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overtheedge
Member since May 2012
680 commentaries
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has posted a comment on the article :
The New 1%
- Andy Hoffman -
Miles Franklin
"JP Morgan, Goldman Sachs, and the rest of the “1%” benefitting directly from Fed money printing have sacrificed billions of people in the name of power and ill-begotten wealth. And thus, nothing will be sweeter – and scarier, as the world crumbles around us – than when the “new 1%,” whom hold significant amounts of physical gold and silver – become the world’s new masters. "
1. Most of those billions supposedly sacrificed in the name of whatever were eager participants.
There weren't any new laws enacted forcing those billions to take on non-productive debt. Yes, governments increased the tax rate overtly and covertly. But the people, ... well there is just no stopping people from exercising their newly found wealth effect.
2. New 1%?
If fiat money has an intrinsic value of 0 (zero), then it isn't a "new" 1% that will emerge. Recent recognition doesn't infer "newness".
If physical PMs were universally recognized as wealth, then declarations by politicians and banksters changed nothing. What was, is and will continue to be.
3. Significant amounts of PMs?
When 1% (and more probably fewer) passengers on starship Earth hold any PMs other than a few odd pieces of jewelry, he who holds a handful of junk silver coins has significant amounts comparatively. "He who holds the gold (and/or silver) makes the rules." You are either already holding or you probably never will. Those folks identified in item #1 above will rush for the exits only to find that they themselves are the "greater fool". A few will escape and might find a fool eager to experience newly found vast wealth in fiat currency gained by selling their PMs.
4. "... , nothing will be sweeter – and scarier, ..." Sweetness?
Perhaps one might experience a bit of ironic sweetness in seeing their thesis validated, but the reality will be far scarier than we can imagine. Most of the world has escaped the farm and became totally dependent upon a complex "just in time" distribution system for all their resources including food. "Arab Spring 2.0 World Tour" coming to a theater near you probably sooner than you think and it won't be just for Arabs this time.
Some famous guy said something like, "When a 1000 hungry lions fight over a scrap of food, the little dog would be wise to hide the morsel in its stomach."
More than 50% of the world's population lives in the large cities. What percentage in the smaller cities? What percentage could raise enough food to survive until the next harvest season? I doubt hardly anyone realizes the scale of the needed inputs on a corporate farm, the complexity needed to get those inputs to the farm and the infrastructure needed to move the farm's production to grocery store shelves. Now think about the water requirements for farm production; where does it come from and how do you move it.
Scarier indeed! Even sealed tin cans will be considered precious metal.
And the 1%? Within a harvest season or two, those holding PMs will be close to 100%. Commerce won't die, however it will take an old fashion country vacation down on the farm. How do you think those big old country estates came into being? Do you honestly think farmers rushed out to buy chandeliers, pianos, and imported German Schranks with grandma's egg money? Commerce won't die, but people damn sure will.
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3666 days ago
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Beginning of the headline :
I have lots to discuss ahead of a big weekend – when I travel to New York, to attend a party celebrating my mother’s 70th birthday and 25th wedding anniversary. Between now and my flight this afternoon, however, I’ll discuss an exponentially growing list of “horrible headlines” – both in thus forum, and my weekly Audio Blog. Frankly, I’m not sure where to start, as the list of reasons to avoid paper currencies – and embrace real money – knows no geographic borders; given that, for the first ti...
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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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