{"id":53526,"date":"2019-03-02T02:15:32","date_gmt":"2019-03-02T10:15:32","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=53526"},"modified":"2023-01-21T13:59:42","modified_gmt":"2023-01-21T21:59:42","slug":"black-coffee-2-march-2019","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html","title":{"rendered":"Black Coffee: Gold and the Fed&#8217;s Monetary Roach Motel"},"content":{"rendered":"<p><a href=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/01\/black-coffee.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-23820\" title=\"black coffee\" src=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/01\/black-coffee.jpg\" alt=\"\" width=\"250\" height=\"187\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/01\/black-coffee.jpg 500w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2014\/01\/black-coffee-300x225.jpg 300w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/a><em>It&#8217;s time to sit back, relax and enjoy a little joe<\/em> &#8230;<\/p>\n<p>Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what&#8217;s been going on in the world of money and personal finance.<\/p>\n<p>And away we go &#8230;<\/p>\n<blockquote><p><em>Gold is money. Everything else is credit.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; JP Morgan<\/strong><\/p>\n<blockquote><p><em>Because gold is honest money, it is disliked by dishonest men.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; Ron Paul<\/strong><\/p>\n<blockquote><p><em>Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.<\/em><\/p><\/blockquote>\n<p style=\"text-align: right;\"><strong>&#8212; Norm Franz<\/strong><\/p>\n<p><strong>Credits and Debits<\/strong><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Did you see this? Apparently, the number of $100 bills in global circulation has been steadily increasing since the Great Financial Crisis (GFC) in 2008. In fact, there are now more $100 bills in circulation than $1 bills. CNBC suggests <a href=\"https:\/\/www.cnbc.com\/2019\/02\/27\/theres-been-a-mysterious-surge-in-100-bills-in-circulation-possibly-linked-to-global-corruption.html\" target=\"_blank\" rel=\"noopener noreferrer\">a panoply of potential reasons<\/a>, including &#8220;global corruption.&#8221; I agree &#8212; assuming a decade of currency debauchery via QE and low interest rates is considered &#8220;global corruption.&#8221;<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Then again, maybe there are so many $100 bills in circulation today because the <a href=\"https:\/\/www.zerohedge.com\/news\/2019-02-28\/average-new-car-payment-hits-record-high-545-month\" target=\"_blank\" rel=\"noopener noreferrer\">average monthly payment<\/a> for a new car has climbed to an eye-watering $545. Or is that confusing cause and effect? You know &#8230; like this:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/cv5WLLYo-fk?start=0&amp;end=256;controls=0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> By the way, anyone who believes the Federal Reserve&#8217;s repeated claims that inflation is running at 2% <a href=\"https:\/\/moneymaven.io\/mishtalk\/economics\/stupidity-well-anchored-absurdity-of-inflation-expectations-in-graphic-form-1JrtMZw1P0KRq04hN5nV6A\/\" target=\"_blank\" rel=\"noopener noreferrer\">needs to have their head examined<\/a>. As Mish Shedlock observes, &#8220;The amount of sheer nonsense written about inflation expectations is staggering.&#8221; Agreed. It&#8217;s almost as if nobody at the Fed buys groceries. Or writes rent checks. Or pays for car fuel. Or has health insurance. Or kids in college. Or &#8230;<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> But Bill Fleckenstein points out <a href=\"https:\/\/kingworldnews.com\/this-is-the-truth-about-whats-really-happening-with-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">a bigger problem<\/a>: &#8220;The fact that central banks have decided 2% inflation (is desirable), and it&#8217;s accepted universally by financial publications, is yet another example of when something stupid is repeated often enough, it passes for fact; 2% doesn&#8217;t sound like much, but it means prices double over 30 years. Think about that when you&#8217;re planning your retirement.