Coming Financial Crisis Worse Than ’29?

Kaptain

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« Dr. Paul on FOX Business tonightNew York Times Bestseller Update, July 13 »Something Big is Going On
Update: Digg it! Let's get this onto the front page of digg.com and spread the message.

The following statement is written by Congressman Paul about the pending financial disaster. He will introduce this statement as a special order and insert it into the Congressional Record next week. Fortunately, we have the opportunity to debut it first on the Campaign for Liberty blog. It reads as follows:

I have, for the past 35 years, expressed my grave concern for the future of America. The course we have taken over the past century has threatened our liberties, security and prosperity. In spite of these long-held concerns, I have daysâ€â€growing more frequent all the timeâ€â€when I'm convinced the time is now upon us that some Big Events are about to occur. These fast-approaching events will not go unnoticed. They will affect all of us. They will not be limited to just some areas of our country. The world economy and political system will share in the chaos about to be unleashed.

Though the world has long suffered from the senselessness of wars that should have been avoided, my greatest fear is that the course on which we find ourselves will bring even greater conflict and economic suffering to the innocent people of the worldâ€â€unless we quickly change our ways.

America, with her traditions of free markets and property rights, led the way toward great wealth and progress throughout the world as well as at home. Since we have lost our confidence in the principles of liberty, self reliance, hard work and frugality, and instead took on empire building, financed through inflation and debt, all this has changed. This is indeed frightening and an historic event.

The problem we face is not new in history. Authoritarianism has been around a long time. For centuries, inflation and debt have been used by tyrants to hold power, promote aggression, and provide "bread and circuses" for the people. The notion that a country can afford "guns and butter" with no significant penalty existed even before the 1960s when it became a popular slogan. It was then, though, we were told the Vietnam War and a massive expansion of the welfare state were not problems. The seventies proved that assumption wrong.

Today things are different from even ancient times or the 1970s. There is something to the argument that we are now a global economy. The world has more people and is more integrated due to modern technology, communications, and travel. If modern technology had been used to promote the ideas of liberty, free markets, sound money and trade, it would have ushered in a new golden ageâ€â€a globalism we could accept.

Instead, the wealth and freedom we now enjoy are shrinking and rest upon a fragile philosophic infrastructure. It is not unlike the levies and bridges in our own country that our system of war and welfare has caused us to ignore.

I'm fearful that my concerns have been legitimate and may even be worse than I first thought. They are now at our doorstep. Time is short for making a course correction before this grand experiment in liberty goes into deep hibernation.

There are reasons to believe this coming crisis is different and bigger than the world has ever experienced. Instead of using globalism in a positive fashion, it's been used to globalize all of the mistakes of the politicians, bureaucrats and central bankers.

Being an unchallenged sole superpower was never accepted by us with a sense of humility and respect. Our arrogance and aggressiveness have been used to promote a world empire backed by the most powerful army of history. This type of globalist intervention creates problems for all citizens of the world and fails to contribute to the well-being of the world's populations. Just think how our personal liberties have been trashed here at home in the last decade.

The financial crisis, still in its early stages, is apparent to everyone: gasoline prices over $4 a gallon; skyrocketing education and medical-care costs; the collapse of the housing bubble; the bursting of the NASDAQ bubble; stockmarkets plunging; unemployment rising;, massive underemployment; excessive government debt; and unmanageable personal debt. Little doubt exists as to whether we'll get stagflation. The question that will soon be asked is: When will the stagflation become an inflationary depression?

There are various reasons that the world economy has been globalized and the problems we face are worldwide. We cannot understand what we're facing without understanding fiat money and the long-developing dollar bubble.

There were several stages. From the inception of the Federal Reserve System in 1913 to 1933, the Central Bank established itself as the official dollar manager. By 1933, Americans could no longer own gold, thus removing restraint on the Federal Reserve to inflate for war and welfare.

By 1945, further restraints were removed by creating the Bretton-Woods Monetary System making the dollar the reserve currency of the world. This system lasted up until 1971. During the period between 1945 and 1971, some restraints on the Fed remained in place. Foreigners, but not Americans, could convert dollars to gold at $35 an ounce. Due to the excessive dollars being created, that system came to an end in 1971.

