Maybe there are boomers that are headed into a big drop in quality of life as they retire or are kicked out of the workplace but I don't know if it is that wise to wholesale write them off because of their poor savings habits or thurst for nicer things that they can't afford. Consider that they are typically well educated meaning that most can read, this was less true for those of our previous generation, and most were taught math where 1+1=2 as opposed to current methods of 1+1 might =2 if it meets certain conditions such as the number set having only whole intergers...HUH? The boomers are not lazy and they are not fools. They used to not have TV, families used to sit around and listen to radio, the telephone operator used to ask what number they would like to speak with, no direct dial even...now they are running dsl at home and know half a dozen workplace computer applications and can get to China and back in 4 days for less than $1000. They do things not even imaginable at the end of WWII.
Most boomers are in the stock market via funds, 401k employer provided plans, and most have some kind of inheritance from our previous generation that will be coming out of probate in larger volumes as the next few years come along. I suspect the boomers have more means than folk think, not that there aren't going to be some sad stories along the way. As they retire, they will be coming out of the stock market and surely they will be going to cash or cash like instruments. Most boomers don't have enough in annuitized investments to turn the nut but they can sure go to cash, and I believe they will. Cash + SS should allow most to make a fair showing but you can take them out of the investor mix, for the most part. So...all you x'er wizkids better get your game face on.
Social Security became law in 1935 and the boomers are the first full generation to contribute to the program since it's inception, boomers paid for the social security program, cash. Unfortunately, the program has morphed into a secondary welfare system even for the children of the disenfranchised and anyone else that can hold their hand out whether they have ever worked or not...not what FDR was thinking I'm sure and that's why it's going down. Not much we can do about that except limit benefits to retirees and spouses only...interesting concept anyway and FDR had a great idea but it's not going to happen now or in the future.
The stock market, in my view, is quite vulnerable to meltdown. There is some incredible money being made in corporate America right now but more and more, when you get into the real numbers, the truth is shocking...such as Chrysler, Ford, others, but even more, the underfunded or unfunded pension liabilities many of our flagship companies are dragging around as an anchor to any significant advancement so they jiggle the numbers and when you actually get to counting the beans...there aren't too many. We are being out sold, out cashed, out manufactured, out sourced by the very countries we helped to build and modernize and unless the US gets over the fat dumb and happy somnombulatory behavior...we will continue to be beat worse and worse in the market place. Once again...all you x'er wizzers, game on!
Physical metal...hummmm tough call here. I have metal in PM and metal based equities but methinks cash is king, especially if you can get 6 or 7% for it and it's very safe. That may be a low aim but, it's a steady aim that hits the target. This summer should tell the tale, at least we should start to see the beginning of the chapter of "What's next". It's kind of like our family banker advised me when I asked him if he had any advice for me and my shiny new degree..."Don't get into anything you can't see your way out of."
There are lots of ways to benefit from downturns. If you want to play equities there are at least 30 different ETFs that will go up when the market goes down.
There are ETF's if you want to play the bond market also. And the dollar and commodities. There is no reason anyone can not make money in a down market these days. Unless of course they listen to their broker.
<< <i>It's going to get really interesting when the first wave of boomers begin officially collecting socialist security, ... >>
So I assume that you will decline your social security checks/Medicare when the time comes? >>
As a matter of fact I will.
And you? Love that socialism huh? >>
If you do, I applaud you for practicing what you preach.
Me? No, I don't love socialism. I'm basically conservative and a big believer in personal responsibility. Social Security's original purpose, as a saftey net for retirement income, has been perverted by our government leaders, especially the latest one, into a welfare system. I've personally paid in almost $100,000 into and, at age 45, don't expect to ever see a dime of it. I would like my money back though. I'm sure I could do a much better job of investing/protecting it than any government could ever do.
“When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>It's going to get really interesting when the first wave of boomers begin officially collecting socialist security, ... >>
So I assume that you will decline your social security checks/Medicare when the time comes? >>
As a matter of fact I will.
And you? Love that socialism huh? >>
If you do, I applaud you for practicing what you preach.
Me? No, I don't love socialism. I'm basically conservative and a big believer in personal responsibility. Social Security's original purpose, as a saftey net for retirement income, has been perverted by our government leaders, especially the latest one, into a welfare system. I've personally paid in almost $100,000 into and, at age 45, don't expect to ever see a dime of it. I would like my money back though. I'm sure I could do a much better job of investing/protecting it than any government could ever do. >>
It sounded like an attack of sorts so I'm sure you can appreciate my reply Social securities "intent" was to steal money and power from the people and put it where the politicians want it. With them. There's no sugar coating it.
Far as the conservative issue and quite frankly I'm not aware of any "conservative" ever being a fair representative of freedom, free markets or anti-socialism. Conservatives sure as hell aren't Libertarians or a reflection of the founders at all. But I'm not trying to get into a peeing match with you on political matters.
However this country IS socialist and it's progressive tax policies which of course is one of the planks in the communist manifesto are already beyond what the communists could come up with in China, Vietnam etc. However there's a debt as well which guarantees higher and more vague taxes as time ticks on, and the first wave of boomers collecting this "social security" will hopefully start the tipping point.
Maybe people will wake up although I'm not banking on that at all.
Lenin once said when asked when there will be a military confrontation with the US, answered there will NEVER be such a confrontation. All that needs to happen is a breakdown of language and America will break down from inside. As much of a scumbag as lenin was, he was right about that one.
Ever notice how we've become a "democracy" as one case in point?
Ha!
So while even communist countries seem to have begun to realize the folly and immoraility of socialism and have begun to change , we seem to continue that march toward communism and have surrendered to it without so much as an argument. Heck most wouldn't even know what to argue about . What a shame.
This kind of government actions will certainly have a part to play in what people spend their money on
After promising cuts, legislators actually hiked property taxes in spring session By Anthony Man Political Writer Posted May 21 2007
TALLAHASSEE · The Florida Legislature ended its annual session without achieving its No. 1 goal: reducing property taxes. Legislators did, however, vote to increase property taxes by $546 million.
It happened because of the way Florida allocates money for schools. The new state budget, effective in July, increases spending on education and orders local school boards to charge higher property taxes to pay for it.
Unlike other locally elected commissioners and council members who make tax decisions, school board members don't determine how much in property taxes goes to schools. State legislators make that decision by setting the "required local effort," which is the amount of local property taxes school boards must impose.
The required local effort in the new state budget is $9.7 billion, a 7.2 percent increase from the current year's budget. That works out to $546 million in additional property taxes.
"Since WW 2, this Nation has known a golden era ,of improving standard of living."
YES! Americans are far better off than at any time in our history. There is greater opportunity for more people than at any time in our history.
