tag:blogger.com,1999:blog-7982981413278241287.post3412662420704252980..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: Austrian Economics vs. KeynesDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger24125tag:blogger.com,1999:blog-7982981413278241287.post-68876875829710866912011-12-08T05:50:48.531-07:002011-12-08T05:50:48.531-07:00(Dave)
re junk silver: I'm not trashing junk...(Dave)<br /><br />re junk silver: I'm not trashing junk silver, I'm just implying that in the context of gold and silver there's a "usability" hierarchy and that sovereign-minted coins like american eagles and canadian maple leafs, et al are of slighly higher usability and quality anywhere in the world. I'll buy sovs from craigslist sellers but I wouldn't touch anything else. See what I mean? That's why sovs trade with a much higher premium to spot than private label coins or roundsDave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-40980927919648409082011-12-08T00:04:48.466-07:002011-12-08T00:04:48.466-07:00Fantastic article, thank you sir.Fantastic article, thank you sir.Gavinhttps://www.blogger.com/profile/03496372392669655957noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-88500189486038382642011-12-07T22:04:33.953-07:002011-12-07T22:04:33.953-07:00http://www.youtube.com/watch?v=u3Sd49HVDC4&fea...http://www.youtube.com/watch?v=u3Sd49HVDC4&feature=related<br /><br />Thought this was very pertinent-- this ad and another like it were voluntarily banned by all the major US networks-- I live in Canada so I can't really speak to issues of American Law but seems to me the ban is akin to denying free speech.<br />I haven't commented for a while Dave but I read and thoroughly enjoy your blog daily. Keep up the good work spreading the word. I don't have much gold but the silver collection is starting to grow!<br />Cheers- Justin from CanadaAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-51043124400416583562011-12-07T21:46:08.773-07:002011-12-07T21:46:08.773-07:00Why The UK Trail Of The MF Global Collapse May Hav...Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else<br /><br />Reuters' Christopher Elias has written the logical follow up analysis to our post, in which he explains in layman's terms not only how but why the lock up has occurred and will get far more acute, but also why the MF Global bankruptcy, much more than merely a one-off instance of "repo-to-maturity" of sovereign bonds gone horribly wrong is a symptom of two things: i) the lax London-based unregulated and unsupervised system which has allowed such unprecedented, leveraged monsters as AIG, Lehman and now as it turns out MF Global, to flourish until they end up imploding and threatening the world's entire financial system, and ii) an implicit construct embedded within the shadow banking model which permitted the heaping of leverage upon leverage upon leverage, probably more so than any structured finance product in the past (up to and including synthetic CDO cubeds), and certainly on par with the AIG cataclysm which saw $2.7 trillion of CDS notional sold with virtually zero margin. Simply said: when one truly digs in, MF Global exposes the 2011 equivalent of the 2008 AIG: virtually unlimited leverage via the shadow banking system, in which there are practically no hard assets backing the infinite layers of debt created above, and which when finally unwound, will create a cataclysmic collapse of all financial institutions, where every bank is daisy-chained to each other courtesy of multiple layers of "hypothecation, and re-hypothecation." In fact, it is a link so sinister it touches every corner of modern finance up to and including such supposedly "stable" institutions as Jefferies, which as it turns out has spent weeks defending itself, however against all the wrong things, and Canadian banks, which as it also turns out, defended themselves against Zero Hedge allegations they may well be the next shoes to drop, as being strong and vibrant (and in fact just announced soaring profits and bonuses), yet which have all the same if not far greater risk factors as MF Global. Yet nobody has called them out on it. Until now. <br /><br />http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-5718638981060479912011-12-07T21:35:33.052-07:002011-12-07T21:35:33.052-07:00@ Dave in Denver - Don't be so quick to trash ...@ Dave in Denver - Don't be so quick to trash "junk silver". If and when the dollar crashes junk silver will play an important role for the exchange of goods and services in a big way.<br /><br />All one will have to do is look at the year of the coin , the coin itself and be able to pretty much know what it will buy for them at that time.<br /><br />We will need as much silver as is possible and the overall lack of it will warrant all of what is available to hold true value.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-19864856516113097162011-12-07T21:32:55.375-07:002011-12-07T21:32:55.375-07:00Ahhh, Dave, what to have faith in these days, what...Ahhh, Dave, what to have faith in these days, what to have faith in ??