http://www.wired.com/threatlevel/2011/01/kill-switch-legislation/
Legislation granting the president internet-killing powers is to be re-introduced soon to a Senate committee, the proposal’s chief sponsor told Wired.com on Friday.
Sunday, January 30, 2011
6 Ideas For Those Needing Defensive Technology to Protect Free Speech from Authoritarian Regimes and 4 Ways the Rest of Us Can Help
AFTER THE SHUTDOWN OF THE INTERNET IN EGYPT, IT'S TIME TO THINK ABOUT
PROTECTING YOURSELF FROM BEING TRACKED BACK FROM YOUR POSTS ON
THE INTERNET.
http://www.eff.org/wp/surveillance-self-defense-international
AND
Internet Security Savvy is Critical as Egyptian Government Blocks Websites, Arrests Activists in Response to Continued Protest
http://www.eff.org/deeplinks/2011/01/egypt-blocks-websites-arrests-bloggers-and
AND
PROTECTING YOURSELF FROM BEING TRACKED BACK FROM YOUR POSTS ON
THE INTERNET.
http://www.eff.org/wp/surveillance-self-defense-international
AND
Internet Security Savvy is Critical as Egyptian Government Blocks Websites, Arrests Activists in Response to Continued Protest
http://www.eff.org/deeplinks/2011/01/egypt-blocks-websites-arrests-bloggers-and
AND
From Around the Web:
Friday, January 28, 2011
Will Gold, Oil Prices Soar on Revolts in Tunisia, Egypt?
http://www.minyanville.com/businessmarkets/articles/precious-metals-revolt-in-tunisia-revolt/1/27/2011/id/32446
Although revolution has been quelled for many years, dollar devaluation has caused prices of basic goods to soar in emerging economies like these. Young people are unemployed and face little opportunities in autocratic societies. Tens of thousands of young, leaderless Arabs are rioting in the streets demanding an end to pro-Western leaders.
Although revolution has been quelled for many years, dollar devaluation has caused prices of basic goods to soar in emerging economies like these. Young people are unemployed and face little opportunities in autocratic societies. Tens of thousands of young, leaderless Arabs are rioting in the streets demanding an end to pro-Western leaders.
Thursday, January 27, 2011
Obama Fails to Address Inflation in State of the Union
CREDIT TO FLARPH FOR THE LINK:
http://www.prnewswire.com/news-releases/obama-fails-to-address-inflation-in-state-of-the-union-114639374.html
"One thing from last night's State of the Union address is very clear, Obama is not serious about cutting spending and nobody in Washington has any expectation of the U.S. ever returning to a balanced budget. NIA believes that this past week's dip in the prices of gold and silver is an unbelievable buying opportunity for Americans who already own precious metals as well as those wishing to buy precious metals for the first time. Sure, both gold and silver could dip lower in the short-term, but we can't try to time short-term fluctuations and we need to stay focused on the long-term destruction of the U.S. dollar. In future State of the Union addresses to come in another year or two down the road, the entire focus of the President's speech will likely be on inflation and the collapsing U.S. dollar. When that time comes and mainstream America becomes aware of what NIA members have known for years, we could easily see $5,000 per ounce gold and $500 per ounce silver, and everybody will regret not loading up as much as possible at these levels."
http://www.prnewswire.com/news-releases/obama-fails-to-address-inflation-in-state-of-the-union-114639374.html
"One thing from last night's State of the Union address is very clear, Obama is not serious about cutting spending and nobody in Washington has any expectation of the U.S. ever returning to a balanced budget. NIA believes that this past week's dip in the prices of gold and silver is an unbelievable buying opportunity for Americans who already own precious metals as well as those wishing to buy precious metals for the first time. Sure, both gold and silver could dip lower in the short-term, but we can't try to time short-term fluctuations and we need to stay focused on the long-term destruction of the U.S. dollar. In future State of the Union addresses to come in another year or two down the road, the entire focus of the President's speech will likely be on inflation and the collapsing U.S. dollar. When that time comes and mainstream America becomes aware of what NIA members have known for years, we could easily see $5,000 per ounce gold and $500 per ounce silver, and everybody will regret not loading up as much as possible at these levels."
The End of New Deal Liberalism
Society faces dreadful prospects and profound transformation. When both parties are aligned with corporate power, who will stand up for the people? Who will protect them from the insatiable appetites of capitalist enterprise and help them get through the hard passage ahead? One thing we know for sure from history: there is no natural limit to what capitalism will seek in terms of power and profit. If government does not stand up and apply the brakes, society is defenseless.
Wednesday, January 26, 2011
E-mails Suggest Bear Stearns Cheated Clients Out of Billions
http://www.theatlantic.com/business/archive/2011/01/e-mails-suggest-bear-stearns-cheated-clients-out-of-billions/70128/
"According to the lawsuit, the Bear traders would sell toxic mortgage securities to investors and then sell back the bad loans with early payment defaults to the banks that originated them at a discount. The traders would pocket the refund, and would not pass it on to the mortgage trust, which was where it should have gone to be distributed to the investors who owned the bonds. The Marano-led traders also cut the time allowed for early payment defaults, without telling the bond investors. That way, Bear could quickly securitize defective loans, without leaving enough time for investors to do their own due diligence after the bonds were sold and put-back any bad loans to Bear."
"According to the lawsuit, the Bear traders would sell toxic mortgage securities to investors and then sell back the bad loans with early payment defaults to the banks that originated them at a discount. The traders would pocket the refund, and would not pass it on to the mortgage trust, which was where it should have gone to be distributed to the investors who owned the bonds. The Marano-led traders also cut the time allowed for early payment defaults, without telling the bond investors. That way, Bear could quickly securitize defective loans, without leaving enough time for investors to do their own due diligence after the bonds were sold and put-back any bad loans to Bear."
A BIASED, SELF-SERVING NEW YORK TIMES ARTICLE ON WIKILEAKS
Dealing With Julian Assange and the Secrets He Spilled
http://www.nytimes.com/2011/01/30/magazine/30Wikileaks-t.html?pagewanted=1&_r=1&hp
DID ASSANGE DISCLOSE INFORMATION RATHER THAN 'SPILL SECRETS'?
THIS THEME RUNS THROUGHOUT THE ARTICLE.
THE NYTIMES IS AN UNREPENTANT SYCOPHANT TO GUV'MINT POWER AS ALWAYS.
http://www.nytimes.com/2011/01/30/magazine/30Wikileaks-t.html?pagewanted=1&_r=1&hp
DID ASSANGE DISCLOSE INFORMATION RATHER THAN 'SPILL SECRETS'?
