1920's, damned freedom-inhibiting Prohibition, rise of mob rule and terror in the streets 1900, the occasional immigrant into the meat vats along with the rats, before that pesky Upton Sinclair and the FDA of 1906 1893, panic of, damned monopolies crushing the small guy 1870's, reconstruction, lynchings popular in the south, race riots in the north as well of course, corrupt city govt's - Tammany Hall (Thomas Nast was a brave cartoonist) 1860s, smoe war between the states nonsense, just a bit of bloodshed, nothing to write home about - some gangly character named Lincoln made speeches 1850s, looks like we're expanding the nation OK, say, are these gonna be slave states or not? 1840s, little trouble with Mexico, it's all OK though 1830s, Andy Jackson bank panics and the like? Little before my time tho 1820s, well, we lost Jefferson and Adams, but overall not a bad ten years? had to happen eventually 1810s, danged British making trouble agin, burned some stuff 1800s, Napolean was pretty busy otherwise so Jeff got a decent land deal - not bad as those things go 1790s, malaria and yellow fever, rich folk could afford to leave the cities in the summer, poor folks stayed and died 1780s, no one can agree on anything, what are we - a nation or a bunch of little jealous fuedal states? Is this new Germany? 1770s, you want us to rebel against WHO? Yeah the taxation's a pain and all, but this is a recipe for disaster. Quite possibly the dumbest idea to come down the pike for some time! Let's tar and feather these rabble-rousers...
I think we have the greatest nation in the world, is it perfect? nope, for the people who do nothing but gripe on how bad it is? pack your $hit and get the Hel out, and take Micheal Moore with you U.S.A. rules (-:
Yeah Goldude...maybe some of these folks could live somewhere else for a couple of years and then see how things feel, like maybe south america our good neighbor to the south, and then they will be cryin' and weepin' and wishin' they were in the U.S. I mean, heck it only cost a plane ticket and a little pocket cash, things are cheap there. Go ahead and give it a try. One bright spot though, it might be a lot of fun collecting pesos instead of dollars (I hear some of those pesos are real pretty).
“do you not see the irony though? The Chinese have come to realize the US govt is a sham. They earned those dollars honestly and now we change the rules on them?”
fc I know it is very hard to keep up with this thread due to the length, but let me help you with a little understanding here before we feel to sorry for the Chinese workers. THEY HAVE ALREADY BEEN PAID!
There are several parts of this thread that explain how China is just printing the money to buy these treasuries so that they can continue to do business here to grow their economy.
So please allow me to go through this again because this is the most important financial matter happing on the planet.. In the case of the Asians they print the money to pay their workers off set by the trade deficits.
Their agreement was that they would use all that printed money to absorb our unfunded liabilities, and we would allow them to continue selling their cheap products here.
The problem is that now the foreign devils want to change the game, and spend the money on our largest assets.
There are NO Japanese, Chinese, etc. workers holding treasuries, and their paper is as worthless as ours.
The Fed Chairman’s real conundrum is that now whom will he sell all this debt to? If these guys in Washington were not as dumb as a bucket of hair they would just back some large U.S. company to make an offer for one of China’s largest companies. When they said NO then we could say no about the Unocal deal.
Gee......For this country to have never been run correctly, we sure have come a long way in 200 years. Imagine what it would be like it they just got it right.
<< <i>Gee......For this country to have never been run correctly, we sure have come a long way in 200 years. Imagine what it would be like it they just got it right. >>
Actually there's a good book that was released years ago titled " 100 million millionaires"
The premise is what this place would be like if the government had NOT grown so large as to make even communists blush and wonder how to pull that off, where this place would be. And if the government were reigned into strick Constitutional limits.
What would YOU do if you had most of what you earned? Would you buy a nicer house in a better neighborhood? Would you send your kids to even better schools? Now multiply that.
But instead, we have what we have and are going in the direction we are going with an 8 trillion and growing debt.
Great continuation of this thread. If you had ONE investment to make....... what would it be? I would have to say gold. Two weeks ago, I would have said land. However, when the Supreme court ruled that the government could take land by eminate domain, it threw land right out the window. Justice Sandra Day O'Conner descented (against) that opinion and now she's gone. We're in real trouble when the government can take land. I'm writting my congressmen today. It's time to take action. Support Bush's Supreme court nominations.
<< <i>Great continuation of this thread. If you had ONE investment to make....... what would it be? I would have to say gold. Two weeks ago, I would have said land. However, when the Supreme court ruled that the government could take land by eminate domain, it threw land right out the window. Justice Sandra Day O'Conner descented (against) that opinion and now she's gone. We're in real trouble when the government can take land. I'm writting my congressmen today. It's time to take action. Support Bush's Supreme court nominations. >>
If you had ONE investment to make....... what would it be?
Why am I limited to one investment? I like having a balanced portfolio of assets: House and rental condo for real estate, stocks and bonds for equities, cash and bank box of gold and silver and rare coins for emergencies and as a hedge against inflation, as well as a storeroom of guns and ammo, canned food and good wine, and a deep-freeze full of good meat, water purification equipment and other camping stuff, and more gold and silver on hand "just in case"....
Yea the Supreme court made a ruling, but i thought it was a good ruling, look at all the slums in some of the cities where shacks and crack houses sit, where they can get rid of the slums and do something useful with it, 99.9% of people will never be affected by this ruling, and if you just have to be of of the unlucky bastages they boot? you will be compensated at fair market value for your land, besides they can already boot you out for putting in a freeway or other city needs, they did this to me in Scottsdale Arizona when they were putting in the 101 (Freeway) and i was paid handsomely for my house.
Goldude, the ruling had nothing to do with slums. That's why there is such a hu-bub about it. Now cities can take lands from anyone they don't like and give it to anyone they do like. Slums have nothing to do with it. Hey, if you are a city-insider-type of person, you love this ruling!!!
you will be compensated at fair market value for your land
Problem is all people are not offered fair market value. I honestly am glad that you are happy about your personal case of eminent domain. Some people are offered less than 50% of tax appraisal.
fishcooker lets hope they start off with South Phoenix lol But in all seriousness i don't think it will be as easy as the court ruling made it sound, i have a client who is a Real Estate attorney and told me he went thru the ruling and there is alot of hoops the cities have to go thru and it won't be as easy as percieved by the average person.
Oh hell i couldn't help myself Tope 10 Liberal Lies
1. Count Every Vote- This was the mantra of the Al Gore campaign after the 2000 presidential election, when they were hand counting votes in 3 highly Democratic counties, while at the same time trying to disqualify military votes. In effect they were trying to change the rules of the election after the election had taken place, which violated federal election law. A liberal Florida Supreme Court ruled in the favor of the Gore Campaign until the U.S. Supreme Court put a stop to it. To this very day, liberals actually believe George Bush stole the election.
2. There is a vast right wing conspiracy- There is a far right wing in the Republican Party, but it is a small fringe element. However, there is a far left wing in this country and it is a large part of the main stream of the Democratic party. Remember when Hillary Clinton went on the Today Show and responded to the allegation of an affair between her husband (President Clinton) and an intern (Monica Lewinsky) as untrue and blamed it on a Right Wing Conspiracy? Over the past ten years Tom Daschle, Nancy Pelosi, Bill Clinton, Hillary Clinton, Al Gore, Mario Cuomo, Richard Gephardt and Jesse Jackson have been the loudest and most influential voices in the Democratic party. Are any of these people Moderates? Also please note, there is a liberal bias in the media. You might make the argument that there is a vast left wing conspiracy.
3. This is a tax break for the rich- This is class warfare at it's finest. If a person earning $40,000 a year gets a 10% tax reduction and a person earning $1,000,000 per year gets a 1% tax reduction- the person earning $1,000,000 will get a much greater tax break. Tom Daschle and Richard Gephardt once stood next to a car in front of the Capital Building holding up a muffler. They made a statement that a proposed George Bush tax cut would allow the rich to buy a new car and the average American to buy a muffler. This is a strategy Democrats use on every Republican proposed tax cut. They stop everyone from getting a reduction in their taxes by using class warfare. Please note, tax reductions are not an entitlement program.
4. There is no liberal bias in the media- For close to 50 years the news in America was controlled by ABC, NBC and CBS. In the last 20 years CNN came on to the scene. This is pretty much comparable to the BBC in Europe and AL Jazzera in the Arab world today. It was in the last 6 years when Fox News and other cable news networks were born to give a more balanced approach to news analysis. However, if you look at the major networks today, they are still run by the left. Tim Russert, the President of NBC News, at one time worked for Mario Cuomo. The top players at ABC News are Peter Jennings, George Stephanopolous, Sam Donaldson and Cokie Roberts- hardly conservatives. Lets not forget the statement the President of ABC News made after September 11th. CBS News has Dan Rather and Bob Schieffer- more non-conservatives. All you have to say about CNN is that it was created by Ted Turner. In print media there is the Los Angeles Times in California, The New York Times in New York and The Atlanta Journal Constitution in Georgia. These have been the major newspapers in our most populous cities for many years and their reporting has a liberal bias.
5. Republicans want to cut school lunch programs- This was the attack leveled by Democrats against the Republicans during a budget battle in 1995. Democrats proposed a double digit increase in funding for school lunch programs, while Republican proposed a more modest increase. To put this in perspective, you must ask this question. How many people get a double digit increase in their pay each year? Democrats called the Republican proposal a cut and charged they wanted to starve children, because the proposal was less than what Democrats proposed. Please note, the Republican proposal called for an increase in funding. The media printed the story, never challenging it, even though it was not true. This became famous for when does an increase become a cut- only in Washington DC.
6. I did not have sexual relations with that woman, Monica Lewinsky- We all know the truth here. There is nothing to be added- except that it was not a vast right wing conspiracy.
7. Republicans are mean spirited and want to throw the poor out on the street- This was a charge leveled by Democrats against Republicans when they proposed time limits for receiving welfare. Polls show that the majority of Americans believe in time restrictions for welfare recipients. Republicans know that to escape poverty it takes education, hard work and discipline. The greatness of this country rests in its freedom and that within one generation a person can rise from poverty to obtain great wealth. Allowing endless dependency on an entitlement program has trapped many in poverty. Why would Democrats want to keep anyone dependent on an entitlement program like welfare? How many people on welfare vote Republican?
8. I support the military- It has been well documented that when it comes to voting for military funding- liberals would much rather spend money on social programs. First you must understand their rational. Approximately 10% of the population in the United States is poor, which is about 30 million Americans. There are approximately one million Americans serving in the military. If only 1 in 5 of the poor vote, that equals about six million votes as compared to one million votes from the military. There are two relevant questions here. What percent of the poor vote Republican? How close was the 2000 Presidential Election? This leads directly to the answer of why would liberals rather appropriate money to social programs than to the defense of our country. Please note, the defense of our country is a primary, if not the primary responsibility of our government. If we don't protect the country, we may not have a country or our freedom.
