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312 Comments
- thedsack, on 07/10/2008, -16/+124Thank for the news that we all got from Ron Paul a year ago...
- Hercules, on 07/09/2008, -10/+78Jim Rogers is a pretty smart, rich guy.
I don't think he can predict the future any better than me, but my hope is that the Fed goes the way of the dinosaur soon as well. - inactive, on 07/09/2008, -21/+81The sooner the federal reserve dies the better. They have allowed our Congress to run up multi-trillion dollar deficits and have diluted our currency to the point we are seeing record prices in dollars.
What isn't being told is the fact an American Eagle gold coin purchased when "W was inaugurated will buy more gasoline today.
They don't like it when you point out what a crappy job they are doing.
We need to dump the federal reserve and hire a Treasury Secretary who can actually understand what the Constitution means when it talks about gold and silver. - salamnder, on 07/10/2008, -11/+59First things first. The FED is not controlled by the president or congress. The chairmen of the FED is the most powerful man on the planet. Second my rent:
In the words of the comic book store guy, "worst idea ever." Before all the 13 year olds start bitching, I have a degree in Finance and worked as a bank manager for a year. The amount of money banks have to make loans comes from money deposited in checking and savings accounts as well as time deposits (CDs) and money from the FED. If the FED was taken out of the picture and banks needed to back 100% of their debt obligation then there would never be money to lend to consumers. The money in savings accounts and checking accounts can be accessed and FDIC rules guarantee the first $100,000 (there are ways to make that higher). CDs are less liquid, meaning that the bank can use that money for the given time period of the instrument (i.e. 9 months) so the bank knows they don't need to have that money on hand since the consumer is not likely to take the hit when they cash it out early. Now here is where the FED comes in. The FED supplies banks with money so they can lend for various reasons. This is dictated by the Federal Funds rate. Basically an interest rate that banks are charged to borrow money from the FED. If banks were to be required to have the financial backing to pay their obligations by 100% all of the time, there would be no money to lend. If you think the US economy is screwed up now, just wait until there is no money to lend. No new homes bought because there is no liquidity in the mortgage market. In times past the home was a great way to gain equity and then later, use the equity to secure loans when needed. Again this wouldn't happen because no banks would want to have an outstanding loan since they would need to collect more assets to have the 100% backup. Enough of my rant. + digg :D - legendxx, on 07/10/2008, -0/+39You mean 20 years ago.. He says it every year.
- hydroplane, on 07/10/2008, -17/+54Goodbye dollar, hello Amero.
- inactive, on 07/10/2008, -10/+45Love how teenagers argue with a world reknowned economist who has proven himself right over and over again with great arguments such as:
"no it won't"
And "I know you are, but what am I?" - FreeTalkLIve, on 07/10/2008, -5/+36Shoulda had a Ron Paul!
/Slaps your head... - krische, on 07/10/2008, -5/+31No, Congress has allowed our Congress to run up multi-trillion dollar deficits. They approve the budgets, so instead of standing up for fiscal responsibility; they just rolled over and wrote GWB a blank check.
- krische, on 07/10/2008, -14/+40Seriously diggers, get a grip. The world as you know it is not coming crashing down. Yeah, things are in the ***** right now, but its not like they haven't been in the past. Maybe try paying attention to your history class instead of sleeping through it. History is always repeated; we go through cycles. We go through periods of elation (most recently the 90s) to periods of recession (now). In a few years we'll pull out of this rut and do it all over again.
You all complain about how nobody is doing anything about this or there are no riots in the street over news like this. Maybe because everyone else is older and more mature and has seen this all before. - StingingNettle, on 07/10/2008, -1/+26I read his "Hot Commodities" book when it first came out. It was really good and took a lot of the complications out of things. Just wish I had money to put it to use. :)
- inactive, on 07/10/2008, -3/+28Jim Rogers liquidated most of his US assets, stocks to escape to Singaporn, and proudly announces his 4 year old daughter will grow up speaking Mandarin. hmmm....I wonder if I should start learning Chinese.
If you like Jim, you should also love Peter Schiff. His predictions hit the nail right on the spot of the US economic predicament. There's youtube videos of Peter in 2002 predicting everything that has happened. - pleiadianagenda, on 07/10/2008, -6/+31This guy is insane. Although i want to see the Federal Reserve disappear, this guy's solutions are scary as hell. Have the bank of England run the Federal Reserve? The EU central bank? Or the Chinese central banks? Is this guy kidding me?
The US has the constitutional right to create its own money. Central banking is what got the world into trouble in the first place. The USA should dissolve the Federal Reserve (which is private, and not even federal), create a federal treasury under constitutional law, make precious metals the standard, and compete against the world market.
Central banking. The second plank of the Communist manifesto. This guy's solutions are worse than the problem. - WhistlinTom, on 07/10/2008, -16/+41Ron Paul.
- FreeTalkLIve, on 07/10/2008, -4/+24Public education sucks anyway. Most government services cause more problems than they fix.
