Posted on 02/11/2009 8:04:37 PM PST by databoss
In their annual forecast edition, the editors of BIG GOLD asked Casey Research Chairman and contrarian investor Doug Casey to provide his predictions and thoughts on issues everyone's thinking about these days. Read what he has to say on the economy, deficits, inflation, and gold...
The $1.1 Trillion Budget Deficit
My reaction is that the people in the government are totally out of control. A poker player would say the government is "on tilt," placing wild, desperate bets in the hope of getting rescued by good luck.
The things they're doing are not only unproductive, they're the exact opposite of what should be done. The country got into this mess by living beyond its means for more than a generation. That's the message from the debt that's burdening so many individuals; debt is proof that you're living above your means. The solution is for people to significantly reduce their standard of living for a while and start building capital. That's what saving is about, producing more than you consume. The government creating funny money - money out of nothing - doesn't fix anything. All it does is prolong the problem and make it worse by destroying the currency.
Over several generations, huge distortions and misallocations
(Excerpt) Read more at safehaven.com ...
Then I learned that the government has called in all bullion twice in the past. And I began to wonder:
"If gold is such a great deal and so wonderful to hold, why are these dealers even taking these worthless FRNs for it. After all, they say it's the ultimate store of wealth"
In a total collapse, gold wouldn't be as useful as silver. And in a currency change over, gold would surely be called in by whatever government was in power. SO unless you are willing to bury your gold bullion long term and wait for it to be legal to own again, I'd say stick to silver.
Besides, it's an antibiotic currency in the event of a bio contamination event. JMHO
>My reaction is that the people in the government are totally out of control. A poker player would say the government is “on tilt,” placing wild, desperate bets in the hope of getting rescued by good luck
That’s a good description. Maybe they have to be violently torn away from the machine.
Let's do it.
I've instructed people to locate where their politicians live now so that when the depression arrives, they'll know where to go get some of our money back. The poiticians will be home living high on the hog (with your money) while you and your family starves. (I plan to invite myself to dinner, ahem)
Ping!
Related:
Gerald Celente on Glenn Beck: 2/14/09 (Director, Trends Research Institute) on the predicted greatest depression
http://www.youtube.com/watch?v=SiN1wndDsIo
~~PING!
coins (eagles or junk) or bars?
F. Roosevelt was one confiscation. When was the other?
Hehehehehe....
L
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