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Close Call For US Banks
Bill would ban federal currency in SC
The Palmetto Scoop
By Adam Fogle | February 17th, 2010
South Carolina will no longer recognize U.S. currency as legal tender, if State Rep. Mike Pitts has his way.
Pitts, a fourth-term Republican from Laurens, introduced legislation earlier this month that would ban what he calls “the unconstitutional substitution of Federal Reserve Notes for silver and gold coin” in South Carolina.
If the bill were to become law, South Carolina would no longer accept or use anything other than silver and gold coins as a form of payment for any debt, meaning paper money would be out in the Palmetto State.
Pitts said the intent of the bill is to give South Carolina the ability to “function through gold and silver coinage” and give the state a “base of currency” in the event of a complete implosion of the U.S. economic system.
“I’m not one to cry ‘chicken little,’ but if our federal government keeps spending at the rate we’re spending I don’t see any other outcome than the collapse of the economic system,” Pitts said.
But one legal expert told The Palmetto Scoop that, even if it were passed, Pitts’ bill would quickly be ruled unconstitutional.
“It violates a perfectly legal and Constitutional federal law, enacted pursuant to the Commerce Clause of the U.S. Constitution, that federal reserve notes are legal tender for all debts public and private,” the expert said. “We settled this debate in the early 1800s. I appreciate the political sentiment but the law is blatantly unconstitutional.”
Pitts, however, dismissed that claim, saying that “adherence to the Constitution is a two-edged sword. The federal government has consistently violated the Constitution, especially the 10th Amendment and Commerce Clause.”
Constitutional issues aside, Pitts’ bill faces another hurdle. Critics point out that silver and gold coins can’t actually serve as a form of currency.
“You can’t put a set value on a pure silver or gold coin because it’s actual value fluctuates,” one expert said. “You can say a gold coin is worth $50 but it would actually be worth whatever the market says it’s worth, based on supply and demand. In reality, what you have is a bartering good, not a form of currency.”
Still, Pitts said, a system based around bartering is better than a currency-based economy.
“To me, something I can hold tangible in my hand I can put more value in, especially under the current rate of inflation,” Pitts said. “In the case of total economic collapse, a barter tool is going to be worth a whole lot more value than paper with ink on it.”
But Pitts admits it is unlikely the bill will be passed.
“I’ve been trying to push bills forward that would crack down on intrusions on state’s rights for eight years,” said Pitts. “I don’t see the intestinal fortitude of this legislative body to test the federal government on Constitutional issues. One that has this much teeth in it I don’t think has the ability to pass.”
The Palmetto Scoop
By Adam Fogle | February 17th, 2010
South Carolina will no longer recognize U.S. currency as legal tender, if State Rep. Mike Pitts has his way.
Pitts, a fourth-term Republican from Laurens, introduced legislation earlier this month that would ban what he calls “the unconstitutional substitution of Federal Reserve Notes for silver and gold coin” in South Carolina.
If the bill were to become law, South Carolina would no longer accept or use anything other than silver and gold coins as a form of payment for any debt, meaning paper money would be out in the Palmetto State.
Pitts said the intent of the bill is to give South Carolina the ability to “function through gold and silver coinage” and give the state a “base of currency” in the event of a complete implosion of the U.S. economic system.
“I’m not one to cry ‘chicken little,’ but if our federal government keeps spending at the rate we’re spending I don’t see any other outcome than the collapse of the economic system,” Pitts said.
But one legal expert told The Palmetto Scoop that, even if it were passed, Pitts’ bill would quickly be ruled unconstitutional.
“It violates a perfectly legal and Constitutional federal law, enacted pursuant to the Commerce Clause of the U.S. Constitution, that federal reserve notes are legal tender for all debts public and private,” the expert said. “We settled this debate in the early 1800s. I appreciate the political sentiment but the law is blatantly unconstitutional.”
Pitts, however, dismissed that claim, saying that “adherence to the Constitution is a two-edged sword. The federal government has consistently violated the Constitution, especially the 10th Amendment and Commerce Clause.”
Constitutional issues aside, Pitts’ bill faces another hurdle. Critics point out that silver and gold coins can’t actually serve as a form of currency.
“You can’t put a set value on a pure silver or gold coin because it’s actual value fluctuates,” one expert said. “You can say a gold coin is worth $50 but it would actually be worth whatever the market says it’s worth, based on supply and demand. In reality, what you have is a bartering good, not a form of currency.”
Still, Pitts said, a system based around bartering is better than a currency-based economy.
“To me, something I can hold tangible in my hand I can put more value in, especially under the current rate of inflation,” Pitts said. “In the case of total economic collapse, a barter tool is going to be worth a whole lot more value than paper with ink on it.”
But Pitts admits it is unlikely the bill will be passed.
“I’ve been trying to push bills forward that would crack down on intrusions on state’s rights for eight years,” said Pitts. “I don’t see the intestinal fortitude of this legislative body to test the federal government on Constitutional issues. One that has this much teeth in it I don’t think has the ability to pass.”
Massive Job Cuts Projected For NYC
Mar 24, 2010 - Mayor Says If Albany Slices City Aid, As Many As 19,000 Will Be Laid Off; 3,100 Less Cops, 1,000 Less Firefighters - Layoffs May Be Worst In Decades; Ball In State Government's Court
NEW YORK (CBS) ― It's a game of high-stakes chicken -- with thousands of New York City jobs on the line.
Mayor Michael Bloomberg released a doomsday scenario Tuesday, saying if Albany goes through with cuts to city aid he will be forced to make massive layoffs -- possibly the worst in decades.
It's a grim equation for a grim time. Bloomberg said that Albany's threatened cut of $1.3 billion in state aid equals the elimination of 19,000 jobs.
"We believe that we have hit the point where further cuts mean cuts to personnel," Deputy Mayor Edward Skyler said.
And they are serious cuts. Without more money from Albany this is what the budget axe will do to the workforce:
* 3,150 fewer cops
* 1,000 fewer firefighters, which means the closure of 42 engine companies
* 8,500 fewer teachers in the classrooms
* The elimination of 900 sanitation workers assigned to various street cleaning duties
* 500 fewer parks workers
* 500 fewer people in the transportation department
* 400 fewer librarians
Mar 24, 2010 - Mayor Says If Albany Slices City Aid, As Many As 19,000 Will Be Laid Off; 3,100 Less Cops, 1,000 Less Firefighters - Layoffs May Be Worst In Decades; Ball In State Government's Court
NEW YORK (CBS) ― It's a game of high-stakes chicken -- with thousands of New York City jobs on the line.
Mayor Michael Bloomberg released a doomsday scenario Tuesday, saying if Albany goes through with cuts to city aid he will be forced to make massive layoffs -- possibly the worst in decades.
It's a grim equation for a grim time. Bloomberg said that Albany's threatened cut of $1.3 billion in state aid equals the elimination of 19,000 jobs.
"We believe that we have hit the point where further cuts mean cuts to personnel," Deputy Mayor Edward Skyler said.
And they are serious cuts. Without more money from Albany this is what the budget axe will do to the workforce:
* 3,150 fewer cops
* 1,000 fewer firefighters, which means the closure of 42 engine companies
* 8,500 fewer teachers in the classrooms
* The elimination of 900 sanitation workers assigned to various street cleaning duties
* 500 fewer parks workers
* 500 fewer people in the transportation department
* 400 fewer librarians
Dow 1000 Is Not A Silly Number
Ian Gordon has been warning of massive declines in the stock market just before the dot com bubble peaked in 2000. At that time, mainstream pundits were predicting a Dow that would soon hit 40,000 on its way to 100,000. That kind of irrational exuberance had no place in Ian Gordon’s thinking then or now.
Click HERE to listen to Ian's Feb. 2010 interview with Jay Taylor on why Dow 1000 Is Not A Silly Number. Please forward to the 31 minute mark for the interview.
Click HERE to download the 18 page report from The Longwave Group.
About Ian Gordon
As a student of history, he knew societies go through long periods of credit expansion that culminate in irrational exuberance. With that perspective and based on the work of Nicolai Kondratieff, Ian was convinced a bear market of a lifetime was about to take stocks down for many years to come.
Now, his latest work suggests very strongly that the Dow will decline to 1,000 or lower even as gold rises to $4,000 per ounce. Ian provides a perspective on gold as real money and explains why it will thrive while paper money products perish.
Ian Gordon is a globally renowned economic forecaster and author of “The Long Wave Analyst” newsletter. A student of economic and investment history, Ian’s unique analysis of the cycle has garnered great praise from many notable sources including some exceptionally well known investment managers.
Ian is a consultant to many mining companies and has assisted many junior mining firms in raising capital over the past number of years. Ian was perhaps the first investment professionals anywhere to recognize that the markets were about to give birth to a new secular gold bull market when he started writing his Long Wave Analyst newsletter in the late 1990s. He was also one of the first financial professionals to begin aggressively raising capital at the very start of this secular bull market in gold.
Ian Gordon has been warning of massive declines in the stock market just before the dot com bubble peaked in 2000. At that time, mainstream pundits were predicting a Dow that would soon hit 40,000 on its way to 100,000. That kind of irrational exuberance had no place in Ian Gordon’s thinking then or now.
Click HERE to listen to Ian's Feb. 2010 interview with Jay Taylor on why Dow 1000 Is Not A Silly Number. Please forward to the 31 minute mark for the interview.
Click HERE to download the 18 page report from The Longwave Group.
About Ian Gordon
As a student of history, he knew societies go through long periods of credit expansion that culminate in irrational exuberance. With that perspective and based on the work of Nicolai Kondratieff, Ian was convinced a bear market of a lifetime was about to take stocks down for many years to come.
Now, his latest work suggests very strongly that the Dow will decline to 1,000 or lower even as gold rises to $4,000 per ounce. Ian provides a perspective on gold as real money and explains why it will thrive while paper money products perish.
Ian is a consultant to many mining companies and has assisted many junior mining firms in raising capital over the past number of years. Ian was perhaps the first investment professionals anywhere to recognize that the markets were about to give birth to a new secular gold bull market when he started writing his Long Wave Analyst newsletter in the late 1990s. He was also one of the first financial professionals to begin aggressively raising capital at the very start of this secular bull market in gold.
Economists: Another Financial Crisis on the Way
ABC News - Money
[Ed. note: The following article is from ABC News, a mainstream news source. By the time the mainstream gets around to admitting things may not be as rosy as has been proclaimed, you know its pretty bad.]
Even as many Americans still struggle to recover from the country's worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators.
In the report, the panel, which includes Rob Johnson of the United Nations Commission of Experts on Finance and bailout watchdog Elizabeth Warren, warns that financial regulatory reform measures proposed by the Obama administration and Congress must be beefed up to prevent banks from continuing to engage in high-risk investing that precipitated the near-collapse of the U.S. economy in 2008.
The report warns that the country is now immersed in a "doomsday cycle" wherein banks use borrowed money to take massive risks in an attempt to pay big dividends to shareholders and big bonuses to management – and when the risks go wrong, the banks receive taxpayer bailouts from the government.
"Risk-taking at banks," the report cautions, "will soon be larger than ever."
Without more stringent reforms, "another crisis – a bigger crisis that weakens both our financial sector and our larger economy – is more than predictable, it is inevitable," Johnson says in the report, commissioned by the nonpartisan Roosevelt Institute.
The study says that "In 2008-09, we came remarkably close to another Great Depression. Next time we may not be so 'lucky.' The threat of the doomsday cycle remains strong and growing," they say. "What will happen when the next shock hits? We may be nearing the stage where the answer will be – just as it was in the Great Depression – a calamitous global collapse."
ABC News - Money
[Ed. note: The following article is from ABC News, a mainstream news source. By the time the mainstream gets around to admitting things may not be as rosy as has been proclaimed, you know its pretty bad.]
Even as many Americans still struggle to recover from the country's worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators.
In the report, the panel, which includes Rob Johnson of the United Nations Commission of Experts on Finance and bailout watchdog Elizabeth Warren, warns that financial regulatory reform measures proposed by the Obama administration and Congress must be beefed up to prevent banks from continuing to engage in high-risk investing that precipitated the near-collapse of the U.S. economy in 2008.
The report warns that the country is now immersed in a "doomsday cycle" wherein banks use borrowed money to take massive risks in an attempt to pay big dividends to shareholders and big bonuses to management – and when the risks go wrong, the banks receive taxpayer bailouts from the government.
"Risk-taking at banks," the report cautions, "will soon be larger than ever."
Without more stringent reforms, "another crisis – a bigger crisis that weakens both our financial sector and our larger economy – is more than predictable, it is inevitable," Johnson says in the report, commissioned by the nonpartisan Roosevelt Institute.