<br /><br />They will see that there is no settlement in any QUANTITY of debt paper that can match the QUALITY of settlement in real, unencumbered, asset-based money. The value context of price will shift into a new era as all debt shrinks into the waiting arms of gold.<br /><br />And the former sovereigns will turn to the central reserve bank of global corporate governance, the Bank for International Settlements, and abide by their obligations. Jesse refers to them no less than 12 times in his most recently published page.<br /><br />Have faith in that.Wilhttp://letthemfail.usnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-67751731153683057062011-12-07T20:54:01.610-07:002011-12-07T20:54:01.610-07:00You know- If I hear that "you can't eat g...You know- If I hear that "you can't eat gold" one more time...<br />But really, think about it - maybe you can't eat gold- or silver - BUT - just think it through carefully. The understanding of value won't be lost if the dollar should crash. Just the dollar will be lost! We all will learn very quickly what holds value at that moment and gold and silver will come shining through!<br /><br />If you have gold or silver instead of trying to eat it take it to the guy who butchers meat or the guy who brings in fresh fish or the guys who will make you something by trade and exchange that silver quarter for it! I'm sure that it won't take them long to rationalize the opportunity. <br /><br />Now who came up with that lame brain definition about eating it !!?<br /><br />Case closed !Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-21558925262049508962011-12-07T20:00:24.548-07:002011-12-07T20:00:24.548-07:00Thank you, Dave. That's what I needed to know...Thank you, Dave. That's what I needed to know, re: metal and miners. <br /><br />Have a good night!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-54671889651170759932011-12-07T19:24:50.318-07:002011-12-07T19:24:50.318-07:00(Dave)
Technically, if you want the ultimate safe...(Dave)<br /><br />Technically, if you want the ultimate safety for your wealth, only go into physical gold and silver and only sovereign-minted bullion coins OR bars that come with the appropriate paperwork that show they are bona fide, Comex-deliverable. I junk like junk silver and I don't care for nuimismatics because I'm not an art collector.<br /><br />Second down on the safety ladder would be mining shares. I like having the potential for some serious upside. See what RPM.V/RPMGF did this week. Then you take your gains in the miners and convert that into more metal. Ultimately, you want to try and time everything so that when this thing collapses, you are close to 100% in metal.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-71584698114536569342011-12-07T19:04:33.658-07:002011-12-07T19:04:33.658-07:00So, re: getting the fuck out of the system, theref...So, re: getting the fuck out of the system, therefore no gold/silver equities, and just physical?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-66555377466560952692011-12-07T18:18:25.514-07:002011-12-07T18:18:25.514-07:00(Dave)
re Chris Martenson comment: I just don'...(Dave)<br /><br />re Chris Martenson comment: I just don't understand why so many people are averse to putting as much as they can in physical. You say "best to be in all cash right now." Don't you see, gold and silver ARE the ultimate currency. Your cash pile gets devalued every single minute of everyday - either by outright printing or the continuous and accelerating rate of Federal debt issuance. <br /><br />You keep enough in cash to pay your bills every month and put the rest in gold and silver and get your wealth the fuck out of the system as much as possible.<br /><br />Look at MF Global. Look at Madoff. They system is literally stealing money away from the unsuspecting, uneducated and naive every day.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-80236306047122161132011-12-07T18:13:35.725-07:002011-12-07T18:13:35.725-07:00(Dave)
Bitch away Hugo!! Thanks for posting a co...(Dave)<br /><br />Bitch away Hugo!! Thanks for posting a comment. I'm guessing von G was citing the average marginal national income tax for each country, not the effective tax rate as you point out. What you just lay out bolsters his argument even more that Governments are nothing more than a massive drain on potential economic output and societal well-being.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-79318073616309009602011-12-07T15:37:13.696-07:002011-12-07T15:37:13.696-07:00Archeologists just discovered the Eleventh Command...Archeologists just discovered the Eleventh Commandment buried under John Law's grave and written in Latin. It says, "Argentum et Aurum Comparenda Sunt!"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-52808201478560925612011-12-07T15:22:04.242-07:002011-12-07T15:22:04.242-07:00Dave,
