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Posted by Kathy W. on 7/5/2009 11:59:35 AM
Great interview as usual. Thanks and please keep them coming.
Reply from the Daily Bell:
Thanks for reading.
Posted by Richard Craven on 7/5/2009 7:34:46 PM
Excellent interview. I recently sold a house in the UK, and put 85% of the profit into goldmoney.com for exactly the reasons outlined by James Turk. Couldn't see the point of keeping it in Pounds Sterling and watching it debase while the property market here continues to fall.
Reply from the Daily Bell:
Real estate prices may have further to fall.
Posted by Gary J. Mallast on 7/5/2009 8:35:31 PM
Much thanks for the lead on Sir Isaac Newton's role in the creation of the classical gold standadard. I didn't know about that. I will research it. Do you have any recommendations in that regard?
Reply from the Daily Bell:
Yes, it is a little known fact about a great man who defined a money standard for the Western world that was in use for several centuries. Note that like all other interferences with money, it had side effects. Yet the classical gold standard surely served the world better than current central banking standard.
Here is something from Wikipedia:
Newton moved to London to take up the post of warden of the Royal Mint in 1696, a position that he had obtained through the patronage of Charles Montagu, 1st Earl of Halifax, then Chancellor of the Exchequer. He took charge of England's great recoining, somewhat treading on the toes of Master Lucas (and securing the job of deputy comptroller of the temporary Chester branch for Edmond Halley). Newton became perhaps the best-known Master of the Mint upon Lucas' death in 1699, a position Newton held until his death. These appointments were intended as sinecures, but Newton took them seriously, retiring from his Cambridge duties in 1701, and exercising his power to reform the currency and punish clippers and counterfeiters. As Master of the Mint in 1717 in the "Law of Queen Anne" Newton unintentionally moved the Pound Sterling from the silver standard to the gold standard by setting the bimetallic relationship between gold coins and the silver penny in favour of gold. This caused silver sterling coin to be melted and shipped out of Britain. Newton was made President of the Royal Society in 1703 and an associate of the French Academie des Sciences. In his position at the Royal Society, Newton made an enemy of John Flamsteed, the Astronomer Royal, by prematurely publishing Flamsteed's Historia Coelestis Britannica, which Newton had used in his studies.
Posted by Kaydell Bowles on 7/5/2009 9:44:39 PM
Thanks for this article and it is very pertinent for the time.
Reply from the Daily Bell:
Thanks for the follow up.
Posted by Erick Tippett on 7/6/2009 4:04:55 AM
I was pleased to see the interview with James Turk. I have followed his talks on the Financial Sense Webcasts and have enjoyed his helpful and educational commentary.
Perhaps it is that american educational institutions have had
a secret vested interest in keeping the public ignorant about American history, let alone world history. I agree with Mr. Smith's commentary about the value of knowledge of the western world's and "humanity's tumultuous development".
I cannot but suspect that the 'Jekyll Island Conspiracy' in which J. P. Morgan and cohort's captured the banking system was actually ratified by a confused and unknowing American public. The debasement of the lucrative currency of the Pequot Indian tribe here in the 1600's was counterfeited and debased by a hand full of british puritans, two tax revolts by american farmers met crushing military defeat in the late 1700's (Shays' rebellion and the Whiskey Insurrection).
Yet few if any college graduates let alone the average Joe on the street know anything of these significant events that are all part of the causes underlying the effects of today's economic crises. Those who do not learn from their history are doomed to repeat it. Those who are ignorant of their history are doomed!
Reply from the Daily Bell:
Good points.
Posted by Jeff Baltrus on 7/9/2009 11:22:11 PM
Thank you for the amazing and insightful information you present day after day. Bravo, Bravo.
Reply from the Daily Bell:
Thank you.
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