pperspectiveserspectives r m - swiss america · -dr. ray lombra report summary p. 12 the case for...

In my opinion, true value isa rarity on Wall Street today. Far too many people haveplaced unmerited optimism ina stock market that is still veryovervalued. Yet many investorsare still flocking to the troughto buy more and more stocks, keeping the market bubble airborne - at least for now.

In contrast, starting in 2001, a much more tangible “bull”market began in gold-related

- IN THIS ISSUE -GOLD COINS: A TRUSTWORTHY ASSET-by Craig Smith, CEO Swiss America p. 1

NEWS BRIEFS ...you may’ve missed p. 2

U.S. COINS: 7 REASONS WHY ... p. 7

THE “RECESSION” - A FLOP?-by Bill Bonner, The Daily Reckoning p. 10

PERCEPTION VS. REALITY-by Earl Brown, Numismatist p. 11

“U.S. COINS ... PRUDENT”-Dr. Ray Lombra Report Summary p. 12

THE CASE FOR GOLD-by John D. Meyer, GATA.org p. 13

VOLUME XV ISSUE I - 2002

(Cont. P. 2)

Over the years I’ve repeatedlywarned my readers that marketbubbles are unrealistic - in timethey always correct. Profits andearnings are the only truly solidfoundation to build sustainablemarket growth upon.

Too many investors are look-ing for shortcuts. But shortcutsdon't work in the long run and, in light of the the Dot-com Crash and Enron debacle,I now feel vindicated.

RREALEAL MMONEYONEY

PPerspectiveserspectivesSSWISS WISS AAMERICAMERICA

by by Craig R. SmithCraig R. Smith

INTRODUCTIONINTRODUCTION“The more things change, the more they stay the same.”

Prior to the Tech Wreck of Y2000, investors expected“the market” to perform as it had done during theroaring 1990s ... to churn out perpetual double-digitreturns without bottom line earnings or profits. It wasa temporary fool's paradise. Smart investors are nowhedging with more trustworthy assets ... like gold.

U N I T E D S T A T E S

GOLDCOINSTHE MOST TRUSTWORTHYASSET ON EARTH

Tangible Assets are leading thefinancial marketplace for thethird straight year, but whichones? Find out in this issue ofReal Money Perspectives.

GOLD COINSGOLD COINS: T h e M o s t T r u s t w o r t h y A s s e t o n E a r t h*****************************

NEWS BRIEFS*****************************IN THIS ISSUE ...IN THIS ISSUE ..."FLIGHT FROM RISK"SPARKS JAPANESEGOLD RUSH -Dow Jones *****************************RARE COIN TO SELL FOR MILLIONS - AP News*****************************"CONSUMERS NEEDFINANCIAL KNOWLEDGE"-Greenspan - Reuters*****************************BUFFETT WARNS ONTERROR ATTACKS,STOCK MARKET - Reuters*****************************HAS A NEW BULL MARKET STARTED? - Eric Fry, Daily Reckoning*****************************BEAR MARKET OFYEARS, NOT WEEKS ORMONTHS - Richard Russell,Dow Theory Letters*****************************GOOD NEWS FOR PEN-SION, RETIREMENT &401K ROLLOVERS - IFP *****************************MONETARY FREEDOMAND ACCOUNTABILITYACT - Cong. Ron Paul*****************************THE THREEFOLD CORD:WEALTH, SKILLS & STABILITY - DennisPeacocke, gostrategic.org**********************************************************"FLIGHT FROM RISK"SPARKS JAPANESEGOLD RUSH -Dow Jones

“A disgraced energy giant anda reformed hedger could serve as the catalysts that willkeep gold prices well above thekey $300 an ounce mark forthe next few months, said aprecious metals analyst withone of Japan's largest com-modities houses. Last week,the price of gold surged pastthe $300 mark for the firsttime in two years and manyhave attributed this suddeninterest in bullion to a "flightfrom risk" mentality following the Enron Corp. debacle.”

BuyCoin.com SwissAmerica.com RediscoveringGold.com True-Wealth.com

VOLUME XV SWISS AMERICA TRADING CORPORATION ISSUE I - 2002

investments - like gold mining stocks and United States GoldCommemorative coins (1903-1926). Some gold stocks have skyrocketed100%, while the sector as a whole moved up 63% in the first quarter of 2002.

Meanwhile, U.S. Gold Commemorative coin prices have doubled since March 1999 and have proven to be a safe haven while the Dow and NASDAQ gyrated and dropped. Even gold bullion is up 16% between September '01 and March '02.

Now that we live in the instantaneous “information age”, you would think that gold's dramatically positive numbers would make front pagenews on every financial reporting media, right?

Wrong! With a few exceptions (CBSMarketWatch, CNNfn & BloombergRadio) reporting is sparse and negative - despite the stellar performance of both the gold mining stock sector and U.S. gold coin market.

Where are the financial gatekeepers, like the WSJ, Barrons, CNBC etc., etc.?How has such a glaring news piece escaped their scope of coverage? I can only deduce that they are purposely ignoring gold-related invest-ments. The result; investors have lost money - which is truly unpatriotic!

U.S. ICONS TARGETEDU.S. ICONS TARGETED

Then, I started to think about the terroristattack on America and what would drive agroup of mad men to carry out such out-and-out destruction of innocent humanlife? Do they really hate us THAT much?

NO! I don’t believe they hate just us, they hate what they perceive as idolatrous American worship. No, not the worship of God – the worship of money! That's right, the terrorists went for the jugular vein of Americancapitalism, the World Trade Center.

You see, radical fundamentalist Islamic terrorists don’t see themselves asevil people at all. Quite to the contrary, they believe they're on a missionfrom God (“Allah”) to attack and bring down the idols against “God” in our land. These terrorists are convinced that America has allowed money to become America’s modern “God,” and it’s their duty to stop “Infidels.”

In the book of Exodus in the Old Testament, it is recorded that while Moseswent to pray on Mt. Horeb (the “Mountain of God”) the children of Israelgrew impatient and constructed a golden calf which they then began toworship.

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NEWS BRIEFS*****************************RARE COIN TO SELL FOR MILLIONS - AP News

NEW YORK - 2-10-02 - A 1933 DoubleEagle coin thatnever went into circulation isbeing sold by thefederal government at auction thissummer, with experts predicting itcould fetch millions.

"We expect that this coin maybecome the most valuable coinin the world," said David Pickens,associate director of the U.S. Mint.

Sotheby's auction house and Stack's,a numismatic firm, are planning aJuly 30 auction of the coin, believedto be one of only a handful to havesurvived when all 445,000 struckin 1933 were ordered melted down.

