The Destruction of the US Dollar
POSTED BY: JaynezTown
UPDATED: Thursday, October 16, 2008 00:43
VIEWED: 21107
PAGE 4 of 17
Quote:I think Signy, Rue and I were right there with ya, Six.
Originally posted by 6ixStringJack:
I was the number one guy telling people the sky was falling
But I guess we're all wrong- AU says there is no recession. We can all take our toys home now....
Rich Chrisisall
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Yeah... you're probaly right Chriss. Although I agreed with you much more often than the others you mentioned, we did all mention that.
Whatcha going to do though? When prices get high enough people wont' be able to pay and they're going to have to lower prices. The system is in for a correction. Meanwhile, hopefully you're on the list of those least effected.
My savings is tanking from inflation and low interest rates. I made some investments in the market at what I thought were bottoms, but they keep getting lower. I like my picks though and I will ride them out. No sense in getting all worked up about things that are WAY out of my control. I used to do that and most of ya'all thought I was a nut.
Like I said, I don't make much. I live insanely within my means. Sure, the damage to my savings is pissing me off, but I'll live. I think you'll find that many of us can make it just fine today without any assistance or worry if we learn to live within our means again.
Good luck to you and yours...
"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack
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Quote:No they won't. If they can sell to China or the EU for more, they will. Why else do you think that people starve to death in food-exporting countries?
Whatcha going to do though? When prices get high enough people wont' be able to pay and they're going to have to lower prices
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Let's party like it's 1929.
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Stop Bernanke From Swiping Your Savings
http://www.fool.com/investing/small-cap/2008/07/01/stop-bernanke-from-
swiping-your-savings.aspx
Quote:
No, he's not clad in black PJ's and sneaking into bank vaults. If only. Ben Bernanke is engaged in a process that's far more insidious and far more damaging to your financial well-being. He's helping to erode the buying power of your hard-earned, long-saved dollars with easy-money policies.
Hungry yet?
The evidence is everywhere, even in the "core" CPI, which pretends that food and energy prices don't matter. Yet those of us who do eat shelled out 5% more in May than we did last year. Get a load of what inflation has done to the following staples:
http://www.fool.com/investing/general/2008/07/09/getting-burned-by-ber
nanke.aspx
Quote:
The Fed's monetary policies, though, have led us to our current situation. Commodities have spiked not because of shadowy speculators, but rather because the Fed has allowed the dollar to grow weak and stay weak. Bernanke said he would support a strong, stable dollar, but then allowed interest rates to hold steady. Oil, which initially fell on the news, surged again. Equities, which have been sagging all along as the economy itself stagnates, have continued to fall, despite all of the Fed's stimulus plans.
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Quote:
Originally posted by AnthonyT:
Hello,
There is no great cause for alarm. The U.S. dollar is not some kind of invented commodity with a made-up value. Rather, it either has intrinsic worth based on its mineral makeup, or is backed by precious ores such as gold and silver that have been...
What's that?
Oh.
Shit.
--Anthony
r
I should have bought gold when all this stuff began, I would have made a small fortune
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IndyMac bank seized by US amid intensifying crisis
http://afp.google.com/article/ALeqM5hHT0GmHDBOa4LFutdswkfe-SSvOg
Quote:
LOS ANGELES (AFP) — Federally-seized IndyMac Bank was due to reopen Monday after suffering one of the biggest bank closures in US history, as the troubled US mortgage industry struggles to stem further meltdown.
The regulatory Office of Thrift Supervision (OTS) announced Friday it had placed the California-based bank, worth an estimated 32 billion dollars, under the control of the Federal Deposit Insurance Corporation (FDIC).
The mortgage lender, which will reopen as IndyMac Federal Bank, marked the largest bank failure in a year of mortgage and foreclosure crisis highlighted by a surge in defaults and a plunge in housing prices which are rippling through the US economy...
...
Reports said IndyMac's collapse was the second biggest in US history behind the 1984 failure of the 40-billion-dollar Continental Illinois Bank.
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You know Signy... it's the bullshit fear monguering like that, that drove people to pull all of their money out of IndyMac bank and made it fail.
At this point, I'm just wondering if you ever have anything positive to say about anything in your life ever?
For a pessimist, I guess I'm pretty optimistic. You should give it a try once. Your bleeding heart bullshit is getting pretty boring and that's why I don't come around here much anymore. You're obviously not hurting much yourself if you've still got an internet connection.
It's nice outside. Get some sun and stop worrying about everything. You're not going to fix a damn thing by whining. When/if the house of cards fall, you're going to really have plenty of things to bitch about that destroy your way of living and you're going to wish you had enjoyed the good times a little more than you allowed yourself to. "A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack
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Quote:
You're not going to fix a damn thing by whining.
