Words of Wisdom
- Thread starter NeMont
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huntindude
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Nemont you must be a blast to be around, I thought I was negative. just kidding, there's a fine line between a pessimist and a realist.
I like some of these guys, what did the fed do today that jumped the stock market 360 points? drop the fed rate to what 1/2 of a percent? what's next are they going to pay us to borrow money? so too much borrowing got us here and they want more credit available to get us out, is there something wrong with this picture? I understand credit is required for some purposes but I don't think more consumer debt will fix too much consumer debt.
It's easy to disagree on the fix but it's not hard to see how we got here.
I like some of these guys, what did the fed do today that jumped the stock market 360 points? drop the fed rate to what 1/2 of a percent? what's next are they going to pay us to borrow money? so too much borrowing got us here and they want more credit available to get us out, is there something wrong with this picture? I understand credit is required for some purposes but I don't think more consumer debt will fix too much consumer debt.
It's easy to disagree on the fix but it's not hard to see how we got here.
yea its pretty much commen sense but tell me something, we spend 48% of the worlds military budget on ourselves we have the highest prison population in the world,we have the highest health care cost in the world, there is more, but with just that do you think we can squeeze enough out of the average working class American to fix our budget problems? because I don't see any of those things changing, maybe a little old fashioned redistribution of wealth and resources would do the trick? isn't that the reason for the second ammendment? Im just dreaming but it would be a lot of fun and excitement.
Forthewall
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I listened to him and took his advice.
RELH
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Piper if we did not have that military budget, we would be at the mercy of Russia and China.
As for the high prison population and health care cost, liberals like you are to blame for that. It is liberals that fight the death penalty and leave my state along with hundreds of death row inmates sitting in prison for up to and over 20 years at a cost of millions of dollars.
It is liberals like you that dole out welfare, medical treatment to millions of dead beat druggies and illegal aliens.
In case you have your head buried again, the wealth is being distributed from the working class to the dead beats and has been so for the past 50 years. Sooner or later that working class just may revolt and get rid of the liberals.
RELH
As for the high prison population and health care cost, liberals like you are to blame for that. It is liberals that fight the death penalty and leave my state along with hundreds of death row inmates sitting in prison for up to and over 20 years at a cost of millions of dollars.
It is liberals like you that dole out welfare, medical treatment to millions of dead beat druggies and illegal aliens.
In case you have your head buried again, the wealth is being distributed from the working class to the dead beats and has been so for the past 50 years. Sooner or later that working class just may revolt and get rid of the liberals.
RELH
NeMont
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LAST EDITED ON Dec-17-08 AT 08:54AM (MST)[p]FTW,
I took schiff's advice as well as Jim Rogers. I am also now long in certain commodities. My last dollar denominated assets other then my house and some land will be converted in mid February.
Your gold moves are going to be great as well. What currency have you bought? I am just wondering because I have some cash I want to convert before the end of the year and I want to do it while the dollar is stronger then it has been.
Oil production is going to be cut by 2 million barrels a day by OPEC, being long in oil probably will be a good move as they aren't finding much of it.
PM me your snail mail address and I will get you your certificate. I am thinking a visa card gift certificate as then you can use it where ever you want.
Nemont
I took schiff's advice as well as Jim Rogers. I am also now long in certain commodities. My last dollar denominated assets other then my house and some land will be converted in mid February.
Your gold moves are going to be great as well. What currency have you bought? I am just wondering because I have some cash I want to convert before the end of the year and I want to do it while the dollar is stronger then it has been.
Oil production is going to be cut by 2 million barrels a day by OPEC, being long in oil probably will be a good move as they aren't finding much of it.
PM me your snail mail address and I will get you your certificate. I am thinking a visa card gift certificate as then you can use it where ever you want.
Nemont
H
huntindude
Guest
I do see a real chance of an inflation bomb as they call it being created with zero interest and printing dollars. that would be where assets such as real estate or solid good buys on stocks seem like a better investment to me.
