June 15, 2004
Dear Trader Dan,
You are smart. I am a gold and currency guy only - so it’s too late for me to change nor do I wish to change other than for a quick flip.
If you want to see "brown nosing" to a spiritual degree, you have to listen to these dumb Senators on the Senate Banking and Finance Committee buttering up Greenspan's ego. Totally disgusting BS. Alan and his Japanese buddies have screwed up the world beyond repair with the go switch set full speed ahead on Bernanke's Electric Mayhem Money Printing Machine.
Because there is no practical mechanism to drain the overdose of adrenaline that's been pumped into the global economic system by the Fed, the US dollar is dead and IMO will never recover from the impact of this bear market.
The Chairman has handed over economic power - and all the disinflation that was hard won by Chairman Volker - to Asia, especially China. That being said, the US is irreversibly on the road to becoming a second rate power that believes it is a Super Power.
If you disagree with us, the US will kill you! Some mess! Some loss of the moral high ground! Such a disgrace for all those who gave their lives to make us what we were!
For all of written history, gold has protected people against sins committed in the name of the ultimate intoxicant, political power! Gold has never failed and will not fail now to take its proper position as the currency of the public and dethrone the currency of manipulative old prunes who are running out of fingers and toes to stick in the leaking dyke of the US dollar.
Life is perfectly fair and punishment cannot be avoided when you repeatedly kick Mother Nature in the butt. The payback is 70 times infinity.
Respectfully,
Jesse Jim
Dear Jim:
Yes, and what is so tragic is that the general public is simply unaware of what is taking place around them.
I am of the opinion that this is a result of the complacency of the general population brought about by the failure of the public education system to:
1) teach children how to think and analyze instead of regurgitating facts.
We have become a nation made up of economic ignoramuses who do not understand the nature or the role of money. I do not say this as one who has some sort of arrogant sense of my own importance but rather as one who is amazed at what the citizenry of today will swallow. The emperor has no clothes and most are not even capable of realizing that any longer. The generation that produced our Founding Fathers were well educated and understood the dangers inherent in a system of currency divorced from the backing of a precious metal. They also understood how ruthless bankers posed one of the single greatest threats to the well being of a nation and its ultimate liberty.
2) instill in our children a sense of American heritage
Many do not understand that the greatness of a nation depends upon its economic strength first and foremost. Military strength is a key ingredient but it requires the means to sustain it. President Reagan understood this when he worked with chairman Volker to bring inflation under control. He also brought in the Saudis and had them open the spigots on oil production, driving the price of crude down by nearly 2/3 and depriving the Soviet Union of the hard currency it needed to feed its war machine. Additionally, by engaging in a military buildup that the Soviets could not match, he brought them to the negotiating table and set the stage for their ultimate demise.
What is important to understand is that all this was predicated on American economic strength and vigor. Given the current conditions, it seems to me that we are on the road to swapping places with the former Soviet Union. We are the ones with the most feared and powerful military but who at the same time have become the greatest debtor nation in history. We are completely at the mercy of those foreigners who hold our Treasury debt. That is what weighs most heavily on my mind these days.
"The borrower becomes the lender's slave" so says the Sacred writings.
Very best to you Jim,
Dan
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