Define "irony". Whining on the internet about someone else whining. On the internet.
At least now we know that Signy singlehandedly caused IndyMac to fail. All bow to the almighty Signy!!
Mike
"I supported Bush in 2000 and 2004 and intellegence[sic] had very little to do with that decision." - Hero, Real World Event Discussions
I can't help the sinking feeling that my country is now being run by people who read "1984" not as a cautionary tale, but rather as an instruction manual. - Michael Mock
The Myrmidons were an ancient nation of very brave and skilled warriors as described in Homer's Iliad, and were commanded by Achilles. - Wikipedia
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Quote:
Originally posted by SignyM:
Gold has no intrinsic value. It has some industrial uses, but the value of gold, gemstones, and some of the other hedges are based on sheer speculation...
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Let's party like it's 1929.
Surely you jest...
I'm often surprised by foolk who say this...
Gold has unique metallurgical , industrial , and medical uses for which it has no peer or acceptable substitute...
Consequently , 'intrinsic' value...If you don't agree , I'll send you a postpaid , return-addressed envelope in which you can place your 'scrap' , non-intrinsically-valued gold , and send it to me...I'll 'dispose' of it safely and properly ,
at " no expense " to you...
It's easy to look this stuff up , and it only takes a couple of minutes...
In case you want to examine some facts ,
here's a link to a Malcolm Forbes media company website , the Investopedia ,
and the definition of Lawful Money :
< http://www.investopedia.com/terms/l/lawfulmoney.asp>
There's the facts...Federal Reserve Notes are Not Lawful Money...
Doesn't matter how many greenbacks one has , they're still not lawful money by definition ; they're just a means of creating and perpetuating debt , because , unlike Real Lawful Money , these bank 'notes' have no intrinsic value , apart from the little rectangular piece of cotton rag they're printed upon...
If you'd like to find out where to get the definition for what constitutes Lawful Money , there's the Constitution , and the Coinage Act (1792).
< http://landru.i-link-2.net/monques/coinageact.html> Coinage Act
"SEC. 9. And be it further enacted, That there shall be from time to time struck and coined at the said mint, coins of gold, silver, and copper, of the following denomination, values and descriptions, viz. Eagles—each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold. Half Eagles—each to be of the value of five dollars, and to contain one hundred and twenty-three grains and six eighths of a grain of pure, or one hundred and thirty-five grains of standard gold. Quarter Eagles—each to be of the value of two dollars and a half dollar, and to contain sixty-one grains and seven eighths of a grain of pure, or sixty-seven grains and four eighths of a grain of standard gold. Dollars or Units—each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and
four sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard silver. Half Dollars—each to be of half the value of the dollar or unit, and to contain one hundred and eighty-five grains and ten sixteenth parts of a grain of pure, or two hundred and eight grains of standard silver. Quarter Dollars—each to be of one fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain of pure, or one hundred and four grains of standard silver. Dismes—each to be of the value of one tenth of a dollar or unit, and to contain thirty-seven grains and two sixteenth parts of a grain of pure, or forty-one grains and three fifths parts of a grain of standard silver. Half Dismes—each to be of the value of one twentieth of a dollar, and to contain eighteen grains and nine sixteenths parts of a grain of pure, or twenty grains and four fifths parts of a grain of standard silver. Cents—each
to be of the value of one hundredth part of a dollar, and to contain eleven penny-weights of copper. Half Cents—each to be of the value of half a cent, and to contain five penny-weights and a half a penny-weight of copper.
Half Eagles.
Quarter Eagles.
Dollars or Units.
Half Dollars.
Quarter Dollars.
Dismes.
Half Dismes.
Cents.
Half Cents.
31 USC 5101
Of what devices. SEC. 10. And be it further enacted, That, upon the said coins respectively, there shall be the following devices and legends, namely: Upon one side of eac
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Quote:6ix, I'm trying to tell you that a system based on greed will act... yanno, GREEDY. It's not fear-mongering that's causing banks to fail, it's predatory lending caused by unbridled greed. But somehow you manage to get it bass-ackwards.
You know Signy... it's the bullshit fear monguering like that, that drove people to pull all of their money out of IndyMac bank and made it fail.
I just got a copy of a local paper from my hometown. The headline said "American Axle Spares Cheektowaga.. But Tonawanda Plant to Close" A union member who voted for the contract put it this way: It was either vote no and lose my job... or vote yes, get a buyout, and lose my job
You think you can make that go away with happy-think?
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Let's party like it's 1929.
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