You Can’t Trust the Government With Your Money: Part II
In Part I of this post, we have tried to make the case that governments simply cannot be trusted to manage monetary affairs reliably. We believe that a dawning awareness of the dangers involved is the reason so much gold is suddenly in motion around the world.
Or one more example. In the lates 1970s, the US Treasury auctioned of 16.7 million ounces of gold, gold it had stolen from the people in 1933.
At the same time that the Treasury was auctioning off the people’s gold, the International Monetary Fund auctioned off 25 million ounces of gold. The IMF is not a business or a real bank. It doesn’t earn money. So where did it get all its gold, 153 million ounces? It got somewhere between 25 and 30 million ounces from the US. The American people’s gold. Washington gave it to that multi-national bureaucracy, the IMF!
What a waste of your wealth.
To top it all off, the US Treasury and the IMF structured those gold auctions not to realize the most return for the people’s gold. Quite the opposite. They structured the auctions so that all the gold would be sold at the lowest successful bid price.
If you think that is perverse, we think you are right. We think it is criminally negligent stewardship of the people’s wealth.
The British government did the same thing even more recently. Between 1999 and 2002, Chancellor of the Exchequer Gordon Brown (he later became Prime Minister) auctioned off half of the UK’s gold holdings.
Like the US and IMF auctions, it was a so-called Dutch auction, designed to give preference to low bidders, to sell the gold at the lowest successful bid price.
Brown sold 12.7 million troy ounces of gold over 17 auctions at an average price of around $275 per troy ounce. Basically, he sold the British people’s gold in pursuance of some madcap monetary scheme at the bottom of the market.
We conclude from the long sweep of history that governments cannot be expected to manage monetary policy and currencies in the best interest of the people, neither wisely nor honestly. That is why in time of unpayable debt and of obvious chaos developing in the global monetary system, the best thing you can do is get out of the way.
Move to gold. Gold that you own and take into your possession. It is not the liability of anyone or dependent on the management of any government. The move has become imperative with worldwide financial and monetary storms raging!
If you would like to know more, speak with a Republic Monetary Exchange gold and silver professional. Call today for an appointment.