These are two pretty good movies as well (shorter).
YouTube - Money, Banking and the Federal Reserve
YouTube - Liberty and Economics
There are tons of resources online to learn about economics that makes it less complicated.
US GOV'T BAILOUT of Banks
- Thread starter brianpaxton
- Start date
- Status
YouTube - Money, Banking and the Federal Reserve
YouTube - Liberty and Economics
There are tons of resources online to learn about economics that makes it less complicated.
Where is Jimmy Carter when you need him?
lmao..
Don't want the gravy to thicken, added a little creme..
Guerilla - I too have enjoyed most of your posts, but I've got to say, I object a bit to the general tone and idea of selfhelplessness.. The idea that nothing can be done, we shouldn't hardly even try, because what's coming is.. a comin'..
While I'm all for accepting "the truth", and taking my medicine and dealing with the real circumstances, I'm not a big fan of admitting that there's something affecting me and my family that is totally beyond my control.. Then, the serenity prayer comes to mind, pardon me, but I've had quite a few friends who've had to rely on it to turn their lives around.. and it remind me that indeed, sometimes, life is a motherfucker, and there are truly things that you cannot control, and perhaps.. one such thing is an economy gone amok, an economy forever under the control and spell of the super rich and powerful, who want to keep things "as is" for as long as they can, before we all find out what frauds they are and take away their toys..
Is the economy being used as yet another tool of "instilling fear" to maintain power and control over the masses? Haven't we seen this in action before? Aren't we been drilled with fear-inducing propaganda every time the good ole boys in Washington has an agenda to meet?
Viva la Revolucion!
lmao..
Don't want the gravy to thicken, added a little creme..
Guerilla - I too have enjoyed most of your posts, but I've got to say, I object a bit to the general tone and idea of selfhelplessness.. The idea that nothing can be done, we shouldn't hardly even try, because what's coming is.. a comin'..
While I'm all for accepting "the truth", and taking my medicine and dealing with the real circumstances, I'm not a big fan of admitting that there's something affecting me and my family that is totally beyond my control.. Then, the serenity prayer comes to mind, pardon me, but I've had quite a few friends who've had to rely on it to turn their lives around.. and it remind me that indeed, sometimes, life is a motherfucker, and there are truly things that you cannot control, and perhaps.. one such thing is an economy gone amok, an economy forever under the control and spell of the super rich and powerful, who want to keep things "as is" for as long as they can, before we all find out what frauds they are and take away their toys..
Is the economy being used as yet another tool of "instilling fear" to maintain power and control over the masses? Haven't we seen this in action before? Aren't we been drilled with fear-inducing propaganda every time the good ole boys in Washington has an agenda to meet?
Viva la Revolucion!
In Bush's admin he has called for reform to Freddie Mac 17 times. These organizations were ran by democrats left over from the Clinton admin. There are also some wierd ties between FM and the O'bama campaign.
Get your facts straight...your partisonship is showing!
It's not time to play partison games. As Mr. Paulson stated "If it doesn't pass, then heaven help us all,"
To all the non-US posters that are gleeful at the current state of economic problems in America: If the US goes down, so will your country!
Think of it as a natural disaster. Act of God if you will.
There is no selfhelplessness. On the contrary, do whatever you have to do to make sure your accounts are FDIC insured, that you are properly diversified, that you are not over extended on credit, that you are following what is happening with the government programs like a hawk etc etc etc.
But a correction is long overdue, and when it comes, because it has been pushed off so long, it's going to be a real mother. And no one man or group of men will be able to hold it off by writing a bill.
Even the Sec. of Treasury and FED Chairman admit this. I think they are full of shit, but they are promoting the bailout as the only solution or absolute devastation. That's how serious it is.
The government could definitely do some things to lessen the impact, but that's up to them. So far, devaluing the dollar to make sure Wall Street doesn't lose money is the only strategy they can come up with, and it does nothing to help homeowners, or to improve the economic outlook. It's strictly a wealth transfer.
The Prescription for Prosperity I posted about before calls for creating a capital friendly environment, encouraging savings, and encouraging more economic production. It also calls for government to cut spending.
These are sound measures to prepare for hard times. Thus, they unfortunately will not be considered.
Individuals and families can adopt similar strategies themselves however.
Work more, save more, spend less, pay off debt and make conservative investments. Basically, be smart with your finances.
guerilla -
agreed.. 100%
I work in the credit world.. The much needed antidote to our reliance on credit [allowing us all to live beyond our means] is that which you describe, no doubt.. however hard the pill is to swallow..