I can't say I see a real chance of great appreciation in real estate for some time, but I see it as a great way to retain your money in an inflation environment and income producing properties can pay back something in the mean time. gold is more liquid but how do you know what something as useless as gold is worth? it could go up or it could go down for 100 years, it has no way to produce income other that it's own trading price so I don't like it.
I'm not ready to divest of american dollars, what's bad for us is bad for the world for the time being so it all evens out. I'd rather have sound investments right here than count on somebody in some country I never want to see. maybe I'm not worldly enough or something, but I'll take my chances at home.
I can't say I see a real chance of great appreciation in real estate for some time, but I see it as a great way to retain your money in an inflation environment and income producing properties can pay back something in the mean time. gold is more liquid but how do you know what something as useless as gold is worth? it could go up or it could go down for 100 years, it has no way to produce income other that it's own trading price so I don't like it.
I'm not ready to divest of american dollars, what's bad for us is bad for the world for the time being so it all evens out. I'd rather have sound investments right here than count on somebody in some country I never want to see. maybe I'm not worldly enough or something, but I'll take my chances at home.
NeMont
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HD,
It is your right to keep your money in U.S. dollars but you are wrong about: "What is bad for us is bad for the world". If you believe Schiff, and I do because pretty much everythin he predicted has happened, we are not the engine we are the caboose. Others are living below their means so that we can live above ours. The days of the U.S. dollar are close to being over. Not sure what will replace it but it probably won't be the Euro.
I don't disagree with owning land but land values are as subject to change as any other asset. Gold is where money goes when there is fear out there. Some are predicting $2,000 an ounce gold as early as July of 09. Might as well a little bit now while it is relatively cheap. Gold is the answer in and of itself but it is a place to put money.
Nemont
It is your right to keep your money in U.S. dollars but you are wrong about: "What is bad for us is bad for the world". If you believe Schiff, and I do because pretty much everythin he predicted has happened, we are not the engine we are the caboose. Others are living below their means so that we can live above ours. The days of the U.S. dollar are close to being over. Not sure what will replace it but it probably won't be the Euro.
I don't disagree with owning land but land values are as subject to change as any other asset. Gold is where money goes when there is fear out there. Some are predicting $2,000 an ounce gold as early as July of 09. Might as well a little bit now while it is relatively cheap. Gold is the answer in and of itself but it is a place to put money.
Nemont
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huntindude
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I agree we're becoming less important in the world economy and power strucure by the day, but I guess my argument is not so fast we aren't a minor legue player yet and won't be real soon. I feel that way but I have nothing to base it on, so I won't argue the point too hard.
I don't know about the gold thing, if it doesn't go up in price it has no earning ability or enjoyment value. I can go out behind my upper hayshed and dump an elk tonight on a depredation tag if I wanted to, that's an investment you can enjoy. also while ag prices are down there is the potential for some income off the land, same goes for any income producing property. I'm not saying you're wrong about gold I just can't do it myself, I just get a bad feeling when I think about writing a check for something like that. I hope it does well for you, and to show you I'm a nice guy I'll stay out of it because if I bought 1 oz it would crash.
I don't know about the gold thing, if it doesn't go up in price it has no earning ability or enjoyment value. I can go out behind my upper hayshed and dump an elk tonight on a depredation tag if I wanted to, that's an investment you can enjoy. also while ag prices are down there is the potential for some income off the land, same goes for any income producing property. I'm not saying you're wrong about gold I just can't do it myself, I just get a bad feeling when I think about writing a check for something like that. I hope it does well for you, and to show you I'm a nice guy I'll stay out of it because if I bought 1 oz it would crash.
I believe Schiff is right and so is Jim Rogers. It took 200 billion in excess dollars to create the housing bubble since the banks, under fractional reserve banking, lent it out at a 10 to 1 margin for a total of 2 trillion in excess under Greenspan. The Fed bought 200 billion in T Bills between 2001 and 2006 to get this going.
