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A Flight to Sound Money - Fed Attempts Rescue, Leadership Shameless

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Published : March 24th, 2020
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Category : GoldWire

"Good and bad coin cannot circulate together... and because of this unexampled state of badness all the fine gold was conveyed out of your realm."

Thomas Gresham, Letter to Queen Elizabeth, 1558

“Now, as he [Thomas Gresham] was the first [he wasn't] to perceive that a bad and debased currency is the cause of the disappearance of the good money, we are only doing what is just in calling this great fundamental law of the currency by his name.  We may call it Gresham's law of the currency.   Bad coin invariably and necessarily drives out good coin from circulation.”

Henry Dunning Macleod, The Elements of Political Economy, 1858

No elected body with a fiduciary responsibility, and any remnant of a conscience, should ever hand over a sum like $500 billion for disbursement to corporations to any presidential administration without clear conditions, transparency, and oversight. Especially after the abuses uncovered from the bailouts of the last financial crisis.  But needs must for those with no shame.

Stock futures went limit down shortly after they opened on Sunday night. The Fed threw the kitchen sink at the markets this morning, and managed to hold stocks from falling out of bed completely.

Gold and silver caught a definite bid, as the whiff of monetary mischief permeated the markets.

I read an opinion piece from one of the usual suspects which blames our current state of affairs on the working public for their dissolution and extravagance in wanting to have such things as phones.

This is like a replay of 2008. Or 2002. Well, you get the idea.  Just another round shenanigans from our meritorious elite.

There will be a Comex precious metals option expiration on Thursday the 26th.

This is not over yet, not by a long shot.

The world does not love you, and the madness serves none but itself.

Have a pleasant evening.

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