That is ASTONISHING! Are these morons INCAPABLE of thinking ahead? Of realizing that their short term decisions have long term consequences?
My only question to you, Captain, would be why should people get physical assets like Gold? For one thing, the government can also confiscate gold - they've already done that in the past. For another, gold has no real value other than what people pretend it has, mostly because of jewelery and such. Some new trend could easily cause gold to be less popular, thus decreasing its value. And from what I've read, if you were to take all the gold in the world, you could fit it into two Olympic size swimming pools. Considering that they are still mining, they could potentially find a mine with x10/x100/x1,000 more gold. So while I agree that putting your money in a bank is a bad idea, are physical assets REALLY any better?
I recently switched from buying silver in rounds in favor of 10oz bars. The markup is much less and I finally can relate to the phrase keep stacking. I keep hearing so called experts say you need to find somewhere off shore to store your assets. It doesn't do you much good when the country they're in decides to confiscate them, for the children of course.
On the surface, it seems sad- she got beaten brutally by her alpha boyfriend and he gets off free...but she KNEW he was a violent thug! Our society laughs at men who die through their own stupidity (look at the Darwin awards) but this lady should be a female recipient. It's like a burn victim sitting on an open flame.
I am a Cypriot. Late last year I managed to sell off some family assets and asked my bank to put most the proceeds towards completely one housing loan we still had in the family, and the rest towards the other one. My banker went on and on about how he could get me a good deal on deposit interest, and how that would pay most of the interest on the housing loan, and I'd still have my money in the bank, and so on. I insisted to pay off the loans and when he asked me why I was being so insistent, when it was obvious I was being offered a great deal, I replied "Two words: Argentina 2002". He replied... but of course you can guess...
"But the Republic of Cyprus is part of the Eurozone! Thinking something like that can happen here is pure paranoia!"
I explained to my banker that I preferred paranoia to poverty, and would the bank therefore please take my money and pay off my loans thank you very much. Needless to say, I am happy I averted a 9.9% loss on that amount, which would have amounted to most of a year's income for me. I and my family have still taken a 6.75% loss on smaller deposits - amounting to about two months' of my income. I'd be glad to write that off to saving the country's banking system and finances, but I am afraid it won't work. When the banks open on Tuesday (Monday is a holiday here, the beginning of Lent) who is to prevent a massive bank run, which will put the bank liquidity issues right back to where they were before the bailout? And if draconian bars are placed on transactions to prevent this, will that not destroy any remaining faith in the very banking system these measures are meant to bail out, quite besides the effect on the economy - which is in enough trouble as it is?
This is a huge deal. Big depositors will now be forced to try to find the most stable banks, small delositors have 0to incentive to keep money in banks. Cyprus is a little country, maybe the moron masses will miss this it this time, but not likely if/when happens in Spain/Ireland/France/Italy. Nothing like a good old fashioned bank run to get the juices flowing. Enjoy the Decline!
There aren't a whole lot of good options for "real assets" which would have to be liquid enough to be traded relatively easily and retain value (unlike baseball cards or most other arbitrary collectibles).
Property is overpriced most places. As Bob mentioned gold can be confiscated. During the big war it was cigarettes and chocolate but I don't think we need to start stocking up on that yet.
Is there any doubt that the Socialists over here aren’t thinking of the very same thing?
What’s to stop them? They can pay off a majority of the voting population with money stolen from the people who make it.
So where to we go from here? Aside from lighting up torches and grabbing pick forks there are few options.
Right now the only thing that can be done is to show the looters what will happen if they go too far.
If that takes place the people who contribute to the tax base will cease doing so.
Perchance this needs to be demonstrated to the powers that be with Labor actions by the achievers in our society.
Perchance the way to cease the coming train wreck is for the paying passengers to yank on the brake line with a general strike on the most appropriate day around – Tax day.
Any suggestions?
ReplyDeleteHoly excrement Batman! And here I thought gold was likely to start falling in value. Not likely now.
ReplyDeleteYou don't think they talked about this in MBA school do you? :LOL:
ReplyDeleteYeah, make fun of the Austrians. We will see who has the last laugh though we all be suffering.
That is ASTONISHING! Are these morons INCAPABLE of thinking ahead? Of realizing that their short term decisions have long term consequences?