It's the post Bretton-Woods system that was responsible for globalizing inflation and markets and for generating a gigantic worldwide dollar bubble. That bubble is now bursting, and we're seeing what it's like to suffer the consequences of the many previous economic errors.

Ironically in these past 35 years, we have benefited from this very flawed system. Because the world accepted dollars as if they were gold, we only had to counterfeit more dollars, spend them overseas (indirectly encouraging our jobs to go overseas as well) and enjoy unearned prosperity. Those who took our dollars and gave us goods and services were only too anxious to loan those dollars back to us. This allowed us to export our inflation and delay the consequences we now are starting to see.

But it was never destined to last, and now we have to pay the piper. Our huge foreign debt must be paid or liquidated. Our entitlements are coming due just as the world has become more reluctant to hold dollars. The consequence of that decision is price inflation in this countryâ€â€and that's what we are witnessing today. Already price inflation overseas is even higher than here at home as a consequence of foreign central bank's willingness to monetize our debt.

Printing dollars over long periods of time may not immediately push prices up-yet in time it always does. Now we're seeing catch-up for past inflating of the monetary supply. As bad as it is today with $4 a gallon gasoline, this is just the beginning. It's a gross distraction to hound away at "drill, drill, drill" as a solution to the dollar crisis and high gasoline prices. Its okay to let the market increase supplies and drill, but that issue is a gross distraction from the sins of deficits and Federal Reserve monetary shenanigans.

This bubble is different and bigger for another reason. The central banks of the world secretly collude to centrally plan the world economy. I'm convinced that agreements among central banks to "monetize" U.S. debt these past 15 years have existed, although secretly and out of the reach of any oversight of anyoneâ€â€especially the U.S. Congress that doesn't care, or just flat doesn't understand. As this "gift" to us comes to an end, our problems worsen. The central banks and the various governments are very powerful, but eventually the markets overwhelm when the people who get stuck holding the bag (of bad dollars) catch on and spend the dollars into the economy with emotional zeal, thus igniting inflationary fever.

This timeâ€â€since there are so many dollars and so many countries involvedâ€â€the Fed has been able to "paper" over every approaching crisis for the past 15 years, especially with Alan Greenspan as Chairman of the Federal Reserve Board, which has allowed the bubble to become history's greatest.

The mistakes made with excessive credit at artificially low rates are huge, and the market is demanding a correction. This involves excessive debt, misdirected investments, over-investments, and all the other problems caused by the government when spending the money they should never have had. Foreign militarism, welfare handouts and $80 trillion entitlement promises are all coming to an end. We don't have the money or the wealth-creating capacity to catch up and care for all the needs that now exist because we rejected the market economy, sound money, self reliance and the principles of liberty.

Since the correction of all this misallocation of resources is necessary and must come, one can look for some good that may come as this "Big Even" unfolds.

There are two choices that people can make. The one choice that is unavailable to us is to limp along with the status quo and prop up the system with more debt, inflation and lies. That won't happen.

One of the two choices, and the one chosen so often by government in the past is that of rejecting the principles of liberty and resorting to even bigger and more authoritarian government. Some argue that giving dictatorial powers to the President, just as we have allowed him to run the American empire, is what we should do. That's the great danger, and in this post-911 atmosphere, too many Americans are seeking safety over freedom. We have already lost too many of our personal liberties already. Real fear of economic collapse could prompt central planners to act to such a degree that the New Deal of the 30's might look like Jefferson's Declaration of Independence.

The more the government is allowed to do in taking over and running the economy, the deeper the depression gets and the longer it lasts. That was the story of the 30ss and the early 40s, and the same mistakes are likely to be made again if we do not wake up.

But the good news is that it need not be so bad if we do the right thing. I saw "Something Big" happening in the past 18 months on the campaign trail. I was encouraged that we are capable of waking up and doing the right thing. I have literally met thousands of high school and college kids who are quite willing to accept the challenge and responsibility of a free society and reject the cradle-to-grave welfare that is promised them by so many do-good politicians.

