[underdose]

[quote=Nor-LA-SD-guy]
Gold hmmm can’t eat it, it won’t keep you warm etc…

to each their own.

[/quote]

I absolutely agree with that. That’s why I said that replacing paper money with metal money is kind of an almost arbitrary thing. But, you can’t eat greenbacks any more than you can eat gold, and yet people still accept these silly pieces of paper in exchange for food. The gold bet is, like I said, speculative, hoping that people will accept gold in exchange for food when faith in paper money evaporates. I see the logic of gold bugs, that it’s human nature that we are unlikely to go all the way back to the barter system entirely, so some medium of exchange will be needed and gold is the time honored convention. I personally have no faith in gold either, I think it is almost worthless. Kind of pretty, much harder to counterfeit than paper money (in my opinion, Bernanke is currently engaged in counterfeiting), but otherwise largely useless. But if people all jump on board because that’s what they do… Oh what the heck.

[underdose]

[quote=Nor-LA-SD-guy]
Gold hmmm can’t eat it, it won’t keep you warm etc…

to each their own.

[/quote]

I absolutely agree with that. That’s why I said that replacing paper money with metal money is kind of an almost arbitrary thing. But, you can’t eat greenbacks any more than you can eat gold, and yet people still accept these silly pieces of paper in exchange for food. The gold bet is, like I said, speculative, hoping that people will accept gold in exchange for food when faith in paper money evaporates. I see the logic of gold bugs, that it’s human nature that we are unlikely to go all the way back to the barter system entirely, so some medium of exchange will be needed and gold is the time honored convention. I personally have no faith in gold either, I think it is almost worthless. Kind of pretty, much harder to counterfeit than paper money (in my opinion, Bernanke is currently engaged in counterfeiting), but otherwise largely useless. But if people all jump on board because that’s what they do… Oh what the heck.

[underdose]

[quote=Nor-LA-SD-guy]
Gold hmmm can’t eat it, it won’t keep you warm etc…

to each their own.

[/quote]

I absolutely agree with that. That’s why I said that replacing paper money with metal money is kind of an almost arbitrary thing. But, you can’t eat greenbacks any more than you can eat gold, and yet people still accept these silly pieces of paper in exchange for food. The gold bet is, like I said, speculative, hoping that people will accept gold in exchange for food when faith in paper money evaporates. I see the logic of gold bugs, that it’s human nature that we are unlikely to go all the way back to the barter system entirely, so some medium of exchange will be needed and gold is the time honored convention. I personally have no faith in gold either, I think it is almost worthless. Kind of pretty, much harder to counterfeit than paper money (in my opinion, Bernanke is currently engaged in counterfeiting), but otherwise largely useless. But if people all jump on board because that’s what they do… Oh what the heck.

[underdose]

[quote=Nor-LA-SD-guy]
Gold hmmm can’t eat it, it won’t keep you warm etc…

to each their own.

[/quote]

I absolutely agree with that. That’s why I said that replacing paper money with metal money is kind of an almost arbitrary thing. But, you can’t eat greenbacks any more than you can eat gold, and yet people still accept these silly pieces of paper in exchange for food. The gold bet is, like I said, speculative, hoping that people will accept gold in exchange for food when faith in paper money evaporates. I see the logic of gold bugs, that it’s human nature that we are unlikely to go all the way back to the barter system entirely, so some medium of exchange will be needed and gold is the time honored convention. I personally have no faith in gold either, I think it is almost worthless. Kind of pretty, much harder to counterfeit than paper money (in my opinion, Bernanke is currently engaged in counterfeiting), but otherwise largely useless. But if people all jump on board because that’s what they do… Oh what the heck.

[underdose]

[quote=Nor-LA-SD-guy]
Gold hmmm can’t eat it, it won’t keep you warm etc…

to each their own.

[/quote]

I absolutely agree with that. That’s why I said that replacing paper money with metal money is kind of an almost arbitrary thing. But, you can’t eat greenbacks any more than you can eat gold, and yet people still accept these silly pieces of paper in exchange for food. The gold bet is, like I said, speculative, hoping that people will accept gold in exchange for food when faith in paper money evaporates. I see the logic of gold bugs, that it’s human nature that we are unlikely to go all the way back to the barter system entirely, so some medium of exchange will be needed and gold is the time honored convention. I personally have no faith in gold either, I think it is almost worthless. Kind of pretty, much harder to counterfeit than paper money (in my opinion, Bernanke is currently engaged in counterfeiting), but otherwise largely useless. But if people all jump on board because that’s what they do… Oh what the heck.

[underdose]

My question is, how many of these people (besides Roubini) were predicting clear sailing for the economy a few years ago? Really, how much credibility do any of them have? How many of them even a few months ago said “recovery by Q1 2009”?

Here’s another angle. How many “experts” predicted an end to the post 1929 crash recession by some time in 1931, 1933 at the latest? I think a lot of them did, and they were wrong by 10+ years.