The study says that "In 2008-09, we came remarkably close to another Great Depression. Next time we may not be so 'lucky.' The threat of the doomsday cycle remains strong and growing," they say. "What will happen when the next shock hits? We may be nearing the stage where the answer will be – just as it was in the Great Depression – a calamitous global collapse."
Independent News Sources
After my blog post encouraging everyone to educate themselves and to try to get their news from "independent" sources, I thought it might be good to pass on the links of some of the sites I frequent. But let me say this first. I have a B.S. Degree in Business Administration from USC with double majors in Insurance and Economic Security and Management. But what I have learned about how the world REALLY works was NOT from my formal education. I usually spend several hours every day browsing various internet blogs and commentaries that are off the beaten path. Since I know the average person doesn't have time to do that, at the very least, you can take 10 minutes and read my blog every day, and then if you want more, check out the following sites.
This first group of sites offer commenaries from various analysts and economists. These are sites that are pro-gold, so expect everyone to have a gold bias. Even so, the economic/statistical information you glean from these guys you will not find anywhere else.
Commentaries with a gold slant
http://www.kitco.com/
http://www.24hgold.com/english/home.aspx
http://www.gold-eagle.com/research/russellndx.html
http://www.321gold.com/
http://www.gold-eagle.com/editorials.html
http://commentary.goldseek.com/
http://www.gold-speculator.com/
Economics and investment sites
http://seekingalpha.com/?source=headtabs
http://www.rickackerman.com/
http://www.bloomberg.com/ Bloomberg is somewhat mainstream, but also some off the beaten path info
http://www.24hgold.com/english/contributor-gold-silver-philip-judge.aspx?contributor=Philip+Judge&filter=all_articles
http://www.trendsresearch.com/news.html
http://longwavegroup.com/publications.htm
http://www.prudentbear.com/index.php/commentary/bearslair
http://www.roubini.com/
http://www.telegraph.co.uk/finance/comment/
http://www.jpost.com/
http://www.financialpost.com/
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/
http://www.safehaven.com/index.cfm
http://dailyreckoning.com/
http://www.goldenjackass.com/main5.html
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/
http://marketoracle.co.uk/
http://financialsense.com/
http://www.lewrockwell.com/
http://www.stratfor.com/frontpage
Audio
http://www.voiceamerica.com/voiceamerica/vepisode.aspx?aid=44392
http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Broadcast_Gold+.html
http://www.radio.goldseek.com/forbes02.27.10.php
http://www.kereport.com/index.html
Blogs
http://globaleconomicanalysis.blogspot.com/
http://goldversuspaper.blogspot.com/
http://gordongekkosblog.blogspot.com/
http://jessescrossroadscafe.blogspot.com/
http://www.financialarmageddon.com/
http://contrarianadvisor.blogspot.com/
http://www.marketskeptics.com/
Free Daily Newsletter
http://www.caseyresearch.com/displayGsd.php
After my blog post encouraging everyone to educate themselves and to try to get their news from "independent" sources, I thought it might be good to pass on the links of some of the sites I frequent. But let me say this first. I have a B.S. Degree in Business Administration from USC with double majors in Insurance and Economic Security and Management. But what I have learned about how the world REALLY works was NOT from my formal education. I usually spend several hours every day browsing various internet blogs and commentaries that are off the beaten path. Since I know the average person doesn't have time to do that, at the very least, you can take 10 minutes and read my blog every day, and then if you want more, check out the following sites.
This first group of sites offer commenaries from various analysts and economists. These are sites that are pro-gold, so expect everyone to have a gold bias. Even so, the economic/statistical information you glean from these guys you will not find anywhere else.
Commentaries with a gold slant
http://www.kitco.com/
http://www.24hgold.com/english/home.aspx
http://www.gold-eagle.com/research/russellndx.html
http://www.321gold.com/
http://www.gold-eagle.com/editorials.html
http://commentary.goldseek.com/
http://www.gold-speculator.com/
Economics and investment sites
http://seekingalpha.com/?source=headtabs
http://www.rickackerman.com/
http://www.bloomberg.com/ Bloomberg is somewhat mainstream, but also some off the beaten path info
http://www.24hgold.com/english/contributor-gold-silver-philip-judge.aspx?contributor=Philip+Judge&filter=all_articles
http://www.trendsresearch.com/news.html
http://longwavegroup.com/publications.htm
http://www.prudentbear.com/index.php/commentary/bearslair
http://www.roubini.com/
http://www.telegraph.co.uk/finance/comment/
http://www.jpost.com/
http://www.financialpost.com/
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/
http://www.safehaven.com/index.cfm
http://dailyreckoning.com/
http://www.goldenjackass.com/main5.html
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/
http://marketoracle.co.uk/
http://financialsense.com/
http://www.lewrockwell.com/
http://www.stratfor.com/frontpage
Audio
http://www.voiceamerica.com/voiceamerica/vepisode.aspx?aid=44392
http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Broadcast_Gold+.html
http://www.radio.goldseek.com/forbes02.27.10.php
http://www.kereport.com/index.html
Blogs
http://globaleconomicanalysis.blogspot.com/
http://goldversuspaper.blogspot.com/
http://gordongekkosblog.blogspot.com/
http://jessescrossroadscafe.blogspot.com/
http://www.financialarmageddon.com/
http://contrarianadvisor.blogspot.com/
http://www.marketskeptics.com/
Free Daily Newsletter
http://www.caseyresearch.com/displayGsd.php
Seven reasons to invest in gold
Telegraph.co.UK
By Bradley George and Daniel Sacks
Published: 10:18PM GMT 07 Mar 2010
There are both headwinds and tailwinds influencing the gold price, but the positives combined with the degree of investment demand from wealthier investors – should outweigh the negatives.
We believe this is likely to force a peak that is nearer $1,300 per ounce over the next six months, with $1,000 per ounce becoming the new long-term floor. In our view, the following factors are currently influencing the gold price in the medium to long-term.
Read full article here
Telegraph.co.UK
By Bradley George and Daniel Sacks
Published: 10:18PM GMT 07 Mar 2010
There are both headwinds and tailwinds influencing the gold price, but the positives combined with the degree of investment demand from wealthier investors – should outweigh the negatives.
We believe this is likely to force a peak that is nearer $1,300 per ounce over the next six months, with $1,000 per ounce becoming the new long-term floor. In our view, the following factors are currently influencing the gold price in the medium to long-term.
Read full article here
Back in the early 1960s a dollar of new debt added almost a dollar to the nation’s output of goods and services. As more debt enters the system the productivity gained by new debt diminishes. This produced a path that was following a diminishing line targeting ZERO in the year 2015. This meant that we could expect that each new dollar of debt added in the year 2015 would add NOTHING to our productivity.
Then a funny thing happened along the way. Macroeconomic DEBT SATURATION occurred causing a phase transition with our debt relationship. This is because total income can no longer support total debt. In the third quarter of 2009 each dollar of debt added produced NEGATIVE 15 cents of productivity, and at the end of 2009, each dollar of new debt now SUBTRACTS 45 cents from GDP!
This is mathematical PROOF that debt saturation has occurred. Continuing to add debt into a saturated system, where all money is debt, leads only to future defaults and to higher unemployment.
This is the dilemma created by our top down debt backed money structure. Because all money is backed by a liability, and carries interest, it guarantees mathematically that there will be losers and that the system will eventually reach the natural limits, the ability of incomes to service debt.
The data for the diminishing productivity of debt chart comes from the U.S. Treasury’s latest Z1 data, the complete report is posted below:
The World According To ME!
Being a Christian and an conservative, I get tons of emails daily wanting me to sign this petition or that one to fight Obama, Pelosi, the healthcare bill or some other evil du jour. I instantly click "delete."
Don't get me wrong, I believe in taking action to right the wrongs of the world, I just disagree with most on what that action is. I'd prefer to strike the root rather than the fruit (Shades of Johnny Cochran).
Look folks, we had Clinton and Weird Al. Now we have Osama and Pelosi. After they are gone, there are plenty more to take their places. My bet is that Queen Hillary will resurface with more power than ever in a few years. You can't stop it.
All our petitions and emails and protest in the world won't stop our government's thievery, taxes and overspending. Political action is about as useless as carrying a Bible to church. Makes you feel better that you actually did something, but neither one actually accomplishes anything (You see, with the Bible, you actually have to READ it for it to do any good!). And what frustrates me to no end is the fact that if everyone who sends me one of these well-meaning emails would use the time they spend sending emails and petitions to educate themselves, then the crooks wouldn't be able to rob us blind.
But, of course, that would take effort, and we are too lazy and satisfied to actually think for ourselves (That's why preachers, politicians and pundits all have jobs.) It's easier to listen to Rush Limbaugh, Pat Robertson, Glen Beck and Bill O'Reilly and let them do the thinking for us. BUT, there's only one problem with that.... THEY ARE PART OF THE PROBLEM AS WELL.
Do you really think these guys get to the position they are in by REALLY being against the status quo? Do you think they are really a threat to those in power? Really? How naive of you.
I laugh as I hear friends who never trusted the press when Clinton was in the White House, NOW trusting the press simply because they claim to be the "conservative" press. If Glen Beck speaks poorly of Obama, then we conservatives follow him blindly as if he is the Messiah. But what we don't realize is that he, and other "conservative" press types are simply establishment operatives charged with the task of keeping the mindless right-wing fundamentalists from thinking for themselves, which is quite a simple task if we allow them to do our thinking for us.
"So, what should we do Mr. Smartypants," you now ask.
Well first, cut off the TV. Second, quit reading the newspaper. Third, get a computer and begin getting your news from TRULY independent sources. Actually get a copy of the Constitution and read it. Learn how the Federal Reserve Act was illegally passed. Learn how paper money that is not backed by gold or silver is fraud. Read! Study! Think!
Here's a good suggestion. Actually study the history of the Great Depression and compare it to what is happening today. The patterns are identical!
Learn how the world REALLY works, and when you do, you will find out that political action is a waste of time, because you are always going to be choosing between candidates that are already part of the problem. Republican, Democrat, it really doesn't matter. Bush started the problem and Obama will finish it. We live in a one-party system that has two heads so that the sheeple (that's you) will actually believe their votes and political actions make a difference. (Yes, I am laughing at your right now. Beleive me, you deserve it.)
Then, after you have finished educating yourself on how the world REALLY works, decide to take action. Decide to make a difference, and here is something that everyone can do that will bring the politicians and banksters to their knees.
QUIT PLAYING THEIR GAME!
When our government spends more money than they take in, they borrow it from the Federal Reserve which is not a government agency, but a private corporation owned by the world banking cartel. (Get up off your butt right now, google "Federal Reserve" and do some research.) The Federal Reserve "loans" money to our government and we the people pay interest on that money to the Fed. They also print our money for us and charge us interest on it. THIS IS ILLEGAL!
This imaginary money that is "loaned" by the Fed is backed by US Government bonds. These bonds are then sold to investors such as banks, insurance companies, mutual funds and foreign governments. That's how the game is played. BUT, if the government were to ever be unable to sell its bonds, well, then, it's game over. And that's where you come in.
Everytime you buy a mutual fund in your 401k plan at work, or put money in the bank, or buy and annuity from an insurance company, you are giving these institutions YOUR money which they use to go and buy these bonds. Really, when you stop and think about it, the irony is quite humorous. We are enslaved by a government that can only enslave us by our giving them our money to enslave us with. (And you thought these quys were stupid.)
So the solution to our problems is to simply quit giving them our money. In turn, store your wealth in gold which cannot be created out of thin air. It cannot be manipulated or devalued. It was created by God for man to use as money. It is honest money, whereas paper money is dishonest because it is a promise to pay from an entity that is bankrupt.
Everytime you accept a dollar bill, put money in the bank or in the markets you are exchanging your wealth for a peice of paper that says somebody owes you that wealth back. And the joke is, they have absolutely no ability to pay you back unless they take somebody else's money to pay you back with. They are broke, and the rest of the world knows it and they are dumping dollars and US Government Bonds and buying gold as fast as they can.... but of course you wouldn't know that because you get your news from the TV and the newspaper..... and they wouldn't lie to you.... would they?
This is why the dollar has lost 50% of its value in the last 10 years, and gold has quadrupled in price. This is also why the dollar will continue to decline in value to zero, and gold will continue to climb in price into the tens of thousands of dollars before the house of cards comes tumbling down and those who didn't listen are left penniless and enslaved to the government welfare system (Enjoy standing in those food lines.) which is exactly where they want you!
