tag:blogger.com,1999:blog-4921988708619968880.post9201795973472860457..comments2024-02-28T22:03:57.237-05:00Comments on The Automatic Earth: Debt Rattle, October 19 2008: Deadly Sins and Screaming GiveawaysIlargihttp://www.blogger.com/profile/09698428009501267664noreply@blogger.comBlogger90125tag:blogger.com,1999:blog-4921988708619968880.post-85920208998045188762008-10-20T15:09:00.000-04:002008-10-20T15:09:00.000-04:00El Pollo, I've been hearing rumors of #2 for years...El Pollo, I've been hearing rumors of #2 for years.<BR/><BR/>Some friends have shown me back of the envelope calculations that show that much more gold exists on paper, than has ever been mined.<BR/><BR/>Evidently selling gold on a promise that it will be mined later and acquired is not an uncommon practice.Weaseldoghttps://www.blogger.com/profile/12657976442272800800noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-17018767269447876592008-10-20T14:58:00.000-04:002008-10-20T14:58:00.000-04:00Weaseldog:i can think of two reasons that physical...Weaseldog:<BR/><BR/>i can think of two reasons that physical gold is hard to procure:<BR/><BR/>1) Most of it is in ingots and people want certified 1 oz coins like krugerrands or maple leafs. This would be a simple fabrication delay problem.<BR/><BR/>2) The "goldsmiths" are playing the same game that our little floppy hatted pre-banker Italian did in Money as Debt and are selling a lot more el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-11327911881884914812008-10-20T14:48:00.000-04:002008-10-20T14:48:00.000-04:00greg:Yes, you have to go to a bank to pick up your...greg:<BR/><BR/>Yes, you have to go to a bank to pick up your money, but with the proper codes, you can pick which bank to send it to a day or two before you want to get it. When your treasuries mature, you can tell TD to keep the money in a non-interest sweep account, which I think they call C&I ore something like that. Then you could pick a solvent bank. It is unlikely that there will be el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-15395028198109934942008-10-20T14:43:00.000-04:002008-10-20T14:43:00.000-04:00Dark Matter, do your friends seem to have any idea...Dark Matter, do your friends seem to have any idea what it might mean, that physical gold and silver can't be bought?Weaseldoghttps://www.blogger.com/profile/12657976442272800800noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-65111613428945197952008-10-20T14:33:00.000-04:002008-10-20T14:33:00.000-04:00Everyone should know that at least for now physica...Everyone should know that at least for now physical gold and silver is nearly impossible to get. I was buying some every month for about a year and about two weeks ago the local coin shop where I had been going was stripped of everything in one day. Now I call every day and he has nothing on his shelves and what does come in sells immediately. And yes, there is a a big price difference between Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-86778686630324743992008-10-20T14:00:00.000-04:002008-10-20T14:00:00.000-04:00“Q: “My account at the Treasury is set up to wire ...“<B>Q: “My account at the Treasury is set up to wire the money straight into my bank account, which is frozen. Will my T-bill money get frozen too?”</B><BR/><BR/>Mike: Good question. What was your answer?<BR/><BR/>Martin: I told him to check his mailbox. Instead of wiring his funds, the Treasury had taken the extraordinary measure of cutting hard checks and mailing them out immediately. They wantBigelowhttps://www.blogger.com/profile/16883913065391637120noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-56930863205756960312008-10-20T13:57:00.000-04:002008-10-20T13:57:00.000-04:00g, Sounds to me like you have a very good set-up....g,<BR/> Sounds to me like you have a very good set-up. Since you're debt free you can put your money to things that will make your farm more comfortable in the coming years... I sure as heck would not sell your place now, and I doubt Stoneleigh or Ilargi would advise you to either.<BR/><BR/>As for questions about treasuries- I don't think every single bank will go belly-up. When I want to EBrownhttps://www.blogger.com/profile/02894676347259218501noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-85110340572202022802008-10-20T13:54:00.000-04:002008-10-20T13:54:00.000-04:00Maeve, I can not offer much advice on the money f...Maeve, I can not offer much advice on the money front being in the USA but I have a similar situation on the garden front. <BR/><BR/>Mine is located by a periodic stream that runs behind the house.<BR/><BR/>I used a raised bed to keep the plants above the high waters and from having wet feet.<BR/><BR/>I do not know what your land looks like or if you can use this method but it is worth a try.<Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-90164341888529461722008-10-20T13:39:00.000-04:002008-10-20T13:39:00.000-04:00Ok here is the thing I don't understand about Trea...<I><BR/>Ok here is the thing I don't understand about Treasuries - the advice I'm hearing is to avoid banks, but if in 2 years I want to cash in my Treasury Bills don't I have to go to a bank to get my money? I understand the bank isn't holding it directly, so FDIC is avoided, but if banks "crash" who is going to give me green paper in exchange for my white paper?<BR/></I><BR/><BR/>What about :<Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-85257387395033255742008-10-20T12:22:00.000-04:002008-10-20T12:22:00.000-04:00n...When Argentina began to crash in 2001, Bank of...n...<BR/><BR/>When Argentina began to crash in 2001, Bank of America, CitiCorp and other major banks froze all of the accounts.<BR/><BR/>Old ladies had to wait months to withdraw any of their savings. And then the banks gave them pennies on the dollar. They never got most of their money. The banks just stole it from them. But legally, as the government approved it.Weaseldoghttps://www.blogger.com/profile/12657976442272800800noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-16784411437004874682008-10-20T12:13:00.000-04:002008-10-20T12:13:00.000-04:00RE: treasury direct accountsOk here is the thing I...RE: treasury direct accounts<BR/><BR/>Ok here is the thing I don't understand about Treasuries - the advice I'm hearing is to avoid banks, but if in 2 years I want to cash in my Treasury Bills don't I have to go to a bank to get my money? I understand the bank isn't holding it directly, so FDIC is avoided, but if banks "crash" who is going to give me green paper in exchange for my white paper?Unknownhttps://www.blogger.com/profile/16632600430004147895noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-87937650425096146352008-10-20T12:08:00.000-04:002008-10-20T12:08:00.000-04:00Yes. Are you following Iceland? Do you understand ...<I><BR/><BR/>Yes. Are you following Iceland? Do you understand the fractional reserve system? Stoneleigh ( I think) believes that the FDIC is a bluff and when the SHTF, they will not infinitely recapitalize it through printing money, but let it sink.<BR/></I><BR/><BR/>True, If all banks and whatever else the gov is backing failed then they would not be able to cover the loss.<BR/><BR/> Our local Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-35281854538316532642008-10-20T11:53:00.000-04:002008-10-20T11:53:00.000-04:00I may well be the doomer referenced...In 1998, I f...I may well be the doomer referenced...<BR/><BR/>In 1998, I first became aware of Peak Oil. As I have a moderate science background, a good education in higher math and a computer, I was able to use excel spreadsheets to double check a lot of the assumptions made about Peak Oil at the time.<BR/><BR/>One of the serious constraints to the theory and pretty much everything about resources is the Weaseldoghttps://www.blogger.com/profile/12657976442272800800noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-77469137304918092182008-10-20T11:51:00.000-04:002008-10-20T11:51:00.000-04:00"How does one determine peak levels?"As I understa..."How does one determine peak levels?"<BR/><BR/>As I understand it and as I think Stoneleigh has said, the peak housing/property level is the appraised or market value of said property at the height of the housing bubble, reached during 2005-2006 in most places. For example, in 2006 my home was worth or would have been appraised at $250,000. In the next couple of years its value will probably Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-53705285236099088832008-10-20T11:45:00.000-04:002008-10-20T11:45:00.000-04:00Kunstler writes an interesting metaphor today http...Kunstler writes an interesting metaphor today http://jameshowardkunstler.typepad.com/clusterfuck_nation/2008/10/its-fascinating-to-read-the-commentators-in-mainstream-journals-like-the-financial-times-and-the-wall-street-journal--all-st.html<BR/><BR/>" To switch metaphors, let's say that we are witnessing the two stages of a tsunami. The current disappearance of wealth in the form ofAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-18793141201425235352008-10-20T11:28:00.000-04:002008-10-20T11:28:00.000-04:00JAS - same with silver. Spot price right now is a...JAS - same with silver. Spot price right now is around $9.50 - but when my son tried to buy some ounce bullion coins, they just laughed at him. None available- and IF they got some in, they have a waiting list for customers at $22/oz.Greenpahttps://www.blogger.com/profile/17224906349154302210noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-49721183756563507882008-10-20T11:26:00.000-04:002008-10-20T11:26:00.000-04:00n, yes