January

2014

NEWS JANUARY 2014

"Prosperity is just around the corner" Herbert Hoover @ Herman van Rompuy

Friday January 31, 2014 - something is astray when bankers commit suicide - got gold?

Updated sections:

Janet Yellen should not even dream of tapering. If she does we will not only see more deflationary smoke curtains (a hyperinflationary policy is only possible with a deflationary propaganda) but also more bursting bubbles. [tapering = printing money at a slower exponential rate]

The creation of money out of thin air and fractional reserve banking leads to a misallocation of funds. Misallocated funds flow first towards national entities (countries) because these are perceived as safer. Especially when the risk is covered by DERIVATIVES. We have come to a point where Mathematically one must continue to increase the supply of fresh money (QE) EXPONENTIALLY. Tapering or a decrease in the creation of fresh money is extremely dangerous as capital flees those countries which are in trouble and leaders are forced to dramatically increase interest rates to stop the slide of their currency. [crashing exchange rates are pushing up the price of imported goods and generate more inflation]

fredgraph base and gold jan14

Thursday January 30, 2014 - This is an ongoing war in currencies - Got Gold?

Updated sections:

One NEVER knows where the Black Swan comes from.... The problems the Brazilian Real, Turkish Lira , South African Rand, Argentinean peso and Venezuelan bolivar are in could well lead to a major breakdown of the financial markets. Other currencies sliding down are the Russian Ruble, the Hungarian Florint, Mexican Peso,...and more: Philippines, India,...

The sell-off in emerging market currencies intensified on Wednesday despite a string of surprise rate rises by central banks as investors warned policy makers would need to take tougher action to restore confidence.

The rally that followed the dramatic midnight rate hikes by Turkey's central bank fizzled out as analysts said monetary policy had not been tightened as much as initially thought. South Africa's central bank also shocked markets by raising rates – but the rand continued to plunge after policy makers presented it as a one-off move that would not change its overall stance on inflation.

Turkey's lira swung sharply and ended the day at TL2.2445 to the dollar, little changed from the level it reached before the rate rise. The South African rand fell around 2 per cent to R11.29 against the dollar in volatile trade, despite the 50 basis point increase in the central bank's base rate to 5.5 per cent...more

As expected and as explained by the Financial times, China is also sliding into economic problems....mainly because it is a High Order Capital Good country and suffering of the depression the Low Order Consumer countries (West) are in.

Wednesday January 29, 2014 - Russian "My Bank" in trouble -

Updated sections:

This is a time to THINK and THINK and THINK instead of letting the way you invest be dictated by the manipulated paper price of Gold, Silver, Exchange rates of currencies: the US-Dollar, the Euro, LIBOR, Interest rates,....There is a HUGE window dressing and manipulation game at play.

We have a remake of the South Sea bubble and Tulip mania. The time we live in now will be studied by future historians for generations to come. The wrong kinds of wealth – today, that’s mostly financial assets (paper money, bank deposits, treasuries, bonds, saving accounts, life insurances, pension funds, real estate) – are valued and pursued. And just like those bubbles from centuries ago, when the current asset boom goes bust, the value of paper wealth will vaporize. In contrast, those holding tangible productive assets or real money will fare much better on a relative basis. (J.Turk)

After HSBC the largest Russian banks stops paying out cash. Bloomberg reports that ‘My Bank’ – one of Russia’s top 200 lenders by assets – has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia...more

Tuesday January 28, 2014 - Brace for More Inflation, Capital Controls, more taxation and bail-ins -

Updated sections: World Stock Market Indexes , EU-bond markets , Corporate bonds , Bond fundamental II , Education Hall , Gold & Silver Majors and Juniors ,

Capital Controls: CARACAS, Venezuela (AP) — President Nicolas Maduro’s government is slashing the amount of U.S. dollars Venezuelans traveling to Florida and other popular destinations take with them under decade-old currency controls. Travelers just to Florida will be allowed to charge a maximum of $700 annually on their Venezuelan credit cards and will be allowed to buy no more than $300 in cash. That compares with limits of $2,500 in credit and $500 in cash they were previously allowed for trips to Florida, an amount that will be maintained for the remaining 49 US states.

Having lived in South-Africa during the last years of the apartheid, I know for sure that there is NO WAY some stupid petty Government official can stop Capital from fleeing a country. Argentina and Venezuela confirm this once more. Bear in mind however that once capital controls have been activated the cost of moving your savings out of political reach goes up exponentially.

