Buy gold. Michael Savage says so. Gold could double. Or not; it could disappear altogether. If the gov't confiscates gold, would they compensate pound for pound with something useful such as beans?
would they compensate pound for pound with something useful such as beans?
Lead, and we could return it with interest.
I remember reading the when Roosevelt took the country off the Gold Standard, the Feds tracked down some guys who had redeemed their banknotes "in lawful currency"* as stated on the note itself (i.e. gold and silver)just before the devaluation.
These guys had converted about $20,000 from paper into gold, at the then rate of $20 and change per ounce. They had to surrender the gold at that rate and receive paper money instead. The Supreme Court said it was OK as they received $20,000 in paper (value for value), conveniently ignoring the fact that gold was then valued at $35 an ounce.
That's why governments don't like gold - you can't say that one ounce now only weighs a half-ounce, but you can say that the dollar buys only half the gold it used to. Gotta love that paper stuff - fiat currency - it's money because the govt, says it is, and they will put you in jail if you refuse it in payment. So far it has worked out OK, but, God forbid, gold might buy you food, or your life, when nothing else will (told to me by a survivor of the Holocaust).
*I can remember seeing paper money that said "This note is legal tender for all debts public and private and can be redeemed at any federal bank for lawful money". Some guy sent in a $20 bill demanding "lawful money". The Feds sent him two $10 bills. He claimed all they were doing was giving him two IOUs for one. They changed the wording to what you see today "This note is legal tender for all debts public and private" (cuz we say so).