THIS THEME RUNS THROUGHOUT THE ARTICLE.
THE NYTIMES IS AN UNREPENTANT SYCOPHANT TO GUV'MINT POWER AS ALWAYS.
Tuesday, January 25, 2011
CHRIS HEDGES STATES THE OBVIOUS SOLUTION TO SAVE WHAT'S LEFT OF AMERICA
"Either we begin to militantly stand against the coal, oil and natural gas industry or we do not. Either we defy pre-emptive war and occupation or we do not. Either we demand that the criminal class on Wall Street be held accountable for the theft of billions of dollars from small shareholders whose savings for retirement or college were wiped out or we do not. Either we defend basic civil liberties, including habeas corpus and the prosecution of torturers or we do not. Either we turn on liberal institutions, including the Democratic Party, which collaborate with these corporations or we do not. Either we accept that the age of political compromise is dead, that the corporate systems of power are instruments of death that can be fought only by physical acts of resistance or we do not. If the liberal class remains gullible and weak, if it continues to speak to itself and others in meaningless platitudes, it will remain as responsible for our enslavement as those it pompously denounces. "
http://www.informationclearinghouse.info/article27329.htm
OR
http://www.truthdig.com/report/item/where_liberals_go_to_feel_good_20110124/
http://www.informationclearinghouse.info/article27329.htm
OR
http://www.truthdig.com/report/item/where_liberals_go_to_feel_good_20110124/
Sunday, January 23, 2011
TO THINK ABOUT...
CREDIT TO GOLDMELTER FOR THIS ONE
Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold is an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account overdrawn'."
~~Francisco d'Anconia from "Atlas Shrugged" by Ayn Rand
Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold is an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account overdrawn'."
~~Francisco d'Anconia from "Atlas Shrugged" by Ayn Rand
Friday, January 21, 2011
A Path Is Sought for States to Escape Their Debt Burdens
http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html
Policymakers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.
Policymakers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.
Tunisia And US Smugness The Financial Elite In America - Same As Dictators Elsewhere
http://www.informationclearinghouse.info/article27316.htm
"We are smug at our own peril. The parallels between Tunisia and America are not that far off, it’s only a matter of degree and size—but we have our own dictators who are in charge, and they are called the Democratic and Republican parties, our presidents, our congress’, our corporations and our warlord generals who continue calling for more and more unlimited warfare all over the world so that they may justify their over 900 military bases worldwide—and of course, we are the slaves who work and pay for all these elite dictators."
"We are smug at our own peril. The parallels between Tunisia and America are not that far off, it’s only a matter of degree and size—but we have our own dictators who are in charge, and they are called the Democratic and Republican parties, our presidents, our congress’, our corporations and our warlord generals who continue calling for more and more unlimited warfare all over the world so that they may justify their over 900 military bases worldwide—and of course, we are the slaves who work and pay for all these elite dictators."
TO THINK ABOUT...
"The liberties of our country, the freedom of our civil Constitution, are worth defending at all hazards; and it is our duty to defend them against all attacks. We have received them as a fair inheritance from our worthy ancestors: they purchased them for us with toil and danger and expense of treasure and blood, and transmitted them to us with care and diligence. It will bring an everlasting mark of infamy on the present generation, enlightened as it is, if we should suffer them to be wrested from us by violence without a struggle, or to be cheated out of them by the artifices of false and designing men." -Samuel Adams
"It is sobering to reflect that one of the best ways to get yourself a reputation as a dangerous citizen these days is to go about repeating the very phrases which our founding fathers used in the struggle for independence." - Charles A. Beard
The Phantom 15 Million
Taming unemployment starts with solving the mystery of the jobs that were supposed to have been created in the past 10 years but weren’t.
Thursday, January 20, 2011
Obama Officials Caught Deceiving About WikiLeaks By Glenn Greenwald
http://www.informationclearinghouse.info/article27292.htm
OR
http://www.salon.com/news/opinion/glenn_greenwald/
"this, of course, has been the point all along: the WikiLeaks disclosures are significant precisely because they expose government deceit, wrongdoing and brutality, but the damage to innocent people has been deliberately and wildly exaggerated -- fabricated -- by the very people whose misconduct has been revealed. There is harm from the WikiLeaks documents, but it's to wrongdoers in power, which is why they are so desperate to malign and then destroy the group."
"The case against WikiLeaks is absolutely this decade's version of the Saddam/WMD campaign. It's complete with frivolous invocations of Terrorism, grave public warnings about National Security negated by concealed information, endlessly repeated falsehoods, a competition among political and media elites to advocate the harshest measures possible, a cowardly Congress that (with a few noble exceptions) acquiesces to it all on a bipartisan basis and is eager to enable it, and a media that not only fails to subject these fictions to critical scrutiny, but does the opposite: it takes the lead in propagating them. One might express bewilderment that most American journalists never learn their lesson about placing their blind faith in government claims, but that assumes -- falsely -- that their objective is to report truthfully."
OR
http://www.salon.com/news/opinion/glenn_greenwald/
"this, of course, has been the point all along: the WikiLeaks disclosures are significant precisely because they expose government deceit, wrongdoing and brutality, but the damage to innocent people has been deliberately and wildly exaggerated -- fabricated -- by the very people whose misconduct has been revealed. There is harm from the WikiLeaks documents, but it's to wrongdoers in power, which is why they are so desperate to malign and then destroy the group."
"The case against WikiLeaks is absolutely this decade's version of the Saddam/WMD campaign. It's complete with frivolous invocations of Terrorism, grave public warnings about National Security negated by concealed information, endlessly repeated falsehoods, a competition among political and media elites to advocate the harshest measures possible, a cowardly Congress that (with a few noble exceptions) acquiesces to it all on a bipartisan basis and is eager to enable it, and a media that not only fails to subject these fictions to critical scrutiny, but does the opposite: it takes the lead in propagating them. One might express bewilderment that most American journalists never learn their lesson about placing their blind faith in government claims, but that assumes -- falsely -- that their objective is to report truthfully."