- feanix, on 07/10/2008, -1/+19Adventure capitalist? Does he have a hat and bullwhip?
- digitizit, on 07/10/2008, -1/+18Yeah, because public schools are SO good! Here's an idea....instead of sucking off of the government tit why don't we, as a PEOPLE, take responsibility for ourselves and our children? Who says the government has to educate our kids? With people like George Bush as part of the government, I really don't want that influence on my child. My parents were not rich and made loads of sacrifices to put me into the best private schools they could. Dad still drives a beater 88 Buick so that my brother can go to a private school.
The government has yet to do anything really well. Just look at the state of our country right now, and tell me that it doesn't need a MAJOR overhaul. We, as a country, have become lazy and used to relying on the government to do things for us. It's time for us to take back some responsibility. - eleete, on 07/10/2008, -6/+23If you don't believe him, check out this video, it's lengthy, but it's only one third of the entire video. Shocking, and whether or not they go away, the Federal Reserve is a privately held company. NOT a government institution. This video is VERY revealing to the inner workings of our money in a global economy. Either way it's frightening.
http://www.eleete.com/blog/2008/07/federal-reserve ... - sultanica, on 07/10/2008, -15/+31This has been common knowledge for the last decade to the global community. The empire is withering in its final death throes.
- inactive, on 07/10/2008, -9/+24"History is always repeated; we go through cycles."
You didn't happen to catch a class on fallen empires did you? - DangerCollie, on 07/10/2008, -2/+17You may not like what you're hearing but the dude is right on. Gas prices are not going to go down, at least not very far. More likely they'll stabilize through the summer before going up again. And he's right about the price of oil. The Saudis could bury speculators if they actually had the spare production capacity.
You can't wish away what we're facing. We're a long way from the end of the mortgage crisis, $5 dollar gas is a reality you might as well get used to, higher if there's another hurricane or attack on oil fields or oil tanker traffic. Imagine the Iranians decide to flip their rockets at Saudi oil terminals and processing facilities. They don't have to attack Israel to really hurt us, just disrupt oil supplies. It wouldn't be any harder for them than it would for us to disrupt traffic in the Panama Canal.
Wake up. We're not the country we once were and stand on the brink of disaster. I hope some of you are right, I really do. I just can't find any data that supports your optimism. - Pittance, on 07/10/2008, -2/+16Ok, that's it. No more crack for you today.
- dizilbdog, on 07/10/2008, -1/+14Just wondering at what point do American's get mad and clean house of this crappy ass government, or are we just going to take it to the point where whole state's are wiped because of high gas prices dollar devalue food prices??
- Duositex, on 07/10/2008, -12/+25This is BS. How different is your life today than it was 5 years ago, 10 years ago, or 20 years ago with the exception that the price of gas is higher? I look around and things don't really seem all the different. I don't see mass panic. I see everyone going about their lives just like they always do. I get tired of reading about impending doom EVERY SINGLE DAY. I've been reading about it and hearing about it on television as long as I can remember and here I am today with everything pretty much status quo. The sky is not falling.
- Ciryon, on 07/10/2008, -0/+12Thank you for that. I never really understood how it works - but that seems to sum it up pretty well.
- zippy757, on 07/10/2008, -4/+16the fed and congress are unrelated. That's by design.
Get your facts straight. - krische, on 07/10/2008, -1/+13So its the Federal Reserve's fault for giving Congress the money they demanded?
- FreeTalkLIve, on 07/10/2008, -0/+11We just put bags over our heads and say that our debt will go away like magic. Or we can just print more free money.
The government will always come through like Superman. Tell that to Katrina victims.
We want to know if Britney Spears face is pregnant, and who is the next American Talent. That's the stuff that makes America great.
I have seen cashier girls that are hotter than Jennifer Anniston. She's just an average chick. - ChayesFSS, on 07/10/2008, -9/+20I couldn't take all of the tentacle rape over in the far east myself...
- ostracize, on 07/10/2008, -2/+13@10scott10
The point of a gold standard (or silver, or copper, or watermelons, or whatever), is you can't just produce more of it with the click of a mouse. A ___ standard is necessary to put a restraint on spending and preventing the people from getting into a debt which they cannot possibly pay off when the money isn't put into the system in the first place. With a gold standard, a government can only spend what they have already backed up in a tangible substance. Not whatever the hell they feel like.
A gold standard has some problems like you mentioned, but fiat currency is just perpetual debt making us all proverbial slaves to the people we owe money to.
And the post didn't indent further because there is a maximum depth to threads on Digg. - Jexie, on 07/10/2008, -1/+11Whats to dream about? its already happening, your dollar isn't worth *****, your jobs are going away, you don't manufacture anything anymore. What exactly is propping up the US economy now?
- ozziegt, on 07/10/2008, -2/+12You must not live in the USA then. Or at least have any kind of substantial investment / money there.
