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Rhys
07-24-2008, 01:09 PM
and they're even talking about Ron Paul in London! Too bad it took a financial collapse. :D


http://www.thetrumpet.com/index.php?q=5349.3644.0.0



U.S. Congressman Warns Major Economic Disaster Imminent
July 24, 2008 | From theTrumpet.com


“Time is short for making a course correction before this grand experiment in liberty goes into deep hibernation,” the U.S. Congress was told earlier this month. On July 9, Texas Rep. Ron Paul warned the House Financial Services Committee that “big events” were about to occur.

“… I have days, growing more frequent all the time, when I’m convinced the time is now upon us that some big events are about to occur,” he said. “These fast-approaching events … will affect all of us. They will not be limited to just some areas of our country. The world economy and political system will share in the chaos about to be unleashed” (emphasis ours throughout). Paul continued:

There are reasons to believe this coming crisis is different and bigger than the world has ever experienced. …

The financial crisis, still in its early stages, is apparent to everyone: gasoline prices over $4 a gallon; skyrocketing education and medical care costs; the collapse of the housing bubble; the bursting of the nasdaq bubble; stock markets plunging; unemployment rising; massive underemployment; excessive government debt; and unmanageable personal debt. Little doubt exists as to whether we’ll get stagflation. The question that will soon be asked is: When will the stagflation become an inflationary depression?

Until recently, Mr. Paul endured a near constant barrage of criticism for his pessimistic views on the American economy. But nowadays he’s not alone in his fear of impending economic disaster. The New York Times agreed this past weekend that “big events” are indeed on the horizon:

Meanwhile, as American debts swell and foreigners hold more of it, nervousness grows that, some day, this arrangement will end badly. The dollar has been declining in value against other currencies. Some foreigners have begun to hedge their bets by buying more euros. “Obviously, this is going to come to an end,” [president of Euro Pacific Capital Inc. Peter] Schiff said. “Foreigners are not charitable organizations, and they’re going to demand that we pay them back.”

No single country owning large amounts of dollar-based investments is inclined to dump them abruptly; nobody aims to start a panic. But fears have begun to grow that one day a country may get spooked that another is about to dump its dollars—and that could trigger preemptive panic selling.

The Trumpet has been warning about a massive financial crisis in the American economy for years. Now, it seems each week brings more bad news—the recent news about Fannie Mae and Freddie Mac’s troubles, for example. The U.S. government, as Paul noted, has printed money with abandon, creating a bubble economy that is about to burst. With the dollar being a fiat currency, inflation will run rampant—the massive government and consumer debt that needs to be repaid practically guarantees it.

Read “America’s Bubble Economy” for more on the true underlying reasons for the impending economic storm. •

ItsTime
07-24-2008, 01:13 PM
time to run on the bank. I wold not keep anything more than 1k in a bank right now.

Arklatex
07-24-2008, 01:13 PM
We need to make this article a digg also, Ron Paul exposure in London! Where's libertythor when you need him?

haaaylee
07-24-2008, 01:25 PM
time to run on the bank. I wold not keep anything more than 1k in a bank right now.


so if i had 2,000 i should take it out?

SnappleLlama
07-24-2008, 01:34 PM
It makes me smile to realize that in the midst of this economic crisis, people are finally listening to Ron Paul.

acptulsa
07-24-2008, 01:35 PM
so if i had 2,000 i should take it out?

Invest every spare penny. Your cash is shrinking.

ItsTime
07-24-2008, 01:38 PM
so if i had 2,000 i should take it out?

I have no advice. I am not an investor. I said I would not keep that much in there.

Rhys
07-24-2008, 02:19 PM
so if i had 2,000 i should take it out?

if it were me, I'd spend it now on food that wont go bad if that's all your money. Or buy a bunch of gas and keep it in your garage.

if it's not all your money, buy two ounces of gold. In a few years, that'll be worth 2 shares of the DOW index. That's a shit ton of DOW index for 2k.

mconder
07-24-2008, 03:02 PM
so if i had 2,000 i should take it out?

Not only should you take it out, but you should spend it now on things you think would be valuable in weathering a financial tsunami. If you don't have a chair when the music stops playing you're toast.

libertarian4321
07-24-2008, 04:58 PM
so if i had 2,000 i should take it out?

I'm going to take some exception to the predominant "the sky is falling, the sky is falling, run for your lives!" version of financial advice that seems to be so popular on this site.

I think the economy is in poor shape. I do not think the US economy is going to collapse. Frankly, if it did, we'd end up with a GLOBAL "End of the world as we know it" scenario reminiscent of "Mad Max".

In that sort of scenario, even gold is worthless.

I don't see it happening. There have been plenty of "panics" before- many far worse than this one, and the US economy has survived.

So no, I'm not going to pull all my money out of banks or the stock market and stockpile gold, whiskey and ammunition.