Tuesday, January 18, 2011
Seymour Hersh: Radical Neoconservatives "overthrew the American government."
http://www.opednews.com/Diary/Seymour-Hersh-Radical-Neo-by-Saman-Mohammadi-110118-258.html
Pulitzer Prize-winning journalist Seymour Hersh spoke at the Georgetown University's School of Foreign Service in Qatar on Monday, January 17, 2011, where he said that a group of radical neoconservatives, "overthrew the American government. Took it over." He added, "It's not only that the neocons took it over but how easily they did it -- how Congress disappeared, how the press became part of it, how the public acquiesced." (Quotes taken from ForeignPolicy.com's article 'Seymour Hersh unleashed' by Blake Hounshell, January 18, 2011).
Pulitzer Prize-winning journalist Seymour Hersh spoke at the Georgetown University's School of Foreign Service in Qatar on Monday, January 17, 2011, where he said that a group of radical neoconservatives, "overthrew the American government. Took it over." He added, "It's not only that the neocons took it over but how easily they did it -- how Congress disappeared, how the press became part of it, how the public acquiesced." (Quotes taken from ForeignPolicy.com's article 'Seymour Hersh unleashed' by Blake Hounshell, January 18, 2011).
Sunday, January 16, 2011
MARTIN ARMSTRONG'S LATEST ARTICLE
ARE YOU READY TO RUMBLE?
http://www.martinarmstrong.org/files/Are%20You%20Ready%20to%20Rumble%2001-05-2011.pdf
CREDIT TO WERNERUL FOR THE LINK
http://www.martinarmstrong.org/files/Are%20You%20Ready%20to%20Rumble%2001-05-2011.pdf
CREDIT TO WERNERUL FOR THE LINK
Friday, January 14, 2011
Too Big to Fail? Homelessness Increases as Help Decreases
http://www.huffingtonpost.com/maria-foscarinis/too-big-to-fail-homelessn_b_808679.html
"But here's the catch: The Alliance numbers capture only a very narrowly defined slice of homelessness: People in shelters or other emergency housing, or in public places. In addition to these increases, the number of families living doubled-up with others due to economic necessity increased by 12 percent to more than 6 million. The increases documented in the Alliance report parallel those reported by the U.S. Conference of Mayors in December 2010, which found a 9 percent increase in family homelessness over the past year in the 27 cities it surveyed across the country. "
Despite the enormity of the current crisis, there is virtually no safety net in place to help those affected.
What's more, the already enormous gap is likely to worsen, as need increases and funding cuts at all levels of government continue to decimate safety net programs, from food assistance, to housing, to legal aid, to shelter.
"But here's the catch: The Alliance numbers capture only a very narrowly defined slice of homelessness: People in shelters or other emergency housing, or in public places. In addition to these increases, the number of families living doubled-up with others due to economic necessity increased by 12 percent to more than 6 million. The increases documented in the Alliance report parallel those reported by the U.S. Conference of Mayors in December 2010, which found a 9 percent increase in family homelessness over the past year in the 27 cities it surveyed across the country. "
Despite the enormity of the current crisis, there is virtually no safety net in place to help those affected.
What's more, the already enormous gap is likely to worsen, as need increases and funding cuts at all levels of government continue to decimate safety net programs, from food assistance, to housing, to legal aid, to shelter.
Last year, our country spent hundreds of billions of dollars to save banks that were considered "too big to fail." Now the conventional wisdom in Washington is that there's "no money" to help ordinary people who are suffering in poverty and homelessness. But providing massive government intervention to protect big business while slashing government supports meant to mitigate the impacts of the economy's vicissitudes truly turns basic principles of a "free market" economy on their head. Why does anyone accept this?
State of Homelessness in America 2011
http://www.endhomelessness.org/content/article/detail/3668Thursday, January 13, 2011
US Banks Reporting Phantom Income on $1.4 Trillion Delinquent Mortgages
http://blogs.forbes.com/robertlenzner/2011/01/12/us-banks-reporting-phantom-income-on-1-4-trillion-delinquent-mortgages/?boxes=Homepagechannels
... Bank of America, Citigroup, JP Morgan and Wells Fargo, among hundreds of other smaller institutions, can report interest due them, but not paid, on an estimated $1.4 trillion of face value mortgages on the 7 million homes that are in the process of being foreclosed.
... Bank of America, Citigroup, JP Morgan and Wells Fargo, among hundreds of other smaller institutions, can report interest due them, but not paid, on an estimated $1.4 trillion of face value mortgages on the 7 million homes that are in the process of being foreclosed.
TO THINK ABOUT...
"The strength of a civilization is not measured by its ability to fight wars, but rather by its ability to prevent them." Gene Roddenberry (Creator of Star Trek)
"[War] is legalized mass murder, it is rightly relegated to the measure of last resort by civilized people the world over. Thus the majority of the civilized world was horrified when the United States launched a preemptive war on Iraq without the authorization of the United Nations." Thom Hartmann
"Civilization can only revive when there shall come into being in a number of individuals a new tone of mind, independent of the prevalent one among the crowds, and in opposition to it -- a tone of mind which will gradually win influence over the collective one, and in the end determine its character. Only an ethical movement can rescue us from barbarism, and the ethical comes into existence only in individuals. - Albert Schweitzer
OBAMA TOUTS INTERNET ID FOR ALL US CITIZENS
http://www.techeye.net/internet/obama-touts-internet-id-for-all-us-citizens
EXCERPT:
"Hmm a system where a person is given a number and needs to use it to buy goods and services. Where will Americans have heard of that before? Oh, that is right Revelation.
EXCERPT:
"Hmm a system where a person is given a number and needs to use it to buy goods and services. Where will Americans have heard of that before? Oh, that is right Revelation.
Obama Orders Military To Prepare For Spring Food Riots By: Sorcha Faal
http://www.whatdoesitmean.com/index1439.htm
THIS SITE USUALLY 'OVERSTATES' THE SITUATION, BUT MENTIONS
THINGS THAT I USUALLY WOULD NOT HAVE THOUGHT OF.
LOTS OF LINKS YOU SHOULD ALWAYS INVESTIGATE.
THIS SITE USUALLY 'OVERSTATES' THE SITUATION, BUT MENTIONS
THINGS THAT I USUALLY WOULD NOT HAVE THOUGHT OF.
LOTS OF LINKS YOU SHOULD ALWAYS INVESTIGATE.
Wednesday, January 12, 2011
America has ‘reached the point of no return...DAVID STOCKMAN
http://www.rawstory.com/rs/2011/01/america-has-reached-the-point-of-no-return-reagan-budget-director-warns/
"When you get to the point of $7 of borrowing to get $1 of income, you're obviously on an unsustainable path and pretty close to hitting the wall, which more or less we have..."