ReplyDeleteMy only question to you, Captain, would be why should people get physical assets like Gold? For one thing, the government can also confiscate gold - they've already done that in the past. For another, gold has no real value other than what people pretend it has, mostly because of jewelery and such. Some new trend could easily cause gold to be less popular, thus decreasing its value. And from what I've read, if you were to take all the gold in the world, you could fit it into two Olympic size swimming pools. Considering that they are still mining, they could potentially find a mine with x10/x100/x1,000 more gold. So while I agree that putting your money in a bank is a bad idea, are physical assets REALLY any better?
I recently switched from buying silver in rounds in favor of 10oz bars. The markup is much less and I finally can relate to the phrase keep stacking. I keep hearing so called experts say you need to find somewhere off shore to store your assets. It doesn't do you much good when the country they're in decides to confiscate them, for the children of course.
ReplyDeleteSchandenfreude (sp?) alert here.
ReplyDeletehttp://www.dailymail.co.uk/news/article-2293284/Toby-Hayden-spared-jail-beating-Loretta-Butterworth-card-declined-cash-machine.html?ICO=most_read_module
On the surface, it seems sad- she got beaten brutally by her alpha boyfriend and he gets off free...but she KNEW he was a violent thug! Our society laughs at men who die through their own stupidity (look at the Darwin awards) but this lady should be a female recipient. It's like a burn victim sitting on an open flame.
I am a Cypriot. Late last year I managed to sell off some family assets and asked my bank to put most the proceeds towards completely one housing loan we still had in the family, and the rest towards the other one. My banker went on and on about how he could get me a good deal on deposit interest, and how that would pay most of the interest on the housing loan, and I'd still have my money in the bank, and so on. I insisted to pay off the loans and when he asked me why I was being so insistent, when it was obvious I was being offered a great deal, I replied "Two words: Argentina 2002". He replied... but of course you can guess...
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"But the Republic of Cyprus is part of the Eurozone! Thinking something like that can happen here is pure paranoia!"
I explained to my banker that I preferred paranoia to poverty, and would the bank therefore please take my money and pay off my loans thank you very much. Needless to say, I am happy I averted a 9.9% loss on that amount, which would have amounted to most of a year's income for me. I and my family have still taken a 6.75% loss on smaller deposits - amounting to about two months' of my income. I'd be glad to write that off to saving the country's banking system and finances, but I am afraid it won't work. When the banks open on Tuesday (Monday is a holiday here, the beginning of Lent) who is to prevent a massive bank run, which will put the bank liquidity issues right back to where they were before the bailout? And if draconian bars are placed on transactions to prevent this, will that not destroy any remaining faith in the very banking system these measures are meant to bail out, quite besides the effect on the economy - which is in enough trouble as it is?
This is a huge deal. Big depositors will now be forced to try to find the most stable banks, small delositors have 0to incentive to keep money in banks. Cyprus is a little country, maybe the moron masses will miss this it this time, but not likely if/when happens in Spain/Ireland/France/Italy. Nothing like a good old fashioned bank run to get the juices flowing. Enjoy the Decline!
ReplyDeleteThere aren't a whole lot of good options for "real assets" which would have to be liquid enough to be traded relatively easily and retain value (unlike baseball cards or most other arbitrary collectibles).
ReplyDeleteProperty is overpriced most places. As Bob mentioned gold can be confiscated. During the big war it was cigarettes and chocolate but I don't think we need to start stocking up on that yet.
What's the over/under on the remaining lifespan of the Euro now? I'd guess the 6-12 month range...
ReplyDeleteAnonymous said...
ReplyDeleteAny suggestions?
guns...high-end guns and a big safe to keep them
Is there any doubt that the Socialists over here aren’t thinking of the very same thing?
ReplyDeleteWhat’s to stop them? They can pay off a majority of the voting population with money stolen from the people who make it.
So where to we go from here? Aside from lighting up torches and grabbing pick forks there are few options.
Right now the only thing that can be done is to show the looters what will happen if they go too far.
If that takes place the people who contribute to the tax base will cease doing so.
Perchance this needs to be demonstrated to the powers that be with Labor actions by the achievers in our society.
Perchance the way to cease the coming train wreck is for the paying passengers to yank on the brake line with a general strike on the most appropriate day around – Tax day.