Of course the good news is this. Those who actually chose to think for themselves will be stinking filthy rich because they chose the road less traveled. And the best news of all is that I know all of these people because I am the one that sold them the gold! I'll be set for life, and that is, after all, what is most important here... that I get rich.
In conclusion, My Fellow Americans, next time you are tempted to send out that "Obama is the Antichrist" email, stop and think about the wonderful words of wisdom that you have just read here, then take some money and go buy some gold. In doing this you will quit feeding the beast, and once we begin to starve him then WE take back control of our lives and our nation. Anything short of this is just wasting time and junking up my mailbox.
Being a Christian and an conservative, I get tons of emails daily wanting me to sign this petition or that one to fight Obama, Pelosi, the healthcare bill or some other evil du jour. I instantly click "delete."
Don't get me wrong, I believe in taking action to right the wrongs of the world, I just disagree with most on what that action is. I'd prefer to strike the root rather than the fruit (Shades of Johnny Cochran).
Look folks, we had Clinton and Weird Al. Now we have Osama and Pelosi. After they are gone, there are plenty more to take their places. My bet is that Queen Hillary will resurface with more power than ever in a few years. You can't stop it.
All our petitions and emails and protest in the world won't stop our government's thievery, taxes and overspending. Political action is about as useless as carrying a Bible to church. Makes you feel better that you actually did something, but neither one actually accomplishes anything (You see, with the Bible, you actually have to READ it for it to do any good!). And what frustrates me to no end is the fact that if everyone who sends me one of these well-meaning emails would use the time they spend sending emails and petitions to educate themselves, then the crooks wouldn't be able to rob us blind.
But, of course, that would take effort, and we are too lazy and satisfied to actually think for ourselves (That's why preachers, politicians and pundits all have jobs.) It's easier to listen to Rush Limbaugh, Pat Robertson, Glen Beck and Bill O'Reilly and let them do the thinking for us. BUT, there's only one problem with that.... THEY ARE PART OF THE PROBLEM AS WELL.
Do you really think these guys get to the position they are in by REALLY being against the status quo? Do you think they are really a threat to those in power? Really? How naive of you.
I laugh as I hear friends who never trusted the press when Clinton was in the White House, NOW trusting the press simply because they claim to be the "conservative" press. If Glen Beck speaks poorly of Obama, then we conservatives follow him blindly as if he is the Messiah. But what we don't realize is that he, and other "conservative" press types are simply establishment operatives charged with the task of keeping the mindless right-wing fundamentalists from thinking for themselves, which is quite a simple task if we allow them to do our thinking for us.
"So, what should we do Mr. Smartypants," you now ask.
Well first, cut off the TV. Second, quit reading the newspaper. Third, get a computer and begin getting your news from TRULY independent sources. Actually get a copy of the Constitution and read it. Learn how the Federal Reserve Act was illegally passed. Learn how paper money that is not backed by gold or silver is fraud. Read! Study! Think!
Here's a good suggestion. Actually study the history of the Great Depression and compare it to what is happening today. The patterns are identical!
Learn how the world REALLY works, and when you do, you will find out that political action is a waste of time, because you are always going to be choosing between candidates that are already part of the problem. Republican, Democrat, it really doesn't matter. Bush started the problem and Obama will finish it. We live in a one-party system that has two heads so that the sheeple (that's you) will actually believe their votes and political actions make a difference. (Yes, I am laughing at your right now. Beleive me, you deserve it.)
Then, after you have finished educating yourself on how the world REALLY works, decide to take action. Decide to make a difference, and here is something that everyone can do that will bring the politicians and banksters to their knees.
QUIT PLAYING THEIR GAME!
When our government spends more money than they take in, they borrow it from the Federal Reserve which is not a government agency, but a private corporation owned by the world banking cartel. (Get up off your butt right now, google "Federal Reserve" and do some research.) The Federal Reserve "loans" money to our government and we the people pay interest on that money to the Fed. They also print our money for us and charge us interest on it. THIS IS ILLEGAL!
This imaginary money that is "loaned" by the Fed is backed by US Government bonds. These bonds are then sold to investors such as banks, insurance companies, mutual funds and foreign governments. That's how the game is played. BUT, if the government were to ever be unable to sell its bonds, well, then, it's game over. And that's where you come in.
Everytime you buy a mutual fund in your 401k plan at work, or put money in the bank, or buy and annuity from an insurance company, you are giving these institutions YOUR money which they use to go and buy these bonds. Really, when you stop and think about it, the irony is quite humorous. We are enslaved by a government that can only enslave us by our giving them our money to enslave us with. (And you thought these quys were stupid.)
So the solution to our problems is to simply quit giving them our money. In turn, store your wealth in gold which cannot be created out of thin air. It cannot be manipulated or devalued. It was created by God for man to use as money. It is honest money, whereas paper money is dishonest because it is a promise to pay from an entity that is bankrupt.
Everytime you accept a dollar bill, put money in the bank or in the markets you are exchanging your wealth for a peice of paper that says somebody owes you that wealth back. And the joke is, they have absolutely no ability to pay you back unless they take somebody else's money to pay you back with. They are broke, and the rest of the world knows it and they are dumping dollars and US Government Bonds and buying gold as fast as they can.... but of course you wouldn't know that because you get your news from the TV and the newspaper..... and they wouldn't lie to you.... would they?
This is why the dollar has lost 50% of its value in the last 10 years, and gold has quadrupled in price. This is also why the dollar will continue to decline in value to zero, and gold will continue to climb in price into the tens of thousands of dollars before the house of cards comes tumbling down and those who didn't listen are left penniless and enslaved to the government welfare system (Enjoy standing in those food lines.) which is exactly where they want you!
Of course the good news is this. Those who actually chose to think for themselves will be stinking filthy rich because they chose the road less traveled. And the best news of all is that I know all of these people because I am the one that sold them the gold! I'll be set for life, and that is, after all, what is most important here... that I get rich.
In conclusion, My Fellow Americans, next time you are tempted to send out that "Obama is the Antichrist" email, stop and think about the wonderful words of wisdom that you have just read here, then take some money and go buy some gold. In doing this you will quit feeding the beast, and once we begin to starve him then WE take back control of our lives and our nation. Anything short of this is just wasting time and junking up my mailbox.
Drive To Socialism Nears Completion
I have always insisted that the government is not stupid. They do not implement their "apparently" wreckless policies out of stupidity, greed or ignorance. No, it is much worse than that. Our public servants are purposely selling us down the globalist/socialist river, and the only way to get Americans to accept socialism without revolt is by collapsing our economy. THEN, the feds can ride in on the white horse and save the day.
I read the following commentary by Ty Andros from his monthly newsletter Tedbits and thought to myself "wow, there is actually somebody else that believes this too." I pass along this excerpt hoping you will enjoy his in-your-face bluntness as much as I do.
March 22, 2010
As we near the APEX of the countertrend rallies in many markets and economies, the air is full of HIGHLY-COMBUSTIBLE situations just waiting for someone to light the MATCH. The full debacle of the next leg down in developed world economies is at the doorstep. What event will act as catalyst is unknowable, and the list of candidates is mountainous.
Corruption and criminality within the public sectors, crony capitalists and banksters set the stage for an explosive cocktail, are set to immolate the private sectors that still produce wealth and the public at large.
The greatest transfer of wealth from those that hold it in paper to those that don’t is UNDER WAY! A Crack-up Boom is on the horizon….
As the downturn in developed-world economies once again accelerates to the downside, volatility will expand just as it did in 2007 and 2008; volatility is opportunity to the prepared investor. Markets will zoom up and down as the NEW NORMAL unfolds, thus creating HUGE opportunity’s for those who embrace absolute return investments with the potential to thrive in these markets. Buy and hold is DEAD, absolute return investing strategies need to be a part of any diversified portfolio as the global financial crisis continues to unfold.
What is the new normal?
It is rising inflation and slow or no-growth economies where the public sectors, banksters and crony capitalists CONFISCATE, through taxes or regulatory favors , the remaining wealth in the private sector and transfer it to themselves. Governments pick winners and losers, misallocate increasingly-scarce capital and place their economies into regulatory STRAIGHTJACKETS, thus enshrining into law poor decisions and mandating politically-correct and practically-incorrect solutions and prohibiting superior ones. As a consequence, competitiveness, economic recovery and common sense recede further and further and are substituted with money PRINTED OUT OF THIN AIR. Take a look at this quote from the grand old sage Richard Russell (www.dowtheoryletters.com -- I urge you to subscribe):
“It's truly remarkable. Within the space of three or four generations Americans no longer even recognize Constitutional money! I've said before that gold is imbedded in the DNA of mankind. We're closing in on the time when, like a light bulb turning on, Americans will finally realize that they've been hoodwinked by one of the greatest swindles in the history of civilized man. They've been working and saving printed paper with the firm conviction that the paper they worked so hard for was money.
Wait, why is that printed paper worth anything at all? It's worth something simply because the government has pronounced by fiat that dollars are "legal tender for all debts, public and private." So the "dollars" that we work our whole lives for, is backed by nothing but the "full faith and credit of the United States." And how good is that credit? Two credit agencies are now threatening to lower the rating of US bonds. If that happens, it will be a monumental shocker? And yes, all sovereign money is now being judged and classified as to its worth. Did anyone ever gauge or debate the value of gold? As I see it, we're watching the very beginning of the end of fiat money.” - Richard Russell
Money printed out of thin air IS NOT Capital; it is not money; it is an IOU of morally- and fiscally-bankrupt public serpents, central bankers and the bankster cartels. CREDIT IS NOT MONEY. When people WAKE UP to this fact there will be riots in the streets.
One need look no further than Washington DC PURPOSELY steering the economy off a cliff using the Cloward-piven strategy or Saul Alinsky’s: Rules for Radicals; these playbooks are being fully implemented at the quickest speed possible.
At the moment, we see the government spending excessively and making promises to spend that cannot be kept. This is already a major problem in states like California and countries like Greece, but the federal government will soon join them. At all levels of government, promises to pay state and local pensions and to provide health care far outstrip its capacity to pay. The Congressional Budget Office and many others have been warning for years about the $50 or $60 trillion of unfunded liability. Washington's answer on health care?
"Offer an expensive drug benefit followed by a more expensive "reform" that increases the unfunded Medicare-Medicaid liability. Dissemble about the real costs." –Allan Meltzer
That is Cloward-piven in action -- expand government and make impossible promises until the collapse occurs and they nationalize EVERYTHING to make essential payments. It is the recipe for collapsing a market economy into a socialist one.
A Hard Look at Gold, Silver Premiums
Lost in the daily commentary about gold and silver prices is the actual cost of taking possession of these precious metals. Unless you trade in paper GLD or SLV, or you store your bullion in overseas vaults with companies like Goldmoney, the actual cost to purchase gold and silver can diverge from the COMEX spot price by as much as 36%.
GOLD
For the purposes of this study, we have included only the most popular gold coins: the one ounce (by gold weight) US Mint Eagles, Royal Canadian Mint Maple Leafs, and the grandfather of them all, the South African Krugerrand. Over the past seventeen months, gold's average spot price has been $975.15, and its average premium per ounce for an order of twenty ounces has been $58.18. The percentage of premium to total (again, defined as 'spot' plus 'premium') is 5.6%. This percentage peaked in November of 2008 at 9.4% ($760.86 spot + $79 average premium) and currently sits at 4.2% ($1,119.85 spot + $49 average premium).
SILVER
Silver prices vary considerably by marking. Private mints producing silver "rounds" compete for market share with government mints producing silver "coins." Additionally, the popularity of larger forms of silver such as 100 oz and 1,000 oz bars causes the silver market to vary more widely than the gold market.
We have focused specifically on the premiums for one ounce coins, and the chart below highlights the two most popular government coins: the US Mint Eagles and Royal Canadian Mint Maple Leafs.
Over the past seventeen months, silver's average monthly spot price has been $14.51, while the average premium for an order of 500 ounces of government coins has been $3.53. The percentage of premium to total is 19.5%. This percentage peaked in December of 2008 at a whopping 36.8% ($10.28 spot + $5.99 average premium) and currently sits at 12.9% ($17.17 spot + $2.55 average premium).
CONCLUSION
Several conclusions may be drawn from the data above:
-Gold offers the best premium to total cost ratio. Following this ratio exclusively, gold is a more conservative investment than silver. Similar to spot price movements, gold's premiums fluctuate less dramatically than silver's, meaning one's investment is less beholden to upward movements in spot price in order to realize "profit."
-Silver's premiums fluctuate widely, spiking due to supply constraints at the mints and dropping when demand eases. This is especially true of government coins.
