Home› Precious Metals

The Daily Crux: US Treasury to default in 2011...

RedHerringRedHerring Posts: 2,077 ✭
in Precious Metals
...I realize many are predicting a collapse of the USD. Most give it 10 years, give or take a few. Well my sister works for Bank of America (formerly Merrill Lynch) and this is not a hoax. If you have an hour to spare keep reading.

The link below will disturb you. I don't agree with everything in it, but do agree with the underlying principle. We are in trouble and might have less than 1 year before another financial Armageddon that will make 2008 look like small potatoes.

Here's the link. Viewer discretion is advised.

Link to video

Comments

  • 1jester1jester Posts: 8,637 ✭✭✭
    It's long as heck! I'm still wading through it, and it has plenty of valid information in it but if you follow the threads here, there's nothing new presented.

    imageimageimage
    .....GOD
    image

    "Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9

    "Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5

    "For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
  • percybpercyb Posts: 3,324 ✭✭✭✭
    I've never heard of this guy.
    "Poets are the unacknowledged legislators of the world." PBShelley
  • carew4mecarew4me Posts: 3,470 ✭✭✭✭
    This a a sales pitch for a report..don't waste your time

    Loves me some shiny!
  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    A written essay in sideshow format. I kept waiting for the "video". It's ok, but I could read the whole thing in 1/6th the time spent without the hand-holding.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • percybpercyb Posts: 3,324 ✭✭✭✭


    << <i>It's long as heck! I'm still wading through it, and it has plenty of valid information in it but if you follow the threads here, there's nothing new presented.

    imageimageimage >>



    Could we get an abridged version or a summary? image
    "Poets are the unacknowledged legislators of the world." PBShelley
  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    Could we get an abridged version or a summary?image

    The currency's crap, we've lived beyond our means, the government is going to hyperinflate and watch your rear.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • BearBear Posts: 18,953 ✭✭✭
    I will believe it, when I hear it from the beak of Chicken Little.
    There once was a place called
    Camelotimage
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Found most of it interesting....until the sale's pitch was made to sign up for a newsletter. Wonder what the world's most valuable asset is that only 1% of the people know about? An ounce of unobtanium?

    I've read articles by this guy over the years. And my recollection has been that he has been pretty accurate with PM's and the financial markets. A 10 page letter to read would have been preferable.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • renman95renman95 Posts: 7,037 ✭✭✭✭✭
    When the currency craps out and we are down to barter, what's better...90% silver coins that are familiar or Pucks bought at $60 per ounce?

    image
  • RedHerringRedHerring Posts: 2,077 ✭


    << <i>When the currency craps out and we are down to barter, what's better...90% silver coins that are familiar or Pucks bought at $60 per ounce? >>



    Those big pucks are sweet but I'll take 90% or ASE. image


    Defaulting in 2011 is highly unlikely; the author is getting his Nostradamus prediction in early just in case. He probably believes it will be a few years away and is staying on the safe side!

    From what I've read and studied (currently finishing up my MBA), the USD has 10-12 years left tops. It could easily be only 5-6 years though. If I were a betting man, I'd put down 2017 as the year the dollar dies.
  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    << When the currency craps out and we are down to barter, what's better...90% silver coins that are familiar or Pucks bought at $60 per ounce? >>

    You can't threaten to bop someone over the head with a Merc Dime.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • percybpercyb Posts: 3,324 ✭✭✭✭


    << <i>Could we get an abridged version or a summary?image

    The currency's crap, we've lived beyond our means, the government is going to hyperinflate and watch your rear. >>

    LOL!!!image
    "Poets are the unacknowledged legislators of the world." PBShelley
  • percybpercyb Posts: 3,324 ✭✭✭✭


    << <i>When the currency craps out and we are down to barter, what's better...90% silver coins that are familiar or Pucks bought at $60 per ounce?

    image >>



    Well, if you want to buy loaf of bread, bring in the silver PUCKS. If you're looking for a pack of gum, use your 90% silver. image
    "Poets are the unacknowledged legislators of the world." PBShelley
  • calleochocalleocho Posts: 1,569 ✭✭
    The dollar is backed with a little more than faith in the USA.

    We have a rich country with plenty of natural resources, we are among the top producers of grains, poultry, beef, oil and a boatloaf of other stuff.

    We also have the biggest ecocomy in the world and also the biggest military just in case.

    We have a fantastic infrastucture system country wide as well as top schools in all fields.

    We also have a decent judiciary system to protect our rights.

    So ..while we have lots of problems and out bedt levels are way out of balance, we also have many assets.

