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Monday, 18 August 2008
By R.D. Bradshaw
In March 2008, gold hit a high of around $1030 per ounce. By mid-August, it had collapsed to $772. Similar falls happened to most of the commodities and foreign currencies. Wheat went from a high of $13-15 to $7-8 per bushel; Silver, soybeans and corn all crashed as well. Even the EURO currency went from almost $1.60 to $1.46 and oil fell from $149 to $111.
Here, the question must be asked--how is it possible that these prices can collapse in just a matter of days? For the answer, one must address the subject of the historic goldsmiths and how they are still around today and still making money--like never before. This article and two succeeding ones will broach this theme.
As a backdrop on this topic, here are a couple of quotes. Per Thomas Jefferson, in 1800, “Everything predicted by the enemies of banks...is now coming to pass. We are to be ruined by a deluge of bank paper” (Dec 2002, “Radio Liberty,” p. 1). In 1850, Thomas Webster added: “Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money” (ibid, p. 1).