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Offlineqman
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: KauaiOrca]
    #22437489 - 10/26/15 08:01 PM (8 years, 3 months ago)

Quote:

KauaiOrca said:
Quote:

qman said:
Quote:

amp244 said:
That is true of the MBS's but not the treasury bills. Either way they weren't simply granted money, they sold the MBS's, some of which have become profitable.




The got 100 cents on the dollar when in fact they were worth .50 cents, that's called getting free money for bad behavior.




The real estate market had been a form of QE for the American Economy since the late 80's.  An ever increasing flippers paradise creating trillions in ATM like money driving the consumer economy.  That was collapsing.  picture America with 20 million more mortgage defaults ... investors would have snapped up that property at bargain prices ... creating an even bigger wealth transfer to the predatory element in our economy. 

It's easy to argue the FED over extended itself ... and maybe they did ... and maybe they didn't. 

Ordinary Americans would not have been the people getting great deals on real estate ... keep that in mind when you argue that defaults would have been good.




Or maybe those distressed assets (MBS's) would have been bought up by other financial institutions for .50 cents on the dollar and would have given them the ability to renegotiate those terms with the customer to avoid default, that's how capitalism is suppose to work!!

That didn't happen as people were booted out of their homes as the bankers made out just great, I can't understand why so many around here think that's a great alternative.


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OfflineFalcon91Wolvrn03
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: KauaiOrca]
    #22437571 - 10/26/15 08:30 PM (8 years, 3 months ago)

Quote:

amp244 said:
If the dollar were backed by gold, or perhaps oil, the prices of oil would not fluctuate to this degree. The U.S. dollar is not stable, and pinning it to a commodity such as gold or oil would serve to stabilize it. Here is an interesting chart that illustrates my point clearly:



the fiat monetary units that are constantly being manipulated by the market makers, experience wild swings of valuation as they relate to commodities, in this case a barrel of oil. In 2002, when gold was under $300 an ounce, oil was down around $20 a barrel. When gold shot up to $900 an oz in 2008, barrels of oil likewise shot up to around $80 a barrel.



You've shown gold prices are correlated with oil prices.  What about gold and food prices?  Or gold and clothing prices?  If the dollar were tied to gold, those essentials would be through the roof right now.  Actually, it'd be even worse, because it would incentivize billionaires to hoard money, because that would artificially increase the value of their money.  Mild inflation prevents them from doing that.

Quote:

KauaiOrca said:
The price of gold has fluctuated wildly in the last 10 years.  The dollar, over the last 3 years, has proven to be a much better way to store value than gold, even with all the global stimulus and QE.  And, if you want to use Gold as your "currency" you can pretty much do it. 

If you peg the dollar to a commodity such as gold and place really strong limits on fractional reserve lending, how exactly do you introduce enough currency into the economy to stimulate growth?  Tight monetary policy kills exports and and tourism.



:whathesaid:


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.


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InvisibleStonehenge
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22437604 - 10/26/15 08:39 PM (8 years, 3 months ago)

Fine, you take the fiat money, I'll take the gold. We will see who comes out better in a year or two.


--------------------
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

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OfflineFalcon91Wolvrn03
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: amp244]
    #22437625 - 10/26/15 08:49 PM (8 years, 3 months ago)

Quote:

amp244 said:
Oh god where do I start with this one...

I knew you would pull the whole government oversight card that is so typically pulled.



You quoted the Fed web site.  I quoted the same site.  :shrug:

Quote:

amp244 said:
Let me show you something:


The inspector general for the federal reserve sure does a great job of oversight. Congress sure knows whats going on as a result, right? Good thing they aren't privately owned and operated, and that we have this oversight board that keeps congress cued in on everything...



I don't know what you found in the video showing the Fed did something wrong.  In fact, the opening question was "Have you done any investigations concerning the Federal Reserve's role in deciding NOT to save Lehman Brothers, which led to shock waves that went through the entire financial system?"

In other words, he's criticizing the Fed for NOT doing more to save the economy.  I don't see any damning evidence against the Fed in any your videos, other than them not yet knowing if they were losing money from their loans.

Why don't YOU tell us what you found in any of the videos showing the Fed is bad?

Quote:

amp244 said:
Also with regard to QE. The policy is designed to specifically purchase solely Treasury Securities and mortgage-backed securities. So I don't know where you conjured up the assertion that these banks were free to invest money anyway they so chose. Not even the Fed could get away with something so ridiculous.



