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110th Street

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  1. There was a similar article a few months back on goldseek.com (sorry to use the yellow metal in a post on HPC! ) by Rick Ackerman. His view was that due to 24hour media, and instant access to accounts and trading, this could indeed happen in hours. Bill Bonner described current QE as being akin to water filling up behind a dam. The money doesn't get into the system like it should, it's all bunged up. However when it does, it's like the dam bursting as it floods those downstream. JP Morgan Chase, Blackrock, Goldman Sachs. The Association of Finance Professionals stated that their members ha
  2. Right now there's loads of money just sat around doing nothing - the Adam Smith Institute Blog has just written an article about this. Their view is that the smartest financial minds in the world would rather sleep on a lumpy mattress then invest in the future. They would rather lose some of this money through mild inflation than take the risk of investing it. This then got me thinking about Bill Bonner's (from Daily Reckoning fame) view that re the debate between inflation or deflation (what will it be?) his answer was a simple 'yes'. We'll get both. Deflation, followed by inflation. I'm now
  3. Thank you. Greatly appreciated Back in the day - circa 2007, I really used to like HPC. Now it seems to be full of bitter people who like to rant. Shame really.
  4. It's not about them being self-sufficient now, it's about their capacity to be self sufficient when they need to be.
  5. China needs an export market far more than the world needs China to export. So what if China refuses to sell to the States. Yes, everyone will become poorer, but the US will be the least worst off. The US is not an indispensable nation, not at all, but what they are, is fully self-sufficient. Yes, living standards fall due to them not getting cheap imports (assuming China refuses to sell to them), but that is far from the 'implosion of the US' that everyone here goes on about. If the dollar collapses, it is not the US that is in trouble, it is the non-US dollar holders. $ = debt. US debts ar
  6. People will trade with America once the Amero is issued. International money markets don't hold grudges. If China refuses to sell to the states then their economy simply implodes. The US is completely self sufficient for food, fuel and military equipment (they buy high tech weapons from themselves). The Chinese are not innovators, they are copiers who do it cheaper. The US can make and buy their own chips. $20/gallon fuel means nothing when US citizens are using a different currency and buying domestically.
  7. I agree with Peter Schiff on this one. I do think that the dollar will have an overnight collapse, however I don't think that will effect things in the US for more than a month or so. What they will do in my opinion is put in currency controls, and then say; if you are a foreign holder of US dollars, sorry, your currency is worthless, if you are a US citizen who has kept dollars offshore to avoid paying tax, your dollars are worthless. If you are a US citizen with dollars held in the US, you can swap them 1 for 1 with our new currency, The Amero (written about by The Economist in 1998). About
  8. Surely the textile industry was automated a couple of hundred years ago? Tens of thousands of workers were made unemployed. But the system didn't crash, their kids became skilled in other areas and found work there. Yes, it took a generation for this to happen - allegedly many of the unemployed textile workers never recovered, but the economy moved on. Why? clothes became cheaper, so consumers had more money to spend elsewhere and different businesses sprung up. Th
  9. For the past 6 months I've been doing the P90X routine at home. All I need is a yoga mat, dumbells, a pull up bar and press up bars. Best fitness regime I've ever done. Far cheaper than a gym!
  10. I've thought about this a lot over the past 3-4 years esp with regards to interest rates. My issue has been that interest rates (as they stand at the moment) punish the prudent by lowering the value of sterling - essentially devaluing savings and wages. Morally wrong in my view. However, let's say the coalition government forced the BoE to raise interest rates to say 5 or 6% which is arguably where they should be. Well there would be an almighty housing crash, bankruptcies, v high unemployment initially. But after 3 years of hell, we'd actually have a very good base to build a decent economy
  11. I believe I can tell you how we got here and you've alluded to the answer in your thread. Unfortunately it all started with universal suffrage. Having every person in the country having an equal vote meant that over time politicians could get elected by making promises they couldn't afford. Key to being able to do this however is an 'elastic' currency i.e. staying off any form of gold/commodity/legal standard. I'm not saying that we should restrict voting, however over the years, the austerity that was required in order to purge the system of malinvestments was political suicide - so politic
  12. I'm interested in alternative investments, and have been for the past few years. My reasoning is that money (as in the £) is not the only transferable asset, so have looked at gold, art, fine wine, classic cars and even forestry as a way that a person may preserve their wealth over the long term. Recently I've been called out of the blue by 2 companies I'd never heard of before. The 2nd one was a wine merchant - a rather new one I think. I told them that I have researched fine wine, and that I'll buy when 2 things happen. 1st, my consultancy business I'm setting up starts to actually work and
  13. Yes, agreed. Surely Sir Terry Leahy had something to do with it? Rather than being a Jewish conspiracy?? Surely the fact that we have a minimum wage discourages employers from employing people for their 1st job out of education. There is always a risk of employing someone on their first job, as you are in effect dealing with an unknown quantity. That risk is increased partly due to the minimum wage i.e the employer asks if they will get more 'value' from the employee than they pay to employ the person. As a result they go for the risk averse approach and avoid hiring young people, and instea
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