If there is any "mythology" in bear's post, it relates to our industrial base. The creativity, ingenuity, and intellectual capital controlled by American business is extraoridnary, and will be an engine of prosperity for years to come. We will continue to let others compete in the older industries while we innovate -- in biotech, nanotech, computer software, agribusiness, synthetic materials, aerospace, pollution control, not to mention services that are in fact essential to the health of a modern economy (banking, insurance).
The problems we face today are of course very real, and will require resources and dedication to solve. But they are no worse than those faced by prior generations. On the other hand, the opportunties have never been greater.
<< <i>"Since WW 2, this Nation has known a golden era ,of improving standard of living."
YES! Americans are far better off than at any time in our history. There is greater opportunity for more people than at any time in our history.
If there is any "mythology" in bear's post, it relates to our industrial base. The creativity, ingenuity, and intellectual capital controlled by American business is extraoridnary, and will be an engine of prosperity for years to come. We will continue to let others compete in the older industries while we innovate -- in biotech, nanotech, computer software, agribusiness, synthetic materials, aerospace, pollution control, not to mention services that are in fact essential to the health of a modern economy (banking, insurance).
The problems we face today are of course very real, and will require resources and dedication to solve. But they are no worse than those faced by prior generations. On the other hand, the opportunties have never been greater. >>
The eventual oil depletion will perhaps be the greatest challenge ever faced by an industrialized economy but I believe we'll find our way through it. Oth- erwise I agree with you 100% and couldn't have said it better.
there are always -optimists who take purposeful action to enhance their own and others' results -pessimists who take purposeful action to minimize the negative impact of perceived problems and -complainers who enjoy being cynical and feeling "in the know" but actually DO little about any of it.
The Nation is inflating the amount of currency by over 10% a year.
True inflation is actually running closer to 10% then the announced 3%
Unemployment and underemployment is closer to 8% rather then then 4%.
Why is the great breadbasket of the world, importing food products from China without adequate checks and safeguards.
Why has GM gone from 50% of domestic market to 25%.
In the event we had to go to a wartime footing , the industrial base of production is much reduced from prior potential.
Why is a Nation of 300 million,defended by an Army ,that is too small for our world wide interests.
Why are drug companies allowed to sell products with serious and deadly side effects with out adequate warnings to the medical profession and consuming public.
Why are the pension plans of so many companies unfunded and underfunded.
Why are our borders to poorly protected.
Why has their been no solution to the proper solution of funding Medicare and Soc Sec.
Why in 1960, could a common laborer earn enough money to support a family and buy a home. How come today, a college graduate with an income close to 6 numbers, be unable to buy a house.
Why are so many people in debt, that is getting larger by the day
Why is the credibility of government at the lowest level since WW 2.
Why are credit companies allowed to charge 21% a year. What happened to the old anti usury laws.
Why are oil companies allowed to earn profits of 25 - 50 billion dollars a year and yet their are no excess profits taxes. Why are these same companies granted tax considerations for drilling for oil when the profits are clearly more then enough to do so.
Why isn't their a 100 billion dollar program to develop and insure safe, cost effective and available alternative fuel.
Why are American cars allowed to list SUVs as trucks and get only 16 miles a gallon while Foreign cars of the same description are getting 25 miles a gallon. Why aren't Cars sold in the USA getting 40 miles a gallon as they do in Europe.
Why are oil companies allowed to limit the number of refineries, to tighten gas supplies and keep gas prices at a high level.
Why is the old Standard Oil Company, being allowed to merge itself back into existence.
Yes,there are a lot of problems to solve. We are like the story of the"Choo Choo Train that Could." The answer is that we have too many politicians that say "I could if I would, but I won't" others say "I wish I could but I can't" . Too few that say"I think I can and I will try"
Ok Bear, just to play devils advocate I'll go along and try to answer.
<< <i>The Nation is inflating the amount of currency by over 10% a year.-----Cool more money for everyone.
True inflation is actually running closer to 10% then the announced 3%---If you throw out efficiency and technological advances then you may be close.
Unemployment and underemployment is closer to 8% rather then then 4%.----Many people are undesirable as workers. You wouldnt want them working for you even if they paid you.
Why is the great breadbasket of the world, importing food products from China without adequate checks and safeguards.---We import because we want their products. The safeguards we have in place are very adequate. You have a better chance of getting sick from eating at your local McDonalds.
Why has GM gone from 50% of domestic market to 25%.----I could write a 10 page dissertation on this but I hate to write. It can be summed up in one word--EGO. Management and the unions created the mess.
In the event we had to go to a wartime footing , the industrial base of production is much reduced from prior potential.----Fighting a war today is not like in WWII. We dont need thousands of tanks and armored vehicles. Just a few airplanes and snipers.
Why is a Nation of 300 million,defended by an Army ,that is too small for our world wide interests.---Again, we do not need a million man army. We just need the politicians and media to get out of the way.
Why are drug companies allowed to sell products with serious and deadly side effects with out adequate warnings to the medical profession and consuming public.---It takes many years for a drug to make it to market. They go through very rigorous testing and more than 90% of all drugs being developed do not even make it to market. I believe most would argue that the benefits outweigh the risks.
Why are the pension plans of so many companies unfunded and underfunded.----Because they drug companies that pump out so many harmful drugs allow people to live longer.
Why are our borders to poorly protected.---Great question. Take it up with your congressman.
Why has their been no solution to the proper solution of funding Medicare and Soc Sec.---Because it would take away 100's of billions of dollars of pork away from your local politician.
Why in 1960, could a common laborer earn enough money to support a family and buy a home. How come today, a college graduate with an income close to 6 numbers, be unable to buy a house.----Because everyone wants to live beyond their means. The average size of a house in 1960 was about 1200 Sq Ft. Today it is 2000 sq ft. Everyone wants to keep up with the Jones's.
Why are so many people in debt, that is getting larger by the day----See the answer above.
Why is the credibility of government at the lowest level since WW 2.----I think research would show that govt has always been hated.
Why are credit companies allowed to charge 21% a year. What happened to the old anti usury laws.---If you dont like the interest rate then dont take the card. If you can only get a card with 21% then you shouldnt be trying to get a card in the first place.
Why are oil companies allowed to earn profits of 25 - 50 billion dollars a year and yet their are no excess profits taxes. Why are these same companies granted tax considerations for drilling for oil when the profits are clearly more then enough to do so.----Why is GM allowed to make $5000 on the car you are driving? Profit margins in oil are very low in relation to other industries. MSFT makes 80c of every dollar they sell. The perfect situation would be that no company ever make a profit. Then the cost of goods would be very low. This is called communism.
