Tuesday, June 30, 2009

Karl Denninger: Perhaps its time

Starve the Beast

Look, we can rant and rave about market manipulation and government-sponsored games. We can petition the SEC, the FBI and Congress. We can demand that they stop it all we want. But they haven't and likely won't until and unless America (forces) them to act. So how do we make that happen, yet remain within the law? Its not that hard, and in the intermediate and longer-term it would be incredibly positive for our economy and nation. We go on a consumption strike until and unless our demands are met. What are our demands? Here's the list...

Posted by devo @ 04:54 PM (2957 views)
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3 thoughts on “Karl Denninger: Perhaps its time

  • For anybody saving up for a house deposit, this is pretty how you’re forced to live anyway…..

    Good idea though.

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  • At Last,at last, I’ve been going on about this for a decade, the only way to peacefully protest is with our money. Spend it only on Needs and not Greeds. Not one penny more than is absolutely neccessary and they won’t last 6 weeks, even troops can’t make you spend money!

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  • 240+ comments so far.

    This one translates quite well…

    1. Cancel as many of your credit cards as possible
    2. Pay down your debt as much as you can
    3. Close as many of your bank / securities accounts as you can
    4. Withdraw a bunch of cash from the bank. The banking system as a whole can create new money up to a multiple of how much cash (reserves) it holds, so withdrawing $1000 can prevent up to $9000 in new money from being created.
    5. Close your IRA/Keogh. Take the 10% tax hit and withdraw it from the system.
    6. Sell your stocks and bonds. Withdraw from the finance part of the system too.
    7. Cut your insurance coverage back to the bare minimum. Raise deductibles if you can. The insurance industry is another tentacle of the beast

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