Treasury officials say the gold has just been in the bottom of some vaults at the US Bullion Depository anyway, and the government needs the money NOW.
Consumer Credit outstanding fell $14.8b in Sept seasonally adjusted, almost $5b more than expected and marks the 11th month in the past 12 of declines. At $2.456T outstanding, it is 4.9% below the record high in July '08. After a flat reading in Aug, (didn't fall b/c of the CARS program), non revolving debt outstanding fell by $4.9B. Revolving (mostly credit cards) balances outstanding fell by $9.9B. To fully put into perspective today's data, look at the current level of consumer credit (doesn't include mortgages, the biggest chunk of consumer credit) relative to GDP. As of Q3, it totaled 17.2%...
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July 8th, 2009 at 11:41 pm
Those commercials are real…I’ve seen them…tells me one thing…stay out of gold, therefore deflation must be coming.
July 9th, 2009 at 2:16 am
[...] is the original post: US To Trade Gold Reserves For Cash Through Cash4Gold.com Leave a comment | [...]
July 9th, 2009 at 4:32 am
Is it a propaganda exercise? I meant to say, if there is anything we have learned about Fait money it’s that it is not cold and hard.
July 9th, 2009 at 5:35 am
Its not propaganda, its parody, via the Onion!
July 9th, 2009 at 10:47 pm
Sure the government needs the money, NOW. And what do they sell after gold? An action of that sort shows 1) how desperate they are and 2) how ignorant they are. Deflation your ass…..