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Post by agriculturalprep on Jan 3, 2015 8:56:24 GMT 10
Okay, so i believe its pretty much inevitable, but this interview is worth watching if you haven't seen it. My friend and economist in China told me to watch this as He knows that things aren't good for anyone right now. I bought the book and its pretty good. moneymorningtv.com/rickards/?iris=260283Watch it and let me know what you think, I would love some feed back. Cheers |
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Ammo9
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Post by Ammo9 on Jan 3, 2015 11:01:58 GMT 10
I watched it, I'm at the vet right now so nothing else to do.
Told me a lot of stuff I knew and a few things I didn't, didnt click the button to get the stuff they keep saying is free but the sales pitch undermines the credibility in my mind.
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Post by Fractus on Jan 3, 2015 11:30:51 GMT 10
I watched and then read some critiques of the book. They were saying it is a book well worth reading, even if they did not agree with the death part. One called it th3 rebirth of money. They did not dispute his facts at all.
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Post by graynomad on Jan 4, 2015 8:37:26 GMT 10
I started to watch but there's not way to see the length, it could be 3 hours long for all I can see, and on my data plan that's not on.
But I did watch a fair bit though, pretty much just confirms that we are heading towards cliff I think.
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Post by graynomad on Jan 4, 2015 8:39:25 GMT 10
Just remembered something, with many of these videos if you try to close the window it will ask if you really want to leave, click "yes" and you get a text version of the interview. Now you can read that with no huge data usage.
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Post by graynomad on Jan 4, 2015 9:19:28 GMT 10
Yeah, a lot of spruking of his book and that's a turn off for me. That said it confirms my beliefs, namely - Put as much money as you can into hard assets, things that you need first, then things that others will need.
- If you have money left over after that put it into precious metals (PMs), real metal, not some piece of paper that says you own metal.
Now he is talking about people with investment portfolios etc, personally I don't have enough money to worry much about that, and anyway I just don't trust the stock markets. I'd rather spend $10k on water tanks instead of buying $10k of shares in a water company. Yes, as he says the water company will be safe compared to other companies, but only "compared to", it's still air money IMO. So having bought everything you need to sustain yourself (if that's even possible) and maybe for bartering with others, what do you do with all that money left over. Buy PMs I guess, probably silver as I think that's not reportable to the gov. Buy real metal and put it under the mattress, nothing in a bank is safe IMO, and that includes physical stuff in a safe deposit box. I know someone who had virtual PMs in the form of certificates or whatever. He flew to Europe and redeemed all of it to real metal, it's now "safe" in various locations. Last I heard there was about 10x the gold in certificates than there is in real metal. That means 9 out of 10 people are in danger of getting screwed when the music stops. As for recession/depression, it will happen I'm sure and frankly if that's all that does happen I won't even notice. Full on TEOTWAWKI/SHTF/WROL/etc is a different story and much harder to prepare for, I'm not even sure I can 100% prepare for that. |
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Ammo9
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Post by Ammo9 on Jan 4, 2015 18:12:59 GMT 10
Silver/gold doesn't matter.. any PM purchase over $5000 must be reported.
I buy silver cause it's in my price range. I'd rather have $1000 of silver than $1000 of gold. Trading wise, an ounce of silver will be a more useable currency where as an ounce of gold is going to pain me to trade unless I'm getting a good deal.
That said, $50000 of silver is heavy, $50000 of gold is manageable. Once you get to a certain quantity of silver, it makes sense to diversify into gold. I don't know where I draw that line, maybe 5kg or so...
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Frank
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Post by Frank on Jan 4, 2015 21:35:04 GMT 10
Do you only need to report it if a single purchase is over $5000?
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Ammo9
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Post by Ammo9 on Jan 4, 2015 21:44:03 GMT 10
That is my understanding, however haven't actually read the regulations.
As most bullion dealers require either an online account or photo ID, I'm guessing if you make 10 x $4900 orders that they would report that.
The reporting process is part of the anti money laundering and terrorism financing legislation. I find it highly unlikely that our government would try or if they did try, be able to confiscate personally owned bullion. If you've got less than $100000 worth I don't see a reason for the gov to chase down every spare ounce. If you've got more than $100000 of PM, then I'd probably have a contingency plan and a good story lined up.
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peter1942
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Post by peter1942 on Jan 12, 2015 21:13:23 GMT 10
Could someone explain to me what use bullion of any type will be after a SHTF scenario.
If I have excess vegetables, eggs, fruit or whatever I will not be trading it for something that I cannot use.
If you want something that is tradable go for building materials, garden tools, preserving equipment (lids), seeds and a range of other items.