considering what Chris Martenson is discus...Dave, <br /><br />considering what Chris Martenson is discussing in his latest piece, would you think it's best to be in all cash right now, as opposed to physical PM's and the mining equities? I'm very worried about what to do.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-31230887085700398452011-12-07T15:20:12.310-07:002011-12-07T15:20:12.310-07:0010 Questions for Jon Corzine
7. Another follow-up...10 Questions for Jon Corzine<br /><br />7. Another follow-up. As MF Global’s chief executive, you had to sign off on its quarterly financial statements and attest to the firm’s internal controls. How could so much client money apparently be missing, and the records be described by a C.F.T.C. commission as a “disaster,” when you said the internal controls met all legal requirements?<br /><br />http://dealbook.nytimes.com/2011/12/07/10-questions-for-jon-corzine/?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-65690388207579038952011-12-07T14:52:40.462-07:002011-12-07T14:52:40.462-07:00Hi Dave,
Me is from The Netherlands and I read th...Hi Dave,<br /><br />Me is from The Netherlands and I read the piece of von Grayerz. He states that our taxrate is 41.4%. This person calculated that his taxrate is aroud 70%. I really cry fowl play a long time. I hope you dont mind me ranting about Dutch taxes being way above 41%. Me is middle middleclass I say. I pay;<br /><br />- on almost everything 19% VAT (only very basics of life 6% and even some are still 19%)<br />-60% labour tax. Let me elaborate, here we have a great scam. An employer pays 130% of gross pay. Thus if my gross pay is 100 my employer has to pay 30 to government on top of that. Then 'regular' taxes start. We have 3 brackets of tax, 33ish% 42% and 52% (52% all above € 54.367)<br />- We have huge 'luxory' taxes. 1 liter of gas costs around 1.70 Euro. Thus around $8.60 a gallon. Best example<br />- Electricity tax is around 175%<br />- All savings above 21k are taxed at 1.2% <br />- We heat our houses with natural gas since we have (actually had) one of the largest gas deposits of the world. Taxed at 60%<br /><br />I can go on but you get the idea. <br /><br />Even the govenment now admits over 10% of the population lives in poverty. That from on of the richest countrys of Europe. One of the last good things is that this country has a huge amount of private pension savings (900+ billion on a population of 17 million) . Baddest thing is that my county has the biggest housing bubble of the world. Yes I dare to say that the US housing bubble is nothing compaired to ours. You guys now have to bring in $100 on depostit. Here you can still get a loan of 'only' 112%. I say only because 125% was normal till recent. Our prime minister already stated that he will confiscate, sorry nationalise, pensions if all gets too hot on the housing market (among things). <br /> <br />If you want an asymmetrical hedge/bet I like to suggest the packaged housing of The Netherlands that still is being sold to the market with full guarantees by the government. No idea if you can buy something synthetical though.... This guy didnt find a way to play this idea... if someone does I gladly hear it.Hugonoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-28623830404960043082011-12-07T14:27:00.118-07:002011-12-07T14:27:00.118-07:00McCain should be thrown out of office and hung by ...McCain should be thrown out of office and hung by his neck on the nearest Cherry tree for High crimes and treason. <br /><br />But the dopes will vote this COWARD back in guaranteed. <br /><br />All I know is when they come knocking on my door, I am taking as many with me as possible, at that stage I have zero to gain and zero too lose. <br /><br />First one through my front door gets the first round and it means little to me, I am prepared to die, the question is are you.<br /><br /><br />Wake the fuck up America for Christ sakes.Billnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-3247750493927007212011-12-07T13:56:25.391-07:002011-12-07T13:56:25.391-07:00Took a little time and they were never shy about i...Took a little time and they were never shy about it....<br /><br /><br />Jay Rockefeller Roasting Pat Buchanan (yep)<br /><br />http://www.bearishnews.com/post/4713/comment-page-1#comment-4016Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-16251719032863204572011-12-07T13:47:04.020-07:002011-12-07T13:47:04.020-07:00Does the Indefinite Detention Bill Foretell Future...Does the Indefinite Detention Bill Foretell Future?<br /><br /><br />The recent passage of the National Defense Authorization Act (Senate<br />Bill 1867), otherwise known as the “Indefinite Detention Bill,” should<br />scare the heck out of anyone who loves the U.S. Constitution and the<br />Bill of Rights. This bill effectively hands over control to the<br />military to arrest, torture and even kill terrorists on American soil.