9. Privatizing social security is risky. Contribute $300 a month to Social Security and you may get $1,800 a month when you retire. Sound like a good deal? There was a story about Dick Gephardt's mother living on Social Security and having numerous checks she had written returned for insufficient funds. Gephardt politicized the event by stating that this was an example of why Social Security should not be privatized, because if it were not for Social Security his mother would have been much worse off. Please note that the S & P 500 has returned more than 10% over it's lifetime. Therefore- if you invested $300 a month in an S & P 500 mutual fund for 40 years at the end of that time (enter these numbers into any compound interest calculator) you would have approximately 2 million dollars (Please note that these are conservative numbers). This means you could withdraw almost $200,000 or 10 percent a year and never exhaust your money. Break that down and it is $20, 000 a month. Social Security does not sound so good any longer. Please be advised that the key to obtaining wealth is systematically investing for the long term. There is no quick sure fire scheme to getting rich. If Gephardt's mother had been investing in mutual funds her entire life instead of Social Security- she would have been much better off at the present. Also, please be advised that privatizing Social Security helps the poor the more than anyone. The rich invest money in 401K plans. The poor, the clerk at a convenience store or a customer service representative doesn't have excess funds to invest and so their only investment vehicle is Security Security, which in reality is just a bond fund.
10. Trickle down economics does not work- Money in the hands of people stimulates the economy, whether they are rich or poor. The problem- how to you put money in the hands of the poor? Transfer of more wealth from the rich to the poor each year? This would only create greater dependency on entitlements and give lessen the incentive to achieve. Give the poor greater tax cuts? You can only cut the taxes for the poor by so much, because they don't pay much in taxes. When Tom Daschle said that the result of a proposed Bush tax cut would mean that a rich person would be able to buy a new car, without realizing it, he proved the theory of Trickle Down Economics. The person selling that car would generate income that he would otherwise not have had. Please note that if that person sells enough cars, he will gain wealth. If tax rates in this county were at 75% what would happen to the economy? The answer is that no one would have money to spend on anything except housing and food. The result would be that businesses everywhere would fail, because no one would have money to buy clothes, electronics, entertainment, repairs for their homes or cars, go on vacation..... If they did buy such things, they would have to go in to debt to do so. How would this help the working class or the poor? Please note the average taxpayer, pays roughly 50% of their income in taxes. After the attack on September 11th, Hillary Clinton said, "come to New York and spend money." She knew if people stopped coming to New York and spending money, businesses would fail and the economy in New York would suffer a great downturn, which would hurt the average working family. This is interesting considering that liberals are for tax hikes and against tax cuts. The only thing that helps the working class is a strong economy. It gives the average worker more freedom and more bargaining power. When the financial sector was booming from 1987 through 1989, workers were getting bonuses, overtime and stock options. When the financial sector suffered a downturn in 1990, it trickled down. There were no more bonuses, overtime, stock options and their were layoffs.
<< <i>Yea the Supreme court made a ruling, but i thought it was a good ruling, look at all the slums in some of the cities where shacks and crack houses sit, where they can get rid of the slums and do something useful with it, 99.9% of people will never be affected by this ruling, and if you just have to be of of the unlucky bastages they boot? you will be compensated at fair market value for your land, besides they can already boot you out for putting in a freeway or other city needs, they did this to me in Scottsdale Arizona when they were putting in the 101 (Freeway) and i was paid handsomely for my house. >>
Wasn't it Rajiv Ghandi who evacuated all the people out of the slums in India then torched the slums and left the already poor people homeless? That's kinda what the above post reminds me of. What's sad is that we put up no fight when our freedoms shrink. Sure, 99.9% won't be affected by this ruling. 99.9% won't be affected by the next ruling, and the next, and the next...
...99.9% of the people weren't materially affected by Dred Scott v. Sanford, yet it VERY nearly turned the North into slave states--there is speculation that it would only have taken one more similar case before the Taney court eliminated free states altogether.
Everyone's heard about how the Nazis came were able to commit the Holocaust unopposed: When they came for the Gypsies, I didn't stop them because I wasn't a Gypsy, so the policy didn't affect me...when they came for the Jews I didn't stop them because I'm not a Jew, therefore it doesn't affect me....when they came for the Slavs, I didn't stop them because it didn't affect me...but when they came for me, there was nobody left to stop them.
I like what I heard a guy say on the radio. The eminent domain ruling wasn't a conservative ruling, and it wasn't a liberal ruling. It was a stupid ruling.
I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
Great. This thread originally stuck pretty close to economic news affecting the coin hobby. Now it's getting to be the same crap as you see on the open forum with political affiliation bashing. Wonderful. Maybe time to start a new thread.
Yea the Supreme court made a ruling, but i thought it was a good ruling, look at all the slums in some of the cities where shacks and crack houses sit, ....
The houses that the city of New London, CT wants to take are not in the slums by any means. This is downtown, close to the riverfront. Regular middle class people. There are no slums in New London. There may be some lower income minority housing, but it is blocks away and unaffected. I doubt you'll see business wanting to move in there. The houses in question are just outside Fort Trumbull state park which lines the Thames River. The city wants to put up plush hotels and other properties next to the cush and modernesque Pfizer complex that took over this area about 5 years ago. Get the picture?
The BLS June jobs report came out today and was about 48,000 jobs less than the economists were hoping for. The birth/death model had already banked 184,000 jobs on paper. So the published number of 146,000 was actually a -38,000. This was spin into positive news because supposedly manufacturing jobs took a jump upwards. Thank Heavens the B/D model "adds" 900,000 jobs a year or we'd really be in the dumper on paper. And of course unemployment is "down" to 5%. Not unexpected since probably less people already out of work, just stopped looking, or have started working at lower paying jobs.
<< <i>Not unexpected since probably less people already out of work, just stopped looking, or have started working at lower paying jobs. >>
Ya, some people are having a hard time finding that CEO job right off the bat
P.S. I say that tongue-in-cheek, since I was looking for a management job fresh out of college and wound up taking a job as a call center rep. It's good though because it made me decide to go back for my master's. The point is that I'm happy to have a job, and other people should be too--even if it's not the job we want to have forever.
I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
<< <i>Great. This thread originally stuck pretty close to economic news affecting the coin hobby. Now it's getting to be the same crap as you see on the open forum with political affiliation bashing. Wonderful. Maybe time to start a new thread.
Depth would be nice....rather than listing 10 ways to scare a liberal or how do you talk to an angry neocon? You can get that on the Open Forum if sabre rattling is what moves you. Been there, done that. Big waste of time.
Water will be one of the big resources in demand in the next 10 years. But it is a tough business to work in. Our company was in a water deal with Tampa Bay that just went south as trials commenced on a major water plant. Water, oil, land, gas, PM's, etc. will be big players down the road imo.
Agree RR. We should be building desalination plants at a rapid pace. Common sense SHOULD dictate that whenever the supply of a commodity (water) remains stable, and the demand on that commodity (population increases) increases, shortages will occur and prices will rise.
I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
<< <i>Depth would be nice....rather than listing 10 ways to scare a liberal or how do you talk to an angry neocon? You can get that on the Open Forum if sabre rattling is what moves you. Been there, done that. Big waste of time.
Water will be one of the big resources in demand in the next 10 years. But it is a tough business to work in. Our company was in a water deal with Tampa Bay that just went south as trials commenced on a major water plant. Water, oil, land, gas, PM's, etc. will be big players down the road imo.
roadrunner >>
]
A friend of mine whose been in Thailand since the late 60's does something with that on the island of Koh Samui. The Thai government have in the last few years used a method to "salt the clouds" to produce rain with limited success.
I was trying to buy a house on a mountain top on the same island when I lived there and water was a major source of concern for me as I found myself having to pay to fill my cistern every month or so when drought conditions were the order of the day. That's when my friend started showing me the desal idea. I think he's sold some units to smaller bed and breakfast type places in Samui and elsewhere. It's a big deal in Asia, for sure.
California Bubble Watch: USA Today (Matt Krantz ): "Malibu, Calif. - The crazy California real estate market has come to this: a million-dollar trailer. A two-bedroom, two-bathroom mobile home perched on a lot in Malibu is selling for $1.4 million. This isn't a greedy seller asking a ridiculous amount no one will pay. Two others sold in the area recently for $1.3 million and $1.1 million. Another, at $1.8 million, is in escrow. Nearby, another lists for $2.7 million. 'Those are the hottest (prices) I've ever heard,' says Bruce Savage, spokesman for the Manufactured Housing Institute. He says prices in another hot spot, Key West, Fla., top $500,000. As if the price isn't tough enough to swallow, trailer buyers: Don't own the land. As with most mobile homes sold in Malibu, the land is owned by the proprietor of the trailer park, in this case, Point Dume Club. Still pay rent. Not owning the land means paying what's called 'space rent' that is as high as or higher than many mortgages in other parts of the USA. On the $1.4 million trailer, space rent is $2,700 a month. Can't get mortgages. Since the buyers don't own the land, most of the mobile homes are paid for in cash or with a personal property loan that usually amounts to $100,000 or less... Why would anyone pay seven figures for a trailer? It gets you more than the typical mobile home. The $1.4 million trailer is in a gated, guarded community with a shared tennis court and panoramic views of the Pacific Ocean. It also is on a larger-than-usual 'triple-wide' lot."
California Median Home Prices jumped $12,960 during May to a record $522,590. Median Prices were up $59,270 (12.8%) over the past year, although this is somewhat deceiving. Prices were up $138,120 over the past 18 months, or 36%. Median prices were up $203,000 (64%) over three years and $302,180 (137%) over six years. Median Condo Prices were up $12,630 during May to a record $420,740 (up 14.9 % since May '04). Over the past 18 months, Condo Prices were up $120,130, or 40%. Condo Prices were up 74% over three years and 153% over six years.
Median prices were up $203,000 (64%) over three years
Thats more than my house is worth now. LOL. I dont know if I should be scared or jealous.
I wasnt joking when I said water could be the best investment. I havent had much rain in the last year and my well, a dug well, went dry this week. I had to have 1000 gallons of water trucked in. It was cheap enough, $35, but you quickly realize that you can live without everything else--stocks, gold, coins, gas, guns---but you cant live without water.
Their agreement was that they would use all that printed money to absorb our unfunded liabilities, and we would allow them to continue selling their cheap products here.
so let me get this correct in my feeble mind.
the gentlemen's (devil's) agreement was that the US would allow China to sell us things as long as they took their profits and bought US debt?
I thought the reason they had all those dollars was due to making a profit. You make something for 10 cents and sell it for 50 cents.
So they were printing their money to pay their citizens. All the while building a nice pool of dollars.
i do not see the problem. what agreement? is it written on some paper in washington dc saying that was the deal? or is this some "deal" made outside of our real govt that has given some body their powers illegally?
money should not be this complicated. nor should our taxes. layers of truth, lies, and deceit.
imagine, i am educated. my specialty simply does not lie in world economics. the person who can explain the crap going on in normal folks language will be quite powerful if let loose on the airwaves. think huey long and others from his time.
Here's one from Richard Maybury who in my opinion is right on.
