Lester's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/131650/comments http://seekingalpha.com/article/102339-ignore-the-hype-gold-as-currency-is-dead?source=feed#comment-292474 292474 As a kid I once found my GrandMother's old purse in the hayloft. It was full of pre-WWII money. Millions and milliards of notes. It is probably used up by now lighting up the fireplace.
Now, if it had been full of goldcoins, where do you think it would be today?]]> Tue, 28 Oct 2008 11:29:50 -0400 As a kid I once found my GrandMother's old purse in the hayloft. It was full of pre-WWII money. Millions and milliards of notes. It is probably used up by now lighting up the fireplace.
Now, if it had been full of goldcoins, where do you think it would be today?]]> http://seekingalpha.com/article/99460-is-gold-a-sucker-s-bet?source=feed#comment-281795 281795 Mon, 13 Oct 2008 23:05:42 -0400 http://seekingalpha.com/article/99460-is-gold-a-sucker-s-bet?source=feed#comment-281787 281787 What am I missing?
]]> Mon, 13 Oct 2008 22:58:14 -0400 What am I missing?
]]> http://seekingalpha.com/article/92901-independence-day-decoupling-gold-and-silver-from-the-dollar?source=feed#comment-240322 240322
I am not an economist, but I study von Mises. I was born after the Great Depression. Would someone kindly explain to me why the govt was "forced to expropriate gold from the people"? What role did gold play in the declared "national emergency"?

Did gold somehow mismanage the economy? Or was it someone else?
Was gold ownership an obstacle to production, i.e. feeding the people? Or was it an obstacle to govt control of the economy?
Did gold in govt vaults become harmless to the economy? Or did it become harmless to govt policy-makers?

The reason why I pose these questions is because watching history repeat itself, I concluded that gold ownership renders the individual a little bit sovereign. Not wholly, but some. An economically independent individual is more than likely politically independent as well. At least by using gold-enforced accountability of govt, a sovereign individual can extort valid political rights from govt.

I say "extort", because rights are not granted by the goodwill of govt, but by threat of forcible removal from office. I trust most of you would agree with that process. Any thoughts on that? ]]> Wed, 27 Aug 2008 15:08:54 -0400
I am not an economist, but I study von Mises. I was born after the Great Depression. Would someone kindly explain to me why the govt was "forced to expropriate gold from the people"? What role did gold play in the declared "national emergency"?

Did gold somehow mismanage the economy? Or was it someone else?
Was gold ownership an obstacle to production, i.e. feeding the people? Or was it an obstacle to govt control of the economy?
Did gold in govt vaults become harmless to the economy? Or did it become harmless to govt policy-makers?

The reason why I pose these questions is because watching history repeat itself, I concluded that gold ownership renders the individual a little bit sovereign. Not wholly, but some. An economically independent individual is more than likely politically independent as well. At least by using gold-enforced accountability of govt, a sovereign individual can extort valid political rights from govt.