<br /> It also allows the military to hold suspected terrorists indefinitely<br />without a trial or due process. This applies to both non-citizens and<br />citizens of the United States! With this bill, you are not innocent<br />until proven guilty. You are guilty until proven innocent, and you<br />may never get a trial to defend yourself. There is surprisingly<br />little written in the mainstream media about this Senate bill that<br />passed 93 to 7 at the end of November.<br /><br />My question is who decides who is a terrorist, and who checks to make<br />sure the charges are valid? If this bill gets through the House of<br />Representatives, and is signed by the President, the military will<br />answer to no one. The only hope of short circuiting this bill is for<br />the House to put a stop to it. I think arch conservatives and arch<br />liberals should unite and radically change this legislation to follow<br />the Constitution instead of gutting it. You think that can’t happen?<br />Senators Rand Paul and Al Franken are on the same page on this issue,<br />and that represents both extremes of the political spectrum. Every<br />American, no matter the party, should be terrified by this legislation<br />whether you are Democrat, Republican or Independent.<br /><br />http://usawatchdog.com/national-defense-authorization-act-indefinite-detention-bill-senate-bill-1867/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-32142702994583521892011-12-07T13:31:58.028-07:002011-12-07T13:31:58.028-07:00(Dave)
My suggestion would be to cash out your IR...(Dave)<br /><br />My suggestion would be to cash out your IRA, pay the 10% penalty and move that money into gold coins. Eventually the Govt will confiscate or vastly devalue the worth of your IRA. It's happening in Portugal now. Google the Ann Barnhardt interview if you don't believe me.<br /><br />Otherwise, you check Sterling Asset.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-30555678155380270932011-12-07T13:30:50.941-07:002011-12-07T13:30:50.941-07:00MF Global fallout delays U.S. farm seed, land deal...MF Global fallout delays U.S. farm seed, land deals<br /><br />http://www.reuters.com/article/2011/12/06/us-mfglobal-agriculture-idUSTRE7B509620111206Billnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-82214007440166707302011-12-07T13:27:27.237-07:002011-12-07T13:27:27.237-07:00Dave,
Any suggestions on places to check out for ...Dave,<br /><br />Any suggestions on places to check out for money tied into an IRA for holding gold coins in an IRA? Or would you suggests cashing out IRAs, taking the penalty and doing it outside the system?Cortopassihttps://www.blogger.com/profile/05577687880784117110noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-25591192431989404852011-12-07T13:08:26.714-07:002011-12-07T13:08:26.714-07:00I am so sick of that "you can't eat gold&...I am so sick of that "you can't eat gold" thrown about as if the speaker is soooo knowledgeable. Can you eat equities? Treasuries? Municipal bonds? Copper? Cotton? Oil? You can eat corn or pork bellies, but are you equipped to take delivery on them?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-11607184196040030642011-12-07T12:57:52.727-07:002011-12-07T12:57:52.727-07:00Hugo Salinas-Price: What Every Politician Needs to...Hugo Salinas-Price: What Every Politician Needs to Know About Silver<br /><br /><br /><br />HRN: You want to encourage saving?<br /><br />Hugo Salinas-Price: Absolutely. What we want is to create a refuge where those who can save—the middle class—can do so in a medium that will retain its purchasing power. There is no safe harbor for the middle class today. The middle class is being financially raped and decimated.<br /><br /><br /><br /><br />HRN: Banco de México is blocking the legislation?<br /><br />Hugo Salinas-Price: If it wasn’t for the central bank, this measure would have passed a long time ago. The party leaders are afraid to jeopardize their careers by becoming enemies of the central bank.<br /><br />HRN: What do you think might change the situation?<br /><br />Hugo Salinas-Price: The Congressional Finance Committee will hold a hearing this month, before the Congress goes into recess, to hear the objections of the central bank. It is possible they may decide that the objections are not materially important and they may approve the bill. In that case, the bill will be sent to the house for a vote. The party leaders will be able to vote for the bill if the Committee approves the law.<br /><br />HRN: Do you think it will pass if the Finance Committee approves it?<br /><br />Hugo Salinas-Price: We would be hesitant to submit the bill to a vote without assurances from the party leaders that they will give it a green light.<br /><br />HRN: If México passes this law, do you think other countries in Latin America will follow México’s example?<br /><br />Hugo Salinas-Price: Yes. I think they would and they would do it soon after.<br /><br />http://www.financialsense.com/contributors/ron-hera/2011/12/07/hugo-salinas-price-what-every-politician-needs-to-know-about-silverAnonymousnoreply@blogger.com