UtahApocalypse
07-24-2008, 05:01 PM
Sadly the US news here is on a 'Gag Order' to keep the sheeple unaware its about to hit the fan

Rhys
07-24-2008, 06:04 PM
I'm going to take some exception to the predominant "the sky is falling, the sky is falling, run for your lives!" version of financial advice that seems to be so popular on this site.

I think the economy is in poor shape. I do not think the US economy is going to collapse. Frankly, if it did, we'd end up with a GLOBAL "End of the world as we know it" scenario reminiscent of "Mad Max".

In that sort of scenario, even gold is worthless.

I don't see it happening. There have been plenty of "panics" before- many far worse than this one, and the US economy has survived.

So no, I'm not going to pull all my money out of banks or the stock market and stockpile gold, whiskey and ammunition.

there's no way that's true. there's also no way gold goes to 0. The nature of money is that if i have sheep but no cattle, i can trade. however, if i need cattle, and the guy next door only has chickens but still needs my sheep... he can give me gold for the sheep which i can then use for cattle. Gold can not break down, unless you want to take sheep with you every where you go.

there's no way that the global economy will go mad max.

it's like peter schiff's illustration:

6 people on an island.
5 asians, 1 american
1 asian fishes
1 asian hunts
1 asian forages
1 asian cuts wood
1 asian cooks
1 american eats

the modern ecconomist would say that the american is the key to the whole picture... that without him, the asians would have nothing to do all day.

peter schiff says the asians would eat, the go swimming... without then american.

Austin
07-24-2008, 06:08 PM
Gold.

Buy it.

llepard
07-24-2008, 06:17 PM
I'm going to take some exception to the predominant "the sky is falling, the sky is falling, run for your lives!" version of financial advice that seems to be so popular on this site.

I think the economy is in poor shape. I do not think the US economy is going to collapse. Frankly, if it did, we'd end up with a GLOBAL "End of the world as we know it" scenario reminiscent of "Mad Max".

In that sort of scenario, even gold is worthless.

I don't see it happening. There have been plenty of "panics" before- many far worse than this one, and the US economy has survived.

So no, I'm not going to pull all my money out of banks or the stock market and stockpile gold, whiskey and ammunition.

All true, but if you held stock on margin in 1929 you got wiped out. If you owned Deutschmarks in Germany in 1921, three years later they were worthless.

You may be completely right and I hope you are.

However, look at it in cost/benefit terms. It is like insurance. I do not insure my house because I think it will burn down. I insure it because it might.

Right now the fire is approaching our financial house. Having extra food that you will eat in the future is not much to pay for a little security. IMHO. Also, if the dollar becomes worthless we will go to barter until there is a new currency. That is why essential stuff is worth exchanging dollars today for. If you disagree, fine.

We all must live with the consequences of our decisions.

There are a lot of financial tremors taking place. Historic stuff really. I think they are a prelude to a collapse. Let me say that I have read a great deal about the Depression and the collapse of Weimar Germany. Both share a lot of characteristics with what we see developing today.

Good luck.

Deborah K
07-24-2008, 06:25 PM
http://video.google.com/videosearch?q=money+masters&sitesearch=#

This economic collapse has been in the making for years. 1:06 into this video, Bill Still predicts it. 1:57 Larry Bates predicts it as well. And this video is 10 yrs old. Take heed, people.

glts
07-24-2008, 06:28 PM
Brigham Young said that there will come a time when gold will hold no value in comparison to a bushel of wheat.

Rhys
07-24-2008, 06:37 PM
you still need something to trade for wheat's value and not everyone wants the same thing, even in a depression. gold will forever be used for that purpose.

so is wheat worth a gallon of gas or thirty jars of jelly? the weight of gold will fix those values against eachother. civilization has never gone lower than this point for 5000 years. it doesn't require government to remain true.

The_Orlonater
07-24-2008, 06:40 PM
Too bad it takes a depression for America to listen. Every day, I lose faith in our people and government.

RSLudlum
07-24-2008, 06:56 PM
Every day, I lose faith in our people and government.

I take the opposite position. I see more and more people opening up and admitting that there is definitely something wrong with our money and foreign policy. Just here in my city, Charleston, there are alot of callers on the local radio shows calling in downright pissed off about immigration, the war, the corporate/social welfare state and the false paradigm of the Republican and Democratic Parties.

My faith in America is strengthening one person at a time. :)

The_Orlonater
07-24-2008, 06:58 PM
I take the opposite position. I see more and more people opening up and admitting that there is definitely something wrong with our money and foreign policy. Just here in my city, Charleston, there are alot of callers on the local radio shows calling in downright pissed off about immigration, the war, the corporate/social welfare state and the false paradigm of the Republican and Democratic Parties.

My faith in America is strengthening one person at a time. :)

Well..that cheered me up. :)

Too bad every person I talk to doesn't get it. :mad: