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?
LOL
I know how you feel.
The house my grandfather built is still standing, and someone lives in it. He built it in the “1930s” (33 or 34 IIRC) and it noteable for inside plumbing. It cost 1500 USD and was built by grand dad with the help of “a couple of Mexicans” I assume they were hired to make the adobe bricks.
You could not do that today without some sort of bank loan or family support.
The future may be foggy, but for now, we still have our Freedom.
No. Dealer only records the sale with the IRS if it is over 10 Grand.
Buy in smaller amounts and only you and dealer knows anything.
BTW - pick a creative name to sign the reciept.... and tell them you live out of town.
quote from the article: “In order for the dollar to rally, the Fed needs to abandon its “zero” interest rate policy, the Obama administration needs to reign in its deficit spending, and the US economy needs to recover sharply from the Great Recession. So far neither event has happened.”
If the US economy continues to recover, the Fed will start to raise rates and the deficit will automatically decline.
I know that some freepers think that any recovery is impossible with Obama’s bad policies, but that ignores the history of other strong recoveries that occurred in a bad policy environment (eg. 1975).
I also know that some freepers are suspicious of gov’t economic statistics. In that case, watch corporate Q3 earnings as they are revealed in the next few weeks. Almost all so far have been better than expected, and consistent with a moderate-to-strong economic recovery.
There is one that doesn't:
"Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. (Mat 6:19-20)ESV
True, but they still record the sale.
If gold is targeted for confiscation or taxation, those records will be confiscated and used by the IRS.
Gold is a commodity and the trade is regulated by the SEC.
The records that are required by the SEC can be turned over to the IRS if the IRS is granted authority to do so. And if the congress sees a buck in turning over those records to the IRS, you can bet they will do it.
Aw, but there's a catch. They have to move ME from the property first.
Dare I say it would not be in their best interest to even try. That ole 2nd Amendment thingy will bite them in the ass!
“”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.””
.... or the government can just confiscate the gold like they did in 1917 and 1933 and give you paper money and hope it will be worth something.
Government Confiscation of Gold: It Happened Before — Could It Happen Again?
http://www.silvermonthly.com/195/government-confiscation-gold-happened-beforecould-happen/
by: J.D. Seagraves
excerpt..
“”Shortly after taking office sixteen years later, Franklin Delano Roosevelt signed Executive Order 6102 into law, prohibiting the “hoarding” of gold. Under this executive order, Americans were prohibited from owning more than $100 worth of gold coins, and all “hoarders” (i.e. people who owned more than $100 worth of gold) were forced, by law, to sell their “excess” gold to the government at the prevailing price of $20.67 per ounce.
Then, once the government had all the gold, FDR revalued the dollar relative to gold so that gold was now worth $35 an ounce. By simple decree, the government had thereby robbed millions of American citizens at a rate of $14.33 per ounce of confiscated gold, which is why most historians agree that the Gold Confiscation of 1933 is the single most draconian economic act in the history of the United States.””
I would not be surprised if this group of devil’s in Washington are going to be robbing are 401k’s soon as well
We purchased gold coins from a company in Scottsdale. The man I spoke with, Brian, said to never buy anything but coins as FDR pulled the gold bullion in the depression.
I just saw that, great, I guess Brian didn’t know a hell of a lot after all!
Some people in our area were gun collectors, he and his wife in their 70’s. Three men came in during the night and beat them half to death and took their collection. Our sheriff actually found and arrested the guys.
Then this week within twenty-four hours two local banks were robbed...and BO says things are improving.
Sure they can. Government deeded over ten million acres to members of my wife's tribe, then took it for back taxes. Often, the guy who delivered notice of the tax lien was on the same wagon as the one handing out deeds.
Now, just inflate the currency, reassess your property to compensate for inflation, and smack you with the tax bill.
While I agree it is great to have enough land for subsistence, don't put all your eggs in one basket.
If the dollar collapses then there’s a good chance the UN will push for a single unique currency for international trading instead of a basket of currencies as the article states. Guess who will probably try to push for control of that currency? (Hint: His name starts with an O.)
***Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, ***
I used to take the magazine BIBLE ARCHEOLOGY REVIEW.
I have never forgotten three special articles.
In one, the archeologists found a small jar of Philistine Silver.
Then there was the real estate deeds of ownership found in the cave of the Letters from the Bar Cohaba era.
Then a small jug of Bizantine gold coins.
I often whonder what happened to the people who hid each treasure and why they were unable to recover them.
Then there is the joke of the miser who saved all his money. On his deathbead he told his wife to put the money in his coffin so he could buy his way into heaven.
The wife complied with his wish. She took all the money to the bank, put it in her account, and wrote out a personal check for the ammount to God and had it buried with her husband.
Do you have any more info such as a link or a source? TIA
I remember those times - somewhat. I was born in 1955. My parents took the us kids to look at houses in a brand new community that was being built. Very nice houses, much nicer and larger than the one we were living. But my Dad couldn't afford them. The prices ran from $25,000 to about $40,000.
Well, ten years ago I managed to buy a VA foreclosed house in this now thirty-five year old community for $125,000. Properties in this community now average between $250,000 - $600,000. Yes, I'd say the dollar has collapsed. The average American's income is not keeping with cost of living. There's definitely going to be a day of reckoning coming sooner than folks think.
Based on this information, Bill Clinton produced the best results at 18%.
These results seem to indicate Clinton was a lot more conservative than Bush I, Bush II, Carter and Obama on fiscal policy. Only Reagan beats Clinton’s fiscal conservatism.
Are you one of the too many silly enuf to actully give your real name when you work a cash purchase?
Try L M Alone
None O Buzness
Johhny Cash
Mike Hammer (or Micky Spillance) etc etc.
Albert James Gore (no, no relatation....
The dealer may have to have a record of the sale, but below 10G it is just that, a record of a sale. If your dealer as asking for ID on sales under 10G, time to find a new coin/bullion dealer...
Wrong. The Supreme Court has said this is A-OK.
Kelo v. City of New London, 545 U.S. 469 (2005)[1] was a case decided by the Supreme Court of the United States involving the use of eminent domain to transfer land from one private owner to another to further economic development. The case arose from the condemnation by New London, Connecticut, of privately owned real property so that it could be used as part of a comprehensive redevelopment plan. The Court held in a 5–4 decision that the general benefits a community enjoyed from economic growth qualified such redevelopment plans as a permissible "public use" under the Takings Clause of the Fifth Amendment.
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