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has posted a comment on the article :
A Message To the Bottom 90%
- Peter Souleles -
The bottom 10% does not have a couple thousand in personal assets as Souleles asserted. A survey done at the end of Oct. of last year revealed that 40+ % of Americans had less than $500 in savings. That will not buy a tube of silver rounds, much less a gold coin. And even if it did, they would be morons to do so. In case he has not noticed, the price of both have been going down and only those wearing rose colored spectacles are expecting a turn around in the near future. But even if they hold steady, what happens if the poor slob's beater car needs new brakes? He would have had to pay a 10% premium to buy his silver in the first place (using Kitco as a fairly representative example of pricing) and he would get spot less 2.5% when selling back to them.... A person in such a precarious financial situation would do far better to stock up on specials at the local supermarket. Food prices are not coming down or even holding steady and to get through the coming economic meltdown, it will be essential to have food.
As for von NotHaus, he was not printing paper, but issuing silver coins. To compare them on a 1 to 1 basis with paper dollars is disingenuous. It now takes fewer of those paper dollars to buy one of those silver dollars than it did when von NotHaus was minting.
And just to play Devil's advocate for a moment; Souleles stated that government keeps adding liquidity, but to no avail. That is true. The question is why is it true? The answer is that the statement looks at only half of the equation. The other half has to do with capital destruction. Yes, $3 trillion of new liquidity has been added, but there has been $6 trillion of capital destruction. When both sides of the equation are presented, it is quite obvious why the added liquidity has not been effective....You cannot look at facts in isolation and expect to achieve a proper understanding of events.
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Has anyone ever wondered why no insurance company is game enough to insure bank deposits and nuclear power plants? The answer is simple, no premium (as Chernobyl, Fukushima and Cyprus have proven) would be great enough to make it a profitable policy for the insurer. And even if there could be a profitable policy, it would not be affordable to either the industry or the consumer. This implies that both banks and nuclear power plants are inherently ...
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chers Vladi,il est lor, oui, effectivement, et alors ? un fonctionnaire crée de la richesse ? creuser des trous crée de la richesse ? si nous arrêtions, pour voir, de payer nos impôts, vos 55, fonctionnaires compris, font quoi fin du mois ? merci d'expl
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- 20/04/2013 à 20:03 GMT
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