The only reason to buy gold is fear that the currency may collapse. Paper currency used to represent claims on a share of the gold in Fort Knox. Now it is just “fiat money,” backed only by the “full faith and credit” of the United States government. Ditto electronic money—the $5,000 you allegedly have in a savings account at the bank, whose only corporeal existence is on a hard drive somewhere. That $5,000 is $5,000 only because the government says it is. For the gold bugs, trusting the government seems as unwise as hoarding gold seems to most other people.
Another way to say “collapse of the currency” is to say “hyperinflation.” Hyperinflation is when inflation feeds on itself and takes off beyond control. You can have stable 2 to 3 percent inflation. But you can’t have stable 10 percent inflation. When everybody assumes 10 percent, all the forces that produced 10 percent push it to 20 percent, and then 40 percent, and soon people are lugging currency in a wheelbarrow, as in the famous photos from Weimar Germany.
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Experts Predict Human Extinction By August (Satire)
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I once had 10,000 shares of stock in an Internet company, think "AOL" and others. When the company went BK, my shares were worth NOTHING. I have 250,000 shares of a software company, they are worth about 10 bucks.
ReplyDeleteI have 400 ounces of silver and 10 ounces of gold, it will never be worth less than I paid for it.
Some day I might need to buy a 4x4 truck. I'll say to the seller, "I'll over you 2 ounces of gold for your truck". He'll say "you got a deal".
Maybe average Joe doesn't use gold/silver to pay his bills, but the elite use it for many of their purchases. And who has the wealth NOW? The elite. Our dollars may never be worth more then they do right now. Gold on the other hand is increasing. Me thinks silver & gold is the only safe haven during this economic crisis.
ReplyDeleteIt isn't just "right wing talk radio" that has had endless commercials about refinancing -- nearly every radio station has. This article was pretty much just a hit piece on the right, when it's both sides that allowed this to happen, and everyone in between.
ReplyDeleteBut what would one expect from the communists at the Atlantic. What a bunch of D-bags.
6:08 - hilarious stuff! ... and true of course.
ReplyDeleteHyper-inflation rocks... if you own appreciating assets!
ReplyDeleteNot so great if you have a fixed income like seniors.
ReplyDeleteIt will reward the wreckless people in (fixed) debt and literally kill off the responsible people, the savers, the A+ credit types.
Odd world.
That is bull SH11t. Half the commercials are about gold and the other half are about hiring an attorney to help you settle your IRS tax problems. Wake up America
ReplyDeleteWhat the heck is with that cell phones are going to killus this summer article. Whoever wrote that must have been on acid. EA lets not get to carried away now.
ReplyDeleteI have to admit, it's entertaining to watch America fall. The spelling and grammar on the comments posted here, and of those I read on other sites, including major news sites such as cnn.com, are so indicative of how stupid the average American is. Cheers to the entertainment!
ReplyDeleteIntentional misspelling and poor grammar. It is the new American idiom. It says, "I don't have much respect for those I am conversing with, and I am slightly lazy and selfish, but I am cool, so you have to respect me." I don't blame non-Americans for finding it offensive.
ReplyDeleteWe all need to let the Military know that we support a "coup" to remove these traitors from office and allow an emergency election to replace ALL of them, from the "president" on down. This is not about politics anymore, this is about a marxist/progressive takeover of our free society!!!!!!!!!!!!
ReplyDeleteright wing radio listeners have a lower iq than liberal listeners, you can look it up, tea partiers areoverwhelming kkk followers and jesus fckers
ReplyDelete