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Why The U.S. Is the Next Greece: Doug Casey On America's Economic Problems
"With these stupid governments printing trillions and trillions of new currency units," warns investor Doug Casey, "it's building up to a catastrophe of historic proportions." In an excellent brief interview with Reason magazine Editor-in-Chief Matt Welch, Casey expounds on the US noting that "as any institution gets larger and older it inevitably becomes corrupt and fails." What to do? "I wouldn't keep significant capital in banks," he exclaimed, "most of the banks in the world are bankrupt. That didn't stop the "brain dead" Greeks who left their money in banks as all the signs were on the wall, he notes as he addresses whether gold is a good investment in 2015, and offers back-handed bright side: Catastrophes create many opportunities to earn a profit.
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Guard Yer Nutz. Yeah. Words to live by.
the US is not the next Greece, but the first US...tick tock boom
http://www.philiacband.com/propaganda.html
Is the US going to have to pay for the 80 year credit boom? Yes, but to think they are going to sink to the bottom to the economic world is not a proper analysis of the facts and history.
We will start a another world war before we hit bottom.
The US Dollar in my opinion has further to go in the short term.
The reason being that it is the reserve currency and probably with the situation with the EC and the Euro and Japanese abenomics and now the media drive down of the Chinese economy will be for some time.
With so many people concerned about the economy of their countries, they are turning to the US Dollar for security (think Zimbabwe, Asia in the 1997 crash).
So despite the US Dollar theoretically being worthless, provided the people believe it to have value and exchangeable will continue to hold its value.
THIS:
"So despite the US Dollar theoretically being worthless, provided the people believe it to have value and exchangeable will continue to hold its value."
I am currently visiting in a central american country and can say this - all things American are revered and believed in strongly. This is good for now; the time will come though, when other tactics must be applied to protect one's wealth. Stay aware...
That is how I see it in south East Asia when on business there.
The U.S. dollar hasn't been in circulation for quite some time.
Alright, which Hedger is Doug Casey?
If the core column goes, it all goes.
Hard to believe that nobody understands vertical support.
The next Greece will be another EU weak link . . . not the U.S., besides, the Fed can restart QE anytime and would if the bond market didn't behave. Consider the U.S. (Fed) owning all our own debt, like Japan . . . technically, they could forgive the debt and wipe it off the books. It's called debt forgiveness and we're seeing trial balloons along these lines already with Greece. Most of the West already has passed the point of no return with regard to debt repayment, it's mathmatically impossible for many. Our gov uses cash accounting when tallying our 17 trillion debt, if they used accural accounting (like a business) we are at 65 tillion +. That number cannot ever be financed without some type of debt forgiveness (a.k.a the big reset).
How can anyone outside the US (and inside as well) prefer a dollar over Gold.....I will never understand it for as long as I live.
One good reason is that you can't buy anything at Walmart with gold.
No...not right now....but one day soon Walmart will have a gold/silver window where you and I can exchange gold/silver for the NEW fiat....what ever the fuck that ends up being...now back to work you cunts!
Singularity DougCasey?
http://www.washingtontimes.com/news/2015/aug/3/illegal-immigrant-16-sets...
Squirrels, nuts and squireling nuts.... good advice. I have got my nuts, do you have yours?
The USA is much worse than Greece could ever become given the nuclear arsenal, and the fact that it will become a liability in the end. Greece can fully implode without that worry.
I think this was all planned.
I do not understand why people cannot see that the world economic problems have started in the USA (the locomotive) and if now the world is still in shit is because the USA is in shit and cannot come out of it.
Casey is a good guy. But sorry, Casey. Most scientists and engineers today work on corrupt projects for government or corrupt projects for large corporations, or malinvestment projects for large corporations. In other words, most are net destructive.
I am pretty sure Dog Casey made his money from his dad who was a real estate developer in the Beltway of DC after WW2. He got rich of the evil and corrupt US govt.
He is sort of the pot calling the kettle black.
So he was born into money and he should have done what with it? Throw it away to make him seem more credible?
These people comparing the USA to Greece...sigh. We are not straitjacketed by an overvalued currency like Greece, therefore we are free to inflate. We will just keep printing and printing, devaluing and devaluing until we get annoyed by the zeros and start all over again. Just make sure you don't treat the dollar as a store of wealth. It is now only a medium of exchange. We will follow a path similar to Argentina, as the Greeks should have done as well.
Need to look at states and cities in US like Greece. For example Detroit can not devalue its currency so will become a Ghostown, like Greece.
There are many cities and states that would have improved outlook if it was cheaper to do business there, like with a local currency like Drachma, but the states can not pull away.
The problem is with weak Federation or Monetary Union members. The weak members get hurt more and the strong benefit more. Tradeoffs.
I'm not bothered by big cities dying. Has always happened, will always happen.
