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Murray N. Rothbard
The Gold Standard Before the Civil War
The Gold Standard Before the Civil War, video by Murray . Rothbard
Thursday, September 18, 2014
John Paul Koning
The Losing Battle to Fix Gold at $ 35 
Gold-price history charts denominated in US dollars show a flat line at $35 that runs through most of the 20th century. Thirty-five dollars was, after all, the official gold price as set by the United States Treasury from 1934 on. Prior to 1934, the gold price had been fixed at $20.67 for almost a century, before President Franklin Roosevelt confiscated Americans' gold and revalued the price to $35 that year.
Sunday, September 14, 2014
Antal E. Fekete - Gold University
The Principle Of Redeemability 
Once upon a time a revolution of lasting import took place in China: the invention of paper and the simultaneous invention of paper money. Silk products had long been used as the material on which documents and contracts could be written. The revolutionary character of paper was to be seen in the fact that it was a thousand times cheaper than silk, and it could still carry the same message just as efficiently.
Saturday, September 13, 2014
Lew Rockwell
  The Libertarian Paradox 
As libertarians attempt to persuade others of their position, they encounter an interesting paradox. On the one hand, the libertarian message is simple. It involves moral premises and intuitions that in principle are shared by virtually everyone, including children. Do not hurt anyone. Do not steal from anyone. Mind your own business. A child will say, “I had it first.” There is an intuitive sense according to which the first user of a previously unowned good holds moral priority over latecomers
Monday, September 15, 2014
Antal E. Fekete - Gold University
Has Hedging Killed The Goose That Was To Lay The Golden Egg?
Gold mining executives would like to forget the hedging fiasco as you would the worst nightmare of your life. But the ghost of this greatest shareholder rip-off will not let them. It keeps haunting them, and for a very good reason, too. There are still more skeletons in the cupboard. Just take a look at gold mining share prices and their reaction, or rather the lack of it, to the unfolding banking crisis. They eloquently tell a tale of deep distrust in the veracity and competence of gold mining executives. This is an industry that is totally incapable of analyzing and admitting past mistakes, let alone learning from them. The full extent of the fiasco will not be known for many more years because we don’t know how high the gold price will go in the wake of the banking crisis. What is clear already is the disconnect between gold and gold mining shares. It will remain as long as the industry fails to get its past and present sins off its chest and reform itself.
Saturday, September 13, 2014
Antal E. Fekete - Gold University
When Atlas Shrugged… Part I : The lure and lore of risk-free profits 
This apology is rather grotesque. It ignores the fact that gyrating foreign exchange and interest rates are far from being free market institutions. They were created by the government in order to strangle the free market. These rates were stable under the gold standard. It is one thing to shift risks created by nature to the shoulders of speculators who are better able to deal with them, for example, in the case of the futures markets for agricultures products.
Saturday, September 20, 2014
Antal E. Fekete - Gold University
  The Supply of Oxen at the Federal Reserve
Hey, Mr. Chairman, in case you haven't noticed, the Federal Reserve already has a goodly supply of oxen! My father was fond of relating a story about a professor lecturing on geography. A short fellow, he was extolling the agriculture of Switzerland. "In our country oxen are not even as tall as I am. In some countries you see oxen just as tall as myself. But, believe it or not, on the fat pastures of Switzerland there are even greater oxen than myself". For emphasis the good professor stood on his tiptoes and stretched his hand upwards above his head. "We don't believe so!" - shouted someone from the back benches of the lecture theater.
Saturday, August 16, 2014
History of Gold
(-1780) Gold and Silver in the Code of Hammurabi 
When Anu the Sublime, King of the Anunaki, and Bel, the lord of Heaven and earth, who decreed the fate of the land, assigned to Marduk, the over-ruling son of Ea, God of righteousness, dominion over earthly man, and made him great among the Igigi, they called Babylon by his illustrious name, made it great on earth, and founded an everlasting kingdom in it, whose foundations are laid so solidly as those of heaven and earth; then Anu and Bel called by name me, Hammurabi, the exalted prince, who feared God, to bring about the rule of righteousness in the land, to destroy the wicked and the evil-doers; so that the strong should not harm the weak; so that I should rule over the black-headed people like Shamash, and enlighten the land, to further the well-being of mankind.
Tuesday, July 15, 2014
History of Gold
August 15, 1971 Richard Nixon suspends the Dollar to Gold convertibility
United States President Richard Nixon's address to the nation announcing the "temporary" suspension of the dollar's convertibility into gold. While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods, this crisis marked the breakdown in the system. The closing of the gold window signified the end of the Bretton Woods system.
Friday, August 15, 2014
Hugo Salinas Price -
The Gold Standard: Generator & Protector Of Jobs 
The abandonment of the gold standard in 1971 is closely tied to the massive unemployment the industrialized world has suffered in recent years; Mexico, even with a lower level of industrialization than the developed countries, has also lost jobs due to the closing of industries; in recent years, the creation of new jobs in productive activities has been anemic at best.