One of the most tradable items we all have is our labour. At the present time I can grow only so much food because of constraints on my time. If a SHTF scenario were to occur and I had another person to help me I could grow several times more than I am able to on my own. As money/bullion would probably have no real value I would be able to repay that person in food for his/her self and family as well as being able produce more for barter.
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Post by Peter on Jan 12, 2015 21:38:26 GMT 10
Some people may find perceived value in precious metals. I suspect this will be habitual, but I for one would rather have nore useful commodities post-crunch.
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Post by thereth on Jan 13, 2015 0:29:48 GMT 10
Some people may find perceived value in precious metals. I suspect this will be habitual, but I for one would rather have nore useful commodities post-crunch. i think at the time of an economic disaster having the current equivalent of $10,000 worth of usable, tradeable goods wold be much better then having the same dollar value in gold or silver. However both Gold and Silver would be great for a longer term prep when things have stabilised and precious metals become a commodity again. |
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Post by graynomad on Jan 13, 2015 0:53:26 GMT 10
I too see no value in PMs, but most people seem to think they are worth something, and as a thing's worth is what people say it is then PMs will I think be valuable after things settle down. But while the S is flying they will be of no use at all.
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shinester
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Post by shinester on Jan 13, 2015 1:36:07 GMT 10
I hate the sales vids and didn't watch any of it, you can learn plenty if you do some looking around and paying attention to people who source their material correctly. I'm no expert of course and experts get things wrong, though it's of 'concern' to myself. So here's my If you've run a business, and you understand about the need to reduce your costs whenever possible and the balance of income, competition and customer/client perceived value it's incredibly easy to see that there's a good chance of a big correction/crash. So inevitably if you poke around at our monetary system and those around the world you start to think, how can they be doing this without borrowing? Well they can't. They mostly borrow the future [our kids] and to get a little political here, to prop up whatever scam will get the most votes so they get in. To qualify myself, I'm dissatisfied with all parties so it's not one side or the other, rather it's just all of them, with slight focuses on which bribes to give. So in a business, we want to make money and we don't want our costs to be more than our expenses, whenever possible. In simple terms, we're getting a lot of 'free stuff', which of course costs the country 4-10 times the market value due to bureaucracy, red tape, lack of competition and posturing and campaigning by certain elements that help fund, such as big business. We simply can't afford to maintain the excess costs we're putting on what we earn and of course we don't tax the majority because we can get their votes [with free stuff!], though this brings disincentives to growth, as does the mountains of regulations and red-tape for people with new ideas. It's only a matter of time until the money runs out, until the debts are called and that the whole thing goes arse up. Some facts: In Australia, 48% of households pay no net tax and only the top fifth of income households [$200k+] are for the only ones who pay any net tax. This sort of analysis excludes the value of government benefits beyond cash: “free” schools, hospitals, public transport and the like, which the ABS estimated to be $413 a week for these middle-ranked households. Netting everything off shows even “average”, let alone lower-income, households got back $2.70 for every $1 they paid in tax. Households in the bottom quintile enjoyed benefits worth more than 320 times what they paid in tax compared with about 10 times for those in the second-lowest quintile. Then there's the total debt, 5 trillion, a quarter of which is in the over inflated housing market of mums and dads. Won't an adjustment be fun for home loan debtors? There's the unfunded super liability quietly ticking away of $200billion Of course there's more fun stuff going on here and then we can look over seas to the massive looming problems with the US and of course the hidden one, China, who run massive works and infrastructure programs with borrowed money [and lots of party member bribing] that are not even utilized and via 'shadow' banking. One of the few reasons for our growth/stability is because of China's 'expansion'. Yes they make a good GDP[9.24 trillion] but there are lots of evidence that it's a big scam. Of course countries are doing the, I want to be like the Jones', so copy their 'sound economic' policy *rolls eyes*. For instance, how do you think giving money to people a few years back would actually 'help' the economy long term? Oh it's free money, yeaaa! Yeah, and of course we'll soon pay for it, instead of just knuckling down and sorting the problems out. I think that 'real' items, useful for trade and barter are the best investment of all, if things went belly up. If we're all with similar economic situations in the world, there's going to be little chance to afford the good we used to get and fill our homes with. Real items of immediate use such as food/clothing and tools that can repair would be very popular as both Fenaldo [Argentina collapse] and Selco [Civil war] have mentioned in their situations [happy to say I'm not a fan of either personalities, but their info is good]. Gold and silver, gems perhaps. I'm not rich enough to get things of no immediate use, I'd rather have things I can use to save me money.
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