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D00gie's Bedtime Story to Scooter -- Historical Diatribe Regarding Gold


blonde_minx
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Good Times late at night... From another site

---------------------------------------------------------------------------------------------------

(22:44:47) Scooter: seriously

(22:44:53) Scooter: I don't know the Gold story

(22:45:00) Scooter: d00gie

(22:45:04) Scooter: Tell me a story

(22:45:14) Scooter: one with pictures

(22:45:16) Scooter: LOL

(22:45:17) Scooter: LOL

(22:47:00) d00gie: Because we were spending like drunken sailors during the 60's, and under the London Gold Pool, the price was held to $35 an ounce up until, like 1968, when the French (under de Gaulle) said, look we're a country that has the ignominy of having has two hyperinflations in one century, and we know how this goes. So give us our XXXXXXX metal.

(22:47:17) d00gie: *had

(22:48:00) Scooter: http://www.gold.org/assets/file/​pub_archive/pdf/GCC_single_curren​cy.pdf

(22:48:05) d00gie: Under Bretton Woods, from 1944, all currencies were tied to the "dollar" and the dollar was tied to the gold in Fort Knox at $35 an ounce.

(22:48:10) Scooter: This is a XXXXXXX Great Report about the GCC

(22:49:18) Scooter: d00gie

(22:49:24) Scooter: Keep going

(22:49:28) Scooter: this is good stuff

(22:49:40) d00gie: The London Gold Pool was the Fed, BoE, Banque de France, Bundesbank, etc. all agreeing to keep the price of gold at $35 an ounce, while the US was printing Federal Reserve Notes like crazy to pay for the War on Poverty, Medicare, and the Vietnam War.

(22:50:25) d00gie: So, essentially, they were dumping metal into the market to fix the price, while the US was printing like crazy.

(22:50:32) Scooter: keep going

(22:50:38) Scooter: I'm posting this chat

(22:51:04) Scooter: so is that like monetizing the Gold

(22:51:15) d00gie: And in the late 60's, France was the ones who finally said "no more" and demanded redemption in gold for their FRNs.

(22:51:33) Scooter: ahhhhhhhh

(22:51:55) Scooter: that's a great story D00g

(22:52:03) Scooter: Thx

(22:52:16) Scooter: so

(22:52:26) d00gie: So the London Gold Pool fell apart. Over the next ~5 years, the "official" price of gold went from $35, to $37, to.... up to $42.22 in 1973.

(22:53:35) d00gie: But, it was August 15, 1971, when Nixon's Treasury advisers, Assistant Secretaries of the Treasury, Cyrus Vance and Paul Volcker, came to the President and said "Mr. President, we have a problem."

(22:53:45) d00gie: *1973

(22:53:45) Scooter: so now, the IMF sells Gold to Highly In-debt nations

(22:53:50) Scooter: at 35 SDR

(22:54:07) Scooter: Paul Volcker?

(22:54:10) d00gie: The IMF doesn't actually hold any gold.

(22:54:22) d00gie: Yup.

(22:54:25) Scooter: Right

(22:54:35) Scooter: but they have a limited amount

(22:54:40) Scooter: in fact

(22:54:44) Scooter: Gold is a bad word at the IMF

(22:54:45) d00gie: And they gave him a choice.

(22:55:01) Scooter: keep going

(22:55:28) d00gie: "So, Mr. President, gold is flying out of Fort Knox, and something has to happen."

(22:56:39) Scooter: I know, I know, WaterGate!!! ha ha ...

(22:56:43) d00gie: "We can: A) Change the exchange rate of gold for foreign central banks and sovereign nations -- since it was a felony for you and I to hold gold) to %0:1, or 70:1, or more."

(22:56:58) d00gie: *50:1

(22:57:24) Scooter: Really

(22:57:27) Scooter: Whoa

(22:57:31) Scooter: that's ridiculous

(22:58:05) d00gie: "Or, we can try to get Congress to spend less." (Raucous laughter ensues)

(22:58:35) d00gie: * B )

(22:59:08) d00gie: Or, we can C) do nothing -- which isn't really an option.