The Triumph of Socialism!

Since 2011 Argentina has put into effect more than 30 measures to keep money from leaving the country: blocking most purchases of foreign currencies, taxing vacations abroad and online purchases, banning units of foreign companies from remitting dividends, and restricting imports.

Banned from purchasing dollars for savings to protect against inflation, Argentinians have turned to an illegal currency market, where the price per dollar soared to a record 12.75 per dollar,

In Venezuela since April, President Nicolas Maduro has struggled to boost growth and rein in inflation in a country with the world's biggest oil reserves. Consumer prices rose 56% last year even as government price regulators backed by troops forced more than 1,000 businesses to cut prices on everything from toys to electronics.

Without access to dollars at the official rate, many individuals turn to the illegal black market, where the bolivar weakened from 74 to 79 per dollar after yesterday's announcements.

Wanted: French-speaking plumbers for tax exiles. The exodus of wealthy French citizens fleeing President Francois Hollande’s punitive tax regime has had an unforeseen economic consequence. Namely, a shortage of French-speaking plumbers in London’s most affluent neighborhoods. Capital ALWAYS leaves when taxation and regulation get too high. For some reason Intelligent Psychopaths always fail to address the reality and make it worse instead of better..more

Germany and Bundesbank proposes Wealth Tax for EU states facing bankruptcy. Eurozone governments facing the threat of bankruptcy should impose a one-off wealth tax on their citizens before seeking help from others, Germany's Bundesbank proposed on Monday. The German central bank raised the idea of an emergency capital levy in its monthly report, arguing that it corresponded with the principle of "national responsibility, according to which taxpayers are responsible for their government's obligations, before the solidarity of other states is called upon". This is what 21st charity looks like: Banksters and Governments gamble and spend but the people have to cover the losses ..more

Monday January 27, 2014 - Bank shares have broken out but should you buy ? -

 Updated sections: World Stock Market Indexes , EU-bond markets , Corporate bonds , Bond fundamental II ,

HSBC What we have in Ukraine is "a blueprint" of what 21st century revolutions will look like. This is NOT a civil war but a War of The People against "Big Government" which has lost all sense of reality. For Ukraine it is also part of the strategic geopolitical POWER and ENERGY game between the West, Russia, The Middle East and China.

HSBC imposes restrictions on large cash withdrawals. Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt. Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000. HSBC admitted it has not informed customers of the change in policy, which was implemented in November...more

Since last November, in some instances we (HSBC) may have also asked these customers to show us evidence of what the cash is required for." ...For your safety!? What a Grimm joke!

This is the death rattle of the US-Dollar: Iran and Kuwait no longer hold us-dollars in their reserves. In Mexico the maximum amount one can exchange for US-Dollars has been limited to $ 1,500. In India it has become impossible to pay its admission to the Taj Mahal with US-Dollars.

Technically speaking, the PF charts of Banks have broken out...but should one BUY these?? NO WAY...don't even touch them with a 10 yard stick. This is what we did and we advised: we have an unique situation where both GOVERNMENTS and BANKS are bankrupt!...and there is NO SOLUTION to this problem. Nobody holds Gold and Gold has still been going up....[only 1% of the savings are invested in Gold]

We're coming out of the eye of the storm into the most dangerous part of it: Batten down the hatches!

Walmart announced a round of layoffs which will spur additional concerns about the real status of the US economy and US stock evaluations.
The correction on the US real Estate market has come to an end and the market has already initiated a new down leg. Under de actual constellation it is simply IMPOSSIBLE to see better Real Estate prices...more
During the 1960's when the Gold Pool failed, Gold almost doubled. This will probably happen again...and we could see Gold go up by $ 1,000 overnight...more
"JP Morgan's Gold Vault Has Biggest One-Day Withdrawal Ever" This news came to light after the close and can only fuel further insight into the disappearing gold issue.
The situation in Syria and Ukraine is getting worse. War is spreading to Lebanon....and will soon to Israel.

Friday January 24, 2014 - a once in a life time opportunity it is -

Updated sections: Bank shares and financials , Natural Gas & shares , Crude Oil , Uranium & shares , $-Gold , Silver , Gold & Silver Majors , Gold & Silver Juniors ,

Wall Street adviser: Actual unemployment is 37.2%, 'misery index' worst in 40 years...and yes, Tout va tres bien Mme La Marquise and the recovery sits right around the corner...but we have Hyperinflation in Argentina and Venezuela...

