We are Doomed! DOOOOOMMED I say!

Discuss life, the universe, and everything with other members of this site. Get to know your fellow polywell enthusiasts.

Moderators: tonybarry, MSimon

jmc
Posts: 427
Joined: Fri Aug 31, 2007 9:16 am
Location: Ireland

Post by jmc »

I thought you supported the Fed.

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »

Image

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »

The $53 trillion asteroid
Let's say a giant asteroid was headed toward Earth right now and experts say it has a good chance of ending civilization as we know it. Let's also say that we've known about this asteroid for years but even as it gets closer and closer our leaders do nothing.

"Don't worry," they tell us, "The next administration will figure something out."

With the future of our country at stake, would Americans really sit back and tolerate that kind of inaction? Of course not -- we'd be sharpening our pitchforks and demanding answers.

hanelyp
Posts: 2257
Joined: Fri Oct 26, 2007 8:50 pm

Post by hanelyp »

Diogenes wrote:The $53 trillion asteroid
The problem is they're more afraid of the pitchforks they'll face if they cut off the payouts to the dependent class. But if the asteroid hits they'll be faced with pitchforks from both sides.

MSimon
Posts: 14332
Joined: Mon Jul 16, 2007 7:37 pm
Location: Rockford, Illinois
Contact:

Post by MSimon »

Your mortgage is for you an unfunded liability. How do you handle it if you are currently shy of servicing it adequately?

Increase your income.

The current trouble is more caused by restraint on productivity rather than excess liability.
Engineering is the art of making what you want from what you can get at a profit.

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »

Utah Considers Return to Gold, Silver Coins


Image

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.

http://www.foxnews.com/politics/2011/03 ... ver-coins/
‘What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.’
— Lord Melbourne —

MSimon
Posts: 14332
Joined: Mon Jul 16, 2007 7:37 pm
Location: Rockford, Illinois
Contact:

Post by MSimon »

It could be tricky. Face value? Market value?
Engineering is the art of making what you want from what you can get at a profit.

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »

MSimon wrote:It could be tricky. Face value? Market value?

And there's the rub. The coins would only be legal tender for their face value, and at $1,400/ ounce, a twenty dollar gold piece would be SERIOUSLY undervalued.

States cannot coin their own money either. That is expressly forbidden by the U.S. Constitution.

It appears as if the Keynesians have made every attempt to block all the exits.
‘What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.’
— Lord Melbourne —

DeltaV
Posts: 2245
Joined: Mon Oct 12, 2009 5:05 am

Post by DeltaV »

deleted

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »


Texas Federal Reserve Chair: At this rate "we will become insolvent, the question is when"




http://reason.com/blog/2011/03/22/texas ... e-chair-at
‘What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.’
— Lord Melbourne —

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »

Social Security deficits now ‘permanent’



http://www.washingtontimes.com/news/201 ... t-feature/
‘What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.’
— Lord Melbourne —

bcglorf
Posts: 436
Joined: Mon Jul 23, 2007 2:58 pm

Post by bcglorf »

Diogenes wrote:
MSimon wrote:It could be tricky. Face value? Market value?

And there's the rub. The coins would only be legal tender for their face value, and at $1,400/ ounce, a twenty dollar gold piece would be SERIOUSLY undervalued.

States cannot coin their own money either. That is expressly forbidden by the U.S. Constitution.

It appears as if the Keynesians have made every attempt to block all the exits.
Ah but they forgot 1 that is available to every man, woman and child.

If the fiat currency is as evil and nefarious a doomsday weapon as intended, I have a plan for your salvation. It is complicated, but I'll try and describe it clearly and concisely...

1.Take all your savings.
2.Convert all of it into gold bullion.

Alright, maybe it isn't that complicated after all. I guess those Keynesians aren't quite as clever with their plot as they thought after all.

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »

bcglorf wrote:
Diogenes wrote:
MSimon wrote:It could be tricky. Face value? Market value?

And there's the rub. The coins would only be legal tender for their face value, and at $1,400/ ounce, a twenty dollar gold piece would be SERIOUSLY undervalued.

States cannot coin their own money either. That is expressly forbidden by the U.S. Constitution.

It appears as if the Keynesians have made every attempt to block all the exits.
Ah but they forgot 1 that is available to every man, woman and child.

If the fiat currency is as evil and nefarious a doomsday weapon as intended, I have a plan for your salvation. It is complicated, but I'll try and describe it clearly and concisely...

1.Take all your savings.
2.Convert all of it into gold bullion.

Alright, maybe it isn't that complicated after all. I guess those Keynesians aren't quite as clever with their plot as they thought after all.

If you wreck the economy, Gold won't be worth anything either. You can't eat it.

What the Keynesians have done/are doing isn't a clever plot. It is the most colossal folly.
‘What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.’
— Lord Melbourne —

bcglorf
Posts: 436
Joined: Mon Jul 23, 2007 2:58 pm

Post by bcglorf »

Diogenes wrote:
bcglorf wrote:
Diogenes wrote:
And there's the rub. The coins would only be legal tender for their face value, and at $1,400/ ounce, a twenty dollar gold piece would be SERIOUSLY undervalued.

States cannot coin their own money either. That is expressly forbidden by the U.S. Constitution.

It appears as if the Keynesians have made every attempt to block all the exits.
Ah but they forgot 1 that is available to every man, woman and child.

If the fiat currency is as evil and nefarious a doomsday weapon as intended, I have a plan for your salvation. It is complicated, but I'll try and describe it clearly and concisely...

1.Take all your savings.
2.Convert all of it into gold bullion.

Alright, maybe it isn't that complicated after all. I guess those Keynesians aren't quite as clever with their plot as they thought after all.

If you wreck the economy, Gold won't be worth anything either. You can't eat it.

What the Keynesians have done/are doing isn't a clever plot. It is the most colossal folly.
But you don't need a fiat based currency to wreck the economy, people can, and did wreck economies with gold backed currencies for centuries.

I can agree with all manner of qualms over economic directions being taken currently, I just don't place gold vs. fiat based currency on that list. A fiat based currency just provides more control, that can be both good and bad depending who is at the helm. As long as economic collapse is bad for the guys at the helm then I say the control is better than naught.

Diogenes
Posts: 6958
Joined: Mon Jun 15, 2009 3:33 pm

Post by Diogenes »

bcglorf wrote:
Diogenes wrote:

If you wreck the economy, Gold won't be worth anything either. You can't eat it.

What the Keynesians have done/are doing isn't a clever plot. It is the most colossal folly.
But you don't need a fiat based currency to wreck the economy, people can, and did wreck economies with gold backed currencies for centuries.

I can agree with all manner of qualms over economic directions being taken currently, I just don't place gold vs. fiat based currency on that list. A fiat based currency just provides more control, that can be both good and bad depending who is at the helm. As long as economic collapse is bad for the guys at the helm then I say the control is better than naught.

I don't believe a Gold based currency can be wrecked to nothing. I believe a Fiat based currency can. The economic wreckage of a Gold based currency can cause severe economic distress. The Economic wreckage of a fiat based currency can put an economy back to the barter system. (stone age.)

Among the other reasons why I think the Specie based currency is the better solution is the fact that so many socialist minded people in the early part of the 20th century were supporting Fiat based currencies. As all their other ideas turned out to be crap, why wouldn't this one?

I would rather have the market regulating the value of money than government regulators attempting to play games with it. The market will never try to fool you into thinking it has your best interest at heart, and much ability to meddle will be withheld from supposed do-gooders.
‘What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.’
— Lord Melbourne —

Post Reply