But that'd mean that the 5% Top Richest would lose FORTUNES, aren't you going to feel sorry for them? What about all the job losses? Aren't you afraid? lol.. (sarcasm intended)..
agreed.. 100%
I work in the credit world.. The much needed antidote to our reliance on credit [allowing us all to live beyond our means] is that which you describe, no doubt.. however hard the pill is to swallow..
But that'd mean that the 5% Top Richest would lose FORTUNES, aren't you going to feel sorry for them? What about all the job losses? Aren't you afraid? lol.. (sarcasm intended)..
HarveyJ
He is - THE CACTUS!
Only if said country is entirely reliant on US trade and can find no other buyers for their export goods, nor sources of import for major US exports.
Whilst there will be a dip in the markets of pretty much every first world economy, most of those economies are likely to forge new trade links elsewhere in the newly growing economies of India and China.
From my own observations of local market movements, our FTA with the US is already showing signs of being nearly useless, and our new federal government is getting cosy with China as our new major trade partner.
As it is, they've already surpassed the US in their agricultural, mineral and informational imports from Australia. Energy is looking to skyrocket as well, now that we're opening more radioactive metals & coal to the market.
If our production capacity manages to increase with their demand (although linear growth is unlikely considering how long it takes to get new mines approved, and that our agricultural practice has to change due to current climate changes), any drop in US imports will be swiftly taken up by China & India.
It will have massive affects on the financial markets, but those should correct when people realise that there's still a lot of actual assets that grossly exceed the devalued "paper worth" caused by panicked markets.
As terrible as it may seem, if the American economy crashes in a worst-case-scenario kind of way, it will simply become a 3rd world country with good infrastructure. Citizens will have to work at the sort of slave wages seen in India & China, and the growing middle classes in those countries will start to live in semi-affluence.
Don't mean to a hijack a good discussion but K-Rudd has made his intentions and ambitions on stepping up our trade relationship with China pretty clear - both with words and actions. It seemed to be one of his top priorities when he took office.
Thanks to the change of government in my home state of WA, Uranium mining is very likely to get the go ahead. Fantastic idea for state taxes but stupid for a state that can't find enough workers to support our existing industries. We literally can't grant Visas fast enough to keep up with the labor demand. The Uranium that is in the ground isn't going anywhere so I don't understand why we can't just sit on it until the boom cools off.
I'm also not too excited about Uranium potentially being shipped out of a port that is surrounded on both sides by some of the best beaches in the world.
Right, and China and India isn't going to be affected by a US economic collapse and will continue to consume and produce just as always, because they don't export anything to the US. Oh wait... shiiiit
The EU is practically in a recession as well, somebody merely needs to fart in its direction to tip it over. I personally live in a EU country with negative GDP growth and 15% inflation (government advertised value). Its not a lot of fun, but it looks like you'll soon join me. But hey, at least property is much cheaper!
The only ones who might MIGHT not be affected are the rich beyond reason socialist countries - Norway, Sweden, Denmark, Finland. The Baltic States are probably gonna stay afloat by jumping into rowboats and plundering Swedish towns, like the good old days.
Everyone else is going down with the mother ship.
Home owners in distress are getting out of their homes without owing any money. Ever heard of Short Sales. Example: mortgage was for 350k current market value 300k lenders have been writing off huge losses in the past couple years. Now lenders are at a point were they cant handle anymore losses. This is were the bail comes in, so in a way it will benefit people. The bail will also insure lending is still available in different aspects of our economy (cars, student loans, homes, small biz loans) Imagine if credit will freeze for these industries. I just think this should be carefully handled not in 7 days and start selling the failing companies good assets. Why should we be the only ones getting screwed.
HarveyJ
He is - THE CACTUS!
I'm not saying they won't be affected, just not as badly as people in the States seem to think.
You're still thinking that China and India are these 3rd world countries, but both countries now have middle classes that are larger than that of the US, simply because they have populations that are 4 and 3 times as large, respectively.
Their own middle classes will pick up a lot of the slack.
Not all, but certainly more than people are giving them credit for.
Dude, India's middle class is the guy who picks up the phone when you call your bank. If your bank goes out of business, so does he, so does the guy he's buying food from, so does the farmer who's producing food for the grocery store, so does the guy who's producing machinery for the farmer, and so on.
The whole worlds depends on America buying stuff. How can their middle class "pick up the slack" when there quite simply isn't gonna be anyone buying most of the stuff they're making? They are gonna sell it to someone else? Us Europeans aren't gonna be able to buy more stuff any time soon. Who else? There isn't anyone else. Nobody has the purchasing power of USA and the eurozone.
