Australian Gold Reserves sold off under Howard Government.

Australia under the Howard government sold of her gold reserves for rock bottom prices, the fact is that this sale which didn't even go to tender for the highest bidder has now cost Australia $5 billion dollars and it has made our paper money a fiat currency just like the US green back.

Seriously how could Howard allow Costello to rubber stamp such a transaction.

If thats not an act of treason then i am dumb and dumber.

I say string both of them up to the nearest tree.

 

Depends what they did with the cash doesnt it. Looking at one side of a transaction is dumb and dumber. Given the Libs were voted out with such a huge surplus and a large investment future fund I say they did a great job. Pity the ALP have lost it all and put us so far behind we spend millions each day on interest maintenance fees.

House prices seem to have gone up about the same percentage in that same time. I bought a house in 2004 for 360k and sold it for 3 years later for 680k and now its worth perhaps 940k.

I dont know the reasons for selling the gold though, what with the millenium crash and end of world 2012 prophecies all being so close.

 

I don't believe that selling gold is listed under the law as treason.

 

this is why its so important to buy gold and silver...all currencies are fiat now and all will go to hell in a hand basket soon!

 

And you think a piece of metal will save you?...I really don't understand...if money is worthless what are you going to exchange the metal for????

 

If they put the money toward paying off the $98 billion debt Labor left them with I'd say they probably saved more than $5 billion in interest payments.
What was really dumb was Bob Hawke selling the Commonwealth bank!

 

Silver service, overseas trips etc etc, i dont recall them building schools, hospitals or roads or trainlines or anything else for that matter.

Libs what do you expect? all their worried about is the surplus to pay themselves a bonus.

 

Its like Ju-Liar and the carbon tax to ETS, its simply selling their own country out.

 

Spot on dude.

Problem is we have no gold cause Howard and Costello sold it off for pennies on the dollar.

 

Gold is a currency just like that worthless paper money you think so highly of.

When the gold standard was around sure the paper money was your reciept to the gold, now that gold standard has been dropped you cannot go into a bank and say i want you to give me my $1000 dollars in gold.

That's what is meant by fiat, the paper money is no longer backed by gold.

Its monopoly money dude.

OHH and yes gold can be used to buy goods and services when the paper money becomes useless.

 

Yes, (*)(*)(*)(*) them for the horrible state our country is in such as low enemployment, no recession and very low public debt. Horrible! String em up!

 

Ok tank so if a liberal or labor government got Australian into the predicament some of these European countries are in, thats ok too right.

I guess i would be calling for them to be strung up and you would be saying WHAT???

 

But they haven't so you're complaining about nothing.

 

Hey Tank take away the mining industry and we wouldn't be too far behind.

And believe me there would be austerity measures here too.

 

for goods and services...the way it was before these fools brought about this foolish paper money fraud!

 

And when you take a silver dollar to the store they will give you a dollars worth of fiat money in goods.

In other words it says a dollar you will get a dollar.
Unless the person behind the counter wants to buy it for more with his own worthless money...or a coin dealer...or a metal dealer...you will still have to exchange it for worthless fiat money.

 

You need to quit selling raw materials to China and buy all the consumer goods they offer...then you can be just like us... broke.

 

A silver dollar is worth 30 dollars....only a fool would sell for a dollar.....where are those fools? I will gladly give them 2 dollars for the coin

 

Yep, Kruddy and his huge entourage went first class all over the world. It became embarrassing for Australia because he was spending so little time in the country he was telling everyone he was the leader of.

Yep, one failed program after another. At least John Howard managed to finish the trainline from Alice Springs to Darwin

Labor, what do you expect? All they are worried about is making themselves feel important and raking in more tax so they can throw it away like they threw away the future fund.

 

What I am saying is this...if the 30.00 they pay you for a sliver coin isn't worth anything neither is the coin.

They could pay a thousand an ounce...but if the thousand won't buy much the coin isn't worth much.

 

that is only true with fiat currencies...as governments print more and more what you can buy with that money drops......not so with silver....you are looking at it all wrong.....you are looking at the dollar value of what that coin is worth......you need to look at what goods you can buy with it.....if there is severe deflation then yes the price of the coin falls...along with everything else......so you end up buying the same......and with hyper-inflation same thing......you may be able to sell for a thousand dollars an ounce but you can only buy the same item with the coin as you can at 30 dollars now!

 

LOL, yea right. Nice to know your response is an irrational rant. You do know the states got huge amounts of money from the GST... and that hospitals, most roads etc are a state responsibility dont you?

 

I didn`t know Howard & Costello were running the RBA in `97, I thought they were busy at that time.

 

Politicians can't be trusted with a country's long-term assets. They want to sell them off to get money to spend.

 

Don't get me wrong I have some silver put up.

But I look at it like this. Since I am fortunate enough to have a small plot of land I can raise a few heads of livestock ( pigs being the best money makers). I bought three pigs. I boar and two sows. The boar cost me fifty dollars and the sickly sows cost me sixty dollars for both.

I raised them on produce from the local produce stand (unsellable and free on my way to town on gas money I would spend anyway) and raised them for seven months. On the seventh month I got baby pigs from my two sows. The babies sold for fifty a piece. My sows are expecting again and the litters should be larger. So...counting fencing and some feed I broke even so far and the new batch should be profit and I will keep the best three little ones for breeding and my big ones will be sold for meat. I can eat my porcine gold and silver and demand is increasing.

Anyway....Three pigs became 14 pigs....money... and more on the way.
I am seriously thinking about getting about three hundred head going.

But they are a real pain in the backside sometimes.

I bought two sickly heiffers for 400.00. The next spring produced 500 pounds of meat. I bought one fifty pound bag of feed and two round hay bales.
It cost me 200.00 to butcher the cows. We have been eating on them for seven months. A 250 pound pig will feed four of us for about three months.
Pigs cost .40 cents a pound to butcher plus 30.00 slaughter fee.

I can grow sugar beets they average about one to two pounds a piece. Fifty sugar beets equals one bag of feed. The seed is very cheap.

Turnip seed is also cheap and turnip greens are high protien for the little ones. About a hundred turnips = one bag of feed. You get over a thousand seed to the ounce.

You have to work for it... but it seems better for me than buying gold and silver.