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Congressional Memorandum On Hoarding Gold

Commodities / Gold and Silver 2010 Sep 18, 2010 - 06:19 AM GMT

By: D_Sherman_Okst


Best Financial Markets Analysis ArticleLet me be upfront: I hate gold (and silver). Hoarding isn’t beneficial to anyone. Yet my faith has been put in 5 G’s: G(religious edit)d, Gold, Guns & Grub. Having absolute faith in the 5th G - (the Government will continue to screw it up) is why I can have faith in the other four. Today I stumbled upon a colossal moron whose website clearly underscores the 5th G.

The reason we are why we are where we are today is because as David Walker says, “Our biggest deficit is our leaderships deficit”.

Let’s cut through the nicey-nicey crap.

The reason we are where we are today is because we have a bunch of morons that have robbed us blind. They have looted our retirement “trust fund.” Are talking about confiscating our 401(K)s and IRAs . Indebted us by “bailing out” out the imbeciles who used incredible amounts of stupidity (and lack of common sense regulation) to blow up the economy. Replaced capitalism with corporatocracy and turned our republic into some bread and circus empire.

The USA is bankrupt. Financially bankrupt. Ethically bankrupt. Constitutionally bankrupt and without a doubt it is the bankrupt leadership that drove us here.

From “Mutant Rat Epidemic Spreading Economic Black Plague” I wrote this about our 128 trillion dollars worth of debt:

“When you take in less, than you owe you are broke. When you take in less than you owe and what you can borrow and you still can’t pay what you owe - it is game over. When you take in less than you owe, and you borrow and you counterfeit to cover the difference - give up, you are drowning in debt.

Counterfeiting the difference only will make it worse.”

It doesn’t take a rocket scientist to understand why counterfeiting is illegal, or why countries use counterfeiting against their enemies during wars. We use counterfeiting against our own citizens.

People can run around and shout and scream deflation all they want. In my simple mind: Inflation is the size of the money supply/credit - and velocity means notta. It’s all about supply and demand. Make a lot of anything, including money, and its value goes down. History is littered with 3,800 Fiat currencies. Everyone of them reverted to their intrinsic value: 0.

Debt and counterfeiting are the two fastest ways to get to 0 and we are on a rocket sled speeding to 0. There is only one thing I can think of that will protect me from a dollar worth 0. So I’ve weighed my disgust for hoarding over my disgust for losing everything.

We have now have the colossal Moron Congressman posting “legal” memorandum with the subject: “A Brief Examination of the History of Executive Orders 6102 and 6206 Relating to the Hoarding of Gold Coins and Bullion.”

The piece says this: “The current U.S. monetary system is based on the use of paper money that is backed by the “full faith and credit” of the federal government.”

Faith: Am I supposed to believe that I should have faith in a monetary system that can’t pay its obligations?

Credit: Faith in credit when our creditors (Communist China et al) won’t lend us enough to meet our obligations?

Faith in our dollar when just the other day Communist China held a gun to our head and threatened to dump its treasuries if we insist on trade regulations?

Faith in the value of our dollar when we are counterfeiting the shortfall between what we take in with taxes, what we borrow versus what we owe?

Yeah, I got faith. Faith that the 5th G will destroy the value of our dollar and we will have a date with the ugly Miss Hyperinflation vis a vis a currency crisis.

And now we have some moron who wants to have a September 23rd hearing of the Subcommittee on Commerce, Trade, and Consumer Protection that will focus on legislation that would regulate gold-selling companies???????

You gotta be kidding me!

This exemplifies the 5th G.

America needs to be holding hearings on going bankrupt and reorganizing - not regulating the only thing that I can think of which will save me from what these morons have and continue to create.

In Summary: My faith in the 5Gs: (G*(religious edit)d, Gold, Guns, Grub & The Government Will Continue to Screw It Up) remains strong.

By D. Sherman Okst

Bernardston MA USA
davossherman @

I'm an ex-airline captain with about 15,000 hours and am amazed at all the BS we are taught. Most of my friends still in the business were also taught the wrong aerodynamic principles with respect to what makes planes fly. Aviation or economics, Keynes to Austrian - Bernulli to Newton we've been sold bad goods. It's amazing anything works as backwards as we do things.

© 2010 Copyright  D. Sherman Okst - Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2022 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


18 Sep 10, 18:51
Captains Roosevelt & Obama

Mr. Okst made a number of fine points. Yes, it's really sad that swarms of suckers (gold & silver bugs) swam towards the bait but got entangled in the net. But lo and behold! Captain Obama is about to pull up (confiscate) that net and will cast those suckers out, and the booty (gold & silver) will be his.

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