AN OASIS IN A WORLD OF HACKS, HUSTLERS, AND HIRED SPIN
posted by The Cunning Realist at Tuesday, July 21, 2009
Could you post a link to the article in an easy to read format? The PDF link on aconmag gives you a page at a time. It's a pain to read.
It's behind a subscriber wall for me.
As usual, you make the case poignantly. Your explanation for me, a non-economist, is perfect.I admit that I like Bernanke, his 60 Minutes interview and his demeanor are winners. For those of us unsophisticated worker bees, those intangibles probably carry more weight than they should.Yes, he managed the Crisis with aplumb... but is that enough to keep him another term?Passing him over would likely be viewed as a significant political move, and I'm not sure Obama wants that noise right now. The markets will stutter (they always do) and he would take the heat for upsetting the apple cart.Thanks for your astute observations and journalisitic references.
The establishment has no reason to change anything until the public is clamoring for blood. When they do make a change it will be to provide another period of calm before the public wants blood again. They are getting their bonus money on wall street (right TCR?) so what the hell do they care. I would just like to state for the record. I have closed 2 401k accounts and currently have about 95 percent of my wealth tied up in rural real estate, gold & silver bullion, and jr. Canadian resource stocks. I expanded my rural ohio ownings and have leased out land to a neighbor farmer. That is about enough to pay the taxes but i want to know i have land i can grow food on. I have been living in rural WA for about a year now. I am growing veggies, have 8 fruit trees, sea water access, hunting nearby.
Goldhorder says: "I have closed 2 401k accounts... "When did you close out those accounts, GH? I've been reading this blog for about 5 years and it seems like you had built your bunker and had stocked it with canned fish and bullets long ago. Not criticizing, just sayin' you never seemed like the 401(k) type from the start. ;)
ALOHA !!Like Keynes said, "In the long run we're all dead anyway ..." In the meantime lets play "MONOPOLY"! Money based on DEBT, for DEBT and by DEBT. The core of this entire debacle is simply that our government can only be as honest as its money is. That's not very honest as we are finding out. The system that our Founding Fathers died for has morphed into Crony Socialism, our worst nightmare. Teaching a man to fish is out the window! What do we teach a man now? We teach a man to lie for a living and therein you find the business model for Washington DC and Wall Street.OFF TOPICWell, land that produces food comes in handy whether there is a monetary collapse or not. Being self-sufficient is always the best policy in the long run.I moved out of the TSX and onto the ASX(Australian Stock Exchange) back in Q4 2008, which boosted my portfolio by 350%. Back in Jan 2008 I visited the epicenter for CHINA'S external resource supply, Perth, Western Australia. I flew to Sydney, Australia and took the Indian Pacific train to Perth, where I met with two companies there and discussed their properties and production with the VP and geologists. The collapse in commodities proved to be a great entry point in November and December 2008.There were two reasons for the move onto the ASX, one is the currency arbitrage and the other was the production arbitrage. With a US Dollar I get more "commodity" bang for my buck with an AUD than I do with a CAD. Profitable producers with cash flow were selling for less price per share than most Canadian juniors were. The difference seems that Aussie based resource companies head straight for production while Canadian based companies spend years building 43-101s exposing themselves to funding risk, in the hopes that a NEM or GG will buy them out.The two companies I bought were:Straits Resources-SRL; coal, copper and gold.Silver Lakes-SLR; 100% goldI made a presentation on this strategy and these companies at the Cara Trading Advisers Conference in March 2009, held in Nassau, Bahamas. I will also be presenting there at their 2010 Conference to be held at Freeport, Grand Bahamas along with Hutchinson Whampoa at their resort Lucaya.Here in Hawaii I do not have a TV. If you believe what you see on financial TV then all you are doing is learning "biased agendas", you are not outside the box and you limit your life to the dictates of the MADE IN WALL STREET mentality.IT IS WHAT IT IS ...
Lol...you are correct Tony. I started buying Gold after the Nasdaq crash. I have accumulated money in a 401k from my time at GM. After the crash I only contributed the match. I have been making withdrawals since 2000 but have never completely closed my gm 401k. I went to work for kimberly clark after GM. I had accumulated some savings from their match. My investment strategy has been the same since 2000. I just like to drive the point home now and again. When i first started pulling huge chunks of money out i worried about the tax loss. I saved so much wealth from going to gold it all worked out in my favor. I can sleep well at night knowing that the politicians and wall street bankers have no clue were my retirement money is. These people are thieved tony... Thieves i tell you
That is probably some good advice Kaimu. I have only lost money so far on Canadian Juniors. I was considering going in uranium with doug casey when it was selling for nothing but couldn't get myself to pull the trigger. He made a great call there. I have been following his lead for ahwile but it has yet to pay off for me. I don't mind putting some money at risk but i am more of a saver than a speculator. More gold and silver the better
Just as a strange note...It was the nasdaq crash that caused me (an engineer) to study economics. My findings were...keynes philosophy (American economics) was based on how to steal from the public without getting your head chopped off. Mundell (supply side economics) was about how to grow an economy from nothing as long as the rest of the world is keynesian(china!). Basically while the rest of the world is busy policing the world and providing free medical care... The thing to do is subsidize manufacturing and build the things that people want to buy! The only reason the US still has a chance is that they could embrace austrian economics and become a country that is useful again rather thsn a Death Star.
Post a Comment
I am a New York City resident in my forties, an investment professional, and a conservative. I have an MBA from Columbia University.