Everybody is going to take in in the shorts. I've held off on buying gold because I thought it overvalued. But, it appears that even at $1,700. an once, it is a deal. Especially, with the industrial nations starting to devalue their currencies to match their gold on hand.
Mega-banks will take the biggest hit and smaller community banks will be the last ones standing because of their conservative lending practices. Home values will take a huge hit as well as other assets. No one will be immune. But, I don't see where we have a choice. This country has lived on phoney money since the 70's and it looks like we will soon be paying the piper.
We have allowed Wall St to write the laws, create monetary policy, let their Lobbyist have their way and let the major players walk with trillions. That's what we get for electing politicians that have thier priorities as taking care of Special Interest over the welfare of the people. Blame both political parties as they are both equally at fault! From Nixon taking us off of gold, to Reagan's "deficts don't matter", to Bush's massive war spending and Medicare Plan B to Obama Socialist agenda. The fact that they were allowed to borrow and spend money we didn't have, then print more is why we have what we have today.
In one of George Carlins last standup routines before his death he said, "the club will be coming after your Social Security next"! Maybe George wasn't trying to be funny.
I have quite a few red and blue bills, mostly fives and 1's and a few 2's. Got a whole roll of silver quarters as well, the guy turned them in for some gas at a store where my mom worked, my sister in law had the same thing happen. Old money is pretty cool.
This is why I've said we are a lost cause.......the general public is too stupid to know this is going on and mostly don't care if they did know.
Little Timmy Geithner just keeps doling it out.
Geithner is nothing more than Bin Bernake's biatch
Originally Posted by dback
You don't suppose it could be this coming March???...when the "Petrodollar recycling program" ends. Since that august progeam began, the US bond market has collected over $80 Trillion...that's Trillion with a T. A year ago, Iran dropped out of that group of nations involved with that form of circulated money, and is now accepting any form of lucre other than the US greenback. There will be more following suit, I suspect. There's bound to be a run on the dollar, and, heaven forbid, if any of you still have $$$ in the bond market, a HUMONGOUS run on treasuries. Checked your retirement portfolio recently. You'll probably find a shamful amount of that location of your wealth still ignorantly invested in what's expected by most to be our next big bubble to collapse. In my mind, it already has, but good old Bernank continues to buy them with his newly printed funny money.
Originally Posted by dback
The OWS and SFN crowds will be insanely happy, until it effects their government handouts, and the inflation on their cigarettes, booze, and condoms shocks them into realization. But what the hell...as no less authority than Kris Kristofferson wrote in his song for "Me and Bobby McGee"...if you ain't got nuthin, you got nuthin to loose. Might be relaxing to be so completely oblivious and totally ignorant about what's happening. As Atlas continues to Shrug, it will be interesting to watch the mental midgets and fools of this nation continue to follow their messiah into the quagmire.