Why isn't their a 100 billion dollar program to develop and insure safe, cost effective and available alternative fuel.----GE has the technology to turn coal into fuel. For $1 trillion dollars enough plants could be built to get the US completely weaned off oil. I think it is worth it. But do you think the rest of America would go along? We would rather subsidise the lives of people who live in uninhabitable regions of the world.
Why are American cars allowed to list SUVs as trucks and get only 16 miles a gallon while Foreign cars of the same description are getting 25 miles a gallon. Why aren't Cars sold in the USA getting 40 miles a gallon as they do in Europe.------Have you ever seen a Fiat Polski? Skateboards are bigger. Americans want powerful cars, hence larger motors and less fuel economy. Most of the cars sold in Europe are the same as those in the US. They just sell under a different name. Have you ever seen an accident involing a small car? It aint pretty.
Why are oil companies allowed to limit the number of refineries, to tighten gas supplies and keep gas prices at a high level.----Stop using gasoline and watch the price drop.
Why is the old Standard Oil Company, being allowed to merge itself back into existence.---Efficiency. These large profits would not be attainable if not for mergers
Yes,there are a lot of problems to solve. We are like the story of the"Choo Choo Train that Could." The answer is that we have too many politicians that say "I could if I would, but I won't" others say "I wish I could but I can't" . Too few that say"I think I can and I will try" >>
You sum it up well when you state politicians are to blame.
It's not politician's fault - unfortunately it's everybody's fault - it's HUMAN NATURE!! What is happening to the US right now is just the natural Evolution of a Superpower. They've gone from Infancy (1776 to 1880) to adolescence (1880 to 1930) to maturity (1930 to 1970) and now the US is in their senior years. I truly believe that the US (like England in the early 1900's) is at the end (or the beginning of the end) of being a Superpower.
"Gold is money, and nothing else" (JP Morgan, 1912)
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"The Totalization Agreement could make as many as 1.6 million Mexican workers and dependents eligible for U.S. Social Security benefits by 2040. Dependent family members could be eligible for benefits without having ever worked in -- or even having visited -- the United States."
In the fifties I bought new cars for $2400. They now cost $24,000. I bought the gas to drive it for 30c a gallon. It is now $3.00, Both items have seen an increase of 1000%. Why is it considered "obscene profits" for the one industry and not the other? The net profit margin for the oil companies is still about 10%. The billions of dollars in profit is due to unbelievably increased volume of sales to countries like India and China. Does everyone understand the difference between profit margin and net profit?. Should I be upset that Legend and other large volume companies make much more profit than I do even though their profit margin is probably lower? The oil companies can't build any additional refineries for the same reason they can't drill offshore and ANWR. The environmental lobbies will not permit it and the neighbors scream NIMBY! Dave W
The priceless ingredient in any coin transaction is the integrity of the dealer. David J Weygant Rare Coins website: www.djwcoin.com
Why in 1960, could a common laborer earn enough money to support a family and buy a home.
In 1960 we were common laborers and couldn't afford a home on one income. My grandparents couldn't in 1940, either. Not sure where the "one income was enough" rumor started.....
In Broward County Florida, in 1954, the year we got married, I made $3.00 an hour as an electrician and my wife made $40 per week as a bank clerk. We could barely afford the down payment of $750(we saved for a year) for a brand new $9300 home. The payments were $60 per month and any time I missed a few days work we fell behind and had to pay late fees. Common laborers earned less than $1.00 per hour and definitely could not afford a new home. Those were not the good old days by any stretch. Dave W
The priceless ingredient in any coin transaction is the integrity of the deale. David J Weygant Rare Coins website: www.djwcoin.com
I don't know where the rumor came from that the average one income family can't afford a home...
most of my friends and I support our families on one income, own homes and even rental property, and are basically living the American Dream, doing much much better than our parents (who in turn did a lot better than theirs).
maybe the "average family" should work a little harder, save a little more, buy less crap they don't need, take fewer vacations and meals out, borrow less on credit, and delay gratification a little longer in order to build some assets before they start complaining they can't "make it"
Perhaps a better barometer of "The American Dream" would be to count the number of families that have the absolutely REQUIRED $750,000 - $1,000,000.00 that it takes for even a ...modest... income at retirement.
I doubt there are many. Yet that is a FACT when considering a yardstick to measure progress.
In actuality, it only requires saving up (or investing to get) a measly 100k per decade of age. e.g. Age 40-$400,000 Age 60 - $600,000
Minimum.
Even CIVIL SERVICE drones are getting bad news on health insurance. So maybe it would have been prudent not to spend EVERY penny.
And if you are counting on a 401K, you better make sure that it is one that you control and not the employer.
Bearing in mind that Social Security will be phasing out and that inflation will even exceed that, I'd say that most are not keeping up.
Kudos to those who are.
Edited to add that those figures do not include residence and assume that it is PAID OFF at retirement.
<< <i>In Broward County Florida, in 1954, the year we got married, I made $3.00 an hour as an electrician and my wife made $40 per week as a bank clerk. We could barely afford the down payment of $750(we saved for a year) for a brand new $9300 home. The payments were $60 per month and any time I missed a few days work we fell behind and had to pay late fees. >>
40 X $3.00 (walkerman's wages) = $120 + $40.00 (wife) = $160.00 per week X 4 weeks = $640.00 per month.
Walkerman your house payment was a mere 10% of your monthly income? Somebody must have had a serious coin addiction early in life!!
Topstuff, don't buy into Wall Streets BS about required savings for retirement. They want you to accumulate huge sums of cash so they can make big fees on it. Of course they always recommend thier favorites, stocks and bonds.
I won't argue that most Americans spend too much and are not ready for retirement but to assume you need a million bucks to retire comfortably to a small home in middle America is crap.
Now maybe you want annual trips to Europe and a 3000 Sq ft home on the greens, Ok, better save up but most couples (no kids) can retire real well in middle America on a lot less than 70% of pre-retirement income. Even with the reduced social security (i paid it and ill take it) living in a modest home with no payment would not require a $50,000 a year reduction in savings.
Anyway, Wal-Mart and McDonalds are "senior friendly".
ARCO it may be a suprise but back the the idea of 30-40% or more of your income on a house payment was idiocy. People did not need a 3000 sq ft home for a family of 4 and with interest rates around 3-3.5% payments were a lot less. Then again , the idea of living on credit cards was not considered normal either.
<< <i>Why are American cars allowed to list SUVs as trucks and get only 16 miles a gallon while Foreign cars of the same description are getting 25 miles a gallon. >>
That is the answer to :
<< <i>Why has GM gone from 50% of domestic market to 25%. >>
Well, I am back from a trip overseas. I can see there have been some interesting things posted while I was gone.