to many of those. With my savings that I ...n,<BR/> yes to many of those. With my savings that I do not need now to live on I opened a treasurydirect account, I have a bit of extra cash in my direct control, and a few years ago I bought some kruggerrands (which I will continue to hold for a while yet). In order to open a treasurydirect account you need to link to a bank account. If you feel better about using a credit union then sure, EBrownhttps://www.blogger.com/profile/02894676347259218501noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-30504537406709359582008-10-20T11:21:00.001-04:002008-10-20T11:21:00.001-04:00About being overloaded with student debt- my perso...About being overloaded with student debt- my personal suggestion would be- stop paying it. The sooner the better.<BR/><BR/>We had to do that about a year ago- no real choice. My spouse, Spice, had a huge load of it, and it was killing us. So, we quit. <BR/><BR/>It was pretty traumatic; for a while- makes you feel like scum to break that promise. But- bit by bit, we got over it.<BR/><BR/>The Greenpahttps://www.blogger.com/profile/17224906349154302210noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-43685277880869364472008-10-20T11:21:00.000-04:002008-10-20T11:21:00.000-04:00anon 10:58"How does one determine peak levels...anon 10:58<BR/><BR/>"How does one determine peak levels?"<BR/><BR/>The Case-Shiller home price index seems to be the most authoritative index. It is put out by S&P for subscription, and I don't think you can get the data directly. But you can get it in a host of other places by Googling it. Most regions seemed to peak around mid 2006.<BR/><BR/>n<BR/><BR/>Stoneleigh recommendsel gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-63016644355786537412008-10-20T11:20:00.000-04:002008-10-20T11:20:00.000-04:00g, If you own your small farm outright you should...g,<BR/> If you own your small farm outright you should probably hold on to it. If your small farm still mostly belongs to the bank you might consider selling it, rent, and then buy back in at a lower price. Obviously you would not be garaunteed to be able to buy back "your farm", but you might end up with a better situation. If I owned a small farm outright I would most likely hold on to it. EBrownhttps://www.blogger.com/profile/02894676347259218501noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-35868845272956916582008-10-20T11:19:00.000-04:002008-10-20T11:19:00.000-04:00conch shell stewie, your argument about the peak o...conch shell stewie, your argument about the peak oil, financial collapse, etc... Cassandras is interesting but a common viewpoint.<BR/><BR/>If I may simplify it, it boils down to, "Some people have been wrong about stuff, so everyone is wrong all the time about everything."<BR/><BR/>As far as Peak Oil is concerned, that will take decades to play out. Arguing that civilization as we know it has Weaseldoghttps://www.blogger.com/profile/12657976442272800800noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-35626157791197953482008-10-20T11:15:00.000-04:002008-10-20T11:15:00.000-04:00Stoneleigh said "Your funds are safer outside the ...Stoneleigh said "Your funds are safer outside the banking system."<BR/><BR/>So if I have 30k at the bank I'm supposed to take it out and.. what? Get some short-term Treasuries? Buy gold? Go to the local credit union? Mattress?<BR/><BR/>BTW, this isn't the money I live off - it's the money I pulled out of investments. (before they tanked, thank god)Unknownhttps://www.blogger.com/profile/16632600430004147895noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-13014578278724390012008-10-20T10:58:00.000-04:002008-10-20T10:58:00.000-04:00she feels that the market will trough at 10% of pe...she feels that the market will trough at 10% of peak levels (for reasons she has explained many times) <BR/><BR/>How does one determine peak levels?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-51520391273510112172008-10-20T10:57:00.000-04:002008-10-20T10:57:00.000-04:00RE: "Amid financial crisis, 20,000 expected to vis...RE: "Amid financial crisis, 20,000 expected to visit Millionaire Fair" (Yahoo!)<BR/><BR/>I would think that maybe, just MAYBE, these folks would want to keep the flaunting to a minimum. ???Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-2592771595682520072008-10-20T10:34:00.000-04:002008-10-20T10:34:00.000-04:00Just talked to my bank (Everbank) where I have a g...Just talked to my bank (Everbank) where I have a gold account (pooled). I requested to exercise my option to receive the phyical gold, with a 'fabrication' cost of course, however they responded back, there are <B>NO gold bars or coins available</B>.. you can only cash out or hold.<BR/><BR/>JASAnonymousnoreply@blogger.com