&#8221; <a href=\"https:\/\/lenpenzo.com\/blog\/id16252-silver-and-gold-the-superheroes-of-wealth-preservation.html\" target=\"_blank\" rel=\"noopener noreferrer\">Oh, I do, Bill<\/a>. I do.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Meanwhile, the stock market continues its miraculous recovery from its December lows. But as Lance Roberts observes, &#8220;The recent rally may <strong><em>not<\/em><\/strong> be justified, (making) further deterioration in forward earnings more problematic. This is particularly the case as <a href=\"https:\/\/realinvestmentadvice.com\/bulls-charge-into-economic-slowdown-02-22-19\/\" target=\"_blank\" rel=\"noopener noreferrer\">valuations have reverted<\/a> back to 30x earnings.&#8221; Historically, fair value for stocks has been roughly 14x earnings. But I&#8217;m sure this time is different. No, really.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> Of course, as MN Gordon notes, &#8220;Someone with even a dim perception of the world around them can see that <a href=\"https:\/\/economicprism.com\/the-future-aint-what-it-used-to-be\/\" target=\"_blank\" rel=\"noopener noreferrer\">something grotesque has occurred<\/a>. Stocks, bonds, and real estate have ballooned well beyond incomes. Moreover, those who deal in financial assets have gotten filthy rich because of it. This lopsided state of affairs would&#8217;ve never (happened) without the Fed.&#8221; True &#8212; but this, too, will pass. Eventually. Just ask Ernie Els:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/FZ2XX3CAmQ4?start=2&amp;end=38;controls=0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> In other news, this week S&amp;P warned that, with governments around the world planning to borrow $8 trillion in 2019 &#8212; including $1 trillion by just the US &#8212; global <a href=\"https:\/\/www.reuters.com\/article\/us-global-debt-s-p\/global-sovereign-debt-to-jump-to-50-trillion-sp-global-idUSKCN1QA1L0\" target=\"_blank\" rel=\"noopener noreferrer\">sovereign debt could top $50 trillion<\/a>; that&#8217;s 6% more than last year. What? You thought global debt should be declining? Heh. That&#8217;s impossible; if debt stopped accumulating, our debt-based fiat monetary system would implode. It&#8217;s simple math &#8212; and a losing game.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> The system is now visibly cracking because we&#8217;re on the exponential part of the debt curve, which is why economist Luke Groman is warning that &#8220;<a href=\"https:\/\/www.macrovoices.com\/podcast-transcripts\/529-luke-groman-the-dollar-end-game-has-already-begun\" target=\"_blank\" rel=\"noopener noreferrer\">the dollar end game has begun<\/a>. The decline will continue until the US nominally defaults on its entitlements or US Treasuries, the US dollar is massively devalued, or the Fed implements &#8216;helicopter money.'&#8221; So when is &#8220;game over?&#8221; Groman says within the next 24 months. Uh oh.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> In reality, <a href=\"https:\/\/www.moneymetals.com\/news\/2019\/02\/26\/fed-must-face-reality-001722\" target=\"_blank\" rel=\"noopener noreferrer\">the Fed is trapped<\/a> in a monetary roach motel of its own making. As Stefan Gleason points out, this is because, &#8220;It may not be possible to withdraw much more stimulus from mortgage and equity markets without collapsing them, (or) unload US Treasury securities without causing a funding crisis for the government.&#8221; Which is a problem, because ever-increasing debt is not an option for the system &#8212; it&#8217;s a feature.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Debit:<\/strong><\/span> Yes, yes. I know what a lot of you are thinking: <em>Why can&#8217;t we just make the wealthiest segment of society pay more taxes?<\/em> You certainly could. Unfortunately, even if you <strong><em>did<\/em><\/strong> <a href=\"https:\/\/www.zerohedge.com\/news\/2019-02-27\/fed-chair-just-admitted-record-us-heading-debt-crisis\" target=\"_blank\" rel=\"noopener noreferrer\">tax 100% of the wealth of the top 1%<\/a>, it would only finance the US deficit for approximately five months. Aww, now there&#8217;s that inconvenient math bugaboo again.