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The Gambler Economy

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In a recent commentary I pointed out how ordinary investors were being “forced” to funnel most/all of their savings into precious metals – due to the lack of any rational alternatives. I pointed out how ordinary people were being denied any other opportunity to “invest”, but rather were being forced by their financial advisors to become “traders” (i.e. gamblers).

I devoted the rest of that commentary to explaining how and why converting our paper currencies to gold and/or silver did not represent gambling. However, there is plenty more that can (and should) be said about our “gambler economies”, and so that will be the purpose of this effort.

As is often the case, the only way in which we can properly understand our present circumstances is by stepping back (in historical terms) to provide ourselves with the necessary context to properly comprehend these modern day parameters. The first point which must be made is that if we go back even a century, the concept of investing was almost entirely alien to the average person. Instead our markets were 100% the playgrounds (or casinos) of the wealthy.

Why was this so? In part this was a function of opportunity. A century ago ordinary people were much less sophisticated in their understanding of finances. Financial advice was reserved exclusively for the wealthy. So to some extent ordinary people were shut out of markets. However that is literally only half the story.

More importantly, ordinary people didn’t need to “invest” (i.e. gamble with) the fruits of their labours. In part this was a function of lower expectations with respect to our standard of living. A century ago we were not being continually bombarded with advertising first telling us how we “needed” an infinite number of consumer goods for a normal existence, while we were simultaneously bombarded telling us how easy/affordable it was to get credit. Thus a big part of the reason why ordinary people a century ago did not need to invest while ordinary people today are forced to invest is that today people have to find a way to pay off their debts (along with a hefty rate of interest) incurred buying a plethora of consumer goods which they never needed.

But there is still more to this story than that. A century ago, people were paid fair wages. Today, with the real rate of unemployment being above 15% in every Western economy, and with real wages (i.e. accounting for inflation) having been falling steadily for the last forty years; the modern worker is little more than an economic slave – indentured with debts. And (according to the bankers and their advertising) the only hope these 21st century serfs have to purchase their freedom is through “investing” – i.e. entering the rigged casinos of the banksters and entrusting our wealth in their hands.

Thus the crimes of the pseudo-regulators who condone this market-rigging (via automated trading algorithms, naked shorting, and a near endless list of other tolerated crime) are doubly heinous. It would be bad enough if these supposed protectors of the integrity of our markets were only allowing people to be fleeced who were drawn to the markets by greed. Indeed, the attitude of many toward any “rigged casino” is that those who venture inside deserve their fate. However, when ordinary people are being forced to gamble their tiny nest eggs due to the relentless economic oppression of debts + interest, then the corruption of these regulators is absolutely intolerable.

We now see the Cycle of Theft take shape. Bury ordinary people in debt (nothing like a good “housing bubble” to do that!). Squeeze them further by relentlessly shrinking their meager paycheques. Herd them into the banksters’ casinos via the illusion of “investing” their money and climbing out of economic slavery. Fleece the sheep. Rinse and repeat.

Note how insidious and evil this process becomes as the scam is allowed to ripen. The more indebted we become, the more our paycheques shrink, the bigger the risks we must take to offer ourselves any realistic chance of escaping the bankers’ debt-slavery…unless we refuse to play this game of enslavement and then robbery – by escaping the bankers’ world of paper and taking refuge in the sanctuary of precious metals.

There is yet one more reason why the ordinary person of a century ago saw no need to be an “investor” (i.e. a gambler). In the days of a genuine gold standard, our paycheques were not permanently shrinking, since a bona fide gold standard prevents almost all of the bankers’ game of printing excessive quantities of their paper currencies and then stealing from us via currency dilution.

With the fruits of our labours preserved via the integrity of a gold standard, and with ordinary people not being brainwashed into incurring vast amounts of debt, the average citizen of a century ago was largely immune to the scams of the bankers. Not so today.

Today, with our paper currencies (and thus our wages) being slaughtered at the altar of Competitive Devaluation, we can only insulate ourselves from the crime of theft-by-currency-dilution through choosing to regularly and rapidly convert this debauched paper to the pristine financial integrity of gold and/or silver.

Along with this we must be equally resistant to the siren-songs of Excessive Consumption and Easy Credit. There is nothing noble in gluttony. There is never anything “easy” about debt + interest (just ask the government of Greece).

Our governments serve the banking crime syndicate, as do our regulators. Most so-called “financial advisors” are little better than pimps: urging ordinary people to entrust their money to them while concealing the saturation level of corruption which now desecrates our once free-and-open markets. “Buy and hold is dead” they proclaim, a despicable euphemism to mask the truth: that our corrupt markets are now marched up and down at the whims of the banker-predators.

We don’t have to choose to participate in (and be destroyed by) the Gambler Economy. We can shun the bankers’ fiat-paper (and seek the sanctuary of precious metals). We can flee the bankers’ crooked markets (and the legions of ‘pimps’ and other accomplices who assist them in their crimes).

We can become more sophisticated in our financial management (ironically) by emulating our ancestors. We must entrust the fruits of our labours to the multi-thousand year security of gold and silver – not some thief in a fancy suit.

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paxjds
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written by paxjds, February 29, 2012
Dylan,
Banks are no longer banks because they would rather stash their federal bailout at the Fed and get a gauranteed rate of return, instead of making loans and trying to stimulate the economy.
To answer your question, I think Ridotto, Goldman Sachs, Mafia, JPMorgan, and Federal Reserve Bank are all words that have the same meaning. Perhaps a simple word like THIEVES.
Dylan
...
written by Dylan, February 29, 2012
State-sanctioned gambling
Protection of identity of gamblers
Use of prostitiutes
Confiscation of money from the public
placement of notorious gambling fraudsters into positions of power
pump and dump bubbleominics

Is it the Ridotto or is it ...... Goldmans Sachs?

