Wednesday, April 28, 2010

Bill Clinton Is Now a Gold Bug

File this under unexpected. Former President Bill Clinton blames the current financial crisis on the U.S. leaving the gold standard.

During an interview conducted at the Peterson Institute by Bob Schaeffer, Clinton sounded like a hardcore gold bug as he said that the problems in the economy started when the U.S. went off the gold standard.

He then hedged a bit and justified the U.S.  leaving the gold standard for "economic management" reasons.

Those economic management reasons were, of course, that the U.S. had printed so many dollars at the then price of gold ($35 per ounce) that the U.S. did not have enough gold to back up all the money it printed. But Clinton's statement clearly implies that he understands that gold is a check on out of control government printing of money.

Do you think Bill and Hillary have a few gold coins tucked away?

On another note, during the same interview, Democrat Clinton makes clear that he doesn't think the SEC has a case against Goldman Sachs. "I read a lot of material on this," he says.

The first  roughly two minutes of this clip are priceless. At 1:58 get a load of Bob Schaeffer's face, just after Clinton says leaving the gold standard was the problem. Schaeffer is an insider who was probably taught to hate gold when he was still in diapers. Clinton's comments were certainly a shock to him.It's tough when an insider breaks the rules and tells the truth.

7 comments:

  1. Of course Clinton has gold investments or gold stocks. He's great at pushing stuff he can profit from, now or later.

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  2. After viewing the clip, I think Clinton is trying to save his Presidency from the stain of Graham-Leech-Bliley.

    "It wasn't my signing the repeal of Glass-Steagall, it was Nixon (R) going off the gold standard."

    However, it wouldn't surprise me if Clinton held gold or gold stocks.

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  3. It was an interesting speaker list at the Peter G. Peterson Foundation's Fiscal Summit.

    http://www.pgpf.org/newsroom/press/Top-Leaders-to-Meet-in-Washington/

    It looks like a campaign style kick-off for Obama's Deficit Commission, funded in part by the Peter G. Peterson Foundation.

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  4. Whatever his reason, he is correct in saying the problem started when we went off the gold standard.

    I'll take truth from anyone.

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  5. He knows we have no gold; the Money Masters, the IMF, et alii have it all. This is just good-sounding commentary that is meant to push us toward the solution presented to us by the Money Men, via the IMF, once the Euro, Dollar, etc., are absolute toast (which will not be too far down the road).

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  6. The New World Order must be getting ready to start their move towards an International reserve currency backed by something real such as Gold.

    ReplyDelete
  7. Oddly enough under the Clinton administration, thousands of 400 oz gold-covered tungsten bars were made.

    Clinton knew that when he became president, the US was officially bankrupt.

    ReplyDelete

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