<\/p>\n<p><span style=\"color: #008000;\"><strong>Credit:<\/strong><\/span> The world&#8217;s central banks intentionally strive for inflation because they&#8217;ve got no choice. But as the late great investor Richard Russell observed, those central banks will eventually be forced to inflate, die, or devalue the dollar by <a href=\"http:\/\/www.321gold.com\/editorials\/russell\/russell071212.html\" target=\"_blank\" rel=\"noopener noreferrer\">increasing the dollar price of gold<\/a>. That day is fast approaching &#8212; and gold is clearly the best way to short-circuit the ticking time bomb that is our debt-based fiat monetary system.<\/p>\n<p><strong>By the Numbers<\/strong><\/p>\n<p>With the average new car payment now well over $500, you might be interested to know the top ten selling cars last year in the US, presented in reverse order:<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>10<\/strong><\/span><\/span> Chevrolet Malibu<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>9<\/strong><\/span><\/span> Chevrolet Cruze<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>8<\/strong><\/span><\/span> Ford Fusion<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>7<\/strong><\/span><\/span> Hyundai Elantra<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>6<\/strong><\/span><\/span> Nissan Altima<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>5<\/strong><\/span><\/span> Nissan Sentra<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>4<\/strong><\/span><\/span> Honda Accord<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>3<\/strong><\/span><\/span> Toyota Corolla<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>2<\/strong><\/span><\/span> Honda Civic<\/p>\n<p><span style=\"color: #0000ff;\"><span style=\"font-size: x-large;\"><strong>1<\/strong><\/span><\/span> Toyota Camry<\/p>\n<p><em>Source: <a href=\"https:\/\/www.fool.com\/investing\/2018\/12\/21\/the-10-best-selling-cars-of-2018.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Motley Fool<\/a><\/em><\/p>\n<p><strong>The Question of the Week<\/strong><\/p>\n<p><code>[poll id=\"257\"]<\/code><\/p>\n<p><strong>Last Week&#8217;s Poll Results<\/strong><\/p>\n<p>How would you characterize your home&#8217;s location?<\/p>\n<ul>\n<li>Suburban (55%)<\/li>\n<li>Rural (33%)<\/li>\n<li>Urban (12%)<\/li>\n<\/ul>\n<p>More than 1200 Len Penzo dot Com readers responded to last week&#8217;s question and it turns out that 1 in 3 say they live in a rural area, away from the hustle and bustle of the cities and suburbs. As for me, I&#8217;m here in suburban Southern California. Twas a time I thought I would retire to someplace a bit less populated and quieter &#8212; but I&#8217;m no longer sure that is in the cards for me. We&#8217;ll see.<\/p>\n<p>This week&#8217;s question was submitted by <strong>Frank<\/strong>. Thank you, sir! And if <strong><em>you<\/em><\/strong> have a question you&#8217;d like to ask the readers here at Len Penzo dot Com, please send it to me at <strong>Len@LenPenzo.com<\/strong> &#8212; and be sure to put &#8220;Question of the Week&#8221; in the subject line.<\/p>\n<p><strong>Insider Notes: More on Revaluing The Dollar Price of Gold <\/strong><\/p>\n<p><em>Hey! You need to be an Insider to view the rest of this article! To join, please click &#8220;Insider Membership&#8221; at the top of my blog page.<\/em><\/p>\n<p><strong>Useless News: Forgive and Forget<\/strong><\/p>\n<p>The preacher&#8217;s Sunday sermon was &#8216;Forgive Your Enemies.&#8217;.<\/p>\n<p>Toward the end of the service he asked his congregation, &#8220;How many of you have forgiven your enemies?&#8221; Only about half held up their hands.<\/p>\n<p>Not satisfied with the response, the preacher repeated his question. As it was past lunchtime, this time about 80% of the congregation held up their hands.<\/p>\n<p>Still disappointed at the response from his congregation, the preacher then repeated his question yet again. This time, everybody responded &#8212; except one small elderly lady.<\/p>\n<p>&#8220;Mrs. Jones,&#8221; inquired the preacher, &#8220;are you not willing to forgive your enemies?