Double Eagles were first minted in1849 with a face value of $20. Theones that were minted in 1933 werenever put into circulation becausePresident Franklin Rooseveltdecided to take the nation off thegold standard.

Before the coins were melted down,two were handed to the SmithsonianInstitute for historic safekeeping.But one somehow survived and sur-faced in public in 1996.

Henrietta Holsman Fore, director ofthe U.S. Mint, said the coin "has beenat the center of international numismatic intrigue for 70 years."

*****************************"CONSUMERS NEED FINAN-CIAL KNOWLEDGE" -Greenspan

WASHINGTON (Reuters) - FederalReserve Chairman Alan Greenspansaid that consumers needed toincrease their financial knowledge to cope with an increasingly sophisticated marketplace.

“For an increasingly complex finan-cial system to function effectively,widespread dissemination of timelyfinancial and other relevant informa-tion among educated market participants is essential if they are tomake the type of informed judgmentsthat promote their own well-beingand foster the most efficient alloca-tion of capital,” Greenspan said to theSenate Banking Committee.


VOLUME XV SWISS AMERICA TRADING CORPORATION ISSUE I - 2002GOLD COINSGOLD COINS: T h e M o s t T r u s t w o r t h y A s s e t o n E a r t h

They believed that their new idol had some mystical ability to help themthrough their hardship, so they worshiped it.

But when Moses, a man of God, returned (after hearing the voice of God,seeing a burning bush, and feeling the tablets of stone inscribed with theTen Commandments of God in his hands) he knew that the this goldencalf was merely an ungodly idol - and had to be destroyed.

Likewise, Islamic terrorists believe (albeit a warped belief) that they aremodern “men of God” and America is the #1 enemy. Why America? Fordecades they've watched America worship Wall Street idols and theirindignation grew until it finally exploded into an attack upon the heart ofAmerica - it's financial artery (the Twin Towers) and it's defense artery (The Pentagon). Isn't it ironic that at the entrance to the New York StockExchange stands a statue of a brass bull.

Could it be ...Could it be ...that America now worships a modern golden calf - by expecting an over-inflated, accounting scandal-ridden stock market to solve our problems? You be the judge.You be the judge. Dancing around the Golden Calf - Ex. 32:19

Now, I’m not justifying the terrorists actions, I’m merely explaining theirmindset and how they are able to justify their ruthless, cowardly attack on civilians.

Webster defines the word “Islam” as; “Obedience to the will of God, sub-mission.” I don't remember any media pundits explaining this fact,instead we've heard it said over and over that the word and religion ofIslam means “peace.”

If you know anything about fundamentalist Islam, they abhor arrogance,pride and lavish living. They despise greed and the pursuit of riches. Itdoes not surprise me that the attack was focused on the World TradeCenters. These terrorist are committed to crushing (or at least crippling)the entire capitalist system and, to a some degree, they did just that for abrief period after 9-11. When will they try it again? Will they succeed?

REDEFINING PATRIOTISMREDEFINING PATRIOTISMIn the 2001 Winners & Losers chart you can see thedramatic rollercoaster effect that 9-11 had on WallStreet. You remember, it took a week for the shat-tered equity markets to reopen for stock and bondtrading - and during that time many people had no access to their invested assets (unless theyowned gold coins, which were 100% liquid).

Quickly government, financial and media leadersrushed to proclaim that it was “unpatriotic” to sellout of the stock market because, “that is exactlywhat the terrorists want to cause - a financial panic.”

Some bought it at first, but apparently the number of flags flying were not a true measure of our patriotism, because when the stock marketreopened it was a financial blood bath - at least at first.

In the six months following the 9-11 attacks, Fed rate cuts and the media’spositive spin caused the markets to recover most of the losses, butAmericans learned just how vulnerable their money is to terrorism and to the deceptive accounting practices that led to the downfall of Enron.

Here's my question ...Here's my question ...Why, in the midst of all the recent volatilityand losses on Wall Street, (Tech Wreck, 9-11Attack, Enron and Anderson Scandals ) is therevirtually no public discussion about the goldmarket, which offers financial protection, sta-bility and tremendous growth potential?

Simple. If Americans begin to move their money out of stocks or bonds(any market for that matter) that market will drop. The severity of thedrop depends upon the amount withdrawn and the time frame.

I suspect the “too big to fail” policy may be at work here. Market reportersand prognosticators don’t want to rock the boat because this is a VERYfragile market. It appears that patriotism = supporting a weak market.

Those with a sense of discernment can understand that America has beenwarned that the financial rules have changed. LeMetropoleCafe.com reports that Bill Gross of PIMCO Funds recently said, “PIMCO will no longerallow fund managers to hold G.E. corporate bonds.” Now there must be avery good reason. I wonder what PIMCO knows that you we don’t?

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NEWS BRIEFS*****************************BUFFETT WARNS ON TERROR ATTACKS, STOCK MARKET - Reuters

NEW YORK, March 9 (Reuters) -Billionaire investor Warren Buffettissued a pessimistic outlook on theworld on Saturday, saying the waron terror could never be won - apotential problem for his insuranceinterests - and warning that returnsfrom the stock market over the nextfew years look meager.

Buffett, known as the 'Oracle ofOmaha' for his astute investments,also blasted executives for takingmillions of dollars out of businesseseven as they fare badly, a practice he said went far beyond EnronCorp. (ENRNQ) , the collapsedenergy trader.

Buffett, 71, second only toMicrosoft's Bill Gates among theworld's multibillionaires, made hisremarks in his annual letter toshareholders of Berkshire HathawayInc. (BRKA).

TERROR WAR CANNOT BE WON

Buffett said that further terrorattacks on the United States werepossible, and must be accounted forby insurers.

"Fear may recede with time, but thedanger won't," said Buffett. "Thewar against terrorism can never bewon.The best the nation can achieveis a long succession of stalemates."

STOCK MARKET UNPROMISING

"Our restrained enthusiasm forthese securities is matched by decid-edly lukewarm feelings about theprospects for stocks in general overthe next decade or so," Buffett saidin his letter, on behalf of himselfand partner Charlie Munger.

"Today's equity prices presage onlymoderate returns for investors,"Buffett warned investors looking foroutsize returns. "The market outper-formed business for a very long period, and that phenomenon hadto end. A market that no more thanparallels business progress, howev-er, is likely to leave many investorsdisappointed, particularly those relatively new to the game."



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NEWS BRIEFS****************************HAS A NEW BULL MARKETSTARTED? - Eric Fry, DailyReckoning, 3/15/02

- "We are actually about one year intoa new gold cycle," Chris Thompson,chairman of Gold Fields Ltd., pro-claimed recently. "There's much moreto come. Load up and enjoy!"