-If metals prices fall under deflationary pressure, expect buyers to place demand pressure on the markets - especially in silver - and the premiums to rise congruent with 2008 levels, especially with respect to government coins. Should hyperinflation ensue - a scenario I deem less likely in the near term - average buyers may be priced out of the market altogether.
Lost in the daily commentary about gold and silver prices is the actual cost of taking possession of these precious metals. Unless you trade in paper GLD or SLV, or you store your bullion in overseas vaults with companies like Goldmoney, the actual cost to purchase gold and silver can diverge from the COMEX spot price by as much as 36%.
GOLD
For the purposes of this study, we have included only the most popular gold coins: the one ounce (by gold weight) US Mint Eagles, Royal Canadian Mint Maple Leafs, and the grandfather of them all, the South African Krugerrand. Over the past seventeen months, gold's average spot price has been $975.15, and its average premium per ounce for an order of twenty ounces has been $58.18. The percentage of premium to total (again, defined as 'spot' plus 'premium') is 5.6%. This percentage peaked in November of 2008 at 9.4% ($760.86 spot + $79 average premium) and currently sits at 4.2% ($1,119.85 spot + $49 average premium).
SILVER
Silver prices vary considerably by marking. Private mints producing silver "rounds" compete for market share with government mints producing silver "coins." Additionally, the popularity of larger forms of silver such as 100 oz and 1,000 oz bars causes the silver market to vary more widely than the gold market.
We have focused specifically on the premiums for one ounce coins, and the chart below highlights the two most popular government coins: the US Mint Eagles and Royal Canadian Mint Maple Leafs.
Over the past seventeen months, silver's average monthly spot price has been $14.51, while the average premium for an order of 500 ounces of government coins has been $3.53. The percentage of premium to total is 19.5%. This percentage peaked in December of 2008 at a whopping 36.8% ($10.28 spot + $5.99 average premium) and currently sits at 12.9% ($17.17 spot + $2.55 average premium).
CONCLUSION
Several conclusions may be drawn from the data above:
-Gold offers the best premium to total cost ratio. Following this ratio exclusively, gold is a more conservative investment than silver. Similar to spot price movements, gold's premiums fluctuate less dramatically than silver's, meaning one's investment is less beholden to upward movements in spot price in order to realize "profit."
-Silver's premiums fluctuate widely, spiking due to supply constraints at the mints and dropping when demand eases. This is especially true of government coins.
-If metals prices fall under deflationary pressure, expect buyers to place demand pressure on the markets - especially in silver - and the premiums to rise congruent with 2008 levels, especially with respect to government coins. Should hyperinflation ensue - a scenario I deem less likely in the near term - average buyers may be priced out of the market altogether.
Fifty Things To Do NOW - If You Fear an Economic Breakdown
1. Become a part-time entrepreneur, garage-market-dealer, urban farmer,
welder, whatever. Just be productive under your own command. It doesn't
matter what it is; just be directly productive, and directly deal with
suppliers and clients. You'll find it awesomely liberating and it will
be highly useful for the free underground market.
2. Switch off the TV. Read books!
3. Socialize with people that share your ethics and that are productive and
respectful. Eat together, discuss, challenge each other, help each
other, have a good time.
4. Get a safe or safe deposit box. Start moving all the cash you can get in
there, convert at least 30% of your cash to silver and/or gold coins.
5. Invest in trust. Do minor deals for people on a trust basis. Taking
others at their word, and let yourself be challenged by yours.
6. Start looking for matches. When you talk with people, memorize what they
do, and if an opportunity comes up, connect them with someone else for a
minor finders fee (a burger, a few beers, whatever).
7. Join your local LIMA house. (We'll explain this in a future post.)
8. Travel, but don't go sight-seeing - spend your time getting to know the
people there. Think about business opportunities with them.
9. Start using aliases and pseudonyms. Get comfortable using them in
real-life situations.
10. Learn to use cryptography.
11. Learn ethics and law (not the government law!).
12. Study logic, especially the fallacies.
13. Put more cash aside. Use your part-time job as the source of saved cash.
14. Start to invest cash with people you know, in off the books projects.
Start making micro-loans to people or buy shares in their operations.
15. Learn basic double-entry book-keeping. Don't waste effort on the
account-numbers they teach you - understand the concept and use it.
16. Learn to write in code. We all have to use recordings, bookkeeping,
contact books, transaction notes etc. These should be hard to decipher
for someone taking a quick glimpse, and even hard for someone taking
time to analyze them. Use tricks like date-shifting, shorthand, making
up your own terms, etc. Or, if you want to spend a little more effort,
learn to use memorized ciphers, such as memorizing some longer text,
then apply it as a simple shifting-key to what you write, with the page
number or a marker as a keypart.
17. Tell other producers, entrepreneurs, traders etc that you appreciate
what they do.
18. Buy primarily from others like you, stay away from the on-the-books
market as much as you can.
19. When in conflict, ask someone to mediate. Solve conflicts yourself
wherever you can. Use a mutually respected and trusted third party when
necessary. Stay away from state 'justice' whenever you can.
20. Start respecting secrets. Secrets are good most of the time;
transparency is bad most of the time. Detox yourself from the
'everything should be in the open' propaganda.
21. Slowly make your part-time, off-the-books business, your main line of
income. Things like underground dental hygiene are very cool.
22. Learn that 'off-the-books' means that you really have to excel in what
you do. You have to provide quality.
23. Don't invest in single deals; invest in relationships with the market.
24. Get over it: Voting doesn't help at all.
25. Work with friends to create buying associations and selling
associations. This will give you and others lots of money to save and
lots of money to hide.
26. Harbor a fugitive. (Good ones, obviously.)
27. Help someone cross a border without documents.
28. Offer small merchants silver or gold rather than fiat currency.
29. Sell your products in silver or gold.
30. Accept and use digital gold, such as Pecunix or C-gold.
31. Start a community currency in your town.
32. Use digital cash, such as eCache.
33. Use Loom, Truebanc.
34. Get serious about protecting your Internet traffic.
35. Get comfortable working your will in the world.
36. Learn how to work your will beneficially. This is not about being
'right,' it is about causing benefit.
37. Fix your mistakes (you will make them). Learn not to repeat them.
38. Learn how to communicate effectively. Again, this is not about proving
that you are right - this is about getting true ideas into other minds
effectively.
39. Stop obeying the state in some new way. Tell your friends about your
success doing so.
40. Get comfortable with the term 'Economic Civil Disobedience.'
41. Spread the idea that the state is not magic - it is nothing more than a
collection of your neighbors - no more ethical and noble than the lamer
next door.
42. Learn how to find the false assumptions in arguments. Most public lies
sound okay if you don't find their unspoken assumptions. If they pass
too quickly, find the written version and search for the lie it
contains.
43. Learn how to disagree with kindness.
44. Accept the fact that most people are confused and are just barely
hanging on to their last shreds of self-esteem. Understand that state
intellectuals like this condition, as it makes people easier to keep in
line - a little shame goes a long way.
45. Don't waste your energy on the political crisis de jour. Busy your mind
with more substantial things. Daily political dramas are a time-sink,
and the statists like it. Stop following their script.
46. Use jurisdictional arbitrage to deprive the state of your money. Work
with friends if the setup costs are too large for you.
47. Learn to defend yourself, your family, your neighbors and your town. No
state means no military. Until you take this upon yourself, your plans
will always have a gaping hole in their middle. There is no free lunch
here either. Get weapons and be mentally prepared to use them. Decide in
advance how and when you would use them - do not leave it to the emotion
of the moment - that will make a shipwreck of the whole venture. Learn
how to use them safely.
48. Do something nice for your neighbor. The people who live near you are a
far more important part of your environment than any other.
49. Help people who suffer undeservedly. No state means you are responsible
for charity. Sure, it will be much easier when the state isn't stealing
all your extra money (or chasing you in hope of theft), but do what you
can now and get used to the process.
50. Watch over your friends. Notice when they are having a bad day, show
some kindness and concern. If they are overloaded, carry some of their
burden. We all have bad times, and your bad day may come too. Help one
another. Restore one another.
1. Become a part-time entrepreneur, garage-market-dealer, urban farmer,
welder, whatever. Just be productive under your own command. It doesn't
matter what it is; just be directly productive, and directly deal with
suppliers and clients. You'll find it awesomely liberating and it will
be highly useful for the free underground market.
2. Switch off the TV. Read books!
3. Socialize with people that share your ethics and that are productive and
respectful. Eat together, discuss, challenge each other, help each
other, have a good time.
4. Get a safe or safe deposit box. Start moving all the cash you can get in
there, convert at least 30% of your cash to silver and/or gold coins.
5. Invest in trust. Do minor deals for people on a trust basis. Taking
others at their word, and let yourself be challenged by yours.
6. Start looking for matches. When you talk with people, memorize what they
do, and if an opportunity comes up, connect them with someone else for a
minor finders fee (a burger, a few beers, whatever).
7. Join your local LIMA house. (We'll explain this in a future post.)
8. Travel, but don't go sight-seeing - spend your time getting to know the
people there. Think about business opportunities with them.
9. Start using aliases and pseudonyms. Get comfortable using them in
real-life situations.
10. Learn to use cryptography.
11. Learn ethics and law (not the government law!).
12. Study logic, especially the fallacies.
13. Put more cash aside. Use your part-time job as the source of saved cash.
14. Start to invest cash with people you know, in off the books projects.
Start making micro-loans to people or buy shares in their operations.
15. Learn basic double-entry book-keeping. Don't waste effort on the
account-numbers they teach you - understand the concept and use it.
16. Learn to write in code. We all have to use recordings, bookkeeping,
contact books, transaction notes etc. These should be hard to decipher
for someone taking a quick glimpse, and even hard for someone taking
time to analyze them. Use tricks like date-shifting, shorthand, making
up your own terms, etc. Or, if you want to spend a little more effort,
learn to use memorized ciphers, such as memorizing some longer text,
then apply it as a simple shifting-key to what you write, with the page
number or a marker as a keypart.
17. Tell other producers, entrepreneurs, traders etc that you appreciate
what they do.
18. Buy primarily from others like you, stay away from the on-the-books
market as much as you can.
19. When in conflict, ask someone to mediate. Solve conflicts yourself
wherever you can. Use a mutually respected and trusted third party when
necessary. Stay away from state 'justice' whenever you can.
20. Start respecting secrets. Secrets are good most of the time;
transparency is bad most of the time. Detox yourself from the
'everything should be in the open' propaganda.
21. Slowly make your part-time, off-the-books business, your main line of
income. Things like underground dental hygiene are very cool.
22. Learn that 'off-the-books' means that you really have to excel in what
you do. You have to provide quality.
23. Don't invest in single deals; invest in relationships with the market.
24. Get over it: Voting doesn't help at all.
25. Work with friends to create buying associations and selling
associations. This will give you and others lots of money to save and
lots of money to hide.
26. Harbor a fugitive. (Good ones, obviously.)
27. Help someone cross a border without documents.
28. Offer small merchants silver or gold rather than fiat currency.
29. Sell your products in silver or gold.
30. Accept and use digital gold, such as Pecunix or C-gold.
31. Start a community currency in your town.
32. Use digital cash, such as eCache.
33. Use Loom, Truebanc.
34. Get serious about protecting your Internet traffic.
35. Get comfortable working your will in the world.
36. Learn how to work your will beneficially. This is not about being
'right,' it is about causing benefit.
37. Fix your mistakes (you will make them). Learn not to repeat them.
38. Learn how to communicate effectively. Again, this is not about proving
that you are right - this is about getting true ideas into other minds
effectively.
39. Stop obeying the state in some new way. Tell your friends about your
success doing so.
40. Get comfortable with the term 'Economic Civil Disobedience.'
41. Spread the idea that the state is not magic - it is nothing more than a
collection of your neighbors - no more ethical and noble than the lamer
next door.
42. Learn how to find the false assumptions in arguments. Most public lies
sound okay if you don't find their unspoken assumptions. If they pass
too quickly, find the written version and search for the lie it
contains.
43. Learn how to disagree with kindness.
44. Accept the fact that most people are confused and are just barely
hanging on to their last shreds of self-esteem. Understand that state
intellectuals like this condition, as it makes people easier to keep in
line - a little shame goes a long way.
45. Don't waste your energy on the political crisis de jour. Busy your mind
with more substantial things. Daily political dramas are a time-sink,
and the statists like it. Stop following their script.
46. Use jurisdictional arbitrage to deprive the state of your money. Work
with friends if the setup costs are too large for you.
47. Learn to defend yourself, your family, your neighbors and your town. No
state means no military. Until you take this upon yourself, your plans
will always have a gaping hole in their middle. There is no free lunch
here either. Get weapons and be mentally prepared to use them. Decide in
advance how and when you would use them - do not leave it to the emotion
of the moment - that will make a shipwreck of the whole venture. Learn
how to use them safely.
