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Thread: Destruction of the US dollar

  1. #91
    By the way Gold was $1080 an ounce in Oct 2009 (when @devil21 started this thread) so those who got out have done pretty well. I wonder what the next 11 years will bring.



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  3. #92
    Neel Kaskari’s 60 Minutes Interview

    "We're the lender of last resort. " … When asked if the Fed will just "literally print money," Kashkari admits: "That's literally what congress has told us to do. That's the authority they have given us, to print money and provide liquidity … We create it electronically and we can also print it, with the Treasury Department, so you can get money out of your ATMs." …

    the host asks: "Can you characterize everything the Fed has done this past week as essentially flooding the system with money?" ... Kashkari responds simply: "YES."

    The host asks "And there's no end to your ability to do that?" "There's no end to our ability to do that." ... "We're far from out of ammunition...your ATM is safe, your banks are safe. There's an infinite amount of cash at the Federal Reserve."

    Last edited by AZJoe; 03-27-2020 at 06:02 AM.
    "Let it not be said that we did nothing." - Dr. Ron Paul. "Stand up for what you believe in, even if you are standing alone." - Sophie Magdalena Scholl
    "War is the health of the State." - Randolph Bourne "Freedom is the answer. ... Now, what's the question?" - Ernie Hancock.

  4. #93
    Quote Originally Posted by AZJoe View Post
    Neel Kaskariís 60 Minutes Interview

    "We're the lender of last resort. " Ö When asked if the Fed will just "literally print money," Kashkari admits: "That's literally what congress has told us to do. That's the authority they have given us, to print money and provide liquidity Ö We create it electronically and we can also print it, with the Treasury Department, so you can get money out of your ATMs." Ö
    This is new. The Fed never advertised on national television that their product has zero intrinsic value before.
    Last edited by acptulsa; 03-27-2020 at 07:57 AM.

  5. #94
    "Let it not be said that we did nothing." - Dr. Ron Paul. "Stand up for what you believe in, even if you are standing alone." - Sophie Magdalena Scholl
    "War is the health of the State." - Randolph Bourne "Freedom is the answer. ... Now, what's the question?" - Ernie Hancock.

  6. #95
    Quote Originally Posted by Bern View Post
    Instex has yet to facilitate a single trade. It's not clear if it ever will. ...
    Well...

    I compiled a "brief" history of events since October 2008 that are defining the global currency war and the role that gold is playing:

    Tin Foil Hats, Economic Reality and the Total Perspective Vortex

    Also, have you contacted your Congressional Rep and asked them co-sponsor Ron Paul's Rep. Paul Broun Jr.'s HR 1098 77: Free Competition in Currencies Act?

  7. #96
    This is a great tweet from Schiff:



    That's why I love Austrian economics. It's plain common sense. @Krugminator2 needs to understand it (are you sure you read Economics in one lesson?)



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  9. #97
    Quote Originally Posted by Warlord View Post
    This is a great tweet from Schiff:



    That's why I love Austrian economics. It's plain common sense. @Krugminator2 needs to understand it (are you sure you read Economics in one lesson?)

    Nobody is saying it creates wealth. Peter Schiff again being a buffoon who continues to embarrass free market people. It does however avoid debt deflation. Governments have also destroyed economies by just letting the world go to hell. See United States 1929-1933.

    What you call Austrian is just Rothbardian. Hayek didn't agree at all.

    I am the last to deny – or rather, I am today the last to deny – that, in these circumstances, monetary counteractions, deliberate attempts to maintain the money stream {NGDP], are appropriate. I probably ought to add a word of explanation: I have to admit that I took a different attitude forty years ago, at the beginning of the Great Depression. At that time I believed that a process of deflation of some short duration might break the rigidity of wages which I thought was incompatible with a functioning economy. Perhaps I should have even then understood that this possibility no longer existed. … I would no longer maintain, as I did in the early ’30s, that for this reason, and for this reason only, a short period of deflation might be desirable. Today I believe that deflation has no recognizable function whatever, and that there is no justification for supporting or permitting a process of deflation.
    https://www.themoneyillusion.com/wha...-of-deflation/


    Such a "secondary depression" caused by an induced deflation should of course be prevented by appropriate monetary counter-measures.Though I am sometimes accused of having represented the deflationary cause of the business cycles as part of the curative process, I do not think that was ever what I argued. What I did believe at one time was that a deflation might be necessary to break the developing downward rigidity of all particular wages which has of course become one of the main causes of inflation. I no longer think this is a politically possible method and we shall have to find other means to restore the flexibility of the wage structure than the present method of raising all wages excep those which must fall relatively to all others.
    https://www.coordinationproblem.org/...deflation.html
    Last edited by Krugminator2; 04-01-2020 at 09:17 AM.

