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Simply A Reminder:
"In the absence of a gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good and thereafter decline to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as claims on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to be able to protect themselves.
This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." -- Alan Greenspan, 'Gold and Economic Freedom' in 1966.
Very true. Does Greenspan regret what he wrote(though it is very true)?
This was written during Greenspan's "innocent" stage of life, when he felt truth and virtue was worth more than a paycheck. Happily he outgrew this stage and progressed to "full whore" soon after.
Ironically in his twilight, he has morphed into the final stage of life, that of "old whore". In this last glorious blooming, where with little to lose he can return to those care free days of his youth, he is once again speaking about fiscal sanity and of protecting the weak from the selfish and arrogantly powerful.
At least until he is sent to sleep with the hot tub fishes.
People converting their bank deposits into precious metals and hard goods... isn't that already occuring?
For real irony, check out Greenspan's article "The Assault on Integrity" (no, I'm not kidding). It's still in print for those interested. Search "Capitalism: the Unknown Ideal".
Been doin that since jan'08! Average physical silver price on hand under 14 bucks an oz!! In bankster gangster land 100% possession is the law among the theiving lawless rat bastards! Guns/ammo purchased in '08 inflated by 67%! Food/water storage as I go looking for rock bottom bargains freeze dried; whatever inflated to who knows how much!! Certainly won't find me standing in line for food stamps, welfare check, or goon government subsidized tent city housing coast to roast!!
I told you so:
What Country is Next in the Coming Pan-European Sovereign Debt Crisis? – illustrates the potential for the domino effect
The Pan-European Sovereign Debt Crisis: If I Were to Short Any Country, What Country Would That Be.. – attempts to illustrate the highly interdependent weaknesses in Europe’s sovereign nations can effect even the perceived “stronger” nations.
The Coming Pan-European Soverign Debt Crisis, Pt 4: The Spread to Western European Countries
The Depression is Already Here for Some Members of Europe, and It Just Might Be Contagious!
The Beginning of the Endgame is Coming???
I Think It’s Confirmed, Greece Will Be the First Domino to Fall
Smoking Swap Guns Are Beginning to Litter EuroLand, Sovereign Debt Buyer Beware!
Financial Contagion vs. Economic Contagion: Does the Market Underestimate the Effects of the Latter?
Greek Crisis Is Over, Region Safe”, Prodi Says – I say Liar, Liar, Pants on Fire!
I totally agree with you reggie, spot on. They are doing everything on both sides of the pond to keep the appearance of market cohesion and financial stability to the public. But many of the insiders and the govt. know that European Union should be dissolved and go back to each having their own currency and also the US govt. is insolvent and will silently default on debt.
Run for your life!
IMF = International MuthaFuchas
We're having fun now!
This is looking increasingly like the blow-off top in the failed, global fiat currency experiment.
An entire generation of the world's wealth is destroyed for bankers and politicians? Oops! Sorry about that. We'll do better next time. Trust us.
"is destroyed for bankers and politicians?"
is *transfered to* the bankers and politicians?
..there, fixed it for you..
at first and both surprisingly and interestingly so. not even the government can afford that however "along any time line" since as ZH so ably proclaims "you'll be dead if you do."
hmm, let's see... the IMF (International Murderers' Fund) is supposedly in a FiCkLe (FCL) PiCkLe (PCL)?
And the IMF is now determined to create its own version of Moore's law ---> Shall we call it "Zimbabwe's Law"?
Does doubling the amount of borrowing availability every 6 months eventually become a doubling every 24 hours?
Aren't these the wiz kids who just offloaded 403 tons of gold!!!???? WTF?!
Brilliant, just brilliant.
to whom did they off load it to?
"proverbial coalmine in the canary"... I hope I'm not about to be that guy who says, "ummmm... it was the Japanese who bombed Pearl Harbor, not the Germans".... missing the reference, but shouldn't this read "proverbial canary in the coalmine"?
causation implies correlation
horse before cart?
Causation is not necessary for correlation.
causation implies correlation doesn't mean causation is necessary for correlation: all correlations are "bigger" than just those produced by causation. nevertheless events caused by other events are themselves correlated.
