Gold and silver offer some decent protection against the staggering amount of fraud and outright lying in the US and other financial systems.
Robert Rubin Says Mark-to-Market has Done ‘Damage’
"By Josh Fineman and Ian Katz
Jan. 28 (Bloomberg) — Robert Rubin, who quit his post as senior counselor at Citigroup Inc. this month, said an accounting rule forcing companies to mark down assets every quarter to reflect market value has “done a great deal of damage.”
“I spent my whole life at Goldman Sachs believing in mark- to-market accounting, and having said that, if you look at the experience from the last two years, I think mark-to-market accounting has led to terrible vicious cycles in asset prices,” "
Black is white, "war is peace, freedom is slavery, ignorance is strength", honest accounting causes problems, fraud is good. The government/financial scene in the US is getting to be like something out of 1984.
Gee! It couldn't have anything to do with taking on too much debt to begin with, could it? The US government installed a tax cheat as the new US Treasury head. Now a former US Treasury head says that accounting should not be of the honest kind, that account holders of all sorts should be kept in the dark. There goes the reputation of the US financial system down the drain right in front of the rest of the world. The US dollar can not be far behind.
Government Regulators Aided IndyMac Cover-Up
"Government Regulators Aided IndyMac Cover-Up, Maybe Others
Darrel Dochow May Not Be the Only Official Who Helped Banks Hide Financial Problems
By BRIAN ROSS, JUSTIN ROOD, and JOSEPH RHEE
Jan. 16, 2009—
A brewing fraud scandal at the Treasury Department may be worse than officials originally thought.
Investigators probing how Treasury regulators allowed a bank to falsify financial records hiding its ill health have found at least three other instances of similar apparent fraud, sources tell ABC News.
In at least one instance, investigators say, banking regulators actually approached the bank with the suggestion of falsifying deposit dates to satisfy banking rules — even if it disguised the bank’s health to the public."
Gold and silver are some of the few ways to protect your stored value, property, from people like above and from the increasing percentage of the population that support them. If a government robs Peter to pay Paul, the government can always depend on the support of Paul. The number or percentage of Pauls out there is increasing.
Trading Gold for US Dollars. Huh? Now?
"The sour economy has been sweet for the Florida gold-melting service, billed as an alternative to a pawn shop. Cash4Gold transactions more than doubled to about 500,000 in 2008 vs. 2007. How it works: Consumers send in gold items and get paid based on weight and quality within two weeks."
You should have gold and silver in your own hands, unlike most people's "wealth" (stocks, bonds, bank accounts) which is mostly digital bits on someone else's hard drive, ripe for the final rip off.