by Keith Weiner
In my testimony in support of the gold legal tender bill this year, I
discussed failing pension funds. Retirees who count on their pension
checks are being told that their monthly check will be reduced by up to
60%. This is devastating to them, obviously. What isn’t obvious is the
cause. In the news coverage of this, the angry pensioners are blaming
the union, the fund manager, and Wall Street in general.
None of them point the finger where it needs to be pointed. The Fed
has centrally planned our interest rate downwards, ever downwards, for
35 years. Now a 10-year bond pays a mere 1.7 percent interest. Pension
funds are designed to invest and earn a real return on the money
collected from workers’ paychecks. This breaks down when the interest
rate collapses.
There is no cure for zero interest rates (and negative in Europe and
Japan). The central banks have created a monster, a Frankenstein that is
now ravaging the economy and especially those who depend on fixed
income.
It is no longer possible to earn a yield on paper money, without
taking undue risk of precisely the sort that retirement funds should not
take.
The only antidote to zero yield on paper is a positive yield on gold.
I explained to the legislators that this bill would not fix the problem in itself. It is a necessary but not sufficient step.
I made a different argument to Governor Ducey. Most legislation
creates winners and losers. Those who will be hurt by a new law of
course lobby against it, and may become enemies of the governor for
signing it. This bill created no losers. No one would be hurt by
recognizing gold as money. It would have been good for the state, adding
jobs, and even tax revenue.
Unpersuaded by either the plight of the pensioners or the prospect of business growth in Arizona, Ducey vetoed gold. This is his second time to shoot down gold.
I have just two points to make about this. One, let’s stop
perpetuating the myth that Republicans—or even pro-business Republicans
as Ducey brands himself—are for gold. This is a big reason cited by
Democrats for why they are against gold.
Two, Governor Ducey knew he could get away with this veto because few
people care. While our monetary system drowns under zero interest and
runaway debt, people are worried about the Kardashians and the gender of
Bruce-now-freak Jenner.
You had better start letting your government know that you want to
start removing the roadblocks and start moving towards the only honest
money: gold. No one knows how much time you have, but it is not that
long.
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not a chance. It's obvious to anyone with half a brain... This once great country of ours is being reduced to the likes of Brazil or worse on every single point and aspect. And all by design. No matter what part of life in America you look at, the middle class is being wiped out. That is the truth of our times. Face it. For none shall escape, not even the police who for now, are spared most of these indignities and who will resort, eventually, to the kind of thing they already are doing to maintain their lifestyle - highway robbery of other people's lawful property and monies.