If more hear the message of liberty, more will join in this effort. The failure of our foreign policy, welfare system, and monetary policies and virtually all government solutions are so readily apparent, it doesn't take that much convincing. But the positive message of how freedom works and why it's possible is what is urgently needed.

One of the best parts of accepting self reliance in a free society is that true personal satisfaction with one's own life can be achieved. This doesn't happen when the government assumes the role of guardian, parent or provider, because it eliminates a sense of pride. But the real problem is the government can't provide the safety and economic security that it claims. The so-called good that government claims it can deliver is always achieved at the expense of someone else's freedom. It's a failed system and the young people know it.

Restoring a free society doesn't eliminate the need to get our house in order and to pay for the extravagant spending. But the pain would not be long-lasting if we did the right things, and best of all the empire would have to end for financial reasons. Our wars would stop, the attack on civil liberties would cease, and prosperity would return. The choices are clear: it shouldn't be difficult, but the big event now unfolding gives us a great opportunity to reverse the tide and resume the truly great American Revolution started in 1776. Opportunity knocks in spite of the urgency and the dangers we face.

Let's make "Something Big is Happening" be the discovery that freedom works and is popular and the big economic and political event we're witnessing is a blessing in disguise.
 

Don Wassall

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The price of silver has really dropped the past few days (to $12.73 today). Those who put most or all of their assets in silver may suffer a fate equivalent to those losing their homes through ARMs and other scams.


The silver bugs, Ted Butler in particular,have been saying for a number of years now that silver would explode in price, to $50 or $100 an ounce or more. When it finally moved from the $5 range up to $20 they took all the credit, but I've always had my doubts that it would soar, the main reason being that it's the patriotic remnant of the U.S. population doing most of the buying, and if silver hits $100 an ounce, guess who's got a lot of wealth all of a sudden.


I have no doubt that the price of silver and gold is manipulated, much as the stock market is now manipulated in various ways. It's hard to find any reasonably safe investment anymore, and with roaring inflationthe middle class keepslosing ground and fast. Edited by: Don Wassall
 

Menelik

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On a related note I saw 2008 Dodge Rams for sale at half price. Are the days of the big suvs over with?
 
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Gold is also falling through the floor, and the dollar rising again, as Germany and Japan this week announce shrinking economies. Our inflation is bad, but China and Europe's look to be even worse.
 

Kaptain

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Don Wassall said:
The price of silver has really dropped the past few days (to $12.73 today).  Those who put most or all of their assets in silver may suffer a fate equivalent to those losing their homes through ARMs and other scams.


The silver bugs, Ted Butler in particular, have been saying for a number of years now that silver would explode in price, to $50 or $100 an ounce or more.   When it finally moved from the $5 range up to $20 they took all the credit, but I've always had my doubts that it would soar, the main reason being that it's the patriotic remnant of the U.S. population doing most of the buying, and if silver hits $100 an ounce, guess who's got a lot of wealth all of a sudden.


I have no doubt that the price of silver and gold is manipulated, much as the stock market is now manipulated in various ways.  It's hard to find any reasonably safe investment anymore, and with roaring inflation the middle class keeps losing ground and fast. 

Don I've had the same fear, but I'm gambling that the manipulators will run out power by default - a complete collapse of our economy. If not, there is really no safe money elsewhere anyway. Part of the problem in all commodities is that inflation and potential economic crisis is no longer a secret. The corrections in everything will be more severe - but so will the upswings. The oil market and Ag market have corrected as well. Still the price of Silver, Gold, and Oil are higher than they were a year ago. If you're buying, buy when it completely bottoms out if you can (of course it would be guessing). Be patient and guess right. The bottom could be now. I'm buying tomorrow.
 

Bart

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Don Wassall said:
I have no doubt that the price of silver and gold is manipulated, much as the stock market is now manipulated in various ways. It's hard to find any reasonably safe investment anymore, and with roaring inflationthe middle class keepslosing ground and fast.