Most of these “experts” are complete idiots. They’ve never been right yet. If the dollar collapses, a recovery is a very, very, very long way away. A recovery will require a complete paradigm shift and retooling of our economy, and the government’s run away borrowing and printing is taking us in the opposite direction. If these “experts” can’t see that, they should be losing their jobs, not all the nameless masses who are truly victims of other people’s incompetence.

[underdose]

My question is, how many of these people (besides Roubini) were predicting clear sailing for the economy a few years ago? Really, how much credibility do any of them have? How many of them even a few months ago said “recovery by Q1 2009”?

Here’s another angle. How many “experts” predicted an end to the post 1929 crash recession by some time in 1931, 1933 at the latest? I think a lot of them did, and they were wrong by 10+ years.

Most of these “experts” are complete idiots. They’ve never been right yet. If the dollar collapses, a recovery is a very, very, very long way away. A recovery will require a complete paradigm shift and retooling of our economy, and the government’s run away borrowing and printing is taking us in the opposite direction. If these “experts” can’t see that, they should be losing their jobs, not all the nameless masses who are truly victims of other people’s incompetence.

[underdose]

My question is, how many of these people (besides Roubini) were predicting clear sailing for the economy a few years ago? Really, how much credibility do any of them have? How many of them even a few months ago said “recovery by Q1 2009”?

Here’s another angle. How many “experts” predicted an end to the post 1929 crash recession by some time in 1931, 1933 at the latest? I think a lot of them did, and they were wrong by 10+ years.

Most of these “experts” are complete idiots. They’ve never been right yet. If the dollar collapses, a recovery is a very, very, very long way away. A recovery will require a complete paradigm shift and retooling of our economy, and the government’s run away borrowing and printing is taking us in the opposite direction. If these “experts” can’t see that, they should be losing their jobs, not all the nameless masses who are truly victims of other people’s incompetence.

[underdose]

My question is, how many of these people (besides Roubini) were predicting clear sailing for the economy a few years ago? Really, how much credibility do any of them have? How many of them even a few months ago said “recovery by Q1 2009”?

Here’s another angle. How many “experts” predicted an end to the post 1929 crash recession by some time in 1931, 1933 at the latest? I think a lot of them did, and they were wrong by 10+ years.

Most of these “experts” are complete idiots. They’ve never been right yet. If the dollar collapses, a recovery is a very, very, very long way away. A recovery will require a complete paradigm shift and retooling of our economy, and the government’s run away borrowing and printing is taking us in the opposite direction. If these “experts” can’t see that, they should be losing their jobs, not all the nameless masses who are truly victims of other people’s incompetence.

[underdose]

My question is, how many of these people (besides Roubini) were predicting clear sailing for the economy a few years ago? Really, how much credibility do any of them have? How many of them even a few months ago said “recovery by Q1 2009”?

Here’s another angle. How many “experts” predicted an end to the post 1929 crash recession by some time in 1931, 1933 at the latest? I think a lot of them did, and they were wrong by 10+ years.

Most of these “experts” are complete idiots. They’ve never been right yet. If the dollar collapses, a recovery is a very, very, very long way away. A recovery will require a complete paradigm shift and retooling of our economy, and the government’s run away borrowing and printing is taking us in the opposite direction. If these “experts” can’t see that, they should be losing their jobs, not all the nameless masses who are truly victims of other people’s incompetence.

[underdose]

scaredycat, I’m with svelte. I will go so far as to say I am a home owner with a 30 year fixed. My mortgage payments can’t go up. Rent, in run away inflation, will. I’m more afraid of rising rent than I am of declining home prices. Really, choose your poison. I anticipate the bottom for real estate in real terms is a ways off, but in nominal terms, who knows. Even Bill Maher is reporting that Chinese tourists are buying real estate in America now. How can we repay the years and years of trade debt if we don’t export anything to them? Well, they can just come over, trade all those extra dollars they are holding for something that we can’t export (our land), then someday we may be paying skyrocketing rent to Chinese landlords. Maybe that’s a doomsday scenario that won’t play out, but I don’t personally want to risk it.

The other answer is, as Rich, and Peter Schiff, and many many other smart people who correctly identified the housing bubble and crash are saying, is to buy gold as a store of “savings”. Arguably a speculative move, hoping that as people lose faith in paper money they will regain faith in metal money. One arbitrary convention for another. If gold really takes off and housing continues to slump (especially if interest rates spike), who knows, you may be able to pay cash for something someday and not care what mortgage rates are. I think trying to time that would require spectacular luck, and I personally don’t have that kind of chutzpah.