My trip was a long one 33 days that included Spain, Portugal, Greece, and the Greek Islands, Italy, and part of Turkey.
I gathered lots of information about the U.S., and the down in the trenches economies of these places, and talked to many ordinary folks. I hope you find some of this interesting and would love to here your comments.
First my last long trip of this type to other parts of Europe was in 2000, and my how the other side of the world has changed. On that trip the dollar was king, and goods, services, gas, collectable coins, and most other things were cheap.
Part of this trip was on a ship across the Atlantic, and then by land, and air. The very first thing on boarding the ship we were all warned that the dollar would not be accepted where we were going, and there were change machines provided on board to exchange dollars to Euros. The machines on the ship were calibrated each day with world exchange rates, ands of course those rates were bank rates, and not those posted on Kitco.
The machines would only exchange $900 U.S. dollars in one transaction so I exchanged $900 and got back $605 Euros, my transaction fee was $3.50.
The ship folks were correct as far as the Dollar being unwelcome. Only in Turkey were any items priced in dollars as well as Euros. Everywhere else no one took dollars as payment for anything.
As a general rule we found NO anti-American sentiment among the local people. In general I would say that most of the populations of the cites we visited were just to busy dealing with their day to day stress to think to much about us, the war etc.
Everywhere we went the prices of food, lodging, gas, etc. was very expensive. Gas in most places was $6 to $7 dollars per gallon, and most all of the cars and transportation had been down sized to cars half the size you would see here. More than half the populations, including the women, in the big cites drive motorbikes and scooters, not many bicycles now, just to dangerous.
If you think we have an immigration problem here you should see things in the parts of Europe we visited. Nearly half of the populations of the locals in the big cities were foreigners. People from Asia, Africa, and the Middle East made up the bulk of the work forces, all speaking their own languages and living in their own areas.
As far as good art, coins, and antiques, at any reasonable prices, there were none. Anything of real value is being held onto buy the locals, or hoarded. The few coin shops we did see had nothing but moderns, and gold and silver bullion at 20% over spot.
Several of the folks we talked with said that average pay for working people run from $1,000 to $1,500 Euros per month, and I would say as a general rule of thumb that everything was nearly double in cost of things here in the U.S. Honestly I don’t see how they make it month to month except that they just do with a lot less. Among the general populations there were not many fat people. There were also not many smiling faces.
The crowds of tourists were just out of control, and our trip was considered in the off-season from April to the end of May. The complexion of the tourist make up had changed drastically. In 2000 most of the tourists we ran into were Americans, English, Canadians, and Japanese. On this trip many tourists were from China, India, other parts of Asia and the Middle East.
In Greece at the Acropolis, a tourist’s riot ensued just as we left, as the authorities shut the place down because of the thousands of people trying to get up the small walkways.
In Florence the six acre Main Square had ten thousand people plus waiting in three-hour lines to get in the museums. The Vatican now has 30,000 visitors per day and the waiting lines, for the $12 Euro tickets, are two hours long.
The trains and subways are standing room only, in some cases a person could die and not be able to fall over until nighttime when the train pulled back into the station.
Socialism, and the unions Have control of everything there that works, and if their demands are not kept up with they just refuse to work. In Naples’s the garbage workers have refused to pick up the trash for 3 weeks, and the whole city looked like a garbage dump. In Rome the cab drivers all went on strike while we were there, and no one could get to the airport, that did not matter much since the Italian airline was on strike also.
Many of the folks we talked with said that all the taxes they were paying totaled about 70% of their income. Yes they all had free health care, but except for life and death emergencies, the wait to see the doctor was 5 weeks average.
We managed to get back across the ocean last night on air India. This was a super jumbo jet out of India with connections to Germany, and then to Chicago. The plane was totally full with nearly 500 passengers, and 95% were Indians coming to the U.S. for work. The fellow we set next to said that the Indian inflation is now so bad that real-estate in the major cites was increasing at a rate of 100% per year. He was a computer specialist headed to St. Paul to a new job.
GOLDSAINT---Great post. Makes me glad to be living in the USA. I'll nominate it for "Post of the Day".
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
great post goldsaint; I've always said that most of the Americans complaining so much about America have never been out of the country.
Had they seen how most of the world lives, had they travelled to Europe, South America, Asia, and especially, Africa, they'd love and cherish our way of life, shut the hell up with their negativity, be proud and humble and grateful for all we have, and get back to work thankful for our way of life.
Yes indeed my wife and I was very happy to get back to the good old U.S.A.
In fact every tourist we talked to wanted to get out and go home as soon as they could. Most were on tours or had hotel commitments, and so were determined to gut it out.
This was another big difference from our other trips were most folks we met did not want to go home. In fact nearly everyone we talked to said they were not going to make any plans to travel abroad for a long time.
After leaving the ship, and going into the cites by land, it did not take us long to figure out we needed to find a grocery store and make cold meals in our room. Breakfast ran about $35.00 U.S. for just enough to get by, lunch was $45 and dinner was $60.00 for two people.
Once we found the grocery store we also found the tourists, all complaining that they we going broke just buying meals.
Regardless of all the controversies surround our big American chain stores, like Wal-Mart, Home Depot, etc. thank goodness we have those. In addition most of the grocery stores we found could be placed 5 or 6 times in one of our giant super markets.
One additional note on collectables, our guide in Turkey was a professional archeologist, and I ask him if they were able to build collections of coins and artifacts, in Turkey, Greece, and some of the other places he worked. He looked at me in astonishment and said absolutely not. In Turkey any thing found of any value, or age, had to be turned over to the government, and sometimes they would pay a ten percent finders fee. The penalty for keeping something you found was stiff jail time, and no collectors dare even buy items for fear the government would say they found it.
On our tour of part of Turkey we saw many very early Christian ruins, some where Mary had lived, and even some of the first Christian churches, all of these were full of weeds and undug. When I ask our guide why the property owners had not excavated these, he said they were afraid to go to jail so they just plant their fields around them.
Because of the lack of health screening and control of immigrants in many places the health officials are absolutely paranoid. In the train and subway stations there were restrooms, which all cost about $1.30 U.S. to use. You put you money in and the door opens and only one person can go in as the door locks. After you leave a big door slams behind you, and water sprayers and disinfectants spray the entire room for several minutes before the next customer is allowed in.
Comments
Liberty: Parent of Science & Industry
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Most boomers are in the stock market via funds, 401k employer provided plans, and most have some kind of inheritance from our previous generation that will be coming out of probate in larger volumes as the next few years come along. I suspect the boomers have more means than folk think, not that there aren't going to be some sad stories along the way. As they retire, they will be coming out of the stock market and surely they will be going to cash or cash like instruments. Most boomers don't have enough in annuitized investments to turn the nut but they can sure go to cash, and I believe they will. Cash + SS should allow most to make a fair showing but you can take them out of the investor mix, for the most part. So...all you x'er wizkids better get your game face on.