- 10scott10, on 07/10/2008, -11/+21yeah, gold is just something else with no true value.
we just like it because it is shiny and doesn't corrode.
we assign value to it.
just like we do to the dollar.
not gonna change anything. - byates5637, on 07/10/2008, -5/+15The cycles are not a natural economic phenomenon. They are caused by the federal reserve artificially manipulating the money supply. The cycles will continue to get more extreme. The lows will continue to dip lower and lower. Eventually complete poverty will come to America's middle class.
You try to use history to back up your point, but your view of history is quite short sighted. Read up on the history of every country that has used a FIAT currency in the past. They all end up debasing their currency to spread their empire until they ultimately collapse.
Maybe it wont happen in the next decade, but if we continue down this path, it is coming. - SanTe, on 07/10/2008, -0/+9Fortune and glory, kid. Fortune and glory.
- insanebrain, on 07/10/2008, -0/+9That's the whole idea.. . kill your own coin. . steal as much as you can while it still has some value. And after the crash, create a new one.
- pleiadianagenda, on 07/10/2008, -2/+11Do you even know how bad the federal reserve has ***** you? Do you know that our dollar has dropped in value to less than 4 cents since 1913, under a fiat currency? Do you know that we as a nation and a govt pay interest on loans to private central banks who create their money out of thin air? You're paying 4 bucks a gallon because of fiat currency and central banks. Hey, if you want to support that, you go right ahead and enjoy your slavery.
- mathtd, on 07/10/2008, -4/+13The Fed doesn't have anything to say about Congress running deficit.
- Kyrgizion, on 07/10/2008, -3/+11Except that the worth of money is arbitrarily decided because they can always make more, and that the worth of gold is limited and also maintained by its (somewhat artificial, but much less than with money) scarcity.
- austang, on 07/10/2008, -1/+9Hmmm.. too late to swap him out for mccain?
- moxley, on 07/10/2008, -2/+10Get a clue and do some research. Telling the truth isn't anti-us, staying in denial about where we are financially and constitutionally is.
Jingoism won't save your ass or your finances.
The Federal Reserve is a consortium of private, mostly foreign banks. It is one of the main institutions responsible for the precarious situation we find ourselves in now as far as the financial and housing markets and the institutionalized corruption in America. - vbullinger, on 07/10/2008, -1/+9You mean 30 years ago. He's been saying these things since the '70s.
10scott10. That's sounds like a good thing.
I hate public education. Wish I was never a part of it. If my wife and I can figure out a way to do it, our kids will be home-schooled.
They got exactly what they wanted: a Department of Education. They planned that about a hundred years ago: http://video.google.com/videoplay?docid=-737320178 ... - vbullinger, on 07/10/2008, -0/+7WTF? You just burned yourself.
Oh, and yes, please block the politics section: that would save us all from your asinine comments. - covertbadger, on 07/10/2008, -0/+7@cenic
"Its strange to see the colonialist attitude you have in propagating the concept of "Other" by saying another culture is weird in this century."
Oh stop being such a melodramatic halfwit. To someone who has been brought up in Western civilisation, Japanese society IS weird. So is African culture. So is Eastern European. It's obtuse to claim otherwise, and I accuse you of trying to martyr yourself in the name of political correctness. 'Weird' doesn't have to have a derogatory meaning, in this context it simply means different and less comprehensible. Take a farm boy from Ohio and drop him in Akihabara, and he'll say it's weird. Doesn't mean he has a colonialist attitude, just means he finds it very different to what he's used to. - diggThis77, on 07/10/2008, -2/+9There are a couple of articles and a book available ("The Creature from Jekyll Island"), that talk about the creation of the Federal Reserve and how it's basically an extension or blatant copy of the central bank of Europe. These ebb's and flow's you talk about weren't "natural" until the Fed was created. In my own humble opinion bring back the gold and sivler standard and stop mass printing money because heaven forbid the economy isn't having standard 3% growth for a year.
- vbullinger, on 07/10/2008, -0/+7Buried for trolling.
- erydan, on 07/10/2008, -0/+7ummm, isn't the treasury department the one that is in charge of printing money?
- byates5637, on 07/10/2008, -3/+10No, the Fed has no option. They have already dug the hole, and they can't get themselves out. Raising or lowering interest rates at this point will not help. There is a severe economic downturn coming due to malinvestment as a result of the fed manipulating the money supply.
The only way to avoid future problems is to get rid of the fed. The fed cannot predict what the best interest rate is. The free market can do this better then any quasi- governmental secretive private bank. - NorthMass, on 07/10/2008, -0/+7Ron Paul is a whacko? O RLY? So how is the U.S. dolllar going to keep afloat with that $50 trillion deficit? Is China going to give us a $50 trillion gift card to Best Buy?
- inactive, on 07/10/2008, -18/+25DOOM!!! DOOM I tell you! We will be living in the Thunderdome any day now!!!
Brought to you since the 70's by the Clueless Whiny ***** of America... -
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