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  • Gold's Trump Event And India's Weak Demand [View article]
    "This system is already in place, what we do not have is sound currency."

    Until the problems get fixed....I'll vote with Venerability.
    Dec 13 02:13 AM | 1 Like Like |Link to Comment
  • Paul Krugman Versus Milton Friedman [View article]
    No problem....I'll maintain my paradigm until someone convinces me otherwise.
    Dec 12 11:59 PM | 1 Like Like |Link to Comment
  • ECB To Investors: Sell Gold [View article]
    Toe in water today....don't know what tomorrow will bring....ready with gun loaded.
    Dec 12 11:56 PM | Likes Like |Link to Comment
  • Paul Krugman Versus Milton Friedman [View article]
    You said these concepts are wrong....but you have done nothing to convince me that the US government can't print $15T and pay off it's debt. Nor have you convinced me that the government can't print all the money they want even if the IRS was to shut down. And you have not suggested any concept that indicates the IRS will ever come knocking on my door to collect my share of $15T. And you have not told me where the Chinese get the money for all the stuff they sell to the US, except from the available credit that allows the US citizens to buy their stuff.
    Dec 12 04:52 PM | 2 Likes Like |Link to Comment
  • ECB To Investors: Sell Gold [View article] the US, when the "Government" decides to deficit spend, the Fed is the intermediary who places the digits into the government's bank account. They deposit "money" so the "government" can write a check to buy stuff like cruise missles. The "government" has the taxing power to reclaim those newly issued funds at a later date, which essentially cancels out the previous issuance (+ or -).

    In the case of the ECB, the question would be "Who's sovereign debt are they monetizing". If the ECB creates money, will they credit it to Germany's account or to Greece's account. And who will the ECB tax (without a political union) to cancel those funds out? They have no taxing authority.

    So I see the issue as somewhat of a practical impossibility. It would be like saying the US monetary authorities will print money to give to California, which I guess they could do to help them with their budget, but then assume there were no "consolidated" IRS. How does the FED get their money back? I guess they could float a loan to California (for liquidity), but it wouldn't change California's debt burden. And how would they ever collect if CA told them to write it off. my brain is starting to hurt.
    Dec 12 04:44 PM | Likes Like |Link to Comment
  • Preparing For Eurogeddon [View article]
    For years during the immigration hayday to the US, immigrants from Italy chose to live with their Italian neighbors. Same with those from Ireland, etc. Only after 3 generations of marrying and sending their kids to school did they get "nationalized" as an American.

    When my mother immigrated in 1929, they entire family were almost ashamed to speak their native language. They were made fun of. After 3 generations, not one of the grandkids in her family or any or her 9 brother's and sister's families speaks the mother tongue. The melting pot works but it takes time. And....we didn't have a 1000 years of history as a nation to drag around prejudices, etc.
    Dec 12 04:20 PM | Likes Like |Link to Comment
  • Preparing For Eurogeddon [View article]
    Hollywood....that's a watered down comment :)
    Dec 12 04:15 PM | 1 Like Like |Link to Comment
  • The U.S. is on pace to run a fiscal year deficit below $1T for the first time in 4 years after recording a lower total of $236B for the first two months, according to the CBO. Still, very few congratulations are circulating around Washington with major budget hurdles - unemployment benefits and expiring Social Security tax cuts - lying in wait to trip up this year's deficit total. [View news story]
    Papa...your're right. I smell a big fat RAT. Let's see, we have payroll tax holiday with strips revenue from SS which adds to deficit, and we have no change in unemployment. We haven't vacated Afghanistan or Iraq, so we are still spend boat loads on Wars. So someone tell me where we have trimmed $500 billion from expenses or raised $500 billion in revenue, or some combination of the two in lesser amounts. This is pure fantasy.

    Oh....let me see....we have 2 months of performance under our belt. "Past performance in not an indicator...."
    Dec 12 04:14 PM | 2 Likes Like |Link to Comment
  • Preparing For Eurogeddon [View article]
    "At first glance this would not seem like a bad outcome. U.S. banks might enjoy a much-needed rise in liquidity"

    Really? I thought the US banks need an increase in capital? Isn't that what the EU Banks need, an increase in capital? Why do we continue to foist the argument that this is a liquidity issue, when it's so much a solvency issue.
    Dec 12 04:42 AM | 1 Like Like |Link to Comment
  • Austerity Continues To Fail Greece [View article]
    "if they're being enslaved then they invited their masters in through the front door via tax evasion, bloated social programs, etc."

    BEWARE OF GREEKS ACCEPTING GIFTS! Geeze, what a turn of events.
    Dec 12 03:55 AM | 1 Like Like |Link to Comment
  • Gold: 'Sure Thing' Investment - Or Look Out Below [View article]
    Energetic.....that was quite some first comment for SA from you. Congratulations and well said. Good analysis.

    I particularly loved this prt of your comment:

    "We are all still waiting for the story of the investor who came hardship because he was left with a safe full of worthless gold bars."

    It's possible such a thing could happen.....but I think the probability is less than .0001%. So like you, I assume, I'll just keep holding for the long run. I view gold as an insurance policy against the insanity of the world's financial and government communities. I can pretty much guarantee you, that the rich and super-rich....all have their fair share of hard assets.
    Dec 12 02:08 AM | 2 Likes Like |Link to Comment
  • A Week Of Historic Economic Tragedy Ahead [View article]
    And yet, if we double the population without changing the stock of money, we halve the amount that each person has per capita in the system. The consequence of that is deflation. Banks cannot make money in deflationary envirorment. Banksters and Central Banksters necessarily exist to ensure that sufficient inflation occurs that when they are repaid for their loans, they will be able to get their money back with interest and at least buy the same stuff they could have bought prior to lending. The historical claim against gold was that there was no easy way to manage the money supply. I hate banksters, but I understand that the money supply needs to grow by at least the rate of population growth.
    Dec 11 11:26 PM | Likes Like |Link to Comment
  • Is this among Monti's arguments to convince Germany to make itself liable for the rest of Europe's debt? Italian parliament will attempt to amend the part of Monti's celebrated austerity package of last weekend that would cut the sweet salary packages of MPs. It seems the "official decree," which pushed through budget cuts and tax hikes without a vote, isn't acceptable when it comes to lawmakers' pay.  [View news story]
    Isn't it amazing what government employees will do with tax payer money. It must be nice to control the checkbook.
    Dec 11 11:19 PM | 3 Likes Like |Link to Comment
  • With people living longer and municipalities struggling to pay pension bills, critics question whether early retirement packages for public workers are sustainable. CNBC highlights one who will receive $174K/year after retiring at 59. Defenders argue that attractive pensions help draw in and keep people in vital jobs.  [View news story]
    The compensation for this individual is obscene. I don't care what his position was in the public sector. That package is probably equivilent or greater than a Senator or Congressman. No Public Employee should make that kind of money as compensation for full time employment nor as a retirement package. That package will be 6x the COMBINED SS payments for both me and my wife. Public employees "Gone Wild".
    Dec 11 11:16 PM | 4 Likes Like |Link to Comment
  • Santa Claus Rally Prospects, Part I [View article]
    You probably don't believe in Santa Clause either.
    Dec 11 10:56 PM | Likes Like |Link to Comment