Month after month, the global economic outlook has been nothing but bleak. But now, could we be about to turn a corner?
Japanese stocks rose to a six-month high in Thursday trading, and off the back of that European markets have started out strongly.
But, there is still grim news for some – with the troubled US carmaker General Motors announcing a loss of $6bn for the first three months of this year.
Gold as default reserve
La confiance fait défaut
confidence, overconfidence, and abuse of confidence
Confidence is of the essence, said Jean-Cllaude Trichet, president of the European Central Bank
Once dollar hegemony will collapse, the future will belong (the future does thus already belong) to those who can demonstrate their creditworthiness with their gold (hiding in oil) collateral.
Our Masters are still able to prevent this because we are still living in a fraudulent world of unbacked paper money and fractional-reserve banking.
Consider this simple fact: we engage in an exchange of goods and services everyday by using money as the means of exchange; and we offer our labour in exchange for money, which, in itself, has no value. We only do this because we believe that we will, in turn, be able to exchange that money for more goods or services. This fact tells us much about the confidence that we place in money itself. And it tells us much more about the confidence that we place in each other, said European Central Bank president, the late Dr Willem F. Duisenberg, in his 9 May 2002 Acceptance speech of the International Charlemagne Prize of Aachen for 2002. http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html
Caterpillar: Who are YOU?
Alice: This was not an encouraging opening for a conversation. I — I hardly know, sir, just at present — at least I know who I was when I got up this morning, but I think I must have been changed several times since then.
Because some people have been over-confident in what they could achieve with money or how they could achieve more money and others have abused the sheeple’s confidence through issuing unbacked paper money or through banking on a fractional-reserve basis, confidence is collapsing.
“La confiance fait défautâ€, allow me to translate this as “confidence is defaultingâ€, because unbacked paper money and fractional-reserve banking are fraudulent.
The need therefore arises for a protection against this default.
In order to continue to instil confidence in other people, you need a universal collateral (gold (hiding in oil)) which demonstrates your credit-worthiness.
The bigger you are, the more gold collateral you need. But the value of this gold reserve collateral must be valued continuously. http://bphouse.com/honest_money/2009/05/09/gold-as-default-reserve/
Ivo Cerckel