All I can recommend is do what will help you sleep at night…

[underdose]

scaredycat, I’m with svelte. I will go so far as to say I am a home owner with a 30 year fixed. My mortgage payments can’t go up. Rent, in run away inflation, will. I’m more afraid of rising rent than I am of declining home prices. Really, choose your poison. I anticipate the bottom for real estate in real terms is a ways off, but in nominal terms, who knows. Even Bill Maher is reporting that Chinese tourists are buying real estate in America now. How can we repay the years and years of trade debt if we don’t export anything to them? Well, they can just come over, trade all those extra dollars they are holding for something that we can’t export (our land), then someday we may be paying skyrocketing rent to Chinese landlords. Maybe that’s a doomsday scenario that won’t play out, but I don’t personally want to risk it.

The other answer is, as Rich, and Peter Schiff, and many many other smart people who correctly identified the housing bubble and crash are saying, is to buy gold as a store of “savings”. Arguably a speculative move, hoping that as people lose faith in paper money they will regain faith in metal money. One arbitrary convention for another. If gold really takes off and housing continues to slump (especially if interest rates spike), who knows, you may be able to pay cash for something someday and not care what mortgage rates are. I think trying to time that would require spectacular luck, and I personally don’t have that kind of chutzpah.

All I can recommend is do what will help you sleep at night…

[underdose]

scaredycat, I’m with svelte. I will go so far as to say I am a home owner with a 30 year fixed. My mortgage payments can’t go up. Rent, in run away inflation, will. I’m more afraid of rising rent than I am of declining home prices. Really, choose your poison. I anticipate the bottom for real estate in real terms is a ways off, but in nominal terms, who knows. Even Bill Maher is reporting that Chinese tourists are buying real estate in America now. How can we repay the years and years of trade debt if we don’t export anything to them? Well, they can just come over, trade all those extra dollars they are holding for something that we can’t export (our land), then someday we may be paying skyrocketing rent to Chinese landlords. Maybe that’s a doomsday scenario that won’t play out, but I don’t personally want to risk it.

The other answer is, as Rich, and Peter Schiff, and many many other smart people who correctly identified the housing bubble and crash are saying, is to buy gold as a store of “savings”. Arguably a speculative move, hoping that as people lose faith in paper money they will regain faith in metal money. One arbitrary convention for another. If gold really takes off and housing continues to slump (especially if interest rates spike), who knows, you may be able to pay cash for something someday and not care what mortgage rates are. I think trying to time that would require spectacular luck, and I personally don’t have that kind of chutzpah.

All I can recommend is do what will help you sleep at night…

[underdose]

scaredycat, I’m with svelte. I will go so far as to say I am a home owner with a 30 year fixed. My mortgage payments can’t go up. Rent, in run away inflation, will. I’m more afraid of rising rent than I am of declining home prices. Really, choose your poison. I anticipate the bottom for real estate in real terms is a ways off, but in nominal terms, who knows. Even Bill Maher is reporting that Chinese tourists are buying real estate in America now. How can we repay the years and years of trade debt if we don’t export anything to them? Well, they can just come over, trade all those extra dollars they are holding for something that we can’t export (our land), then someday we may be paying skyrocketing rent to Chinese landlords. Maybe that’s a doomsday scenario that won’t play out, but I don’t personally want to risk it.

The other answer is, as Rich, and Peter Schiff, and many many other smart people who correctly identified the housing bubble and crash are saying, is to buy gold as a store of “savings”. Arguably a speculative move, hoping that as people lose faith in paper money they will regain faith in metal money. One arbitrary convention for another. If gold really takes off and housing continues to slump (especially if interest rates spike), who knows, you may be able to pay cash for something someday and not care what mortgage rates are. I think trying to time that would require spectacular luck, and I personally don’t have that kind of chutzpah.

All I can recommend is do what will help you sleep at night…

[underdose]

scaredycat, I’m with svelte. I will go so far as to say I am a home owner with a 30 year fixed. My mortgage payments can’t go up. Rent, in run away inflation, will. I’m more afraid of rising rent than I am of declining home prices. Really, choose your poison. I anticipate the bottom for real estate in real terms is a ways off, but in nominal terms, who knows. Even Bill Maher is reporting that Chinese tourists are buying real estate in America now. How can we repay the years and years of trade debt if we don’t export anything to them? Well, they can just come over, trade all those extra dollars they are holding for something that we can’t export (our land), then someday we may be paying skyrocketing rent to Chinese landlords. Maybe that’s a doomsday scenario that won’t play out, but I don’t personally want to risk it.

The other answer is, as Rich, and Peter Schiff, and many many other smart people who correctly identified the housing bubble and crash are saying, is to buy gold as a store of “savings”. Arguably a speculative move, hoping that as people lose faith in paper money they will regain faith in metal money. One arbitrary convention for another. If gold really takes off and housing continues to slump (especially if interest rates spike), who knows, you may be able to pay cash for something someday and not care what mortgage rates are. I think trying to time that would require spectacular luck, and I personally don’t have that kind of chutzpah.

All I can recommend is do what will help you sleep at night…

[Author]

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