Thursday January 23, 2014 - Iceland, Cyprus, India, Argentina, Venezuela, South Africa have capital controls - -

Updated sections: Bank shares and financials , ,

Extreme measures of monetary stimulation via money printing are necessary to counteract the deflationary pressures set in motion by declining asset values against which massive amounts have been borrowed. But, in the end, creating money out of nothing will reduce the value of money to exactly that—nothing. Important is to understand that it is the value of High Order Capital Goods (example REal Estate) which is coming down and the price of Low Order Consumer Goods which is going up. Inflation indexes are a cooked sum of both...Extremely dangerous is that the initial consequence of QE (Money Printing) is positive..i.e the impression is given the injection of fresh money does work.

Venezuela Devalues Bolivar By Another 44% but the exchange rate remains 600% higher than on Black Market. Venezuela has had currency controls since 2003. The official Venezuelan exchange rate was 6.3 bolivars to the US dollar. However, government controls aimed at curbing inflation have made dollars worth up to 60 bolivars on the black market. These controls have led not just to a scarcity of dollars but have made airline tickets very dear. All flights out of Caracas are sold out until September 2014. It makes perfect economic sense. If a Venezuelan can get out of the country and get a cash advance on their credit card, they can pocket the difference between the black market and official dollar exchange rates. But even when the scheme is successful, what can Venezuelans buy with it? The country's official statistics define more than 21 percent of the supply of food and essential items as "scarce."

Wednesday January 22, 2014 - Rome was built on a march and was destroyed by taxes -

Updated sections: The Mississippi Scheme ,

Investors should short Deutsche Bank AG (DBK) stock because of probes into currency manipulation and as a rally in banking shares reverses, Berenberg Bank said in a report today. "The investigations by regulators into the bank's foreign-exchange trading remain a significant risk considering Deutsche is the world's largest foreign-exchange dealer," Berenberg said...more

We have a inflationary depression...Inflation Picks Up as the Economy Slows Down

The ultimate driver for the whole world is the US interest rate and as this goes up there will be fall out for everybody. The trigger could be Fed tapering but there are a lot of things that can go wrong.
I very am worried that Abenomics could go awry in Japan, and Europe also remains exceedingly vulnerable. DERIVATIVES are the catalyst and the financial financial nuke...once interest rates rise and break the marginal level, these will ensure the situation becomes uncontrollable. Last but not least there are the interest rates swaps amounting to in excess of $400trn which could really create havoc once the marginal critical interest rate level is reached.

derivatives

China Expands Gold Reserves, Surged Past Italy & France in Ranking. Claiming to have vaulted France and Italy in terms of gold reserves, China has announced that they have expanded their gold reserves by 76 %, thus becoming 3rd largest gold reserves in the world. According to the voluntary reporting system of IMF which monitors international gold reserves, China’s gold reserve have increased from the last reported holdings of 1,054 Tons in 2009, April to 2,710 metric tons currently...more

The day you can no longer travel with your personal belongings and the money you have worked for and can be arrested at the border, that day has arrived....it can be compared to what happened in Germany just before WWII under Hitler.

NOTHING could be taken out of Germany without first being checked by a custom officer. Not even the script for a book…it could be used to publish a book abroad…and by doing so the holder was accused to take away the job of a German citizen and was arrested.

The capital controls put in place during apartheid in South Africa remain in place. For instance, in the 1990's the manual instructed South Africans that, "The amount of jewellery to be carried by travellers must be reasonable in relation to their financial means and standing." What business people could spend on their credit card was limited. Today South Africans can export a limited amount of funds (about$ 100,000) under certain strict conditions.

Tuesday January 21, 2014 - The day we have a Currency Collapse there will be no Gold left to flee into. -

Updated sections: All US markets were closed on Monday, January 20, for Martin Luther King Day.

