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Sublime Peach





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  posted on 9/29/2010 at 07:57 PM


[Edited on 1/6/2012 by jerryphilbob]

 

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"If everyone demanded peace instead of another television set, then there'd be peace."

- John Lennon

 
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Zen Peach



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  posted on 9/30/2010 at 12:16 AM
I have no problem with congress holding China's feet to the fire. And I'm doing my part to not participate in creating more of a market for China by not buying anything made there. It's not always easy to find what you need, but it's possible.

 

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Sometimes we can't choose the music life gives us - but we damn sure can choose how we dance!


 

Sublime Peach



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  posted on 9/30/2010 at 07:18 AM
Unfortunately China owns us. They are the bank of America. What happens if they pull the plug? I think we really need them more than they need us at this point in time. I don't know how we bite the hand that feeds us? Stay tuned, this is going to get interesting for sure.

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Maximum Peach



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  posted on 9/30/2010 at 07:27 AM
quote:
What happens if they pull the plug?
Assuming you mean call in the debt? They can't. They would destroy themselves and possibly the global economy.

 

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This one goes to eleven...

 

Extreme Peach



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  posted on 9/30/2010 at 08:10 AM
What happens if they pull the plug? Then you should sell your house, at a loss of course, dump all of your cash into gold and silver at an inflated price and move to Belize. After that, try to instill fear in others by conjuring up the Chinese boogeymen.
Or... you could remember to sing the Chinese an old tune that some here will recognize.
You can't give what you ain't got,
Can't lose what you never had.

 

Sublime Peach



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  posted on 9/30/2010 at 08:28 AM
quote:
What happens if they pull the plug? Then you should sell your house, at a loss of course, dump all of your cash into gold and silver at an inflated price and move to Belize. After that, try to instill fear in others by conjuring up the Chinese boogeymen.


I made out like a bandit. Rescued my equity and put it into an appreciating commodity. Gold is UP 17% this year alone? Don't own that depreciating liablility anymore. Notice I didn't refer to my home as an ASSET. Downsized and saved $100's every month on my expenses. I am not upside down on my home, which I would have been now had I kept my home. I would have been trapt in that home overpaying for a depreciatng liability that will probably never recover to the point that it was at when I purchased it.

The boogeyman is your government, they are the ones sounding the warning about China and their currency.

I know it is hard to accept that I did the right thing for me and my family and how many others probably wish they had done the same thing at the time I did it.

Go ahead and keep playing by the old rules of money. Let me know how that works out for you .


 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Sublime Peach



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  posted on 9/30/2010 at 08:35 AM
quote:
Assuming you mean call in the debt? They can't. They would destroy themselves and possibly the global economy.


Why would this destroy them? They already know that we are going to default on these loans and that they will never be paid back. They have already writen off our debt. It is only a matter of time before we won't be able to pay the interest on our loans.

Do you think the Chinese are stupid and don't already know this?

Remember the Chinese students LAUGHING at Geithner as he talked about our sound fiscal policy?

http://www.youtube.com/watch?v=9tSRV5nP9tI&feature=related








[Edited on 9/30/2010 by jerryphilbob]

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Maximum Peach



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  posted on 9/30/2010 at 09:01 AM
China doesn't need to call the debt. All they need to do is stop buying more of our debt by not purchasing at future Treasury auctions. That will signal a loss of confidence in our ability to re-pay and the dominos will fall from there. They and the rest of the world would certainly be hurt, but the rest of the world is in a better position to withstand this than we are. And the more time goes on, the less we become the indispensable linchpin of the world economy.

Look around. Most countries are not experiencing as severe a downturn as we are, and don't have as high unemployment. China expects double-digit GDP growth again this year. European govts have launched austerity programs to cut spending dramatically, while our fiscal-moron-and-chief only wants more. He calls for them to join his spend-a-thon, one imagines so that he doesn't look foolish being the only big-spender. But the rest of the world wisely rejects his prescription.

Its eerily similar to the Great Depression, which was only "Great" here in the US. Both periods feature an over-active govt, manipulating economic factors and causing levels of uncertainty that keeps the private sector off balance. Its hardly a coincidence that the same results are being repeated.

 

Maximum Peach



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  posted on 9/30/2010 at 09:04 AM
quote:
What happens if they pull the plug?


I see this asked a lot. What happens is we stop buying cheap crap they make. It's very much a symbiotic relationship.

 

Maximum Peach



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  posted on 9/30/2010 at 09:17 AM
quote:
They have already writen off our debt.
Have they really? They wrote off $900 Billion?

 

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This one goes to eleven...

