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Sat Mar 1, 2014, 10:25 AM

How far are the Tom Perkinses of the world willing to go? Look no further than Silver Thursday

A disastrous event not covered by the 'liberal' media, and perpetrated by our Dear Benevolent Job Creators who EARNED their wealth through inherting it.

Nelson Bunker Hunt and William Herbert Hunt, the sons of Texas oil billionaire Haroldson Lafayette Hunt, Jr., had for some time been attempting to corner the market in silver. In 1979, the price for silver jumped from $6 per troy ounce ($0.193/g) to a record high of $48.70 per troy ounce ($1.566/g), which represents an increase of 712%. The brothers were estimated to hold one third of the entire world supply of silver (other than that held by governments). The situation for other prospective purchasers of silver was so dire that the jeweller Tiffany's took out a full page ad in The New York Times, condemning the Hunt Brothers and stating "We think it is unconscionable for anyone to hoard several billion, yes billion, dollars' worth of silver and thus drive the price up so high that others must pay artificially high prices for articles made of silver"

But on January 7, 1980, in response to the Hunts' accumulation, the exchange rules regarding leverage were changed, when COMEX adopted "Silver Rule 7" placing heavy restrictions on the purchase of commodities on margin. The Hunt brothers had borrowed heavily to finance their purchases, and as the price began to fall again, dropping over 50% in just four days, they were unable to meet their obligations, causing panic in the markets.


http://en.wikipedia.org/wiki/Silver_Thursday

So we get rid of regulations, the gap between the rich and poor continues to grow and allows wealth to be concentrated in the hands of fewer and fewer people, we get rid of people watching this kind of stuff with a complicit media; what's stopping panics like this from happening again?

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Reply How far are the Tom Perkinses of the world willing to go? Look no further than Silver Thursday (Original post)
ck4829 Mar 2014 OP
MisterP Mar 2014 #1

Response to ck4829 (Original post)

Sat Mar 1, 2014, 04:50 PM

1. these people literally invented libertarianism as a movement

otherwise it'd be just neckbeards roaring "fans are slans" and some Objectivists turned into blue-rinse brigades chugging WVa water to show how utterly, MAHvelously safe it is

and then they gave us the DLC

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