gold money
DESCRIPTION
Gold Money. Title Slide Box. Title & Headline. Title & Headline. Gold Money. The Role of Gold in The 21 st Century James Turk 27 January 2011 Cheviot Sound Money Conference London. Document slug: date/pp #. Title Slide Box. Title & Headline. Title & Headline. - PowerPoint PPT PresentationTRANSCRIPT
GoldMoney
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
The Role of Gold in The 21st Century
James Turk27 January 2011
Cheviot Sound Money ConferenceLondon
GoldMoney
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
One of the best performing asset classes
Gold % Annual ChangeUSD AUD CAD CNY EUR INR JPY CHF GBP
2001 2.5% 11.3% 8.8% 2.5% 8.1% 5.8% 17.4% 5.0% 5.4%
2002 24.7% 13.5% 23.7% 24.8% 5.9% 24.0% 13.0% 3.9% 12.7%
2003 19.6% -10.5% -2.2% 19.5% -0.5% 13.5% 7.9% 7.0% 7.9%
2004 5.2% 1.4% -2.0% 5.2% -2.1% -0.0% 0.9% -3.0% -2.0%
2005 18.2% 25.6% 14.5% 15.2% 35.1% 22.8% 35.7% 36.2% 31.8%
2006 22.8% 14.4% 22.8% 18.8% 10.2% 20.5% 24.0% 13.9% 7.8%
2007 31.4% 18.1% 11.5% 22.9% 18.8% 17.4% 23.4% 22.1% 29.7%
2008 5.8% 33.0% 31.1% -1.0% 11.0% 30.5% -14.0% -0.3% 43.7%
2009 23.9% -3.6% 5.9% 24.0% 20.4% 18.4% 27.1% 20.3% 12.1%
2010 29.8% 14.0% 24.3% 25.3% 39.1% 25.0% 13.2% 17.0% 34.5%10-Year
Average 18.4% 11.7% 13.8% 15.7% 14.6% 17.8% 14.9% 12.2% 18.3%
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Gold is money
Crude Oil Prices (Base of 100)January 1950 through December 2010
50 55 60 65 70 75 80 85 90 95 00 05 100
2000
4000
6000
8000
British pound
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Gold is money
Crude Oil Prices (Base of 100)January 1950 through December 2010
50 55 60 65 70 75 80 85 90 95 00 05 100
2000
4000
6000
8000
British pound
US dollar
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Gold is money
Crude Oil Prices (Base of 100)January 1950 through December 2010
50 55 60 65 70 75 80 85 90 95 00 05 100
2000
4000
6000
8000
British pound
US dollar
euro
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Gold is money
Crude Oil Prices (Base of 100)January 1950 through December 2010
50 55 60 65 70 75 80 85 90 95 00 05 100
2000
4000
6000
8000
British pound
US dollar
euro
goldgram
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Portfolio composition
INVESTMENTS
100%
0
50%
LIQUIDITY
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Portfolio composition
LIQUIDITY
INVESTMENTS
(wealth producing assets)
100%
0
50%
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Portfolio composition
LIQUIDITY
INVESTMENTS
(wealth producing assets)
(wealth preserving assets)
100%
0
50%
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Portfolio composition
LIQUIDITY
INVESTMENTS
(wealth producing assets)
(wealth preserving assets)
100%
0
50%
- Risk / Reward -
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Portfolio composition
LIQUIDITY
INVESTMENTS
(wealth producing assets)
(wealth preserving assets)
100%
0
50%
- Risk / Reward -
- Safety -
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Portfolio measurement
LIQUIDITY
INVESTMENTS
(wealth producing assets)
(wealth preserving assets)
- Safety -
- Risk / Reward -
100%
0
50%Units of
Wealth
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different– accumulated (saved); not consumed
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different– accumulated (saved); not consumed
– large aboveground stock relative to annual production
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different– accumulated (saved); not consumed
– large aboveground stock relative to annual production
– value derives from usefulness
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different– accumulated (saved); not consumed
– large aboveground stock relative to annual production
– value derives from usefulness• food
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different– accumulated (saved); not consumed
– large aboveground stock relative to annual production
– value derives from usefulness• food
• shelter
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different– accumulated (saved); not consumed
– large aboveground stock relative to annual production
– value derives from usefulness• food
• shelter
• communication (interaction in society)
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Gold is special because it is different– accumulated (saved); not consumed
– large aboveground stock relative to annual production
– value derives from usefulness• food
• shelter
• communication (interaction in society)
• Gold is special because it is money
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Money is a mental tool that enables economic calculation
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Money is a mental tool that enables economic calculation– unchanged throughout history
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Money is a mental tool that enables economic calculation– unchanged throughout history
• Currency is a medium of exchange
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Money is a mental tool that enables economic calculation– unchanged throughout history
