SleepyLagoon

Many Banks Will Eventually Fail

gaucho - Bill is alluding to the authorities' desperate need to prevent gold from becoming a popular alternative to USD because the value of fiat currency rests upon the "faith and credit" of the issuer whereas gold's value is intrinsic. So, to the extent that gold's price rise reflects erosion of faith in the USD, the authorities' power is diminished along with their ability to "create" credit and manage or manipulate the financial system.