First, let me make very clear that I like Thom Hartmann's radio show on Air America. Hartmann is an intelligent, thoughtful liberal with a lot to say about the state of our political system, foreign policy, and economy. Generally, I find him to be a very honest, sincere spokesperson for progressive causes.
Here's my problem with Hartmann: Like so many other radio hosts across the political spectrum, he's decided to use his good name to sell a service called "Goldline International." Goldline International is a network of gold brokers who are in the business of convincing people that the American dollar is on it's way out and the only way to protect personal wealth is through the purchase of "rare" gold coins.
And that, by itself, is fine. Radio shows cost money, which means they need advertisement revenue. Hartmann's not the only host to peddle Goldline- Randi Rhodes, Bill Press, and Ed Schultz do it too. And it's not just liberal hosts- I've heard Sean Hannity and Laura Ingraham warn their listeners that if they are relying on paper wealth to provide for a stable financial future, they are setting themselves up for disaster when the economy inevitably tanks.
But here's where Hartmann crosses the line-- I'm listening to a rebroadcast of his show on Sunday afternoon. Hartmann is discussing the economy in very general terms, when he "just happens" to mention that economic indicators point to a rise in inflation coming, possibly by the end of the year. "We can see prices already starting to rise, and that explains the spikes in gold prices over the last year." After making a few more points, Hartmann goes to commercial---- and the VERY FIRST COMMERCIAL that comes on is- you guessed it- Tom Hartmann pitching "rare gold coins" from Goldline International "as a hedge against Inflation."
Come on, there's got to be a line here that's been crossed. Hartmann educates his listeners on the issues of Global Warming, the Health Care crisis, etc. His weekly interviews with Senator Bernie Sanders of Vermont ("Brunch with Bernie") are not to be missed. But Hartmann cheapens his profession and brings everything he says into question when he uses a general discussion of the economy to provide a subliminal plug for one of his advertisers. Makes me wonder if Goldline is paying extra for this kind of advertising- or Hartmann has a financial stake in the company. Either way, it's dishonest and dirty.
We expect more of you, Mr. Hartmann. A lot more.
"I got some gold from ITM Trading and you should too."
ReplyDeleteDefine "some." Did you buy one gold coin, or a certificate that says you hold a single ounce of gold in some alleged ITM stockpile someplace, just so you could be truthful when you said you owned gold?
America Left's ad breaks are populated almost entirely by ads for selling gold or buying it. (And ads for debt consolidation and debt management.) So which is it? Are these the worst of times, so there's never been a better opportunity to sell my gold and use the money for "the vacation of a lifetime," or are they the worst of times and I need to buy gold as "the only asset that isn't someone else's debt", so that when money becomes worthless, I can use gold to pay for the basic necessities of life? It can't be both. America Left should just choose one.
Gold brokers tend to make a lot of money in three ways: First, they move customers who are interested in purchasing gold into buying the most expensive gold coins available. Then, they encourage customers to use their "storage service" hold their gold reserves, at high monthly fees. Finally, if the customers insist on holding the coins themselves, they charge very high shipping rates (with high insurance, of course.)
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ReplyDeleteThank You for this post. I happen to be interested in gold/silver investing. Your blog and the comments on it helped me look at other options. The storage and shipping fees are now on my radar. Keep up the good work.
ReplyDeleteGold is peddled in this way because it has a high intrinsic value to mass ratio. The salemen are correct that the US dollar is worth what it is said to be worth based on what it can be traded for.
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