48. Do something nice for your neighbor. The people who live near you are a
far more important part of your environment than any other.
49. Help people who suffer undeservedly. No state means you are responsible
for charity. Sure, it will be much easier when the state isn't stealing
all your extra money (or chasing you in hope of theft), but do what you
can now and get used to the process.
50. Watch over your friends. Notice when they are having a bad day, show
some kindness and concern. If they are overloaded, carry some of their
burden. We all have bad times, and your bad day may come too. Help one
another. Restore one another.
Social Security to start cashing Uncle Sam's IOUs
PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It's time to start cashing them in.
For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.
Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more......
PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It's time to start cashing them in.
For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.
Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more......
Why Gold?
With inflation on the horizon, now is the time to begin transferring your wealth from paper-based assets like stocks, bonds, mutual funds, annuities and bank accounts into tangible assets like precious metals. Of course, the rest of the world already knows this and they are dumping their dollars for gold as soon as new gold supply hits the markets. This has been driving the price of gold up for ten years now, but that's nothing compared to what will happen when westerners finally realize that they need to make this transition as well. That stampede will usher in the next phase of gold's price climb, sending its price from a slow and steady climb to a parabolic leap.
The following excerpt from Ty Andros paints a clear picture of the mega-trend that is taking shape as alluded to above. (Source)
In the United States and Euro zone, socialism is on the march and misery is being spread in ever-widening circles as the last vestiges of wealth creation are destroyed and fed to the elites, their government lap dogs, crony capitalists and their something-for-nothing constituents in a failing effort to rescue themselves. Fights over decreasing income are unfolding between the public versus the private, as there is a little less food on everyone’s plates. Everyone wants to be paid and have free healthcare, but no one wants to work, make products people want to buy at reasonable prices or compete in the world except for public servant with HOT AIR lip service, it is a recipe for disaster!
In the US and Euro zone, POLITICS holds preeminence in ALL its affairs, thus political solutions are always substituted for PRACTICAL solutions. Capitalism, competition and creative destruction of entrenched crony capitalists is BANNED through tax and regulatory corruption. Capitalism is alive and well in the emerging world, and it is dead and buried in the developed world. This is not a failure of capitalism in the developed world; it is a failure of socialism. We live in the land and times of George Orwell, where black is white, up is down and socialism is called capitalism.
Don’t forget, true capitalism is DISINFLATIONARY – its creative destruction provides more goods and services for less money because entrepreneurs compete for customers. Socialism is INFLATIONARY – it is always less goods and services for more money because elites short circuit the creative destruction and substitute crony capitalists who, through regulatory and tax manipulation courtesy of corrupt public serpents, mandate the winners in the competition for CUSTOMERS.
Gold's worth is immune to inflation as it cannot be created and devalued as can paper currency. Because of this, most traditional investment advisors will recommend you allocate 10% - 20% of your investment portfolio to gold as a hedge against currency devaulation (inflation). Personally, I have 100% of mine in gold.
With inflation on the horizon, now is the time to begin transferring your wealth from paper-based assets like stocks, bonds, mutual funds, annuities and bank accounts into tangible assets like precious metals. Of course, the rest of the world already knows this and they are dumping their dollars for gold as soon as new gold supply hits the markets. This has been driving the price of gold up for ten years now, but that's nothing compared to what will happen when westerners finally realize that they need to make this transition as well. That stampede will usher in the next phase of gold's price climb, sending its price from a slow and steady climb to a parabolic leap.
The following excerpt from Ty Andros paints a clear picture of the mega-trend that is taking shape as alluded to above. (Source)
In the United States and Euro zone, socialism is on the march and misery is being spread in ever-widening circles as the last vestiges of wealth creation are destroyed and fed to the elites, their government lap dogs, crony capitalists and their something-for-nothing constituents in a failing effort to rescue themselves. Fights over decreasing income are unfolding between the public versus the private, as there is a little less food on everyone’s plates. Everyone wants to be paid and have free healthcare, but no one wants to work, make products people want to buy at reasonable prices or compete in the world except for public servant with HOT AIR lip service, it is a recipe for disaster!
In the US and Euro zone, POLITICS holds preeminence in ALL its affairs, thus political solutions are always substituted for PRACTICAL solutions. Capitalism, competition and creative destruction of entrenched crony capitalists is BANNED through tax and regulatory corruption. Capitalism is alive and well in the emerging world, and it is dead and buried in the developed world. This is not a failure of capitalism in the developed world; it is a failure of socialism. We live in the land and times of George Orwell, where black is white, up is down and socialism is called capitalism.
Don’t forget, true capitalism is DISINFLATIONARY – its creative destruction provides more goods and services for less money because entrepreneurs compete for customers. Socialism is INFLATIONARY – it is always less goods and services for more money because elites short circuit the creative destruction and substitute crony capitalists who, through regulatory and tax manipulation courtesy of corrupt public serpents, mandate the winners in the competition for CUSTOMERS.
Gold's worth is immune to inflation as it cannot be created and devalued as can paper currency. Because of this, most traditional investment advisors will recommend you allocate 10% - 20% of your investment portfolio to gold as a hedge against currency devaulation (inflation). Personally, I have 100% of mine in gold.
Greed
Human nature, when it comes to investing, swings between greed and fear. I entered the gold business 10 years ago because gold is an investment that appeals to both emotions. These were MY emotions at the time, and still are.
"Is the world going to come to an end tomorrow, with all paper currencies and markets crashing? And if it is, how do I protect myself?" Buy gold.
"What is the next big investment that will make me a killing when the public finally recognizes it and jumps on board, sending prices to the sky?" Gold.
As I read the following quote this morning by Ty Andros, it reminded me just why I love gold so much.
As the commencement of the next leg down in the developed world’s economies continues to unfold like the sunset at the end of the day, the emerging world is HEALTHIER than ever and economic sunrise is still on their horizons. Economic trains traveling in completely different directions. In the emerging world, growth, capitalism, creative destruction and competition are embraced; they know the recipe for an expanding economy which means more food on everyone’s plates.
At no time have the opportunities for investors been greater. Markets will ZOOM higher and lower to price in the new paradigms of accelerated defaults and the central bank printing presses combating the unfolding insolvencies. Buy and hold is dead, so absolute return investments with the potential to thrive in up and down markets are required as a component of any diversified portfolio. Source
Human nature, when it comes to investing, swings between greed and fear. I entered the gold business 10 years ago because gold is an investment that appeals to both emotions. These were MY emotions at the time, and still are.
"Is the world going to come to an end tomorrow, with all paper currencies and markets crashing? And if it is, how do I protect myself?" Buy gold.
"What is the next big investment that will make me a killing when the public finally recognizes it and jumps on board, sending prices to the sky?" Gold.
As I read the following quote this morning by Ty Andros, it reminded me just why I love gold so much.
As the commencement of the next leg down in the developed world’s economies continues to unfold like the sunset at the end of the day, the emerging world is HEALTHIER than ever and economic sunrise is still on their horizons. Economic trains traveling in completely different directions. In the emerging world, growth, capitalism, creative destruction and competition are embraced; they know the recipe for an expanding economy which means more food on everyone’s plates.
At no time have the opportunities for investors been greater. Markets will ZOOM higher and lower to price in the new paradigms of accelerated defaults and the central bank printing presses combating the unfolding insolvencies. Buy and hold is dead, so absolute return investments with the potential to thrive in up and down markets are required as a component of any diversified portfolio. Source
Gold, Another 30% This Year?
The Gold Report caught up with John Embry, Chief Investment Strategist, Sprott Asset Management, to get his thoughts on gold and some mining stocks he favors. Embry, an industry expert in precious metals, has researched the gold sector for over 30 years. Read about why he thinks gold could gain another 30% this year as a greater proportion of the public realizes the degree of difficulty that sovereign debt is in.
The Gold Report: John, in Investors Digest of Canada, you recently said you're expecting gold to gain another 30% this year.
John Embry: I would say at least 30%. I said that I thought it would be the best year to date. We've had nine years consecutive higher year-end prices and the best year in that span for a year's return was 31%. I think this will be the year that we exceed it in this, the 10th year of the bull market.
TGR: What's driving this? Why is this year going to be the best year?
JE: I think we're getting very close to the point when a greater proportion of the public realizes the degree of difficulty that sovereign debt is in. And at that point, when you can't depend on your government paper as a safe haven, I think that fact puts gold in a much better light in more people's eyes.
TGR: What's the seasonality of this year?
JE: I think that we may continue to wallow around here for maybe the better part of another month. Maybe not quite that long. But, historically, mid-March to mid-May has been a really good period. When I look at the fundamentals and everything that's going on, I see no reason why it shouldn't be a very good period this time. And there's one other development. I don't know whether it will come to fruition, but on March 25th the CFTC is going to be investigating position limits in gold and silver on the COMEX. And if they ever put any teeth into those things and kept these bullion banks from what they're doing on the short side with their large positions, I think that could have a salutary impact on gold and silver prices.
They're finally going to have to address this because there's been so many complaints about the bizarre price action on the COMEX in both gold and silver.
TGR: Alright. Any last comments?
JE: The only comment I'd make is I really think things are sufficiently serious here in a financial or monetary debasement sense that everybody—and I have never been a table pounder—but I think every single person with a serious portfolio has got to have a reasonably significant exposure to precious metals. This isn't something that's just insurance for those who've got cold feet. This is something I think is a mainstream thing that people must have.
TGR: When you say a significant portion, what percentages are you thinking?
JE: I used to say 5% to 10% when it was just an insurance thing and the market was pretty sanguine. I say at least 20% now. I see the other assets as being less attractive. I wouldn't buy a bond if you gifted me with the money to do it.
The Gold Report caught up with John Embry, Chief Investment Strategist, Sprott Asset Management, to get his thoughts on gold and some mining stocks he favors. Embry, an industry expert in precious metals, has researched the gold sector for over 30 years. Read about why he thinks gold could gain another 30% this year as a greater proportion of the public realizes the degree of difficulty that sovereign debt is in.
The Gold Report: John, in Investors Digest of Canada, you recently said you're expecting gold to gain another 30% this year.
John Embry: I would say at least 30%. I said that I thought it would be the best year to date. We've had nine years consecutive higher year-end prices and the best year in that span for a year's return was 31%. I think this will be the year that we exceed it in this, the 10th year of the bull market.
TGR: What's driving this? Why is this year going to be the best year?
JE: I think we're getting very close to the point when a greater proportion of the public realizes the degree of difficulty that sovereign debt is in. And at that point, when you can't depend on your government paper as a safe haven, I think that fact puts gold in a much better light in more people's eyes.
TGR: What's the seasonality of this year?
JE: I think that we may continue to wallow around here for maybe the better part of another month. Maybe not quite that long. But, historically, mid-March to mid-May has been a really good period. When I look at the fundamentals and everything that's going on, I see no reason why it shouldn't be a very good period this time. And there's one other development. I don't know whether it will come to fruition, but on March 25th the CFTC is going to be investigating position limits in gold and silver on the COMEX. And if they ever put any teeth into those things and kept these bullion banks from what they're doing on the short side with their large positions, I think that could have a salutary impact on gold and silver prices.
They're finally going to have to address this because there's been so many complaints about the bizarre price action on the COMEX in both gold and silver.
TGR: Alright. Any last comments?
JE: The only comment I'd make is I really think things are sufficiently serious here in a financial or monetary debasement sense that everybody—and I have never been a table pounder—but I think every single person with a serious portfolio has got to have a reasonably significant exposure to precious metals. This isn't something that's just insurance for those who've got cold feet. This is something I think is a mainstream thing that people must have.
TGR: When you say a significant portion, what percentages are you thinking?
JE: I used to say 5% to 10% when it was just an insurance thing and the market was pretty sanguine. I say at least 20% now. I see the other assets as being less attractive. I wouldn't buy a bond if you gifted me with the money to do it.
Bear Rally Nears 1930s Benchmark
by Rick Ackerman
At yesterday’s top, the Dow Industrial Average was a mere 239 points shy of equaling the six-month bear rally that followed the 1929 Crash. The blue chip average peaked at 10694 on Tuesday, but it will need to hit 10933 to equal the fervently delusional, 77% retracement of the Great Crash. At the rate the Dow has been climbing, it could be there by week’s end or early next, so place your bets.
