Before I get in trouble – I want to make it crystal clear that I don’t have a letter from Federal Reserve Chairman Ben Bernanke.
What I do have is the letter that I would need to see him write in order to convince me to sell my gold and silver and hold dollars instead.
Seeing this letter is not the only condition under which I would sell my precious metals, of course, but since Bernanke is the dollar’s Commander in Chief, he certainly has the sway to pursue the types of policies that would turn me dollar bullish.
Without further ado, here’s the letter I’m waiting for:
I’m sorry. I was wrong.
In an effort to simultaneously spur growth, while avoiding recession and deflation, my predecessors and I have all but
destroyed the currency of the United States.
These policies have disproportionately hurt poor people, and it’s punished those who work hard to save their money. Inflation has been a hidden tax that allows the Federal Government to spend more than it takes in. Such spending has increasingly been used to fund wars both foreign and domestic. It’s been used to imprison more people in this country than in any other. It’s destroyed wealth by transferring it from the productive to the unproductive without a single vote from Congress or dictum from the Chief Executive.
The wages of currency debasement have been war, death, imprisonment and increased poverty.
Being that I work for an independent Central Bank, I’ve had little oversight from elected officials – and let’s be honest: there might be one or two people in all of the Legislative, Judicial and Executive Branches that have the slightest idea what it is that I do, how I do it or what it means for the economy.
No offense, but you have elected some of the most dangerously ignorant people in the world. I can’t emphasize this point enough; your elected officials could not be more asleep at the wheel. That doesn’t absolve me of my malfeasance, but it made it a lot easier to pull it off.
But I should have known better. I’ve been very proud of my famous Doctoral Thesis on the Great Depression. I thought that my years of study, my PhD, and my time working at the Fed would have inoculated me with the wisdom to effectively carry out the duties of central planning.
I thought that with enough jiggering, the natural cycle of boom and bust could be transformed into a never-ending cycle of boom and boom. Like Prometheus, I sought to steal the power of creation from the market, to turn debt into wealth, and subvert the natural inclinations of man through artificial creation of demand.
And for a while, such central planning measures worked!
But after destroying 95% of the dollar’s worth over the past 90 years, it’s time to admit that the policies of deficit spending, inflation and Keynesianism have failed.
Today, I am tendering my resignation, and putting forth a call for fiscal and monetary austerity. I’m proposing a new constitutional amendment to return the power to coin and manage currency to the Congress. I’m strongly suggesting that the dollar be linked with a basket of commodities, and I’m disbanding the Federal Reserve.
I will no longer be a willing participant in the debasement of currency.
Until the day that Ben Bernanke writes this letter, and changes his tune on the deflation vs. inflation debate, I will be a net buyer of gold and silver metal and securities.
If you’re interested in finding out the name of my favorite gold stock, you can read the full details by clicking here.
Otherwise, I recommend buying gold and silver precious metals on dips.
Buy from a reputable dealer with a buy-back guarantee, and store it in a secure place that no one else knows about.
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