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Guardian: Living On Borrowed Dimes.

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'Living on borrowed dimes':

http://observer.guardian.co.uk/columnists/...1766614,00.html

Here are some figures. Whatever your politics, they should scare you. The US federal debt stands at $8.2 trillion. Yes: trillion with a T. American household debt -- meaning ordinary Americans' mortgages and such debts -- dwarfs even that. It stands at $11 trillion.

The concept of saving has all but disappeared in the United States. Last year the personal savings rate hit its lowest level since 1933 - during the Great Depression. Then mass unemployment and economic collapse meant Americans could not save. Now debt is driven by the opposite force: mass consumption. Living on debt has become a preferred lifestyle choice when once it was an emergency hardship.

On an individual and a government level America is spending way beyond its means. The average American household now owes $8,000 in debt on credit cards alone. Meanwhile the government equivalent of credit card spending has seen the deficit hit a record $423bn. With the war in Iraq showing no sign of ending and the imminent retirement of millions of baby boomers, there is little ability -- or some might say, will -- to pay that money back.

Edited by Jeff Ross

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Video 40 mins, this is debt by design!

Dr. Bill Veith and Alex Jones have a fantastic discussion about the fiat money system in place and controlled by the international banking cartel. Dr. Veith's understanding of the economic system is impeccable and shows in the clarity in which he presents this knowledge. He lays out in layman's terms how the economy is manipulated and how one can protect oneself in an economic colapse by owning gold and silver coins; tangible wealth that can not be deflated.

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Only $11 trillion? Why is this guy claiming America's debt total is $44 Trillion...

Because he's including unfunded liabilities, which dwarf the official debts. In any case, the $44 trillion number is well out of date, Bush's new programs have pushed it up much higher.

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Video 40 mins, this is debt by design!

Link

Thanks for that. Once again this forum has expanded by brain and outlook in ways I never knew were possible.

So "The Matrix" is a true story then? Never knew that. Just need to find Neo now...

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Apparently four out of every ten houses purchased in the US last year were second homes....

A good quote:

"Considering that outstanding U.S. indebtedness now exceeds a $40 trillion, it is a compelling conclusion that the implicated debt service vastly exceeds what in the aggregate can be paid from current income. There has been huge borrowing in the hope of opulent profits from capital gains allowing the liquidation of both the debts and accumulated unpaid interest by selling later to a greater fool."

Kurt Richebacher

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Oh those silly Americans.

Here we would never fall into such a situation.

Absolutely. We owe about £1.3 trillion which is about $2.4 trillion. But wait a minute there are about 5 times as many people in the US which means the UK debt level is equivalent to $12 trillion on a per-capita comparison!

It truly is a Miracle Economy huh?

<_<

I believe even US copper coins are now worth more than their face value...

Might be worthwhile ordering $1m worth of pennies and selling them to a commodity trader for $1.2 million? Or has someone already worked that one out?

What are UK "coppers" made with? :)

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What are UK "coppers" made with? [Realistbear]

See 'Specifications of United Kingdom Circulating Coins':

http://www.royalmint.com/RoyalMint/web/sit...cifications.asp

From September 1992 1p and 2p coins have been made in copper-plated steel, with the exception of 1998, when the 2p was made in both copper-plated steel and bronze [97% Copper, 2.5% Zinc, 0.5% Tin].

Also see 'How much is a penny worth?':

http://news.bbc.co.uk/2/hi/uk_news/magazine/4900524.stm

Rising metal prices could mean that United States one cent coins become worth more as metal than for their face value. Could that ever happen in the UK?

[...snip...]

Yes, it could happen here, is the answer from Lawrence Chard, of Chard coin dealers. And that's not just speculation because it's happened before.

"Copper" coins in the UK will not be affected directly by increases in zinc and copper -- because the one and two pence pieces are made from copper-plated steel.

Steel coppers

These steel coins were introduced in 1992 -- which is why some penny coins are magnetic and some are not, depending on when they were produced.

[...snip...]

Small-value euro coins are also made from plated steel, with their shiny coating made from an alloy of bronze and brass (confusingly known as "Nordic gold").

In the US, the issue is the steeply-rising cost of zinc. Cent coins were once almost entirely made from copper -- but the increasing copper price meant that in 1982 they switched to being made from 97.6% zinc and only 2.4% copper. The changeover to cheaper metals brought annual savings to the US Treasury of around $25m (£14m). If zinc becomes unaffordable, expect further changes.

[...snip...]

Copper, in the form of cupro-nickel, does still survive within the currency, but within the coins which we call "silver", such as the 10 and 50 pence pieces, which are made from 75% copper and 25% nickel.

The pound coin, since its launch 23 years ago, has been made predominantly from an alloy of nickel and brass.

The last time silver was used in coins was 1947, says Mr Chard, when the rising price of the metal made it unviable to include in one and two shilling pieces.

There is no escaping the economies of coin manufacture, he says, when it is such a massive production process. The Royal Mint produces more than 530 million penny coins and 230 million two pence pieces each year -- and they can't be worth more as scrap than their spending power.

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What are UK "coppers" made with? [Realistbear]

See 'Specifications of United Kingdom Circulating Coins':

http://www.royalmint.com/RoyalMint/web/sit...cifications.asp

Also see 'How much is a penny worth?':

http://news.bbc.co.uk/2/hi/uk_news/magazine/4900524.stm

If 1p and 2p coins were abolished, I wonder if the public will work out the real reason?

... I doubt it, i'm sure the BBC will publish some propaganda about them not being important anymore!

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If 1p and 2p coins were abolished, I wonder if the public will work out the real reason?

... I doubt it, i'm sure the BBC will publish some propaganda about them not being important anymore!

if they want to make stuff cheaper,the mint could easily invent a 99p coin!!!!

...think of all those pesky penny changes they could avoid,lets face it,pretty much everything is now £X.99

I'm surprised that, as well as paper notes, we don't have cardboard coins.

Oops, hope GB isn't looking.

we'll be getting plastic coins with microchips in..............oh I forgot,that's chip+pin!!!!!

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I must say that i recently finished reading 'Empire of Debt' and it is a brilliant read. The historical aspects which show that all empires extinguish themselves over time was enlightening. Well recommended.

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I must say that i recently finished reading 'Empire of Debt' and it is a brilliant read. The historical aspects which show that all empires extinguish themselves over time was enlightening. Well recommended.

It's slowly, slowly unravelling........ it's going to be nasty...... The HHUGE downturn looms right now.... Stock Market down well below 6000 now......

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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