• Currency is a medium of exchange– improves as a result of technological innovations
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Bank of England established, 1694
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Bank of England established, 1694– ‘invention’ of paper currency
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Bank of England established, 1694– ‘invention’ of paper currency
– banknotes circulated current in place of gold/silver coins safely stored in vault
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Bank of England established, 1694– ‘invention’ of paper currency
– banknotes circulated current in place of gold/silver coins safely stored in vault
– currency changes from a tangible asset to a bank liability
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Bank of England established, 1694– ‘invention’ of paper currency
– banknotes circulated current in place of gold/silver coins safely stored in vault
– currency changes from a tangible asset to a bank liability
– creation of payment risk a/k/a “Herstatt risk”
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Bank of England established, 1694– ‘invention’ of paper currency
– banknotes circulated current in place of gold/silver coins safely stored in vault
– currency changes from a tangible asset to a bank liability
– creation of payment risk a/k/a “Herstatt risk”
– first bank crisis in 1696
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Newton’s Gold Standard, 1700-1914
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Newton’s Gold Standard, 1700-1914– defined one British pound as an
unchanging weight of gold
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Newton’s Gold Standard, 1700-1914– defined one British pound as an unchanging
weight of gold
– pound banknote redeemable into gold on demand
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Newton’s Gold Standard, 1700-1914– defined one British pound as an unchanging weight of
gold
– pound banknote redeemable into gold on demand
– Bank of England responsible for ensuring redeemability
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Newton’s Gold Standard, 1700-1914– defined one British pound as an unchanging weight of gold
– pound banknote redeemable into gold on demand
– Bank of England responsible for ensuring redeemability
– voluntary rules ensure system’s automaticity
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Newton’s Gold Standard, 1700-1914– defined one British pound as an unchanging weight of gold
– pound banknote redeemable into gold on demand
– Bank of England responsible for ensuring redeemability
– voluntary rules ensure system’s automaticity
– gold is backbone of British empire
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Peel’s Bank Act, 1844
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Peel’s Bank Act, 1844– limits quantity of pound banknotes
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Peel’s Bank Act, 1844– limits quantity of pound banknotes
– unintended consequence is the development of deposit currency
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Peel’s Bank Act, 1844– limits quantity of pound banknotes
– unintended consequence is the development of deposit currency
– payment risk escalates
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Peel’s Bank Act, 1844– limits quantity of pound banknotes
– unintended consequence is the development of deposit currency
– payment risk escalates
– new British banking model eventually adopted worldwide
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Peel’s Bank Act, 1844– limits quantity of pound banknotes
– unintended consequence is the development of deposit currency
– payment risk escalates
– new British banking model eventually adopted worldwide
– seed for “too big too fail”
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Peel’s Bank Act, 1844– limits quantity of pound banknotes
– unintended consequence is the development of deposit currency
– payment risk escalates
– new British banking model eventually adopted worldwide
– seed for “too big too fail”• 2 functions within one bank
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution begins
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution begins– “The gold standard is already a
barbarous relic.” J.M. Keynes, 1923
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution begins– “The gold standard is already a barbarous
relic.” J.M. Keynes, 1923
– governments chafe at the discipline imposed by the gold standard
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution begins– “The gold standard is already a barbarous relic.” J.M. Keynes,
1923
– governments chafe at the discipline imposed by the gold standard
– governments claim that currency managed by central banks can eliminate the boom/bust cycle
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution succeeds
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution succeeds– ‘Gold Standard’ finally disappears 1971
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution succeeds– ‘Gold Standard’ finally disappears 1971
– US dollar and other currencies no longer redeemable into gold