The Federal Reserve buys the securities.  :facepalm:  The banks are private and can do what they want with the money.  If it's buying Government bonds, then so be it.  Mind you, I have a strong dislike for big banks, but the banks are private institutions.

Quote:

amp244 said:
Glass Steagall should have never been repealed. Talking heads and Harvard professors like Lawrence Summers, who are so typically referred to as "brilliant", were behind its dismantling. Larry Summers was the Secretary of the Treasury during the Clinton and early Bush years, after working for world bank. He later was the Director of Economic Council to Obama, where he was a chief economic decision maker. He was instrumental in breaking up Glass Steagall, as well as the deregulation of the derivatives market, by testifying that his banker friends could better regulate it themselves.



We agree it should never have been repealed.  :thumbup:


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.


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Offlineqman
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22437629 - 10/26/15 08:50 PM (8 years, 3 months ago)

Quote:

Falcon91Wolvrn03 said:
Quote:

amp244 said:
If the dollar were backed by gold, or perhaps oil, the prices of oil would not fluctuate to this degree. The U.S. dollar is not stable, and pinning it to a commodity such as gold or oil would serve to stabilize it. Here is an interesting chart that illustrates my point clearly:



the fiat monetary units that are constantly being manipulated by the market makers, experience wild swings of valuation as they relate to commodities, in this case a barrel of oil. In 2002, when gold was under $300 an ounce, oil was down around $20 a barrel. When gold shot up to $900 an oz in 2008, barrels of oil likewise shot up to around $80 a barrel.



You've shown gold prices are correlated with oil prices.  What about gold and food prices?  Or gold and clothing prices?  If the dollar were tied to gold, those essentials would be through the roof right now.  Actually, it'd be even worse, because it would incentivize billionaires to hoard money, because that would artificially increase the value of their money.  Mild inflation prevents them from doing that.





Most cloths are imported from 3rd world nations, why would prices go through the roof?  That makes no sense.

The price of most food commodities (corn, wheat, sugar, coffee, ect) have also gone down hard the past 4-5 years, the fact that hasn't been reflected at the grocery store is a different discussion.

"incentivize billionaires to hoard money"

Like they do today?


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OfflineFalcon91Wolvrn03
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: amp244]
    #22437656 - 10/26/15 08:57 PM (8 years, 3 months ago)

Quote:

amp244 said:
they are only pushing the collapse further down the road. The dollar is only losing value in these situations. Its not a matter of if it will fall on its face, its a matter of when it will fall on its face.



Why don't you explain why there has to be a collapse?  If we reduce our debt to GDP ratio, things will go back to where we were last time we lowered it:



--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.


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OfflineFalcon91Wolvrn03
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Stonehenge]
    #22437695 - 10/26/15 09:03 PM (8 years, 3 months ago)

Quote:

Stonehenge said:
Fine, you take the fiat money, I'll take the gold. We will see who comes out better in a year or two.



You know we won't sit here and wait two years.  So let's look back at the last two years:



I'll take the dollar!


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.


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OfflineFalcon91Wolvrn03
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: qman]
    #22437756 - 10/26/15 09:15 PM (8 years, 3 months ago)

Quote:

qman said:
Most cloths are imported from 3rd world nations, why would prices go through the roof?  That makes no sense.



You're right - we'd have large price fluctuations to compensate for changing gold prices that would keep the costs reasonable.  That's another downside of a gold standard is that prices would change drastically as gold does.


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.


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InvisibleStonehenge
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22437778 - 10/26/15 09:19 PM (8 years, 3 months ago)

Uh, no, I didn't say the last 2 years. I said the next 2 years. You are doing one of your favorite tricks, cherry picking along with another of your fav tricks, trying to change the subject. No one has said the dollar did poorly in recent years. We know history, even you know it. We are talking about the future.

>Why don't you explain why there has to be a collapse?  If we reduce our debt to GDP ratio, things will go back to where we were last time we lowered it:

First of all, we have no realistic way of reducing the debt. We have no realistic way of stopping it from increasing. You love to prattle on about obumble having reduced deficits in some way but you refuse to look at the fact debt has gone up drasticly under his watch. Never mind the excuses, don't bother telling us about shrub, we already know you will say all is shrubs fault. But the fact remains debt has gone up, not down and has gone up like a rocket. If you like looking at the past so much, look at the last 7 years.

