Published on July 10th, 2015 | by admin0
50¢ piece and a lesson in fiat currency
Global finance and geo politics is the longest soap opera in history. Together we can make it through intact.
My journey began when I was young around the kitchen table with my siblings on a stifling hot humid southern ontario summer afternoon. My Dad’s sister Ruthie and Uncle Matty were visiting from Buffalo, N.Y.. Having Dad’s older sister visiting from Buffalo was a big deal for us kids. She was from a big city in the States and we were kid’s growing up in a small town surrounded by farmers fields. I remember Aunt Ruthie giving us JFK 50 cent pieces and silver dollars.
Us younger kids got our first lesson in fiat currency from our Uncle Matty. He took out two one dollar US bills and asked us to tell him what the difference was between them. That was back in 1971 when the currency changed from silver and gold certificates to federal reserve notes which at the time meant little or nothing to me. What helped me remember was two bowls of icecream served up after the lesson.
Uncle Matty gruffly asked if we still had the 50 cent piece Ruthie gave us and to bring it to him. When one emerged on the table he took it spun it, let it fall, told everyone to be quiet and listen. ‘Did you hear that sound, silver always rings true.’ Everyone found their silver to spin and hear silver ringing true.
Fast forward to 2010 after a Robert Kiyosaki Rich Dad Poor Dad event where Robert told the audience the importance of owning gold and silver boullion. He suggested reading Mike Maloney’s book on physical silver and gold investing. By this time I was fully on the hunt trying to cram as much information as I could in my head.
I had also stumbled onto a site ‘Along the Watch Tower’ edited by some guy who called himself ‘Turd Ferguson’ in his photo he wore a carnival yellow foam cowboy hat and sunglasses. This guy’s appearance and name seemed odd but if I overlooked that I found his knowledge of commodities great. It was on his site that I heard of Andrew Maguire a London bullion trader. He presented evidence to United States regulators alleging that fraud had been committed, and that prices in the international gold and silver markets had been manipulated. No regulatory or legal action has been taken as a result of his accusations. At the same time Jeffrey Christian of CPM Group, formerly of Goldman Sachs, testifies to CFTC on the “physical” gold market. He confirmes that theres not that much physical metal out there. OTC gold market sells 100 ozs of claims to each ounce of physical gold. OTC sells gold it does not have.
I read articles and listened to interviews from Bob Chapman, Jim Sinclair, Eric Sprott who all spoke on the fundamentals of owning hard assets at this time. The men I follow each have multi decade experience in commodity markets. I knew I had much more to learn, but I knew this information rang true. I went out and made my first silver boullion purchase for my family shortly after. This decision took me out of my comfort zone. I understood the fundamentals of having a cushion of hard assets but it took alot of reading and watching documentaries in order to be confident in my decision.
Watch documentaries like PBS Frontline: Inside The Meltdown, Breaking The Bank, The Warning, Money Power and Wall Street, that detail the collapse of 2008 and accelerated my education. I found out that ‘this crisis never really ended’ that the bankers and governments were just kicking the problem down the road. I want help others hedge against the next financial collapse. This site is a place for people to improve their financial literacy through videos and articles from some of the world’s prominant commodies writers.
Keep the latin phrase ‘Cui bono’ ‘who benefits?’ and a catch phrase ‘follow the money’ from the movie All The Presidents Men in mind when reading both current events and history. Educating others on how to protect their finances while witnessing what’s happening with precious metals gold and silver is a 21st century version of what Uncle Matty did for me. It’s my hope that together we can make it through intact.
Economics is a paradox: to have national prosperity we must spend, but to have individual prosperity we must save.
Another trouble with economics is that there are more ways to get into debt than there are ways to pay it off.
SEE your Goal
UNDERSTAND the Obstacles
CLEAR your mind of Doubt
CREATE a Positive Mental Picture
EMBRACE the Challenge
STAY on Track
SHOW the World You Can Do It!!!