Many investors subscribe to services or have a favorite guru.Some study fundamentals, others are into charts, andsome are contrarians. You win some and you lose some. I got burned too many times, so I play it safe. CD's only.Not a lot of return, but it sure beats losing.Anyone familiar with Richard Ney? He wrote a few books years ago exposing the shysterism of the big money boys. Anyway, do you fellows think Greenspan and Bernanke sit around shaking thier heads and cry in their beer? Oh, I was sure silver was going to take off like a rocket and damn it, I guessed wrong!I lost millions.? Oh, how did this happen?Not likely.Whether you go long or short there is money to be made. Those of us out of the loop make educated guesses, the big boys to a great extent, KNOW the trend, the duration, tops, and bottoms, knowingin advance where to place their money. They buy at the right time and sell at the right time. Too many good ol' boys in that club.


And isn't it interestin how the oil bubble has broken right before the elections, same as two years ago. Rush said it's just normal market fluctuations. Sure, it is.
 

DixieDestroyer

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Wall $treet is largely smoke & mirrors and a big Ponzi scheme. That's why I pulled my money out of there a while back. Too many investments are pegged to the fiat U.S. dollar or other currencies controlled by the Central/International Banking Cartel. Once the Elite gets everything consolidated & wipes out legit free enterprise, they'll pull the plug on the economy to expedite our Constitutional Republic's total fall into (the long planned) socialist dystopia.

US Foreclosures at 55%
 

DixieDestroyer

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The Central Banking Cartel's long-time mouthpiece forewarns of impending financial hardship...

US in 'once-in-a-century' financial crisis : Greenspan

Sep 14 02:18 PM US/Eastern

The United States is mired in a "once-in-a century" financial crisis which is now more than likely to spark a recession, former Federal Reserve chief Alan Greenspan said Sunday.
The talismanic ex-central banker said that the crisis was the worst he had seen in his career, still had a long way to go and would continue to effect home prices in the United States.

"First of all, let's recognize that this is a once-in-a-half-century, probably once-in-a-century type of event," Greenspan said on ABC's "This Week."

Asked whether the crisis, which has seen the US government step in to bail out mortgage giants Freddie Mac and Fannie Mae, was the worst of his career, Greenspan replied "Oh, by far."

"There's no question that this is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go," Greenspan said.

"And indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes.

"That will induce a series of events around the globe which will stabilize the system."

Greenspan was also asked whether the United States had a greater-than 50 percent chance of escaping a recession.

"No, I think it's less than 50 percent.

"I can't believe we could have a once-in-a-century type of financial crisis without a significant impact on the real economy globally, and I think that indeed is what is in the process of occurring."

The former Federal Reserve chairman also predicted that the financial crisis would see the failure of more major financial institutions, even as embattled Wall Street investment giant Lehman Brothers scrambled to find a buyer.

"In and of itself that does not need to be a problem.

"It depends on how it is handled and how the liquidations take place. And indeed we shouldn't try to protect every single institution."

On Saturday, Democrat Barack Obama's campaign seized on a warning from Greenspan about John McCain's tax plans to portray the Republican as economically reckless.

In an interview with Bloomberg Television Friday, Greenspan said the nation could not afford 3.3 trillion dollars of tax cuts proposed by McCain without matching cuts in spending.

Greenspan, a long-time friend of McCain and a Republican, said about the Arizona senator's plans to extend massive tax cuts imposed by President George W. Bush: "I'm not in favor of financing tax cuts with borrowed money."

McCain has said he would pay for his cuts by ending pet funding projects for US lawmakers' districts known as "earmarks."

***Reference article...
 

Van_Slyke_CF

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Fannie Mae/Freddie Mac bailout.

Merrill Lynch "bailout" by Bank of America.

Lehman Brothers goes under.

Company executives make out like bandits with millions in their pockets. (They should be in jail with bail set in the millions.)

Taxpayers get screwed.

Recession deepens next year.

The next POTUS hardly matters-all things considered.