Social Security became law in 1935 and the boomers are the first full generation to contribute to the program since it's inception, boomers paid for the social security program, cash. Unfortunately, the program has morphed into a secondary welfare system even for the children of the disenfranchised and anyone else that can hold their hand out whether they have ever worked or not...not what FDR was thinking I'm sure and that's why it's going down. Not much we can do about that except limit benefits to retirees and spouses only...interesting concept anyway and FDR had a great idea but it's not going to happen now or in the future.
The stock market, in my view, is quite vulnerable to meltdown. There is some incredible money being made in corporate America right now but more and more, when you get into the real numbers, the truth is shocking...such as Chrysler, Ford, others, but even more, the underfunded or unfunded pension liabilities many of our flagship companies are dragging around as an anchor to any significant advancement so they jiggle the numbers and when you actually get to counting the beans...there aren't too many. We are being out sold, out cashed, out manufactured, out sourced by the very countries we helped to build and modernize and unless the US gets over the fat dumb and happy somnombulatory behavior...we will continue to be beat worse and worse in the market place. Once again...all you x'er wizzers, game on!
Physical metal...hummmm tough call here. I have metal in PM and metal based equities but methinks cash is king, especially if you can get 6 or 7% for it and it's very safe. That may be a low aim but, it's a steady aim that hits the target. This summer should tell the tale, at least we should start to see the beginning of the chapter of "What's next". It's kind of like our family banker advised me when I asked him if he had any advice for me and my shiny new degree..."Don't get into anything you can't see your way out of."
JMHO
There are ETF's if you want to play the bond market also. And the dollar and commodities. There is no reason anyone can not make money in a down market these days. Unless of course they listen to their broker.
Knowledge is the enemy of fear
I'm sure many were short the DOW at the start of this year.
I think gold has another strong move in it for this year. Disappointing so far this year but the year is not yet half over.
roadrunner
<< <i>It's going to get really interesting when the first wave of boomers begin officially collecting socialist security, ... >>
So I assume that you will decline your social security checks/Medicare when the time comes?
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>
<< <i>It's going to get really interesting when the first wave of boomers begin officially collecting socialist security, ... >>
So I assume that you will decline your social security checks/Medicare when the time comes? >>
As a matter of fact I will.
And you? Love that socialism huh?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>
<< <i>It's going to get really interesting when the first wave of boomers begin officially collecting socialist security, ... >>
So I assume that you will decline your social security checks/Medicare when the time comes? >>
As a matter of fact I will.
And you? Love that socialism huh? >>
If you do, I applaud you for practicing what you preach.
Me? No, I don't love socialism. I'm basically conservative and a big believer in personal responsibility. Social Security's original purpose, as a saftey net for retirement income, has been perverted by our government leaders, especially the latest one, into a welfare system. I've personally paid in almost $100,000 into and, at age 45, don't expect to ever see a dime of it. I would like my money back though. I'm sure I could do a much better job of investing/protecting it than any government could ever do.
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>
<< <i>
<< <i>
<< <i>It's going to get really interesting when the first wave of boomers begin officially collecting socialist security, ... >>
So I assume that you will decline your social security checks/Medicare when the time comes? >>
As a matter of fact I will.
And you? Love that socialism huh? >>
If you do, I applaud you for practicing what you preach.
Me? No, I don't love socialism. I'm basically conservative and a big believer in personal responsibility. Social Security's original purpose, as a saftey net for retirement income, has been perverted by our government leaders, especially the latest one, into a welfare system. I've personally paid in almost $100,000 into and, at age 45, don't expect to ever see a dime of it. I would like my money back though. I'm sure I could do a much better job of investing/protecting it than any government could ever do. >>
It sounded like an attack of sorts so I'm sure you can appreciate my reply
Far as the conservative issue and quite frankly I'm not aware of any "conservative" ever being a fair representative of freedom, free markets or anti-socialism. Conservatives sure as hell aren't Libertarians or a reflection of the founders at all. But I'm not trying to get into a peeing match with you on political matters.
However this country IS socialist and it's progressive tax policies which of course is one of the planks in the communist manifesto are already beyond what the communists could come up with in China, Vietnam etc. However there's a debt as well which guarantees higher and more vague taxes as time ticks on, and the first wave of boomers collecting this "social security" will hopefully start the tipping point.
Maybe people will wake up although I'm not banking on that at all.
Lenin once said when asked when there will be a military confrontation with the US, answered there will NEVER be such a confrontation. All that needs to happen is a breakdown of language and America will break down from inside. As much of a scumbag as lenin was, he was right about that one.
Ever notice how we've become a "democracy" as one case in point?
Ha!
So while even communist countries seem to have begun to realize the folly and immoraility of socialism and have begun to change , we seem to continue that march toward communism and have surrendered to it without so much as an argument. Heck most wouldn't even know what to argue about . What a shame.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
After promising cuts, legislators actually hiked property taxes in spring session
By Anthony Man
Political Writer
Posted May 21 2007
TALLAHASSEE · The Florida Legislature ended its annual session without achieving its No. 1 goal: reducing property taxes. Legislators did, however, vote to increase property taxes by $546 million.
It happened because of the way Florida allocates money for schools. The new state budget, effective in July, increases spending on education and orders local school boards to charge higher property taxes to pay for it.
Unlike other locally elected commissioners and council members who make tax decisions, school board members don't determine how much in property taxes goes to schools. State legislators make that decision by setting the "required local effort," which is the amount of local property taxes school boards must impose.
The required local effort in the new state budget is $9.7 billion, a 7.2 percent increase from the current year's budget. That works out to $546 million in additional property taxes.
MORE AND HIGHER TAXES TO COME
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
We have seen subsequent generations enjoying better life styles then their parents.
We have enjoyed what has been called the American Generation. All good things eventually
come to an end. We have lost much of our industrial base and with it many of the jobs that made
up the middle class. We have outsourced an ever increasing number of skilled jobs and are beginning to
see the beginning of the end of the golden era.
We are on the eve of knowing hardships, shortages, political divisions and world instability. It is more then a question,
of whether or not we can endure. It is the question of whether we can prevail. I am an old man, but I believe that the
American People have the toughness, creativity , tenacity and courage to meet whatever the future holds. In time, we as a people,
will be called upon to prove how good and noble we truly are. I believe that we will meet that challenge and come through the trials
and ordeals that lie ahead of us.
Camelot
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Camelot
and ordeals that lie ahead of us."
