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Must Read From the Economist
The Euro: Beware of Falling Masonry from the Economist
The prospect that one country might break its ties to the euro, voluntarily or not, would cause widespread bank runs in other weak economies. Depositors would rush to get their savings out of the country to pre-empt a forced conversion to a new, weaker currency. Governments would have to impose limits on bank withdrawals or close banks temporarily. Capital controls and even travel restrictions would be needed to stanch the bleeding of money from the economy. Such restrictions would slow the circulation of money around the economy, deepening the recession.
Sounds great.
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pre-empt a forced conversion to a new, weaker currency.
You mean there can be a weaker currency?
Yes, I know it's hard to fathom, but really, it's the only way.
In a world run by ZIRP, who needs interest payments if the principal continually climbs? Especially once all of the banks not in the club, are safely dead.
Check your gold for embedded RFID. Gold confiscation is not unprecedented.
But more seriously, there is some greater nastiness about to happen. Main question is: it's 1914, you're watching the dominoes fall. You totally see it coming, but what do you do?
Physics lesson for the day: burying a transmitter inside a brick of gold will make it pretty much useless.
Pro-tip: if someone can get close enough to your gold to detect it with RFID, you're doing it wrong.
It's embedded in the assay certificate, unless you are buying tungsten blocks from a pawn shop.
Idiot.
You're forgetting about the modulated tachyonic neutrino beams used by TPTB, who can not only detect and pinpoint the location of your gold from the other side of the earth, they can detect it in the past as well!
(puts tinfoil on)
OK now that was funny, I don't care who you are. LMAO!
Go to Chris Martenson's site. He's got lots of ideas. Food (LT storage); Some cash in case ATMs go down; some metals as insurance; junk silver to trade with day2day. Move your money across multiple institutions to avoid FDIC paralysis.
Add: guns, ammo depending on your temperament. Security: personal, home, car.
Much depends on how the dominoes fall. I do expect intervention; just not sure there's enough $ to bail out the TBTF banks. FDIC fund = $7.8b. Puny; and the banks are still complaining about it.
a) line up with the animals at walmart for an xbox
b) move to outer mongolia
c) tense up for the gut shot
I think most of us that see it coming are just going to suck it up. Theres only so much prep you can do and when the ship goes down we are all getting wet. Noones walking on water unless you have FU money and have spent it wisely.
http://www.youtube.com/watch?v=7GSXbgfKFWg
Wow - those guys are really ahead of the curve.
Yes, now would be a good time to beat the rush. For the United States, 1913 would have been a better time. The Fed is going to drag the U. S. into this mess.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
The. Article speaks of using IOUs as 'proto currency' but nowhere does it mention the role of gold or silver...
Oops my bad.. Gold isn't backed by anything! At least IOUs have the full faith and credit of umm McDonalds behind it.
it's gonna come back on everyone...
http://www.youtube.com/watch?v=yoLoEw8D0Bg&feature=related
anyone looked at the US lately? Capital controls: yes
debased currency; most definitely
fascist police state: coming to a community nearby
Community? Oh yes. Community organzing with the muslim.
coming?
Coming as in Rocco Siffredi is coming.
When the MSM prints this type of article, it's just fear-mongering to further the interests of the banksters. Pure and simple.
Why do that?? Just buy gold. The paper money will just be worthless anyway, if you can even withdraw it by the time you make your way to the bank or ATM.
Dear navy,
there are average shepple like me who are still 401/403 bonded slave.I buy what ever i can with cash.I'm paralyzed as to whether I should cash my 401.
Rollover your current 40X into a self-directed 401 at Fidelity or Vanguard or wherever you like and then put the proceeds in a PM trust or speculate in metals-based ETFs. Cash out when you think the time is right.
Prechter advises cashing out ASAP, before currency or capital controls prohibit it completely. He believes the freedom to control your own money is worth the 10% penalty. His opinion. Make up your own mind.
Taxes are unlikely to go down, so that 10% penalty won't seem so bad in the rearview mirror.