Tom
Will the War Against Islam Bankrupt the U.S.?
In the economy and investment markets, the most important story of 2005 has been completely missed by the mainstream press. It was in Osama bin Laden’s speech on October 30 th, 2004.
Bin Laden said Muslim guerrillas “bled Russia for 10 years” in Afghanistan, until Russia “went bankrupt and was forced to withdraw.” He said, “We are continuing this policy in bleeding America to the point of bankruptcy.”
Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
If bin Laden said it, it must be a lie, right?
In this case, I’m afraid not. I first warned about this military spending imbalance in a 1985 Washington Times article pointing out that the wartime defensive vs. offensive cost ratio was changing fast. I wrote, “For four decades, the superpowers have been carving up the world into their two spheres of influence, with little regard for the innocent individuals living in the path of the carving knife. […]
“Some individuals simply do not want to be part of anyone's sphere of influence. They want to be independent. Observe the many ‘Yankee Go Home!’ signs seen all over the world and their equivalent ‘Soviet Go Home!’ signs in places like Afghanistan and Poland. […]
“Shoulder-launched guided missiles like the Stinger and Redeye,” I explained in that 1985 article, “weigh less than 50 pounds and cost as little as $50,000. They can shoot down a $1 million helicopter or a $15 million supersonic jet fighter.”
In World War II, the defensive vs. offensive cost ratio was about 1 to 1. By 1985 it was as much as 1 to 300 in favor of the defense. Six times since then, I showed the ratio was continuing to shift in favor of the defense. A year ago, in some cases it had reached 1 to 280,000. The 1 to 1 million cited by bin Laden was taken from a recent study by a British think tank.
In other words, the old truism, the best defense is a good offense, has been reversed. Today, the best offense is a good defense, and the guerrillas know it, as do long-time readers of my newsletter, the U.S. and World Early Warning Report. Apparently Washington still has not figured it out, or is afraid to talk openly about it.
9-11 was the guerrillas’ way of suckering Washington into invading their homeland. This put Washington on the offense, and them on the defense.
I warned dozens of times in the 1990s that if Washington did not stop supporting Mideast tyrants such as Musharraf, Mubarak and the Saudi royal family, the victims of these tyrants would find a way to get revenge on us; we would end up in a global war with Muslims. Now we are three years into this war.
Here’s another example of what it’s doing to the economy…
On a November day in Fallujah, a single poorly paid guerrilla sniper with a rifle kept 150 much better paid U.S. marines, supported by unimaginably expensive aircraft, tanks and artillery, scrambling for nine hours. Then the sniper escaped, to do it again another day. I doubt the sniper spent more than $10, while U.S. taxpayers surely spent tens of thousands, maybe millions. This is the fundamental reason…
… The Dollar is Sick and Due to Become Sicker
Republicans occupy the presidency, plus majorities in the Senate, House and Supreme Court, and among state governors.
In other words, the Republican Party owns the government, lock, stock and barrel. This means, among other things, conservatives have been set up to take the fall for the war and the economic turmoil in the war economy. In 2008, Hillary Clinton could be a shoo-in. Not good for those who believe in liberty and free markets.
This also means the U.S. dollar is in deep trouble. In the three days after Bush won the election, the greenback fell to 6-month lows against the yen and Australian dollar, an 8-year low against the Swiss franc, a 12-year low against the Canadian dollar, and an all-time low against the euro.
In an article on November 19, 2004, the Financial Times said, “The U.S. currency came under renewed selling pressure the moment it became clear that George W. Bush had been re-elected president.”
Consider what this means. Currencies are traded mostly by well-informed bankers and other money experts, not amateurs. The dollar’s sudden fall after Bush’s re-election means the experts had been holding out hope that a Fabian socialist, John Kerry, would be more responsible with our money than the republicans. That’s how little confidence in conservatives the financial pros now have. It’s one measure of how much damage the Bush gang has done in mutating the tiny war on terrorism into the global, democracy vs. Islam.
Two weeks after the election, the dollar began looking even worse. On November 16, Treasury secretary John Snow said, “We know that our deficit is too large,” but, “We have an obligation to deal with terrorism and we will pay whatever it costs.”
Markets took this as confirmation U.S. officials will print however many dollars it takes to finance this runaway war. Next day, the dollar plunged again.
Then on November 18 th, republican leaders in Congress put the final touches on a bill to raise the federal debt limit an astounding $800 billion. They hope this extra Himalaya of debt, which is twice the size of the current annual deficit, will carry them through until—get this—September 30 th.
Confidence Destroyed
On top of this republican insanity, we have Federal Reserve chairman Alan Greenspan retiring in 2006. This is almost certain to worsen the dollar’s fate, because currencies are no longer on the gold standard. They are just slips of paper backed by confidence in the honesty and judgment of the politicians and bureaucrats who issue them. A chilling thought.
When a person holds dollars, he is trusting officials not to print so many that his dollars become worth less. If these confidences in government officials wane, people dump the currency, trading it for types of money or other assets they trust more.
At the Asia-Pacific Economic Cooperation forum in November, Bush said he is committed to a strong dollar and he wants the dollar to weaken.
What? What? Did he really say that?
He did, according to an 11/22/04 article in the Wall Street Journal, and showed not an iota of embarrassment at this Alice-in-Wonderland thinking. (Said the Queen proudly to Alice: “Sometimes I’ve believed as many as six impossible things before breakfast.”) This is what happens to your mind when you spend a few years in DC. Imagine how much confidence Bush inspires in holders of dollars.
Since 1987, the greenback has been on the Greenspan standard. No U.S. official is more trusted than Greenspan. (I don’t think he deserves it, but that’s a story for another day.) We do not know who will replace him next year, but whoever it is, he or she is unlikely to inspire as much confidence.
Let’s be clear about this. Since the days of Franklin Roosevelt, the Democratic Party has been as responsible about money as a sailor in a brothel with a credit card, and now the Republican Party is trying to outdo them. The only person who inspires enough confidence to be a counterweight to these wastrels is Greenspan, and he is leaving next year.
Summarizing, Washington fell for bin Laden’s trap. U.S. officials are hell-bent on demolishing the dollar and the economy to pay for their global war of democracy vs. Islam. The government’s enemies do not plan to win on the battlefield. The battlefield is just a tool they’re using to defeat Washington in the stock, bond, commodity and currency markets. This is the chief reason the dollar has been falling. And, the sole person with credibility to counter this disaster in the making will leave in 2006.
<< <i>Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. >>
Interesting point. Did Bin Laden also explain that the $500 billion overthrew two dictatorial regimes and gave freedom to how many tens of millions of people--and saving who knows how many lives, in the case of Iraq (who knows when Saddam would have decided to gas the Kurds again). I think that we need to find a solution to our occupation of Iraq and make some decisions and set up some time tables, but I wouldn't say that all the money has been wasted. Of course, my opinion is that we need to take their oil and sell it and pocket the proceeds to pay for the war, but our brilliant politicians would rather tax us into oblivion.
Isn't it funny? From the beginning of time till WWI it was just a given that the loser paid the winner a war indemnity, and that to the winner went the spoils. It's unfortunate that political correctness is draining us all. Also, before someone starts some crap about how reparations led to WWII, that's plainly false. The Germans forced a larger war indemnity on the French after the Franco-Prussian war and the French paid it off early! What caused WWII was the ridiculous war guilt clause and the ridiculous pacifism of post-war Allied governments in not enforcing the Treaty of Versailles. If only France would have attacked in 1936 when Hitler remilitarized the Rhineland! But alas, France is France
P.S. George Bush isn't my favorite person in the world either, mainly because I think he's a sissy, but IMO the fact that he's still president is the fault of the Democrats. John Kerry has to be one of the only human beings in all creation that could not beat Bush. Had you people nominated Edwards, we could be blaming a Democrat president for all our problems!
I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
Also wanted to say something about this "war against Islam" nonsense. We have invaded and set up new regimes in two Islamic countries. Did we convert anyone from Islam in those countries? How, then, is it a war against Islam, if Islam hasn't been harmed? What's amusing if it wasn't for Islam's military conquests, Iraq and Afghanistan wouldn't be Islamic--and neither would any other country save Saudia Arabia (perhaps not even them!).
Are the British engaged in a "War against Christianity" because they are fighting Irish (Catholic) terrorists?
I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
“the gentlemen's (devil's) agreement was that the US would allow China to sell us things as long as they took their profits and bought US debt?
I thought the reason they had all those dollars was due to making a profit. You make something for 10 cents and sell it for 50 cents.
So they were printing their money to pay their citizens. All the while building a nice pool of dollars.
i do not see the problem. what agreement? is it written on some paper in washington dc saying that was the deal? or is this some "deal" made outside of our real govt that has given some body their powers illegally?”
fc
For nearly 3 decades now due to high taxation, and low U.S. savings rates, Americans have been unable to fund their own debt. Most of this comes from unfunded liabilities caused by government promises to everyone under the sun in this country.
Our first agreement to buy our debt was with the Japanese, then it was the Arabs, and now China and other Asian countries.
This gentleman’s agreement was that foreigners would take the place of Americans buying our debt if we allowed them to sell their CHEAP products here without tariff’s. At some point in time the debt got so heavy and the trade imbalances were so large that most of these foreign central banks had to print their own currencies to pay their own people, and therefore the central banks kept the U.S. dollars and bought treasuries. As the dollar deflates or is devalued with the inflation of the printing press foreigners would like to spend the money. They now hold well over a Trillion dollars. That money would buy nearly every major company in the U.S.
Where it is true that we have already lost many of our fine companies to foreign soils due to this FREE TRADE AGREEMENT, what are the politicians to do. Every time they talk of reworking, or canceling some of these entitlement programs Americans are up in arms.
In the end it is the American people that are to blame for demanding these socialist programs where people no longer must work or provide for their own needs.
“Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
Tom
I think this is right on. The simple fact is that , if men are willing to sacrifice their own lives to kill others there is no real way to stop them. You may be able to stop one hundred of them, but it only takes one to cause disaster and chaos.
As far as I can see Bin Laden and his murders are winning!
In the end it is the American people that are to blame for demanding these socialist programs where people no longer must work or provide for their own needs.
“Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
Tom
I think this is right on. The simple fact is that , if men are willing to sacrifice their own lives to kill others there is no real way to stop them. You may be able to stop one hundred of them, but it only takes one to cause disaster and chaos.
Mr Goldsaint,
And I absolutely agree with the first statement although the masses have become so ignorant they couldn't even define freedom. As such this place continues it's march into more and more government. When I lived overseas, even the communists when told what the rate of taxes were in the US exclaimed "that's too high! We thought you had freedom!".
8 Trillion and rising.
Tom
As far as I can see Bin Laden and his murders are winning! >>
goldsaint and others, thank you for taking the time to type out such lengthy explanations for an uneducated slob like me.
As the dollar deflates or is devalued with the inflation of the printing press foreigners would like to spend the money.
so instead of them being happy they grew their economy, they want to "profit twice", so to speak?
but then is that not what we are getting away with right now? the usa gets to buy super cheap crap made by near slave labor. "profit one".