  10. #98
    Quote Originally Posted by Krugminator2 View Post
    Nobody is saying it creates wealth. Peter Schiff again being a buffoon who continues to embarrass free market people. It does however avoid debt deflation. Governments have also destroyed economies by just letting the world go to hell. See United States 1929-1933.

    What you call Austrian is just Rothbardian. Hayek didn't agree at all.



    https://www.themoneyillusion.com/wha...-of-deflation/


    https://www.coordinationproblem.org/...deflation.html

    What did Hazlitt and Mises say about creating money out of thin air?

  11. #99
    Quote Originally Posted by Warlord View Post
    What did Hazlitt and Mises say about creating money out of thin air?

    The thread right below this is about bartering. You might think depressions are fun and cool. And suicides and all loss of meaning in life because job losses are great. I don't share that view. I don't want to go anywhere near a world where people are back to living like savages and bartering.

  12. #100
    Quote Originally Posted by Krugminator2 View Post
    The thread right below this is about bartering. You might think depressions are fun and cool. And suicides and all loss of meaning in life because job losses are great. I don't share that view. I don't want to go anywhere near a world where people are back to living like savages and bartering.
    The government intervention will make things worse. That's the point you can't accept. It's frustrating.

  13. #101
    Quote Originally Posted by Krugminator2 View Post
    The thread right below this is about bartering. You might think depressions are fun and cool. And suicides and all loss of meaning in life because job losses are great. I don't share that view. I don't want to go anywhere near a world where people are back to living like savages and bartering.
    That's not a reply. The simple fact is that imaginary money printing can't last forever. It never has and never will. Nature takes back over eventually and then the harsh realities of life on this round ball hurtling through space re-emerge.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    But now you can't talk to people because of "social distancing"....brought to you by shills and politicians.

  14. #102
    Quote Originally Posted by devil21 View Post
    That's not a reply. The simple fact is that imaginary money printing can't last forever. It never has and never will. Nature takes back over eventually and then the harsh realities of life on this round ball hurtling through space re-emerge.
    Maybe. That probably is true. I don't see any need to hasten the process of going to zero though. I am in favor of delaying the adjustment of having 20%+ of population unemployed for as long as possible. Not something I am embracing with open arms.

  15. #103
    Quote Originally Posted by devil21 View Post
    That's not a reply. The simple fact is that imaginary money printing can't last forever. It never has and never will. Nature takes back over eventually and then the harsh realities of life on this round ball hurtling through space re-emerge.
    Excerpt from excellent and recent Jim Grant interview on CNBC:
    ...
    So one of the other unintended consequences of this 10 years of suppressed interest rates and predictable financial interventions by the Fed, well they’ve given us near record-high equity valuations — they did about 15 minutes ago until it ended or at least paused. We don’t know. They gave us, perhaps, more corporate debt for unit of corporate earning power than ever before, and much of this debt is very low quality. They have given us unicorns. They have given us zombies. They have given us all manner of things, some pleasant to be sure but many corrosive.

    What they have not given us is any economy wide or political community wide new revelation into the dangers of the manipulation of the most sensitive prices and capital, namely interest rates. That’s my hobby horse but I think it’s a very dangerous road. We haven’t even talked about inflation. Nobody talks about inflation, right?

    Imagine we were even in this conversation, like 35 or 40 years ago, when inflation was still at thing, and I said, Albert, what do you suppose the consequences might be of an immense infusion of new bank credit and to the fiscal program that is likely to reach 10% of GDP? How will you guess that would affect the price level?

    And you would think to yourself, that idiot. And you would say, because you’re polite, Jim, I suspect that might lead to above higher inflation. But today no one thinks that. You can look at the futures curve and various interest rate derivatives that reflect current thinking on the likely course of rates and inflation and they’re flat.

    Nobody is anticipating any adverse inflationary outcome from this, which I find is a remarkable commentary on the complacent thinking. You’re not thinking of complacency with, on most days, VIX readings at 75 and 80. But with respect to inflation and its prospects, there is certainly complacency rampant[ly] so.
    ...
    Video on Youtube, transcript here: https://www.sprottmedia.com/james-gr...nows-anything/

    Cognitive Dissonance. MMT fantasy masturbation. Money printer goes brrr
    I compiled a "brief" history of events since October 2008 that are defining the global currency war and the role that gold is playing:

    Tin Foil Hats, Economic Reality and the Total Perspective Vortex

    Also, have you contacted your Congressional Rep and asked them co-sponsor Ron Paul's Rep. Paul Broun Jr.'s HR 1098 77: Free Competition in Currencies Act?