The 1929 comparison turned up in the Rick’s Picks chat room yesterday, posted by “Emerald,” who modestly categorized it as historical trivia. Perhaps not, since these numbers are all we’ve got to measure the tidal surge of euphoria that washed over investors once a financial shock of unprecedented magnitude had been fully absorbed. As we know, those who bought into the rally, and who stuck with it, were proven to have been fools; for the stock market would eventually lose 90 percent of its value. If this scenario were to repeat, it would imply a bottom for the Dow at 1420, representing a collapse of nearly 87% from current levels. Obviously, many of today’s investors are not reflecting on the lessons of history. For the record, the bear rally topped in April 1930, a fact that should give pause to those counting on springtime to fill investors’ hearts with lightness and song. Given the parlous state of the economy, which remains frozen despite a steroid-induced spike in GDP, it should be prayer on the lips of investors, not song.
In retrospect, it’s hard to believe investors could have worked themselves into a bullish tizzy in 1930. Not that the average working stiff believed any of it. Then as now, it was mainly the House of Morgan that prospered in the surreal interlude between crash and false spring. Some today are convinced that the stock-market rally, now in its thirteenth month, is the real McCoy. But as Emerald noted, it can take quite a few years to build a base for an enduring bull cycle. “Fresh new bull markets such as the one born in August 1982 are usually preceded by corrective phases lasting 15 to 20 years which wring out any excesses in valuation and sentiment,” he wrote. “These corrective phases always have two components: an adjustment in price, and the passage of time. If we trace the beginning of the current bear market in real terms to the year 2000, we are about half-way to two-thirds through the process.”
by Rick Ackerman
At yesterday’s top, the Dow Industrial Average was a mere 239 points shy of equaling the six-month bear rally that followed the 1929 Crash. The blue chip average peaked at 10694 on Tuesday, but it will need to hit 10933 to equal the fervently delusional, 77% retracement of the Great Crash. At the rate the Dow has been climbing, it could be there by week’s end or early next, so place your bets.
The 1929 comparison turned up in the Rick’s Picks chat room yesterday, posted by “Emerald,” who modestly categorized it as historical trivia. Perhaps not, since these numbers are all we’ve got to measure the tidal surge of euphoria that washed over investors once a financial shock of unprecedented magnitude had been fully absorbed. As we know, those who bought into the rally, and who stuck with it, were proven to have been fools; for the stock market would eventually lose 90 percent of its value. If this scenario were to repeat, it would imply a bottom for the Dow at 1420, representing a collapse of nearly 87% from current levels. Obviously, many of today’s investors are not reflecting on the lessons of history. For the record, the bear rally topped in April 1930, a fact that should give pause to those counting on springtime to fill investors’ hearts with lightness and song. Given the parlous state of the economy, which remains frozen despite a steroid-induced spike in GDP, it should be prayer on the lips of investors, not song.
In retrospect, it’s hard to believe investors could have worked themselves into a bullish tizzy in 1930. Not that the average working stiff believed any of it. Then as now, it was mainly the House of Morgan that prospered in the surreal interlude between crash and false spring. Some today are convinced that the stock-market rally, now in its thirteenth month, is the real McCoy. But as Emerald noted, it can take quite a few years to build a base for an enduring bull cycle. “Fresh new bull markets such as the one born in August 1982 are usually preceded by corrective phases lasting 15 to 20 years which wring out any excesses in valuation and sentiment,” he wrote. “These corrective phases always have two components: an adjustment in price, and the passage of time. If we trace the beginning of the current bear market in real terms to the year 2000, we are about half-way to two-thirds through the process.”
Systemic Shock Will Kill The Sucker Rally
Lest you think the rallying stock market serves as a leading indicator that good times will soon roll again, along comes Rick Rule to rain on your parade. "The greatest bull market in history, beginning in 1982," he says, has trained people "to believe things will do well and get better"—training he considers lethal—and conditioned them to "buy the dips." Furthermore, he adds, "The amount of liquidity being injected into the system is truly spectacular. . .A lot of the stock market rally has been liquidity-driven." Interestingly, he notes, that liquidity is short term; while banks are still avoiding long loans that they can't resell to the federal government, Rick sees plenty of short-term money, lots of margin, ample lending to hedge funds, capital markets firms and individual investors.
He considers the markets "seriously overvalued," with the economy in no condition to support the capitalization rates, but expects the rally to continue on the basis of those two reasons plus the gradual thawing of bank credit for merger and acquisition activity.
Bottom line, though, Rick calls it "a bear market trap, a real sucker rally. . .driven by liquidity rather than valuation. And when the inevitable shock to liquidity hits—from additional foreclosures, a collapse in commercial real estate, implosion of municipal markets or wherever)—this bull market will be over in a tremendous hurry. He sees a variety of potential catalysts that could take this market down. There's no way of knowing when it will happen and how bad it will be, but he compares the likelihood of it happening to walking through a minefield. The odds are you'll step on a mine and it will explode. "This is a minefield that it would be helpful if you were extremely drunk to stagger through. I do not like the probability of us getting through this without a couple more ugly, ugly, ugly shocks. The idea that we're going to get through this unscathed just doesn't make any sense."
Lest you think the rallying stock market serves as a leading indicator that good times will soon roll again, along comes Rick Rule to rain on your parade. "The greatest bull market in history, beginning in 1982," he says, has trained people "to believe things will do well and get better"—training he considers lethal—and conditioned them to "buy the dips." Furthermore, he adds, "The amount of liquidity being injected into the system is truly spectacular. . .A lot of the stock market rally has been liquidity-driven." Interestingly, he notes, that liquidity is short term; while banks are still avoiding long loans that they can't resell to the federal government, Rick sees plenty of short-term money, lots of margin, ample lending to hedge funds, capital markets firms and individual investors.
He considers the markets "seriously overvalued," with the economy in no condition to support the capitalization rates, but expects the rally to continue on the basis of those two reasons plus the gradual thawing of bank credit for merger and acquisition activity.
Bottom line, though, Rick calls it "a bear market trap, a real sucker rally. . .driven by liquidity rather than valuation. And when the inevitable shock to liquidity hits—from additional foreclosures, a collapse in commercial real estate, implosion of municipal markets or wherever)—this bull market will be over in a tremendous hurry. He sees a variety of potential catalysts that could take this market down. There's no way of knowing when it will happen and how bad it will be, but he compares the likelihood of it happening to walking through a minefield. The odds are you'll step on a mine and it will explode. "This is a minefield that it would be helpful if you were extremely drunk to stagger through. I do not like the probability of us getting through this without a couple more ugly, ugly, ugly shocks. The idea that we're going to get through this unscathed just doesn't make any sense."
Notice To Those Who Would Like To Get Rich (possibly) Quick
I pass along yet another clear indicator that the paper markets are clearly on the ropes. Those who own physical gold when it collapses, stand to reap the rewards of their foresight.
It's Going To Implode: Buy Physical Gold - NOW
by Gordon Gekko
Evidence seems to be mounting that we are headed towards some sort of implosion in the paper Gold market, and perhaps the currency/bond markets in general. Let’s take a look:
Jacksonville, FL based EverBank – a bank with approximately $8 billion in assets and 1800 employees according to the company website – recently sent this notice to customers.
"Non-FDIC Insured Metals Select Changes" -
Section 6.3.7. General Terms: We have added language clarifying our right to close your account. We may close your Metals Select Account at anytime upon reasonable notice to you. If we believe that it is necessary to close your account immediately in order to limit losses by you or us [GG: We really don’t give a s**t about you; it’s us that we care about], we may close your account prior to providing notice to you. Notice from us to one of you is notice to all of you [GG: the nerve of these people!]. If we close your account, we reserve the right to convert your Precious Metals to U.S. dollars and tender the balance to you by mail [GG: I am willing to bet my entire Gold stash that when you receive these "converted" dollars, they will be nowhere near the market price of physical. What did you think that whole "limit losses" thing meant?] .
If you have a "Non FDIC Insured Metals Select" account with these people, you can pretty much say goodbye to any chances of ever seeing your metal. This is a clear sign that the (already tight) availability of physical metal at the manipulated Comex futures paper price is in danger of vanishing altogether. Think about it. What is the scenario in which they avoid catastrophic losses while at the same time sending you the US dollar value of the metal? When the official or Comex price has fully decoupled from the physical price. Expect to see more such notices from banks offering Metals "Investments".
Citibank recently issued this notice to its checking account (remember the type of account where you thought you could withdraw your money whenever you wanted? Well, not anymore) customers (via Market Ticker):
Withdrawal Notice:
We reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking, savings and money market accounts. We currently do not exercise this right and have not exercised it in the past.
Hmm…let me see. Why would a bank need to impose withdrawal restrictions? Has this kind of a thing happened before somewhere? Could it be because of the danger of a bank run/capital flight from the United States? Why would Citibank fear bank runs? Why would money flee the US banking system/US? Could it be because the entire US banking system and the US Government is INSOLVENT and people - fearing a collapse in the dollar’s value (in terms of real goods i.e. for all you Prechterites out there) - rush to withdraw money convert it into real goods such as precious metals? You tell me. Also, could they maybe increase this notice period from seven to whatever the hell they want whenever they want? What will you do then? Even if you don’t buy Gold with it, withdrawing your cash from America’s insolvent banks is a very wise strategy at this point.
I pass along yet another clear indicator that the paper markets are clearly on the ropes. Those who own physical gold when it collapses, stand to reap the rewards of their foresight.
It's Going To Implode: Buy Physical Gold - NOW
by Gordon Gekko
Evidence seems to be mounting that we are headed towards some sort of implosion in the paper Gold market, and perhaps the currency/bond markets in general. Let’s take a look:
Jacksonville, FL based EverBank – a bank with approximately $8 billion in assets and 1800 employees according to the company website – recently sent this notice to customers.
"Non-FDIC Insured Metals Select Changes" -
Section 6.3.7. General Terms: We have added language clarifying our right to close your account. We may close your Metals Select Account at anytime upon reasonable notice to you. If we believe that it is necessary to close your account immediately in order to limit losses by you or us [GG: We really don’t give a s**t about you; it’s us that we care about], we may close your account prior to providing notice to you. Notice from us to one of you is notice to all of you [GG: the nerve of these people!]. If we close your account, we reserve the right to convert your Precious Metals to U.S. dollars and tender the balance to you by mail [GG: I am willing to bet my entire Gold stash that when you receive these "converted" dollars, they will be nowhere near the market price of physical. What did you think that whole "limit losses" thing meant?] .
If you have a "Non FDIC Insured Metals Select" account with these people, you can pretty much say goodbye to any chances of ever seeing your metal. This is a clear sign that the (already tight) availability of physical metal at the manipulated Comex futures paper price is in danger of vanishing altogether. Think about it. What is the scenario in which they avoid catastrophic losses while at the same time sending you the US dollar value of the metal? When the official or Comex price has fully decoupled from the physical price. Expect to see more such notices from banks offering Metals "Investments".
Citibank recently issued this notice to its checking account (remember the type of account where you thought you could withdraw your money whenever you wanted? Well, not anymore) customers (via Market Ticker):
Withdrawal Notice:
We reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking, savings and money market accounts. We currently do not exercise this right and have not exercised it in the past.
Hmm…let me see. Why would a bank need to impose withdrawal restrictions? Has this kind of a thing happened before somewhere? Could it be because of the danger of a bank run/capital flight from the United States? Why would Citibank fear bank runs? Why would money flee the US banking system/US? Could it be because the entire US banking system and the US Government is INSOLVENT and people - fearing a collapse in the dollar’s value (in terms of real goods i.e. for all you Prechterites out there) - rush to withdraw money convert it into real goods such as precious metals? You tell me. Also, could they maybe increase this notice period from seven to whatever the hell they want whenever they want? What will you do then? Even if you don’t buy Gold with it, withdrawing your cash from America’s insolvent banks is a very wise strategy at this point.
This from Seeking Alpha...
44 states are facing budget shortfalls. California is leading the way as it is expected to spend 50% more than it will generate this year. Now that is a really scary thought. Since 2007 US states have collectively spent 300 billion more than they have generated. These deficits mean higher taxes and so far 33 states have raised taxes, but collections have plummeted to their worst levels in 46 years; you cannot squeeze water out of a rock. No jobs means no revenues but states are selling new bonds at record rates to raise funds. It's a recipe for long term disaster.
As you know, I have tried to distance myself as far as possible from the financial services industry. When these bonds ultimately default, all those mutual fund and insurance companies that have bought them will find themselves in a very tight spot. WHEN, not "if," this happens, investors will look to preserve their wealth in things that are not someone else's liability. This is when gold will shine. Between now and then.... buy as much as you can, as often as you can.
