John Brimelow, of http://goldjottings.com, and James Turk, Director of the GoldMoney Foundation, talk about premiums over spot paid for physical gold around the world. They explain the importance of India to the gold market and the growing force of China. They also talk about gold demand in the Middle East, Vietnam and Turkey. They consider central bank gold interventions and the use of gold buys to offset foreign exchange reserve accumulation. They talk about the pressure on the Swiss franc and South Korea's gold purchase. [youtube]http://www.youtube.com/watch?v=I5QhqV8ggug[/youtube] Reginald Howe, of http://www.goldensextant.com/, and James Turk, Director of the GoldMoney Foundation, talk about the constitutional definition of money and the legal precedent that until 1971 still defined the dollar as a weight of gold. They talk about Supreme Court precedents regarding the gold clause, which specified that debts be repaid in gold. They also talk about the legal tender cases over the Greenback dollars during the civil war. They comment on the lack of judicial review of Nixon's decision to close the gold window. Howe explains that it is extremely difficult to square the fiat dollar system with the plain language of the Constitution. They discuss Nixon's closing of the gold window and the debates over what would replace Bretton Woods. The main alternatives were gold revaluation or floating currency rates. They discuss how gold revaluation and dollar devaluation happened under Roosevelt. They explain how floating rates and fiat money were the only way to finance the welfare state. They talk about Fiat money inflation in France" by Andrew Dickson White and how it was written to argue for post-civil war gold resumption. They talk about the constitutional authority for legal tender. The states are limited to making gold and silver legal tender and the federal government can only coin money and define weights and measures. They talk about the Mexican silver dollar, or pieces of eight, which circulated in the US at the time of the Constitution. They also talk about Andrew Jackson's fight to abolish the Second Bank of the United States, the central bank of the time. [youtube]http://www.youtube.com/watch?v=V8HGy4kijiU[/youtube]