"So the addicts in Washington are now unfortunately terrified to stop all this borrowing whether it's for guns or butter for fear of the economy will collapse.... That's why we're just at the beginning of solving this massive financial collapse we had in 2008 and not in the process of healthy recovery as some of the pals in the White House or on Capitol Hill or on Wall Street would have you believe."
"When you get to the point of $7 of borrowing to get $1 of income, you're obviously on an unsustainable path and pretty close to hitting the wall, which more or less we have..."
"So the addicts in Washington are now unfortunately terrified to stop all this borrowing whether it's for guns or butter for fear of the economy will collapse.... That's why we're just at the beginning of solving this massive financial collapse we had in 2008 and not in the process of healthy recovery as some of the pals in the White House or on Capitol Hill or on Wall Street would have you believe."
Paper Money People Make Fun of Gold...CULTURE OF LIFE NEWS
http://emsnews.wordpress.com/2011/01/12/paper-money-people-make-fun-of-gold/#more-9652
It didn’t take long for the floating fiat currency people to mock those of us who want a gold basis for money, using the Jared assassinations as proof, people who are conservative and wish for some monetary stability are nuts, too. The idea that both sane people and insane people can have the same ideas is hard to grasp. Just because someone has an idea that is floating around and endorses this doesn’t mean that it is a bad idea if an insane person also latches onto this idea. All good ideas can be espoused by deranged people as well as ‘sane’ people at the same time. Naturally, people like to debase ideas whenever crazy people support them.
It didn’t take long for the floating fiat currency people to mock those of us who want a gold basis for money, using the Jared assassinations as proof, people who are conservative and wish for some monetary stability are nuts, too. The idea that both sane people and insane people can have the same ideas is hard to grasp. Just because someone has an idea that is floating around and endorses this doesn’t mean that it is a bad idea if an insane person also latches onto this idea. All good ideas can be espoused by deranged people as well as ‘sane’ people at the same time. Naturally, people like to debase ideas whenever crazy people support them.
Perps in the White House By Robert Scheer
http://www.truthdig.com/report/item/perps_in_the_white_house_20110112/
While it is widely recognized that the banking meltdown has left enormous economic pain and political upheaval in its wake, it is amazing that the folks who created this mess are rewarded with ever more important positions in our government.
While it is widely recognized that the banking meltdown has left enormous economic pain and political upheaval in its wake, it is amazing that the folks who created this mess are rewarded with ever more important positions in our government.
Tuesday, January 11, 2011
Even Lost Wars Make Corporations Rich By Chris Hedges
http://www.truthdig.com/report/item/even_lost_wars_make_corporations_rich_20110110/
Power does not rest with the electorate. It does not reside with either of the two major political parties. It is not represented by the press. It is not arbitrated by a judiciary that protects us from predators. Power rests with corporations.
Power does not rest with the electorate. It does not reside with either of the two major political parties. It is not represented by the press. It is not arbitrated by a judiciary that protects us from predators. Power rests with corporations.
Why Tucson massacre is destined to happen again
http://www.marketwatch.com/story/why-tucson-massacre-will-happen-again-2011-01-10
America is a tinderbox. We have a growing army of young and middle-aged men who, like Jared Loughner, are only marginally attached to the economy or to society. Many are among the 14 million rushing to buy guns each year.
Throw in the exciting world of the Internet, where they can find validation online for whatever moods, desires or hatreds they may have, and the mixture is deadly.
America is a tinderbox. We have a growing army of young and middle-aged men who, like Jared Loughner, are only marginally attached to the economy or to society. Many are among the 14 million rushing to buy guns each year.
Throw in the exciting world of the Internet, where they can find validation online for whatever moods, desires or hatreds they may have, and the mixture is deadly.
Monday, January 10, 2011
The Second Amendment: Our Nation's Foundation
KARL DENNINGER GETS TO THE POINT ABOUT OUR UNALIENABLE RIGHT TO DEFEND OURSELVES WITH A FIREARM.
READ AND UNDERSTAND AS YOU MAY HAVE TO DEFEND YOURSELF AGAINST
THIS NEW POLICE STATE/DICTATORSHIP IN THE VERY NEAR FUTURE.
http://market-ticker.org/akcs-www?post=176975
That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness
READ AND UNDERSTAND AS YOU MAY HAVE TO DEFEND YOURSELF AGAINST
THIS NEW POLICE STATE/DICTATORSHIP IN THE VERY NEAR FUTURE.
http://market-ticker.org/akcs-www?post=176975
That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness
MORE FROM BILL BONNER ON THE INCREASE IN FOOD STAMP PARTICIPANTS
How bad is unemployment? Maybe these figures from Insider Monkey will help. Dear Readers will note that they give away the most bread in the same city where they have the most circuses:
In 2006, there were 26.5 million people who received food stamps. In 2007, there were 26.2 million people in the program. So, the "normal" level of food stamp participation was around 26 million people. Things changed in 2008. The number of participants increased by 1.9 million. We were still in a recession during the first half of 2009. Food stamp participants increased by another 5.2 million people that year. There were then a total 33.4 million people receiving food stamps. The recession officially ended by July 2009, and one would expect the worsening to stop. But millions more who weren't officially "poor" in 2009 became poor in 2010. When Republicans were trying to extend Bush tax cuts for the rich by keeping social programs hostage, 6.8 million more joined the ranks of food stamp participants. Now, there are more than 40 million people receiving food stamps, though to remove the stigma they don't call it the "food stamp program" anymore. Now, they use debit cards to distribute the handouts and they call it the Supplemental Nutrition Assistance Program (SNAP). Oh Snap!
Today, there are 14 million more people who try to get by using food stamps than there were in 2007. These are in addition to the usual suspects who have been using food stamps for years. These people aren't your "average" food stamp participants - these are hardworking Americans who fell on hard times. Insider Monkey, your source for free insider trading data, compiled the list of states that are falling harder than the rest. Here is the list of top ten states with the highest food stamp participation rates:
10. Maine: 17.28 out of 100 receive food stamps
9. New Mexico: 17.33 out of 100 receive food stamps
8. Kentucky: 17.9 out of 100 receive food stamps
7. Michigan: 18 out 100 receive food stamps
6. Louisiana: 18.2 out of 100 receive food stamps
5. Oregon: 18.4 out of 100 receive food stamps
4. West Virginia: 18.41 out of 100 receive food stamps
3. Tennessee: 19.3 out of 100 receive food stamps
2. Mississippi: 19.4 out of 100 receive food stamps
1. District of Columbia: 19.7 out of 100 receive food stamps
BILL BONNER OF THE DAILY RECKONING ON PAUL VOLCKER, BERNANKE AND INFLATION
Now, here's some bad news. As far as we could tell, the Obama team only had one good man on it...former Fed chief and DR hero Paul Volcker. But word came last week that Volcker is out as head of the president's economic advisory committee.