44 states are facing budget shortfalls. California is leading the way as it is expected to spend 50% more than it will generate this year. Now that is a really scary thought. Since 2007 US states have collectively spent 300 billion more than they have generated. These deficits mean higher taxes and so far 33 states have raised taxes, but collections have plummeted to their worst levels in 46 years; you cannot squeeze water out of a rock. No jobs means no revenues but states are selling new bonds at record rates to raise funds. It's a recipe for long term disaster.
As you know, I have tried to distance myself as far as possible from the financial services industry. When these bonds ultimately default, all those mutual fund and insurance companies that have bought them will find themselves in a very tight spot. WHEN, not "if," this happens, investors will look to preserve their wealth in things that are not someone else's liability. This is when gold will shine. Between now and then.... buy as much as you can, as often as you can.
China Loves Gold
A recent article in the Financial Times highlighted some of the trends currently occurring in China. I excerpt the following from that article:
China loves gold in all its forms: as a reserve currency, jewellery, an investment – even gold that is not real at all, or “virtual gold”, the internet commodity used as currency in online games such as World of Warcraft. The Chinese government is trying to crack down on trade in virtual gold, which is “farmed” by online gamers in China and sold to online gamers in the first world.
But when it comes to the real stuff – gold jewellery and gold bullion, for either adornment or investment – trade in China has risen sharply. Beijing recently revealed that it had been secretly buying gold for years in order to diversify its foreign reserves, and had almost doubled its bullion holdings. But they are not the only ones: the rising tide of wealth among middle-class Chinese has made China the second-largest gold jewellery market in the world since 2007, behind only India. Sales of gold and silver jewellery in China rose by an astounding 28.7 per cent in May year on year – proof, if any more were needed, that Chinese consumers have certainly not stopped spending money during the financial crisis. Total gold demand in China last year was nearly 400 tonnes, up by 21 per cent from 2007.
But Chinese people like their gold purer than their western counterparts: 24 carat, rather than 18 carat. The reasons for that, says Shi Heqing, gold analyst at Beijing Antaike Information, are partly historical: “Chinese people have gone through several wars in the last century, and the memory of those is still fresh, so they like secure ways of keeping their money. In the west, people seem to use gold more for decoration or beautification.”
The recent rollercoaster ride in the mainland stock market – which at one point last year had fallen by 70 per cent from its 2007 height, but has since crawled back to half the peak level – has also prompted more investment interest in gold in bullion form, gold market analysts say.
Mr Yu, a 55-year-old antiques trader in Shanghai who declined to give his first name, says he bought 500g of gold in 2007 and increased his holding to 2,000g at the end of last year. “I know people who are still buying stocks at this moment … but gold may be better for people my age who are more risk-averse.”
Or as Shaun Rein, managing director of China Market Research in Shanghai, puts it: “In China, the banking system has only recently become stable. Chinese people like gold: you can always melt it down and it’s easy to carry.”
A recent article in the Financial Times highlighted some of the trends currently occurring in China. I excerpt the following from that article:
China loves gold in all its forms: as a reserve currency, jewellery, an investment – even gold that is not real at all, or “virtual gold”, the internet commodity used as currency in online games such as World of Warcraft. The Chinese government is trying to crack down on trade in virtual gold, which is “farmed” by online gamers in China and sold to online gamers in the first world.But when it comes to the real stuff – gold jewellery and gold bullion, for either adornment or investment – trade in China has risen sharply. Beijing recently revealed that it had been secretly buying gold for years in order to diversify its foreign reserves, and had almost doubled its bullion holdings. But they are not the only ones: the rising tide of wealth among middle-class Chinese has made China the second-largest gold jewellery market in the world since 2007, behind only India. Sales of gold and silver jewellery in China rose by an astounding 28.7 per cent in May year on year – proof, if any more were needed, that Chinese consumers have certainly not stopped spending money during the financial crisis. Total gold demand in China last year was nearly 400 tonnes, up by 21 per cent from 2007.
But Chinese people like their gold purer than their western counterparts: 24 carat, rather than 18 carat. The reasons for that, says Shi Heqing, gold analyst at Beijing Antaike Information, are partly historical: “Chinese people have gone through several wars in the last century, and the memory of those is still fresh, so they like secure ways of keeping their money. In the west, people seem to use gold more for decoration or beautification.”
The recent rollercoaster ride in the mainland stock market – which at one point last year had fallen by 70 per cent from its 2007 height, but has since crawled back to half the peak level – has also prompted more investment interest in gold in bullion form, gold market analysts say.
Mr Yu, a 55-year-old antiques trader in Shanghai who declined to give his first name, says he bought 500g of gold in 2007 and increased his holding to 2,000g at the end of last year. “I know people who are still buying stocks at this moment … but gold may be better for people my age who are more risk-averse.”
Or as Shaun Rein, managing director of China Market Research in Shanghai, puts it: “In China, the banking system has only recently become stable. Chinese people like gold: you can always melt it down and it’s easy to carry.”
Who is Gerald Celente'?
Gerald Celente and The Trends Research Institute have earned the reputation as “today’s must trusted name in trends” for their accurate and timely predictions. Among them:
Predicted the “Panic of ’08” in November of 2007
Forecast the Recession of 2007 in 2004
Years before Starbucks was a household name, Gerald Celente forecast the popularity of gourmet coffee
Decades before Pepsi and Coke got into the water business, Gerald Celente predicted the “Big Boom in Bottled Water”
When gold was at $275 per ounce in 2002, Gerald Celente said the price had bottomed and in 2004 forecast the beginning of the “Gold Bull Run.” Since that time, with pinpoint accuracy, he said when, why – and how high – gold would go.
Gerald Celente coined the term “Clean Foods” in 1993 and predicted sustained growth in organic products in 1988
Nine months before 9/11, USA Today wrote, “2001 won’t be our year, trend seer says.” Gerald Celente warned that Americans wouldn’t be safe at home or abroad. (USA Today, December 14, 2000)
The Trends Research Institute and Gerald Celente were forerunners in the natural healing/alternative health movement
On the geopolitical and economic fronts, Gerald Celente and The Trends Research Institute are credited with the collapse of the Soviet Union, the last two economic recessions, the dot-com meltdown, the 1997 Asian currency crisis and the 1987 world stock market crash
Gerald Celente has forecast many real estate trends, including the big move to vacation spots and small towns, the growth in the second home market, a real estate "fizz" in 2005 ... plus hundreds of other social, business, fashion, consumer and entertainment trends.
If all the issuers of paper money want to see their currencies depreciate, then the only answer is to own an asset that central banks cannot debase—namely, gold. Part of bullion’s rise to more than $1,100 an ounce this year must be attributed to the conviction that governments will inflate away their debts. - The Economist, March 4, 2010
Venezuela Central Bank to Increase Gold Purchases
The following excerpt from the above linked article is another example of how THE REST OF THE WORLD is buying gold as fast as it can. But you wouldn't know that living here in America with our controlled press. CNBC continually scoffs at anyone who suggests buying gold with their wealth, trying to keep Americans from fleeing the paper markets and collapsing them in the process.
March 5 (Bloomberg) -- Venezuela’s central bank will boost its gold reserves this year and will buy more than half the estimated 20 metric tons of domestic production, bank director Jose Khan said today at an event in Caracas.
The central bank, which has about $16 billion of its $30.6 billion of reserves in gold, purchased 1.08 tons of gold from domestic mines in the first two months of this year after buying just 2 tons in all of 2009, said Khan, one of five directors at the country’s monetary authority.
“We’re going to increase our gold reserves and buy more local production,” Khan said today. “Our objective is to increase reserves and help develop the local gold industry.”
Venezuela’s central bank is planning to provide $250 million of financing for gold production this year in an attempt to boost non-oil exports. The bank, along with the Mining Ministry, plans to build a gold refinery, bank President Nelson Merentes told reporters March 3, without providing details.
The following excerpt from the above linked article is another example of how THE REST OF THE WORLD is buying gold as fast as it can. But you wouldn't know that living here in America with our controlled press. CNBC continually scoffs at anyone who suggests buying gold with their wealth, trying to keep Americans from fleeing the paper markets and collapsing them in the process.
March 5 (Bloomberg) -- Venezuela’s central bank will boost its gold reserves this year and will buy more than half the estimated 20 metric tons of domestic production, bank director Jose Khan said today at an event in Caracas.
The central bank, which has about $16 billion of its $30.6 billion of reserves in gold, purchased 1.08 tons of gold from domestic mines in the first two months of this year after buying just 2 tons in all of 2009, said Khan, one of five directors at the country’s monetary authority.
“We’re going to increase our gold reserves and buy more local production,” Khan said today. “Our objective is to increase reserves and help develop the local gold industry.”
Venezuela’s central bank is planning to provide $250 million of financing for gold production this year in an attempt to boost non-oil exports. The bank, along with the Mining Ministry, plans to build a gold refinery, bank President Nelson Merentes told reporters March 3, without providing details.
USA Today Throws A Bone To Gold
USA Today's March 5th article entitled Keeping 5% of portfolio in gold isn't a bad idea as a hedge actually admits the sense that adding gold to one's investment portfolio makes. Click the title above for the full story.
USA Today's March 5th article entitled Keeping 5% of portfolio in gold isn't a bad idea as a hedge actually admits the sense that adding gold to one's investment portfolio makes. Click the title above for the full story.
Are We in the Midst of a New Gold Rally?
George Soros, the man who made over $1 billion by short-selling the sterling pound in 1992, has more than doubled his holding of gold over the past few weeks.
Soros has been investing heavily in the U.S. listed exchange traded fund GLD, the SPDR Gold Trust, of which he now owns over 6 million shares worth around $680 million.
Why is he investing in gold?
We have long held the view that gold is a key player in the currency markets, and as such, its performance and future forecasts should be measured against world currencies. Recent events involving big currencies has led to the gold price gaining momentum.
Gold has been lingering around $1,100 to $1,200 for quite some time. What could cause a gold rally from here?
The dollar has long been the safe play when markets are turbulent. Indeed, we did see a short rally last week. But the overall impetus is on a downward trend for the dollar. This fact is supported by the Chinese hedging against the dollar of late.
So could gold be set to surge?
Gold seems to be the safest option out there; with investors opting for security, the gold price is in an ideal position to capitalise on the fears and weaknesses of fiat currencies.
George Soros, the man who made over $1 billion by short-selling the sterling pound in 1992, has more than doubled his holding of gold over the past few weeks.
Soros has been investing heavily in the U.S. listed exchange traded fund GLD, the SPDR Gold Trust, of which he now owns over 6 million shares worth around $680 million.
Why is he investing in gold?
We have long held the view that gold is a key player in the currency markets, and as such, its performance and future forecasts should be measured against world currencies. Recent events involving big currencies has led to the gold price gaining momentum.
Gold has been lingering around $1,100 to $1,200 for quite some time. What could cause a gold rally from here?
The dollar has long been the safe play when markets are turbulent. Indeed, we did see a short rally last week. But the overall impetus is on a downward trend for the dollar. This fact is supported by the Chinese hedging against the dollar of late.
So could gold be set to surge?
Gold seems to be the safest option out there; with investors opting for security, the gold price is in an ideal position to capitalise on the fears and weaknesses of fiat currencies.
British Gold Sovereigns
Came across this today and wanted to pass it on. Of course you can give me a call if you want to buy some sovereigns.
More recently many armies have included sovereigns in the survival pack, both British and American airman and Special Services had sovereigns sown into their clothing to buy emergency food, shelter, safe passage or bargaining power if confronted by unfriendly forces. In 1991 the Ministry of Defence purchase £1 million of gold sovereigns for use in the gulf war and sold those that were returned at very good profit some years later.
It was not only allied military who believed in the power of the sovereign but in history people as diverse as the Sikh freedom fighters in the 1920’s who were opposed to British rule in India made good use of the sovereign. They concealed the coins in a pouch in their throats and used them to bribe their way out of Prison. The son of a wealthy industrialist residing in Thessaloniki, Macedonia recalls how his family converted their entire wealth into 3000 gold sovereigns and hid them in door frames just before the German occupation. This allowed them to survive the war without starvation as did many of their friends who did the same, but others lost their entire fortune when left with bundles of worthless Greek currency. Source
Came across this today and wanted to pass it on. Of course you can give me a call if you want to buy some sovereigns.
More recently many armies have included sovereigns in the survival pack, both British and American airman and Special Services had sovereigns sown into their clothing to buy emergency food, shelter, safe passage or bargaining power if confronted by unfriendly forces. In 1991 the Ministry of Defence purchase £1 million of gold sovereigns for use in the gulf war and sold those that were returned at very good profit some years later.