Other companies already thinking how they can use the current economic problems to their own advantage, setting the stage for a new round of bailouts and bankruptcies a few years down the road....
 

White Shogun

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Can anybody tell me how this effects me if I don't have an ARM or stocks in any of these companies?
 

Kaptain

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White Shogun said:
Can anybody tell me how this effects me if I don't have an ARM or stocks in any of these companies?

It doesn't effect you immediately, but every bail-out cost the taxpayers more money either through taxes and/or inflation. In addition most people have mandatory retirement packages that contain many of these stocks unbeknownst to them. Also, as corporations lose share value and go bankrupt they will put thousands of people out of work - more competetion for you.
 
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What are we worried about? Our president has a masters degree in business administration- from Harvard no less. He knows what to to do!
smiley36.gif
 

Van_Slyke_CF

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And the end result is:

http://news.yahoo.com/s/ap/20080920/ap_on_bi_ge/financial_me ltdown

Congress, administration craft financial rescue

"Faltering financial institutions whose toxic assets have brought markets to the brink of catastrophe could unload their bad debt on the government, and in turn the taxpayer, under a half-trillion dollar bailout being crafted by the Bush administration and Congress."

"Top Republicans and Democrats and their aides planned to work through the weekend with administration officials to hammer out the proposal â€â€￾ the most sweeping government intervention to rescue failing financial institutions since the Great Depression."

Dixie Destroyer deserves credit for getting this thread started at the end of last year. Somehow I have the feeling that we`ve seen the tip of the iceberg, but there`s still a lot more to be uncovered.

But then again, the Wall Street boys seem pleased for the most part because the markets rallied after this announcement. They`re all planning their next set of schemes and scams.

And George W. Bush gets ready to leave one mess after the other behind.
 

DixieDestroyer

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Good insight from Pat Buchanan on our sorry state...

------------------------------------------------------------ --------------------

The Party's Over

by Patrick J. Buchanan
Posted 09/19/2008 ET

The Crash of 2008, which is now wiping out trillions of dollars of our people's wealth, is, like the Crash of 1929, likely to mark the end of one era and the onset of another.

The new era will see a more sober and much diminished America . The "Omnipower" and "Indispensable Nation" we heard about in all the hubris and braggadocio following our Cold War victory is history.

Seizing on the crisis, the left says we are witnessing the failure of market economics, a failure of conservatism.

This is nonsense. What we are witnessing is the collapse of Gordon Gecko ("Greed Is Good!") capitalism. What we are witnessing is what happens to a prodigal nation that ignores history, and forgets and abandons the philosophy and principles that made it great.

A true conservative cherishes prudence and believes in fiscal responsibility, balanced budgets and a self-reliant republic. He believes in saving for retirement and a rainy day, in deferred gratification, in not buying on credit what you cannot afford, in living within your means.

Is that really what got Wall Street and us into this mess -- that we followed too religiously the gospel of Robert Taft and Russell Kirk?

"Government must save us!" cries the left, as ever. Yet, who got us into this mess if not the government -- the Fed with its easy money, Bush with his profligate spending, and Congress and the SEC by liberating Wall Street and failing to step in and stop the drunken orgy?

For years, we Americans have spent more than we earned. We save nothing. Credit card debt, consumer debt, auto debt, mortgage debt, corporate debt -- all are at record levels. And with pensions and savings being wiped out, much of that debt will never be repaid.

Our standard of living is inevitably going to fall. For foreigners will not forever buy our bonds or lend us more money if they rightly fear that they will be paid back, if at all, in cheaper dollars.

We are going to have to learn to live again without our means.

The party's over.

Up through World War II, we followed the Hamiltonian idea that America must remain economically independent of the world in order to remain politically independent.

But this generation decided that was yesterday's bromide and we must march bravely forward into a Global Economy, where we all depend on one another. American companies morphed into "global companies" and moved plants and factories to Mexico , Asia, China and India , and we began buying more cheaply from abroad what we used to make at home: shoes, clothes, bikes, cars, radios, TVs, planes, computers.