Dear Readers are reminded that Volcker saved the day back in 1979. He pledged to cut inflation. He kept his word. It wasn't easy. He put interest rates up over 15%...at a time when the CPI was running at 13%. And Ronald Reagan backed him up.
If you're going to get control of inflation you can't trail the CPI. You have to get ahead of it. Which is why Bernanke's pledge is such nonsense. He says that as inflation rates go up, he'll put up the key Fed lending rate to 2%. He's already increased the monetary base to 3 times what it was under Volcker. He's committed to raising it another 33% by the end of June, bringing it to 4 times its 1980s level. When all that latent inflation becomes real inflation we'll see prices rise more than just 2% per year. We'll see them fly.
What we won't see is Ben Bernanke getting ahead of them by putting rates up even more than inflation. It won't happen. Because it goes completely against the grain of Ben Bernanke's theories.
The US is in a Great Correction. He thinks it needs stimulus, not austerity. When inflation rates finally begin to go up, he'll dither. He won't want to put up interest rates at all. At first, he'll hope that it is just a fluke. He'll delay. He'll hesitate. He'll stall. At first, the rise of inflation will be confused with a growing economy. Prices will move up. Consumers will spend money just to get rid of it. Businessmen will think they have more demand on their hands. They may even hire more workers. Stocks may go up.
Bernanke won't want to nip this "recovery" in the bud. "Growth" - even with inflation - is better than no growth, he will reason.
Then, when CPI is really getting up some real speed...and the inflation rate is headed towards 10%...he'll realize that it is too late. The only way to get ahead of it would be to "pull a Volcker"...and bring the whole economy down around him - like Volcker did.
But Volcker was still dealing with an essentially healthy economy. It could survive the fall. Today, the economy is much heavier...and more fragile. Debt levels are three times what they were back then. Stocks are high, with a long way to fall too. And unemployment - as we saw above - is already about 12%, with mortgage rates still near 50-year lows. Imagine what would happen with the prime rate above 10%. Who would hire anyone? How could the US finance its deficits? What would it do to the US economy?
We don't know...but we'll guess that Sherman did less damage to Atlanta.
Inflation will run wild...
Dear Readers are reminded that Volcker saved the day back in 1979. He pledged to cut inflation. He kept his word. It wasn't easy. He put interest rates up over 15%...at a time when the CPI was running at 13%. And Ronald Reagan backed him up.
If you're going to get control of inflation you can't trail the CPI. You have to get ahead of it. Which is why Bernanke's pledge is such nonsense. He says that as inflation rates go up, he'll put up the key Fed lending rate to 2%. He's already increased the monetary base to 3 times what it was under Volcker. He's committed to raising it another 33% by the end of June, bringing it to 4 times its 1980s level. When all that latent inflation becomes real inflation we'll see prices rise more than just 2% per year. We'll see them fly.
What we won't see is Ben Bernanke getting ahead of them by putting rates up even more than inflation. It won't happen. Because it goes completely against the grain of Ben Bernanke's theories.
The US is in a Great Correction. He thinks it needs stimulus, not austerity. When inflation rates finally begin to go up, he'll dither. He won't want to put up interest rates at all. At first, he'll hope that it is just a fluke. He'll delay. He'll hesitate. He'll stall. At first, the rise of inflation will be confused with a growing economy. Prices will move up. Consumers will spend money just to get rid of it. Businessmen will think they have more demand on their hands. They may even hire more workers. Stocks may go up.
Bernanke won't want to nip this "recovery" in the bud. "Growth" - even with inflation - is better than no growth, he will reason.
Then, when CPI is really getting up some real speed...and the inflation rate is headed towards 10%...he'll realize that it is too late. The only way to get ahead of it would be to "pull a Volcker"...and bring the whole economy down around him - like Volcker did.
But Volcker was still dealing with an essentially healthy economy. It could survive the fall. Today, the economy is much heavier...and more fragile. Debt levels are three times what they were back then. Stocks are high, with a long way to fall too. And unemployment - as we saw above - is already about 12%, with mortgage rates still near 50-year lows. Imagine what would happen with the prime rate above 10%. Who would hire anyone? How could the US finance its deficits? What would it do to the US economy?
We don't know...but we'll guess that Sherman did less damage to Atlanta.
Inflation will run wild...
Saturday, January 8, 2011
TO THINK ABOUT...
"When we tolerate what we know to be wrong--when we close our eyes and ears to the corrupt because we are too busy, or too frightened--when we fail to speak up and speak out--we strike a blow against freedom and decency and justice". - Robert Francis Kennedy
It is easy enough to tell the poor to accept their poverty as God's will when you yourself have warm clothes and plenty of food and medical care and a roof over your head and no worry about the rent. But if you want them to believe you - try to share some of their poverty and see if you can accept it as God's will yourself! Thomas Merton
LETTER TO REP. HARRY REID FROM ADDISON WIGGIN OF THE DAILY RECKONING
The Honorable Harry Reid
Majority Leader
United States Senate
Washington, DC 20510
Dear Mr. Leader,
I'm writing in response to Treasury Secretary Timothy Geithner's appeal to you to raise the debt ceiling.
I understand that you didn't ask for my opinion. And with no political positions on my curriculum vitae, you may not even recognize my name. But I have co-authored two books warning about the United States' fiscal situation, starting with Financial Reckoning Day in 2003 and followed by Empire of Debt in 2005. I mailed copies of the latter to you and the other members of Congress free of charge. While it may not be sitting on your nightstand, I trust that you're at least aware of the book.
After we published the book, I wrote and produced a documentary, I.O.U.S.A., which was screened in competition at the Sundance Film Festival, nominated for a Critics Choice award and shortlisted for an Academy Award. The film attempts to present the fiscal crisis facing the United States in a way that the average American could understand. The film took two years to produce and premiered on Aug. 22, 2008 - almost a month before Lehman Bros. declared bankruptcy, kicking off the Panic of '08.
