Articles related to Exter
John Butler - Goldmoney
Financial crisis dynamics, the ‘shadow’ gold demand, and Mene
The study of financial crises is as old as the economics discipline itself. One of the most prominent theorists of financial crises ever to hold a senior Federal Reserve policy position was John Exter, vice-president of the New York Federal Reserve during the 1950s. Several years ago I co-wrote a series of essays on Exter’s theories together with his sonin- law, Barry Downs. In this paper, building on Exter’s work, including his eponymous ‘pyramid’, I introduce a new ‘hourglass’ framework for un
Saturday, November 14, 2020
Alasdair Macleod - Finance and Eco.
The fiat money quantity (FMQ) 
Summary : This paper seeks to establish a measure of currency quantity that helps economists identify and estimate the risk that confidence in fiat currencies might be significantly eroded or even vanish altogether. It is this phenomenon that was referred to in the great European currency inflations of the 1920s as Katastrophenhausse, or a crack-up boom, when ordinary people lose all confidence in a fiat currency, disposing of it as rapidly as possible instead preferring ownership of goods.This is
Thursday, September 17, 2020
John Butler - Goldmoney
A banker for all seasons: the life and times of John Exter – champion of sound money 
The following is an introduction to a series of essays GoldMoney will be publishing, written by John Butler and Barry Downs, looking at the life and times of John Exter – leader in the fight against Richard Nixon, Alan Greenspan and the debasement of the US dollar. The source material for these essays includes John Exter's collected papers and works; the personal experiences, diary entries and recollections of the author; and interviews with former colleagues, friends and family of John Exter's.
Saturday, July 4, 2020
All Paper is STILL a short position on gold 
The gold derivatives pyramid is a vigorous free market creature. It cannot be put down with a simple declaration that the paper is no longer redeemable in gold, as governments did with currency. It is a short selling scheme that has become a trap from which few short sellers will escape
Friday, April 17, 2020
John Butler - Goldmoney
The Golden Revolution, Revisited: Chapter 7
This Insight is the tenth in the serial publication of the new, Revisited edition of my book, The Golden Revolution (John Wiley and Sons, 2012). (The first instalment can be found here.) The book is being published by Goldmoney and will also appear as a special series of Goldmoney Insights over the coming months. This instalment comprises the second chapter of Section II.View the Entire Research Piece as a PDF here.Stagnation, Stagflation, and the Rise of 'Darth' Volcker“When I look at the past
Wednesday, August 2, 2017
Mark O'Byrne -
Gold Bullion Imports Into China via Hong Kong More Than Doubles in March
Gold bullion imports into China via main conduit Hong Kong more than doubled month-on-month in March, data showed on Tuesday as reported by Reuters. China’s net-gold imports via Hong Kong more than doubled in March to 111.6 tonnes. Chart not updated as official data not publicly available yet. Source:  Net-gold imports by the world’s top gold consumer through the port of Hong Kong rose to 111.647 tonnes in March from 47.931 tonnes in February, according to data emailed to Reut
Wednesday, April 26, 2017
John Butler - Goldmoney
Stagflation is, always and everywhere, a Keynesian phenomenon
Stagflation is, always and everywhere, a Keynesian phenomenonAlthough it might seem odd for a school of economics to largely ignore the role of money in the economy, this is indeed the case with traditional Keynesian economics. Declaring in 1963 that, "Inflation is, always and everywhere, a monetary phenomenon," Milton Friedman sought to place money at the centre of economics where he and his fellow Monetarists believed it belonged. Keynesian policies continued to dominate into the 1970s, howeve
Thursday, February 25, 2016
Alasdair Macleod - Finance and Eco.