Helicopter Ben at the present time has injected, created out of thin air, at least 1.4 trillion to get the economy going. Some say its more like 4 trillion but even if we go with the low figure its a huge amount. Now throw in the 700 billion under TARP and probably 1 trillion under Obama in 2 yrs and you are looking at the biggest inflationary event ever seen next to Gono in Zimbabwea. Gold could go to 5k or 6 an oz here guys, oil to 200 a barrel.
You also have to take into account what has been holding it down? The name for what I am referring to has slipped me here but the fed has basically been leasing our gold and charging 1% on the loan. The buyer then would buy T Bonds that paid 4 or 5% and the buyers just would pocket the difference. Only thing is now theres no gold left to lease out. So now that the supply has dried up it has no where to go but up once everyone sees the inflationary result of all this fiat currency.
Helicopter Ben at the present time has injected, created out of thin air, at least 1.4 trillion to get the economy going. Some say its more like 4 trillion but even if we go with the low figure its a huge amount. Now throw in the 700 billion under TARP and probably 1 trillion under Obama in 2 yrs and you are looking at the biggest inflationary event ever seen next to Gono in Zimbabwea. Gold could go to 5k or 6 an oz here guys, oil to 200 a barrel.
You also have to take into account what has been holding it down? The name for what I am referring to has slipped me here but the fed has basically been leasing our gold and charging 1% on the loan. The buyer then would buy T Bonds that paid 4 or 5% and the buyers just would pocket the difference. Only thing is now theres no gold left to lease out. So now that the supply has dried up it has no where to go but up once everyone sees the inflationary result of all this fiat currency.
I thought that I was really pessimistic about where this country is going, compared to most of you I feel like Forrest Gump. I usually have no trouble looking at the dark side, but your scaring me. we still produce a lot of goods and services in America, we still have a great country full of resources, and the promise of technology is still with us.Back In the 90s the late Senator Daniel Patrick Moynahan said we Americans were going through a little greedy spell but not to worry it wouldn't last. When asked about his biggest fears, President Reagan said that one of them was that Americans had lost the good will and generosity that we had always carried with us in the past, neither of those is an exact quote, but thats the essence of what they said, anyway I think these economic gurus are playing things up a little.
H
huntindude
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Maybe, maybe not.
The gold rush we're seeing might not live up to expectations, if everyone thinks gold is the answer might not the price of gold be hyped up like a stock? I guess if you know when to bail it's possible a guy could ride the price up if it should go up and take your profit.
Never in my investment experience has a sure thing no brainer can't lose investment paid off for me except for land. as exited as some of you and all the radio talk shows are about gold I have my reservations, seems the good buys are the ones the masses aren't already on top of . gold has been precious since the begining of time so if it was a top notch investment it should be a billion dollars an ounce by now. if I'm wrong it won't be the first time but I see land as a better investment than gold with equal inflation protection, the only draw back is you're less liquid. I'd hate to see anyone put too many eggs in the gold basket. we'll see I guess, sometimes investing is more luck than logic.
The gold rush we're seeing might not live up to expectations, if everyone thinks gold is the answer might not the price of gold be hyped up like a stock? I guess if you know when to bail it's possible a guy could ride the price up if it should go up and take your profit.
Never in my investment experience has a sure thing no brainer can't lose investment paid off for me except for land. as exited as some of you and all the radio talk shows are about gold I have my reservations, seems the good buys are the ones the masses aren't already on top of . gold has been precious since the begining of time so if it was a top notch investment it should be a billion dollars an ounce by now. if I'm wrong it won't be the first time but I see land as a better investment than gold with equal inflation protection, the only draw back is you're less liquid. I'd hate to see anyone put too many eggs in the gold basket. we'll see I guess, sometimes investing is more luck than logic.
NeMont
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LAST EDITED ON Dec-17-08 AT 08:17PM (MST)[p]I would say gold is just one part of playing the game. Asia is where all the money is. Lookat the worlds largest creditor nations.
Getting into land is far more expensive then gold. Property taxes, upkeep and oppopurtunity costs are things that keep those of us who don't own a lot of land currently from jumping. I happen to believe farming is a growth industry.