So after a decade of attempting to bring the root causes of our economic woes to light, I humbly suggest that the shortsighted tone of Mr. Geithner's appeal is itself part of the problem. It is, in fact, no different than Secretary of Treasury Hank Paulson's frantic three-page proposal that kicked off the bailouts in September 2008.
Sir, in short, by raising the debt ceiling, we're delaying the day of reckoning yet again. Instead of paying for our excessive spending today, we'll pass that burden on to our children and grandchildren. I have three young children. And I, like many Americans, already find it a challenge to educate them and provide for their health care. Now I must also worry about what their future is going to look like...what opportunities will they find when it's their turn to join the work force or start businesses?
Mr. Geithner shares his fears of a default in his letter to you. But his request simply means my children - everyone's children - will have to deal with that default on their own.
Do we really want our children burdened by higher taxes, excessive government regulation, higher mortgage rates, reduced incentives to start their own businesses and, as things are going, the end of the freedoms that you, Mr. Geithner, the rest of the American public and I cherish?
Freedom is the very promise that America bestows on history. But now, through our own malfeasance, we are in a position of telling the world, "We cannot afford to offer you the opportunity to enjoy that freedom anymore."
How did it come to this? And why perpetuate the very malfeasance that threatens our future prosperity?
For most of America, understanding the fiscal condition of the nation is no easy task. For that, they place their trust in you. No doubt, it's easier to do exactly what our Treasury secretary is asking you to do - ignore the problem and continue to kick the can down the road. But I'm asking you, on behalf of future generations, to think deeper about the problem and begin addressing it today.
To help you with your decision, here are some images you can use to illustrate the magnitude of the national burden.
As Mr. Geithner stated in his letter to you, "In February of 2010, Congress passed legislation to increase the debt limit to $14.29 trillion." To grasp that staggering figure, imagine stacking $100 bills on top of one another. To reach $14.29 trillion, your stack would soar 9,721 miles into the sky!
Said a different way, that's like 1,767 mountains of $100 bills the size of Mount Everest piled on top of each other.
Of course, the current debt wouldn't be a problem if tax revenue were exceeding our spending and therefore reducing the debt. But we both know that is not happening. Even if we taxed all Americans 100% of their income for an entire year, we still wouldn't be able to pay off our $14.29 trillion hole
What's more, the interest we're paying on the current debt is forcing us deeper and deeper into the hole. According to the TreasuryDirect.gov website, the interest payment on our debt was a massive $1.13 billion per day - for a total of $413 billion - in 2010.
The interest payment alone amounts to record-breaking deficits hit during the Bush administration just a few short years ago. If you agree to raise the ceiling, you effectively agree to drive up the interest payments until they exceed tax revenue - creating a situation in which we'll be forced to default, eventually. And the longer it takes to happen, the worse it will be for our children.
The Treasury secretary outlines how catastrophic a default would be for the financial system and the integrity of the United States:
The United States is like a private company suffering from a pension burden it did not plan for and that is losing market share because its products are no longer competitive. And it is as if the management has decided to take an extended vacation, rather than hold a meeting to find a way out of the hole.
In Congress, you don't address the real problems. You talk around them, play politics with them and then make frantic appeals at the 11th hour to borrow more money to paper over the problems again for yet another year.
At this pace, how do you honestly believe the government will ever balance its books again? In the era of uncertainty created by mayhem in Washington and ever-increasing global competition, how do you expect the economy to get back on track?
Let's put the numbers aside for a second. I'd like to ask you a simple question:
Imagine for a moment that you've chosen to smoke cigarettes all your life. You've ignored the warnings about them that appear all around you. Then, eventually, and unfortunately, you get diagnosed with lung cancer.
Luckily, you've caught the disease in its very early stages. The doctor presents you with two choices.
First, you can enter chemotherapy. The road to recovery, the doctor tells you, will be harsh. You'll suffer extreme nausea. You'll hardly be able to swallow from the ulcers you develop in your mouth. In short, you'll go through hell in an attempt to beat the disease. But because you caught the disease after the first symptoms appeared, you have a high chance at a full recovery.
The doctor also offers a second alternative. He's worked out a deal that allows you to rid yourself of the disease instantly. No pain. No suffering. No hell. All you have to do is agree to give the disease to your 2-year-old grandson.
Would you make that deal, Mr. Leader?
I trust you'll make the right decision about our nation's fiscal health. At the very least, there needs to be an honest debate over raising the debt ceiling. If you provide the rubber stamp Mr. Geithner is asking for, you will be as guilty as he of passing the buck. Each time the buck gets passed, the stakes get higher. The default Mr. Geithner fears only looms more ominous in our future.
The newly elected speaker of the House, John Boehner, has gone on record saying he'll agree to increase the debt limit because we have to be "adults" about addressing the fiscal crisis the nation faces.
What, may I ask, is "adult" about failing to address this issue altogether?
Sincerely,
Addison Wiggin
Executive publisher, Agora Financial
Co-author, Financial Reckoning Day and Empire of Debt
Executive producer, writer, I.O.U.S.A.
cc: The Honorable John A. Boehner, Speaker of the House
The Honorable Nancy Pelosi, House Minority Leader
The Honorable Mitch McConnell, Senate Minority Leader
The Honorable Dave Camp, Chairman, House Committee on Ways and Means
The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and Means
The Honorable Max Baucus, Chairman, Senate Committee on Finance
The Honorable Orrin Hatch, Ranking Member, Senate Committee on Finance
All Other Members of the 112th Congress
Majority Leader
United States Senate
Washington, DC 20510
Dear Mr. Leader,
I'm writing in response to Treasury Secretary Timothy Geithner's appeal to you to raise the debt ceiling.
I understand that you didn't ask for my opinion. And with no political positions on my curriculum vitae, you may not even recognize my name. But I have co-authored two books warning about the United States' fiscal situation, starting with Financial Reckoning Day in 2003 and followed by Empire of Debt in 2005. I mailed copies of the latter to you and the other members of Congress free of charge. While it may not be sitting on your nightstand, I trust that you're at least aware of the book.
After we published the book, I wrote and produced a documentary, I.O.U.S.A., which was screened in competition at the Sundance Film Festival, nominated for a Critics Choice award and shortlisted for an Academy Award. The film attempts to present the fiscal crisis facing the United States in a way that the average American could understand. The film took two years to produce and premiered on Aug. 22, 2008 - almost a month before Lehman Bros. declared bankruptcy, kicking off the Panic of '08.