- Consider that since the beginning of2001, the XAU Index of gold and sil-ver stocks has gained more than 20%,while all the major stock indices haveLOST ground. Is this merely a head-fake or the beginning of a long-termtrend reversal? It's happened before...but in reverse.

- In 1983, buying gold below $500 perounce probably seemed like a prettysavvy idea. Only two years earlier, the yellow metal had touched $800per ounce. Any price below $500 hadto be a bargain, right?

- Meanwhile, the stock market, whichhad gone absolutely nowhere over the10 years prior to 1983, was NOT theplace to be. The "smart money"bought gold and avoided stocks. Weall know what happened next.

- Ten years later, stocks had morethan tripled and gold had gonenowhere. Remarkably, even in 1993, itwas almost as easy to find an investorwho was bullish on gold as it was tofind an investor who was bullish onstocks.

- Isn't it curious how long perceptioncan survive reality?

- Ten years after the fact, manyinvestors still held a candle for the yel-low metal. Bad habits can be so tough to break. Some of us eat a little toomuch cheesecake, others drink a littletoo much red wine and others of us hang on to losing investments a littletoo long... hoping for a turnaround.

- You know, it's possible that theinvestment world is already in thethroes of another dramatic trend reversal. Maybe stocks have alreadyentered a bear market and gold hasentered a bull market.

- "There's an old Wall Street adagethat says, 'Put 10 percent of yourassets into gold and hope it doesn'twork,'" says James Vail, manager ofthe Pilgrim Precious Metals Fund.



THE CONFIDENCE GAMETHE CONFIDENCE GAME

Above all, the industrial/government/media com-plex wants to maintain a high level of confidence initself as the great problem solvers of our culture.The market gushes when the official “ConsumerConfidence Index” marginally grows, but I suspectthat just under the surface U.S. confidence is waning as a result of the 9-11 attacks - and Enron.

That’s right the Enron attack. The Enron/Anderson debacle has attackedthe very foundation of our financial markets like no other attack in our economic history. For the first time that I can remember, it has causedeveryone from consumers to auditors to now question the basis for thetruth about the financial reports of sizable publicly traded companies.

Many pundits say they believe that there are more Enrons that are justwaiting to happen. Few investors have the knowledge to accurately knowwhether their stocks are valued correctly, unless you are proficient at read-ing corporate balance sheets. If you need some help in determining yourstocks’ present valuation, a Swiss America broker may be able to help you.

Although “cooking the books” is nothingnew on Wall Street - it is a new develop-ment when major American companies are accused of cooking the books and thenpresenting them with Arthur Andersonwrapping paper - that means the level ofdeception and fraud has permeated thehighest levels of American enterprise.

Do we really know how much the stock we own is worth? Is it worthwhat the “official” reports state? Were “Generally Accepted AccountingPractices” used (GAAP) to calculate the stock's valuation, OR did they use“Proforma” accounting, which assumes a best-case scenario? When willyou discover the truth, before or after another Enron-type scandal?

Remember, it was only in the post-mortum of the nation's largest corpo-rate bankruptcy that the Enron Anderson mess was exposed. Only afterhard working employees and unsuspecting investors lost billions of dollarsin life savings that we became enlightened to the latest ‘confidence game.’

What can be done to protect your nest egg? Which investment strategy willgive you complete confidence? Keep reading for my answer.

GOLD COINSGOLD COINS: T h e M o s t T r u s t w o r t h y A s s e t o n E a r t h

(Cont. P. 8)


UNITED STATES GOLD COMMEMORATIVES (1903-1926)COIN DESCRIPTION MS RETAIL RETAIL POP CHANGE RETAIL U.S. Gold Commemoratives 3/31/99 2/5/02 7/16/00 % 1989

1903 LA Purchase Jefferson $1 64 $ 1,201 $ 2,255 1016 + 88% $ 6,54517,500 Minted 65 $ 2,115 $ 4,070 778 + 92% $ 11,555

66 $ 3,665 $ 6,500 455 + 77% $ 21,85067 $ 8,800 $ 15,000 74 + 70% $ 66,200

1903 LA Purchase McKinley $1 64 $ 1,140 $ 2,185 861 + 92% $ 6,19917,500 Minted 65 $ 2,225 $ 4,440 586 + 100% $ 12,625

66 $ 3,525 $ 6,750 423 + 91% $ 24,32567 $ 10,725 $ 16,750 69 + 56% $ 69,300

1904 Lewis and Clark $1 64 $ 3,284 $ 6,000 688 + 83% $ 12,70510,000 Minted 65 $ 6,200 $ 13,500 270 +118% $ 33,880

66 $ 9,500 $ 21,000 115 +121% $ 61,90067 $ 22,880 $ 36,000 21 + 57% $130,900

1905 Lewis and Clark $1 64 $ 5,236 $ 8,875 621 + 69% $ 19,63510,000 Minted 65 $ 14,300 $ 27,500 192 + 92% $ 61,000

66 $ 25,740 $ 42,000 49 + 63% $112,40067 -VERY RARE COIN- 2 $154,000+

1915-S Pan Pac $1 64 $ 963 $ 1,690 1611 + 76% $ 6.04515,000 Minted 65 $ 2,115 $ 4,000 1112 + 89% $ 11,550

66 $ 3,665 $ 6,500 523 + 77% $ 41,42567 $ 11,800 $ 18,000 50 + 53% $109,325

1915-S Pan Pac $2½ 64 $ 3,542 $ 6,100 797 + 72% $ 11,011Less than 7000 Minted 65 $ 4,800 $ 8,500 737 + 77% $ 17,225

66 $ 6,345 $ 11,100 431 + 75% $ 40,80067 $ 17,875 $ 25,500 38 + 43% $ 97,500

1916 McKinley $1 64 $ 878 $ 1,620 1373 + 85% $ 5,313About 15,000 Minted 65 $ 2,115 $ 4,050 805 + 91% $ 13,244

66 $ 3,735 $ 7,000 378 + 87% $ 28,00067 $ 12,870 $ 20,000 43 + 55% $ 92,400

1917 McKinley $1 64 $ 1,478 $ 3,030 802 + 105% $ 6,892About 5,000 Minted 65 $ 2,610 $ 5,100 466 + 95% $ 13,700

66 $ 4,795 $ 8,000 257 + 67% $ 38,10067 $ 19,300 $ 25,000 45 + 30% $ 84,700

1922 Grant $1 (No Stars) 64 $ 1,879 $ 4,090 603 + 118% $ 9,0865,000 Minted 65 $ 2,960 $ 5,000 475 + 69% $ 13,275

66 $ 3,800 $ 6,750 344 + 78% $ 26,75067 $ 9,300 $ 14,000 97 + 51% $ 96,250

1922 Grant $1 (With Stars) 64 $ 2,187 $ 4,230 685 + 94% $ 9,2795,000 Minted 65 $ 2,280 $ 5,050 615 +122% $ 13,090

66 $ 3,535 $ 6,500 452 +84% $ 22,47567 $ 7,050 $ 12,000 162 +70% $ 54,650

1926 Sesquicentennial $2½ 64 $ 980 $ 1,480 3448 +51% $ 6,23746,000 Minted 65 $ 3,800 $ 5,500 749 +45% $ 36,325

66 $ 18,590 $ 26,750 62 +44% $ 92,400Very difficult to find in gem quality 67 -VERY RARE COIN- 1