“The West is draining itself of physical bullion. . . If there is a currency collapses and you try to flee into gold, there won’t be any there. The Chinese will have it.” It’s gone on longer than I thought it could go on for the big turnaround on gold and silver. I didn’t realize all the deceptive and crooked methods they would use to rig the markets. The notion that a democratic capitalist country having its markets rigged by its own authorities–it blows the mind. This is not normal. What will they do next? I don’t know.” Join Greg Hunter as he goes One-on-One with economist Dr. Paul Craig Roberts

Monday January 20, 2014 - John Law was the World's First Keynesian - The paper money price of Gold is absolutely unimportant -

Updated sections: Shares are real assets  , World Stock Market Indexes expressed in Real money , Oil shares , Energy & Complex societies (video) , Tainter (video) ,

Hollande is the Socialist President of France...he loves taxation and regulation. The real problem is that "The People" ALWAYS get the politicians and politics they deserve and that Democracy - by definition - cannot work ... because it reflects the law of the dumbest. (Use CC and the translator of YouTube to better understand the parody).

As the Zimbabwe dollar went into hyperinflation, the government imposed exchange controls. Mugabe confiscated all foreign shares held in nominee name and ordered them sold to the government, paying for the shares with government bonds. Today Capital controls remain in place with property sellers only able to keep the first $50,000 of the sales price...

Where is Germany's Gold?

We could see blood on the walls and gold to have $ 100 and $ 200 up days as shorts get crushed. According to Sprott the ratio paper gold to physical gold has reached 112:1 . On the Comex dealers have "only 11 tonnes available...and 11 tonnes is nothing compared to what China buys daily.!"

paper physicaljan14

When physical demand goes up double digits one cannot continue to rig the paper market and walk away unpunished. Last year 40 Tonnes had to be delivered in February. With a bit of bad luck, we're gonna see a FAILURE to DELIVER.

Having said this, don't forget that there are several gaps on the charts which needs to be filled. Gaps were the result of the "COUPS" on gold in 2011-2012-2013. Openings on the charts are ALWAYS filled and what's more they offer little or no resistance as there is no supply at these levels. Hence the price of gold can geyser up extremely fast as shorts scramble to cover their positions.

Not hard to understand that once Gold geysers, Gold and Silver miners will follow in sequence and in a leveraged way. Make sure you have no short position and that you are invested in the correct gold and silver mines to profit from this next move. This will probably be a once in a life time opportunity....and a ride to safety. So make sure you don't miss it.

Friday January 17, 2014 - A crash has never been forecasted by the mainstream media -

Updated sections: World stock market indexes ,

I wonder if the coming elections will change anything...

Thursday January 16, 2014 - One can only stretch the rubber so far -

Updated sections:

All BEARS have died...or how long and how far will stock markets continue to climb the wall of worry? Are you invested properly? what to do with the liquidities once you sell you shares? Where to keep these? A lot of questions...and we have the answers. Fortunes will be lost and fortunes will be made!

Remember that a stock market CRASH is NEVER forecasted by the Mainstream Media...Remember that as long as the Central Banks and Banks keep printing money, because of the communicating financial vessels, markets will continue to go up. A correction is surely possible...but I don't see a crash if everybody forecasts one.

Wednesday January 15, 2014 - Whether the paper price of Gold goes up or comes down, is absolutely irrelevant -

Updated sections: Gold & Silver Juniors , Gold & Silver Majors ,

Comex registered Gold inventory fell again by 64,000 oz.

It seems that the masses have been convinced the recession has (NOT) ended and good times will (not) returned. They've dumped their ownership in gold companies and jumped into broader stock markets full force. Everyone else is doing it, so it must be the right thing to do.

Tuesday January 14, 2014 - Bad money (paper money) drives good money (gold) out of the system (Gresham) -

Updated sections: Silver Objectives

Bad money (paper money) drives good money (Gold) out of the system (Gresham). This is exactly what is happening NOW. There is more and more paper gold, and less physical gold. There is more and more paper money, more and more bank deposits and treasuries...but less and less physical gold. A lot of BAD things came (Camille Gutt) and come out of Belgium (Van Rompuy) but the country has also brought a lot of good: Gresham lived in Antwerp. So did Rubens and Mercator,....but those were the good days and the Golden age.

Following charts are self explanatory and a picture of rigged markets. They are the result of 'a non understanding herd of investors' which have been scared out of what probably will be the once in a lifetime investment of the 21st century. Forecasting a trend is relatively easy. Timing a price trend however is extremely difficult. For this reason one has to UNDERSTAND and once you understand and are invested, you have to SIT TIGHT instead of going for crumbles and small profits....Let your profits RUN and know that Trailing stops do work!

