Doom 'n Gloom
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Thread: Doom 'n Gloom

  1. #1

    Doom 'n Gloom

    This is ishi's Doom 'n Gloom thread.

    Oil prices just hit $94 and they're climbing higher every day. US refinery capacities are at their limit, no new refineries are being built, and any drop in production means huge spikes in Gas prices.

    The Canadian dollar is worth $1.07 US and our purchasing power is dropping every day, at a pace that's alarming to anybody paying attention. It was $1.02 TWO WEEKS ago. We are now Canada's Mexico.

    The national debt is over 9 trillion dollars. The fresh new dollar bills minted by the Treasury are backed by... what? The Fed's ability to borrow more money from foreign banks.

    So, what happens when the bottom falls out? Your money in your bank account is backed by the FDIC. But what is the FDIC backed by? The Fed's ability to borrow more money from foreign banks.

    Which brings us, finally to the global credit crunch brought on by the popping of the housing market bubble. When the Fed tries to borrow more money, and the banks say "we can only give you X amount", the US dollar will be revealed as the monopoly funny money it is.

    Buy a high-quality home safe, take your money out of the banks, and buy gold or some other compact items of real and undiminishable value.

    I'm not talking about the end of the world here, just another 1929-style depression.

    Or maybe I'm just worried for no reason. Nothing to see here, everything's fine.
    Truth is mighty and will prevail. There is nothing the matter with this, except that it ain't so.

    -Mark Twain

  2.   
  3. #2
    Join Date
    Oct 2007
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    East of Cleveland.... FAR East !
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    215
    I agree. Only wish I had the money & gold to put in the safe. You can't miss the signs. For now, all the wife, expected one, and I have is Faith. But, on the bright side, you know what is written about faith ....
    "People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf". ~George Orwell / Rudyard Kipling

  4. #3
    If everybody did what your said, 1929 would be here sooner rather than later. Can you imagine if everybody withdraw all their money from the banks and stock market at the same time?
    Don
    Ret. MSgt
    USAF

  5. #4
    Quote Originally Posted by Apollo View Post
    If everybody did what your said, 1929 would be here sooner rather than later. Can you imagine if everybody withdraw all their money from the banks and stock market at the same time?
    Yes, of course that's true. I need enough people to stay on board so I can get my money out first. :o
    Truth is mighty and will prevail. There is nothing the matter with this, except that it ain't so.

    -Mark Twain

  6. #5
    Pakistan and marshel law hold on to your hat its going to get rough. Stupid robber in florida using old colt woodsman to rob stores. Gun worth more than his combined takes.

  7. #6
    I have to disagree with you about the "buy gold" comment. The common misconception is that "gold will always have value", but let me lay out my argument about why it won't. In the event that the economy tanks because of a dollar crash, very few people will be interested in gold. People will want goods and services they can use, versus shiny things. Gold might be good in the short term, but there will come a point where only the manufacturers have gold. The blackmarket will thrive, but in the end, it's food, water, & gasoline that will have the highest value.
    Victory rewards not the army that fires the most rounds, but who is the more accurate shot. ---Unknown

  8. Simple precautions

    If you are concerned about a pending depression, and you sould really have some concerns in this area, there are some simple things that you can do to prepare your family. Take a real good look at your expenses. Are you putting money in savings, or spending nearly every penny? Put together a budget that you can get by on and put money away for unforseen problems. Most familys would be bankrupt in 6 weeks if they lost thier jobs. Preperation is simple, but not as much funs as the new car, or the extra vacations, or the high dollar 1911 that your have been admiring. Cut your expenses down to what you actually need to get by, and save the excess. Keep it in the bank, under your mattress, or in your gun safe, just make sure your have something to deal with any financial problems that may arise. We prepare for other emergencies, why do we ignore financial emergencies?:)

  9. #8
    Quote Originally Posted by PascalFleischman View Post
    I have to disagree with you about the "buy gold" comment. The common misconception is that "gold will always have value", but let me lay out my argument about why it won't. In the event that the economy tanks because of a dollar crash, very few people will be interested in gold. People will want goods and services they can use, versus shiny things. Gold might be good in the short term, but there will come a point where only the manufacturers have gold. The blackmarket will thrive, but in the end, it's food, water, & gasoline that will have the highest value.
    I think people will be interested in gold if the dollar tanks, because they'll be interested in any currency that keeps its value. I don't have an easy way to buy swiss francs, so gold is an easy way to store money in a way that resists inflation. Precious metals have always been a de facto currency, and with metals becoming more scarce, I don't see why this would change.