  16. #104
    Quote Originally Posted by Bern View Post
    Excerpt from excellent and recent Jim Grant interview on CNBC:

    Video on Youtube, transcript here: https://www.sprottmedia.com/james-gr...nows-anything/

    Cognitive Dissonance. MMT fantasy masturbation. Money printer goes brrr
    These days, Grant and Gundlach and Schiff are the only mainstream voices I pay any attention to when they speak. eta: And Josh Brown on CNBC (love that dude).

    Speaking of unicorns and malinvestment, is it any wonder that WeWork imploded? Perhaps some knew back then that "social distancing" would make their shared workspace concept entirely nonviable.
    Last edited by devil21; 04-01-2020 at 05:59 PM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    But now you can't talk to people because of "social distancing"....brought to you by shills and politicians.



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  18. #105
    Quote Originally Posted by devil21 View Post
    These days, Grant and Gundlach and Schiff are the only mainstream voices I pay any attention to when they speak.

    Speaking of unicorns and malinvestment, is it any wonder that WeWork imploded? Perhaps some knew back then that "social distancing" would make their shared workspace concept entirely nonviable.
    I just listened to Schiff on Joe Rogan's show in 2018. He seemed so prophetic saying the stock market will collapse and there will be a deep recession. Rogan asked him what will cause it he said he doesn't know but 'its GOT to happen'. I recommend checking it out as he talks politics as well and stuff he doesn't usually talk about and has an interesting perspective. It was nearly 3 hours long though!

  19. #106
    Quote Originally Posted by Krugminator2 View Post
    Peter Schiff again being a buffoon who continues to embarrass free market people.


    Suppose the government declared that it would be the sole provider of eggs and any other private competitor would be thrown in jail. Would you consider that a free market in eggs?

    You might be able to make a weak case that having the government be the sole provider of something is a good thing. But to say that it's free market is dead wrong.

    Earlier you admitted that if the government just printed and gave everyone a million dollars we'd have hyperinflation.

    What about a half million? 100,000? 10,000?

    If my math is correct 10,000 a person would be 3 trillion, which is about the amount they plan on dropping from helicopters, right now, and they're just getting started.

    Remember, most of the printed money is now being used to monetize debt, which is by definition, helicopter money.
    Last edited by Madison320; 04-01-2020 at 03:25 PM.

  20. #107

    Thumbs down Bernie Sanders' America

    The Yang Bros are destroying America and turning it into a third world socialist craphole.



    Bernie Sanders' America
    Quote Originally Posted by Swordsmyth View Post
    You only show up to attack Trump when he is wrong
    DACA S**thole Dreamers - Make America Great Again?

  21. #108
    Quote Originally Posted by Warlord View Post
    I just listened to Schiff on Joe Rogan's show in 2018. He seemed so prophetic saying the stock market will collapse and there will be a deep recession.

    Yes very prophetic in a Miss Cleo/tarot card reader sort of way. Not actually sure I have ever seen someone be more wrong, more of the time than Schiff.

    Was he prophetic in 2010 Peter Schiff: U.S. Is in a Depression https://www.thestreet.com/investing/...ssion-10790377

    How about 2011 "Peter Schiff: Why it’s time to dump most U.S. stocks https://www.investmentnews.com/peter...s-stocks-31335

    Was this prophetic in 2012 "Peter Schiff: Gold to $5,000 in Two Years" https://www.cnbc.com/video/2012/10/2...two-years.html

    How about 2013 Economist Peter Schiff Forecasts Second Crisis to Hit Around 2013 https://ivn.us/2012/10/28/peter-schi...-around-2013-2



    Was he prophetic in 2015 https://fortune.com/2015/11/06/peter-schiff-christmas/ "chiff, the CEO of Euro Pacific Capital, warned that “we’re teetering on the edge of an official recession,"



  22. #109
    Quote Originally Posted by Krugminator2 View Post
    Yes very prophetic in a Miss Cleo/tarot card reader sort of way. Not actually sure I have ever seen someone be more wrong, more of the time than Schiff.

    Was he prophetic in 2010 Peter Schiff: U.S. Is in a Depression https://www.thestreet.com/investing/...ssion-10790377

    How about 2011 "Peter Schiff: Why it’s time to dump most U.S. stocks https://www.investmentnews.com/peter...s-stocks-31335

    Was this prophetic in 2012 "Peter Schiff: Gold to $5,000 in Two Years" https://www.cnbc.com/video/2012/10/2...two-years.html

    How about 2013 Economist Peter Schiff Forecasts Second Crisis to Hit Around 2013 https://ivn.us/2012/10/28/peter-schi...-around-2013-2



    Was he prophetic in 2015 https://fortune.com/2015/11/06/peter-schiff-christmas/ "chiff, the CEO of Euro Pacific Capital, warned that “we’re teetering on the edge of an official recession,"


    He has said over and over that he is surprised they have kept it going for so long since the 2008 crash. But now we're here, what's your point? He was right in the end.