GOLDSPX ratio LT

Monday January 13, 2014 - If you have not moved your gold out of political reach, your home work is not done!

Updated sections: Natural Gas & Shares , Crude Oil , Coal , Agriculturals , Copper & Platinum , Inflation index , Investment Pyramid , Bonds ,

Norway's government has ZERO net debt owing to its massive oil wealth. This means that the government's balance sheet has more financial assets than debt. The Norwegian government is so cash rich, in fact, that its net financial position is over +100% of GDP. The central bank's equity is 32.9% of its total asset base. This means Norway's central bank is 24 TIMES STRONGER than the Fed. Right now, the krone is trading near a multi-year low... around 6.2 krones per dollar.

Less and less physical Gold..but more and more paper Gold holders! The stock of available physical gold is getting so low that Investors (China, India) have to buy the GLD ETF and Sprott Physical Gold fund where physical delivery is possible.

Friday January 10, 2014 - all financial markets are rigged - how long can they fool people?

Updated sections:

No inflation..or, no inflation....1965 the price for a new automobile ranged from $ 700 (€ 500) to $ 5,000 (€ 4500). -In those days a Jaguar sold for $ 5000. Today the price tag averages $ 100,000. If you think this is NORMAL and there is no inflation, you have a mental problem. Prices started to accelerate in the 1970's...after Nixon closed the Gold window. In those days, one salary was sufficient to pay for a house, vacation and people could save. Today in many cases two salaries are barely sufficient...

The recovery sits right around the corner... you can ignore reality but cannot ignore the consequences of reality. (Ayn Rand)

"The West is draining itself of physical bullion. . . If there is a currency collapses and you try to flee into gold, there won't be any there. The Chinese will have it." So, is this the year gold and silver stage a big turnaround? Roberts says, "It's gone on longer than I thought it could go on. I didn't realize all the deceptive and crooked methods they would use to rig the markets. The notion that a democratic capitalist country having its markets rigged by its own authorities–it blows the mind. This is not normal...but is is reality...that is until something goes wrong.

Thursday January 9, 2014 - there is something fishy developing in the Middle-East & Israel - a developing war !?

Updated sections: Uranium & shares ,

Don't touch bank shares, not even with a 20 inch long stick. The fact that southern Europeans are opening accounts left and right in Deutsche Bank must mean that DB is lower-risk than the local wild guys. Except that they have the largest derivatives portfolio, at $70 trillion (but don't worry because it all nets out, sort of, and of course there is no counter-party risk!), and they are the most highly leveraged bank in Europe (at 60:1 in the last tests – not a misprint), which might give you pause. Although their CEO argues that their leverage doesn't matter. And keeps a straight face.

Wednesday January 8, 2014 - there is a difference between value and price -

Updated sections: Krona-Gold & Krona/$/€ , Buy Gold , Buy Silver , Renminbi-Gold , Rupee-Gold

The more money is printed, the more it is diluted and the less power it has to inflate stock markets. At a certain point, freshly created money will become counter-productive. World stock market indexes and common stocks will continue to go up as long as the additional (marginal) amount of fresly printed money has a positive impact. This is applicable both the the economy (Gross Domestic Product - see chart below) and Stocks. As soon as we have a Black Swan and/or interest rates break through the dangerous level of 4% (note the level is coming down towards ZERO)..and/or some financial land mine explodes, the music will stop playing and we'll have a FLASH CRASH and it will be GAME OVER. Financial markets will be closed because it will simply be impossible to find a counter party to trade stocks with and probably all bank deposits will be frozen (bank holiday).

Tuesday January 7, 2014 - Hyperinflation ... or will a Black Swan and rising interest rates end in a game over !???

Updated sections:

I remember that from the 1960's on each time there was a pending devaluation of a currency Politicians were massively ignoring the economic problems and were denying that there even was the slightest possibility to see a currency devaluation...I remember that I was laughed at...I was nothing more than an ignorant and stupid pessimist young man. I remember that the Herd kept believing and saying such would never happen again. And yet it happened and it keeps happening over and over again...

An economy cannot possibly function with zero and/or negative interest rates !