Friday, June 27, 2014
Antal E. Fekete - Gold University
  Deflation or Runaway Inflation
Runaway inflation is not a monetary phenomenon, the claims of monetarists notwithstanding. It is an interest-rate phenomenon predicated on the linkage. The price level and the rate of interest resonate with the oscillating money-flows between the bond and the commodity markets. This economic resonance, under the concerted pounding by speculators, ultimately reaches the state of runaway vibration. When the fragile confidence in the value of irredeemable currency snaps, commodities are bought up and all bids for bonds are withdrawn. The rate of interest, together with the price level, reach astronomical heights. There is no scientific way to predict
Sunday, July 27, 2014
Antal E. Fekete - Gold University
  The Second Greatest Story Ever Told 
Fable has it that paper currency came into being as warehouse receipts issued by the goldsmith against gold left on deposit for safe-keeping. The owners found that they could make purchases with these warehouse receipts as easily as with gold coins. Then the goldsmith went on lending out at interest his fictitious warehouse receipts. According to this fable, the fraudulent business of the goldsmith in issuing warehouse receipts against non-existent gold was the embryonic form of the fractional-reserve banking of today.
Saturday, August 09, 2014
Antal E. Fekete - Gold University
  Federal Reserve Follies : what really started the Great Depression
The basic error underlying the Quantity Theory of Money (QTM) is the notion that central banks can command their newly created money to flow to the commodity market, or any other market of their choice. This is the pipe-dream of the Sorcerer's Apprentice. In reality, once the newly created money is off the premises it is no longer under central bank control
Saturday, August 02, 2014
Antal E. Fekete - Gold University
Causes And Consequences Of Kondratiev's Long-Wave Cycle
Here we offer a new theory explaining the causes of Kondratiev's long-wave economic cycle in terms of gold and the hoarding of commodities. Our description of the cycle itself is also novel and very different from the conventional. We shall be talking about a huge oscillating money-flow to-and-fro between the bond market and the commodity market. When the money-tide begins to flow at the commodity market and ebb at the bond market, we have the inflationary phase of rising prices and interest rates. When the tide is reversed and it begins to flow at the bond and ebb at the commodity market, we have the deflationary phase of falling prices and interest rates. In one word, Kondratiev's long-wave cycle is the manifestation of the fluctuation in the propensity to hoard. The key question is this: what causes this fluctuation? Is it a natural phenomenon outside of man's control or, perhaps, it is induced by wrong-headed government policy?
Saturday, June 28, 2014
Antal E. Fekete - Gold University
Bills Of The Goldsmith 
"The differences in the degree of marketability is of the highest significance for the theory of money. The failure to recognize this is one of the essential causes of the backward state of monetary theory. The theory of money necessarily presupposes a theory of marketability of goods." (Carl Menger On the Origin of Money, 1892)
Sunday, September 07, 2014
Antal E. Fekete - Gold University
  Real Bills : “Waggon-Way in the Air”
Discount rate versus interest rate The banker applied a "discount" to the face value of the maturing bill when he purchased it from the producer. The discount was equal to the number of days left to maturity times the "discount rate". It is of utmost importance to distinguish the discount rate from the rate of interest. The former is always lower than the latter. Moreover, the discount rate tends to be low if consumer confidence is high, and vice versa. In other words, the discount
Saturday, August 23, 2014
Richard Mills - Aheadoftheherd
The Crime Against Silver 
In 1873, the Fourth Coinage Act was enacted by the US Congress. Western silver miners labeled this measure the "Crime of '73" because it stopped the printing of US silver dollars. The US had, unofficially, abandoned its bimetallic standard in favor of a monometallic one – gold.
Friday, August 08, 2014
Antal E. Fekete - Gold University
The Mystery Of The Discount Rate
In the previous Lecture I explained how discounting bills of exchange was invented, how the discount rate appeared, and how changes in the propensity to consume made it go up or down. I also presented the important argument that the discount rate is entirely different in origin and nature from the rate of interest.
Sunday, August 31, 2014
JS KIM - Smart Knowledge U
  The One Personality Trait that All Gold & Silver Investors Need to be Profitable 
Before one every buys a single troy ounce of gold and silver, one should ensure first and foremost that one understands that gold and silver are volatile in price every single year. Many people commit the same mistake in buying gold and silver that they commit when buying into the stock market – they don’t buy assets when asset prices are low, and only buy them after prices have soared and news of a steep short-term climb in price has been reported by the mainstream media news.
Friday, July 25, 2014
Antal E. Fekete - Gold University
Monetary versus Non-Monetary Commodities
A monetary commodity is one that can, in most applications, be substituted by a promise to deliver it. Once endorsed, the promise can be passed on to a third party. The promise itself may take a variety of forms from a warehouse certificate through standard futures or option contracts to an ad hoc forward sales or swaps agreement. On a strict application of this definition there are only two monetary commodities: the senior one is gold, the junior one is silver. Sorry to disappoint platinum and palladium addicts: theirs are not monetary metals.
Monday, June 23, 2014