11-pc Gold Commemorative Set 64 $ 24,310 $ 41,500 +71% $ 88,00011-pc Gold Commemorative Set 65 $ 45,520 $ 86,000 +90% $225,74411-pc Gold Commemorative Set 66 $ 86,895 $ 148,000 +71% $510,425

*All prices and statistics compiled by Swiss America research department 3/28/02 and are believed to be accurate.


U.S. COINS: 7 REASONS WHY...U.S. COINS: 7 REASONS WHY...1.1. EVERYONE SHOULD OWN SOME COINS.

No other investment in the world has such overwhelming supportfrom the best financial minds. Ironically, very few in the financial mediahave covered U.S coins publicly…YET. This fact offers a unique opportu-nity to small investors.

2.2. 100% LIQUID WEALTHUnited States gold and silver coins can be converted to dollars within

hours or days- not weeks, months or years, like many other forms ofintangible wealth. There are over 5,000 gold and coin dealers in the U.S.alone that offer instant liquidation of coins.

3.3. INCREASED PORTFOLIO PERFORMANCEUniversity of PA, Dean of Economics, Dr. Ray Lombra did a 25-year

Study (1974-1993) confirming that portfolios with at little as 5% gold and5% coins had a better return with reduced risks. The 40-page report waspresented to the U.S Congress by the Coalition of Equitable Taxation in aproposal to include U.S. coins in IRAs back in 1995.

4.4. TANGIBLE WEALTH INSURANCEEquity markets hate inflation because it reduces the long-term value,

productivity and profits. U.S. gold and silver coins can be an excellentform of ‘wealth insurance’ because their value historically grows duringinflationary cycles. During the last major inflationary cycle (1979-80) gold went up 300%, U.S coins went up 500-1000%.

5.5. SAFE DURING ECONOMIC CRISESPhysically held U.S. gold and silver coins are safe, secure and private.

Coin prices may fluctuate but they've never become worthless - like somestocks and bonds have. Even the U.S. dollar is at risk as inflation grows."Fed Notes are IOU Nothings" -John Exter, former Citibank chairman.

6.6. FINANCIAL PEACE OF MINDThe more disaster threatens, the more you need to diversify a

portion of your assets into U.S gold and silver coins. Coins are a portableand beautiful asset that you alone control - which promotes peace ofmind. In real estate investing location is critical, with coin investing -quality and scarcity are the most important factors.

7.7. IT’S SIMPLE TO UNDERSTAND Compared to the jungle of information needed to understand and

navigate the stock market today, U.S. gold and silver coins are really verysimple - especially with the help of my book, Rediscovering Gold in the 21st Century. Education is the key to success in any investment.

BuyCoin.com SwissAmerica.com RediscoveringGold.com


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UU.. SS.. GOLD GOLD COMMEMSCOMMEMS

*****************************During the past threeyears United States GoldCommemorative coinshave become the bestperforming investment-grade U.S. rare coins inthe marketplace.*****************************

Research U.S. GoldCommemoratives

For Yourself !

If you've been waiting for justthe right opportunity to diversifysome of your paper or non-per-forming gold into quality col-lectible gold, then wait no longer.There has never been a bettertime to convert a portion ofyour wealth into U.S. GoldCommemoratives than right now.Gold Commemoratives offer thesafety of gold ownership, alongwith the privacy and profitpotential of a rare collectible. It'sa win-win situation.

Read our U.S. GoldCommemorative ResearchReport Call your broker at1-800-BUY-COIN or visitwww.buycoin.com.

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NEWS BRIEFS*****************************BEAR MARKET OF YEARS,NOT WEEKS or MONTHSRichard Russell, DTL

LA JOLLA, CA - 3/6/02 - This isgoing to be a marathon bear market,not a sprint. Therefore, I believe thatsubscribers should be thinking interms of years, rather than weeks ormonths.

The bull market started in 1982 andran to 2000 - 18 years of higherprices. In 1982, at the beginning ofthe bull market the ratio of earningsto GDP was 36%. Today the stockmarket remains "over valued" at120% of GDP.

What I believe is going to happen isthat a long series of negative eventswill materialize. Slowly, the public'slove affair with common stocks willchange. In its place we'll see disap-pointment, frustration, anger andfinally disgust.

This change in perception and psychology will go to battering price-to-earning ratios down. People willbegin to avoid stocks with P/Es inthe 20s, 30s, 40s and beyond - and they will avoid stocks with no dividends.

Since people will not be enjoyingcapital gains on their stocks, they willbegin to demand dividends. Fromthere, the bear market will acclerateits downward spiral. Debt willbecome anathema. The bear marketwill move deep into its second phase,and thence into its third and final phase.

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GOOD NEWS FOR PEN-SION, RETIREMENT &401K ROLLOVERS - IF News

PHOENIX (4-1-02) - EffectiveJanuary 1, 2002, major changes inthe IRS Tax Code now allow a widevariety of retirement monies (IRA,SEP, 403(b) annuities and 457 governmental plans) to be rolled over to a Qualified Retirement Planthat can allow the trust assets toinclude investment-grade coins. TheQualified Retirement Plan will needto be amended to include the newrollover provisions before acceptingany money transfers.

For more info, contact a SwissAmerica broker at 1-800-289-2646.



GOLD COINSGOLD COINS: T h e M o s t T r u s t w o r t h y A s s e t o n E a r t h

THE “NEW” RULES OF RETIREMENT?THE “NEW” RULES OF RETIREMENT?

According to Newsweek Magazine(4/1/02); “The party was fun. Butreality has set in, and we’re revis-ing plans for our golden years.Time for some new old math.”

The article discusses how unrealistic the18% returns from stocks have been overthe last generation (18 yrs) - the historicaverage return on stocks is about 10%.

For many years I've warned investors that it's a self-delusion to expect consistent, double-digit returns as a birthrite. I've also warnedAmericans that Social Security is not going to allow investors to maintain their living standard unless they have diversified assets tosupplement Social Security income.