The point of no return has been passed as the damage has been done. There is no going back. There will therefore be a hard RESET and a monumental collapse. Politicians are whores and imbeciles. Intelligent Psychopaths only interested in the number of zero's on their bank account. Only SMART people should be running societies...stupids should not, certainly not criminal psychopaths. Watch the video clip if you want to understand WHY Corzine (MFGlobal) was not arrested and put in jail after stealing $ 1.6 bn dollars.

Few people know that since Carter it was impossible to grow GDP without growing debt and even less people understand the ZERO interest rates are actually kill society

The leverage Paper Gold to Physical is getting worse.

papertophysical jan14

Monday January 6, 2014 - more physical demand for gold and less supply will end with a bang !

Updated sections: Silver , US-Dollar , €-Gold & €/$ , Ausie-Gold & Aussie/$/€ , Swiss-Gold & Swiss/$/€  , Can-Gold & Can$/$/€ , ¥-Gold & ¥/€/$ , £-Gold & £/$/€ ,

When the law of supply and demand is rigged, you can be sure it will end with an upward BANG. I expect the Bang will be so hard that it will be felt all the way to the Gold & Silver Miners.

Those amongst you who keep believing the Authorities and Mainstream Media about "no price inflation" can use this to make simple calculations and find out what a $ 8,000 automobile costs today....(click on the picture)

Following text is courtesy of the IMF (International Monetary fund) and should be read by anybody who pretends Goldonomic are Pessimists by claiming that Europe shall live BAIL-INS and other ways of legal theft (apart from more taxation) in 2014 and 2015. .(click on the picture)

China gold chief Sun confirms gold price suppression by U.S.

This is a downright currency war to maintain US Dollar hegemony by defeating all other currencies: once the US-Dollar crashes, it's GAME OVER. The very end of money printing to pay for American imports.

Gold price suppression is U.S. government policy to maintain the dominance of the U.S. dollar in the ongoing international currency war, the president of China's gold mining association, Sun Zhaoxue, told a financial conference in Shanghai last June.

Sun's remarks were disclosed today by gold researcher and GATA consultant Koos Jansen, who obtained them from a rough transcription provided by the SINA Financial news service.

Important is to understand that the USA will not give up the supremacy of the US dollar easily and "what" will happen the day that the suppression stops working because for example no more physical gold can be acquired in the open market...

For this reason one has to be extremely careful about what people like Soros, Buffet, Bernanke (Yellen), and Goldman Sachs & JPMorgan are saying. Every breath they take is meant to protect the US-Dollar !

Just like happened in the 1960's with the Gold Pool (see site) the day will come that the Gold suppression and Dollar rigging will - for some reason - stop working. When this happens, we'll have a bank holiday (impossible to buy Gold) and a reshuffling of the cards. Hard to tell WHEN it will happen. As 2013 has seen a depletion of existing Gold stocks (LMBA, COMEX, GLD, BRINKS,..) it is not difficult to tell it won't take another 3 years BEFORE the music stops and it actually happens.

Any wise investor must from now on keep his savings invested in the correct financial instruments (see investment pyramid) and as important, keep it OUT of the Banking system and out of Political reach.

note: 2013 China has been (together with India) a major buyer of Physical Gold. No wonder it acclaimed and assisted the USA in rigging the price of Gold. Any intelligent party who's in the process of acquiring large quantities would do so...

Friday January 5, 2014 - the gold and silver sector starts the new year with a "bang" !

Updated sections: $-Gold ,

Gold miners bullish index is up by 33% !

Wednesday/Thursday January 1/2, 2014 - Happy New Year - Financial memory is only 20 to 30 years long -

Updated sections: Gold & Silver Juniors ,

"Prosperity is just around the corner" Roosevelt & Hoover....only 8 months after Herbert Hoover was elected president of the United states we had the Great Crash of 1929. There are two kind of people: those who are ignorants and worse, those who refuse to LEARN. Even Al Capone declared that Government action was a racket!

August 11, 1928

"Unemployment in the sense of distress is widely disappearing. . . . We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poor-house is vanishing from among us. We have not yet reached the goal, but given a change to go forward with the policies of the last eight years, and we shall soon with he help of God be in sight of the day when poverty will be banished from this nation. There is no guarantee against poverty equal to a job for every man. That is the primary purpose of the economic policies we advocate:

—Herbert Hoover, speech accepting the Republican nomination, Palo Alto, California.

No country can squander itself to prosperity on the ruin of its taxpayers.

click to enlarge

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