////////////////////////////////////////////////////////////////////////////////////
Most folks likely will, MANY will not.
YES! Americans are far better off than at any time in our history. There is greater opportunity for more people than at any time in our history.
If there is any "mythology" in bear's post, it relates to our industrial base. The creativity, ingenuity, and intellectual capital controlled by American business is extraoridnary, and will be an engine of prosperity for years to come. We will continue to let others compete in the older industries while we innovate -- in biotech, nanotech, computer software, agribusiness, synthetic materials, aerospace, pollution control, not to mention services that are in fact essential to the health of a modern economy (banking, insurance).
The problems we face today are of course very real, and will require resources and dedication to solve. But they are no worse than those faced by prior generations. On the other hand, the opportunties have never been greater.
<< <i>"Since WW 2, this Nation has known a golden era ,of improving standard of living."
YES! Americans are far better off than at any time in our history. There is greater opportunity for more people than at any time in our history.
. >>
The only thing that's greater is the size of government which makes even the most devout communist blush.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
How about the following:
(1) The number of African Americans who have attended college
(2) The number of women in business or the professions
(3) The number of Americans who have had the opportunity to travel abroad
(4) The number of homes with air conditioning
(5) The number of self-made millionaires (adjusting to real dollar terms, of course)
(6) The number of people with access to antibiotics
(7) The number of safe cars on the road
(8) The number of people who can afford air travel
(9) Access to entertainment - whether it is books, movies, TV, sports
The list goes on and on and on; postwar America is the most free, fair, successful large scale society ever conceived.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>"Since WW 2, this Nation has known a golden era ,of improving standard of living."
YES! Americans are far better off than at any time in our history. There is greater opportunity for more people than at any time in our history.
If there is any "mythology" in bear's post, it relates to our industrial base. The creativity, ingenuity, and intellectual capital controlled by American business is extraoridnary, and will be an engine of prosperity for years to come. We will continue to let others compete in the older industries while we innovate -- in biotech, nanotech, computer software, agribusiness, synthetic materials, aerospace, pollution control, not to mention services that are in fact essential to the health of a modern economy (banking, insurance).
The problems we face today are of course very real, and will require resources and dedication to solve. But they are no worse than those faced by prior generations. On the other hand, the opportunties have never been greater. >>
The eventual oil depletion will perhaps be the greatest challenge ever faced
by an industrialized economy but I believe we'll find our way through it. Oth-
erwise I agree with you 100% and couldn't have said it better.
to edit stealth post
-optimists who take purposeful action to enhance their own and others' results
-pessimists who take purposeful action to minimize the negative impact of perceived problems
and
-complainers who enjoy being cynical and feeling "in the know" but actually DO little about any of it.
Liberty: Parent of Science & Industry
Camelot
True inflation is actually running closer to 10% then the announced 3%
Unemployment and underemployment is closer to 8% rather then then 4%.
Why is the great breadbasket of the world, importing food products from China
without adequate checks and safeguards.
Why has GM gone from 50% of domestic market to 25%.
In the event we had to go to a wartime footing , the industrial base of production
is much reduced from prior potential.
Why is a Nation of 300 million,defended by an Army ,that is too small for our world wide
interests.
Why are drug companies allowed to sell products with serious and deadly side effects
with out adequate warnings to the medical profession and consuming public.
Why are the pension plans of so many companies unfunded and underfunded.
Why are our borders to poorly protected.
Why has their been no solution to the proper solution of funding Medicare and Soc Sec.
Why in 1960, could a common laborer earn enough money to support a family and buy
a home. How come today, a college graduate with an income close to 6 numbers, be unable to
buy a house.
Why are so many people in debt, that is getting larger by the day
Why is the credibility of government at the lowest level since WW 2.
Why are credit companies allowed to charge 21% a year. What happened to the old anti usury laws.
Why are oil companies allowed to earn profits of 25 - 50 billion dollars a year and yet their are no excess
profits taxes. Why are these same companies granted tax considerations for drilling for oil when the profits are
clearly more then enough to do so.
Why isn't their a 100 billion dollar program to develop and insure safe, cost effective and available alternative
fuel.
Why are American cars allowed to list SUVs as trucks and get only 16 miles a gallon while Foreign cars of the same
description are getting 25 miles a gallon. Why aren't Cars sold in the USA getting 40 miles a gallon as they do in Europe.
Why are oil companies allowed to limit the number of refineries, to tighten gas supplies and keep gas prices at a high level.
Why is the old Standard Oil Company, being allowed to merge itself back into existence.
Yes,there are a lot of problems to solve. We are like the story of the"Choo Choo Train that Could."
The answer is that we have too many politicians that say "I could if I would, but I won't" others say
"I wish I could but I can't" . Too few that say"I think I can and I will try"
Camelot
Camelot
////////////////////////
Under communism, man exploits man; under capitalism, it’s the other way around.
Camelot
<< <i>The Nation is inflating the amount of currency by over 10% a year.-----Cool more money for everyone.
True inflation is actually running closer to 10% then the announced 3%---If you throw out efficiency and technological advances then you may be close.
Unemployment and underemployment is closer to 8% rather then then 4%.----Many people are undesirable as workers. You wouldnt want them working for you even if they paid you.
Why is the great breadbasket of the world, importing food products from China
without adequate checks and safeguards.---We import because we want their products. The safeguards we have in place are very adequate. You have a better chance of getting sick from eating at your local McDonalds.
Why has GM gone from 50% of domestic market to 25%.----I could write a 10 page dissertation on this but I hate to write. It can be summed up in one word--EGO. Management and the unions created the mess.
In the event we had to go to a wartime footing , the industrial base of production
is much reduced from prior potential.----Fighting a war today is not like in WWII. We dont need thousands of tanks and armored vehicles. Just a few airplanes and snipers.
Why is a Nation of 300 million,defended by an Army ,that is too small for our world wide
interests.---Again, we do not need a million man army. We just need the politicians and media to get out of the way.
Why are drug companies allowed to sell products with serious and deadly side effects
with out adequate warnings to the medical profession and consuming public.---It takes many years for a drug to make it to market. They go through very rigorous testing and more than 90% of all drugs being developed do not even make it to market. I believe most would argue that the benefits outweigh the risks.
Why are the pension plans of so many companies unfunded and underfunded.----Because they drug companies that pump out so many harmful drugs allow people to live longer.
Why are our borders to poorly protected.---Great question. Take it up with your congressman.
Why has their been no solution to the proper solution of funding Medicare and Soc Sec.---Because it would take away 100's of billions of dollars of pork away from your local politician.