(this is where the whole exchange should end, no "deals").
we also want them to take dollars in exchange and never spend them? "profit two".
it seems china just wants to even the playing field for their stupid short term arrangement.
am i explaining it in normal folk fashion? or am i way off.
-------------------
“Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
Bin Laden's estimate of how much it cost to pull off the attack is inaccurate. First of all, how do you place a value on a person willing to die in the action? I consider that at least a million each. Also, the money spent to organize his whole operation since day one should be also considered.
ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood.
to summarize, that is pure propaganda. just like we put out on our monthly govt reports explaining unemployment and GDP. Take parts of the truth, add some lies, and damned statistics.
Bin Laden's estimate of how much it cost to pull off the attack is inaccurate. First of all, how do you place a value on a person willing to die in the action? I consider that at least a million each. . >>
You can "consider" it anything you like. But in the real world those numbers are different. Where I lived in Thailand as a case in point, if a falang ran over and killed a Thai, it was well known that would cost said falang 80,000bht. What's the number to buy a life from the mid east? Heck there's lots of places in the world where a life isn't worth a G-Note.
ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood. So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy? And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
I'll be waiting for good funds as I'm sure you would want to back up your own B/S and be taken seriously right?
So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy?
The above statetment has nothing to do with the conversation. So i will not respond to it.
And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
I am supposed to repond to this?
I'll be waiting for good funds as I'm sure you would want to back up your own B/S and be taken seriously right?
Once again, nothing to respond to. Just emotion.
So glad YOU think it's a worthwhile expenditure. I think its outrageous.
So I will pick this chunk.
Why do you think sending US/British soldiers to the above two places outrageous? It seems to me it is part of the cold war cleanup that will take generations and money to fix, hopefully. Do you believe in being more isolationist? What is wrong with having some balls and trying to fix two countries that were hopelessly screwed by world events? Yes, other reasons might have gotten us there, but in the end it might be praised as a bold move that helped in some small way that makes a difference.
edited to add: being an optimist around here can be bad for your health. Time will tell if Bush ends up a hero or a scoundrel. Seems to me, he might have seeded two countries that in time will bear fruit.
ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood. So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy? And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
So there you have it folks. The US military is the single most expensive government program in the history of the world, and this twit wants to greatly expand it!! BUT WAIT!!! He also considers taxes "theft" of his income and wants it stopped.
Now I will put Mrearly's comments in perspective so we can examine the insanity of the Right Wing. Our current welfare program, TANF (which replaced AFDC), spent about $19 billion last year. The United States Military budget for 2005 is $400 billion with another $100 billion plus in "emergency" war spending. He proposes to start three new wars, then cut welfare to pay for them. Furthermore he wants the government to stop taking his money which translates into a massive tax cut.
This is insane people. I don't care if you're a Republican or a Democrat, you MUST realize that Americans who think and vote in these terms are dangerous to civilization. I'm not being overly dramatic, this man will destroy our country if his political views become mainstream.
"...reality has a well-known liberal bias." -- Stephen Colbert
Politics, schmolitics......Anybody wanna make some $$$$$??!!!
Gold stock have dramatically outperformed the yellow metal of late. There is some resistance near that upper blue downtrend line as I would expect a pause over the next few weeks. Watch for a break over that downtrend line. Lotts of $$$$ will be made on the long side.
I'm guessing technical analysis is going to perish with the rest of the economy. I doubt anyone is going to lose money going long on metal or stock however so go for it.
"...reality has a well-known liberal bias." -- Stephen Colbert
I'm guessing technical analysis is going to perish with the rest of the economy
Thanks Iwog. I laughed so hard I fell off my chair. What a picture that would have been!!
Everything has a pattern, even death and destruction. Always has always will. All you have to do is train yourself with pattern recognition and have the balls to go where others arent.
<< <i>ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood. So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy? And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
So there you have it folks. The US military is the single most expensive government program in the history of the world, and this twit wants to greatly expand it!! BUT WAIT!!! He also considers taxes "theft" of his income and wants it stopped.
Now I will put Mrearly's comments in perspective so we can examine the insanity of the Right Wing. Our current welfare program, TANF (which replaced AFDC), spent about $19 billion last year. The United States Military budget for 2005 is $400 billion with another $100 billion plus in "emergency" war spending. He proposes to start three new wars, then cut welfare to pay for them. Furthermore he wants the government to stop taking his money which translates into a massive tax cut.
This is insane people. I don't care if you're a Republican or a Democrat, you MUST realize that Americans who think and vote in these terms are dangerous to civilization. I'm not being overly dramatic, this man will destroy our country if his political views become mainstream. >>
Is it you flunked reading and comprehension classes or are you just an idiot?
I advocated wars?
If you see that in anything I write you are an idiot.
Do I advocate a "tax cut"?
Again, cultivate a brain, develop some morals and then make comments.
<< <i>ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood. So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy? And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
So there you have it folks. The US military is the single most expensive government program in the history of the world, and this twit wants to greatly expand it!! BUT WAIT!!! He also considers taxes "theft" of his income and wants it stopped.
Now I will put Mrearly's comments in perspective so we can examine the insanity of the Right Wing. Our current welfare program, TANF (which replaced AFDC), spent about $19 billion last year. The United States Military budget for 2005 is $400 billion with another $100 billion plus in "emergency" war spending. He proposes to start three new wars, then cut welfare to pay for them. Furthermore he wants the government to stop taking his money which translates into a massive tax cut.
This is insane people. I don't care if you're a Republican or a Democrat, you MUST realize that Americans who think and vote in these terms are dangerous to civilization. I'm not being overly dramatic, this man will destroy our country if his political views become mainstream. >>
By the way this statement ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood.
Here are two interesting statements, and a COIN QUESTION.
“*Duncan's theory is based on the generally accurate view that foreign central banks -- mainly the central banks of Asia -- are far more concerned about maintaining the price-competitiveness of their exports by preventing their currencies from appreciating against the US$ than they are about obtaining a reasonable return on any investments they make. For this reason, many of the dollars that flow out of the US as a result of the trade deficit get purchased by these foreign central banks using newly-printed local currency and then get channeled into the US bond market. The theory is that because the central banks that are buying US bonds are price insensitive (they don't care whether or not the bonds offer a reasonable yield, they just care about preventing their currencies from strengthening), the larger the US trade deficit gets the greater will be the foreign official-sector demand for US bonds and the less likely it will be that bond prices tumble.”
We discussed this several weeks ago for the reason that the 10 year bond rates were NOT going up.
"We invest too much in U.S. federal bonds, and they don't make us much money," said Pan Rui, a professor at the Center for American Studies at Fudan University in Shanghai. "Now we're learning to invest more wisely, to try to invest in American companies and industries." ChinaDaily.com, 7-5-2005
Did you catch that last text coming out of China? Let's here it again for emphasis.
"We invest too much in U.S. federal bonds." (and now China wishes to) ".invest in American companies and industries." ChinaDaily.com, 7-5-2005”
Here is the Coin question.
O.K. most of us believe that the World is continually being flooded buy paper money. Japan, China, other Asians, and perhaps India are printing money to buy U.S. Bonds from their trade deficits.
We also know that the prices of homes and other goods are going up all over the planet, so we are having world wide inflation.
How long will it be before folks in China, India etc. figure out, as we have, that they need some liquid hard assets? They like us, will also figure out how manipulated the bullion markets are. One writer I read recently said in the next few years he estimates that 13 million Chinese may become coin collectors. The Indian’s also love coins.
There is a couple of small problems here though. First the U.S. market is expensive in relation to bullion, and the market has lots of collectors driving that market always keeping it very pricey. Second if you buy a World coin book and look for large gold and silver coins from China, Japan, or India, there just are not any to speak of. So finally to the question, where are all these new hard asset folks from around the world going to go, what will they buy?
Interesting excerpt of an article about Chinese and their love for safe deposit boxes.
The NY Times July 8, 2005. Marilynn K. Yee/The New York Times:
A feng shui master has already checked the new Commerce Bank building that will open today at 155 Canal Street in Chinatown to confirm "that everything is facing the right way," said William G. Leung, the manager of the new branch.
The new Commerce Bank branch in Chinatown was redesigned to add a floor for safe deposit boxes, including lucky 888.
Enlarge This Image
Workers completed the lobby of the Commerce Bank branch on Canal Street in Chinatown three weeks ago. The branch will open today. Befitting its prominent corner location in Chinatown, at Bowery Street, the bank will have trilingual cash machines in Chinese, English and Spanish. And its 30 employees will converse in Cantonese and Mandarin, as well as in English.
It is hardly a coincidence, furthermore, that today, the eighth, because some people of Chinese descent consider eight a lucky number, "is a fortunate day, good for business," said Mr. Leung.
Oh. One more thing.
The new bank will have 7,500 safe deposit boxes, instead of 500 in the average Commerce branch. "Culturally, this is something very different for us," said Gregory B. Braca, a senior vice president of the company who manages the 38 branches in New York City.
In fact, construction work on the bank was nearing completion in January until "we began hearing that we needed more safe deposit boxes," Mr. Braca recalled. "We didn't know. So we began rebuilding from the bottom up, until we had a brand new building - and an extra floor, just for the boxes."
Chinatown, in fact, is safe deposit box country, one aspect of the highly competitive, and escalating, bank war in the neighborhood. Across the street from the new banking interloper, the domed HSBC branch at 58 Bowery has 21,000 safe deposit boxes. And the HSBC branch at 11 East Broadway has 12,000.
What is going on here?
"There is a waiting list for safe deposit boxes in Chinatown, and that can become Commerce Bank's competitive advantage," said Charles Lai, executive director of the Museum of Chinese in the Americas at 70 Mulberry Street. A safe deposit box "gives you a sense of privacy," said David S. Chen, the executive director of the Chinese-American Planning Council, a community group that provides social services. "Chinese don't flaunt their wealth, especially the old-timers. And when you have a bank statement, anyone could know how much you have."
Some Chinese immigrants live principally in a cash economy, with many family members pooling their income, Mr. Chen said.
And immigrants sharing rented rooms "don't want to keep their valuables around," Mr. Lai said, "since keeping everything under the mattress was for the 1940's and 1950's."
Many apartments are small, and so residents entrust to the boxes items like cash, significant paperwork, bankbooks, checkbooks, sentimental photographs, mementos and jewelry, "because it's portable and can be worth a lot of money," Mr. Chen said.
"My parents are a good example," said Paul W. Ho, senior vice president for the Asian market domain at HSBC Bank U.S.A., a unit of HSBC Holdings Corporation. "Every time they get invited to a wedding, they go to the safe deposit box. They retrieve their jewelry, and go to the wedding. Then they put it back. That's my mom."
It is the first Commerce Bank assault on the neighborhood, where some other competitors are long established. For example, as the modern-day descendent of the Hong Kong and Shanghai Banking Corporation, HSBC established its first Chinatown branch 28 years ago at 50 Bowery Street. Now it has three branches, Mr. Ho said, "and we're opening up another one soon."