(23:00:01) d00gie: "However, Mr. President, there *is*... a fourth option."

(23:01:03) d00gie: "We can simply stop redeeming FRNs for gold, unilaterally reneging on the Bretton Woods agreement, and in effect, stiffing the rest of the world.

(23:01:29) d00gie: And that's what actually happened on August 15, 1971

(23:01:49) Scooter: WOW!

(23:01:57) Scooter: seriously

(23:02:07) Scooter: that was one hell of a night time story

(23:02:37) Scooter: so we screwed the bretton Woods agreement

(23:02:43) Scooter: Sorry -- didn't know that one

(23:02:57) d00gie: So, over the previous ~40 years, the FRN had become the world's most desirable currency, and then they removed, effectively any backing from all currencies, worldwide, in one fell swoop.

(23:03:21) d00gie: Whereas, all the currencies had been tied to the dollar

(23:03:33) d00gie: and the dollar was tied to gold

(23:04:25) d00gie: by removing the dollar tie to gold, they launched the scheme of "floating" relative currencies where we are now

(23:05:17) d00gie: And the thing that holds it together is the fact that oil is only traded in FRNs, and only in London and New York, and backed up by the threat of force.

(23:05:48) d00gie: Those who don't play along, (like Iraq and Iran) get smacked down.

(23:06:58) d00gie: The US Military has been the Crown's mercenary force since 1917, and the Fed has been the Crown's cash cow since 1913.

(23:07:04) Adam: great, so am I rich yet?

(23:07:15) d00gie: lol

(23:08:50) d00gie: So you can see why HT and I have no love for the teabags.

---------------------------------------------------------------------------------------------------------------------------------------------------------

Scooter

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Good Times late at night... From another site

---------------------------------------------------------------------------------------------------

(22:44:47) Scooter: seriously

(22:44:53) Scooter: I don't know the Gold story

(22:45:00) Scooter: d00gie

(22:45:04) Scooter: Tell me a story

(22:45:14) Scooter: one with pictures

(22:45:16) Scooter: LOL

(22:45:17) Scooter: LOL

(22:47:00) d00gie: Because we were spending like drunken sailors during the 60's, and under the London Gold Pool, the price was held to $35 an ounce up until, like 1968, when the French (under de Gaulle) said, look we're a country that has the ignominy of having has two hyperinflations in one century, and we know how this goes. So give us our XXXXXXX metal.

(22:47:17) d00gie: *had

(22:48:00) Scooter: http://www.gold.org/assets/file/​pub_archive/pdf/GCC_single_curren​cy.pdf

(22:48:05) d00gie: Under Bretton Woods, from 1944, all currencies were tied to the "dollar" and the dollar was tied to the gold in Fort Knox at $35 an ounce.

(22:48:10) Scooter: This is a XXXXXXX Great Report about the GCC

(22:49:18) Scooter: d00gie

(22:49:24) Scooter: Keep going

(22:49:28) Scooter: this is good stuff

(22:49:40) d00gie: The London Gold Pool was the Fed, BoE, Banque de France, Bundesbank, etc. all agreeing to keep the price of gold at $35 an ounce, while the US was printing Federal Reserve Notes like crazy to pay for the War on Poverty, Medicare, and the Vietnam War.

(22:50:25) d00gie: So, essentially, they were dumping metal into the market to fix the price, while the US was printing like crazy.

(22:50:32) Scooter: keep going

(22:50:38) Scooter: I'm posting this chat

(22:51:04) Scooter: so is that like monetizing the Gold

(22:51:15) d00gie: And in the late 60's, France was the ones who finally said "no more" and demanded redemption in gold for their FRNs.

(22:51:33) Scooter: ahhhhhhhh

(22:51:55) Scooter: that's a great story D00g

(22:52:03) Scooter: Thx

(22:52:16) Scooter: so

(22:52:26) d00gie: So the London Gold Pool fell apart. Over the next ~5 years, the "official" price of gold went from $35, to $37, to.... up to $42.22 in 1973.