Why in 1960, could a common laborer earn enough money to support a family and buy
a home. How come today, a college graduate with an income close to 6 numbers, be unable to
buy a house.----Because everyone wants to live beyond their means. The average size of a house in 1960 was about 1200 Sq Ft. Today it is 2000 sq ft. Everyone wants to keep up with the Jones's.
Why are so many people in debt, that is getting larger by the day----See the answer above.
Why is the credibility of government at the lowest level since WW 2.----I think research would show that govt has always been hated.
Why are credit companies allowed to charge 21% a year. What happened to the old anti usury laws.---If you dont like the interest rate then dont take the card. If you can only get a card with 21% then you shouldnt be trying to get a card in the first place.
Why are oil companies allowed to earn profits of 25 - 50 billion dollars a year and yet their are no excess
profits taxes. Why are these same companies granted tax considerations for drilling for oil when the profits are
clearly more then enough to do so.----Why is GM allowed to make $5000 on the car you are driving? Profit margins in oil are very low in relation to other industries. MSFT makes 80c of every dollar they sell. The perfect situation would be that no company ever make a profit. Then the cost of goods would be very low. This is called communism.
Why isn't their a 100 billion dollar program to develop and insure safe, cost effective and available alternative
fuel.----GE has the technology to turn coal into fuel. For $1 trillion dollars enough plants could be built to get the US completely weaned off oil. I think it is worth it. But do you think the rest of America would go along? We would rather subsidise the lives of people who live in uninhabitable regions of the world.
Why are American cars allowed to list SUVs as trucks and get only 16 miles a gallon while Foreign cars of the same
description are getting 25 miles a gallon. Why aren't Cars sold in the USA getting 40 miles a gallon as they do in Europe.------Have you ever seen a Fiat Polski? Skateboards are bigger. Americans want powerful cars, hence larger motors and less fuel economy. Most of the cars sold in Europe are the same as those in the US. They just sell under a different name. Have you ever seen an accident involing a small car? It aint pretty.
Why are oil companies allowed to limit the number of refineries, to tighten gas supplies and keep gas prices at a high level.----Stop using gasoline and watch the price drop.
Why is the old Standard Oil Company, being allowed to merge itself back into existence.---Efficiency. These large profits would not be attainable if not for mergers
Yes,there are a lot of problems to solve. We are like the story of the"Choo Choo Train that Could."
The answer is that we have too many politicians that say "I could if I would, but I won't" others say
"I wish I could but I can't" . Too few that say"I think I can and I will try" >>
You sum it up well when you state politicians are to blame.
Knowledge is the enemy of fear
What is happening to the US right now is just the natural Evolution of a Superpower.
They've gone from Infancy (1776 to 1880) to adolescence (1880 to 1930) to maturity (1930 to 1970) and now the US is in their senior years.
I truly believe that the US (like England in the early 1900's) is at the end (or the beginning of the end) of being a Superpower.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
"The Totalization Agreement could make as many as 1.6 million Mexican workers and dependents eligible for U.S. Social Security benefits by 2040. Dependent family members could be eligible for benefits without having ever worked in -- or even having visited -- the United States."
having ever worked in -- or even having visited -- the United States."
////////////////////////////////////////////////////////////////////////////////////
While the beneficiary-base is expanded by the "agreement,"
the benefits described already exist for participants in the
current scheme.
Foreign-national "dependents" of SS contributors are eligible
to apply for and receive certain "survivor benefits."
The net profit margin for the oil companies is still about 10%. The billions of dollars in profit is due to unbelievably increased volume of sales to countries like India and China.
Does everyone understand the difference between profit margin and net profit?.
Should I be upset that Legend and other large volume companies make much more profit than I do even though their profit margin is probably lower?
The oil companies can't build any additional refineries for the same reason they can't drill offshore and ANWR. The environmental lobbies will not permit it and the neighbors scream NIMBY! Dave W
The priceless ingredient in any coin transaction is the integrity of the dealer.
David J Weygant Rare Coins website: www.djwcoin.com
Why in 1960, could a common laborer earn enough money to support a family and buy a home.
In 1960 we were common laborers and couldn't afford a home on one income. My grandparents couldn't in 1940, either. Not sure where the "one income was enough" rumor started.....
Common laborers earned less than $1.00 per hour and definitely could not afford a new home.
Those were not the good old days by any stretch. Dave W
The priceless ingredient in any coin transaction is the integrity of the deale.
David J Weygant Rare Coins website: www.djwcoin.com
most of my friends and I support our families on one income, own homes and even rental property, and are basically living the American Dream, doing much much better than our parents (who in turn did a lot better than theirs).
maybe the "average family" should work a little harder, save a little more, buy less crap they don't need, take fewer vacations and meals out, borrow less on credit, and delay gratification a little longer in order to build some assets before they start complaining they can't "make it"
Liberty: Parent of Science & Industry
I doubt there are many. Yet that is a FACT when considering a yardstick to measure progress.
In actuality, it only requires saving up (or investing to get) a measly 100k per decade of age.
e.g. Age 40-$400,000
Age 60 - $600,000
Minimum.
Even CIVIL SERVICE drones are getting bad news on health insurance. So maybe it would have been prudent not to spend EVERY penny.
And if you are counting on a 401K, you better make sure that it is one that you control and not the employer.
Bearing in mind that Social Security will be phasing out and that inflation will even exceed that, I'd say that most are not keeping up.
Kudos to those who are.
Edited to add that those figures do not include residence and assume that it is PAID OFF at retirement.
<< <i>In Broward County Florida, in 1954, the year we got married, I made $3.00 an hour as an electrician and my wife made $40 per week as a bank clerk. We could barely afford the down payment of $750(we saved for a year) for a brand new $9300 home. The payments were $60 per month and any time I missed a few days work we fell behind and had to pay late fees. >>
40 X $3.00 (walkerman's wages) = $120 + $40.00 (wife) = $160.00 per week X 4 weeks = $640.00 per month.
Walkerman your house payment was a mere 10% of your monthly income? Somebody must have had a serious coin addiction early in life!!
Tyler
Liberty: Parent of Science & Industry
I won't argue that most Americans spend too much and are not ready for retirement but to assume you need a million bucks to retire comfortably to a small home in middle America is crap.
Now maybe you want annual trips to Europe and a 3000 Sq ft home on the greens, Ok, better save up but most couples (no kids) can retire real well in middle America on a lot less than 70% of pre-retirement income. Even with the reduced social security (i paid it and ill take it) living in a modest home with no payment would not require a $50,000 a year reduction in savings.
Anyway, Wal-Mart and McDonalds are "senior friendly".
ARCO
it may be a suprise but back the the idea of 30-40% or more of your income on a house payment was idiocy. People did not need a 3000 sq ft home for a family of 4 and with interest rates around 3-3.5% payments were a lot less. Then again , the idea of living on credit cards was not considered normal either.
