Posted on 10/10/2009 8:02:36 AM PDT by ChessExpert
Rumors are flying that secret meetings are taking place between Arab states, China, Russia, Japan and France, to dump the dollar and replace the U.S. currency’s role in the pricing of oil. The dollar fell against the euro, yen and Swiss franc, while gold hit new highs of $1,041 an ounce.
Is there any truth to the rumors that the dollar is being replaced by a basket of foreign currencies, and what will be the impact your investments and the U.S. economy?
I was told Silver is good because it is used up in industrial processes. But I never made money on silver panic.
The global markets are looking ahead and finding it insane to continue to allow the US to have a monopoly on exchange.
Current Monetary and fiscal policy is doomed to fail.
As opposed to those that bought stocks?
If the dollar collapses so does the whole world.
What is to stop the government from taxing gold as a luxury item and imposing a 10% luxury tax on every ounce of gold in your possession every year?
You think your gold is safe from government interference? Read your history. The government stole everyone's gold in 1933 and gave them worthless dollars in exchange at a rate that the government determined was fair. They can do it again. And if the dollar collapses, THEY WILL DO IT AGAIN!!!
feelings of terror actually are a necessary force in free markets to counterbalance the irrational exuberance.
Comfortablly numb is not part of the free market, it’s part of the authoritarian society.
How do they know you have gold in your possession and can they make you turn your gold in? It might be a lot harder to sell without some sort of confiscation, but they aren’t going to go on gold raids. Gun raids on the other hand I could see.
Two words: black market.
There is no black market for real estate and I can't take it with me to parts unknown should the need arise.
It's good to have a little portable wealth, gold, silver, or whatever. It's also good to have some wealth outside the border.
Indeed, the trillion budgets are smoke and mirror. In the end the House always win, and that means a fascist mandate to go about and enslave every American.
Stocks like those who had Kmart or GM stock? Kmart bought Sears, and told it's old stockholders they were welcome to buy new shares, as the old one were history.
The only save thing is something that would be in limited supply, like ammunition. Heck I don't know, I'm just an idiot with a little money in the bank, and thats it.
I hear zero loves the smell of Wall Streeters commiting suicide in the morning... kind of like during the WTC bombings.
“Is the dollar going to collapse? Yes.”
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Looking back over my lifetime it seems to have already collapsed. As a small child I remember that a five cent candy bar was a big one, a ten center was a double bar and nobody bought one of those unless at least two people were going to split it. A cup of coffee cost a nickel and a ham and egg breakfast was about forty cents. A small working farm in my area with a house and outbuildings could be had for five thousand or less. A week’s worth of groceries for a family ran five to ten dollars depending on how high on the hog you ate. Anyone reputed to earn as much as eighty dollars a week before taxes was considered extremely well off and was the envy of all who knew him. My father was a carpenter and he took the family to see a fine house they had just finished building, he said it cost the unheard of sum of fifteen thousand dollars. We wondered how anyone could afford that.
Going to collapse? No, I think it has happened already...I was born in 1944.
Securities and exchange commission records. If you buy it on the commodities exchange, there is a record. If you buy it from a gold dealer, there is a record. If you later sell it or trade it and you don't keep a record, the IRS will assume you still own it. They'll tax you every year until you show them where you sold it and to whom.
Two words: Federal Prison.
Tell em you lost it.
Telling the IRS that you lost your gold would be like telling them you lost your receipts. Even if its true, they are not going to believe you.
Penalties and interest will apply and if they really don't believe you, they will run an audit of your tax returns back to the day you were born.
Every investment comes with risk.
Let the Chinese buy the houses.
While we're at it, let's send the illegal Mexicans back to Mexico, and send our homeless there as well.
The government can start the next big jobs program by building a new "Great Wall" between the US and Mexico, and paying formerly-unemployed citizens to stand guard.
Economic problems solved. Next?
***************************************
So folks who buy gold in case the economy crashes are going to be left holding cute little certificates? May as well get Loser tattooed on your forehead.
Or, you can buy gold coins and have physical gold bullion in your possesion. Generally, places like APMEX charge a fee over "spot" when dealing with physical gold.
and raise you a Molon Labe. A man with nothing kill or die for has nothing to live for. And yes you may think that gold and silver are just shiny metals, but when you are counting on them for your family's survival they mean something else entirely.....so "Come and Get Them." I also have some other industrial metals as a parting gift... namely lead, brass, and copper.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.