(22:53:35) d00gie: But, it was August 15, 1971, when Nixon's Treasury advisers, Assistant Secretaries of the Treasury, Cyrus Vance and Paul Volcker, came to the President and said "Mr. President, we have a problem."

(22:53:45) d00gie: *1973

(22:53:45) Scooter: so now, the IMF sells Gold to Highly In-debt nations

(22:53:50) Scooter: at 35 SDR

(22:54:07) Scooter: Paul Volcker?

(22:54:10) d00gie: The IMF doesn't actually hold any gold.

(22:54:22) d00gie: Yup.

(22:54:25) Scooter: Right

(22:54:35) Scooter: but they have a limited amount

(22:54:40) Scooter: in fact

(22:54:44) Scooter: Gold is a bad word at the IMF

(22:54:45) d00gie: And they gave him a choice.

(22:55:01) Scooter: keep going

(22:55:28) d00gie: "So, Mr. President, gold is flying out of Fort Knox, and something has to happen."

(22:56:39) Scooter: I know, I know, WaterGate!!! ha ha ...

(22:56:43) d00gie: "We can: A) Change the exchange rate of gold for foreign central banks and sovereign nations -- since it was a felony for you and I to hold gold) to %0:1, or 70:1, or more."

(22:56:58) d00gie: *50:1

(22:57:24) Scooter: Really

(22:57:27) Scooter: Whoa

(22:57:31) Scooter: that's ridiculous

(22:58:05) d00gie: "Or, we can try to get Congress to spend less." (Raucous laughter ensues)

(22:58:35) d00gie: * B )

(22:59:08) d00gie: Or, we can C) do nothing -- which isn't really an option.

(23:00:01) d00gie: "However, Mr. President, there *is*... a fourth option."

(23:01:03) d00gie: "We can simply stop redeeming FRNs for gold, unilaterally reneging on the Bretton Woods agreement, and in effect, stiffing the rest of the world.

(23:01:29) d00gie: And that's what actually happened on August 15, 1971

(23:01:49) Scooter: WOW!

(23:01:57) Scooter: seriously

(23:02:07) Scooter: that was one hell of a night time story

(23:02:37) Scooter: so we screwed the bretton Woods agreement

(23:02:43) Scooter: Sorry -- didn't know that one

(23:02:57) d00gie: So, over the previous ~40 years, the FRN had become the world's most desirable currency, and then they removed, effectively any backing from all currencies, worldwide, in one fell swoop.

(23:03:21) d00gie: Whereas, all the currencies had been tied to the dollar

(23:03:33) d00gie: and the dollar was tied to gold

(23:04:25) d00gie: by removing the dollar tie to gold, they launched the scheme of "floating" relative currencies where we are now

(23:05:17) d00gie: And the thing that holds it together is the fact that oil is only traded in FRNs, and only in London and New York, and backed up by the threat of force.

(23:05:48) d00gie: Those who don't play along, (like Iraq and Iran) get smacked down.

(23:06:58) d00gie: The US Military has been the Crown's mercenary force since 1917, and the Fed has been the Crown's cash cow since 1913.

(23:07:04) Adam: great, so am I rich yet?

(23:07:15) d00gie: lol

(23:08:50) d00gie: So you can see why HT and I have no love for the teabags.

---------------------------------------------------------------------------------------------------------------------------------------------------------

Scooter

'Blond_minx',

Good evening!

Thank you for the post; so, I guess the correlation to Iraq based upon this "bedtime story" is that they can raise the value of the IQD based upon oil futures and not the gold standard.

Thanks again,

GG

p.s.- I gave you a +1 to even you out.......

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You guys do know that Fort Knox burned to the ground in a huge wild fire last year right? I live only 1 hour from there.......When you drive by the base and look where the "gold holding" fort of Fort Knox is supposed to be......It no longer is....I highly doubt there was ever any gold in Fort Knox and there was no possible way for them to get, "what they claimed was in there", out in the time the fire errupted and engulfed the area.

Just an FYI and if you want, I can drive by there and take a picture to show where it once stood and the remains of what is left.

Edited by Spoolin
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