Newsweek: “As the bull market crescendoed in the late 1990s, even innumerate policy wonks started succumbing to marketeuphoria. The stock market was the magic solution to anyproblem, large or small. And few problems were bigger thanSocial Security. The government’s largest single programseemed to be heading for the rocks, since the number ofpeople paying for it (the current work force) was shrinkingrelative to the rapidly growing ranks of the soon-to-be-retired. Rather than slow the growth of benefits or contemplate raising taxes, politicians reached for the miracle drug: the stock market. The government would investSocial Security money in the market, or else let people createtheir own Social Security stock accounts. What’s more, themarket would produce so much in stock-option profits andcapital gains that state, local and federal governments wouldbe awash in tax revenue.”

“So much for that. With the boom two years behind us, everyone is recalculating some fundamental assumptions about the market, or should be.”

Thank God that the government did NOT invest Social Securityfunds into the market, or we today would have a full blown“retirement crisis” on our hands right now, rather than having another 15 years to deal with it.

(from P. 5)

Newsweek writer, Allan Sloan concludes, “ ... What are you supposed to do in a world where the old math of the market is suddenly new again? Pretty much what you should have been doing during the boom years. Try to live below your means, rather than hocking yourself to the eyeballs and relying on miracles to bail you out. Invest on a regular basis,and keep your investments diversified. Do what the Social Security Administration advises, and don’t rely on its checks for your entire retirement income. No matter what anyone promises you, Social Security benefits are going to shrink below the current formula. For heaven’s sake, heed the message of Enron. Don’t—I repeat, don’t—bet your retirement and your job on the same company. You can get clobbered even if your company isn’t Enron. Look how far from their highs companies like GE, Cisco and JPMorgan Chase have fallen.”

“... keep investments diversified.” -Allan Sloan, Newsweek, 4/1/02

“Diversify NOW! (or pay later)” -Craig R. Smith, Real Money Perspectives, 12/88

CONCLUSIONCONCLUSIONFor over two decades Swiss America has had one primary message toinvestors; Diversify assets to include a small portion of tangibles, likeinvestment-grade U.S. rare coins because they withstand the test of time.

Sure U.S. gold and silver coins may seem a little boring to those investmentparty animals of the last stock market boom, but at least they offer investorsa trustworthy asset that’s private and historically profitable. So I ask you,which would you prefer, boring ... or broke?

My recommendation is to invest a few minutes to discuss your financialgoals with a Swiss America broker. They’re experienced at helping clientsgain the needed education to navigate today's risky financial environment.

I wrote Rediscovering Gold in the 21st Century for a time such asthis. Please get a copy and save yourself from the next bubble market that is sure to emerge. Swiss America leads our industry in providing the needed tools to understand why gold and silver coins are, and always will be, the most trustworthy asset on earth. -CRS

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NEWS BRIEFS****************************MONETARY FREEDOMAND ACCOUNTABILITYACT - Cong. Ron Paul

Washington, DC: CongressmanRon Paul of Texas introduced legis-lation designed to curb the abilityof the President or the TreasurySecretary to manipulate worldwidegold prices. The "MonetaryFreedom and Accountability Act"restores proper congressionalauthority over gold policy byrequiring approval before thePresident or Secretary buys or sells gold.

"The Constitution grants authorityover monetary policy specifically toCongress alone, not to the execu-tive or the administration," Paulstated. "Yet Congress has neglectedits duty for decades, and now ourfoolish fiat money system is runwithout challenge exclusively byunelected Treasury and Fedbureaucrats. As a result, theTreasury has been able to engage inthe buying and selling of gold tomanipulate the worldwide marketprice. Gold is very important tomarkets and investors in Americaand across the globe, and Congressshould not allow the administra-tion to interfere in the gold marketbehind closed doors."

****************************THE THREEFOLD CORD:WEALTH, SKILLS & STABILITYDennis Peacocke, gostrategic.org

While the symbols of Marxist eco-nomic-social thought fell in the1980s, the true nature of economic-social stability have not fallen withthem.

A nation cannot have long-run eco-nomic-social stability without aconstant and growing percentage ofthe lower class' skill levels rising.Poverty is the result of sin: 1) thosein power neglecting to make surethe unskilled are increasing theirstewardship skills, and 2) those inthe unskilled or lesser-skilled strataof the culture refusing to upgradetheir family-parenting-stewardshipskills the highest priority for them-selves and their progeny.

These spiritually based attitudes,values, and disciplines produce andaccumulate capital. As capitalincreases, so does hope; and revolution, crime, and social envy decrease.



IF THERE WAS A RECESSION, IT WAS A FLOP

Bill Bonner, DailyReckoning.com

“The see-no-evil stock market is thriving.”

The usual effect of a recession is to correctthe mistakes of the previous boom.Consumers and businesses are supposedto take a good hard look at their balance sheets, pay down debt, lower prices ofstocks and real estate, and build up a littlein savings for the next boom.

None of that has happened. Corporationsadded $500 billion to their debt load lastyear, while consumers continued theirfree spending ways. “Biggest retail gain in nearly 2 years,” is the news from LA.

In the 4th quarter, consumers stepped uptheir buying of big-ticket items at a 13.5%.“Consumer Credit Shows Sharp Rise,”notes the Hartford Courant. “Credit Card Debt Buries Young Adults,” adds theChicago Tribune. In January of this yearconsumer credit rose at a 9.3% annualrate.

Throughout 2001, businessmen kept righton consuming capital. Consumers, too,went about their business as if nothinghad changed - spending money they did-n't have and are not likely to get. At onepoint last year, the savings rate dippeddown to negative 4%.

Meanwhile, stocks are about where theywere when the recession was supposed tohave begun. The Nasdaq is only a fewpoints from where it stood in March ayear ago. S&P price/earnings ratios are 2to 3 times the long-term average, depend-ing on how you figure the earnings.

And even the unemployment picture ishardly one we associate with real reces-sion. Factory workers were laid off in respectable numbers but the roll offat of a service economy - managerialworkers - actually grew. Stephen Roach

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reports that “managerial bloat” increased 2.9% last year. One out of every threeemployees hired in the last three years isa “manager,” increasing the managerialclass to 15.3% of the workforce.

And now that the recession is over econo-mists are expecting either a ‘mild’ recov-ery or a robust one. Isn't it more likelythat the recovery will be at least as big aflop as the recession?

But let's get to Eric's report from WallStreet:

*****

Eric Fry writing from New York...

- A rising stock market is the “opiate ofthe people.”

- Under its narcotic effect, reports RobParenteau at The Prudent Bear, “con-sumer cyclical spending growth never fell negative, housing prices nevercorrected, equity market multiples neverfell below long term averages, the tradedeficit never returned to balance, andperhaps most important of all, privatesector balance sheets never got cleanedup. All of these departures from normalbusiness cycle recessions are in fact intimately related - they are allexpressions of continued financial imbal-ances in the US economy.”

