Greenspan: “Fiat money, in extremis, is accepted by nobody"

[RSLudlum]

Greenspan: “Fiat money, in extremis, is accepted by nobody"

Have your PM's 'in hand'.

Investors start fresh gold rush
By Javier Blas
Financial Times

Published: October 1 2008 00:58 | Last updated: October 1 2008 00:58

“Fiat money, in extremis, is accepted by nobody,” Alan Greenspan, the former chairman of the US Federal Reserve, told lawmakers in Washington almost a decade ago. “Gold is always accepted,” he added.

The “in extremis” scenario was for years only a possibility in the mind of die-hard gold bugs, but the financial crisis is leading regular investors – from the ultra-rich to middle-class savers – to believe that the environment in which Mr Greenspan said fiat money would be worthless is now around the corner.

The investors’ response is a rush into physical gold not seen since the second oil crisis in 1979, bankers say. The shift into gold coins and bars is so extreme that it is causing shortages at refineries and mints around the world.

“This is absolutely unprecedented,” says Mark O’Byrne of Gold Investment, a company that sells bullion to retail investors in Dublin and London.

Bankers at the London Bullion Market Association’s annual meeting in Kyoto say their clients are not investing in gold just because of its perceived safe-haven status but also because they were able to take physical possession of it.

read rest of article here

 

[weatherbill]

that riocks and these low, manipuklated prices are awsome....keep it up banksters..... it's only winding the price of pms tighter..... and the PM rocket is going to be severe

 

[RSLudlum]

What I want to know is "where in the world is alan greenspan" in this bailout madness??

 

[TheEvilDetector]

What I want to know is "where in the world is alan greenspan" in this bailout madness??

Polishing the 10x10x10 foot cube of gold he stashed away in his living room.

 

[Johnnybags]

I dunno it was reported

Polishing the 10x10x10 foot cube of gold he stashed away in his living room.

In Russia Bush and Cheney were under house arrest and Greenspan was overseeing it, lol. Well, we can dream can't we.

 

[jonahtrainer]

I have seen some of this first hand.

On Monday night I was chilling with a friend in Vegas and one of his buddies came over. My friend and I are known gold bugs. His friend asked us if we could help him buy $35M of gold eagles. We made a couple calls and found him the supply but with a hefty premium. It is getting crazy though.

 

[HOLLYWOOD]

GREENSPAN crawled from under his rock?

Oh, I forgot ELITIST, ZIONISTS like GREENSPAN, can go and do anything and not have to worry... Hey, wasn't the War Crimes SCUM, Henry Kissinger, making a guest appearance in public not to long ago?

 

[nate895]

I have seen some of this first hand.

On Monday night I was chilling with a friend in Vegas and one of his buddies came over. My friend and I are known gold bugs. His friend asked us if we could help him buy $35M of gold eagles. We made a couple calls and found him the supply but with a hefty premium. It is getting crazy though.

35 million dollars?

At that point might as well buy it at the New York Mercantile Exchange (it's at spot there), and get someone to mint the rounds for you.

 

[Bruno]

I have seen some of this first hand.

On Monday night I was chilling with a friend in Vegas and one of his buddies came over. My friend and I are known gold bugs. His friend asked us if we could help him buy $35M of gold eagles. We made a couple calls and found him the supply but with a hefty premium. It is getting crazy though.

Crazy story. Would he appreciate knowing you shared it on a public forum?

 

[Ex Post Facto]

I want to go to vegas with a friend that has 35M dollars.