Why will the dollar fall? I don't think it will fall like no one will want any or they can't buy anything. We are talking about a big decrease in the value of the dollar. Not vs the euro, yuan or any other fiat money but buying power. The dollar has lost about 98% of its value in the last 100 years or so. A dollar a day used to be good money, is it now?

Since we have no realistic way of paying off the debt or even reducing it, the only other way to deal with it is qe in some form. More funny money on the street means prices shoot up. wages go up too but lag a bit behind, as usual. If $50 today buys what $100 buys in a year or two, we have experienced 100% inflation. If we keep doing that then in a decade or so the nat debt will be a joke. Trump will offer to pay it out of his pocket. :wink:

That is what is meant by the collapse of the dollar and its looking inevitable. I'd say in 2 years gold will go up and the dollar will go down. Maybe by a big margin, maybe only 10 - 20%


--------------------
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755


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Offlineqman
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22437798 - 10/26/15 09:22 PM (8 years, 3 months ago)

Quote:

Falcon91Wolvrn03 said:
Quote:

qman said:
Most cloths are imported from 3rd world nations, why would prices go through the roof?  That makes no sense.



You're right - we'd have large price fluctuations to compensate for changing gold prices that would keep the costs reasonable.  That's the downside of a gold standard is that prices would change drastically as gold does.




A gold standard is by no means some economic paradise, but I think the working class citizens would really enjoy the benefit of the money they earned 30 years ago still having the same purchasing power.

I don't like the idea that people have to speculate in risky assets classes to beat inflation, most people have no business owning stocks, bonds, and real estate to try to maintain their purchasing power over time. People should be able to be in a cash position and still maintain their purchasing power without ANY volatility or risk.


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Invisibleamp244
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22437868 - 10/26/15 09:36 PM (8 years, 3 months ago)

Quote:

Falcon91Wolvrn03 said:
Quote:

amp244 said:
Oh god where do I start with this one...

I knew you would pull the whole government oversight card that is so typically pulled.



You quoted the Fed web site.  I quoted the same site.  :shrug:

Quote:

amp244 said:
Let me show you something:


The inspector general for the federal reserve sure does a great job of oversight. Congress sure knows whats going on as a result, right? Good thing they aren't privately owned and operated, and that we have this oversight board that keeps congress cued in on everything...



I don't know what you found in the video showing the Fed did something wrong.  In fact, the opening question was "Have you done any investigations concerning the Federal Reserve's role in deciding NOT to save Lehman Brothers, which led to shock waves that went through the entire financial system?"

In other words, he's criticizing the Fed for NOT doing more to save the economy.  I don't see any damning evidence against the Fed in any your videos, other than them not yet knowing if they were losing money from their loans.

Why don't YOU tell us what you found in any of the videos showing the Fed is bad?

Quote:

amp244 said:
Also with regard to QE. The policy is designed to specifically purchase solely Treasury Securities and mortgage-backed securities. So I don't know where you conjured up the assertion that these banks were free to invest money anyway they so chose. Not even the Fed could get away with something so ridiculous.



The Federal Reserve buys the securities.  :facepalm:  The banks are private and can do what they want with the money.  If it's buying Government bonds, then so be it.  Mind you, I have a strong dislike for big banks, but the banks are private institutions.

Quote:

amp244 said:
Glass Steagall should have never been repealed. Talking heads and Harvard professors like Lawrence Summers, who are so typically referred to as "brilliant", were behind its dismantling. Larry Summers was the Secretary of the Treasury during the Clinton and early Bush years, after working for world bank. He later was the Director of Economic Council to Obama, where he was a chief economic decision maker. He was instrumental in breaking up Glass Steagall, as well as the deregulation of the derivatives market, by testifying that his banker friends could better regulate it themselves.



We agree it should never have been repealed.  :thumbup:




Go back and watch the video again. He is making the point that she, as the inspector general, doesn't know a god damn thing that goes on in the fed. I was making the point that your so called oversight amounts to absolutely nothing when it comes to an informed congress. The Fed's balance sheet grew by over $1 trillion, and 8 months later, she can't tell the congress anything specific about it.

Im getting quite tired of this back and fourth with you falcon. Why don't you ask Big Bad Wolf, or some of the other intelligent people in this thread, what they find disheartening about the videos. Grayson is making the point that nobody knows, not even the Inspector General, what is going on at the Fed. If you are cool with private bankers acting in secret and extending over $1 trillion in credit to God knows who, then I suppose you are a lost cause.

