Economists Warning of Recession!

[Zaphod222]

Maybe he could use his stash of gold to make a reflector for his solar oven and bake his bread that way .

Br Cornelius

That is what I am saying too. When everything breaks down, a wheelbarrow full of Zimbabwe (or Bernanke) Dollars might be more useful than a kilo of gold. At least it has some caloric value, as the Germans found out:

But once the economy picks up a little, you might reconsider. So, careful with the simplistic one-liner solutions.

Edited June 25, 2013 by Zaphod222

[questionmark]

If you had listen to Peter 10 years ago about gold, well you couldnt find a better investment. How many times does this man have to prove he's right, and main stream economists are wrong before the sheep listen?

That is what you call a self fulfilling prophecy, also known as the Chicken Little effect. If enough people believe it it will (apparently) happen. Gold, as long as a science called economics exists and can be traced, has had wild swings by speculation (fueled by individuals like you friend Peter) but always returned to the same value level, which is around $300 (Toz.) in 1990s money.

Just another means of re-division of wealth. Towards those who fuel the speculation.

[Yamato]

Maybe he could use his stash of gold to make a reflector for his solar oven and bake his bread that way .

Br Cornelius

If he traded that worthless paper in for gold in the first place, he wouldn't need that burning garbage that's helping to bake it. He'd be buying it from a bakery outside of Zimbabwe.

Statist mindsets like yours are oblivious to the fact that no fiat currency lasts through time. It all becomes worthless, sometimes a lot faster than others like Zimbabwe. But you can't even acknowledge inflation when it's the most extreme textbook example of it.

Meanwhile in the land of paper, creditor paper is beating the snot out of debtor paper

http://finance.yahoo.com/q/ta?t=1y&s=CNY&l=on&z=l&q=l&c=&ql=1

[Guest]

If he traded that worthless paper in for gold in the first place, he wouldn't need that burning garbage that's helping to bake it. He'd be buying it from a bakery outside of Zimbabwe.

Statist mindsets like yours are oblivious to the fact that no fiat currency lasts through time. It all becomes worthless, sometimes a lot faster than others like Zimbabwe. But you can't even acknowledge inflation when it's the most extreme textbook example of it.

Meanwhile in the land of paper, creditor paper is beating the snot out of debtor paper

http://finance.yahoo...z=l&q=l&c=&ql=1

And Goldbugs like yourself have never understood that Gold is intrinsically a worthless metal into which man has projected some magic ju-ju.

What you fail to mention is that as a currency Gold has never survived for very long either - because it always fails to meet the needs of society in the long run.

I suspect you haven't got a stash of Gold (real gold - not investment gold) your sitting on so for you the argument is all but academic. That would make you like the 99% of the rest of humanity who will not be saved by the gold they don't have. See the issue here.

We can all agree that the Dollar is heading down the toilet, but that doesn't mean the failed Gold standard concept will come riding over the hill to save us. Barter and labour are what will see you through to the new emergent currency - not gold. The Gold standard failed to keep up with real world trade so it was intrinsically deflationary and a constraint on the economy which did not reflect the actual economic activity.

And by accusing me of been a stateist you place yourself firmly in the camp of been a non-stateist, or put another way an anarchist. Again my position is one of forming a state which functions and is held accountable to its people. Yours is a rather extreme one of believing that you can return to some notional perfect state of the period of the War of Independence. You should look into the history of how well that period worked for most of the citizens of your nation before raising it on a pedestal.

Things are rarely as simple as an either/or, with the old and trusted been the only solution.

Br Cornelius

Edited June 25, 2013 by Guest

[Render]

Of course he is preaching about hyperinflation. We have printed several trillion dollars, thats inevitable. And he has always said the timing is going to depend on how much worse they will make it with further QE. Of which we are on round 4. He was one of a small handful of people who saw the crash coming in exact detail. Course you'd know that if you bothered to watch the video's. Oh I forgot, Video proving beyond all question that he knew more about what the reality of our economy as a whole then anyone from the main stream, is "meaningless". Then again Im talking to someone who somehow still trust Ben Bernanke.

So, you must also be one of those ppl that believes every guy that sets repetitive doomdays. Along the likes of Harold Camping.

It's the exact same principle. Just predict the same thing over and over again, and let chance calculation do its work. If it happens, then you "predicted" it. If you're wrong, nobody will give it any attention.

And there are always enough fools lined up that are gonna fall for the illusion of the messiah of truth.

[Render]

It's easy to laugh at someone before they're right. It takes substantial amounts of stupidity to continue mocking them after they're right.

