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Don Stott

June 12, 2012

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Keep On Printing

Spain just got hundreds of billions in "loans" to boost its failing banks.  Spain has a 25% unemployment rate, and the construction industry in Spain has been wiped out because there is nothing to build.  Spain has hundreds of thousands of surplus housing, which is 'under water' and which were financed by the banks which are under water.

The entire world is 'under water.'  The total indebtedness of the world's governments is about $30 trillion, all of which is unpayable, other than with printing press money, or things which are similar but amount to the same thing.  If you go to a bank and take out a loan or mortgage, where do you think the bank gets the money?  From those who save at the bank?  That used to be the way it worked, but then we have the big central banks, who create money out of thin air, and the old way is long gone.  Not enough are saving to equal the loans anyway.  The banks just enter the loan on their books as an 'asset,' and presto!  Money is created out of thin air.

Neither you nor I can do that, naturally, because that would be counterfeiting, and we would go to jail.  Politicians, banks, central banks, and governments have been creating un-backed, fiat, funny money for a hundred years here in America, and I assume the rest of the world.  Is it all a big joke?  No one seems to be laughing.

Will the huge infusion of funny money, or as it is politely called "loans" to Spain's banks, solve the problem in Spain?  No.  It is just, as the new but common expression says, 'kicks the can down the road a bit further.'  Italy, the 4th largest economy in the euro outfit, is in dire straits also, and the Greeks will probably vote to exit the euro.  A client of mine called me yesterday and warned me about a couple of planets coming into alignment on June 24th, and he says that's the beginning of the end of all the world's banks, because they have no worth of any kind.  I have heard about the end of things and Armageddon all of my life, and I am 78 years old.  The Apostles thought Jesus would return in their lifetimes.  He didn't.  He gave me a web site to look at, which has literally hundreds of things to read if you click on the blue words.  It is, but lots of the references were written ten to fifteen years ago.  I don't know if any prognostications of imminent doom will ever some true in my lifetime, but I'll say this.  This economic nonsense cannot continue forever.

There has to be true wealth somewhere, and it can't be created by printing presses.  If all hell does break loose, and banks everywhere fail, the only true wealth, or true money, is in gold and silver.  To show you how dumb most of the world's population is, recently a man had a Canadian Maple Leaf gold coin on a street corner, and he tried to sell it.  It has $50 imprinted on it, and he tried to sell it for $25, at what he called a 'big discount.'  It was worth $1600, and he couldn't get anyone to fork over $25 for it.  It was recorded on video tape, and this guy really tried hard to get $25 for a $1600 gold coin.  No one would do it, and they seemed like intelligent people in a good neighborhood!

Yet, hundreds of billions of people trust their governments to be their protectors and issuers of sound money, which they save in, and will eventually find out that true, lasting wealth, does not come from printing press money.  No, unbacked paper money in history, has ever survived!  Not a single one!  The dollar has gone from a dollar to about a penny's worth of purchasing power, but fools rush in every day to save in dollars, and now euros.

China is creating yaun out of thin air, and so is Japan.  The world is basing its wealth on paper promises from governments which have no credibility.  Surely, the most ridiculous phrase, is that the dollar gets its value from, "The Full Faith and Credit of the United States Government,"  When has the majority ever been right in human history?  The majority voted for Obama, worshipped Hitler, crucified Jesus, and saves surplus assets in paper money and instruments.  The majority thinks our troops overseas are 'protecting us,' rather than wasting lives, money, and making the world hate us.  The majority thinks that America staying home, being neutral, minding our own business, and not trying to be the policeman of the world, as Ron Paul preached, is wrong.  I say it makes the utmost sense.  I also believe that saving in gold and silver makes the utmost sense also.  If the world collapses and banks fail, making paper money worthless, guess who will have true wealth?  Those who have gold and silver!

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