Indeed, there are more than 30 bank branches in Chinatown, Mr. Leung said, and the number continues to grow. Within three blocks of the new Commerce branch are a Citibank, an Abacus Federal Savings Bank, a United Orient Bank, a Chinatrust Bank and a Bank of East Asia.
Why so many? "It's like the man said when they asked him why do you rob banks?" Mr. Braca said. "Because that's where the money is."
Financial institutions are responding to the high savings rates of Chinese-American residents, Mr. Lai said. "Saving isn't just for a rainy day - when you see your entire life as a rainy day," he added. "Saving is an important part of the safety net - in a mattress or in a bank."
Comments
1920's, damned freedom-inhibiting Prohibition, rise of mob rule and terror in the streets
1900, the occasional immigrant into the meat vats along with the rats, before that pesky Upton Sinclair and the FDA of 1906
1893, panic of, damned monopolies crushing the small guy
1870's, reconstruction, lynchings popular in the south, race riots in the north as well of course, corrupt city govt's - Tammany Hall (Thomas Nast was a brave cartoonist)
1860s, smoe war between the states nonsense, just a bit of bloodshed, nothing to write home about - some gangly character named Lincoln made speeches
1850s, looks like we're expanding the nation OK, say, are these gonna be slave states or not?
1840s, little trouble with Mexico, it's all OK though
1830s, Andy Jackson bank panics and the like? Little before my time tho
1820s, well, we lost Jefferson and Adams, but overall not a bad ten years? had to happen eventually
1810s, danged British making trouble agin, burned some stuff
1800s, Napolean was pretty busy otherwise so Jeff got a decent land deal - not bad as those things go
1790s, malaria and yellow fever, rich folk could afford to leave the cities in the summer, poor folks stayed and died
1780s, no one can agree on anything, what are we - a nation or a bunch of little jealous fuedal states? Is this new Germany?
1770s, you want us to rebel against WHO? Yeah the taxation's a pain and all, but this is a recipe for disaster. Quite possibly the dumbest idea to come down the pike for some time! Let's tar and feather these rabble-rousers...
- I think that covers it.
They earned those dollars honestly and now we change the rules on them?”
fc
I know it is very hard to keep up with this thread due to the length, but let me help you with a little understanding here before we feel to sorry for the Chinese workers. THEY HAVE ALREADY BEEN PAID!
There are several parts of this thread that explain how China is just printing the money to buy these treasuries so that they can continue to do business here to grow their economy.
So please allow me to go through this again because this is the most important financial matter happing on the planet.. In the case of the Asians they print the money to pay their workers off set by the trade deficits.
Their agreement was that they would use all that printed money to absorb our unfunded liabilities, and we would allow them to continue selling their cheap products here.
The problem is that now the foreign devils want to change the game, and spend the money on our largest assets.
There are NO Japanese, Chinese, etc. workers holding treasuries, and their paper is as worthless as ours.
The Fed Chairman’s real conundrum is that now whom will he sell all this debt to? If these guys in Washington were not as dumb as a bucket of hair they would just back some large U.S. company to make an offer for one of China’s largest companies. When they said NO then we could say no about the Unocal deal.
Knowledge is the enemy of fear
<< <i>Gee......For this country to have never been run correctly, we sure have come a long way in 200 years. Imagine what it would be like it they just got it right. >>
Actually there's a good book that was released years ago titled " 100 million millionaires"
The premise is what this place would be like if the government had NOT grown so large as to make even communists blush and wonder how to pull that off, where this place would be. And if the government were reigned into strick Constitutional limits.
What would YOU do if you had most of what you earned? Would you buy a nicer house in a better neighborhood? Would you send your kids to even better schools? Now multiply that.
But instead, we have what we have and are going in the direction we are going with an 8 trillion and growing debt.
And that is the point.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Now, now, Goldude...
Republicans owe Michal Moore a big kiss for getting GW re-elected.
I'd gladly opt-out of Social Security TODAY. Exchange all future benefit in order to keep all tax money.
But the millions who don't work demand that income redistribution.
<< <i>Great continuation of this thread. If you had ONE investment to make....... what would it be? I would have to say gold. Two weeks ago, I would have said land. However, when the Supreme court ruled that the government could take land by eminate domain, it threw land right out the window. Justice Sandra Day O'Conner descented (against) that opinion and now she's gone. We're in real trouble when the government can take land. I'm writting my congressmen today. It's time to take action. Support Bush's Supreme court nominations.
WATER
Knowledge is the enemy of fear
Why am I limited to one investment? I like having a balanced portfolio of assets: House and rental condo for real estate, stocks and bonds for equities, cash and bank box of gold and silver and rare coins for emergencies and as a hedge against inflation, as well as a storeroom of guns and ammo, canned food and good wine, and a deep-freeze full of good meat, water purification equipment and other camping stuff, and more gold and silver on hand "just in case"....
Liberty: Parent of Science & Industry
Goldude, the ruling had nothing to do with slums. That's why there is such a hu-bub about it. Now cities can take lands from anyone they don't like and give it to anyone they do like. Slums have nothing to do with it. Hey, if you are a city-insider-type of person, you love this ruling!!!
you will be compensated at fair market value for your land
Problem is all people are not offered fair market value. I honestly am glad that you are happy about your personal case of eminent domain. Some people are offered less than 50% of tax appraisal.
I read the transcript of the Court proceeding and have observed local eminent domain cases for 18 years. I'm pretty ticked off.
I'd encourage everyone to read the transcripts, but only at a time when becoming PO'd is OK.
Especially get to the parts where property can be taken if somehow, someday, it might be in economic decline.
1. Count Every Vote- This was the mantra of the Al Gore campaign after the 2000 presidential election, when they were hand counting votes in 3 highly Democratic counties, while at the same time trying to disqualify military votes. In effect they were trying to change the rules of the election after the election had taken place, which violated federal election law. A liberal Florida Supreme Court ruled in the favor of the Gore Campaign until the U.S. Supreme Court put a stop to it. To this very day, liberals actually believe George Bush stole the election.
2. There is a vast right wing conspiracy- There is a far right wing in the Republican Party, but it is a small fringe element. However, there is a far left wing in this country and it is a large part of the main stream of the Democratic party. Remember when Hillary Clinton went on the Today Show and responded to the allegation of an affair between her husband (President Clinton) and an intern (Monica Lewinsky) as untrue and blamed it on a Right Wing Conspiracy? Over the past ten years Tom Daschle, Nancy Pelosi, Bill Clinton, Hillary Clinton, Al Gore, Mario Cuomo, Richard Gephardt and Jesse Jackson have been the loudest and most influential voices in the Democratic party. Are any of these people Moderates? Also please note, there is a liberal bias in the media. You might make the argument that there is a vast left wing conspiracy.
3. This is a tax break for the rich- This is class warfare at it's finest. If a person earning $40,000 a year gets a 10% tax reduction and a person earning $1,000,000 per year gets a 1% tax reduction- the person earning $1,000,000 will get a much greater tax break. Tom Daschle and Richard Gephardt once stood next to a car in front of the Capital Building holding up a muffler. They made a statement that a proposed George Bush tax cut would allow the rich to buy a new car and the average American to buy a muffler. This is a strategy Democrats use on every Republican proposed tax cut. They stop everyone from getting a reduction in their taxes by using class warfare. Please note, tax reductions are not an entitlement program.
4. There is no liberal bias in the media- For close to 50 years the news in America was controlled by ABC, NBC and CBS. In the last 20 years CNN came on to the scene. This is pretty much comparable to the BBC in Europe and AL Jazzera in the Arab world today. It was in the last 6 years when Fox News and other cable news networks were born to give a more balanced approach to news analysis. However, if you look at the major networks today, they are still run by the left. Tim Russert, the President of NBC News, at one time worked for Mario Cuomo. The top players at ABC News are Peter Jennings, George Stephanopolous, Sam Donaldson and Cokie Roberts- hardly conservatives. Lets not forget the statement the President of ABC News made after September 11th. CBS News has Dan Rather and Bob Schieffer- more non-conservatives. All you have to say about CNN is that it was created by Ted Turner. In print media there is the Los Angeles Times in California, The New York Times in New York and The Atlanta Journal Constitution in Georgia. These have been the major newspapers in our most populous cities for many years and their reporting has a liberal bias.
5. Republicans want to cut school lunch programs- This was the attack leveled by Democrats against the Republicans during a budget battle in 1995. Democrats proposed a double digit increase in funding for school lunch programs, while Republican proposed a more modest increase. To put this in perspective, you must ask this question. How many people get a double digit increase in their pay each year? Democrats called the Republican proposal a cut and charged they wanted to starve children, because the proposal was less than what Democrats proposed. Please note, the Republican proposal called for an increase in funding. The media printed the story, never challenging it, even though it was not true. This became famous for when does an increase become a cut- only in Washington DC.
6. I did not have sexual relations with that woman, Monica Lewinsky- We all know the truth here. There is nothing to be added- except that it was not a vast right wing conspiracy.
7. Republicans are mean spirited and want to throw the poor out on the street- This was a charge leveled by Democrats against Republicans when they proposed time limits for receiving welfare. Polls show that the majority of Americans believe in time restrictions for welfare recipients. Republicans know that to escape poverty it takes education, hard work and discipline. The greatness of this country rests in its freedom and that within one generation a person can rise from poverty to obtain great wealth. Allowing endless dependency on an entitlement program has trapped many in poverty. Why would Democrats want to keep anyone dependent on an entitlement program like welfare? How many people on welfare vote Republican?
8. I support the military- It has been well documented that when it comes to voting for military funding- liberals would much rather spend money on social programs. First you must understand their rational. Approximately 10% of the population in the United States is poor, which is about 30 million Americans. There are approximately one million Americans serving in the military. If only 1 in 5 of the poor vote, that equals about six million votes as compared to one million votes from the military. There are two relevant questions here. What percent of the poor vote Republican? How close was the 2000 Presidential Election? This leads directly to the answer of why would liberals rather appropriate money to social programs than to the defense of our country. Please note, the defense of our country is a primary, if not the primary responsibility of our government. If we don't protect the country, we may not have a country or our freedom.
9. Privatizing social security is risky. Contribute $300 a month to Social Security and you may get $1,800 a month when you retire. Sound like a good deal? There was a story about Dick Gephardt's mother living on Social Security and having numerous checks she had written returned for insufficient funds. Gephardt politicized the event by stating that this was an example of why Social Security should not be privatized, because if it were not for Social Security his mother would have been much worse off. Please note that the S & P 500 has returned more than 10% over it's lifetime. Therefore- if you invested $300 a month in an S & P 500 mutual fund for 40 years at the end of that time (enter these numbers into any compound interest calculator) you would have approximately 2 million dollars (Please note that these are conservative numbers). This means you could withdraw almost $200,000 or 10 percent a year and never exhaust your money. Break that down and it is $20, 000 a month. Social Security does not sound so good any longer. Please be advised that the key to obtaining wealth is systematically investing for the long term. There is no quick sure fire scheme to getting rich. If Gephardt's mother had been investing in mutual funds her entire life instead of Social Security- she would have been much better off at the present. Also, please be advised that privatizing Social Security helps the poor the more than anyone. The rich invest money in 401K plans. The poor, the clerk at a convenience store or a customer service representative doesn't have excess funds to invest and so their only investment vehicle is Security Security, which in reality is just a bond fund.
