Tuesday, October 18, 2011

U.S. Steal: The moral root of our financial trouble

You shall not steal.
Exodus 20:15

Gold is a money created by God and as such has intrinsic and lasting value.  In Genesis 13:2 we read, "Now Abram was very rich in livestock, in silver and in gold." In Revelation 21:21 we read "...And the street of the city was pure gold, like transparent glass."  Gold also imposes fiscal discipline on nations hindering the manipulation of currencies and international trade.  Gold helps keep men and nations honest.  Consequently, there is no doubt a global financial catastrophe is upon us and reasons why are all over the map.  Hugo Salinas Price, founder of Mexico's Elektra retail chain, has done an excellent job getting to the moral root of the matter which has much to do with government theft on a global scale.  U.S. repentance would be as good as gold:

The gold standard: generator and protector of jobs
Hugo Salinas Price

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.

The world’s financial press, in which leading economists and analysts publish their work, never examines the relationship between the abandonment of the gold standard and unemployment, de-industrialization, and the huge chronic export deficits of the Western world powers. Might it be due to ignorance? We are reluctant to think so, given that the articles appearing in the world’s leading financial publications are written by quite intelligent analysts. Rather, in our opinion, it is an act of self-censorship to avoid incurring the displeasure of the important financial and geopolitical interests that are behind the financial press.

In this article we discuss the relationship between loss of the gold standard and the present financial chaos, which is accompanied by severe “structural imbalances” between the historically dominant industrial powers and their new rivals in Asia.  Read the full article

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