If you are looking at ETFs - look for the ones that are backed or covertible to physical. Spott and CEF are worth a look.
You can only do that if you have a triggering event under the terms of the plan (e.g.,termination of employment). In service distributions without a triggering event would only be allowed in cases of hardship (if the plan allowed), and wanting to buy gold is not a hardship. If you can take a loan, it will be limited to the lesser of $ 50,000 or 1/2 your vested balance, repayable over at most 5 years via payroll deduction. Bottom line...your money is locked up in paper assets if you are under age 59 1/2 and employed by the plan sponsor. You could lobby for self directed brokerage accounts to be offered, but good luck there, most won't offer it due to administrative complexity.
I agree. I will be cashing out my IRA on 1/1/12. I hope we keep this can kicked down the road until that time. Capital controls is my only reason for cashing out.
Which is just a specific form of counter-party risk (albeit a third-party, in this case). To me, unlimited counter-party risk of paper assets vs. no counter-party risk with PMs is a no-brainer. The only question for me? Is the price right, now, or do I wait for a better entry point? (as that answer can make the 10% penalty moot, eventually)
I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear.
I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing.
Only I will remain
Thanks, Sgt S. - That is a superb, extraordinary, deep quote there. I did not know it, and am very glad now to have learned it. I had not read the novel that is the source of this quote, the famous science fiction work 'Dune' by author Frank Herbert (1920-1986).
This quotation is the 'Litany Against Fear' from the group of characters in Dune who are the women of the 'Bene Gesserit' sisterhood, 'bene gesserit' being a phrase from the ancient Latin language, with a meaning suggesting something like, 'She will conduct herself well':
Once again, the great 'Litany Against Fear', from the pen of Frank Herbert, indeed from a work of fiction ... but carrying much and profound truth:
« I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. »
Dune is an outstanding book and a different experience to the film as its almost unfilmable.
Do read it, its pure politics - non stop plotting - 'plans within plans' with some sci-fi thrown in.
Relevant still.
There were many sequels.
Dune - outstanding 10/10
Dune Messiah - still smoking 8/10
Children of Dune - yeah ok 5.5/10
God Emperor of Dune - going off badly here 3/10
Chapterhouse dune and the other one..heretics of dune - total fucking shit 0/10
:p
I agree with your ratings. By the end I was like, "GAahhhh!!! Why the fuck am I reading this mindless, monotonous prose? Oh yeah, it's because I'm hoping for another great book like Dune." (which was so awesome, I read it straight through in a day).
No shit, the spice must flow. I would ony add that Dune also greatly reveals the true nature of man in all his glory/horror. The mistress can not be the wife etc.
one man's mistress, other man's wife; problem solved.
Well played.
Got Spice??
Old Spice?
Spice Girls!
He who controls the spice controls the universe!
He who controls the price controls the universe!
You mean...Ben Bernanke is the Kwisatz Haderach?
Will he make it rain (dollars) in the desert like Kyle MacLachlan?
He who controls the price --- will lose control in the end.
You cannot win against fear by avoiding or fighting it. You must re-assure yourself that you bill be ok and there is nothing substantial behind it. Remember, most of what we call fear is actually worry. Fear is what you feel just before you fall off a ladder.
I would say it is more like accepting the fact that only you control your destiny, The laws of Nature and physics make no promises regarding your survival so why would you believe that any institution or man-made agency could deliver on such promises?
The laws of Nature do make a promise regarding your survival. That it will end at some point.
Have no fear, because you will die no matter what.
Don't fear pain, it is just a signal in your brain.
The media is discussing the possibilities, bitchez. And when things are discussed, they come to the fore. Now everyone understands what fiat really means. Now everyone knows that the game is rigged. Of course, people will likely not do anything, their eyes as big as a doe's in the high beams, but still, they know.
Morons who watch TV enabled and enpower the elites. How is that Hope & Change working out?
Hey, we get it already, Fred. Obama's a muslim and TV tells lies. Is there anything else you have to say?