I made an assertion that the Fed was owned and operated by private bankers, I provided a link to the Fed website saying exactly that. You countered with the same link, that says that there is an oversight board approved by congress, and according to you, this negates the fact that it is owned and operated by private bankers. I countered with multiple videos showing how completely inept and ineffectual this oversight board is. Do I really need to break it down to this extent for you? I feel like you are arguing for the sake of arguing and don't understand exactly what you are arguing about.


--------------------
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Invisibleamp244
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22437892 - 10/26/15 09:40 PM (8 years, 3 months ago)

Quote:

Falcon91Wolvrn03 said:
Quote:

qman said:
Most cloths are imported from 3rd world nations, why would prices go through the roof?  That makes no sense.



You're right - we'd have large price fluctuations to compensate for changing gold prices that would keep the costs reasonable.  That's another downside of a gold standard is that prices would change drastically as gold does.




Falcon we've been over this before. The overwhelming majority of price fluctuations regarding gold are fluctuations in the value of the dollar, not the value of gold. You are confusing the word "price" with the word "value". I have showed you, though my efforts proved futile, that the VALUE of gold is much more stable than the VALUE of the dollar. I don't want to be mean bro, but I think a lot of these concepts are going over your head.


--------------------
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OfflineFalcon91Wolvrn03
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Stonehenge]
    #22438143 - 10/26/15 10:34 PM (8 years, 3 months ago)

Quote:

Stonehenge said:
Uh, no, I didn't say the last 2 years. I said the next 2 years. You are doing one of your favorite tricks, cherry picking.  No one has said the dollar did poorly in recent years. We know history, even you know it. We are talking about the future.



Exactly.  We know gold is going down vs the dollar, in spite of everyone's gloom and doom predictions.  We don't know the future, but you make shit up about it and then scare yourself with it (see my signature).

Quote:

Stonehenge said:
The dollar has lost about 98% of its value in the last 100 years or so. A dollar a day used to be good money, is it now?



Yes, and people are making at least 50 times more than they did 100 years ago.  So it's no big deal.

Quote:

Stonehenge said:
Since we have no realistic way of paying off the debt or even reducing it, the only other way to deal with it is qe in some form.



No, we can deal with it by raising taxes on the rich.  You say that's not an option because I guess you think qe and funny money is better than raising taxing the rich.  :shrug:


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.


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OfflineFalcon91Wolvrn03
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: qman]
    #22438148 - 10/26/15 10:35 PM (8 years, 3 months ago)

Quote:

qman said:
I don't like the idea that people have to speculate in risky assets classes to beat inflation, most people have no business owning stocks, bonds, and real estate to try to maintain their purchasing power over time. People should be able to be in a cash position and still maintain their purchasing power without ANY volatility or risk.



People can buy gold if they want.  I think it's riskier than bonds though.


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.


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InvisibleKauaiOrca
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Stonehenge]
    #22438173 - 10/26/15 10:40 PM (8 years, 3 months ago)

Quote:

Stonehenge said:
Fine, you take the fiat money, I'll take the gold. We will see who comes out better in a year or two.




The thing is, I can invest my "fiat money" into a whole variety of things.

Gold is static.  And you pay a fee coming and going ...

I'd rather buy shares of great companies ... you can buy shiny rocks.


--------------------
"The universe is endless, limitless and infinite.  Any effort to define it's boundaries is an attempt to overcome ignorance.  We are physical, mental and spiritual beings ... there is no beginning and there is no end.  There is only memory.  Our repeated loss of memory experiences create the illusion of beginnings and ends.  Immortality is the ability to retain full memory through all consciousness transformations.  Loss of memory is man's greatest curse and, in very real terms, death."

-- Ancient Taoist Master


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Offlineqman
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22438185 - 10/26/15 10:43 PM (8 years, 3 months ago)

Quote:

Falcon91Wolvrn03 said:
Quote:

qman said:
I don't like the idea that people have to speculate in risky assets classes to beat inflation, most people have no business owning stocks, bonds, and real estate to try to maintain their purchasing power over time. People should be able to be in a cash position and still maintain their purchasing power without ANY volatility or risk.



People can buy gold if they want.  I think it's riskier than bonds though.




I was referring to a gold backed currency that people would use to maintain their purchasing power.

Bonds can be very risky as well, but considering we have been in a 35 year bull market in bonds, investors have forgotten about it.