- Still, investors grin at foibles like richvaluations and deceptive accounting. Andrallies bring smiles and wash away allworries.

- Furthermore, when share prices are ris-ing, investors are well rewarded for mini-mizing the negatives and accentuating thepositives.

- The economy may not be 100% just yet,but the stock market's recuperative pow-ers are truly amazing. So complete is thestock market's recovery that the major market averages are almost exactly wherethey were a year ago, when One WorldTrade Center was merely another NewYork City address and Enron was just oneof many hot New Economy stocks.

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PERPERCEPTIONCEPTIONVSVS.. REALITYREALITY*U.S. Numismatic CoinsWill Return Over 200% inthe Year 2002 - Guaranteed!By Earl Brown, Senior Numismatist

If this claim of “200% returns” sounds like hype or too good to be true, let me explainmy premise. If I am allowed to report the growth of numismatic coins in the samemanner that the DJIA or the rate of inflation is reported, then my estimate may be low.I may be able to find the correct coins to come up with 500% growth.

In 1897, the Dow Jones Composite was made up of 12 stocks. By 1914, the decisionwas to include 20 representative companies. Finally, in 1929 there were 30 companiesthat were chosen to represent a barometer of stock performance. How are the represen-tative companies chosen? Carefully. Recently four companies did not pass the qualifyingtest, including Sears and Goodyear. Why? Microsoft gives a better view of the marketand, coincidentally, is performing better than Sears.

The Dow will hit 20,000 points and beyond! Why? If they are able to pick and chosethe stocks within the elite 30 and they are astute in their choices-they can't miss.(Sure wish I could buy that stock called Dow Jones Industrial Average).

The reported rate of inflation will never be high again. Once again, in this case, the USgovernment can pick and choose what goes into the report. This year again, food andenergy costs are not considered to be important in reporting the rate of inflation.FOOD AND ENERGY COSTS! Crude oil prices have risen this year and gas at thepump is up 10-30%, but apparently this is no longer crucial to the equation. (Too badthe REAL cost of living is not a consideration in this report).

*If I am allowed to create a composite of U.S. numismatic coins and pick the perform-ers and remove the losers at will, I can easily report that the U.S. Numismatic CoinComposite Index has increased 200% per year. If this is what is required to bolster consumer confidence and hype the individual investor into a false sense of security,then let the competition report it, for I won't.

In 1945, the Dow was trading at 200 points. In 1999, the Dow has traded as high as11,000 points, 55 times the amount. In 1945, a 1804 silver dollar (see above) was boughtfor $5,000. In 1999, the coin sold for $4.14 million, increasing 830 times. One of thesetwo markets required picking the best performing stocks to be arranged and rearrangedfor optimum reports. The other sat in a dresser drawer and remained the same entity.

Is perception reality? Or is reality reality? One caninvest in perception ...or reality. The choice is yours.

““U.S. COINSU.S. COINS ... PRUDENT”... PRUDENT”According to a 1998 study by Dr.Raymond Lombra, AssociateDean, Research and GraduateStudies at Pennsylvania StateUniversity in State College, Pa.,"The two top-performinginvestments over the past 25years were stocks, at 14.6%per year, and high-quality,rare U.S. gold coins, at14.3% per year.”

“A broader index of rare U.S.coins, including all types ingrade Mint State-65 (on a scaleof 1 to 70), performed at 18% peryear over the same period."

In 1995, Dr. Raymond Lombra, Dean of Economics at PennsylvaniaState University presented a 40 page report to Congress on the use of rare coins and gold in IRAs for the Coalition of Equitable Taxation.His major findings:

1. “A detailed analysis of hypothetical portfolios reveals that over the 1974-1993period a portfolio consisting of 5% coins, 5% gold and the rest stocks, Treasurybonds and Treasury bills would have increased portfolio returns at the sametime that it decreased overall portfolio risk. Given the turbulent economic conditions encompassed by the period, such an outcome is remarkable, suggesting that holding 5-10% of an IRA (individually directed retirementaccount) in gold and coins is both warranted and prudent.”

2. “Measures of risk and returns aside, legitimate concerns about liquidity andsafety are examined. Drawing on extensive evidence pointing to documentedimprovements in the markets for precious metals and coins (particularly thoseimproving the information available to market participants), the practices andprotections were judged to equal or better than those found in the markets for avariety of investments allowed within IRAs under current law.”

3. “The notion that allowing gold and coins in IRAs would prove unproductive,in the sense that diverting funds from productive uses is carefully considered.Since coins and bullion within portfolios are not consumed, but represent sav-ings, their acquisition can improve saving at the margin and therefore augmentthe pool of funds available to finance growth enhancing investment spending.How precisely a dollar enters the pool is largely irrelevant. Since widening therange of choices within IRAs encourages broader participation and thusincreases savings, and since precious metals and coins improve the investmentperformance of IRAs, discriminating against such investment options is coun-terproductive and especially unwarranted in a nation experiencing a significantsavings shortfall.”

********************************GOLD MANIPULATION INTHE OPEN, AND FALTERING - GATA News********************************

Dear Friend of GATA and Gold:

Monday, 3/18/02, the first bignews was the Financial Times storyabout the latest minutes releasedby the Federal Reserve's FederalOpen Market Committee, in whichthe Fed is seen contemplatingopenly buying equities to keep thestock market bubble inflatedin case interest rate cuts fail to doso. Gold was prominently men-tioned in the story. So now government's manipulation of supposedly free markets is again amatter of public record in FOMCminutes. You may remember theprevious incident: the Fed's generalcounsel's remark to the FOMC, inadvertently escaping the censor'sknife, acknowledging "gold swaps"by the Exchange StabilizationFund, an undertaking the TreasuryDepartment denies.

No doubt another official attack ongold is being devised even now. Butas it gets so much more obvious,the gold price suppression schemeseems to be getting more difficultto maintain. There's no telling howthis will work out, nor how long itwill take, but the gold share mar-ket, blazing its way up, seemsunconvinced by a futures pricebelow $300.

GATA was right at the beginning,three years ago, and is more rightthan ever now. It's coming out, andmore of it will come out. Pleasestick with us and help us with theliberation we work toward.

CHRIS POWELL,Secretary/TreasurerGold Anti-Trust Action Committee

NOTE: Swiss America will launchGATA’s Bill Murphy on an educa-tional media tour very soon. Fordetails visit SwissAmerica.com

To make a donation toGATA visit:www.gata.org



THE CA SE FORTHE CA SE FOR

GOL DGOL DBy John D. Meyer

THE DILEMMA FOR WEALTH

When, lo, as they reached the mountain's side,A wondrous portal opened wide,As if a cavern was suddenly hollowed:And the Piper advanced and the children followed,And when all were in to the very last, The door in the mountainside shut fast.