Correlations do not determine root causes.
We've crossed that bridge after we came to it?
Disagree, events caused by other events are not necessarily correlated.
They Shoot Horses Don't They?
LOL!! Good one!
and what an implication!
Gold is going to 15,000 per oz and Silver to $250 per oz now...
At some point don't be surprised with those prices for Gold and Silver.
So many lies and liars out there. Whom to trust? Gold, Silver, and maybe guns & ammo. And get good with your spiritual situation (religion).
Everything keeps getting weirder by the day. Diversify and get prepared...
Its still a circus. The merry go round was to fast for me.
I fell off.
I'm just sitting here watching the wheels go round and round, I really love to watch them roll, No longer riding on the merry-go-round, I just had to let it go
John Lennon, Watching the Wheels
DCRB, things are looking really weird, eh? Kinda like the folks who say we really don't want to be here when/if gold gets to $10K -- I'm thinking they may be right!
i think Silver is going much higher than that.....Amero is going to be backed by Siver ...and we all know the silver price suppression by JPM.......
But...but...but the USD is backed by cocaine!
Now that's a strong currency, ain't it not?
and your point is?
Perhaps we could locate the wayward Mr. Zhou by searching the offices of the IMF. With their ever-expanding role, they could really use a man of his many talents.
Just discussing that very topic earlier today. Someone has a reward waiting for buying all of that junk....
[Do you know of any islands purchased by a squid]
"The IMF last year already had to rebrand the flexible credit line after it failed to attract a single country. Mexico, Poland and Columbia have since applied and qualified for a total IMF commitment of about $US72 billion. They each renewed this year although none had drawn on the credit lines."
Good on them. I was sorta hoping the dollar would outlive the Euro by a few months, but all the fiat currencies have to die someday I guess. It's not like we are going to pay it back, it just further rockets us to publicly acknowledged insolvency. Can't wait till the IMF has to borrow from the US, to bail out the US.
The dollar will be the last fiat currency standing, but not for very long. And it will probably be replaced by another global fiat currency system.
And it will probably be replaced by another global fiat currency system.
And it will probably be replaced by another global fiat currency system.
This sounds scary because it sounds possible. We will have coordinated bubbles all around the world, and then, when the bubble go bust, global crisis at the same time. Its going to be so much fun.
The new currency is not going to be a currency per-se. Instead debit/credit cards will succeed the old paper & coin system. Bye bye black money.
I don't see how that would be a likely possibility given that so much of what pols and oligarchs do is somehow dirty, it would seem like cash would be a preferred method of payment. I also look at how much of the US runs on the cash economy and doubt that cash is going anywhere anytime soon. Fast food joints will take credit/debit cards now, but most of their intake still has to be from cash purchases.
Imagine the 41 million in the USA on food "stamp" debit cards could be joined by billions in worldwide food stamp program. Not sure how that would work when the American family of four receives more in food stamps in one month than most around the world EARN in pay for a full year, but the masters will work out something equitable for all the slaves. My guess is Americans will have to aquire a taste for rice and beans six days a week.
Right, 4tfQuad, anyone thinking a Phoenix currency like Amero or Boncor will be backed by anything has to be nuts. Theyll be 'backed' by your slavery. If you do good work for Our Beloved Leader, then you might get a few credits put on your chip. There will be no 'savings'.
"coordinated bubbles"? scary or hilarious? who needs a canon when all you need is a pea shooter.
Shameful, as always great to read your comments again.
Because of a tsunami of bearing orders arriving in Peru (without notice or documents), I had to send a BUNCH of money to suppliers overseas. While that hurts me "here" (less money) it may help me there (if I exfiltrate to Peru).
Keep your options REAL OPEN re your own life. Be aware, cautious and even semi-paranoid.
Let us know in the ZH community what you think of any foreign places you explore!
sometimes you can explore foreign places without getting off the couch, too.
Nova Scotia - great - main drawback , its an island . Moderate winters . Not over populated
Hummm An Island with a land bridge. (?)
I have never been to Peru but I am scratching my head as to why move there. Please enlighten me. I have been researching Belize and Costa Rica but I really need to visit first hand to make a decision. Your thoughts!
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