RunningFool
Member
Thanks Corepuncher, it seems somebody on this board has an answer for everything. Now how about worldwide peace and prosperity?
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RunningFool's Account Talk
- Thread starter RunningFool
- Start date
Thanks Corepuncher, it seems somebody on this board has an answer for everything. Now how about worldwide peace and prosperity?
RunningFool
Member
My dad , born in 1922, says that a depression with a capital D is coming and folks had better prepare as best they can because it won't be pretty. He says that most folks today will not survive if conditions become anything like they were in the 30's. Think no Walmart or grocery stores,gas stations or drug stores, you will have to produce your own food or starve. I am not sure if we are going that far but thing seem to be headed down hill fast and there could be a cliff at the bottom of the hill. It is getting a bit scary.:worried:
I'm not really long-term worried about the current subprime housing/financial crisis, which are crises of the "paper" variety. There will be some short-term pain, but I believe the country will work through these issues, as it has dealt with similar issues in the past. My longer-term worry is the global competition for oil, food, and other commodities and the earth's ability to provide enough of these resources for a worldwide population ever-increasing in size and affluence.
lovegardening
New member
I am a member but rarely put my 2c of comments in. Had to today. If we really are going towards depression, Sounds like we will be living the life of the people in the TV series "Jericho" Fend for ourselves in our own towns. and the little towns may even break out in a war with surrounding towns......and it can grow from there. I dont think people want that. what do we do with the money we have in banks, differenct accounts, etc.??????????????????????????
RunningFool
Member
I suppose if it goes that far, the money would be immaterial as it probably would be worthless. Our whole economy is so intertwined globally that we don't have as much control over it as we once did. So much of our future direction is in the hands of others. Your can only lower the interest rates so much.
RunningFool
Member
Birch, You will be sorry when the [SIZE=-1]Reptilians take over the world and won't let you have your money!!!:nuts: [/SIZE][SIZE=-1]Conspirators of the world unite!!! The END IS NEAR!!!:laugh::laugh: When is this market going to bottom out????
[/SIZE]
[/SIZE]
RunningFool
Member
Is this the ground floor????? Time to hop off the lily pad maybe?
Time to hop off the lily pad maybe?
RunningFool
Member
Sticking the toes in the water a bit, 70G, 10F, 5C, 10S, 5I.
RunningFool
Member
Had about all the excitement I can take: 50G, 50F
RunningFool
Member
Did I just miss the basement?
RunningFool
Member
Yes I am acquainted with that one very well, guess that is why I have stayed out so long. I do not have the expertise to time the market especially with these limited IFTs.
My money, won through sweat
Sits nervously
While the wind blows
And off in the distance
A thump
Echoes through the streets
Ruffling in the wind
Painfully on edge
The chill of the wind
Wraps itself around and around
In the end
I know not where my riches lay
Timothy & Alisha Albear
My money, won through sweat
Sits nervously
While the wind blows
And off in the distance
A thump
Echoes through the streets
Ruffling in the wind
Painfully on edge
The chill of the wind
Wraps itself around and around
In the end
I know not where my riches lay
Timothy & Alisha Albear
RunningFool
Member
Interesting article:
http://www.marketwatch.com/news/sto...E1901-728E-4A3C-99D1-7E80F74C3AE3}&siteid=rss
http://www.marketwatch.com/news/sto...E1901-728E-4A3C-99D1-7E80F74C3AE3}&siteid=rss
RunningFool
Member
Boy you forget your TSPTALK password and the whole market goes to hell in a handbasket. What have you folks been doing to the market while I was out running around? Have we got to the bottom of this thing yet?
Here's my plan to revitilize the economy. We can start a board of trade in IFTs. Have all those folks that don't utilize them sell them to the folks that would kill to have them. We could let the Thrift board run it and have a cut of the action to satisfy their greed. The medium of exchange would be shares of G fund. Everybody wins.
Here's my plan to revitilize the economy. We can start a board of trade in IFTs. Have all those folks that don't utilize them sell them to the folks that would kill to have them. We could let the Thrift board run it and have a cut of the action to satisfy their greed. The medium of exchange would be shares of G fund. Everybody wins.
RunningFool
Member
The U.S. has had three different federally charted central banks since 1776. Arguments pro and con were advanced each time about their usefulness and role in the American economy.
The longest time period without a central bank was between 1836 and 1913. State charted banks were the norm then. They issued their own currencies and were governed by state statutes. There were some problems that led to bankruptcy failures, but none so severe as to dramatically lower our purchasing power.
In 1770 just prior to the American Revolution, the purchasing power of $100 was equivalent to $2,151 in today's money. In 1900 that same $100 was worth $2,130 in today's money. Purchasing power was relatively stable for 130 years. Each decline in purchasing power during this time period was related to war or state banking policies that allowed banks to simply print money in excess of what could be redeemed in gold or silver. Like every other business, some state banks were more responsible than others. After each downturn or banking failure, purchasing power tended to move back to its historical value.
In 1913 Congress created the Federal Reserve Bank (the Fed) and our purchasing power has been declining ever since. Declining purchasing power is also known as inflation or the expansion of money. It can be described as money losing value, thereby buying fewer goods and services. Inflation and rising prices tend to go together. Growing purchasing power is known as deflation or the contraction of money. It can be described as money increasing in value, thereby buying more goods and services. Deflation and declining prices tend to go together. Inflation and deflation can occur at the same time, but in different parts of the economy. Inflation and deflation occur naturally and are best understood in terms of the law of supply and demand. In a totally free market, inflation and deflation are short lived and self correcting.
Prior to 1913, economic swings between inflationary and deflationary periods were self correcting and you can see this in the purchasing power chart I've created. Supply and demand would regulate the swings and it was only during times of economic extremes, such as war, that self-correction took wider swings and longer time frames.