 

Zen Peach



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  posted on 9/30/2010 at 09:50 AM
quote:
China expects double-digit GDP growth again this year


How's that working out for all the rural people there making about $300 a year?

 

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Maximum Peach



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  posted on 9/30/2010 at 10:18 AM
quote:
quote:
China expects double-digit GDP growth again this year
How's that working out for all the rural people there making about $300 a year?
For a country that could barely feed itself 25 years ago, I'd say they've come quite a long way, don't you think. Where do you think they're going to be, relative to us, in another 25 years?

 

Zen Peach



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  posted on 9/30/2010 at 10:25 AM
quote:
quote:
quote:
China expects double-digit GDP growth again this year
How's that working out for all the rural people there making about $300 a year?
For a country that could barely feed itself 25 years ago, I'd say they've come quite a long way, don't you think. Where do you think they're going to be, relative to us, in another 25 years?


Far ahead of us, or they could have an economic collapse of their own along the way.

 

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"Live every week like it's Shark Week." - Tracy Jordan

 

Zen Peach



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  posted on 9/30/2010 at 10:38 AM
or polluting themselves to death like we started to during our 'industrial revolution'... remember the air during the Olympics?

 

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Zen Peach



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  posted on 9/30/2010 at 10:47 AM
blaming the loss of US jobs to the undervalued yuan is not telling the whole story.

Most US jobs are lost because US companies move their manufacturing to third world countries to
Avoid US Labor laws and US environmental Laws. Exploiting cheap labor and the cost of environmental protections by moving manufacturing abroad.

Why does Fender make their entry level guitars in Mexico? Because they can't paint them in the US because
of limits on the waste produced at the California facility. Dump the waste in Mexico.

That is how US business works





 

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Keep on Smiling


 

Extreme Peach



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  posted on 9/30/2010 at 10:52 AM
They already agreed that they would float the yuan. Even if they agree to revalue it at this point, who would ever believe that they would fairly float the yuan going forward.

They don't want to play fair in regards to the global monetary system. They are going to do whatever is best for them.

 

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Green is Good

 

Extreme Peach



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  posted on 9/30/2010 at 10:53 AM
JPB, I'll just have to take comfort in the fact that you have been wrong about each and every prediction you.ve made. You know, like the hyper-inflation and deflation you said would come in late 2009. Or, the collapse of the dollar, which you knew for fact would happen. Or the, fill in the blank with the world ending scenario of your choice.
I'm going to start calling you by your other name: chicken little. The sky is falling, Glen Beck is calling.
Meanwhile, I'll sit on my precious metals investment of silver. I think I got a good buy. I paid one dollar an ounce. I bought silver quarters for a quarter each, silver dimes for 10 cents each and silver dollars for one dollar each. You would be surprised at how much silver was in circulation back in the 60s and early 70s. Since my dad owned a restaurant, we would pull all the silver from the register and replace it with modern coinage. The seven family members bought equal shares. I still have over 1.5K in face value silver coins put away. We also bought double eagles when they were about $100 each. Still have a dozen put away. That's investing. How much are you paying currently? My return slams yours.

 

Extreme Peach



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  posted on 9/30/2010 at 11:00 AM
You should be worrying about China's accumulation of Gold. Here is an excerpt from a recent article:

China is already the world's largest gold miner, and many analysts now assume - following the country's announcement last year that it had been building up its gold reserves for six years unknown to the West - that it is still expanding its gold holdings in a way that does not necessarily show the gold going into official reserves. And now it appears to be looking elsewhere to purchase supplies of the yellow metal without overtly impacting the market.

What is significant, perhaps, is that this suggests that China's commitment to gold is both ongoing - and likely to increase. The country, through its financial institutions and state television advertising, has been persuading its ever growing middle classes to purchase gold (and silver) as a good investment. There seems little doubt that the state is doing the same thing itself as a means of diversifying its huge reserves.



http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=106850&sn=Det ail&pid=102055

 

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Green is Good

 

Maximum Peach



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  posted on 9/30/2010 at 11:20 AM
quote:
How's that working out for all the rural people there making about $300 a year?


They are actually moving to the cities in droves....Whatever a drove is.

 

Maximum Peach



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  posted on 9/30/2010 at 11:40 AM
quote:
quote:
How's that working out for all the rural people there making about $300 a year?


They are actually moving to the cities in droves....Whatever a drove is.
Well in China, it's a hell of a lot larger than a drove anywhere else.

China is an amazing place. Cities you've never heard of with 40 million people. That's 5 NYCs. Mind boggling.

 

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This one goes to eleven...