Shorting the yuan is dangerous
Last Sunday (31 January) Zero Hedge ran an article drawing attention to the big names in the hedge fund community who are betting heavily that the yuan will suffer a major devaluation any time between the next few months and perhaps the next three years.The impression given is that this view is universal, almost to the exclusion of any other.A market cynic would point out that when everyone is short, there is no one left to sell, so it is a good time to buy. This may indeed be true, and gives th
Thursday, February 4, 2016
Mark O'Byrne -
Gold Is Real Money That Protects The Wealth of Nations
Editors Note: With the New York Times once again trying to convince us that the Gold Standard is a barbarous relic from the past (see below), we are happy to publish an interesting and informative piece by one of our contributors David Bryan.Gold is real independent money that can be explained in terms of physics and ensures the economic health of a nation. Counterparty liability money is a monetary ideology that empowers central bankers who issue currency that destroys the economic wealth of na
Wednesday, December 2, 2015
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Blithely Deriding Into The Sunset:
“We are in a world of irredeemable paper money — a state of affairs unprecedented in history.” John Exter It may be unprecedented, but it certainly seems to be comfortable to the one percent and their courtiers, so that they are eager to let it run unfettered, and call it 'the new normal.' There was significant intraday commentary regarding gold and silver to read if you have not done so already. And I would especially urge you to have a look at the first of these.  It may seem complex at a g
Thursday, September 24, 2015
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Gold Pool:
“We are in a world of irredeemable paper money — a state of affairs unprecedented in history.” John Exter It may be unprecedented, but it certainly seems so comfortable to the one percent and their courtiers so that they are willing to let it run and call it 'the new normal.' There was significant intraday commentary regarding gold and silver to read if you have not done so already.  And I would especially urge you to have a look at the first of these.  It may seem complex at a glance, but mu
Thursday, September 24, 2015
Mark O'Byrne -
Fed, Central Banks Trapped – Gold Foundation of Exter’s Pyramid
The future direction of the planet is between the central bank’s counter-party paper Ponzi currency or the independence of real money.Foresighted central banker, John Exter is famous for his classification of risk assets, using Exter’s Golden Pyramid the riskiest assets are those at the bottom of the pyramid and situated at the top of the apex is gold bullion -independent from the counterparty risk of central bank’s paper and electronic currency. Exter’s Inverted Risk Asset Pyramid (via ZeroHedg
Wednesday, September 23, 2015
David Jensen
  ZIRP Leading to Economic Collapse, Much Higher Gold and Silver Price
Video: David Jensen: ZIRP Leading to Collapse, Much Higher Gold & Silver Prices 1. Two overarching concepts: a) Time Preference - Austrian Economics perspective: Higher interest rates (limited availability of capital) required to pull the
Friday, August 28, 2015
Mark O'Byrne -
Gold, The Fed, Exter’s Pyramid – When John Exter Met Paul Volcker
DAILY PRICES Today’s Gold prices were USD 1,117.35, EUR 1005.54 and GBP 715.56 per ounce. Yesterday’s Gold prices were USD 1,116.80, EUR 1003.23 and GBP 717.18 per ounce. [LBMA AM prices]Gold in USD – 10 YearsGold and silver rose on the COMEX again yesterday – up 1% to $1,123.80 and silver was up 1.3% to $15.52 per ounce. This morning, gold is 0.7% lower to $1,118 per ounce.Silver is 1% lower to $15.47 per ounce. Platinum and palladium are 0.8% and 1.4% higher to $997 and $622 per ounce respecti
Thursday, August 13, 2015
David Jensen
Action Plan to Prevent US Monetary and Economic Collapse
David Jensen and Jay Taylor Interview - Audio MP3 1. Central banker policy reveals radical extremists in control of central banks. Central bankers engaged in deception with failed system - similar in deception to Uri Geller who deceived many and ruined lives of those who were duped; stakes much higher now Failed policy enriching a few while the central problem extreme debt levels ($58 trillion or 340% of GDP vs. 150% historically sustainable rate) are
Friday, May 1, 2015
Bill Holter - Miles Franklin
As an addendum to yesterday’s writing, today we should tie together the new alliances and what appears to be Western defections toward the East.  Just overnight, Australia also applied for membership to the AIIB, a U.S. rebuke is sure to follow, who is next?  With this in mind, it is my belief the Chinese will be the key player in the gold market and the “pricing” of gold in the future.  In turn they will gain even more financial strength because of the massive amounts they have already accumula
Tuesday, March 17, 2015
Bill Holter - Miles Franklin
I had planned to write about the recent news Andrew Maguire relayed regarding HSBC allegedly closing their seven London gold vaults.  I am putting this on hold because other than his word and Ned Naylor-Leyland’s tweets on same, I cannot find any public information confirming this.  I will say, if this turns out to be true then the end game has arrived in full force for several obvious and some not so obvious reasons.  Stay tuned as we hopefully get some sort of confirmation one way or the other
Monday, March 9, 2015
David Jensen
Silver: Is it the LBMA's Greatest Rig
Topics 1) UK intends to criminalize manipulation of gold, silver, crude oil, interest rate manipulation by definition, trading of virtual gold and virtual silver to create large virtual positions of non-existent metal held on the LBMA manipulates the gold and silver price institutions a
Saturday, January 10, 2015
Darryl Robert Schoon - Survive the Crisis
The Price of Gold and the Art of War Part III
If you wait by the river long enough, the bodies of your enemies will float bySun Tzu, The Art of War, fifth century BCWhen growth slows in capital markets, the bankers? daisy-chain of credit and debt breaks down; setting in motion defaulting debt which ends in recession, deflation or, in extreme cases, a deflationary depression.A deflationary depression is a fatal monetary phenomena where the velocity of money?circulating credit and debt?falls so low capital markets are no longer self-sustainin
Friday, December 19, 2014
David Jensen
LBMA Implosion By Reversal of its Own Gold Leverage
Discussion notes: 1. Gold Market: GOFO negative, surging gold lease rates, gold price backwardation 1-month GOFO or Gold Forward rate (GOFO = LIBOR - gold lease rate) has been negative for 30 days now and 6-month GOFO has been negative for 14 days for the first time on record. 1 month gold lease rate surged from 0% on Sept 17 to 0.72% on December 1 - ind
Sunday, December 7, 2014