&#8221;<\/p>\n<p>&#8220;I don&#8217;t have any enemies.&#8221; she replied, smiling sweetly.<\/p>\n<p>&#8220;Mrs. Jones, that&#8217;s <strong><em>very<\/em><\/strong> unusual. How old are you?&#8221;<\/p>\n<p>&#8220;Ninety-three.&#8221; she replied.<\/p>\n<p>&#8220;Oh, Mrs. Jones, what a blessing and a lesson to us all you are!&#8221; said the preacher. &#8220;Would you please come down in front of this congregation and tell us all how a person can live ninety-three years and not have an enemy in the world?&#8217;<\/p>\n<p>And so the little sweetheart of a lady tottered down the aisle. When she got to the front of the congregation, she turned to face them and said: &#8220;I outlived them all.&#8221;<\/p>\n<p><em>(h\/t: Mikey)<\/em><\/p>\n<p><strong>Other Useless News <\/strong><\/p>\n<p>Programming note: Unlike most blogs, I&#8217;m always open for the weekend here at Len Penzo dot Com. There&#8217;s a fresh new article waiting for you every Saturday afternoon. At least there should be. If not, somebody call 9-1-1.<\/p>\n<p>Hey! If you happen to enjoy what you&#8217;re reading &#8212; or not &#8212; please don&#8217;t forget to:<\/p>\n<p>1. Click on that <strong>Like<\/strong> button in the sidebar to your right and <a href=\"http:\/\/www.facebook.com\/LenPenzo\">become a fan of Len Penzo dot Com on Facebook<\/a>!<\/p>\n<p>2. Make sure you <a href=\"http:\/\/twitter.com\/LenPenzo\">follow me on Twitter<\/a>!<\/p>\n<p>3. Don&#8217;t forget to <a href=\"mailto:lenpenzolist@aweber.com\">subscribe via email<\/a> too! Thank you.<\/p>\n<p>And last, but not least &#8230;<\/p>\n<p>4. Consider becoming a <a href=\"https:\/\/lenpenzo.com\/blog\/membership-account\">Len Penzo dot Com Insider<\/a>!<\/p>\n<p><strong>Letters, I Get Letters <\/strong><\/p>\n<p>Every week I feature the most interesting question or comment &#8212; assuming I get one, that is. And folks who are lucky enough to have the only question in the mailbag get their letter highlighted here whether it&#8217;s interesting or not! You can reach out to me at: <strong>Len@LenPenzo.com<\/strong><\/p>\n<p>After reading my article highlighting 36 amazing uses for plastic grocery bags, <strong>Anke<\/strong> decided to drop this note in the Len Penzo dot Com complaint box:<\/p>\n<blockquote><p><em>This is a disgusting post. Plastic bags are an environmental plaque [sic]!<\/em><\/p><\/blockquote>\n<p><span style=\"color: #0000ff;\">Uh huh. But would you change your mind if I told you plastic bags are also considered a suffocation hazard?<\/span><\/p>\n<p>If you enjoyed what you read here, please forward this to your friends and family. I&#8217;m Len Penzo and I approved this message.<\/p>\n<p style=\"text-align: right;\"><span style=\"font-size: smaller;\">Photo Credit: brendan-c<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s time to sit back, relax and enjoy a little joe &#8230; Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what&#8217;s been going on in the world of money and personal finance. And away we go &#8230; Gold is money. Everything else is credit. &#8212; JP Morgan Because gold is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[472],"tags":[],"class_list":{"0":"post-53526","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commentary","8":"pmpro-has-access","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Black Coffee: Gold and the Fed&#039;s Monetary Roach Motel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Coffee: Gold and the Fed&#039;s Monetary Roach Motel\" \/>\n<meta property=\"og:description\" content=\"It&#8217;s time to sit back, relax and enjoy a little joe &#8230; Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what&#8217;s been going on in the world of money and personal finance. And away we go &#8230; Gold is money. Everything else is credit. &#8212; JP Morgan Because gold is [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html\" \/>\n<meta property=\"og:site_name\" content=\"Len Penzo dot Com\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/LenPenzo\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-02T10:15:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-21T21:59:42+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2017\/12\/black-coffee.