Economist Caution: Prepare For 'Massive Wealth Destruction'

reply to post by pstrron


I agree with you there Captain. Unlike you, I do have a debt. That debt is actually someone else's
that I am covering. It is a Debt to The United States Department of Education.

I am servicing that debt, to try to help out a young victim of the Current Economic Insanity
that is Advertised as Freedom.

Respects to your solid anchor...S&F

P.S. Adding you as friend to my roster.

a crash is always followed by a war: www.dailymail.co.uk... you couldn't plan it better
interesting times..

reply to post by Wildmanimal

P.S. Adding you as friend to my roster.

Likewise my friend.

Another sign of the current state of affairs is the drop in business since January. There have since been some policy changes that effect everyone directly and to such an extent many may be forced to relocate but the question is where? Relocating may not be an option as the areas that many have been going to for years are themselves in a state of retraction.

Things should get rather interesting fairly soon.

I failed to post when I originally saw this thread because I have posted it before.

I follow Jim Sinclair. For about a year now he has been saying 'GOTS' Get out of the system.

In other words pay off debts, have limited money in the banks and brokerage, pay the taxes and get out. And I know he has stocked up.

He foresaw the mortgage debacle and warned us way in advance.

He foresees a 'bail in' like took place in Cyprus where they took 40% of customer cash over 150K and converted it to stock in the failed bank.

Much of this comes from an IMF banker saying this sets a precedent for other countries.

If you think think the US president, who wants a redistribution of wealth and is really not in control of the banking society we live in, won't do this, think again.

The collapse will come and we will pay. I can't GOTS so I take money out regularly to make sure I have cash on hand.

Alfred Marshall said, "Civilized countries generally adopt gold or silver or both as money."

We have become modern and technologically-advanced, but very uncivilized indeed.

I don't save, the interest does not cover inflation, so the money goes on food, seeds, clothing, really useful items, such as water butts, gardening tools, pest killers, plant food, candles, cleaning supplies, its an almost endless list, but I think its worth being prepared, as much as possible, for whatever might happen, its a small country I live in, so there is nowhere to go.

Paper and fiction are not wealth.

Oh, you mean the fictional money created by the fractional reserve banking system that accounted for, like, 97~98% of the money supply before the financial crisis started?

I see what you mean now.

reply to post by wisdomnotemotion


As Murray Rothbard put it in his 'The Mystery of Banking', it matters not what the underlying asset is.

The fractional reserve fraud works equally well when the underlying asset is gold/silver or when it is government (or private central bank) paper.

However, I submit to you:

If the state, the government is the one actually issuing the paper money to begin with, why does it have to lend that money to itself at interest by mediation of prime dealers (largest private banks)?

The entire world economy is built and predicated on the suspension of disbelief in order to believe that you can both have your cake and eat it too.

That the same money can exist simultaneously in two or more different locations.

That you can earn interest on money supposedly deposited in the bank and loaned out that you can somehow still withdraw at demand, somehow.

That you can lend money over long periods of time that was lent to you over a short period of time.

That lending or renting the same asset over and over again to two or more different people under the false pretence they're each getting that asset all to themselves is not fraudulent.

Suspension of disbelief.

Or belief in blatant lies.

That's what the so called "capitalist" system is built on.

reply to post by pstrron


I followed Schiff closely back in 2007-2008 and agreed 110% with his assessment and that the economy would collapse. And it did.

THEN .. Schiff got lost. Because the game changed, the rules changed, the entire market as we know it is completely different than it was. The Reserve has made it clear the unprecedented levels they can, and will, go to keeping the market floating.

Schiff and many others have been saying the end is neigh .. because, according to economic theory, it is. But it's not .. because it doesn't play by the same rules anymore. Indeed, no one really knows what the rules are yet.

Trumps a dumbass, by the way.

reply to post by Rockpuck


The one to pay attention to is Soros and whatever he's up to. He's no fool in the markets and when he pull up the stakes and moves you can rest assured something is headed for the markets. Frankly there is a lot of talk about Oct. 1st but that is doubtful since to many people are looking that way. They need a major event outside of wall street that will cause a panic and the FBI has already hinted at it.

Now with the war wagon for Syria fired up and the world knowing that the US wants Syria out of the way, you can expect something major very soon. The event, markets go south, the usual suspects will be blamed and Syria will be toast. Now where have we heard that story before...hmmmm.

reply to post by pstrron



see www.321gold.com for links or archived reports on wealth seizures



particulary the 401Ks that are pooled monies and you don't own an account--- you only have credited UNITS


if the Administrator does no acknowledge your participation--- well your account is in limbo
the rules have been ammended over the years so that you can lose all contributions into a 401K just by the stroke of the Administrators pen or by just sitting on the account

they can charge you like $150 hr to present you with the UNITS you are credited with
and charge you $250 hr for a law researcher to give you a detailed accounting... either way--- they will charge your potential proceeds until you got nothing left but a series of management fees paid to the managers of the 401K



smile


i would start worrying when the TBTF banks start feeling the stress of the tapering then the released Federal Funds extra reserve which will not then be paying the TBTF banks interest on those Fed Reserve created monies the banks had agreed to sequester from public money lending since 2008...


when the Fed belt tightens then treasury interest rates rise wich will put the credit-default-swaps on the chopping block to be paid out... and the banks/financial firms will start seizing mostly all 401Ks as the low hanging fruit, First, then other IRAs

only the super wealthy with on site vaults and very tenacious TRUSTS will excape the wealth snatching

(i only hope that ROTH accounts will be the last seizures that will be made...because then the individual bank accounts (checking/savings) will be the last pot-of-gold for the debt ridden banking/casino system



pstrron


in the above post you said...

...
The one to pay attention to is Soros and whatever he's up to....

recall that Soros caused the gold squuze back in April don't you... gold & more-so silver got real low..

i see an October repeat of the April gold-silver squeeze

reply to post by St Udio


Yes he does love to manipulate the markets. It is possible for a repeat but I feel that it will be done a different direction but achieve the same goal. All eyes seem to be on Oct. so I figure they will either pull in Sept. or wait until Nov. and try to catch as many as possible. Soros's window on his bet falls within those boundaries and doubt that he will chunk the bet unless by doing so he can make up for it on the backside. Now there's a possibility.

I agree with you, the 401k's are easy pickins and as things go south the deeper they will dig. Cyprus already showed that they will hit the savings and checking accounts at the same time they hit the pension plans so don't hold your breath on a ROTH account. When the vultures land they will pick the bones clean.