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My Greatest Concern−’Gold Confiscation’: Dr. Marc Faber
Is Marc Faber’s Fear Of Gold Confiscation Unwarranted?
By Doug Eberhardt | Commodities | Sep 06, 2012
Peter Goodman, who was working for the NY Times had interviewed me as collectively, the NY Times and it seemed Weiner’s office wanted to disgrace Glenn Beck who had a relationship with a certain gold dealer that was accused of ripping off their clients.
Interestingly enough (or rather revealing) both the NY Times and Congress decided against using anything I had to say and the gold hearings of September, 2010 went on without any real challenge to the gold dealers involved. Why? Well, the main gold dealer involved hired themselves a lobbying firm.
This is the only thing I can see as a reason why there was silence on the issue all of a sudden. Peter Goodman went on to work for another organization and Anthony Weiner went on to get forced out of office for inappropriate behavior. But before Weiner’s office folded, they did forward my name to the Santa Monica city attorney’s office.
Santa Monica city attorney Adam Radinski and his fellow attorney’s met with me a couple times in establishing a case against the gold dealer in question at the gold hearings in Congress, Goldline International. The interesting fact that came out of those meetings is that Goldline agreed to a cash settlement of $4.5 million, an $800,000 fund set up for refunds and a monitor of their operations. But the most revealing fact that the city accomplished for future investors in gold and silver, is that Goldline can no longer use the word “confiscate” in soliciting business.
The Truth About Confiscation
The government isn’t going to go around like census takers and knock on everyone’s door and ask them, “do you have any gold?” Think about not only the manpower needed to do it, but also the enforcement probability and the cost. Also think about the majority of people who own gold also believe in the 2nd amendment.
But the comeback by the diehard gold dealer sales reps who like to separate you from your hard earned money will be regarding confiscation of gold, “they did it before and they’ll do it again.” This seems to be Marc Fabers take on it too. He has been advocating getting your gold out of the country for this reason practically every single year. Maybe there is a hidden agenda there because he lives in Singapore, maybe not. The fact is, you shouldn’t be buying gold and worrying about whether our government is going to come and take it from you.
If anything, the government can do what Richard Russell, writer of the Dow Theory Letters the last 40 years, says could happen.
The US owns the world’s greatest hoard of gold. Here’s what I think the authorities have to do.They should unilaterally, overnight raise the price of gold to a high value, maybe around $10,000 an ounce. Thus, each dollar would be worth one ten-thousandth of an ounce of gold.
This would allow our enormous debt to be paid off with vastly devalued dollars. This would be inflationary, since everyone who owned gold would own a pile of devalueddollars. The huge increase in the number of dollars would drive prices up, and that wouldwork against the current forces of deflation.more here
Dr. Marc Faber: My Greatest Concern−The US Could Confiscate Gold, Again
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Jim is pleased to welcome back Dr. Marc Faber, publisher of the “Gloom, Boom & Doom Report.” Marc notes that without current US government deficits, the economy would be in recession. He also expects the Fed to initiate QE3, but believes its main impact will be on investment markets, not the economy. Marc is still bearish on bonds, but admits to have been too early with his bearish call. If he had to choose one investment for the next ten years, it would be gold, with stocks next in line. Marc also makes the case that we are no longer living in a free-market environment, and one has to re-think what is considered a “safe” investment. His greatest concern is the US might confiscate gold again, as FDR did in 1933.
Faber was born in Zurich and schooled in Geneva, Switzerland. He studied Economics at the University of Zurich and obtained a Ph.D. in Economics magna cum laude. Faber resides in Thailand and is best known for the Gloom Boom Doom report. Faber has gained a reputation as a contrarian investor and is a frequent speaker on various TV programs and forums in recent years.http://www.financialsense.com
They will come for your gold and then they will come for your life. The current rash of outright criminality will lead to genocide. The worst period in human history is dead ahead.
With over 350 Million firearms in private citizens hands I believe the odds our in our favor. This is MY LAND, MY COUNTRY, MY LIFE! Now, if they have balls enough then, come and get it…
As I have said for years, there is no solution to the GLOBAL crisis. We are watching the TERMINAL decline of a corrupt, political, financial, and religious GLOBAL system. There is no field of human endeavour that is not corrupt, the establishment is the most corrupt of all. They have ALL put their sovereignties in the one GLOBAL basket, one goes, they ALL go.
It will come down to survival on a personal basis, as the worls situation deteriorates, people will come to see more and more an apocalyptic nightmare is unfolding.
Only the fool would continue to put their trust in those who have brought us to this global situation?
Forget gold or any PMG. Now is the time for beans and bullets!
When FDR confiscated gold, people were happy to do it for our country. Today, it’s NOT our country and the low life dirtbags running it will only get lead from me and my friends. People have to ask themselves, “Do you want to hand your children and grand children a future of oppression and despair just because you were too cowardly to stand up for your AND their rights”? Make no doubt about it…these miscreants are bent on taking over the entire world.