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Len Penzo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LenPenzo\" \/>\n<meta name=\"twitter:site\" content=\"@LenPenzo\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Len Penzo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html\"},\"author\":{\"name\":\"Len Penzo\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#\\\/schema\\\/person\\\/3968bb46693d14b2ae2ab4958aa41dfd\"},\"headline\":\"Black Coffee: Gold and the Fed&#8217;s Monetary Roach Motel\",\"datePublished\":\"2019-03-02T10:15:32+00:00\",\"dateModified\":\"2023-01-21T21:59:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html\"},\"wordCount\":2005,\"commentCount\":24,\"publisher\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/black-coffee.jpg\",\"articleSection\":[\"Commentary\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html\",\"url\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html\",\"name\":\"Black Coffee: Gold and the Fed's Monetary Roach Motel\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/black-coffee.jpg\",\"datePublished\":\"2019-03-02T10:15:32+00:00\",\"dateModified\":\"2023-01-21T21:59:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#primaryimage\",\"url\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/black-coffee.jpg\",\"contentUrl\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/black-coffee.jpg\",\"width\":500,\"height\":375},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/id53526-black-coffee-2-march-2019.html#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/lenpenzo.com\\\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Black Coffee: Gold and the Fed&#8217;s Monetary Roach Motel\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/\",\"name\":\"Len Penzo dot Com\",\"description\":\"The offbeat personal finance blog for responsible people.\",\"publisher\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#organization\",\"name\":\"Len Penzo dot Com\",\"url\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Block_L.png\",\"contentUrl\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Block_L.png\",\"width\":359,\"height\":360,\"caption\":\"Len Penzo dot Com\"},\"image\":{\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"http:\\\/\\\/www.facebook.com\\\/LenPenzo\",\"https:\\\/\\\/x.com\\\/LenPenzo\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/lenpenzo.com\\\/blog\\\/#\\\/schema\\\/person\\\/3968bb46693d14b2ae2ab4958aa41dfd\",\"name\":\"Len Penzo\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/779ff799a8fbdf9cd0cb6f9b1cd7ff58e9726e79c4df9213b22471192452c500?s=96&d=monsterid&r=r\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/779ff799a8fbdf9cd0cb6f9b1cd7ff58e9726e79c4df9213b22471192452c500?s=96&d=monsterid&r=r\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/779ff799a8fbdf9cd0cb6f9b1cd7ff58e9726e79c4df9213b22471192452c500?s=96&d=monsterid&r=r\",\"caption\":\"Len Penzo\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Black Coffee: Gold and the Fed's Monetary Roach Motel","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html","og_locale":"en_US","og_type":"article","og_title":"Black Coffee: Gold and the Fed's Monetary Roach Motel","og_description":"It&#8217;s time to sit back, relax and enjoy a little joe &#8230; Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what&#8217;s been going on in the world of money and personal finance. And away we go &#8230; Gold is money. Everything else is credit. &#8212; JP Morgan Because gold is [&hellip;]","og_url":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html","og_site_name":"Len Penzo dot Com","article_publisher":"http:\/\/www.facebook.com\/LenPenzo","article_published_time":"2019-03-02T10:15:32+00:00","article_modified_time":"2023-01-21T21:59:42+00:00","og_image":[{"width":500,"height":375,"url":"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2017\/12\/black-coffee.jpg","type":"image\/jpeg"}],"author":"Len Penzo","twitter_card":"summary_large_image","twitter_creator":"@LenPenzo","twitter_site":"@LenPenzo","twitter_misc":{"Written by":"Len