<< <i>Why are American cars allowed to list SUVs as trucks and get only 16 miles a gallon while Foreign cars of the same description are getting 25 miles a gallon. >>
That is the answer to :
<< <i>Why has GM gone from 50% of domestic market to 25%. >>
Hi Walkerman,
I moved to Broward County in 1974...In my opinion, it was, (At that time) paradise.
I can only imagine what it was like in 1954.
Well, I am back from a trip overseas. I can see there have been some interesting things posted while I was gone.
My trip was a long one 33 days that included Spain, Portugal, Greece, and the Greek Islands, Italy, and part of Turkey.
I gathered lots of information about the U.S., and the down in the trenches economies of these places, and talked to many ordinary folks. I hope you find some of this interesting and would love to here your comments.
First my last long trip of this type to other parts of Europe was in 2000, and my how the other side of the world has changed. On that trip the dollar was king, and goods, services, gas, collectable coins, and most other things were cheap.
Part of this trip was on a ship across the Atlantic, and then by land, and air. The very first thing on boarding the ship we were all warned that the dollar would not be accepted where we were going, and there were change machines provided on board to exchange dollars to Euros. The machines on the ship were calibrated each day with world exchange rates, ands of course those rates were bank rates, and not those posted on Kitco.
The machines would only exchange $900 U.S. dollars in one transaction so I exchanged $900 and got back $605 Euros, my transaction fee was $3.50.
The ship folks were correct as far as the Dollar being unwelcome. Only in Turkey were any items priced in dollars as well as Euros. Everywhere else no one took dollars as payment for anything.
As a general rule we found NO anti-American sentiment among the local people. In general I would say that most of the populations of the cites we visited were just to busy dealing with their day to day stress to think to much about us, the war etc.
Everywhere we went the prices of food, lodging, gas, etc. was very expensive. Gas in most places was $6 to $7 dollars per gallon, and most all of the cars and transportation had been down sized to cars half the size you would see here. More than half the populations, including the women, in the big cites drive motorbikes and scooters, not many bicycles now, just to dangerous.
If you think we have an immigration problem here you should see things in the parts of Europe we visited. Nearly half of the populations of the locals in the big cities were foreigners. People from Asia, Africa, and the Middle East made up the bulk of the work forces, all speaking their own languages and living in their own areas.
As far as good art, coins, and antiques, at any reasonable prices, there were none. Anything of real value is being held onto buy the locals, or hoarded. The few coin shops we did see had nothing but moderns, and gold and silver bullion at 20% over spot.
Several of the folks we talked with said that average pay for working people run from $1,000 to $1,500 Euros per month, and I would say as a general rule of thumb that everything was nearly double in cost of things here in the U.S. Honestly I don’t see how they make it month to month except that they just do with a lot less. Among the general populations there were not many fat people. There were also not many smiling faces.
The crowds of tourists were just out of control, and our trip was considered in the off-season from April to the end of May. The complexion of the tourist make up had changed drastically. In 2000 most of the tourists we ran into were Americans, English, Canadians, and Japanese. On this trip many tourists were from China, India, other parts of Asia and the Middle East.
In Greece at the Acropolis, a tourist’s riot ensued just as we left, as the authorities shut the place down because of the thousands of people trying to get up the small walkways.
In Florence the six acre Main Square had ten thousand people plus waiting in three-hour lines to get in the museums. The Vatican now has 30,000 visitors per day and the waiting lines, for the $12 Euro tickets, are two hours long.
The trains and subways are standing room only, in some cases a person could die and not be able to fall over until nighttime when the train pulled back into the station.
Socialism, and the unions Have control of everything there that works, and if their demands are not kept up with they just refuse to work. In Naples’s the garbage workers have refused to pick up the trash for 3 weeks, and the whole city looked like a garbage dump. In Rome the cab drivers all went on strike while we were there, and no one could get to the airport, that did not matter much since the Italian airline was on strike also.
Many of the folks we talked with said that all the taxes they were paying totaled about 70% of their income. Yes they all had free health care, but except for life and death emergencies, the wait to see the doctor was 5 weeks average.
We managed to get back across the ocean last night on air India. This was a super jumbo jet out of India with connections to Germany, and then to Chicago. The plane was totally full with nearly 500 passengers, and 95% were Indians coming to the U.S. for work. The fellow we set next to said that the Indian inflation is now so bad that real-estate in the major cites was increasing at a rate of 100% per year. He was a computer specialist headed to St. Paul to a new job.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Had they seen how most of the world lives, had they travelled to Europe, South America, Asia, and especially, Africa, they'd love and cherish our way of life, shut the hell up with their negativity, be proud and humble and grateful for all we have, and get back to work thankful for our way of life.
Liberty: Parent of Science & Industry
Thank you for your comments!
Yes indeed my wife and I was very happy to get back to the good old U.S.A.
In fact every tourist we talked to wanted to get out and go home as soon as they could. Most were on tours or had hotel commitments, and so were determined to gut it out.
This was another big difference from our other trips were most folks we met did not want to go home. In fact nearly everyone we talked to said they were not going to make any plans to travel abroad for a long time.
After leaving the ship, and going into the cites by land, it did not take us long to figure out we needed to find a grocery store and make cold meals in our room. Breakfast ran about $35.00 U.S. for just enough to get by, lunch was $45 and dinner was $60.00 for two people.
Once we found the grocery store we also found the tourists, all complaining that they we going broke just buying meals.
Regardless of all the controversies surround our big American chain stores, like Wal-Mart, Home Depot, etc. thank goodness we have those. In addition most of the grocery stores we found could be placed 5 or 6 times in one of our giant super markets.
One additional note on collectables, our guide in Turkey was a professional archeologist, and I ask him if they were able to build collections of coins and artifacts, in Turkey, Greece, and some of the other places he worked. He looked at me in astonishment and said absolutely not. In Turkey any thing found of any value, or age, had to be turned over to the government, and sometimes they would pay a ten percent finders fee. The penalty for keeping something you found was stiff jail time, and no collectors dare even buy items for fear the government would say they found it.
On our tour of part of Turkey we saw many very early Christian ruins, some where Mary had lived, and even some of the first Christian churches, all of these were full of weeds and undug. When I ask our guide why the property owners had not excavated these, he said they were afraid to go to jail so they just plant their fields around them.
Because of the lack of health screening and control of immigrants in many places the health officials are absolutely paranoid. In the train and subway stations there were restrooms, which all cost about $1.30 U.S. to use. You put you money in and the door opens and only one person can go in as the door locks. After you leave a big door slams behind you, and water sprayers and disinfectants spray the entire room for several minutes before the next customer is allowed in.