So after a decade of attempting to bring the root causes of our economic woes to light, I humbly suggest that the shortsighted tone of Mr. Geithner's appeal is itself part of the problem. It is, in fact, no different than Secretary of Treasury Hank Paulson's frantic three-page proposal that kicked off the bailouts in September 2008.
Sir, in short, by raising the debt ceiling, we're delaying the day of reckoning yet again. Instead of paying for our excessive spending today, we'll pass that burden on to our children and grandchildren. I have three young children. And I, like many Americans, already find it a challenge to educate them and provide for their health care. Now I must also worry about what their future is going to look like...what opportunities will they find when it's their turn to join the work force or start businesses?
Mr. Geithner shares his fears of a default in his letter to you. But his request simply means my children - everyone's children - will have to deal with that default on their own.
Do we really want our children burdened by higher taxes, excessive government regulation, higher mortgage rates, reduced incentives to start their own businesses and, as things are going, the end of the freedoms that you, Mr. Geithner, the rest of the American public and I cherish?
Freedom is the very promise that America bestows on history. But now, through our own malfeasance, we are in a position of telling the world, "We cannot afford to offer you the opportunity to enjoy that freedom anymore."
How did it come to this? And why perpetuate the very malfeasance that threatens our future prosperity?
For most of America, understanding the fiscal condition of the nation is no easy task. For that, they place their trust in you. No doubt, it's easier to do exactly what our Treasury secretary is asking you to do - ignore the problem and continue to kick the can down the road. But I'm asking you, on behalf of future generations, to think deeper about the problem and begin addressing it today.
To help you with your decision, here are some images you can use to illustrate the magnitude of the national burden.
As Mr. Geithner stated in his letter to you, "In February of 2010, Congress passed legislation to increase the debt limit to $14.29 trillion." To grasp that staggering figure, imagine stacking $100 bills on top of one another. To reach $14.29 trillion, your stack would soar 9,721 miles into the sky!
Said a different way, that's like 1,767 mountains of $100 bills the size of Mount Everest piled on top of each other.
Of course, the current debt wouldn't be a problem if tax revenue were exceeding our spending and therefore reducing the debt. But we both know that is not happening. Even if we taxed all Americans 100% of their income for an entire year, we still wouldn't be able to pay off our $14.29 trillion hole
What's more, the interest we're paying on the current debt is forcing us deeper and deeper into the hole. According to the TreasuryDirect.gov website, the interest payment on our debt was a massive $1.13 billion per day - for a total of $413 billion - in 2010.
The interest payment alone amounts to record-breaking deficits hit during the Bush administration just a few short years ago. If you agree to raise the ceiling, you effectively agree to drive up the interest payments until they exceed tax revenue - creating a situation in which we'll be forced to default, eventually. And the longer it takes to happen, the worse it will be for our children.
The Treasury secretary outlines how catastrophic a default would be for the financial system and the integrity of the United States:
Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs.When, I ask you, do we begin addressing the root problem? When do we admit that we're spending beyond our means and begin to address the problem in earnest? "We can live beyond our means for a very long time," to paraphrase a leading financier from I.O.U.S.A., "and we can do it on a very large scale - but we cannot do it forever."
The United States is like a private company suffering from a pension burden it did not plan for and that is losing market share because its products are no longer competitive. And it is as if the management has decided to take an extended vacation, rather than hold a meeting to find a way out of the hole.
In Congress, you don't address the real problems. You talk around them, play politics with them and then make frantic appeals at the 11th hour to borrow more money to paper over the problems again for yet another year.
At this pace, how do you honestly believe the government will ever balance its books again? In the era of uncertainty created by mayhem in Washington and ever-increasing global competition, how do you expect the economy to get back on track?
Let's put the numbers aside for a second. I'd like to ask you a simple question:
Imagine for a moment that you've chosen to smoke cigarettes all your life. You've ignored the warnings about them that appear all around you. Then, eventually, and unfortunately, you get diagnosed with lung cancer.
Luckily, you've caught the disease in its very early stages. The doctor presents you with two choices.
First, you can enter chemotherapy. The road to recovery, the doctor tells you, will be harsh. You'll suffer extreme nausea. You'll hardly be able to swallow from the ulcers you develop in your mouth. In short, you'll go through hell in an attempt to beat the disease. But because you caught the disease after the first symptoms appeared, you have a high chance at a full recovery.
The doctor also offers a second alternative. He's worked out a deal that allows you to rid yourself of the disease instantly. No pain. No suffering. No hell. All you have to do is agree to give the disease to your 2-year-old grandson.
Would you make that deal, Mr. Leader?
I trust you'll make the right decision about our nation's fiscal health. At the very least, there needs to be an honest debate over raising the debt ceiling. If you provide the rubber stamp Mr. Geithner is asking for, you will be as guilty as he of passing the buck. Each time the buck gets passed, the stakes get higher. The default Mr. Geithner fears only looms more ominous in our future.
The newly elected speaker of the House, John Boehner, has gone on record saying he'll agree to increase the debt limit because we have to be "adults" about addressing the fiscal crisis the nation faces.
What, may I ask, is "adult" about failing to address this issue altogether?
Sincerely,
Addison Wiggin
Executive publisher, Agora Financial
Co-author, Financial Reckoning Day and Empire of Debt
Executive producer, writer, I.O.U.S.A.
cc: The Honorable John A. Boehner, Speaker of the House
The Honorable Nancy Pelosi, House Minority Leader
The Honorable Mitch McConnell, Senate Minority Leader
The Honorable Dave Camp, Chairman, House Committee on Ways and Means
The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and Means
The Honorable Max Baucus, Chairman, Senate Committee on Finance
The Honorable Orrin Hatch, Ranking Member, Senate Committee on Finance
All Other Members of the 112th Congress
Thursday, January 6, 2011
Census: Number of poor may be millions higher
1 in 6 Americans — many of them 65 and older — are struggling in poverty http://www.msnbc.msn.com/id/40930573/ns/us_news-life
Top US Official Murdered After Arkansas Weapons Test Causes Mass Death
THIS IS ENTIRELY POSSIBLE.
http://www.whatdoesitmean.com/index1435.htm
According to US reports an estimated 5,000 of these birds were killed outright and were quickly removed by US Environmental Services workers wearing hazmat suits and gas masks. AnotherUS
Even more chilling than this incident is this GRU report stating that it was the second “accidental” release of Phosgene poisonous gas in as many days, as the day before, this same US Air Force KC-767 tanker aircraft also had a “critical malfunction” causing a release over theArkansas River that killed over 100,000 fish.
