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Author Topic: "the end of globalization and the death of capitalism"  (Read 1726 times)
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WhiskeyGirl
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« on: October 14, 2008, 06:28:38 PM »

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The next thing will happen is that both, especially foreign central banks, will dump US treasuries too by buying the ultimate asset everyone in the world trusts – gold. The reason is people will realize this is worse than the 1930s. At least then, fiat money was backed by gold. Now the US dollar is only backed by liabilities of over $10 trillion national debt and 10 times larger unfunded obligations and promises if we include Medicare, Medicaid, Social Security, pension liabilities, Fannie and Freddie’s trillion mortgages, and the future purchases of the whole defunct banking industry, auto industry, airline industry, etc. etc. Government can’t only socialize the money losing sectors, and taxpayers and lawmakers have only so much patience and can’t tolerate this forever. Pretty soon, the government will need to take over a profit sector, such as energy firms, to offset some of the losses. It is going down the slippery path of socialism quickly.

This is going to be a nuclear winter for many years to come. No wonder many years ago George Soros correctly predicted that there is going to be the end of globalization and the death of capitalism. This is the payback time for all the abuses few elites have done to our society as the public now foots their bills. If G7 is serious about bailing out the global economy, the only way to do it is to have double digit hyperinflation to inflate the whole world out of depression at any costs. And they have to do it now. It can’t be half-hearted either, otherwise it will end up being a nightmare of hyperinflation combined with a great depression. This means all commodities will skyrocket and the current slump of commodities will provide the best buying opportunity before oil goes to $200 and gold to $2000. When people lose faith in fiat money, the next thing to happen is barter like in the Weimar Republic, where only commodities, especially gold, are treated as money.

In this difficult period, do nothing and hold nothing but gold. Only gold, the ultimate asset that has survived the longest in human history, can save us now.

A specter is haunting the world – the specter of gold, while the old fiat money has lost all its powers.

http://seekingalpha.com/article/99838-how-long-will-the-bear-market-last

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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

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WhiskeyGirl
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« Reply #1 on: October 14, 2008, 06:33:04 PM »

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Soros: market fundamentalism out, serious recession in  

British-Hungarian financier and philanthropist George Soros warned in an interview with Budapest’s Nepszabadsag newspaper that it is too early to say if markets will stabilize after last week's panic and described the current situation as the crisis of a lifetime.

The turmoil is not only a real estate market crisis but a "super bubble" which is based on the false supposition that the market will correct its own extremities without the need for intervention Soros told the paper in Washington this weekend.

He said market fundamentalism, which has been the main belief since Reagan and Thatcher, has now “stumbled”.

The crisis requires a new way of thinking -- a paradigm shift -- he said. This is an endogenous crisis which has been created by the financial system itself, he added.

“This is the crisis of my lifetime”, said Soros, who earned world renown in 1992 for making one billion US dollars breaking the Bank of England's defense of the pound.

Soros also warned that “quite a serious recession is on the way”. The real economy is going to enter into quite serious recession, "but if you do the right things, then you could see how you could come out of that recession”.

He forecasted that as a consequence of the financial meltdown United States would have less power in the world and perhaps US citizens would have less money in the pocket as a result of the crisis.

In the last 25 years, Soros said US citizens have basically consumed six to seven per cent a year more than they have produced.

http://www.mercopress.com/vernoticia.do?id=14858&formato=HTML

Sounds like the US needs to stop spending money.

"Use it up, wear it out, make do, or do without."


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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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