    "Women should be obscene and not heard. "
    Groucho Marx
  • calleochocalleocho Posts: 1,569 ✭✭
    Lets look at our competition for a second.

    Europe- higher debt levels than the US as per GDP...huge Muslin emigration that does not integrate well...higher social programs than the US.

    The euro will not replace the dollar, its a new currency that has yet to withstand strong winds.

    Latin America, Middle East , Africa .....No.

    Canada, australia, ...too small.

    Japan and Russia ...both are dying ...they are getting older and not having enough babies.

    China, India , brazil. ....one of these might eventually do it but they are nowhere near at this time. The lack expertise and military might...and lets face it inflation is worse in all of these counties than at the US...

    What most likely will happen will be a slow death akin to that of the UK british pound...we will still be influential but we stop being the top dog after a while.

    "Women should be obscene and not heard. "
    Groucho Marx
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    <We have a fantastic infrastucture system country wide as well as top schools in all fields>

    I couldn't disagree more. We are losing about every race and are falling behind badly. I would have to say we have a lousy infrascture in the US. This needs to change now. MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • calleochocalleocho Posts: 1,569 ✭✭
    I agree with you ...but its a simple fix.

    The money we spend on iraq and afganistan could easily improve all of our infrastructure within a decade,
    "Women should be obscene and not heard. "
    Groucho Marx
  • RedHerringRedHerring Posts: 2,077 ✭
    As you know, the underlying trillions, tens of trillions in USD, of debt of the books and growing by the second will spell the end of the USD within 10 years. I envision a combined Euro/Amero currency for all of Europe and North America, the entire Western World really. We got out of trouble this time because we own the printing presses and can create virtual money to cover our arses. We won't be able to do that next time and next time may be closer than you think.




    << <i>We also have a decent judiciary system to protect our rights. >>



    When martial law kicks in, there go your rights. I'm not trying to scare anybody. Just be prepared. PMs are one part of being prepared. It might not happen but odds are it will.........
  • morgansforevermorgansforever Posts: 8,461 ✭✭✭✭✭
    <<We have a fantastic infrastucture system country wide as well as top schools in all fields.>>

    Ever drive through RI?
    Most highways and bridges were built during the Eisenhower years,
    with a shelf life of 50-60 years. Aren't we there now?
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • calleochocalleocho Posts: 1,569 ✭✭
    Have you seen what happens to anyone who disagress with the goverment in China? Even our low profile message board would be shut down in a heart beat over there.

    Have you seen the roads in India?


    If all it takes is a little building than we should be alright ...plus who knows it might actually add a few jobs ...seems like great idea!

    debt is relative to the assets we have as a nation, dont we have incredible amounts of land, minerals, oil?

    Perhaps the most important asset we have is the working american ....among the most efficent, hard worker and innovative in the world.

    and while it not might be pretty we still have room for more taxes, something our European friends are about to run out of.
    "Women should be obscene and not heard. "
    Groucho Marx
  • percybpercyb Posts: 3,324 ✭✭✭✭


    << <i>The dollar is backed with a little more than faith in the USA.

    We have a rich country with plenty of natural resources, we are among the top producers of grains, poultry, beef, oil and a boatloaf of other stuff.

    We also have the biggest ecocomy in the world and also the biggest military just in case.

    We have a fantastic infrastucture system country wide as well as top schools in all fields.

    We also have a decent judiciary system to protect our rights.

    So ..while we have lots of problems and out bedt levels are way out of balance, we also have many assets. >>



    You're looking in the rear view mirror. We have the largest debt in the history of the world. This does not bode well for the country. When the economy collapses, the judiciary system and all else will fail.
    "Poets are the unacknowledged legislators of the world." PBShelley
  • 1jester1jester Posts: 8,637 ✭✭✭
    And besides that, we need to unchain ourselves from the multiple millstones around our neck if we are to swim out of this mess.

    imageimageimage
    .....GOD
    image

    "Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9

    "Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5

    "For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
  • calleochocalleocho Posts: 1,569 ✭✭
    There will have to be some "unpleasant" measures taken to curb our debt levels.

    But the idea that the dollar might die anytime soon is not realistic...during the worst of the 2008 banking crisis the world the only asset that rose while ALL other fell was the US dollar.
    "Women should be obscene and not heard. "
    Groucho Marx
  • calleochocalleocho Posts: 1,569 ✭✭
    The average Chinese

    The Mother of all bubbles will come once the Chinese figure out how to really abuse credit ...they want all the things we have and they want it now.

    "Women should be obscene and not heard. "
    Groucho Marx
Sign In or Register to comment.