After 1930 our purchasing power began a long steady decline. This was by design. Over the last 70 years, our government has decided that slow steady inflation is good for us. The effects are best explained by Murray Rothbard.
Rothbard says that creating money out of thin air is counterfeiting. At least that's what it's called when you and I do it. Government creates money out of thin air by controlling the ratio of reserve deposits each bank is required to maintain at the Fed. This is called fractional reserve banking. These reserves consist of paper and electrons; not gold or silver. This subtle form of counterfeiting goes unnoticed and is even glorified by many since it generates new consumption. Unfortunately each new dollar injected into the system dilutes the value of every other dollar. Those favored businesses and political groups that first come in contact with this new money, have an advantage. They get to spend it before the purchasing power gets watered down. Everybody downstream simply pays higher prices.
Rothbard says that, "Governments are inherently inflationary, since inflation is a means of acquiring revenue for the State and its favored groups. The slow but certain seizure of the monetary reins has thus been used to (a) inflate the economy at a pace decided by government; and (b) bring about socialistic direction of the entire economy." He also says that inflation cannot go on forever. Eventually those of us working harder and harder to remain productive realize our standard of living is sliding backwards. Two income earners are required where only one was in the past. Even people that are dependent on government and tend to have fixed incomes, eventually wake up to the continual shrinkage of their purchasing power.
The folks in charge of our money supply are supposed to know what they are doing. Perhaps they do; perhaps they don't. Perhaps you can explain why control of our money supply is a proper function of government.
Bill Bonner of the Daily Reckoning says, "The Fed's record as an 'inflation fighter' is more deserving of a court martial than a medal. Since the Fed's founding in 1913, inflation has gained so much ground against the defending Fed that a man who kept his money in gold rather than dollar bills would have nearly 20 times as much."
http://www.freelythinking.com/thefed.htm
The longest time period without a central bank was between 1836 and 1913. State charted banks were the norm then. They issued their own currencies and were governed by state statutes. There were some problems that led to bankruptcy failures, but none so severe as to dramatically lower our purchasing power.
In 1770 just prior to the American Revolution, the purchasing power of $100 was equivalent to $2,151 in today's money. In 1900 that same $100 was worth $2,130 in today's money. Purchasing power was relatively stable for 130 years. Each decline in purchasing power during this time period was related to war or state banking policies that allowed banks to simply print money in excess of what could be redeemed in gold or silver. Like every other business, some state banks were more responsible than others. After each downturn or banking failure, purchasing power tended to move back to its historical value.
In 1913 Congress created the Federal Reserve Bank (the Fed) and our purchasing power has been declining ever since. Declining purchasing power is also known as inflation or the expansion of money. It can be described as money losing value, thereby buying fewer goods and services. Inflation and rising prices tend to go together. Growing purchasing power is known as deflation or the contraction of money. It can be described as money increasing in value, thereby buying more goods and services. Deflation and declining prices tend to go together. Inflation and deflation can occur at the same time, but in different parts of the economy. Inflation and deflation occur naturally and are best understood in terms of the law of supply and demand. In a totally free market, inflation and deflation are short lived and self correcting.
Prior to 1913, economic swings between inflationary and deflationary periods were self correcting and you can see this in the purchasing power chart I've created. Supply and demand would regulate the swings and it was only during times of economic extremes, such as war, that self-correction took wider swings and longer time frames.
After 1930 our purchasing power began a long steady decline. This was by design. Over the last 70 years, our government has decided that slow steady inflation is good for us. The effects are best explained by Murray Rothbard.
Rothbard says that creating money out of thin air is counterfeiting. At least that's what it's called when you and I do it. Government creates money out of thin air by controlling the ratio of reserve deposits each bank is required to maintain at the Fed. This is called fractional reserve banking. These reserves consist of paper and electrons; not gold or silver. This subtle form of counterfeiting goes unnoticed and is even glorified by many since it generates new consumption. Unfortunately each new dollar injected into the system dilutes the value of every other dollar. Those favored businesses and political groups that first come in contact with this new money, have an advantage. They get to spend it before the purchasing power gets watered down. Everybody downstream simply pays higher prices.
Rothbard says that, "Governments are inherently inflationary, since inflation is a means of acquiring revenue for the State and its favored groups. The slow but certain seizure of the monetary reins has thus been used to (a) inflate the economy at a pace decided by government; and (b) bring about socialistic direction of the entire economy." He also says that inflation cannot go on forever. Eventually those of us working harder and harder to remain productive realize our standard of living is sliding backwards. Two income earners are required where only one was in the past. Even people that are dependent on government and tend to have fixed incomes, eventually wake up to the continual shrinkage of their purchasing power.
The folks in charge of our money supply are supposed to know what they are doing. Perhaps they do; perhaps they don't. Perhaps you can explain why control of our money supply is a proper function of government.
Bill Bonner of the Daily Reckoning says, "The Fed's record as an 'inflation fighter' is more deserving of a court martial than a medal. Since the Fed's founding in 1913, inflation has gained so much ground against the defending Fed that a man who kept his money in gold rather than dollar bills would have nearly 20 times as much."
http://www.freelythinking.com/thefed.htm
RunningFool
Member
The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville
Alexis de Tocqueville
I've read this article before and agree. I'm afraid we're going to resemble something like Brazil or Argentina in the late 1980's - debt-ridden, with runaway inflation and a laughable currency. Both of these countries have since cleaned up their act and are poised for future prosperity.
KevinD
Well-known member
What did they do to turn it around?
RunningFool
Member
I believe the IMF forced them to live within their means. Its the only way any economy will work in the long run. If you spend more than you make you will go broke whether you're an individual or a country. It seems that we just spent 700 billion that we don't really have.
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