DO YOU REALLY THINK THE GUV'MINT TELLS YOU THE TRUTH ABOUT ANYTHING?
http://www.whatdoesitmean.com/index1435.htm
According to US reports an estimated 5,000 of these birds were killed outright and were quickly removed by US Environmental Services workers wearing hazmat suits and gas masks. Another
Even more chilling than this incident is this GRU report stating that it was the second “accidental” release of Phosgene poisonous gas in as many days, as the day before, this same US Air Force KC-767 tanker aircraft also had a “critical malfunction” causing a release over the
DO YOU REALLY THINK THE GUV'MINT TELLS YOU THE TRUTH ABOUT ANYTHING?
Wednesday, January 5, 2011
Volcker to step down from White House panel
THIS IS THE CAPTAIN OF THE TITANIC LEAVING THE SHIP KNOWING WHAT IS ABOUT TO HAPPEN. HE KNOWS WHERE THIS CURRENT CREW ARE AIMING THE SHIP AND ALSO KNOWS THEY AREN'T LISTENING TO HIM.
http://www.reuters.com/article/idUSTRE70458G20110106
http://www.reuters.com/article/idUSTRE70458G20110106
JOHN EMBRY OF SPROTT ASSET MANAGEMENT... 'GOLD/SILVER COULD GO BALLISTIC'
http://www.sprott.com/Docs/InvestorsDigest/2010/MPLID_112610_pg401Emb.pdf
AND
John Embry – Gold Over $2,000, Silver Above $50 in 2011
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/1/5_John_Embry_-_Gold_Over_%242%2C000%2C_Silver_Above_%2450_in_2011.html
AND
John Embry – Gold Over $2,000, Silver Above $50 in 2011
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/1/5_John_Embry_-_Gold_Over_%242%2C000%2C_Silver_Above_%2450_in_2011.html
Tuesday, January 4, 2011
Monday, January 3, 2011
Hyperinflation will drive gold to unthinkable heights
http://goldswitzerland.com/index.php/hyperinflation-will-drive-gold-to-unthinkable-heights/
GOOD CHARTS AND DECENT ARTICLE
Since 1971, the value of the US dollar (paper money) has gone down 97.5% against real money (gold). Since Nixon abolished gold backing of the US dollar in 1971, both the dollar and most other currencies have been totally destroyed by reckless government. Nixon should not have been impeached for Watergate. Instead he should have been prosecuted and jailed for destroying the world’s currency system. Concurrently, banking developed into a fractal system whereby banks could lend massive multiples of their deposits and capital. All of this has served to drive up asset prices to totally unsustainable levels.
All currencies are declining against gold but some faster than others.
Bearing in mind that we are likely to see hyperinflation in the US, the UK and many European countries, the $6-10,000 target for gold is much too low. The dilemma is that it is absolutely impossible to predict how much money will be printed by governments. In the Weimar republic gold reached DM 100 trillion. But it is really irrelevant what level gold and other precious metals will reach in hyperinflationary money.
What is much more important to understand is that physical gold (and silver) will protect investors against losing virtually 100% of the purchasing power of their money. Whatever real capital appreciation gold will have in the next few years is of less importance. But what is vital, is that physical gold (stored outside the banking system) is the ultimate form of wealth protection both against a deflationary collapse and a hyperinflationary destruction of paper money.
Throughout history gold has protected investors against various calamities but this time, holding physical gold will be absolutely critical to financial survival.
ALSO READ:
Gold entering a virtuous circle
http://goldswitzerland.com/index.php/gold-entering-a-virtuous-circle-egonvongreyerz/
GOOD CHARTS AND DECENT ARTICLE
Since 1971, the value of the US dollar (paper money) has gone down 97.5% against real money (gold). Since Nixon abolished gold backing of the US dollar in 1971, both the dollar and most other currencies have been totally destroyed by reckless government. Nixon should not have been impeached for Watergate. Instead he should have been prosecuted and jailed for destroying the world’s currency system. Concurrently, banking developed into a fractal system whereby banks could lend massive multiples of their deposits and capital. All of this has served to drive up asset prices to totally unsustainable levels.
All currencies are declining against gold but some faster than others.
Bearing in mind that we are likely to see hyperinflation in the US, the UK and many European countries, the $6-10,000 target for gold is much too low. The dilemma is that it is absolutely impossible to predict how much money will be printed by governments. In the Weimar republic gold reached DM 100 trillion. But it is really irrelevant what level gold and other precious metals will reach in hyperinflationary money.
What is much more important to understand is that physical gold (and silver) will protect investors against losing virtually 100% of the purchasing power of their money. Whatever real capital appreciation gold will have in the next few years is of less importance. But what is vital, is that physical gold (stored outside the banking system) is the ultimate form of wealth protection both against a deflationary collapse and a hyperinflationary destruction of paper money.
Throughout history gold has protected investors against various calamities but this time, holding physical gold will be absolutely critical to financial survival.
ALSO READ:
Gold entering a virtuous circle
http://goldswitzerland.com/index.php/gold-entering-a-virtuous-circle-egonvongreyerz/
GLOBAL EUROPE ANTICIPATION BULLETIN
http://www.leap2020.eu/GEAB-N-50-is-available-Global-systemic-crisis-Second-half-of-2011-European-context-and-US-catalyst-Explosion-of-the_a5625.html
THESE GUYS HAVE BEEN RIGHT ON THE MONEY IN ALL THEIR PREDICTIONS, SO PAY ATTENTION TO WHAT THEY ARE TELLING YOU IS COMING...
AND IT DOESN'T LOOK GOOD!
THESE GUYS HAVE BEEN RIGHT ON THE MONEY IN ALL THEIR PREDICTIONS, SO PAY ATTENTION TO WHAT THEY ARE TELLING YOU IS COMING...
AND IT DOESN'T LOOK GOOD!
Saturday, January 1, 2011
GARRISON KEILLOR ON HIS STROKE...FUNNY AND INSIGHTFUL
A GOOD READ FOR BOTH MEN AND WOMEN
BE SURE TO READ THE LAST TWO PAGES (pages 6&7)
FOR SOME GOOD INFO ABOUT STROKES
http://www.menshealth.com/health/garrison-keillor-stroke
BE SURE TO READ THE LAST TWO PAGES (pages 6&7)
FOR SOME GOOD INFO ABOUT STROKES
http://www.menshealth.com/health/garrison-keillor-stroke
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