  23. #110
    Quote Originally Posted by Warlord View Post
    He has said over and over that he is surprised they have kept it going for so long since the 2008 crash. But now we're here, what's your point? He was right in the end.

    Right about what? He was wrong about everything. We weren't in a depression in 2010. Gold didn't go to $5000. The stock market has still quadrupled since he was dooming in 2008 even after this sell off. If you listened to Schiff you missed the bull market of a lifetime. Couldn't have been more wrong. That is a fact.

  24. #111
    Quote Originally Posted by Warlord View Post
    He has said over and over that he is surprised they have kept it going for so long since the 2008 crash. But now we're here, what's your point? He was right in the end.
    And by "kept it going" it mostly meant propagandizing the general public into thinking that things were dandy, even as the currency continually lost more value and their rising stock market "wealth" was merely accounting gimmicks that quite obviously can disappear much faster than it was amassed. They were tricked into believing they were richer, as the food servings got smaller and smaller and were replaced by fillers and additives, rents and mortgage prices rose causing taxes to rise while the quality of construction fell, car loan terms became longer (how much car can you afford became how much can you pay per month?), the list goes on and on. Practically everything became a confidence game since 2008 and probably even since the dot com bubble and bust. Sure, some good things were accomplished in that time period like our ability to communicate as we are from random parts of the world almost instantly but make no mistake, the economy was turned into one giant Enron in the meantime.
    Last edited by devil21; 04-01-2020 at 06:11 PM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    But now you can't talk to people because of "social distancing"....brought to you by shills and politicians.

  25. #112
    Quote Originally Posted by Krugminator2 View Post
    Right about what? He was wrong about everything. We weren't in a depression in 2010. Gold didn't go to $5000. The stock market has still quadrupled since he was dooming in 2008 even after this sell off. If you listened to Schiff you missed the bull market of a lifetime. Couldn't have been more wrong. That is a fact.
    This is from 2018:

    https://www.youtube.com/watch?v=3u7kDfEtKfs

    Fast forward to: 2:07

    Schiff specifically says we're in a bubble that will burst and that 2008 was just the start.

    'We're all living in a bubble, based on cheap money. Why is the stock market so high? Because of buybacks. Record debt, record credit card debt. We have huge budget deficits, huge trade deficits. The economy is not real. It's an illusion just like in 2008".

    He also says the Fed will cut rates to zero and expand their balance sheet. This just happened!!
    Last edited by Warlord; 04-01-2020 at 06:16 PM.



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  27. #113
    Quote Originally Posted by Warlord View Post
    This is from 2018:

    https://www.youtube.com/watch?v=3u7kDfEtKfs

    Fast forward to: 2:07

    Schiff specifically says we're in a bubble that will burst and that 2008 was just the start.

    'We're all living in a bubble, based on cheap money. Why is the stock market so high? Because of buybacks. Record debt, record credit card debt. We have huge budget deficits, huge trade deficits. The economy is not real. It's an illusion just like in 2008".

    He also says the Fed will cut rates to zero and expand their balance sheet. This just happened!!
    We had the longest economic expansion in US history and he was dooming the whole time. If you listened to him, you missed a market that went up five fold. Recessions happen. 2008 was just the start? That was 12 years ago. How the does that help anyone make money who isn't an immortal vampire who will live forever? I guess if you plan on living for 2000 years maybe he is "right".

  28. #114
    Quote Originally Posted by Krugminator2 View Post
    We had the longest economic expansion in US history and he was dooming the whole time. If you listened to him, you missed a market that went up five fold. Recessions happen. 2008 was just the start? That was 12 years ago. How the does that help anyone make money who isn't an immortal vampire who will live forever? I guess if you plan on living for 2000 years maybe he is "right".
    Indeed he was because it was a phoney expansion. He was saying THIS WONT LAST as the market was making new high's. He was saying there will be a crash, mass unemployment and a deep recession and guess what? He's RIGHT!

  29. #115
    Quote Originally Posted by Krugminator2 View Post
    Maybe. That probably is true. I don't see any need to hasten the process of going to zero though. I am in favor of delaying the adjustment of having 20%+ of population unemployed for as long as possible. Not something I am embracing with open arms.
    That's the thing though, reality isn't concerned with your embrace, nor mine. Or rather put: reality embraces you.

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