Getting out of the dollar soon would save you a lot of money. Our currency is highly flawed and is even further gone then the pound sterling was when it was dropped as the world's dominant currency.
Nemont
Getting into land is far more expensive then gold. Property taxes, upkeep and oppopurtunity costs are things that keep those of us who don't own a lot of land currently from jumping. I happen to believe farming is a growth industry.
Getting out of the dollar soon would save you a lot of money. Our currency is highly flawed and is even further gone then the pound sterling was when it was dropped as the world's dominant currency.
Nemont
H
huntindude
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By get out of the dollar you mean bonds and carrying paper type investments? I do have concerns about this type of thing, I'm starting to feel lucky I'm in a position to forclose on some large properties I'm carrying. drawing good interest on money that would have gone to capitol gains looked great at the time but runaway inflation would soon turn that deal south. stocks and actual assets should inflate as the dollar drops, I'd rather have the land than the contract at the moment.
Forthewall
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LAST EDITED ON Dec-20-08 AT 01:08PM (MST)[p]Hdude you should always invest where you are the most comfortable...there is no one correct answer. Everything is determined by goal and time horizon.
Currently our nation has borrowed money on an epic scale from foreign countries. Foreign countries which have now discovered that we cannot pay them back. The Treasury constant infusion of money leaves dollar owned U.S. assets, cash, cd's, bonds, equities, treasuries, muni's, and real estate subject to declining value. Many governments and investors ran to the dollar recently looking for a haven. Given our economic crisis those investors are now retreating in droves.
However, long-term should this decline not prove to be something of biblical scale I agree on real estate if your time horizon is 10 years out.
Nemont, I would not want to influence any readers on exact positions. I will say this, go to Forex.com and open up a practice trading account. There are major differences between currency and equities trading. This is purely a protectionist move and is not designed to make high yields.
You are simply buying into currencies which are inflationary and paying out say 6-7% interest. Monetary policy, government stability, politics, even weather can have a great impact on how you select which currency to go long on.
For instance, there was a time when currency trades were going long on Rubles and the Canadian dollar due to the sudden influx of petro-dollars and high-interest rates. The steep decline in ppb has left the market shorting all oil producing countries. Most are positioning themselves long in either the Big 10, Asia, or South America.
The good thing about currency trading is that it is cash-in, cash-out, so liquidity is easy. You are making gains from another countries economy and simply bringing those profits back to the U.S. economy.
Currencies worthy of looking at for long positions might consist of economies producing low-cost appliances, textiles, fertilizer, or agriculture. American consumers will continue to economize leaving the nations producing these lowered price goods as a safe haven for now.
This is not a set-it and forget it investment as political, economic, and environmental circumstances are liquid. Expect to take different positions when necessary and have several diversified positions, constantly recycling underperformers. As you practice on Forex you will get the hang of it.
IMHO, Gold is going to bubble in the next 6-9 months. There will be a hard run on gold...then poof so it maybe a big play but I will be out no matter what on 3/1/09 before the bulk of the run. When you start seeing a lot of Buy Gold Commercials with wild predictions of future returns, it's about done. I do believe many will stand to make a 30-40% return if they got in now and timed the market. I also believe many panic buyers will time the market wrong and lose money.
Anyways give Forex a shot, afterall I'm an idiot so I'm sure you'll get the hang of it shortly. Like any protectionist move currency trading should only be a portion of a well-balanced portfolio.
Currently our nation has borrowed money on an epic scale from foreign countries. Foreign countries which have now discovered that we cannot pay them back. The Treasury constant infusion of money leaves dollar owned U.S. assets, cash, cd's, bonds, equities, treasuries, muni's, and real estate subject to declining value. Many governments and investors ran to the dollar recently looking for a haven. Given our economic crisis those investors are now retreating in droves.
However, long-term should this decline not prove to be something of biblical scale I agree on real estate if your time horizon is 10 years out.
