Posted on 08/17/2007 8:18:37 PM PDT by FightThePower!
Let me cover the big picture. I do think we're approaching the end of the world as we know it…I think there is such thing as the business cycle. It exists. And we've had the longest expansion - and the strongest expansion - in the world history. But we're at the end of a 25-year boom. It's gone on more than a full generation now. And I'll tell you how it's going to end: It's going to end with a depression, and not just a depression; not just another Great Depression; it's going to be the Greater Depression.
What's a depression, incidentally? It's a period of time when distortions and misallocations of capital are liquidated; that's called a depression. Over the last 25 years, distortions and misallocations of capital have produced an artificial boom. But when these distortions and misallocations of capital are liquidated, we'll get a depression.
Another general definition of a depression is this: a period of time when most people's standard of living goes down significantly. Now, for the long run, there's no question in my mind the standard of living of everybody on earth is going to go up immensely over the next hundred years. Immensely. But that doesn't mean that we're not going to have setbacks, and I think we're looking at one: A severe standard of living drop. So the economic picture is not going to be good…
So what should you be doing about all this? I suggest you really internationalize yourself. I think what you ought to have is your citizenship in one country, your bank account in another country, your investments in a third, and live in a fourth. You've got to internationalize yourself. Most people out there are like medieval serfs, psychologically and physically: they're born some place, they don't go very far from it and that's where they die, and they're going to get exactly what they deserve. Well, you can't be that way. I think you ought to treat the world as your oyster.
What am I doing about this? I've been all over the world. I guess I've lived in 12 countries now. And out of 175, I've been to most of them, numerous times actually. What am I doing, where do I want to go, where am I living?
Well, in New Zealand. I went there a few years ago for the polo, actually, and the reason was that playing polo there was about 10% what it cost me in Palm Beach, and I liked it better. So we bought a lot of real estate. But since then, the currency has doubled and the real estate within that currency has doubled at least. So I'm getting out of New Zealand. Where am I going now? I'm going to Argentina.
And let me give you a tip, okay? Forget about Europe, it's going to become a petting zoo. It's like Disneyland with real stones instead of paper Mache stones. I mean, Europe is on the slippery slope. I wouldn't touch Europe with a ten-foot pole. If this war with Islam gets out of control, Europe is going to be an epicenter. It's going to be a disaster. I'll tell you where you ought to look. Argentina is the place to be. It's the cheapest country in the world. It has low population, incredibly beautiful, the climate is great. One hundred years ago, it was in competition with the US for being the best place in the world and the richest place. But it went downhill radically, radically.
But let me tell you something. It's turning around I think. And what's going to happen is driven by the fact that everything in Argentina costs between 10% to 30% of what it costs in North America. That's correct. It's that cheap. It's free. It's free. It's free for us as North Americans. But the Europeans really think it's free with that strong Euro. So you're getting a massive immigration from rich Europeans that can see the handwriting on the wall and like it down there. And I really like it down there. It's just a great society, great society, great place to hang out, prices are right. I mean this can solve most of your investment problems right there, just by transplanting yourself, if you've got some capital. Furthermore, Argentina is going to be insolated from WWIII to a good extent.
Hope to see you down there!
Well, at least they’re not outraged.
(By the way, I think you hit on something important. Kudos!)
This guy makes some interesting statements, although he doesn’t seem to do a very good job explaining himself. My standard of living is about to drop dramatically and I should divest my belongings and money into several different countries? What’s this about WWIII? If there’s a business cycle lasting about 25 years, why should this correction be worse than the corrections in the late 1970s and the 1930s? All he says about Argentina is that it’s cheap to live there and the land is relatively underpopulated. So?
This kind of writer reminds of the guys who used to populate Art Bell’s program - interesting to listen to, sometimes coherent, sometimes loony, almost always spouting dogmatic promises about one thing or another with little actual proof.
> think I would go to Singapore or Hong Kong and maybe Switzerland.
How you planning on getting and staying in?
I do think a great depression is coming . And I’d hate to be in a major city when it hits .Katrina was nothing compared to how society will act when there's no where to run .
This is not the same kind of culture, society or people as 1929 -36 was when we had borders . We now have millions of barbarians here we didn’t have then .Also a much more violent crime rate . The ones not walking across the borders or swimming in are being flown in .
I do think a great depression is coming . And I’d hate to be in a major city when it hits .Katrina was nothing compared to how society will act when there’s no where to run
Apples and oranges. Katrina was a relative fast event. A depression descends in slow motion.
LOL , I don’t know ! I’m just venting out about what a mess we are in ,and the total chaos a depression could bring .
If the economy crashes, which it may or may not do, the event will happen over the course of many months or a few years. The system will adapt to a certain degree during that time — rents will come down, the price of certain foods will decrease, etc. etc.
Katrina was a fast-moving crisis. It developed and reached its peak within days.
Lastly, this story should be hugely offensive to any patriotic American. It advocates running away from your country in the event of an economic crisis.
Maybe it’s somewhere in the middle ?
After the crash of 1929, the standard line was that “It happened on Wall Street and not Main Street.” It took a year or more for the effects to be felt throughout the country. Credit dried out, banks went outta business, etc. etc.
I just remember what my parents who were there told me . I really don’t know a lot about it though . You may be right about it .
It was very bad. The prevailing idea at the time was that the powers that be won’t let it happen. Of course, “they” weren’t in control.
I just hope it does’nt happen again . My kids are all grown some of my grandkids are too . They are not financially independent ,so they would be in trouble .
Are you drunk? Did you just come in from partying? I can’t believe what a irresponsible post you just posted. I am disappointed that a FREEPER would type such a invalid and untrue post.
How often do you come up for air?
Wasn't there a certain, select group of Europeans who migrated there around 1944-1946?
The solutions are so easy.
The perfect Democrat. Get a large part of the public unemployed, grow the government make work programs, give more government handouts, and get even more people on the government dole.
Great guy.
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