10. Trickle down economics does not work- Money in the hands of people stimulates the economy, whether they are rich or poor. The problem- how to you put money in the hands of the poor? Transfer of more wealth from the rich to the poor each year? This would only create greater dependency on entitlements and give lessen the incentive to achieve. Give the poor greater tax cuts? You can only cut the taxes for the poor by so much, because they don't pay much in taxes. When Tom Daschle said that the result of a proposed Bush tax cut would mean that a rich person would be able to buy a new car, without realizing it, he proved the theory of Trickle Down Economics. The person selling that car would generate income that he would otherwise not have had. Please note that if that person sells enough cars, he will gain wealth. If tax rates in this county were at 75% what would happen to the economy? The answer is that no one would have money to spend on anything except housing and food. The result would be that businesses everywhere would fail, because no one would have money to buy clothes, electronics, entertainment, repairs for their homes or cars, go on vacation..... If they did buy such things, they would have to go in to debt to do so. How would this help the working class or the poor? Please note the average taxpayer, pays roughly 50% of their income in taxes. After the attack on September 11th, Hillary Clinton said, "come to New York and spend money." She knew if people stopped coming to New York and spending money, businesses would fail and the economy in New York would suffer a great downturn, which would hurt the average working family. This is interesting considering that liberals are for tax hikes and against tax cuts. The only thing that helps the working class is a strong economy. It gives the average worker more freedom and more bargaining power. When the financial sector was booming from 1987 through 1989, workers were getting bonuses, overtime and stock options. When the financial sector suffered a downturn in 1990, it trickled down. There were no more bonuses, overtime, stock options and their were layoffs.
SO....THEY CAN TAKE YOUR HOUSE TO BUILD A MOTEL.......
Well, a little just deserts might be in order,
http://www.freerepublic.com/focus/f-news/1434469/posts
What's good for the goose is good for the gander.
<< <i>Yea the Supreme court made a ruling, but i thought it was a good ruling, look at all the slums in some of the cities where shacks and crack houses sit, where they can get rid of the slums and do something useful with it, 99.9% of people will never be affected by this ruling, and if you just have to be of of the unlucky bastages they boot? you will be compensated at fair market value for your land, besides they can already boot you out for putting in a freeway or other city needs, they did this to me in Scottsdale Arizona when they were putting in the 101 (Freeway) and i was paid handsomely for my house. >>
Wasn't it Rajiv Ghandi who evacuated all the people out of the slums in India then torched the slums and left the already poor people homeless? That's kinda what the above post reminds me of. What's sad is that we put up no fight when our freedoms shrink. Sure, 99.9% won't be affected by this ruling. 99.9% won't be affected by the next ruling, and the next, and the next...
...99.9% of the people weren't materially affected by Dred Scott v. Sanford, yet it VERY nearly turned the North into slave states--there is speculation that it would only have taken one more similar case before the Taney court eliminated free states altogether.
Everyone's heard about how the Nazis came were able to commit the Holocaust unopposed: When they came for the Gypsies, I didn't stop them because I wasn't a Gypsy, so the policy didn't affect me...when they came for the Jews I didn't stop them because I'm not a Jew, therefore it doesn't affect me....when they came for the Slavs, I didn't stop them because it didn't affect me...but when they came for me, there was nobody left to stop them.
I like what I heard a guy say on the radio. The eminent domain ruling wasn't a conservative ruling, and it wasn't a liberal ruling. It was a stupid ruling.
Yea the Supreme court made a ruling, but i thought it was a good ruling, look at all the slums in some of the cities where shacks and crack houses sit, ....
The houses that the city of New London, CT wants to take are not in the slums by any means. This is downtown, close to the riverfront. Regular middle class people. There are no slums in New London.
There may be some lower income minority housing, but it is blocks away and unaffected. I doubt you'll see business wanting to move in there. The houses in question are just outside Fort Trumbull state park which lines the Thames River. The city wants to put up plush hotels and other properties next to the cush and modernesque
Pfizer complex that took over this area about 5 years ago. Get the picture?
The BLS June jobs report came out today and was about 48,000 jobs less than the economists were hoping for. The birth/death model had already banked 184,000 jobs on paper. So the published number of 146,000 was actually a -38,000. This was spin into positive news because supposedly manufacturing jobs took a jump upwards. Thank Heavens the B/D model "adds" 900,000 jobs a year or we'd really be in the dumper on paper. And of course unemployment is "down" to 5%. Not unexpected since probably less people already out of work, just stopped looking, or have started working at lower paying jobs.
roadrunner
<< <i>Not unexpected since probably less people already out of work, just stopped looking, or have started working at lower paying jobs. >>
Ya, some people are having a hard time finding that CEO job right off the bat
P.S. I say that tongue-in-cheek, since I was looking for a management job fresh out of college and wound up taking a job as a call center rep. It's good though because it made me decide to go back for my master's. The point is that I'm happy to have a job, and other people should be too--even if it's not the job we want to have forever.
<< <i>Great. This thread originally stuck pretty close to economic news affecting the coin hobby. Now it's getting to be the same crap as you see on the open forum with political affiliation bashing. Wonderful. Maybe time to start a new thread.
roadrunner >>
Brian, you were expecting depth?
Yeh, it would be nice. Oh well.
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Water will be one of the big resources in demand in the next 10 years. But it is a tough business to work in. Our company was in a water deal with Tampa Bay that just went south as trials commenced on a major water plant. Water, oil, land, gas, PM's, etc. will be big players down the road imo.
roadrunner
<< <i>Depth would be nice....rather than listing 10 ways to scare a liberal or how do you talk to an angry neocon? You can get that on the Open Forum if sabre rattling is what moves you. Been there, done that. Big waste of time.
Water will be one of the big resources in demand in the next 10 years. But it is a tough business to work in. Our company was in a water deal with Tampa Bay that just went south as trials commenced on a major water plant. Water, oil, land, gas, PM's, etc. will be big players down the road imo.
roadrunner >>
]
A friend of mine whose been in Thailand since the late 60's does something with that on the island of Koh Samui. The Thai government have in the last few years used a method to "salt the clouds" to produce rain with limited success.
I was trying to buy a house on a mountain top on the same island when I lived there and water was a major source of concern for me as I found myself having to pay to fill my cistern every month or so when drought conditions were the order of the day. That's when my friend started showing me the desal idea. I think he's sold some units to smaller bed and breakfast type places in Samui and elsewhere. It's a big deal in Asia, for sure.
It's not 10 years away though in my opinion.
Rgrds
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Truly Crazy
California Bubble Watch:
USA Today (Matt Krantz ): "Malibu, Calif. - The crazy California real estate market has come to this: a million-dollar trailer. A two-bedroom, two-bathroom mobile home perched on a lot in Malibu is selling for $1.4 million. This isn't a greedy seller asking a ridiculous amount no one will pay. Two others sold in the area recently for $1.3 million and $1.1 million. Another, at $1.8 million, is in escrow. Nearby, another lists for $2.7 million. 'Those are the hottest (prices) I've ever heard,' says Bruce Savage, spokesman for the Manufactured Housing Institute. He says prices in another hot spot, Key West, Fla., top $500,000. As if the price isn't tough enough to swallow, trailer buyers: Don't own the land. As with most mobile homes sold in Malibu, the land is owned by the proprietor of the trailer park, in this case, Point Dume Club. Still pay rent. Not owning the land means paying what's called 'space rent' that is as high as or higher than many mortgages in other parts of the USA. On the $1.4 million trailer, space rent is $2,700 a month. Can't get mortgages. Since the buyers don't own the land, most of the mobile homes are paid for in cash or with a personal property loan that usually amounts to $100,000 or less... Why would anyone pay seven figures for a trailer? It gets you more than the typical mobile home. The $1.4 million trailer is in a gated, guarded community with a shared tennis court and panoramic views of the Pacific Ocean. It also is on a larger-than-usual 'triple-wide' lot."
California Median Home Prices jumped $12,960 during May to a record $522,590. Median Prices were up $59,270 (12.8%) over the past year, although this is somewhat deceiving. Prices were up $138,120 over the past 18 months, or 36%. Median prices were up $203,000 (64%) over three years and $302,180 (137%) over six years. Median Condo Prices were up $12,630 during May to a record $420,740 (up 14.9 % since May '04). Over the past 18 months, Condo Prices were up $120,130, or 40%. Condo Prices were up 74% over three years and 153% over six years.
Thats more than my house is worth now. LOL. I dont know if I should be scared or jealous.
I wasnt joking when I said water could be the best investment. I havent had much rain in the last year and my well, a dug well, went dry this week. I had to have 1000 gallons of water trucked in. It was cheap enough, $35, but you quickly realize that you can live without everything else--stocks, gold, coins, gas, guns---but you cant live without water.
Knowledge is the enemy of fear
Starts to add up to real money fast!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
so let me get this correct in my feeble mind.
the gentlemen's (devil's) agreement was that the US would allow China to sell us things
as long as they took their profits and bought US debt?
I thought the reason they had all those dollars was due to making a profit.
You make something for 10 cents and sell it for 50 cents.
So they were printing their money to pay their citizens. All the while building a nice
pool of dollars.
i do not see the problem. what agreement? is it written on some paper in washington dc
saying that was the deal? or is this some "deal" made outside of our real govt that has given
some body their powers illegally?
money should not be this complicated. nor should our taxes. layers of truth, lies, and deceit.
imagine, i am educated. my specialty simply does not lie in world economics.
the person who can explain the crap going on in normal folks language will be quite powerful if let loose on the airwaves.
think huey long and others from his time.
god i lub this thread.
Tom
Will the War Against Islam Bankrupt the U.S.?
In the economy and investment markets, the most important story of 2005 has been completely missed by the mainstream press. It was in Osama bin Laden’s speech on October 30 th, 2004.
Bin Laden said Muslim guerrillas “bled Russia for 10 years” in Afghanistan, until Russia “went bankrupt and was forced to withdraw.” He said, “We are continuing this policy in bleeding America to the point of bankruptcy.”
Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
If bin Laden said it, it must be a lie, right?
In this case, I’m afraid not. I first warned about this military spending imbalance in a 1985 Washington Times article pointing out that the wartime defensive vs. offensive cost ratio was changing fast. I wrote, “For four decades, the superpowers have been carving up the world into their two spheres of influence, with little regard for the innocent individuals living in the path of the carving knife. […]
“Some individuals simply do not want to be part of anyone's sphere of influence. They want to be independent. Observe the many ‘Yankee Go Home!’ signs seen all over the world and their equivalent ‘Soviet Go Home!’ signs in places like Afghanistan and Poland. […]
“Shoulder-launched guided missiles like the Stinger and Redeye,” I explained in that 1985 article, “weigh less than 50 pounds and cost as little as $50,000. They can shoot down a $1 million helicopter or a $15 million supersonic jet fighter.”
