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Alasdair Macleod: How precious metals will replace fiat money
10:47a ET Thursday, March 17, 2011
Dear Friend of GATA and Gold (and Silver):
The international fractional-reserve banking system carries the seeds of its own destruction and the world will revert to the monetary metals as the basis of a payment system, economist and former banker Alasdair Macleod writes today. Macleod's commentary is headlined "How Precious Metals Will Replace Fiat Money" and you can find it at his Internet site, Finance and Economics, here:
http://www.financeandeconomics.org/Articles%20archive/22011.03.17%20Mone...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
The Gold Standard Now: It Can Work
On March 17 former Reagan Gold Commission member Lewis E. Lehrman, journalist James Grant, and Prof. James Salerno will testify before U.S. Rep. Ron Paul's Subcommittee on Domestic Monetary Policy. This is the most significant monetary policy hearing in at least a generation, probably in 40 years, possibly in our lifetimes.
Today a dollar is worth 80 percent less than it was 40 years ago, and less than 5 percent of its value a hundred years ago. We deserve a dollar that is as good as gold, a dollar that will hold its value from year to year so we can be financially secure and our economy can generate more and better jobs.
For most of America's history, our dollar was literally as good as gold. But on August 15, 1971, our politicians destroyed the link between gold and the dollar. They destroyed the foundations of our economic system.
A new Internet site, TheGoldStandardNow.org, provides news and cutting-edge analysis about this most important issue and explains how the gold standard worked in the past and how it can work in the future. Visit us today:
http://www.thegoldstandardnow.org/about/137-welcome-newsmax
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Prophecy Resource Spins Off Platinum/Palladium Venture:
World-Class PGM Deposit in Yukon
Company Press Release, January 18, 2011
VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY)and Pacific Coast Nickel Corp. announce that they have agreed that PCNC will acquire Prophecy's Nickel PGM projects by issuing common shares to Prophecy.
PCNC will acquire the Wellgreen PGM Ni-Cu and Lynn Lake nickel projects in the Yukon Territory and Manitoba respectively by issuing up to 550 million common shares of PCNC to Prophecy. PCNC has 55.7 million shares outstanding.
Following the transaction:
-- Prophecy will own approximately 90 percent of PCNC.
-- PCNC will consolidate its share capital on a 10 old for one new basis.
-- Prophecy will change its name to Prophecy Coal Corp. and PCNC will be renamed Prophecy Platinum Corp.
-- Prophecy intends to distribute half of its PCNC shares to shareholders pro-rata in accordance with their holdings.
Based on the closing price of the common shares of PCNC on January 17, $0.195 per share, the gross value of the transaction is $107,250,000.
For the complete announcement, please visit:
http://prophecyresource.com/news_2011_jan18.php
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