As the trade deficits began inexorably to rise to 6 percent of GDP, we began vast borrowing from abroad to continue buying from abroad.

At home, propelled by tax cuts, war in Iraq and an explosion in social spending, surpluses vanished and deficits reappeared and began to rise. The dollar began to sink, and gold began to soar.

Yet, still, the promises of the politicians come. Barack Obama will give us national health insurance and tax cuts for all but that 2 percent of the nation that already carries 50 percent of the federal income tax load.

John McCain is going to cut taxes, expand the military, move NATO into Georgia and Ukraine, confront Russia and force Iran to stop enriching uranium or "bomb, bomb, bomb," with Joe Lieberman as wartime consigliere.

Who are we kidding?

What we are witnessing today is how empires end.

The Last Superpower is unable to defend its borders, protect its currency, win its wars or balance its budget. Medicare and Social Security are headed for the cliff with unfunded liabilities in the tens of trillions of dollars.

What we are witnessing today is nothing less than a Katrina-like failure of government, of our political class, and of democracy itself, casting a cloud over the viability and longevity of the system.

Notice who is managing the crisis. Not our elected leaders. Nancy Pelosi says she had nothing to do with it. Congress is paralyzed and heading home. President Bush is nowhere to be seen.

Hank Paulson of Goldman Sachs and Ben Bernanke of the Fed chose to bail out Bear Sterns but let Lehman go under. They decided to nationalize Fannie and Freddie at a cost to taxpayers of hundreds of billions, putting the U.S. government behind $5 trillion in mortgages. They decided to buy AIG with $85 billion rather than see the insurance giant sink beneath the waves.

An unelected financial elite is now entrusted with the assignment of getting us out of a disaster into which an unelected financial elite plunged the nation. We are just spectators.

What the Greatest Generation handed down to us -- the richest, most powerful, most self-sufficient republic in history, with the highest standard of living any nation had ever achieved -- the baby boomers, oblivious and self-indulgent to the end, have frittered away.
 

Don Wassall

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It's curious that the Dow Jones took another big tumble today -- yet silver and gold also dropped. Does that make sense? The current trembling in the debt-based financial system is supposed to be driving investors away from the stock market and into precious metals. Silver especially is reportedly very difficult to find, yet it's dropped from almost $21/oz. a few months ago to about $13 today. Silver bugs like Ted Butler claim the silver market is manipulated; it's difficult to find another explanation that has kept silver (and gold) from smashing the highs set in early 1980.
 

DixieDestroyer

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Don Wassall said:
It's curious that the Dow Jones took another big tumble today -- yet silver and gold also dropped.  Does that make sense?  The current trembling in the debt-based financial system is supposed to be driving investors away from the stock market and into precious metals.  Silver especially is reportedly very difficult to find, yet it's dropped from almost $21/oz. a few months ago to about $13 today.  Silver bugs like Ted Butler claim the silver market is manipulated; it's difficult to find another explanation that has kept silver (and gold) from smashing the highs set in early 1980. 

Good points. No doubt the Insiders are fiddling with precious metal prices (via manipulation of supply, margins, etc.). The Globalist Elite cannot allow an "escape route" for us lowly Middle Class peons. We too must be fully subject to the forthcoming depression. To ensure their (long planned) socialist dystopia is quickly implemented, the NWO must ensure we ALL fall & crumble in the coming depression!Edited by: DixieDestroyer
 

Kaptain

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DixieDestroyer said:
Don Wassall said:
It's curious that the Dow Jones took another big tumble today -- yet silver and gold also dropped.  Does that make sense?  The current trembling in the debt-based financial system is supposed to be driving investors away from the stock market and into precious metals.  Silver especially is reportedly very difficult to find, yet it's dropped from almost $21/oz. a few months ago to about $13 today.  Silver bugs like Ted Butler claim the silver market is manipulated; it's difficult to find another explanation that has kept silver (and gold) from smashing the highs set in early 1980. 