Jeff Nielson
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written by Jeff Nielson, February 29, 2012
Thanks for the history lesson Dylan! smilies/wink.gif
Dylan
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written by Dylan, February 29, 2012
It`s all happened before.....

"But it was casino gambling that made Venice unique. Casino gambling was invented in Venice. In fact, the word - casino - first appears in Venice. By the mid-16th century numerous private gambling houses, known as ridotti, were operating throughout Venice. Towards the end of the century many of these ridotti had changed from places where individuals gambled against each other, to establishments where bettors played against the “house,” the method still in use in present-day Las Vegas.

In 1638 the Venetian Grand Council voted to establish the first government-owned gambling house in Europe. Known simply as the Ridotto, it was housed at the San Moise Palace which was owned by the Venetian nobleman Marco Dandolo, a descendant of the leader of the fourth crusade. At the Ridotto, aristocrats, prostitutes, pimps, usurers, degenerate gamblers, and many foreign visitors rubbed shoulders. All wore masks to protect their identity. In addition to the gambling, a room called the “Chamber of Sighs” provided a place for sexual liaisons.

More than a gambling hall, the Ridotto functioned as an ideal tool for the corruption and blackmail of foreign guests. Of the many thousands who frequented it’s gaming tables, perhaps the two most famous were the Venetian spy Giacomo Casanova, and the speculator John Law. In 1768 the Ridotto was enlarged, using money confiscated from religious convents. In 1774 the Venetian Senate voted to close the Ridotto, after a large number of the Venetian nobility had gambled themselves into poverty. However, this only led to a proliferation of private casinos.

A great expansion of gambling took place in France during the reign of Louis XIV, when games like roulette, baccarat and blackjack became popular. During the Regency of Louis XV, when the finances of France were turned over to John Law, licensed gambling houses spread all over Paris, and of course, Law, himself, imported the gambling methods of the Ridotto into his manipulation of the finances of the French nation. Law spent his last years back in Venice, a regular at the gambling tables, and in 1729 he was buried in a plot of land adjacent to the Ridotto."

Perhaps Bernanke and Greenspan should be buried in Las Vegas ( Gangster style!)
Jeff Nielson
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written by Jeff Nielson, February 28, 2012
JEFF: Your points are well taken, especially in light of the MFGlobal grand theft. No paper assets are safe anymore, even demand deposits at banks. It's becoming too obvious that all counterparties are grabbing what they can w/o any concern of retribution or reprisal.


Apberusdisvet, I would look at your remarks as even representing "understatement": NO assets are safe today from our thieving, Fascist governments.

Yes, any/all paper assets could be stolen at a moment's notice, but what happens if (WHEN?) bullion confiscation takes place? I don't THINK they would send their Nazis around busting down doors - but you never know.

This is why we continue to preach bullion AND mining shares. Surely they can't/won't steal EVERYTHING, so if we "diversify within the sector" to the greatest degree possible we maximize our chances of SURVIVING (and perhaps thriving) despite the outrages which lie ahead.
Jeff Nielson
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written by Jeff Nielson, February 28, 2012
The Gambling Economy with its rigged Casino's you refer also includes the "Chips" they want us to play with. The Chips are shares in paper GLD and SLV; meanwhile the Banksters are buying Physical Gold and Physical Silver for their own Vaults. When Joe Public buys paper gld and paper slv, that keeps the price low for the Banksters and they are able to obtain the Physical PM's(rare metals gold and silver).
At least the BRIC nations and other third world countries are not idiots like their Western counterparts; They Buy Real Physical Gold and Silver. Wake up Citizens of Canada, Europe, and the US!


Paxjds, good point about the banksters even seeking to rob many/most of the "bullion" holders through duping them into buying their PAPER "gold" and "silver" - i.e. paper MASQUERADING as metal.

However, you may be guilty of an unjustified assumption in thinking that ONLY us Westerners are stupid enough to buy paper bullion. All reports I'm seeing/hearing is that "bullion-ETF's" and "bullion accounts" are becoming steadily more popular in major bullion-buying nations like China and India.

This is yet another desperation measure to slow the advance in prices by DILUTING the dollars entering this market.
apberusdisvet
...
written by apberusdisvet, February 28, 2012
JEFF: Your points are well taken, especially in light of the MFGlobal grand theft. No paper assets are safe anymore, even demand deposits at banks. It's becoming too obvious that all counterparties are grabbing what they can w/o any concern of retribution or reprisal.
paxjds
...
written by paxjds, February 27, 2012
People in the West are absolute idiots to listen to the Bankster Cartel. When they do, they are signing on to be life long serfs. The Gambling Economy with its rigged Casino's you refer also includes the "Chips" they want us to play with. The Chips are shares in paper GLD and SLV; meanwhile the Banksters are buying Physical Gold and Physical Silver for their own Vaults. When Joe Public buys paper gld and paper slv, that keeps the price low for the Banksters and they are able to obtain the Physical PM's(rare metals gold and silver).
At least the BRIC nations and other third world countries are not idiots like their Western counterparts; They Buy Real Physical Gold and Silver. Wake up Citizens of Canada, Europe, and the US!

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