many people are we talking about? Here, we're/Patrick is talking about over 300 million Americans.

The silver in that process was mostly recycled.

NuttBoxer says

I'm doubtful of this. Why would a bunch of American oligarchs be on a ship from England to the United States?

That's not explained. They had to be meeting up. I think this is misdirection.

HeadSet says

GNL says

f every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year.

Back in the days of film cameras, people could easily use 2 oz of silver per year.

There are about 700 million ounces of silver produced per year, our population is 350 million now. If every human being buys just 2 ounces in the US (and they won't but some will buy much more) it brankrupts the system.

The coins we had were melted down and refined in the 60's and 70's and probably 80's.

I can't trust statistics, but IF I were to, we can trivially bankrupt our government. I've bought precious metals, it's a fucking hassle, they don't want you to do it - therefore you should do it. There's a lot of hurdles and you have to expose information, you can't just give a gold/silver dealer a few 1000 dollars and walk out.

Try it, see how regulated it is. Buy 2 grand of silver, although - I think you should wait, the price will go down - but if you have money to burn go ahead, see the headache you have to go through to purchase.

I bought decades ago, I'm clear. But now, I have the problem of how to sell. I have a bunch of contraband wealth, and I don't trust my evil government. We don't need some human being to observe us anymore, just an algorithm, and I've already had assholes from the FIB try to intimidate me, but I think that is from my posts on social media. I shook that cunt up, she had no idea what a criminal syndicate she worked for, and I do. Maybe she thought I was crazy, but I could reference everything. Once I was done, she was definitely shaking, almost crying - these stupid fucking animals have no idea what they are doing - but I still have compassion and sympathy for them. They're just brainwashed. You honestly have no idea what you support or what you are doing. I've told you, you ignore it. It's immensely frustrating, it's really like being a cow trying to explain that the slaughterhouse is death to the other cows.

"Well the farmer has always been nice". Yeah except for one day. I just see cattle around me. They aren't trying to kill you directly, not if you're in the system and helping them, but they kill your children and so on. I am in the frog in the boiling pot of water, you're not. I know it is heating up, you can't feel it.

PeopleUnited says

This belongs here: https://patrick.net/post/28862/?start=-39#last

Patrick says

richwicks says

There's a lot of hurdles and you have to expose information, you can't just give a gold/silver dealer a few 1000 dollars and walk out.

Actually, just walk into a pawn/gold/silver shop lay down a couple grand and walk out with a hundred ounces of silver. If you buy more than $2,000 you don't have to pay taxes.

If the shop owner asks for your ID or other info (they won't) just take your money to a different shop. The metal shops I know of are run by Libertarian types. They don't want to deal with bureaucratic bullshit.

Onvacation says

Actually, just walk into a pawn/gold/silver shop lay down a couple grand and walk out with a hundred ounces of silver. If you buy more than $2,000 you don't have to pay taxes.

More than a couple of grand these days for 100 - even without the premiums. Great tip though!

richwicks says

I'm doubtful of this. Why would a bunch of American oligarchs be on a ship from England to the United States?

GOOD question!

Patrick says

No, the Fed would have been the iceberg.

A classic Jekyll Island Documentary

(2 hr video at link)
https://x.com/RedpillDrifter/status/1759680379462799724

https://notthebee.com/article/the-chair-of-the-council-of-economic-advisers-for-president-biden-has-no-idea-how-bonds-work-

The chair of the Council of Economic Advisers for President Biden has no idea how money printing and bonds work...

Holy moly we are in for an absolute train wreck, aren't we?

Watch one of the president's top economic advisors try and explain how money works. ...

Patrick says

Both.