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution succeeds– ‘Gold Standard’ finally disappears 1971
– US dollar and other currencies no longer redeemable into gold
– governments can now create currency without limit
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution is ending
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution is ending– when currency can be created without
limit, there are consequences
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution is ending– when currency can be created without limit,
there are consequences
– these include inflation, global imbalances and sovereign wealth funds
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution is ending– when currency can be created without limit, there are
consequences
– these include inflation, global imbalances and sovereign wealth funds
– “Gold still represents the ultimate form of payment in the world.” Alan Greenspan, 1999
GoldMoneyGold, money & currency
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• Keynesian revolution is ending– when currency can be created without limit, there are consequences
– these include inflation, global imbalances and sovereign wealth funds
– “Gold still represents the ultimate form of payment in the world.” Alan Greenspan, 1999
– gold remains the standard by which all things are measured – gold is money
GoldMoneyGold, money & currency
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Gold is money
Crude Oil Prices (Base of 100)January 1950 through December 2010
50 55 60 65 70 75 80 85 90 95 00 05 100
2000
4000
6000
8000
British pound
US dollar
euro
goldgram
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Stocks or Cash
Dow Jones Industrials in GoldDecember 1913 through December 2010
15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 10
50
100
200
500
1000
1
2
5
10
20
3040
Log Scale
goldgrams ounces
DJIA expensive / gold cheap
DJIA cheap / gold expensive
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Dow Jones Industrials in GoldDecember 1913 through December 2010
15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 10
50
100
200
500
1000
1
2
5
10
20
3040
Log Scale
goldgrams ounces
DJIA expensive / gold cheap
DJIA cheap / gold expensive
Stocks or Cash
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Boom & Bust
December 1913 through December 2010
15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 10
50
100
200
500
1000
1
2
5
10
20
3040
Log Scale
goldgrams ouncesStocks expensive / gold cheap
stocks cheap / gold expensive
Dow Jones
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Boom & Bust
December 1913 through December 2010
15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 10
50
100
200
500
1000
1
2
5
10
20
3040
Log Scale
goldgrams ouncesStocks expensive / gold cheap
stocks cheap / gold expensive
Dow Jones FTSE
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
Boom & Bust
December 1913 through December 2010
15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 10
50
100
200
500
1000
1
2
5
10
20
3040
Log Scale
goldgrams ouncesStocks expensive / gold cheap
stocks cheap / gold expensive
DAX
Dow Jones FTSE
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• A safe place to put our money
GoldMoneyMoney for the 21st century
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• A safe place to put our money–Not banks because of the boom
and bust cycle caused by fractional reserve banking
GoldMoneyMoney for the 21st century
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• A safe place to put our money–Not banks because of the boom
and bust cycle caused by fractional reserve banking
• An efficient – low cost – currency for global commerce
GoldMoneyMoney for the 21st century
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
• A safe place to put our money–Not banks because of the boom and
bust cycle caused by fractional reserve banking
• An efficient – low cost – currency for global commerce–No clearing, settlement & payment
risk
GoldMoneyMoney for the 21st century
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & HeadlineGoldMoney
GoldMoney
•Open system
National currency
•Cartel
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & HeadlineGoldMoney
GoldMoney
•Open system
•Modern built
National currency
•Cartel
• Legacy built
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & HeadlineGoldMoney
GoldMoney
•Open system
•Modern built
•Asset based
National currency
•Cartel
• Legacy built
• Liability based
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & HeadlineGoldMoney
GoldMoney
•Open system
•Modern built
•Asset based
• Private issued
National currency
•Cartel
• Legacy built
• Liability based
•Gov’t issued
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & HeadlineGoldMoney
GoldMoney
•Open system
•Modern built
•Asset based
• Private issued
•Market based
National currency
•Cartel
• Legacy built
• Liability based
•Gov’t issued
• Politics based
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
“The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to
produce as many U.S. dollars as it wishes at no cost.”
