moonbat1775

The White Elephant That Could Destroy Your Portfolio, Part I

falcon,

The Great Depression was in 1930's, seventeen years after the establishment of the Federal Reserve which was supposed to cure the business cycle. Instead it made it far worse. It has now been almost 100 years and we are still having financial disasters. I WILL blame the Fed and the banking cartel since they have monopoly control of the money supply. With absolute power comes absolute RESPONSIBILITY.

Plus on a more practical note, who thinks they will starve if we have an honest monetary system? You guys have honed your financial skills in a corrupt financial system, imagine what you could do in an honest one!

The Great Depression led to WWII. Do you think we will survive WWIII?

Let Ben do what he thinks best to avoid a meltdown. But after the crisis passes, he had better start disassembling the monster that periodically brings us to the brink.

The White Elephant That Could Destroy Your Portfolio, Part I

'the real enemy is us, not "the W" ' therealjg

Rather than blame an entire nation how about looking for a more general cause? The fractional-reserve government-backed banking cartel is based on dishonesty. Just read the history of banking.
When the ROOT of our finance system is corrupt, shouldn't that be the first thing to be fixed?

The White Elephant That Could Destroy Your Portfolio, Part I

"I do not think that having gold is wise and if everyone would stop buying gold the price would drop" jjason

Well, the central banks have lots of gold. Eventually they may have to back their paper with the stuff. It does seem silly to mine gold and then bury it again in vaults but governments (and banks) have proven time and again that they cannot be trusted. If gold simply kept governments and banks honest it would be worth all the effort to mine it. The day someone can make or mine gold cheaply is the day I will reconsider.

The White Elephant That Could Destroy Your Portfolio, Part I

"I do not think that having gold is wise and if everyone would stop buying gold the price would drop" jjason

Well, the central banks have lots of gold. Eventually they may have to back their paper with the stuff. It does seem silly to mine gold and then bury it again in vaults but governments (and banks) have proven time and again that they cannot be trusted. If gold simply kept governments and banks honest it would be worth all the effort to mine it. The day someone can make or mine gold cheaply is the day I will reconsider.

The Case for Not Drilling ANWR

I read somewhere that there is enough natural gas (in the form of methyl hydrate) in the Gulf Of Mexico alone to supply the US's energy needs for the next 2000 years. The high cost of energy HAS brought about a lot of innovation.

Of course, it takes brains to innovate. Since that is true, shouldn't we abolish government schools? Of course a mind is a dangerous thing to educate so I expect much resistance concerning that.

Dear Mr. Bernanke

Is it just me or has someone else noticed that the word "confidence" begins with "con"?

This must be a coincidence since so much of our economy depends on "confidence".

The White Elephant That Could Destroy Your Portfolio, Part I

"It is unfair to blame central bankers who find themselves caught between a rock and a hard place and realize they must always choose between the lesser of two evils." walleke

That is very forgiving of you but the central bankers BUILT the kitchen they are now sweating in. Let them disassemble the monster they have built as Jim Rodgers suggests. But other than that you make some very good points as would be expected of someone who knows Austrian economics. I will quote Ron Paul,

"The problems are not complex, and even the big ones can be easily handled if we pursue the right course. Prosperity and peace can be continued, but not with the current system that permeates Washington. To blindly hope our freedom will remain intact, without any renewed effort in its defense, or to expect that the good times will automatically continue, places our political system in great danger.

Basic morality, free markets, sound money, living within the rule of law, and adhering to the fundamental precepts that made the American Republic great are what we need. And it's worth the effort."

Protect Your Portfolio from the Fraudulent Economy

"invest for the long-term" That sounds very good, even virtuous. But the business cycle is still with us despite the efforts of the Fed to suppress it. This bust will be long and deep according to Warren Buffet and others. It could lead to great political changes ala The Great Depression. I would reckon that today is a time to be very prudent.

The White Elephant That Could Destroy Your Portfolio, Part I

"The fourth thing to do is get serious and get an education so you know what you are talking about." jjason

The Mystery of Banking by Murray Rothbard is available for free at:

mises.org/Books/myster...



mises.org/Books/myster...

The White Elephant That Could Destroy Your Portfolio, Part I

how we got into this mess or banking in a nutshell

"What do bankers do?"

Well, they take your money and lend it out
then make some more and lend it too.

"Make some more!? Surely you jest;
t' would take a printing press!"

Au contraire mon freir,
they make it from thin-air.

"they make it from thin-air!?
But that's dishonest, absurd!"

Yes, hence the Fed Reserve.

The White Elephant That Could Destroy Your Portfolio, Part I

Borgie One,

If you want to understand exactly how the banks steal via inflation by CREATING money I strongly suggest The Mystery of Banking by Murray Rothbard. It is available for free at:

mises.org/Books/myster...

The public at large has been looted since at least 1694 when the Bank of England was established to fund Charles II. Depressions, wars, and misery can be laid at the feet of banksters. They are just sophisticated counterfeiters.

The White Elephant That Could Destroy Your Portfolio, Part I

jcrash,

What I should have said is that if we have a depression or hyperinflation or stagflation let's know who is to blame. But strictly speaking, central banking is responsible for a lot of misery. WWII for instance was caused by the Great Depression. Here is what Uncle Ben has to say about that:

"I would like to say to Milton [Friedman] and Anna [Jacobson Schwartz] regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."

50 million people were killed in WWII.

The White Elephant That Could Destroy Your Portfolio, Part I

We would be far better off without the Federal Reserve. It serves only two purposes.

1) Supply the Federal Government with money so it can avoid raising taxes. This is obviously a cheat unless you believe in something from nothing.

2) Back up the fractional reserve banking cartel in this country which allows the banks to create "money from thin air" thereby allowing them to steal via inflation. The inflation and contraction of the money supply is also the chief cause of the banking cycle.

Central banking is a con. It is a cynical way to exploit the masses.
It also contains the seeds of its own destruction. It would be worth a depression if a stake was driven through this abomination's heart.

U.S. Monetary Policy: Has Anything Changed?

Just a thought but how about this for a fundamental change:
honest banking? Since the current system, a government backed banking cartel with fractional reserves practices both fraud and theft via inflation AND is the chief culprit behind the boom-bust cycle, why not scrap it? Why is an honest foundation important in every other field but not finance?