Have you seen what goes on in the stock exchanges? Everyone nearly made a run for it end of last week. Everyone from Moscow to Hong Kong was affected, it was a good show on what happens to the rest of the world if someone in America sneezes (or rather, starts coughing like sick with tuberculosis).
If America stops importing so much, we're all fucked. The only ones who won't feel the effect are the people who are already living in the stone age or are so rich they just don't give a shit anymore.
Great topic. Haven't been here for awhile. I actually sent a letter via email to my state's representatives and to Obama and McCain. It reads as follows:
Do you know that a day after I sent this letter, McCain stated that he would suspend his campaign to go back to the Hill?
This is a fallacy. Peter Schiff addresses it in his book.
His example is something like this.
Imagine an island with one American and a half dozen chinese. The Chinese catch fish, harvest coconuts, prepare meals and set and clear the table, do dishes so that the American can eat.
Now take the American out of the equation. The chinese catch fish, harvest coconuts and so on, but now for themselves. They begin to accumulate capital (excess supply they can use to keep themselves fed while they divert their energy to other tasks) and begin to raise their standard of living. Which is precisely what is happening. A lot of American consumption today, is actually paid for with Chinese debt. The chinese lend the money, to buy their goods, basically doubling down on every transaction.
Indians who stop answering American phones, will answer European phones. They will answer Indian phones. They will shift to other industries. They will create new industries.
The notion that the Chinese need to lend Americans the money to consume Chinese and Indian goods or the system will collapse is an absolute fallacy.
Imagine if you had a store, and your biggest customer came in, and said "Lend me the money to buy your stuff, or you are out of business".
What would you do? How long can you lend him the money he pays right back to you for the goods he consumes?
Now that's not to say that American consumption isn't very important. But it's fueled a production bubble, and what will happen if Americans stop buying, is that prices will fall to clear excess inventory (massive global deflation). Indian labor rates will fall as people get desperate for jobs. And suddenly, the Chinese and Indians will be able to afford their own goods and services.
Guerrilla knows what his talking about. Once China and India start using their own product, their economy will change dramatically. China is the next super power of the world. Americans needs to wake up before its to late. Give tax brakes to companies keeping their business here, no tax brakes for companies outsourcing. Plus small business needs to revitalized. Also we need to start saving.
Check this out China's workers save an average of 40% of their income.
Americas average saving is -% of their income.
Check this out China's workers save an average of 40% of their income.
Americas average saving is -% of their income.
Or the dollar's value. Bailout = larger deficit = crappier dollar value. The US can't lower interest rates because of high inflation.
Dude, thanks for posting that. Ron Paul was on this SHIT since Day 1--the current Fed and Fiscal system is a giant PONZI scheme since "bank assets" are based on loans. What happens when those loans are BAD? We're finding out now and it doesn't look good.
There is one solution we should TRY--bring back the GOLD standard!
There is one solution we should TRY--bring back the GOLD standard!
Ron Paul on Wolf Blitzer this morning.
YouTube - 9/21/2008 Ron Paul on the Late Edition with Wolf Blitzer
Some great podcasts if you like to listen to this stuff while you work like I do. Schiff is super entertaining.
Radio Interview: Dr. Bob Murphy and Dr. Mark Thornton
Archived MP3 of the interview:
http://dissentradio.com/radio/08_09_22_murphythornton.mp3
————
Radio Interview: Robert Blumen
Archived MP3 of the interview:
http://dissentradio.com/radio/08_09_23_blumen.mp3
————
Radio Interview: Peter Schiff
Archived MP3 of the interview:
http://dissentradio.com/radio/08_09_24_schiff.mp3
Radio Interview: Dr. Bob Murphy and Dr. Mark Thornton
Archived MP3 of the interview:
http://dissentradio.com/radio/08_09_22_murphythornton.mp3
————
Radio Interview: Robert Blumen
Archived MP3 of the interview:
http://dissentradio.com/radio/08_09_23_blumen.mp3
————
Radio Interview: Peter Schiff
Archived MP3 of the interview:
http://dissentradio.com/radio/08_09_24_schiff.mp3
impossible.
read up on the Bretton Woods agreement and why it failed 1971
then read up on the Smithsonian Agreement and why it failed afterwards
then read up on the Plaza Accord and why it failed (because the US did break the agreement)
the world isnt the same like after WW2 when the gold standart was introduced.
i dont understand why people say "go back to the gold standart" when they dont know why it was introduced and how it worked out in the first place.
- Status