-Robert Browning "The Pied Piper of Hamelin"

Images of riots and runs on banks in Argentina greeted ourNew Year. For Americans, it's just another disaster in somedistant country. It's just another run-of-the-mill LatinAmerican or Third World crisis. Nothing new, they havethem all the time!

Since 1993, beginning with China's competitive currencydevaluation, the devaluation disease has devastated countryafter country. Since 1997, the pace has quickened. Now, thesecond largest economy in South America is in default, andJapan the second largest economy in the world is in col-lapse. Japan is finally confronting a banking system with anegative net worth of US $1trillion. Total world indebted-ness, having exploded since the collapse of the BrettonWoods Agreement in 1971 when America defaulted on itsDollar obligations, is now confronted by a global synchro-nized recession.

At the root of these seemingly disparate and unrelatedevents is a common cause, the world's failing monetary sys-tem. The world of competitive currency devaluations roamsthe financial world preying on the savers and producers.Because America is allowed a "privileged" position, we havedeveloped a false and unearned smugness about our econo-my, our markets and our Dollar. The "superior" positionwhich coddles America is a delusion.

All political antagonisms and conflicts throughout historyrevolve around economic and monetary issues. Yet, thesubject of money is rarely ever discussed by the press orWall Street, nor is it taught in our colleges and universities.The subject of money - real money - is the most overlookedyet most important issue confronting our welfare. Investorsare obsessed with financial assets and smitten with analmost blind faith in Mr. Greenspan and the Federal



Reserve. They ignore the analysis of money, the denomina-tor for all their financial assets. This is a fatal flaw, since thevery foundation of all their financial assets - money - is ter-minally ill. The devaluation disease which has been progres-sively destroying the rest of the world has reached the U.S.Dollar.

The tide of monetary history has been gradually movingagainst the United States. For the past century we have hadour own way with money. The chapter is now on the lastpage, as the United States with its "money" monopoly, hasexploited its citizens as well as the world to the point ofexhaustion.

“THE DOLLAR, HAVING LOSTMORE THAN 98% OF ITS VALUESINCE THE FEDERAL RESERVESYSTEM WAS CREATED IN 1913,IS RUNNING OUT OF VICTIMS."

All the monies of the world are dying, and gold and silver,true money, are being manipulated in an attempt to main-tain the illusion of worth for an increasingly worthless dol-lar. It is in the interest of the Fed and Treasury to maintainthe perception that you don't need gold anymore, thatmoney in mutual funds is safe, and that all is well. The per-ception that "all is well" is all they have left. Reality is other-wise. The current monetary system, facing the greatestdefaults since the 1930's, is bankrupt.

The coming crisis has its origin in the nature of the interna-tional monetary system. The Dollar, as the reserve currencyof the world, forces other countries to accept its paper as"payment" for their goods and services. In fact, the systemdoes not permit payment having substituted a debt or creditmoney for what was once the role of gold. Credit moneyobliterates the distinction between money and credit andthat is the problem. Wealth is real. It is not a floatingabstraction.

Jacques Rueff, in The Age of Inflation, referred to this dirtylittle secret of "deficits without tears"as - "The Monetary Sinof the West." Dollar issuance has been virtually open-ended.Every nation in the world has suffered as they have beenforced to import our inflation because it is the reserve cur-rency. Beginning with Mexico in 1995, then the 1997 Asiancontagion, Russia in 1998, Brazil in 1999 and now LatinAmerica we are witnessing the spreading tremors of ourglobal monetary system in collapse.

As, General Charles De Gaulle in 1958 noted, the U.S.Dollar enjoys an "exorbitant privilege",which impoverishesthe world.

Without the moral courage, Mr. Greenspan can't stop. Theinflation has to continue so that the debt pyramid doesn't col-lapse. The game of competitive currency devaluation hasshifted into high gear.

The Dollar bubble is not like any other. Refuge for bubbleswithin the context of financial markets is simply to go to cashor find another uninflated sector. But, when money is thebubble, there is no escape within the financial system itself.It's tragically ironic that the majority of the world's savings isstored in forms that rely upon the performance of govern-ment power and integrity to maintain its value.

Does it make sense to hold wealthDoes it make sense to hold wealthdenominated in the currency ofdenominated in the currency ofthe world’s greatest debtor?the world’s greatest debtor?

With the consumer ravaged by debt and negative savings, theeconomic and political establishment is united to discouragesavings of any kind. Our government has no genuine concernfor the rational and prudent individual. They have declaredwar on the saver and the creditor. Their whole effort is to pro-tect the wildcat financial establishment, which is dangerouslyleveraged with excessive debt and derivatives. The pervertedeconomics of Keynes to borrow and spend without regard tothe levels of debt has brought us to this moment. Savings arenot created through credit and printing presses. They occurby consuming less than what is produced. And the first steptoward saving or consumption is always production.

The American Revolution, as the Declaration ofIndependence declared, was fought over the natural rights ofman to life, liberty and property rights. The AmericanRevolution began because the British government had repeat-edly violated the sacredness of private property. While on July4th, we celebrate the spirit of independence from tyranny,pathetically few understand how our government's currentmonetary system betrays our wonderful heritage and threat-ens to consume our wealth.

The story of money parallels the story of civilization. The "lib-eral" civilization in which most people believe we are still liv-ing started slipping away in 1913 with the creation of theFederal Reserve. It represented a definite turning point in thedevelopment of Western Civilization, which until then hadbeen based on a respect for contracts, property rights andmonetary freedom. In 1971 we concluded what had begun in1913. The last vestige of a monetary standard and soundmoney was discarded. A positive fixed standard of value wasreplaced by an "IOU nothing." Government had quietly seizedthe ultimate power over the wealth and lives of its citizens. AsAdams and Jefferson had warned, savings and personalwealth were left exposed to a tyrannical government and theirbankers.



THE CASE FORGOL D - John D. MeyerOur monetary system is a cruel hoax. Having exported ourinflation throughout the world, global economies have liter-ally been trapped into its import creating financial bubbles.Japan has been our biggest victim. Their bubble burst in1989. Since then the monies of the world are spiraling down-ward in a race to the bottom.

A vicious circle of economic exploitation forces one neighborto devalue then the next. Ironically, the process has repeat-edly caused a flight to the Dollar. Wealth has been destroyedaround the globe on a scale not seen since the GreatDepression. At the heart of this is a dysfunctional monetarysystem, addicted to debt. These recurring monetary crisesare like the Titanic's bulkheads, once the first was breachedthe ultimate sinking was inevitable as the subsequent bulk-heads went in rapid succession.