Pumping even more air even faster into a leaking mattress wasn't any kind of a solution to the problem it's just delaying the inevitable for the dupes who are laying on it.

Sure sure. You're the expert

[Almagest]

God I hate these cop out statements "household economics don't apply" do you even realize that the best and brightest in this country are not in Washington and the dolts that are there have a hard time balancing their check book?

Whose fault is that?

most of the elected officials don't know or care about the economic impact of their votes. just because nobody is going to come and repo our country doesn't give anyone the right to ignore simple math you spend more than you make you go in debt. debt is bad no matter how you slice it. it cheapens the value of whatever you have be it gold, dollars, rare art, or employees. when the value of the dollar goes down the amount I pay in taxes goes a little less far. that means the government has to find more revenue to make up for the loss in value because they don't know how the live within their means.

Read the article. The USA's debt hasn't even passed 100% of their GDP yet. I agree that printing money en masse is a bad idea, it was the cause of Weimar Germany's hyperinflation, and that too much debt is bad. But the USA is not in a debt crisis yet, nor will it be by the end of Obama's term. Nor is it in a downward spiral that is impossible to get out of.

[MiskatonicGrad]

Whose fault is that?

Read the article. The USA's debt hasn't even passed 100% of their GDP yet. I agree that printing money en masse is a bad idea, it was the cause of Weimar Germany's hyperinflation, and that too much debt is bad. But the USA is not in a debt crisis yet, nor will it be by the end of Obama's term. Nor is it in a downward spiral that is impossible to get out of.

personally I am not one to spend spend spend until my head is barely above water then decided I have a problem and shame on me for expecting the same thing out of my government. I guess you would wait for the wild fire to burn you neighbors house down before you get insurance? I don't understand liberals they don't like reaganomics because he cut taxes increased revenue then went on a spending binge on defence and ran up a huge debt. but they have no problem with Obama not increasing revenue and going on a spending binge with everything else and defending his huge debt by saying we can handle it?

[Zaphod222]

And Goldbugs like yourself have never understood that Gold is intrinsically a worthless metal into which man has projected some magic ju-ju.

What you fail to mention is that as a currency Gold has never survived for very long either - because it always fails to meet the needs of society in the long run.

As a currency it sucks, but as a STORE OF VALUE, you can not beat it, for the simple reason that natural supply is limited, and Bernanke can not print it.

Other stores of values have been tried, but gold has passed the test of time; no other material has been universially and continually accepted like it. And as long as women exist, they will love to have it dangling around their necks.

Cornelius: 0

Gold Bugs: 1

Game over.

[Guest]

As a currency it sucks, but as a STORE OF VALUE, you can not beat it, for the simple reason that natural supply is limited, and Bernanke can not print it.

Other stores of values have been tried, but gold has passed the test of time; no other material has been universially and continually accepted like it. And as long as women exist, they will love to have it dangling around their necks.

Cornelius: 0

Gold Bugs: 1

Game over.

Abstract symbols in your head - take your pick which one works.

What we live with is a currency and when we relie on Gold to serve that function - the economy is just as broken as with any fiat currency.

I advocate a none debt based currency with flexibility pegged to a basket of real world assets - including gold.

Br Cornelius

[Almagest]

personally I am not one to spend spend spend until my head is barely above water then decided I have a problem and shame on me for expecting the same thing out of my government.

But I assume you vote in elections, and that in the past you've voted for someone with a D or an R next to their name? If you don't vote in elections then you have no right to complain since you haven't even exercised the easiest way to change the world.

I guess you would wait for the wild fire to burn you neighbors house down before you get insurance? I don't understand liberals they don't like reaganomics because he cut taxes increased revenue then went on a spending binge on defence and ran up a huge debt. but they have no problem with Obama not increasing revenue and going on a spending binge with everything else and defending his huge debt by saying we can handle it?

Well I'm in a rental property so that ain't my concern. The problem with reaganomics is it was invented solely to benefit the rich, anyone who thinks otherwise is delusional. Frivolous spending is bad no matter who is behind it, but I'm sure some would disagree that defence spending is frivolous and some would disagree that Obamacare is frivolous (for example).

[questionmark]

As a currency it sucks, but as a STORE OF VALUE, you can not beat it, for the simple reason that natural supply is limited, and Bernanke can not print it.

Other stores of values have been tried, but gold has passed the test of time; no other material has been universially and continually accepted like it. And as long as women exist, they will love to have it dangling around their necks.

Cornelius: 0

Gold Bugs: 1

Game over.

As long as the factual value of gold is below the market value I am afraid it is gold hamsters -5.