In World War II, the defensive vs. offensive cost ratio was about 1 to 1. By 1985 it was as much as 1 to 300 in favor of the defense. Six times since then, I showed the ratio was continuing to shift in favor of the defense. A year ago, in some cases it had reached 1 to 280,000. The 1 to 1 million cited by bin Laden was taken from a recent study by a British think tank.
In other words, the old truism, the best defense is a good offense, has been reversed. Today, the best offense is a good defense, and the guerrillas know it, as do long-time readers of my newsletter, the U.S. and World Early Warning Report. Apparently Washington still has not figured it out, or is afraid to talk openly about it.
9-11 was the guerrillas’ way of suckering Washington into invading their homeland. This put Washington on the offense, and them on the defense.
I warned dozens of times in the 1990s that if Washington did not stop supporting Mideast tyrants such as Musharraf, Mubarak and the Saudi royal family, the victims of these tyrants would find a way to get revenge on us; we would end up in a global war with Muslims. Now we are three years into this war.
Here’s another example of what it’s doing to the economy…
On a November day in Fallujah, a single poorly paid guerrilla sniper with a rifle kept 150 much better paid U.S. marines, supported by unimaginably expensive aircraft, tanks and artillery, scrambling for nine hours. Then the sniper escaped, to do it again another day. I doubt the sniper spent more than $10, while U.S. taxpayers surely spent tens of thousands, maybe millions. This is the fundamental reason…
… The Dollar is Sick and Due to Become Sicker
Republicans occupy the presidency, plus majorities in the Senate, House and Supreme Court, and among state governors.
In other words, the Republican Party owns the government, lock, stock and barrel. This means, among other things, conservatives have been set up to take the fall for the war and the economic turmoil in the war economy. In 2008, Hillary Clinton could be a shoo-in. Not good for those who believe in liberty and free markets.
This also means the U.S. dollar is in deep trouble. In the three days after Bush won the election, the greenback fell to 6-month lows against the yen and Australian dollar, an 8-year low against the Swiss franc, a 12-year low against the Canadian dollar, and an all-time low against the euro.
In an article on November 19, 2004, the Financial Times said, “The U.S. currency came under renewed selling pressure the moment it became clear that George W. Bush had been re-elected president.”
Consider what this means. Currencies are traded mostly by well-informed bankers and other money experts, not amateurs. The dollar’s sudden fall after Bush’s re-election means the experts had been holding out hope that a Fabian socialist, John Kerry, would be more responsible with our money than the republicans. That’s how little confidence in conservatives the financial pros now have. It’s one measure of how much damage the Bush gang has done in mutating the tiny war on terrorism into the global, democracy vs. Islam.
Two weeks after the election, the dollar began looking even worse. On November 16, Treasury secretary John Snow said, “We know that our deficit is too large,” but, “We have an obligation to deal with terrorism and we will pay whatever it costs.”
Markets took this as confirmation U.S. officials will print however many dollars it takes to finance this runaway war. Next day, the dollar plunged again.
Then on November 18 th, republican leaders in Congress put the final touches on a bill to raise the federal debt limit an astounding $800 billion. They hope this extra Himalaya of debt, which is twice the size of the current annual deficit, will carry them through until—get this—September 30 th.
Confidence Destroyed
On top of this republican insanity, we have Federal Reserve chairman Alan Greenspan retiring in 2006. This is almost certain to worsen the dollar’s fate, because currencies are no longer on the gold standard. They are just slips of paper backed by confidence in the honesty and judgment of the politicians and bureaucrats who issue them. A chilling thought.
When a person holds dollars, he is trusting officials not to print so many that his dollars become worth less. If these confidences in government officials wane, people dump the currency, trading it for types of money or other assets they trust more.
At the Asia-Pacific Economic Cooperation forum in November, Bush said he is committed to a strong dollar and he wants the dollar to weaken.
What? What? Did he really say that?
He did, according to an 11/22/04 article in the Wall Street Journal, and showed not an iota of embarrassment at this Alice-in-Wonderland thinking. (Said the Queen proudly to Alice: “Sometimes I’ve believed as many as six impossible things before breakfast.”) This is what happens to your mind when you spend a few years in DC. Imagine how much confidence Bush inspires in holders of dollars.
Since 1987, the greenback has been on the Greenspan standard. No U.S. official is more trusted than Greenspan. (I don’t think he deserves it, but that’s a story for another day.) We do not know who will replace him next year, but whoever it is, he or she is unlikely to inspire as much confidence.
Let’s be clear about this. Since the days of Franklin Roosevelt, the Democratic Party has been as responsible about money as a sailor in a brothel with a credit card, and now the Republican Party is trying to outdo them. The only person who inspires enough confidence to be a counterweight to these wastrels is Greenspan, and he is leaving next year.
Summarizing, Washington fell for bin Laden’s trap. U.S. officials are hell-bent on demolishing the dollar and the economy to pay for their global war of democracy vs. Islam. The government’s enemies do not plan to win on the battlefield. The battlefield is just a tool they’re using to defeat Washington in the stock, bond, commodity and currency markets. This is the chief reason the dollar has been falling. And, the sole person with credibility to counter this disaster in the making will leave in 2006.
- Richard Maybury
Order today - http://www.caseyresearch.com/crpmkt/crpSolo.php?id=7&ppref=C633
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. >>
Interesting point. Did Bin Laden also explain that the $500 billion overthrew two dictatorial regimes and gave freedom to how many tens of millions of people--and saving who knows how many lives, in the case of Iraq (who knows when Saddam would have decided to gas the Kurds again). I think that we need to find a solution to our occupation of Iraq and make some decisions and set up some time tables, but I wouldn't say that all the money has been wasted. Of course, my opinion is that we need to take their oil and sell it and pocket the proceeds to pay for the war, but our brilliant politicians would rather tax us into oblivion.
Isn't it funny? From the beginning of time till WWI it was just a given that the loser paid the winner a war indemnity, and that to the winner went the spoils. It's unfortunate that political correctness is draining us all. Also, before someone starts some crap about how reparations led to WWII, that's plainly false. The Germans forced a larger war indemnity on the French after the Franco-Prussian war and the French paid it off early! What caused WWII was the ridiculous war guilt clause and the ridiculous pacifism of post-war Allied governments in not enforcing the Treaty of Versailles. If only France would have attacked in 1936 when Hitler remilitarized the Rhineland! But alas, France is France
P.S. George Bush isn't my favorite person in the world either, mainly because I think he's a sissy, but IMO the fact that he's still president is the fault of the Democrats. John Kerry has to be one of the only human beings in all creation that could not beat Bush. Had you people nominated Edwards, we could be blaming a Democrat president for all our problems!
Are the British engaged in a "War against Christianity" because they are fighting Irish (Catholic) terrorists?
As long as Marbury is never responsible for my military and my security, things are fine.
<< <i>As long as Marbury is never responsible for my military and my security, things are fine. >>
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
“the gentlemen's (devil's) agreement was that the US would allow China to sell us things
as long as they took their profits and bought US debt?
I thought the reason they had all those dollars was due to making a profit.
You make something for 10 cents and sell it for 50 cents.
So they were printing their money to pay their citizens. All the while building a nice
pool of dollars.
i do not see the problem. what agreement? is it written on some paper in washington dc
saying that was the deal? or is this some "deal" made outside of our real govt that has given
some body their powers illegally?”
fc
For nearly 3 decades now due to high taxation, and low U.S. savings rates, Americans have been unable to fund their own debt. Most of this comes from unfunded liabilities caused by government promises to everyone under the sun in this country.
Our first agreement to buy our debt was with the Japanese, then it was the Arabs, and now China and other Asian countries.
This gentleman’s agreement was that foreigners would take the place of Americans buying our debt if we allowed them to sell their CHEAP products here without tariff’s. At some point in time the debt got so heavy and the trade imbalances were so large that most of these foreign central banks had to print their own currencies to pay their own people, and therefore the central banks kept the U.S. dollars and bought treasuries. As the dollar deflates or is devalued with the inflation of the printing press foreigners would like to spend the money. They now hold well over a Trillion dollars. That money would buy nearly every major company in the U.S.
Where it is true that we have already lost many of our fine companies to foreign soils due to this FREE TRADE AGREEMENT, what are the politicians to do. Every time they talk of reworking, or canceling some of these entitlement programs Americans are up in arms.
In the end it is the American people that are to blame for demanding these socialist programs where people no longer must work or provide for their own needs.
“Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
Tom
I think this is right on.
The simple fact is that , if men are willing to sacrifice their own lives to kill others there is no real way to stop them. You may be able to stop one hundred of them, but it only takes one to cause disaster and chaos.
As far as I can see Bin Laden and his murders are winning!
“Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
Tom
I think this is right on.
The simple fact is that , if men are willing to sacrifice their own lives to kill others there is no real way to stop them. You may be able to stop one hundred of them, but it only takes one to cause disaster and chaos.
Mr Goldsaint,
And I absolutely agree with the first statement although the masses have become so ignorant they couldn't even define freedom. As such this place continues it's march into more and more government. When I lived overseas, even the communists when told what the rate of taxes were in the US exclaimed "that's too high! We thought you had freedom!".
8 Trillion and rising.
Tom
As far as I can see Bin Laden and his murders are winning! >>
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
for an uneducated slob like me.
As the dollar deflates or is devalued with the inflation of the printing press foreigners would like to spend the money.
so instead of them being happy they grew their economy, they want to "profit twice", so to speak?
but then is that not what we are getting away with right now?
the usa gets to buy super cheap crap made by near slave labor. "profit one".
(this is where the whole exchange should end, no "deals").
we also want them to take dollars in exchange and never spend them? "profit two".
it seems china just wants to even the playing field for their stupid short term arrangement.
am i explaining it in normal folk fashion? or am i way off.
-------------------
“Bin Laden explained, the 9-11 attack cost the guerrillas $500,000, and it has cost America $500 billion. That’s a ratio of a million to one. For each dollar the guerrillas spent, Washington has spent a million. This ratio, said bin Laden, is the primary reason the federal deficit “has reached astronomical numbers.”
Bin Laden's estimate of how much it cost to pull off the attack is inaccurate. First of all, how do you place a value on a person willing to die in the action? I consider that at least a million each. Also, the money spent to organize his whole operation since day one should be also considered.
ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood.
to summarize, that is pure propaganda. just like we put out on our monthly govt reports explaining unemployment and GDP.
Take parts of the truth, add some lies, and damned statistics.
You can "consider" it anything you like. But in the real world those numbers are different. Where I lived in Thailand as a case in point, if a falang ran over and killed a Thai, it was well known that would cost said falang 80,000bht. What's the number to buy a life from the mid east? Heck there's lots of places in the world where a life isn't worth a G-Note.
ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood. So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy? And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
I'll be waiting for good funds as I'm sure you would want to back up your own B/S and be taken seriously right?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
The above statetment has nothing to do with the conversation. So i will not respond to it.
And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
I am supposed to repond to this?
I'll be waiting for good funds as I'm sure you would want to back up your own B/S and be taken seriously right?
Once again, nothing to respond to. Just emotion.
So glad YOU think it's a worthwhile expenditure. I think its outrageous.
So I will pick this chunk.
Why do you think sending US/British soldiers to the above two places outrageous?
It seems to me it is part of the cold war cleanup that will take generations and money to fix, hopefully.
Do you believe in being more isolationist? What is wrong with having some balls and trying to fix
two countries that were hopelessly screwed by world events? Yes, other reasons might have gotten us there,
but in the end it might be praised as a bold move that helped in some small way that makes a difference.
edited to add: being an optimist around here can be bad for your health. Time will tell if Bush ends up a
hero or a scoundrel. Seems to me, he might have seeded two countries that in time will bear fruit.
So there you have it folks. The US military is the single most expensive government program in the history of the world, and this twit wants to greatly expand it!!
BUT WAIT!!! He also considers taxes "theft" of his income and wants it stopped.
Now I will put Mrearly's comments in perspective so we can examine the insanity of the Right Wing. Our current welfare program, TANF (which replaced AFDC), spent about $19 billion last year. The United States Military budget for 2005 is $400 billion with another $100 billion plus in "emergency" war spending. He proposes to start three new wars, then cut welfare to pay for them. Furthermore he wants the government to stop taking his money which translates into a massive tax cut.
This is insane people. I don't care if you're a Republican or a Democrat, you MUST realize that Americans who think and vote in these terms are dangerous to civilization. I'm not being overly dramatic, this man will destroy our country if his political views become mainstream.
Gold stock have dramatically outperformed the yellow metal of late. There is some resistance near that upper blue downtrend line as I would expect a pause over the next few weeks. Watch for a break over that downtrend line. Lotts of $$$$ will be made on the long side.
Knowledge is the enemy of fear
XAU does look toppy today. Gold and Silver metals look pretty darned unimpressive too. May be time to listen to the ol' account balance...
Thanks Iwog. I laughed so hard I fell off my chair. What a picture that would have been!!
Everything has a pattern, even death and destruction. Always has always will. All you have to do is train yourself with pattern recognition and have the balls to go where others arent.
Knowledge is the enemy of fear
<< <i>ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood. So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy? And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
So there you have it folks. The US military is the single most expensive government program in the history of the world, and this twit wants to greatly expand it!!
BUT WAIT!!! He also considers taxes "theft" of his income and wants it stopped.
Now I will put Mrearly's comments in perspective so we can examine the insanity of the Right Wing. Our current welfare program, TANF (which replaced AFDC), spent about $19 billion last year. The United States Military budget for 2005 is $400 billion with another $100 billion plus in "emergency" war spending. He proposes to start three new wars, then cut welfare to pay for them. Furthermore he wants the government to stop taking his money which translates into a massive tax cut.
This is insane people. I don't care if you're a Republican or a Democrat, you MUST realize that Americans who think and vote in these terms are dangerous to civilization. I'm not being overly dramatic, this man will destroy our country if his political views become mainstream. >>
Is it you flunked reading and comprehension classes or are you just an idiot?
I advocated wars?
If you see that in anything I write you are an idiot.
Do I advocate a "tax cut"?
Again, cultivate a brain, develop some morals and then make comments.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood. So glad YOU think it's a worthwhile expenditure. I think its outrageous. But if your so inclined, why don't you sign up big guy? And while you are at it, since you think it's such a good idea, howz about kicking in what they steal from my income OK? How bout it?
So there you have it folks. The US military is the single most expensive government program in the history of the world, and this twit wants to greatly expand it!!
BUT WAIT!!! He also considers taxes "theft" of his income and wants it stopped.
Now I will put Mrearly's comments in perspective so we can examine the insanity of the Right Wing. Our current welfare program, TANF (which replaced AFDC), spent about $19 billion last year. The United States Military budget for 2005 is $400 billion with another $100 billion plus in "emergency" war spending. He proposes to start three new wars, then cut welfare to pay for them. Furthermore he wants the government to stop taking his money which translates into a massive tax cut.
This is insane people. I don't care if you're a Republican or a Democrat, you MUST realize that Americans who think and vote in these terms are dangerous to civilization. I'm not being overly dramatic, this man will destroy our country if his political views become mainstream. >>
By the way this statement ALSO, I consider it worth every penny to go visit Iraq and Afghanistan. Talk about cess pools for the last 50 years due to world events. Heck, while we are at it, visit Syria too. Iran and North Korea we can deal with in "other" ways. Money that would have been spent on welfare here anyway. I am surrounded by welfare/social security in my neighborhood.
Didn't come from me.
Time to brush up on your reading skills.
What was your name again?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
“*Duncan's theory is based on the generally accurate view that foreign
central banks -- mainly the central banks of Asia -- are far more concerned
about maintaining the price-competitiveness of their exports by preventing
their currencies from appreciating against the US$ than they are about
obtaining a reasonable return on any investments they make. For this reason,
many of the dollars that flow out of the US as a result of the trade deficit
get purchased by these foreign central banks using newly-printed local
currency and then get channeled into the US bond market. The theory is that
because the central banks that are buying US bonds are price insensitive
(they don't care whether or not the bonds offer a reasonable yield, they
just care about preventing their currencies from strengthening), the larger
the US trade deficit gets the greater will be the foreign official-sector
demand for US bonds and the less likely it will be that bond prices tumble.”
We discussed this several weeks ago for the reason that the 10 year bond rates were NOT going up.
"We invest too much in U.S. federal bonds, and they don't make us much
money," said Pan Rui, a professor at the Center for American Studies at
Fudan University in Shanghai. "Now we're learning to invest more wisely, to
try to invest in American companies and industries." ChinaDaily.com,
7-5-2005
Did you catch that last text coming out of China? Let's here it again for
emphasis.
"We invest too much in U.S. federal bonds." (and now China wishes to)
".invest in American companies and industries." ChinaDaily.com, 7-5-2005”
Here is the Coin question.
O.K. most of us believe that the World is continually being flooded buy paper money.
Japan, China, other Asians, and perhaps India are printing money to buy U.S. Bonds from their trade deficits.
We also know that the prices of homes and other goods are going up all over the planet, so we are having world wide inflation.
How long will it be before folks in China, India etc. figure out, as we have, that they need some liquid hard assets? They like us, will also figure out how manipulated the bullion markets are. One writer I read recently said in the next few years he estimates that 13 million Chinese may become coin collectors. The Indian’s also love coins.
There is a couple of small problems here though. First the U.S. market is expensive in relation to bullion, and the market has lots of collectors driving that market always keeping it very pricey. Second if you buy a World coin book and look for large gold and silver coins from China, Japan, or India, there just are not any to speak of. So finally to the question, where are all these new hard asset folks from around the world going to go, what will they buy?
The NY Times July 8, 2005. Marilynn K. Yee/The New York Times:
A feng shui master has already checked the new Commerce Bank building that will open today at 155 Canal Street in Chinatown to confirm "that everything is facing the right way," said William G. Leung, the manager of the new branch.
The new Commerce Bank branch in Chinatown was redesigned to add a floor for safe deposit boxes, including lucky 888.
Enlarge This Image
Workers completed the lobby of the Commerce Bank branch on Canal Street in Chinatown three weeks ago. The branch will open today.
Befitting its prominent corner location in Chinatown, at Bowery Street, the bank will have trilingual cash machines in Chinese, English and Spanish. And its 30 employees will converse in Cantonese and Mandarin, as well as in English.
It is hardly a coincidence, furthermore, that today, the eighth, because some people of Chinese descent consider eight a lucky number, "is a fortunate day, good for business," said Mr. Leung.
Oh. One more thing.
The new bank will have 7,500 safe deposit boxes, instead of 500 in the average Commerce branch. "Culturally, this is something very different for us," said Gregory B. Braca, a senior vice president of the company who manages the 38 branches in New York City.
In fact, construction work on the bank was nearing completion in January until "we began hearing that we needed more safe deposit boxes," Mr. Braca recalled. "We didn't know. So we began rebuilding from the bottom up, until we had a brand new building - and an extra floor, just for the boxes."
Chinatown, in fact, is safe deposit box country, one aspect of the highly competitive, and escalating, bank war in the neighborhood. Across the street from the new banking interloper, the domed HSBC branch at 58 Bowery has 21,000 safe deposit boxes. And the HSBC branch at 11 East Broadway has 12,000.
What is going on here?
"There is a waiting list for safe deposit boxes in Chinatown, and that can become Commerce Bank's competitive advantage," said Charles Lai, executive director of the Museum of Chinese in the Americas at 70 Mulberry Street. A safe deposit box "gives you a sense of privacy," said David S. Chen, the executive director of the Chinese-American Planning Council, a community group that provides social services. "Chinese don't flaunt their wealth, especially the old-timers. And when you have a bank statement, anyone could know how much you have."
Some Chinese immigrants live principally in a cash economy, with many family members pooling their income, Mr. Chen said.
And immigrants sharing rented rooms "don't want to keep their valuables around," Mr. Lai said, "since keeping everything under the mattress was for the 1940's and 1950's."
Many apartments are small, and so residents entrust to the boxes items like cash, significant paperwork, bankbooks, checkbooks, sentimental photographs, mementos and jewelry, "because it's portable and can be worth a lot of money," Mr. Chen said.
"My parents are a good example," said Paul W. Ho, senior vice president for the Asian market domain at HSBC Bank U.S.A., a unit of HSBC Holdings Corporation. "Every time they get invited to a wedding, they go to the safe deposit box. They retrieve their jewelry, and go to the wedding. Then they put it back. That's my mom."
It is the first Commerce Bank assault on the neighborhood, where some other competitors are long established. For example, as the modern-day descendent of the Hong Kong and Shanghai Banking Corporation, HSBC established its first Chinatown branch 28 years ago at 50 Bowery Street. Now it has three branches, Mr. Ho said, "and we're opening up another one soon."
Indeed, there are more than 30 bank branches in Chinatown, Mr. Leung said, and the number continues to grow. Within three blocks of the new Commerce branch are a Citibank, an Abacus Federal Savings Bank, a United Orient Bank, a Chinatrust Bank and a Bank of East Asia.
Why so many? "It's like the man said when they asked him why do you rob banks?" Mr. Braca said. "Because that's where the money is."
Financial institutions are responding to the high savings rates of Chinese-American residents, Mr. Lai said. "Saving isn't just for a rainy day - when you see your entire life as a rainy day," he added. "Saving is an important part of the safety net - in a mattress or in a bank."
======================================================
My comment: There has got to be hard assets in those boxes.
Over the years some of my biggest and best customers for better US Numismatics have been Asians.
Rgrds
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870