Penzo","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#article","isPartOf":{"@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html"},"author":{"name":"Len Penzo","@id":"https:\/\/lenpenzo.com\/blog\/#\/schema\/person\/3968bb46693d14b2ae2ab4958aa41dfd"},"headline":"Black Coffee: Gold and the Fed&#8217;s Monetary Roach Motel","datePublished":"2019-03-02T10:15:32+00:00","dateModified":"2023-01-21T21:59:42+00:00","mainEntityOfPage":{"@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html"},"wordCount":2005,"commentCount":24,"publisher":{"@id":"https:\/\/lenpenzo.com\/blog\/#organization"},"image":{"@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#primaryimage"},"thumbnailUrl":"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2017\/12\/black-coffee.jpg","articleSection":["Commentary"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#respond"]}]},{"@type":"WebPage","@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html","url":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html","name":"Black Coffee: Gold and the Fed's Monetary Roach Motel","isPartOf":{"@id":"https:\/\/lenpenzo.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#primaryimage"},"image":{"@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#primaryimage"},"thumbnailUrl":"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2017\/12\/black-coffee.jpg","datePublished":"2019-03-02T10:15:32+00:00","dateModified":"2023-01-21T21:59:42+00:00","breadcrumb":{"@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#primaryimage","url":"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2017\/12\/black-coffee.jpg","contentUrl":"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2017\/12\/black-coffee.jpg","width":500,"height":375},{"@type":"BreadcrumbList","@id":"https:\/\/lenpenzo.com\/blog\/id53526-black-coffee-2-march-2019.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/lenpenzo.com\/blog"},{"@type":"ListItem","position":2,"name":"Black Coffee: Gold and the Fed&#8217;s Monetary Roach Motel"}]},{"@type":"WebSite","@id":"https:\/\/lenpenzo.com\/blog\/#website","url":"https:\/\/lenpenzo.com\/blog\/","name":"Len Penzo dot Com","description":"The offbeat personal finance blog for responsible people.","publisher":{"@id":"https:\/\/lenpenzo.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/lenpenzo.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/lenpenzo.com\/blog\/#organization","name":"Len Penzo dot Com","url":"https:\/\/lenpenzo.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/lenpenzo.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2022\/06\/Block_L.png","contentUrl":"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2022\/06\/Block_L.png","width":359,"height":360,"caption":"Len Penzo dot Com"},"image":{"@id":"https:\/\/lenpenzo.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["http:\/\/www.facebook.com\/LenPenzo","https:\/\/x.com\/LenPenzo"]},{"@type":"Person","@id":"https:\/\/lenpenzo.com\/blog\/#\/schema\/person\/3968bb46693d14b2ae2ab4958aa41dfd","name":"Len Penzo","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/779ff799a8fbdf9cd0cb6f9b1cd7ff58e9726e79c4df9213b22471192452c500?s=96&d=monsterid&r=r","url":"https:\/\/secure.gravatar.com\/avatar\/779ff799a8fbdf9cd0cb6f9b1cd7ff58e9726e79c4df9213b22471192452c500?s=96&d=monsterid&r=r","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/779ff799a8fbdf9cd0cb6f9b1cd7ff58e9726e79c4df9213b22471192452c500?s=96&d=monsterid&r=r","caption":"Len Penzo"}}]}},"_links":{"self":[{"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/posts\/53526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/comments?post=53526"}],"version-history":[{"count":2,"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/posts\/53526\/revisions"}],"predecessor-version":[{"id":76864,"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/posts\/53526\/revisions\/76864"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/media\/46694"}],"wp:attachment":[{"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/media?parent=53526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/categories?post=53526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lenpenzo.com\/blog\/wp-json\/wp\/v2\/tags?post=53526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}