Nemont, I would not want to influence any readers on exact positions. I will say this, go to Forex.com and open up a practice trading account. There are major differences between currency and equities trading. This is purely a protectionist move and is not designed to make high yields.
You are simply buying into currencies which are inflationary and paying out say 6-7% interest. Monetary policy, government stability, politics, even weather can have a great impact on how you select which currency to go long on.
For instance, there was a time when currency trades were going long on Rubles and the Canadian dollar due to the sudden influx of petro-dollars and high-interest rates. The steep decline in ppb has left the market shorting all oil producing countries. Most are positioning themselves long in either the Big 10, Asia, or South America.
The good thing about currency trading is that it is cash-in, cash-out, so liquidity is easy. You are making gains from another countries economy and simply bringing those profits back to the U.S. economy.
Currencies worthy of looking at for long positions might consist of economies producing low-cost appliances, textiles, fertilizer, or agriculture. American consumers will continue to economize leaving the nations producing these lowered price goods as a safe haven for now.
This is not a set-it and forget it investment as political, economic, and environmental circumstances are liquid. Expect to take different positions when necessary and have several diversified positions, constantly recycling underperformers. As you practice on Forex you will get the hang of it.
IMHO, Gold is going to bubble in the next 6-9 months. There will be a hard run on gold...then poof so it maybe a big play but I will be out no matter what on 3/1/09 before the bulk of the run. When you start seeing a lot of Buy Gold Commercials with wild predictions of future returns, it's about done. I do believe many will stand to make a 30-40% return if they got in now and timed the market. I also believe many panic buyers will time the market wrong and lose money.
Anyways give Forex a shot, afterall I'm an idiot so I'm sure you'll get the hang of it shortly. Like any protectionist move currency trading should only be a portion of a well-balanced portfolio.
RELH
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I remember a certain person in the 80's that bought about 20 Maple leaf gold coins due to gold and silver going sky high by the week. He made a mistake and bought them about 1 month before the bubble did burst and watched his many thousands of dollars take a rapid nose dive.
He is still holding them to this day waiting for a good return. If you buy gold, be very damn careful you do not wait until the last minute. Gold has a history of rising fast and then turning around and nose diving as fast.
RELH
He is still holding them to this day waiting for a good return. If you buy gold, be very damn careful you do not wait until the last minute. Gold has a history of rising fast and then turning around and nose diving as fast.
RELH
NeMont
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FTW,
Thanks. I wouldn't worry about anyone on these forums taking anything I say as advice. I am just an UnAmerican and a sellout.
I don't have a lot of gold. I am keeping mostly just to have. It isn't enough to make or break me. If anyone is dumb enough to act based on what is posted here they deserve to lose their money.
Nemont
Thanks. I wouldn't worry about anyone on these forums taking anything I say as advice. I am just an UnAmerican and a sellout.
I don't have a lot of gold. I am keeping mostly just to have. It isn't enough to make or break me. If anyone is dumb enough to act based on what is posted here they deserve to lose their money.
Nemont
H
huntindude
Guest
Nemont you're not unamerican or a sell out, you're just wrong.
I thought my wife was the only one who rememberd everything I probably shouldn't have said.
I thought my wife was the only one who rememberd everything I probably shouldn't have said.
J
Jingow
Guest
This post is WORTHLESS without the name calling, bickering and uncivility tou guys are usually doing. So I'll spice it up for you guys. H-Dude you half breed crack head, Newmont, is a perv, RELH take your meds, FTW give me a break,Piper you're cute in a girly way. Jingow
eelgrass
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Speaking of words of wisdom......
It's Christmas break and one of my co-workers is headed back home to Mexico. I gave him some money for the good tequilla and Viagra. How's that for a sound investment?
Eel
President Obama and Congress should leave gun rights alone. It's above their pay grade.
It's Christmas break and one of my co-workers is headed back home to Mexico. I gave him some money for the good tequilla and Viagra. How's that for a sound investment?
Eel
President Obama and Congress should leave gun rights alone. It's above their pay grade.