It was not only allied military who believed in the power of the sovereign but in history people as diverse as the Sikh freedom fighters in the 1920’s who were opposed to British rule in India made good use of the sovereign. They concealed the coins in a pouch in their throats and used them to bribe their way out of Prison. The son of a wealthy industrialist residing in Thessaloniki, Macedonia recalls how his family converted their entire wealth into 3000 gold sovereigns and hid them in door frames just before the German occupation. This allowed them to survive the war without starvation as did many of their friends who did the same, but others lost their entire fortune when left with bundles of worthless Greek currency. Source
Cash For Clunkers
(This one has been circulating the internet so I thought I'd post it here for all to get a good laugh out of.)
A 15 mpg clunker that travels 12,000 miles a year uses 800 gallons of gas a year.
A 25 mpg vehicle that travels 12,000 miles a year uses 480 gallons a year.
So, the average Cash for Clunkers transaction will reduce US gasoline consumption by 320 gallons per year.
They claim 700,000 clunkers were turned-in, so that's 224 million gallons saved per year.
That equates to a bit over 5 million barrels of oil.
5 million barrels is about 5 hours worth of US consumption.
More importantly, 5 million barrels of oil at $70 per barrel costs about $350 million dollars
So, the government paid $3 billion of our tax dollars to save $350 million.
We spent $8.57 for every dollar we saved.
I'm pretty sure they will do a great job with our health care, though.
(This one has been circulating the internet so I thought I'd post it here for all to get a good laugh out of.)
A 15 mpg clunker that travels 12,000 miles a year uses 800 gallons of gas a year.
A 25 mpg vehicle that travels 12,000 miles a year uses 480 gallons a year.
So, the average Cash for Clunkers transaction will reduce US gasoline consumption by 320 gallons per year.
They claim 700,000 clunkers were turned-in, so that's 224 million gallons saved per year.
That equates to a bit over 5 million barrels of oil.
5 million barrels is about 5 hours worth of US consumption.
More importantly, 5 million barrels of oil at $70 per barrel costs about $350 million dollars
So, the government paid $3 billion of our tax dollars to save $350 million.
We spent $8.57 for every dollar we saved.
I'm pretty sure they will do a great job with our health care, though.
Want To Be Rich? Do What The Rich Do!
source
Stop listening to what the idiots on the financial news say and start paying attention to what the movers and shakers of this world are doing. George Soros says gold is "the ultimate-bubble", but goes and buys a bunch of gold. In the world of trading, this is called "talking your book."
China and India are desperately looking to diversify out of their failing fiat currency holdings and the only logical option is gold. The dollar will fail, the euro will fail... all paper currencies will reach their intrinsic value of zero.
Gold, at this point, is not a commodity. It's trading patterns indicate that it is now being treated as the ultimate currency. As the stability of the world degenerates into cyclical chaos gold will increasingly be sought-after as an anchor in an uncertain world.
Remember that we are in a paradigm-shift in power. The west is in decline and the east is on the ascent. The dollar, which used to be "as good as gold" is now a relic of the past. Gold is now taking on the temporary role of ultimate currency. Sometime in the future, gold will again be replaced by a quasi-fiat substitute. My guess is that the yuan will be the next "reserve currency" backed by the "full faith and credit of the Chinese people".. or perhaps a pan-asian currency... but this is all speculation on my part. In any case, until this happens, gold is where you need to be.
source
Stop listening to what the idiots on the financial news say and start paying attention to what the movers and shakers of this world are doing. George Soros says gold is "the ultimate-bubble", but goes and buys a bunch of gold. In the world of trading, this is called "talking your book."
China and India are desperately looking to diversify out of their failing fiat currency holdings and the only logical option is gold. The dollar will fail, the euro will fail... all paper currencies will reach their intrinsic value of zero.
Gold, at this point, is not a commodity. It's trading patterns indicate that it is now being treated as the ultimate currency. As the stability of the world degenerates into cyclical chaos gold will increasingly be sought-after as an anchor in an uncertain world.
Remember that we are in a paradigm-shift in power. The west is in decline and the east is on the ascent. The dollar, which used to be "as good as gold" is now a relic of the past. Gold is now taking on the temporary role of ultimate currency. Sometime in the future, gold will again be replaced by a quasi-fiat substitute. My guess is that the yuan will be the next "reserve currency" backed by the "full faith and credit of the Chinese people".. or perhaps a pan-asian currency... but this is all speculation on my part. In any case, until this happens, gold is where you need to be.
What Are Banks Doing with Their Depositors' Money?
February 26, 2010 – There have been numerous reports about the sharp decline in bank lending since the beginning of the financial crisis. The Wall Street Journal, for example, on Wednesday reported in an article entitled “Lending Falls at Epic Pace” that last year’s decline in lending is the biggest since 1942.
So if the banks are not making loans, what are they doing with depositor money?
Well, they are still lending, but not to businesses and consumers. They are lending to the federal government.
Banks don’t lend directly to the federal government of course, but buying US government paper accomplishes the same thing in the end. Depositor money is sent to the federal government, ether directly when banks purchase newly issued government paper or indirectly when they purchase US government paper from others, who in turn have used their dollars to purchase this paper.
In the past, we have been able to count on foreigners to buy up our public debt. But, wise to our game, foreigners have been buying less and less of our debt, and more and more gold. As a result, only the banks are left as a source of funding for our bankrupt government.
On wonders how long before this avenue of funding is exhausted as well, our bluff is called, and gold goes parabolic, making those who own it wealthy beyond belief.
February 26, 2010 – There have been numerous reports about the sharp decline in bank lending since the beginning of the financial crisis. The Wall Street Journal, for example, on Wednesday reported in an article entitled “Lending Falls at Epic Pace” that last year’s decline in lending is the biggest since 1942.
So if the banks are not making loans, what are they doing with depositor money?
Well, they are still lending, but not to businesses and consumers. They are lending to the federal government.
Banks don’t lend directly to the federal government of course, but buying US government paper accomplishes the same thing in the end. Depositor money is sent to the federal government, ether directly when banks purchase newly issued government paper or indirectly when they purchase US government paper from others, who in turn have used their dollars to purchase this paper.
In the past, we have been able to count on foreigners to buy up our public debt. But, wise to our game, foreigners have been buying less and less of our debt, and more and more gold. As a result, only the banks are left as a source of funding for our bankrupt government.
On wonders how long before this avenue of funding is exhausted as well, our bluff is called, and gold goes parabolic, making those who own it wealthy beyond belief.
Gotta Love The Mogambo
For those of you that like irreverent humor, here is a little excerpt from the Mogombo Guru's latest rant...
02/26/10 Tampa Bay, Florida – I knew that something was amiss when I woke up and the house was quiet. Having the benefit of seeing a lot of movies where things were “too quiet”, I instantly knew that things being “too quiet!” meant that Indians were going to be attacking, or the Japanese attacking, or the Germans attacking, sometimes government goons rushing the place, or zombies, or the police. I dunno who, but you get the point.
Grabbing the bare necessities (a couple of pistols, a few Uzi submachine guns, a rocket-propelled grenade launcher and a lot of spare ammunition) I rolled off the bed onto the floor with the idea of scuttling into the closet to cringe in a defensive posture, bristling with weapons, making my enemies stop and think before killing me, giving me, I figure, a additional three more seconds to live!
Unfortunately, all those armaments were heavy, and it was pretty stupid of me to carry so much weight, now that I think about it, and I fell on the floor with a big clanking noise.
Still, nothing!
Then I saw why: it wasn’t attackers at all! The family had cleared out because my Mogambo Machine To Measure Magical Money (MMTMMM) was going nuts, banging and beeping, and clanging and cleeping, which is not even a real word, which only shows you how freaked out I still am when I instantly saw why: Federal Reserve Credit (the magical “money out of thin air” of story and song, which the gold standard would prevent), jumped a massive $31 billion last week – $31 billion in One Freaking Week (OFW)! – taking the total to a record $2.264 trillion......
.....Somewhere in between these extremes you will find yourself, my budding Junior Mogambo Ranger (JMR)! The effects of massive increases in the money supply (horrifying inflation) will lead you to True Mogambo Enlightenment (TME) about how economics really, really works, and in a blazing moment of incandescent, transcendent clarity, you will suddenly realize you have to buy gold, silver and oil, right away, because, “Whee! This investing stuff is easy!”
rest of the story
For those of you that like irreverent humor, here is a little excerpt from the Mogombo Guru's latest rant...
02/26/10 Tampa Bay, Florida – I knew that something was amiss when I woke up and the house was quiet. Having the benefit of seeing a lot of movies where things were “too quiet”, I instantly knew that things being “too quiet!” meant that Indians were going to be attacking, or the Japanese attacking, or the Germans attacking, sometimes government goons rushing the place, or zombies, or the police. I dunno who, but you get the point.
Grabbing the bare necessities (a couple of pistols, a few Uzi submachine guns, a rocket-propelled grenade launcher and a lot of spare ammunition) I rolled off the bed onto the floor with the idea of scuttling into the closet to cringe in a defensive posture, bristling with weapons, making my enemies stop and think before killing me, giving me, I figure, a additional three more seconds to live!
Unfortunately, all those armaments were heavy, and it was pretty stupid of me to carry so much weight, now that I think about it, and I fell on the floor with a big clanking noise.
Still, nothing!
Then I saw why: it wasn’t attackers at all! The family had cleared out because my Mogambo Machine To Measure Magical Money (MMTMMM) was going nuts, banging and beeping, and clanging and cleeping, which is not even a real word, which only shows you how freaked out I still am when I instantly saw why: Federal Reserve Credit (the magical “money out of thin air” of story and song, which the gold standard would prevent), jumped a massive $31 billion last week – $31 billion in One Freaking Week (OFW)! – taking the total to a record $2.264 trillion......
.....Somewhere in between these extremes you will find yourself, my budding Junior Mogambo Ranger (JMR)! The effects of massive increases in the money supply (horrifying inflation) will lead you to True Mogambo Enlightenment (TME) about how economics really, really works, and in a blazing moment of incandescent, transcendent clarity, you will suddenly realize you have to buy gold, silver and oil, right away, because, “Whee! This investing stuff is easy!”
rest of the story
Quotes Monday
This quote from Ed Steer over at Casey Research:
"Here's a story that is all about residential real estate in the U.S. It's a Bloomberg piece headlined "U.S. Economy: Sales of Previously Owned Homes Fall". The first paragraph reads... "Sales of previously owned U.S. homes unexpectedly dropped 7.2 percent in January to a seven-month low, indicating a lack of job growth is undermining government incentives to bolster the housing market." Have you ever noticed, dear reader, that all bad news is "unexpected"? This is just another way that they 'spin' the news... as it's all about molding people's thought about future expectations.
Hope you enjoy the following as much as I did. I am always up for a little Algore bashing...
"The godfather of climate hysteria is in hiding as another of his wild claims unravels -- this one about global warming causing seas to swallow us up," the editors of Investors Business Daily wrote on Tuesday. "We've not seen or heard much of the former vice president, Oscar winner and Nobel Prize recipient recently as the case for disastrous man-made climate change collapses." source
Not that the Nobel Prize was ever that great of an award, but now it has become abundantly clear that it is nothing more than another tool in the hands of the powers-that-be to legitimize whatever lie they want the sheeple to believe. Of course, the exception to this rule is the awarding of the prize to President Obama, a man so obviously deserving of this award for all he has done. Though far too many to list here, the following are a list of his 5 greatest accomplishments:
1.
2
3.
4.
5.
This quote from Ed Steer over at Casey Research:
"Here's a story that is all about residential real estate in the U.S. It's a Bloomberg piece headlined "U.S. Economy: Sales of Previously Owned Homes Fall". The first paragraph reads... "Sales of previously owned U.S. homes unexpectedly dropped 7.2 percent in January to a seven-month low, indicating a lack of job growth is undermining government incentives to bolster the housing market." Have you ever noticed, dear reader, that all bad news is "unexpected"? This is just another way that they 'spin' the news... as it's all about molding people's thought about future expectations.
Hope you enjoy the following as much as I did. I am always up for a little Algore bashing...
"The godfather of climate hysteria is in hiding as another of his wild claims unravels -- this one about global warming causing seas to swallow us up," the editors of Investors Business Daily wrote on Tuesday. "We've not seen or heard much of the former vice president, Oscar winner and Nobel Prize recipient recently as the case for disastrous man-made climate change collapses." source
Not that the Nobel Prize was ever that great of an award, but now it has become abundantly clear that it is nothing more than another tool in the hands of the powers-that-be to legitimize whatever lie they want the sheeple to believe. Of course, the exception to this rule is the awarding of the prize to President Obama, a man so obviously deserving of this award for all he has done. Though far too many to list here, the following are a list of his 5 greatest accomplishments:
1.
2
3.
4.
5.
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