what a scam it is

Ladies and gentlemen, gold is the only investment to safeguard your livelihoods.

Glenn Beck, Gold, fraud and deceit investigationThis is about gold, currency, the end of the USA. Everybody needs gold. Glenn Beck is an upstanding man for selling us gold. We need it so badly to protect us from Obama, Pelosi, Bernanke and the Trilateral Commission.

click for ginormous chart of deceit

“Obviously all these new boiler room high pressure sales groups that used to be pushing sub-prime financing are now trying to convince the unsophisticated listeners of right wing talk that they better buy gold before the dollar becomes worthless because of Obama’s reckless spending.”

The Subcommittee on Commerce, Trade, and Consumer Protection will investigate the business practices, fraud, deceit and aggressive sales tactics of Goldline International and Fox News’ Glenn Beck (including Mike Huckabee and Fred Thompson) to sell overpriced gold coins.

Broadcasting to millions to prey upon nest eggs, how do firms like Goldline make money? The average Goldline markup was 90% above the melt value of the coin. The largest markup was 208% above the melt value. The average markup is 47% higher than competitors.

By selling gold at twice the melt value, the price of gold would need to double for suckers to break even on their so-called ‘investment’.

Requiring reasonable behavior is an interesting task. Milton Friedman assumed we would all learn by trial and error. But under an assault of false choices, not one of us will live long enough to learn how to filter out all the crap. (Can we prove that? See pdf here: “Individual Learning About Consumption”).

Education is good. Con requires restraints.