Federal Reserve Chairman Ben Bernanke
GoldMoney
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The path to hyperinflation
Correlation of Fed Monetizing to S&P 500 IndexJanuary 2, 2009 through January 21, 2011
2009 2010 2011
700
800
900
1,000
1,100
1,200
1,300
$0.5
$1.0
$1.5
$2.0
$2.5trillions
S&P 500
S&P 500 Index(left scale)
Fed Monetizationof Securities(right scale)
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The path to hyperinflation
Correlation of Fed Monetizing to S&P 500 IndexJanuary 2, 2009 through January 21, 2011
2009 2010 2011
700
800
900
1,000
1,100
1,200
1,300
$0.5
$1.0
$1.5
$2.0
$2.5
Fed Announces "Quantitative Easing"
trillionsS&P 500
S&P 500 Index(left scale)
Fed Monetizationof Securities(right scale)
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The path to hyperinflation
Correlation of Fed Monetizing to S&P 500 IndexJanuary 2, 2009 through January 21, 2011
2009 2010 2011
700
800
900
1,000
1,100
1,200
1,300
$0.5
$1.0
$1.5
$2.0
$2.5
Fed Announces "Quantitative Easing"
trillionsS&P 500
S&P 500 Index(left scale)
Fed Monetizationof Securities(right scale)
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The path to hyperinflation
Correlation of Fed Monetizing to S&P 500 IndexJanuary 2, 2009 through January 21, 2011
2009 2010 2011
700
800
900
1,000
1,100
1,200
1,300
$0.5
$1.0
$1.5
$2.0
$2.5
Fed Announces "Quantitative Easing"
trillionsS&P 500
S&P 500 Index(left scale)
Fed Monetizationof Securities(right scale)
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The path to hyperinflation
Correlation of Fed Monetizing to S&P 500 IndexJanuary 2, 2009 through January 21, 2011
2009 2010 2011
700
800
900
1,000
1,100
1,200
1,300
$0.5
$1.0
$1.5
$2.0
$2.5
Fed Announces "Quantitative Easing"
trillions
Fed Announces End of "QE"
S&P 500
S&P 500 Index(left scale)
Fed Monetizationof Securities(right scale)
FGMR.com
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The path to hyperinflation
Correlation of Fed Monetizing to S&P 500 IndexJanuary 2, 2009 through January 21, 2011
2009 2010 2011
700
800
900
1,000
1,100
1,200
1,300
$0.5
$1.0
$1.5
$2.0
$2.5
Fed Announces "Quantitative Easing"
trillions
Fed Announces End of "QE"
S&P 500
Fed Ends "QE"
S&P 500 Index(left scale)
Fed Monetizationof Securities(right scale)
FGMR.com
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The path to hyperinflation
Correlation of Fed Monetizing to S&P 500 IndexJanuary 2, 2009 through January 21, 2011
2009 2010 2011
700
800
900
1,000
1,100
1,200
1,300
$0.5
$1.0
$1.5
$2.0
$2.5
Fed Announces "Quantitative Easing"
trillions
Fed Announces End of "QE"
S&P 500
Fed Ends "QE"
S&P 500 Index(left scale)
Fed Monetizationof Securities(right scale)
"QE2" Begins
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The US dollar’s problem
Federal Tax Receipts Tumble As Outlays & Debt SoarJanuary 2000 - December 2010 (US dollars in billions)
00 01 02 03 04 05 06 07 08 09 10 11125
150
200
250
300
350
Outlays (12-mon. mov.avg.) - left scale
Log scales
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The US dollar’s problem
Federal Tax Receipts Tumble As Outlays & Debt SoarJanuary 2000 - December 2010 (US dollars in billions)
00 01 02 03 04 05 06 07 08 09 10 11125
150
200
250
300
350
Outlays (12-mon. mov.avg.) - left scaleReceipts (12-mon. mov.avg.) - left scale
Log scales
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The US dollar’s problem
Federal Tax Receipts Tumble As Outlays & Debt SoarJanuary 2000 - December 2010 (US dollars in billions)
00 01 02 03 04 05 06 07 08 09 10 11125
150
200
250
300
350
Outlays (12-mon. mov.avg.) - left scaleReceipts (12-mon. mov.avg.) - left scale
Log scales
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The US dollar’s problem
Federal Tax Receipts Tumble As Outlays & Debt SoarJanuary 2000 - December 2010 (US dollars in billions)
00 01 02 03 04 05 06 07 08 09 10 11125
150
200
250
300
350
4,000
6,000
8,000
10,000
12,000
15,000
Federal Debt, quarterly - right scale
Outlays (12-mon. mov.avg.) - left scaleReceipts (12-mon. mov.avg.) - left scale
Log scales
Title Slide BoxTitle & HeadlineTitle & HeadlineGoldMoney
The British pound’s problem
UK Tax Receipts Tumble As Outlays & Debt SoarJanuary 2005 - November 2010 (British pounds in billions)
05 06 07 08 09 10 11
35
40
45
50
300
400
500
600
700
800
1,000
UK Debt, quarterly - right scale
Outlays (12-mon. mov.avg.) - left scaleReceipts (12-mon. mov.avg.) - left scale
Log scales
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
“The main thing we miss today is a universal money, a standard of value, the link between the past and the future and the cement of
civilization linking remote parts of the human race to one another.”
Robert Mundell, Nobel Laureate, 1999
GoldMoney
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
“Money in the 21st century will surely prove to be as different from the money of the current century as our money is from that of the previous century.”
Jerry Jordan, President, Federal Reserve Bank of Cleveland, 1996
GoldMoney
Title Slide Box
Document slug: date/pp #
Title & HeadlineTitle & Headline
www.goldmoney.com
GoldMoney