Re: TURMEL: Money, Interest and Prosperity

<[EMAIL PROTECTED]> wrote in message news:[EMAIL PROTECTED]
> On Thu, 06 Nov 2003 07:09:20 GMT, "Dan Parker" <[EMAIL PROTECTED]>
> wrote:
>
> ><[EMAIL PROTECTED]> wrote in message
news:[EMAIL PROTECTED]
> >> On Tue, 04 Nov 2003 20:46:00 GMT, "Dan Parker" <[EMAIL PROTECTED]>
> >> wrote:
> >>
> >> >In playing his part, von Mises rages against
> >> >socialism, while ignoring the historical facts about Trotsky
> >> >sailing out of New York with 20 million of Schiff's gold
> >> >backed money, or Lenin's gold train rolling into Russia
> >> >from Europe.
> >> >
> >> >Gold is a commodity easily cornered,
> >>
> >> Except that no one has ever come close to cornering it....
> >
> >Study how the fractional reserve system started, idiot.
>
> The currency system and the banking system are not the same thing.
> The fact that they have been commingled (in the morally culpable
> sense) is a matter to be resolved by appropriate policy measures, not
> definitions.
>
> >Of course a simpleton would think a 100% control
> >factor would be the only control factor to worry about.
>
> Do you know what "corner" means?

It means there are monopoly forces at play.

excerpt

The Gold Anti-Trust Action Committee was organized in January 1999 as a
Delaware corporation to advocate and undertake litigation against illegal
collusion to control the price and supply of certain financial securities,
particularly securities involving gold. The committee arose from essays by
Bill Murphy, a financial commentator, and by Chris Powell, a newspaper
editor in Connecticut, published at Murphy's Internet site,
www.lemetropolecafe.com.

Murphy's essays reported evidence of collusion among financial institutions
to control the price of gold. Powell, whose newspaper had been involved in
antitrust litigation, replied with an essay proposing that gold interests
should act on Murphy's essays by bringing suit against the financial
institutions involved in the collusion against gold.

The response to these essays from gold interests throughout the world was so
favorable that the committee was formed. Murphy is Chairman and Powell is
Secretary/Treasurer.

The committee has retained a prominent anti-trust law firm, Berger &
Montague of Philadelphia, and is raising money for advocacy and litigation.

Additionally, GATA seeks to disclose and publicize the huge speculative
short positions in gold taken by financial institutions and bullion banks.
GATA believes that 10,000 tons of gold or more have been sold short by these
speculators, even as yearly mine supply of gold in 1998 was only 2,529 tons.
When, through our lawsuit and otherwise, we are able to show how short in
gold even one major financial institution really is, other institutions will
buy gold in quantity, knowing the short position in gold is too large to
close without causing a substantial rise in the price of gold. Then the gold
collusion game will be over.

http://www.gata.org/history.html

I think they are wrong that the game will be over.

>
> >You can look at the Great Depression for a more modern
> >version of this (where gold was confiscated, by making it
> >illegal for citizens to hold it).
> >
>
>http://www.canadianactionparty.ca/MainPages/Comic.asp?Page=7&Language=Engli
sh
>
> Forcible confiscation is not "cornering."

No, it just helped the monopolizers is all, or led to cornering.

> >So who's the idiot, or do you challenge the Great Depression
> >confiscation.
>
> It was certainly an outrageous and utterly wrong-headed if not
> outright evil measure.
>
> >I mean there is a lot more to this in terms of
> >manipulation, but you fall on your face at the very doorway
> >of saying gold cannot be manipulated in a major way.
>
> I didn't say that.  It can be, has been, and is being manipulated.
> But it can't be cornered.

I think you are splitting hairs regarding the negative effects
that the gold standard leads to.

[v]  gain control over; "corner the gold market"

http://www.hyperdictionary.com/dictionary/corner

First try on google. Gain control over.  100% controls
sez GATA, but even 70 or 80% control is way to much.

Anyways, if I'm not mistaken, you are a Georgist, which is
a huge improvement on the current state of affairs (but not
as good as some other solutions in my opinion), so I'm not
going to waste time arguing over the meaning of the word
corner, or whether anyone has come close to cornering the
gold market.  Or diamonds for that matter. I think the silver
cornering failed.

dp

>
> -- Roy L