These monetary firestorms are challenging Keynesian mone-tary theory of floating currencies and competitive devalua-tions. Keynes notion that deficit spending produces econom-ic growth and wealth is crumbling with each Argentina. The"wealth" creation of the 1990's has consisted entirely ofincreases in consumer and government debts. For a time thenominal value of paper assets rises, but nothing, absolutelynothing is added to the national wealth. The monetary melt-down occurring all around us is proof of this. The fact is thatsuch pseudo-wealth discourages savings and investment pro-moting speculation, capital consumption and destruction.The widening economic and monetary crises reveals theglobal monetary system is unjust and untenable.

The resultant accumulation of paper financial assets has cre-ated the largest pool of financial "wealth" the world has everseen. Currently, these financial assets are valued on theassumption that these claims, mostly debt, will be honored.Throughout history, governments have sought the "free-doms" that paper money provided them over their citizens.Worldwide for more than thirty years, governments havebeen unrestrained in their abuse of the public purse. Theproblem for wealth lies in the fact that the volume of thesefinancial assets overwhelmingly exceeds our economic capac-ity. This deferred hyperinflation currently lies imbedded andunspent in our financial markets.

Greenspan's monetary policy has created multiple bubbles.While the NASDAQ bubble clearly has burst, others such asthe Dow, continue. The biggest bubble is the U.S. Dollar.With a recession and a war against terrorism the FederalReserve has dropped all pretense of fighting inflation. Andthe other central banks of the world are pressured to outdothemselves and the Federal Reserve, lest their currenciesappreciate against the Dollar. As "deflationary" trends havebeen emerging, Greenspan has been increasingly desperateto keep pumping in the credit.

********************WE’VE MOVED!WE’VE MOVED!

********************Swiss America Trading Corp.is now settled into their newcorporate headquarters locat-ed in Phoenix, Arizona.Please note our new address:

Swiss America Trading Corp.15018 N. Tatum Blvd. Phoenix, Arizona 850321-800-289-26461-602-788-4653

Pictured above is SwissAmerica CEO Craig R. Smith,at the ribbon cutting/dedica-tion ceremony .

********************SWISS AMERICASWISS AMERICAFEATURED FEATURED BROKERBROKER

**********RichardRichardCromwellCromwell**********Richard is anative New Yorker, educated atAdelphi U in finance, and a former coin shop owner beforejoining the Swiss America teamin 1997. His background infinance, coupled with his pas-sion for rare coins, is a benefitto all. Rich is a Life Member of the American NumismaticAssociation and happily mar-ried to his wife, Joyce. Rich ispictured with their two daugh-ters Hayley and Samantha.

Disclaimer: The informationin this newsletter is believed tobe true. However, errors arepossible and Swiss AmericaTrading Corporation can makeno guarantee of future perfor-mance of any investment basedon past performance.All investment has risk.



THE CASE FORGOL DGOL D - John D. MeyerThe game has been afoot for quite a while and is finally approaching an ending. Of course, it isnot really just a game. It is your life, your work, your savings and most of all your future. It is agame that is played on the backs of honest productive citizens who are swindled in order to sub-sidize the American socialism of the corporate welfare state.

Our Founding Fathers realized that the rights to life and liberty could not be sustained withoutprivate property. Money is necessary to convey property in an exchange economy not only in thepresent but more importantly into the future. Man needs money as an economic good to store hissurplus always been property. Trustworthy money is the most basic element of human liberty.Monetary debasement is the prime lever of the collectivists to enslave the individual. It is a hid-den form of confiscation making a mockery of a civil society. Isabel Patterson, in The God of theMachine, wrote: "The crucial test of private property is the attitude of government towardmoney. Devaluation (inflation) of currency is outright expropriation."

The state of money decides the fate of mankind because it stands at the threshold of liberty andproperty rights acting as "The Gate Keeper" between liberty and totalitarianism. The debasementof our money has been the principal avenue for advancing socialism in the last century.

Today, the whole world is addicted to fiat money and debt. Debt makes sense when money sup-ply is feverishly being expanded, since future money is always going to a discount. The systemkeeps the addicts coming back, while eviscerating the saver and the producer. The biggest addicttoday is the United States government. It has made promises and incurred debts so huge thatthey cannot be paid in terms of money with anything close to today's purchasing power.

The word patience takes on new dimensions when applied to gold investors. But, who wouldhave thought that investors would be confronted by a government criminally intent upon plun-dering their savings. The evidence presented by Reginald Howe in his suit*, currently before theFederal court in Boston, alleges that our government and others have been conducting a waragainst gold for most of the last decade. The reason for such behavior lies in the fact that our cur-rent fraudulent monetary system is dying. They have run out of victims. The Dollar as the world'sreserve currency depends on the financial markets denominated in Dollars to exist without anycompetition. The continued functioning of the world's financial system requires that there is noflight to real assets. Any sustained rise in gold, the most liquid of real assets, would threaten it.

The choices for today's investors are not pretty. Greenspan has left us with a financial beast thathas to be fed continually lest it implodes. Wall Street is a fools paradise. The world seems fixatedon the Fed, expecting Greenspan to clean up the mess. He cannot, since the monetary systemadministered by him lies at the root of the problem.

Survival for today's wealth is not to be found on Wall Street or in Washington - but in the historyof money and political philosophy. Historically, wars on gold have been associated with tyrannyand totalitarian reaches for power. Looking back over monetary history, one sees that gold hasalways been associated with economic freedom, political stability and growth while irredeemablecurrencies (paper money) with financial tyranny. Anthony C. Sutton wrote in, The War on Gold:"When we project earlier monetary experience to modern times it should not surprise us to learnthat all totalitarian societies, from John Law's France to Hitler's Third Reich and Stalin's Sovietempire, have conducted a war on gold." Indeed, the economic freedom and independence grant-ed by gold ownership cannot be tolerated.

Today's culture fervently pays homage to religious freedom and freedom of the press, but notmonetary freedom. The anti-gold press love to describe those who believe in gold and the disci-pline of sound money as bugs or religious zealots. Presumably, one is supposed to be intimidatedor ashamed. If you want a free gold market and free banking - free of government and centralbank interference - you are a fanatic. Those knowledgeable enough to understand economic his-tory and our enlightened heritage realize the assault upon our liberty as a result of anirredeemable currency. No, we are not fanatics, but we are radicals for freedom and justice justas were our Founding Fathers. [Read the Conclusion online at www.BuyCoin.com]

pperspectiveserspectives r m - swiss america · -dr. ray lombra report summary p. 12 the case for...

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