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OnlineBigbadwooof
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Falcon91Wolvrn03]
    #22438196 - 10/26/15 10:47 PM (8 years, 3 months ago)

Quote:

Falcon91Wolvrn03 said:
Quote:

qman said:
I don't like the idea that people have to speculate in risky assets classes to beat inflation, most people have no business owning stocks, bonds, and real estate to try to maintain their purchasing power over time. People should be able to be in a cash position and still maintain their purchasing power without ANY volatility or risk.



People can buy gold if they want.  I think it's riskier than bonds though.




Under certain circumstances gold is a safer commodity to own. If I started seeing QE spiraling out of control, and expected some sort of collapse, gold would be an excellent short term investment.

Gold isn't the best investment you can make for financial gain, but it is quite secure in a time of crisis.


--------------------
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InvisibleKauaiOrca
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Bigbadwooof]
    #22438249 - 10/26/15 11:06 PM (8 years, 3 months ago)

Quote:

Bigbadwooof said:

Gold isn't the best investment you can make for financial gain, but it is quite secure in a time of crisis.




Gold really isn't an investment per se ... it's an increasingly volatile inflation hedge ... speculation more accurately.

It pays no dividend, produces nothing and must be guarded carefully. 

As more and more countries gain more and more financial power, the volatility of gold increases.  It trades almost entirely on technical factors and really doesn't have any fundamentals to assess.


--------------------
"The universe is endless, limitless and infinite.  Any effort to define it's boundaries is an attempt to overcome ignorance.  We are physical, mental and spiritual beings ... there is no beginning and there is no end.  There is only memory.  Our repeated loss of memory experiences create the illusion of beginnings and ends.  Immortality is the ability to retain full memory through all consciousness transformations.  Loss of memory is man's greatest curse and, in very real terms, death."

-- Ancient Taoist Master


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Invisibleamp244
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: Bigbadwooof]
    #22438273 - 10/26/15 11:13 PM (8 years, 3 months ago)

Quote:

Bigbadwooof said:
Quote:

Falcon91Wolvrn03 said:
Quote:

qman said:
I don't like the idea that people have to speculate in risky assets classes to beat inflation, most people have no business owning stocks, bonds, and real estate to try to maintain their purchasing power over time. People should be able to be in a cash position and still maintain their purchasing power without ANY volatility or risk.



People can buy gold if they want.  I think it's riskier than bonds though.




Under certain circumstances gold is a safer commodity to own. If I started seeing QE spiraling out of control, and expected some sort of collapse, gold would be an excellent short term investment.

Gold isn't the best investment you can make for financial gain, but it is quite secure in a time of crisis.




Exactly. People haven't traditionally bought gold to get a dollar return on it. They, much like central banks, buy it as a store of value independent of whatever fiat currency is currently circulating.

Its also important to note that gold, by law, cannot be used as currency. Some in this thread have said that if you want to use gold instead of the dollar you still can, and this is simply not true. Gold is considered an investment and it has tax consequences. It is illegal for businesses to list gold as cash on their balance sheets. If gold is held for longer than a year, then upon trade execution it is subject to a special version of the capital gains tax which is capped at 28% and not 15% like normal capital gains tax. Of course if it is held for less than a year than it is subject to ordinary income taxation upon execution.

You should all do yourselves a favor and read this essay by Alan Greenspan written way back in 1966 arguing a link between a gold standard and economic freedom. I think this will do a lot to help you all truly understand the argument for a gold standard.

http://www.321gold.com/fed/greenspan/1966.html


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InvisibleKauaiOrca
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Registered: 08/12/08
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Re: Hillary 'Turns Over' E-mail Server and Thumbnail drive to FBI [Re: amp244]
    #22438344 - 10/26/15 11:40 PM (8 years, 3 months ago)

Quote:

amp244 said:

You should all do yourselves a favor and read this essay by Alan Greenspan written way back in 1966 arguing a link between a gold standard and economic freedom. I think this will do a lot to help you all truly understand the argument for a gold standard.

http://www.321gold.com/fed/greenspan/1966.html




That ship sailed a long time ago ... we are not going to any gold standard now or in the future.  That's not to say that a competing commodities backed currency won't be introduced, because it might ...

The world was a different place in 1966 ... no personal computers ... no online trading ... Currency trading was nothing like it is today ... The global trade situation had hardly gotten started in terms of what we have today.

We live in an era of options ... currencies, stocks, bonds, derivatives, commodities, PM's and internet based currencies ... Gold's importance has gone down, now up.


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