Over 50% of my assets now in PHYSICAL GOLD . . . and soon to incease to 70%. Another 25% in land (renatl apartments and houses) puchased with CASH - so I have NO debts.(The physical gold is "hidden" in various places deep in woods throughout Europe - where we now live - known only to my wife and myself.)
And since it is all in Canadian 1-oz Maple Leaf coins, which are. .9999 "pure" gold - unlike U.S. gold coins which are about 97% pure gold, along with other metals - the Maple Leafs are NOT detectable using "metal detectors. U.S. gold coins ARE detectable via "metal detectors".
The rest is in investment funds and cash (cash kept at home - over $50,000 minimum as our "emergency fund" as U.S. dollars, Russian Rubles and Chinese Yuan); with only MINIMAL amounts kept in bank checking accounts to cover goods purchased with debit cards, usually online (such as airline tickets, hotels, etc.)
I figure that WHEN (NOT "if", but "when") the "crash" comes, the money I have in banks and investment funds is "expendable" - meaning I won't like it if there is a "bail-in" of my money at the banks OR the stock markets experiences a sharp decline, BUT it won't hurt us financially to any significant extent.
Doug Casey was correct when he asked, "Why did so many Greeks leave their money in the Greek banks?", knowing that the Greek government could not cover its interest-on-debt payments AND that the EU/IMF/other creditors will eventually FORCE a "bail-in", along with the seizure of state and later privately-owned assets for pennies on the dollar. The creditors (big banks and investment companies) ALWAYS win in the end - even if it means bribing and threatening government leaders; or even assassinating them (think Manuel Noriega). Best of all, read "Confessions of an Economic Hit Man" by John Perkins (2004) or, at the very least, read a summary of his book on WIKIPEDIA.
Some people argue that physical gold is NOT a real investment, since it earns nothing. They miss the point. Physical gold is "insurance" for when paper currencies, other negotiable paper instruments and the stock markets "crash".
As a former physician (orthopedic surgeon) - later turned medical database programmer with our own company - I was trained to always be ready for ANY post-surgical adverse event, regardless of its probability of occurring. And knee and hip replacements, my specialty, have a LOT of post-surgical adverse events, most often embolisms (primarily blood clots) going to the lungs (pulmonary embolisms - usualy fatal) and to the brain (causing "strokes" - usually fatal, but at a minimum causing severe brain damage and physical disabilities.
But I was never sued by any patient - not once! Why? Because I anticipated the probabilities of such events, made hospital staff (e.g, nurses, interns and residents) aware of these possibilities; and wrote orders in patients' charts detailng precisely what to do should one of these adverse events occur. THAT was my REAL "insurance" for me and especially for my patients. (I still had to purchase "malpractice insurance" as a financial "safety net" at a cost of over $200,000 per year.) But I always put myself in "my patients' shoes". If the insurance company "settled" (which almost always happens, regardless of what the phsician wants), would I be satified with $1 million after experiencing a "stroke" and thus losing total control of one-half of my body; OR would I prefer to NOT to have that $1 million but instead NOT experienced the "stroke" in the first place?
The REAL "insurance" for any potential event comes from recognizing the possibility of that event; knowing or esimating its probability; and how best to prepare for that event - then actually preparing for that event.
That is why PHYSICAL GOLD and RENTAL HOUSING are my two largest assets.
Currencies (which are "notes" similar to IOUs) and other negotiable instruments are simply PAPER. They are NOT money, but merely "promises" to pay someone money at some future date. (Note that U.S. dollars have printed on them "Federal Reserve Notes". But what will the Federal Reserve pay you for redeeming these notes? NOT gold, that's for sure!! Instead, they will issue more of those same "notes" - and numerous U.S. Supreme Court cases have sustained this fraudulent practice.) ALL paper assets can become worthless in a matter of seconds. But tangible assets (such as gold, silver, land, houses, etc.) can NOT simply disappear or lose all of their value.
PHYSICAL GOLD and LAND (as houses) are the "insurance" for my family's financial well-being for high-probability future events. WHEN these events will occur does not matter; they WILL occur sooner rather than later.
And anyone who does NOT prepare for such events will be like most of the Greek people who left their money in the banks - "heads buried in the sand". And it will be their OWN fault!
Now, go back to watching the baseball game on TV; forget about what I just said; and hope that all will turn out for the best . . .
"Don't worry; be happy!"
John-Henry Hill, M.D.
(retired physician)
Enjoyed your post. You are thinking like one of TPTB over the ages. Keep it physical.
Not sure if some current PTB may have lost sight of how their forefathers created and then passed the wealth from generation to generation. If you are sitting on a $10B Trust you are not running it yourself and all its advisors were growing up in the last 50 'paper generating' years so there must be the potential for some serious wealth loss.
Fuck you Doug Casey, you globalist, athiest, scumbag! I hope you choke on a pork chop! People like you should be skinned alive for subversion of whole countries and soceities for the benefit of a few...
i think u r confusing him with Pol Pot