 

Sublime Peach



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  posted on 9/30/2010 at 11:45 AM
quote:
Meanwhile, I'll sit on my precious metals investment of silver. I think I got a good buy. I paid one dollar an ounce. I bought silver quarters for a quarter each, silver dimes for 10 cents each and silver dollars for one dollar each. You would be surprised at how much silver was in circulation back in the 60s and early 70s.


Glad to see you already have your hedge against the dollar . Good for you. As far as my predictions go, I NEVER put a time frame on it. I am still holding fast to my beliefs that the dollar is done. These guys are very patient and I won't put a time frame on it, but it is coming. I never said the world was ending, just the dollar.

You are very fortunate to still have all that silver. I don't have quite that much, but I am working on it. I don't mind trading my fiat currency for real money and will continue to do so until it becomes just too hard to get. I am buying at todays rates and would love to buy some of yours if you want to sell. PM me. I would love to buy some more. If I were you, I would cash in at these prices.


BTW. I was dead on about housing. Can't dispute that. I was certainly closer to the mark than most and have been ahead of the curve when it has come to housing.

You are probably right about the dollar though, so sell me your silver !!!

[Edited on 9/30/2010 by jerryphilbob]

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Zen Peach



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  posted on 9/30/2010 at 12:13 PM
I read something the other day that said people are getting nervous about investing in precious medals and they're switching to jewelry, especially antique designer jewelry, as a hedge against whatever's supposed to be coming. Makes all those pieces I've been buying in the pawn shops for a fraction of their value seem like a wise investment.

 

____________________
Sometimes we can't choose the music life gives us - but we damn sure can choose how we dance!


 

Sublime Peach



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  posted on 9/30/2010 at 12:20 PM
Trade them in for coin. Cash them out and get minted US coins. How else are you going to trade your gold/silver unless it is in coin form? You might want to get an electronic scale to weigh your gold/silver. Nice job though. Nice to know you have a hedge against the comng collapse of the dollar. Something will be better than nothing, that is for sure.

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Maximum Peach



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  posted on 9/30/2010 at 02:30 PM
quote:
quote:
Trade them in for coin. Cash them out and get minted US coins. How else are you going to trade your gold/silver unless it is in coin form? You might want to get an electronic scale to weigh your gold/silver. Nice job though. Nice to know you have a hedge against the comng collapse of the dollar. Something will be better than nothing, that is for sure.
And when this collapse occurs, what will gold be worth? Remember that gold is a commodity used in jewelry and electronics and has little or no value otherwise. If nobody can or will buy gold, the price will plummet.


Hope this helps.
Gold has little value outside of jewerly and other product applications? That's a view limited by a lifetime where a single paper currency has remained stable. Its not reflective of a broader history of commerce, not even our own nation's.

Gold will remain useful as it always has. If paper currencies fail, vendors or individuals trying to sell their goods or services will accept gold, as it will be the only thing left that has an known exchangeable value. Commerce will continue, people will still need to buy stuff to survive, and folks who produce things will have to accept something in exchange for their goods. Gold will fill that need. Barter would too, but that places severe limitations on commerce.

One possibility is that govt(s) will try to replace a failing paper currency with another paper currency. In that process, they'll try to eliminate any competitive currency that might challenge their new paper's value in the mind of the public. It would be likely that they would force anyone holding gold to turn it in for some amount of the new paper, and would also enact penalties for using gold or silver as a means of exchange. The success of establishing a new fiat currency would depend on the public's faith in the new govt arrangements. Suffice to say, living through something like that would be more than a bit frightful.

 

Sublime Peach



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  posted on 9/30/2010 at 03:00 PM
quote:
One possibility is that govt(s) will try to replace a failing paper currency with another paper currency. In that process, they'll try to eliminate any competitive currency that might challenge their new paper's value in the mind of the public. It would be likely that they would force anyone holding gold to turn it in for some amount of the new paper, and would also enact penalties for using gold or silver as a means of exchange. The success of establishing a new fiat currency would depend on the public's faith in the new govt arrangements. Suffice to say, living through something like that would be more than a bit frightful.


It took Weimar Germany two months to issue a new currency. I would imagine that they will take gold or silver in exchange for the new currency. Of course, they won't be taking worthless American dollars for anything.

I believe they will enact a "world currency" that will be backed by gold and run by the IMF. I would imagine they would love for you to trade your gold or silver in for their new currency. There will be no faith in fiat currencies that are not backed by gold. There will be a new world order for money and those holding only American dollars are going to get crushed.

With our debt, debasing of our currency, and the weight of our entitlement programs looming, it clearly makes the path we are on unsustainable. Somethings got to give? And I am pretty sure it is going to be the dollar. They can't have thier one world currency with a strong dollar. And then they will say "this is the only way", and Americans will flock to the new currency.

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 
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