Posted on 08/27/2009 8:30:14 AM PDT by Born Conservative
To those who study the numbers, it is now obvious that America’s fiscal situation is hopeless. Given the country’s current debt and unfunded liabilities of $75,000,000,000,000, an amount growing by at least $5,000,000,000,000 per year, it will be statistically impossible for the United States to pay its obligations unless it repudiates them in large measure, or the dollar is sacrificed on the altar of searing, society-altering inflation.
Congress and much of the nation are in utter denial about the country’s unfolding fiscal catastrophe, as evidenced by federal spending that is actually accelerating, producing all-time debt and deficit records that exceed anything ever experienced by any nation on earth, at any time in history.
Denial is a psychotropic, mind-altering drug that by comparison makes crack cocaine look like health food, and addiction to it shuts down the brain. America’s denial about its out-of-control spending, non-repayable debt, financial sector fraud and deceit, decadent political institutions, epic dereliction of leadership duty, fiscal and monetary immorality, and disastrously dishonest system of cronyism is leading the nation into an economic nuclear winter of desolation and chaos. Aside from Ron Paul, there is not one politician telling the people the truth about their oncoming debt enslavement and impoverishment; nor is there even one sign of constructive fiscal change on the horizon. Our visionless, gutless and greed-stricken leaders have transformed the United States into a cowardly new world.
(Excerpt) Read more at news.goldseek.com ...
Gold might or might not be a good investment, but the fact that the author states the highlighted section shows that he is talking out of his backside. The biggest part of the unfunded liabilities are for Social Security and Medicare. Those are NOT! dollar denominated debts so they cannot be washed away through inflation like the rest of the debt. Have a little bout of 100,000% inflation so prices are multiplied by 1000 times, then the SS and Medicare payments will also go up by 1000 times and the unfunded liability will be $75 quadrillion instead of "merely" $75 trillion.
Anybody know if Ron Paul is having a Town Hall meeting?
Yes, but shortly, to overcome the SS default crisis they will be means tested. So no SS$s for you if you have over a million in assets or an income of over 2x the poverty level.
This will be an economic crusher as seniors start hiding assets and income. Mattress(to hide the money in) and shovel (to bury money in the yard) sales will go through the roof.
None of these assets will go back into the system to create jobs.
That is the problem with gold investments, other than the people that mine and refine it, it doesn’t turn over in the economy.
If you convert your crappy Federal Reserve Notes into gold coins, wafers, bricks, blocks, etc. and Obama decided to make gold ownership ilegal, you will have to either turn in your gold for new paper money or try to sneak it out of the country so you can exchange it for some other currency. Or, you can just leave it in the safe where it will be "worthless" because, if you try to use it to buy stuff, your friendly socialist neighbor will rat you out to the police or just kill you and take the gold. You run the risk of jail for owning ileagal gold.
I suggest that if you wnt to own physical gold, you store it off shore in a hole in the ground, but not any kind of financial institution, like a swiss bank that will eagerly share your information and your gold holdings with Uncle Obama...
Life is so complex, no?
Somethng is wrong with the spell checker today...
Yes, but shortly, to overcome the SS default crisis they will be means tested. So no SS$s for you if you have over a million in assets or an income of over 2x the poverty level.
Gold in a safe deposit box off shore is not required to be reported to the Treasury Dept., as are off shore banking and investmentaccounts.
Canada by far is the safest bet to buy and store gold in situ. There are many places you can do that without even opening a bank account. Thousands have done so.And anyone would be smart to do so with a portion of their portfolio, perhaps as high as 50 or 70 per cent.
I will trade you food for it when the time is right.
Here's the problem. If gold ownership becomes illegal in the US, then, an American citizen owning gold will be a criminal. The Swiss have just decided that criminal activities are not protected by Swiss banking laws. If asked about you by the US government, the Swiss will tell them the truth that you are holding gold in your strong box. The US government will subpoena the gold and you will have some Splainin to do at 1600 Pennsylvaina Avenue (fast becoming the center of all police power inte USA). You DO NOT want to hold gold in a safe deposit box at a bank. The banks will protect themselves before they protect you.
Better to find secure commercial storage outside of the banking/financial system. BUT... if you own gold wile it is illeagal to do so... you are committing a criminal act and you will be procecuted if caught. You may just want to give up citizenship and escape this fascist nighmare before "the boxcars heading East" show up...
The man has a real gift for understatement.
I am not a violent person so I would likely give you the gold for the food. The food will be very expensive. But, I will need the food. You can eat the gold.
My neighbor, however, IS a violent person and he is likely to trade you some hot lead for your food and keep his gold under his own mattress!
The breakdown of social order implies the breakdown of social order. If it gets that bad, most people will not play by the rules...
If gold ownership becomes illegal in the US, then, an American citizen owning gold will be a criminal.>>>>>>>>>>>>>>
Here is the non problem.
Owning gold in Canada is not the same as owning gold in the US.
And Canada did NOT confiscate private gold during the depression years or at any other time.And HIGHLY UNLIKELY that they will.
Its the way law, jurisdiction and sovereignty works. A crime in the USA is not by definition a crime in Canada.
Smoking grass for medicinal purposes is legal in Canada. It is illegal in the USA.When you go and smoke medicinal marijuana in Canada, the feds can’t arrest you when you return to the USA, for example.
But, if you store a ton of pot in Canada for safe keeping and the US government finds out, they will contact Canadian authorities who will seize the pot and turn it over to US authorities as evidence in your criminal trial...
If you are a Canadian Citizen, you are lucky and you have nothing to worry about because you still live in a free society. If you are not Canadian, then the Canadian government will cooperate with the USA in returning your gold to the USA where the USA prosecutors will have their way with you...
Maybe you can get Canada to give you asylum and then you may have rights, but criminals on the lamb don't usually get protected by Canada.
Silver is a VERY GOOD hedge.It has both industrial and intrinsic worth, unlike gold. Its also way undervalued.
Nope. Its not that way with precious metals. You would be right though if we were talking about banking and investment accounts.
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