I say "extort", because rights are not granted by the goodwill of govt, but by threat of forcible removal from office. I trust most of you would agree with that process. Any thoughts on that? ]]> http://seekingalpha.com/article/92890-sorry-there-is-no-silver-conspiracy?source=feed#comment-240245 240245 A desperate and devious prez has made it illegal before, what's to keep him from doing it again?
Those shadowy spooks, who pulled off 911 have achieved the ultimate goal of putting all of us under the yoke of the patriot act, can and would confiscate it again. Those forces are not accountable to anybody's Law, only to their own aims.
We can't make use of PMs in the concentration camp.
Houston, we have a problem!]]> Wed, 27 Aug 2008 13:41:18 -0400 A desperate and devious prez has made it illegal before, what's to keep him from doing it again?
Those shadowy spooks, who pulled off 911 have achieved the ultimate goal of putting all of us under the yoke of the patriot act, can and would confiscate it again. Those forces are not accountable to anybody's Law, only to their own aims.
We can't make use of PMs in the concentration camp.
Houston, we have a problem!]]> http://seekingalpha.com/article/89646-is-the-price-of-gold-artificially-depressed?source=feed#comment-225028 225028 Given the extent of US military presence all over the world, that's pretty far and wide. Given that Washington was able to invade Iraq to gain greater control over the oil supply lines - which is not even the only line - what's there to stop the clandestine robbery of gold wherever it may be stored? Obviously neither international law, nor any other factor can stop this army on the march!
Nobody is going to threaten a nuclear standoff over gold! Ultimately, Washington is most likely to use clandestine methods to ensure the survival of the dollar. The existence and operation of Guantanamo proves that the US military IS the law.
Anyone to the contrary?]]> Thu, 07 Aug 2008 10:41:53 -0400 Given the extent of US military presence all over the world, that's pretty far and wide. Given that Washington was able to invade Iraq to gain greater control over the oil supply lines - which is not even the only line - what's there to stop the clandestine robbery of gold wherever it may be stored? Obviously neither international law, nor any other factor can stop this army on the march!
Nobody is going to threaten a nuclear standoff over gold! Ultimately, Washington is most likely to use clandestine methods to ensure the survival of the dollar. The existence and operation of Guantanamo proves that the US military IS the law.
Anyone to the contrary?]]> http://seekingalpha.com/article/88725-is-the-u-s-banking-system-safe?source=feed#comment-221769 221769 I know enough about small-business accounting to not expect to get paid from an empty till! It's the old blood-from-the-stone type effort.]]> Sun, 03 Aug 2008 18:35:12 -0400 I know enough about small-business accounting to not expect to get paid from an empty till! It's the old blood-from-the-stone type effort.]]> http://seekingalpha.com/article/85634-no-atheists-in-foxholes-no-libertarians-in-financial-crises?source=feed#comment-208722 208722 Fri, 18 Jul 2008 11:52:14 -0400 http://seekingalpha.com/article/79129-gold-stocks-five-points-to-remember?source=feed#comment-175101 175101 Where do we turn then? ]]> Wed, 28 May 2008 08:53:54 -0400 Where do we turn then? ]]> http://seekingalpha.com/article/72116-m3-money-supply-and-inflation-got-gold?source=feed#comment-167871 167871 And when the "Fund" doesn't make enough profit or income to cover operating expenses, the manager's payroll is met from the capital account! Whose money is that?
Trust the System and get screwed.
]]> Thu, 15 May 2008 04:55:18 -0400 And when the "Fund" doesn't make enough profit or income to cover operating expenses, the manager's payroll is met from the capital account! Whose money is that?
Trust the System and get screwed.
]]> http://seekingalpha.com/article/77196-whats-driving-oil-higher-its-the-dollar-stupid?source=feed#comment-167314 167314 Once the wave of demand has swept the whole economy, the media will most likely to blame the commodity producers for high prices, reduced living standards, i.e. INFLATION! Can it get any simpler?]]> Wed, 14 May 2008 08:36:01 -0400 Once the wave of demand has swept the whole economy, the media will most likely to blame the commodity producers for high prices, reduced living standards, i.e. INFLATION! Can it get any simpler?]]> http://seekingalpha.com/article/61007-five-reasons-gold-bullion-could-reach-1000?source=feed#comment-112282 112282 Tue, 22 Jan 2008 16:57:11 -0500 http://seekingalpha.com/article/57821-credit-crisis-worthless-billions-won-t-solve-a-problem-worth-trillions?source=feed#comment-106057 106057 My understanding of derivatives is that these are a variety of options sold at a price based on the Black-Scholes formula. That price is the max that can be lost. Even that money is not “lost”, it just changes owner. If nothing pans out as hoped, that is the end of the default. The hopeful “winner” just can’t collect what was bet on. If the bet was as ephemeral an amount as the much touted trillions, it is still just imaginary money, nothing real about it.
An accountant would say, money doesn’t disappear, it only changes pockets. So, where is the loss? Bunker Hunt didn’t step off the fifth floor ledge, Myron Black of LTCM fame is still calculating, so the current players only need to decide how many and which of them should go out of business.
Pray tell what the problem is!]]> Wed, 19 Dec 2007 10:54:28 -0500 My understanding of derivatives is that these are a variety of options sold at a price based on the Black-Scholes formula. That price is the max that can be lost. Even that money is not “lost”, it just changes owner. If nothing pans out as hoped, that is the end of the default. The hopeful “winner” just can’t collect what was bet on. If the bet was as ephemeral an amount as the much touted trillions, it is still just imaginary money, nothing real about it.
An accountant would say, money doesn’t disappear, it only changes pockets. So, where is the loss? Bunker Hunt didn’t step off the fifth floor ledge, Myron Black of LTCM fame is still calculating, so the current players only need to decide how many and which of them should go out of business.
Pray tell what the problem is!]]>