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Until the Fed makes private ownership of precious metal illegal like it did during the last Depression.
Right up to that point, gold and silver look real good. Like they did back then.
And then poof.
Things are not the same as they were in 1933, when FDR confiscated gold. Folks were allowed to keep up to 10 ounces of gold - did you know that? How many people do you know today who can afford 10 ounces of gold? Also, our coinage was 90% silver - dimes, quarters, halfs, and silver dollars (Morgan or Peace). That silver protected the $US, until 1964. The $US was far stronger in 1933 than it is today. The Federal Reserve (nee 1913) had not yet had a chance to devalue our currency. Today's $US has a purchasing power of 3-4 cents compared to 1913! The phrase "purchasing power" is one that you'll never hear the Fed use!
That loss of purchasing power is called inflation. The depression of the 1930's was deflationary - the exact opposite of what is happening now. Most Americans do not know that the Federal Reserve is not federal, and has no reserves. They do not know that vast sums of FRN's are printed out of thin air. No backing, no nothing. Even the "full faith and credit" stuff is now a joke, as the US government is insolvent.
Gold and silver have been money for 5,000 years. You don't "invest" in gold and silver; you trade worthless paper FRN's for real money. The $US price for gold and silver says more about the dollar than it does about gold and silver, which always have the same value. The FRN is a debt-based unbacked paper fiat currency foisted upon the American people by a private cartel of bankers called the Federal Reserve. And yes, it is unconstitutional.
Our current crisis is inflationary. I do not think it will ever get to be like Zimbabwe. Rather, I suspect the whole debt structure will implode, rendering all fiat currencies worldwide, worthless. When that happens (not if), and you are standing there holding a wallet full of FRNs, but NO gold and NO silver, may God have mercy. After what I expect to happen within the next decade - and it's already started - the entire world will be chastened regarding debt-based paper "money", and will return to a backing of gold and silver.
mtb83201, you are wise to distrust. If they do not confiscate your hard-earned savings by inflation and taxation, they will by implosion, monetization, and repudiation of their debt to you. That is the real "confiscation" that's going on today. And 99% of Americans can't see it, even with binoculars.
One way to ensure financial security in retirement is to create leverage through a home business venture. When you build a home business and help others do the same, you create leverage. You get many times over for work you did once. Then, you take part of the profits as they grow and reinvest them. Once your investments cover your essential living expenses, you will be financially secure. Plus, you'll still be getting paid more and more each month. Donald Trump, Warren Buffet and other big business gurus now strongly recommend people start a home business as a way to create leverage in retirement. I personally did this and now have freedom to work my business hen I want to. Retirement is around the corner for me and I'm only 40!
if you vote you wont have to have faith you will instead have a good life.
obama 08
You are incredibly naive if you think Obama, McCain or Solomon himself can save us from the economic collapse we have brought upon ourselves. We are at the end of cheap energy and therefore life as we know it, the Fed is broke, our nation is a debtor to our enemies and with climate change the world will not feed six billion people. Good speeces won't feed anybody.
You are incredibly naive if you think Obama, McCain or Solomon himself can save us from the economic collapse we have brought upon ourselves. We are at the end of cheap energy and therefore life as we know it, the Fed is broke, our nation is a debtor to our enemies .... Good speeces won't feed anybody.
When I quoted you, I deleted one section.
Because I wanted to say how much I agree with your statement.
I do agree, [with most of it].
Well said!
I am not entirely sure about the climate change stopping food production though, it will certainly change things however.
I’ve seen this situation many times, you want to make money but yet you are willing to take no chances, simply put it don’t work that way.
Your going to invest into something then watch it every day, every chance you get, the first dip it takes you go oh my god I’m loosing my precious money I gotta get it out of there, only thing for you is treasury, savings account, pure money market, and CD, settle for very little return in exchange for the safety net.
I am going to add my two cents here. About 8 years ago, Congress was asked to let Railroad Retirement help Social Security - social security has always been a problem. That was shot down, thank god. RR Retirement forced all of us to pay higher taxes in fact two tiers - much more than everyone else. That is why when we retired, etc, we received wages that you can live on. What you put in is what you get out. I have friends that get social secuirty and in today's economony is is not enough to keep your head above water.
Today I was repped for a post I made here. It was a while back, and I wanted to give an update.
First; I still believe in MFRs as being a far superior investment vehicle as compared to Single Family Residences.
We did well with ours, we took our equity and used it to buy bare land where we began building a farm. We did this before the collapse.
When the bubble popped, and the lay-offs hit all of our renters lost their jobs. In that area the big employers nearly shut-down, and the area experienced a big exodus as people who had been drawn for jobs, all left. Many apartments are empty.
We used up our savings trying to carry the mortgage. We tried to sell, we had buyers, but the bank refused to allow us to sale the property. The bank began the foreclosure process in 2009. Then the bank sued us wanting all back mortgage payments, plus the outstanding principle, plus the property, plus their legal fees. We filed bankruptcy.
The bank is now cooling their heels, they still have not finalized the foreclosure, they notified local PD to arrest anyone who shows up to cut the lawn or do maintenance [so a nearby friend who was tending the lawn has had to stop].
[I must assume that this was one of the many mortgages where they violated law and skipped processes and now have hit barriers in their process to foreclose.]
The investment that I had so much faith in, fell apart.
If we were still living in the property, we could have held it. But it would have been a long period of hardship, starting when the economy collapsed and going on into the future until whenever the economy picks up again. Eventually the apartments would be rented out again, in some future economy. Maybe.
I think we got out at the right time. In hind-sight, we should have sold it.
The bank still sends us letters and calls us demanding payment two years later.
Today I was repped for a post I made here. It was a while back, and I wanted to give an update.
First; I still believe in MFRs as being a far superior investment vehicle as compared to Single Family Residences.
We did well with ours, we took our equity and used it to buy bare land where we began building a farm. We did this before the collapse.
When the bubble popped, and the lay-offs hit all of our renters lost their jobs. In that area the big employers nearly shut-down, and the area experienced a big exodus as people who had been drawn for jobs, all left. Many apartments are empty.
We used up our savings trying to carry the mortgage. We tried to sell, we had buyers, but the bank refused to allow us to sale the property. The bank began the foreclosure process in 2009. Then the bank sued us wanting all back mortgage payments, plus the outstanding principle, plus the property, plus their legal fees. We filed bankruptcy.
The bank is now cooling their heels, they still have not finalized the foreclosure, they notified local PD to arrest anyone who shows up to cut the lawn or do maintenance [so a nearby friend who was tending the lawn has had to stop].
[I must assume that this was one of the many mortgages where they violated law and skipped processes and now have hit barriers in their process to foreclose.]
The investment that I had so much faith in, fell apart.
If we were still living in the property, we could have held it. But it would have been a long period of hardship, starting when the economy collapsed and going on into the future until whenever the economy picks up again. Eventually the apartments would be rented out again, in some future economy. Maybe.
I think we got out at the right time. In hind-sight, we should have sold it.
The bank still sends us letters and calls us demanding payment two years later.
What a nightmare. How can you still, in this economy and based on your experience, endorse MFR's??????
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Leverage is one option