    Food water and gasoline are good things to store for shot-term, extreme disasters, but for an economic depression that might last 10 years, I don't see how it's that useful. Storing $30k in gasoline is logistically infeasible anyway. And storing $30k in food seems kind of silly.
    Truth is mighty and will prevail. There is nothing the matter with this, except that it ain't so.

    -Mark Twain

  10. #9
    Join Date
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    Иєш Лєяжşєşŧăŋ
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    1,084
    Interesting. Ishi, you're an intelligent guy...Hal Lindsey was writing about this very thing 30 years ago, and Irwin Schiff was right behind. Fact is, we are on a crash course with Destiny and the future looks bleak, economy-wise <tm: Jack Lemmon>. As for Gold not being a viable currency in the face of such a prognosis, whoever mentioned that, I'd bet you're wrong. One of the "Ektarr for President" planks (I've posted here before) is a return to the Gold Standard. Here's why...

    In 1850 you could walk into any store that sold one and buy a Winchester Rifle off the shelf for a $20 gold piece. Interestingly, you still can. The value of the gold, relative to the value of the rifle, has not changed! It's the value of the Dollar...the medium of exchange...that's changed, and changed dramatically. Anyone who thinks it can't happen here is being foolish. The stories of 1930's Germans, at the top of the food chain until that time, economically, taking wheelbarrels-full of Reichmarks to the store just to get a loaf of bread, are legendary. In America during the Deppression wives used to go with their husbands to work in the morning so they could collect the day's pay in advance...because by the time the day ended the dollars were going to have far less value and they wanted the pay up-front to get the most benefit from it.

    Politicians invented the floating currency to prevent such a scenario from happening in the future (as well as to be able to pay off their ever-mounting debts with Spontaneous Currency), but the result is that the dollar has NO real value...just what they tell you it has. Want proof? Look in any magazine that has a current ad for these "new" gold coins: a $5.00 gold piece will cost you a coupl'a hundred bucks! Why? They're telling you that the coin, with a face-value of $5.00, is a lie.

    Returning to the Gold Standard, coupled with a revaluation of the Dollar, is the only way to bring things back to sanity. Anyone who leans on the greenback Dollar for support is building his economic house on shifting sand.

    By the way...someone threw out the number "$9 Trillion". Hard to imagine. Try this: without whipping out the calculator...just quick-in-your-head...tell me how long a Trillion seconds is, in minutes, hours, days or years. QUICK!!




    Give up...?




    A Trillion seconds is 32,000 Years. Now...think dollars again.
    Last edited by Ektarr; 11-03-2007 at 04:25 PM.
    NRA Life; GOA Life; CCRKBA Life; Trustee, NJCSD; F&AM: 32 & KT
    The Only Answer to a Bad Guy with a Gun - Is a Good Guy with a Gun!
    When Seconds Count...The Police are only MINUTES Away!

  11. #10
    Join Date
    Sep 2007
    Location
    Texas, by God!
    Posts
    133
    Ishi,

    I find it very ironic that you, a Greener, would be complaining about the cost of oil and the fact that no new refineries have been built since, I believe, 1979. We haven't built new refineries because of resistance from groups such as the green party. Same goes for the cost of oil, but less so. The current high cost of oil is due to supply and demand. The economic emergence of China, India, and Indonesia is the primary reason for the spike in oil demand (and many other commodities as well). In this country we don't drill off the coasts of most states or in the ANWR due to concerns from environmentalists.

    Drilling for oil can be done with very little impact to the environment. We need to open up more opportunities for drilling.

    The weak dollar is not all bad. It makes American products much cheaper oversees.

    I certainly share your concerns but you can count on me to keep my investments where they are. You're welcome. :)

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