Posted on 03/09/2014 4:46:47 PM PDT by Kartographer
It’s no secret that the U.S. government is in serious fiscal trouble. So much so that our Treasury Secretary recently noted that should the debt ceiling fail to be increased, the fall-out would be “catastrophic” and last for generations.
Given that sobering report, consider that everything in America, from food to fuel, is subsidized in one way or another. Those subsidies are being paid with ever-increasing debt. It is inevitable that at some point the world’s reserve currency, the US dollar, will be wiped out. The trigger for such an event is irrelevant. What is relevant, is how average Americans will be affected when that day comes.
(Excerpt) Read more at shtfplan.com ...
Yep, those on EBT will get “adjustments” for the COLA,
whilst the rest of us not only pay for those adjustments,
but see our own costs quadruple.
“It’s a matter of fairness”
It will be worse than that, an EBT will entitle the bearer to a loaf of bread regardless of the price and the price for you and me just went up 50% three hours ago.
No, you won’t get the world spot price for your gold, but you will get a decent price.
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Depends. Old dollars will be worthless for trade with other nations and as a medium of exchange within the US because the government cannot redeem them in anything of value. Nada, not even tulip bulbs. The government doesn’t have anything of value to redeem them with. There is no gold left in Fort Knox.
So, the government has no choice but to “buy” your gold with a new “dollar” so that commerce can continue. They will force you to “turn in” your gold under penalty of law like they did under FDR. This is the only way. For the new dollar to be worth anything, it must be backed by gold.
Once you have the new dollars in hand, you will be able to buy and sell goods and services revalued at the new prices.
And other nations will accept and hold the new dollars because they can be redeemed in gold. But you can’t redeem your dollars in gold because you cannot hold gold. See the trap.
You can refuse the government’s offer and sell your gold to a middleman, but for what? Other metals, old dollars which are worthless, tulip bulbs, guns, ammo, etc. Eventually everything of value gets pegged to the new gold backed dollar and commerce begins with the new dollar as the accepted medium of exchange. And then we are back to where we started with the old dollar.
My point is middlemen have to make a profit, so I doubt they can compete with the government’s offer since the government is free to offer you the highest dollar for your gold. They are not going to pay you more for gold than it is worth in a free market.
Once the new dollar is accepted, the government will raise the debt limit and “print” and release a few more dollars into the economy to be backed by the gold reserves in Fort Knox, thereby diluting the value of new dollars. And now we are full circle.
Forgive me if I am incorrect in my assessment, but that’s how I see it.
You might have given that other people but you gave me nothing so far. Please give me one example where there was zero demand for precious metals in the world, or if not, then zero ways for someone in a place without demand to get theirs to a place with demand. Anywhere, anytime, your choice.
Nope, tragically, I lost most of them in that lake boating accident a while back. The rest, along with the remaining ammo, I traded to some guy named “Sam” from Houston for a loaf of bread and a jug of booze.
That succeeded only by pressuring banks. There are a lot better ways to get gold across the country and onto a ship than there were in 1933.
My point is middlemen have to make a profit, so I doubt they can compete with the government's offer since the government is free to offer you the highest dollar for your gold. They are not going to pay you more for gold than it is worth in a free market.
Your point is that the government can devalue after they "buy" your gold. Meet 1933. Yet people still held their gold and sold it after 1933 for decent profit although not the $35 price since those sales were illegal.
Not only that, but some seeds do not last as long. Any of the onion (allium) family lasts two years or so.
I’m in Southern Alabama, so I plant a winter garden. Well this winter was so cold, only a few cabbages and my collards survived. Generally I plant a lot of cabbage in the Fall and I get a big harvest around this time of year. Well I may get 3-4 of them. And I am an experienced gardener.
So some years you might not do so well.
You can germinate test your seeds. See here on how to do so:
https://www.youtube.com/watch?v=2vNR3vuvKXw
“That succeeded only by pressuring banks. There are a lot better ways to get gold across the country and onto a ship than there were in 1933.”
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I do not disagree with anything you have said. But I think most people will take the path of least resistance and bow to the government. Buying, selling, moving, storing and protecting physical gold is more trouble to some people than its worth when the gains are marginal.
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“Your point is that the government can devalue after they “buy” your gold. Meet 1933. Yet people still held their gold and sold it after 1933 for decent profit although not the $35 price since those sales were illegal.”
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And the they will, that’s what bankers do, expand the money supply and economy through fractional banking. And as a result inflation occurs and prices rise in a free market. More dollars chasing same goods and services thing.
Your choices are yours. For myself, I haven’t decided what I will do when the SHTF. Because I am diversified, I have many options I plan to use based on whatever circumstances exist when that happens.
BTW, grandpa kept his gold.
See Posts #79 and #99 this thread.
Oh this one is too easy!
Prior to the birth of the human race.
Except for me. I have PERFECT preparations, and have planned for EVERY contingency. No surprise will cause me any problems whatsoever. I, alone, will be able to resurrect society -- and they will name towns and ports and schools and even COUNTRIES after me.
“Yes, via their authorized e-filing services.”
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Thanks! I didn’t know since I don’t use credit cards unless I have to.
BTW, my dearly departed grandma would have liked that idea. She prepaid her funeral expenses, died owing the IRS (their assessment), and left behind nothing of value except some dogs, cats, and canaries. She would have jumped at the opportunity to “stick it” to the banks for her tax bill. But then again, with all those “dependants”, she almost always received a hefty refund. So she didn’t really them.
I meant to say: She didn’t really need them.
“they will name towns and ports and schools and even COUNTRIES after me.”
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What, no babies...
For all of those who claim gold is not a store of value, look where those who are actually members of the Federal Reserve are putting their money.....FOLLOW THE MONEY!
Financial statements released from 2010 show Dallas Fed president Richard Fisher owned more than 7,000 acres of land, $1 million in gold and as much as $250,000 in uranium.
http://money.cnn.com/2013/08/28/news/economy/federal-reserve-wealth/
And, in the past year, George Soros (one of the largest investors in the world) made a bet on Barrick Gold of $110 Million.
Add to this the fact that the Chinese are buying BOTH physical gold and are also buying gold mines with what some claim is a nascent attempt at building a gold backed currency, and I am not sure how anyone can look down on this precious metal, especially with out debt approaching $20 Trillion.
I bought the Walmart flushable Equate Wet Wipes in May of 2013, so in May it will be a year.
I opened a package this morning to check for wetness and they are wet. I sealed it back up making sure it was sealed all around - no gaps that would encourage them to dry out.
Sponge and stick and an ancient roman mindset. ;)
/johnny
“Sponge and stick and an ancient roman mindset. ;)”
Dear John Galt, I’m not doing sponge/stick - I’m doing civilized wet wipes. If potties don’t work, I have an outdoor fire place to burn up the wet wipes. Have a portable potty and plenty of plastic bags that fit it and the bags will be buried in the ground.
from my reading, you should take and add the securities held outright to assets.
If this is done, you get in the 12-14T neighborhood.
When can you hold a security outright and it not be an asset?
I was thinking I had seen a figure recently that American’s assets topped 90 trillion.
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