Good points. No doubt the Insiders are fiddling with precious metal prices (via manipulation of supply, margins, etc.). The Globalist Elite cannot allow an "escape route" for us lowly Middle Class peons. We too must be fully subject to the forthcoming depression. To ensure their (long planned) socialist dystopia is quickly implemented, the NWO must ensure we ALL fall & crumble in the coming depression!

My take on it is that the market will win out eventually. Every paycheck is an opportunity to buy more. The dollar will crash and silver will explode eventually. Do the elites know this? Of course, and my guess is that they are turning in all that new printing press money for physical now when it's low - that's probably why its so low for this brief period of time. What a great scheme - find an excuse to open up turn the printing press on full blast, buy real assests as they sink, and then watch as everyone else suffers the lagging effects of inflation. When the Soviet Union fell it was major assests were bought up for pennies - we'll see the same done through the purposeful destruction of our currency.

I still can't find an ounce of silver on ebay under $20. The last silver I ordered through apmex.com, I got what looked liked the left over rounds that they scrapped-up from the floor. The rounds and pieces were actually pretty cool but definetly abnormal. Now apmex only has silver shots available - no rounds or bars near spot price. I used to think guys like Jason Hommel and Butler were a bit over-done, but as just about everything these days go the former "kooks" are turning out to be norstradamuses.
 

Jimmy Chitwood

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a couple of pieces of news that are of interest in this whole bailout mess...

an article from November, 2007 that predicts much worse things to come. including the dollar losing 90% of its value.

also, here is an article on the dirty secret of the bailout. there are 32 words in a single sentence that none of the msm are willing to bring up.

the article said:
A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that's so flat-out astounding that it ought to set one's hair on fire. It reads, in its entirety:

the authors of the bailout package said:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.

read the entire article. the news is certainly not good.
 

Jimmy Chitwood

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now they are wanting tax payers to pay MORE in this whole mess! ugh!

Via: AP:

Federal Reserve Chairman Ben Bernanke told Congress Tuesday the government should pay more than "fire-sale" prices for the toxic assets it would acquire under a proposed $700 billion bailout plan. That could mean both higher initial costs for taxpayers and reduced returns when the assets are later resold.

Bernanke's comment was the first indication of how he and Treasury Secretary Henry Paulson are thinking about formulating the rescue plan's medicine in a way that doesn't kill the patients. Requiring banks and other financial institutions to sell troubled loans and other assets anywhere close to recent sales prices of only a few cents on the dollar could wipe out the net worth of many and lead to a new wave of bank failures.

The Fed chairman said he favors buying the assets based on their "hold-to-maturity" value, which would require an estimate to be made of what each security will eventually be worth as payments come in over the years.

"If the Treasury bids for and then buys assets at a price close to the hold-to-maturity price, there will be substantial benefits," Bernanke told the Senate Banking Committee. "First, banks will have a basis for valuing those assets and will not have to use fire-sale prices. Their capital will not be unreasonably marked down."
 

Poacher

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Jul 30, 2005
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943
There's no doubt precious metals are being suppressed by the cartel insiders in NY and London who took oil down for that very purpose. They can't hold it down forever though as the macro-economic picture is too bleak.
 

C Darwin

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Mar 29, 2006
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New York
I called a coin dealer yesterday and asked if he had any silver to sell. He started laughing. He told me that affordable quantities of silver and gold have been unavailable for weeks.
 

Menelik

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Apr 6, 2007
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Georgia
C Darwin said:
I called a coin dealer yesterday and asked if he had any silver to sell. He started laughing. He told me that affordable quantities of silver and gold have been unavailable for weeks.

Try here:

Buying Precious Metals
 
Joined
Mar 18, 2007
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Outside North America
A GOOD WEBSITE TO CHECKOUT IS FINANCE.UA

The banks in ukraine give an average of 10.7% interest on a one year term us dollar account and the interest is calculated monthly.

For those who are willing to convert usd to the ukrainian currency(rph) the one year fixed interest rate is 13.1%. ITS BEEN 5 RPH TO 1 USD for the last 5 years. THE rph(gryvna) is one of the worlds most stable currencies.

Also, a beautiful thing is that no discolsure of the origin of the money is required
 
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