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    What Are You Going To Do As Our Money Dies?

    Central banks are killing our currency to protect the already-rich
    by Adam Taggart

    Tuesday, August 25, 2020, 5:13 PM

In our recent article It’s Time To Position For The Endgame, Chris Martenson explained how the US Federal Reserve and its sister central banks around the world have been engaged in the largest and most egregious wealth transfer in all of history — one that has been drastically exacerbated by the covid-19 pandemic.

The official response, tremendous monetary stimulus by the central banks paired with massive fiscal stimulus from national legislatures, has been pitched as “saving the system”.

Yet, in reality, it has merely served to accelerate the transfer of capital from the public into the pockets of the already-rich.

Anyone with eyes can see how the central banks have abandoned all pretense of monetary fiduciary responsibility and have simply cranked their printing presses up to “maximum”:

In concert with this surge of liquidity, national legislatures have added their own emergency measures. In the US alone, the CARES Act pushed nearly $3 trillion in fiscal stimulus into the system, and will highly likely soon be followed by another $1-3 trillion depending on which party’s bill gets passed.

Despite these staggering sums, the amount of money trickling into the average US household has been meager and is drying up.

Instead, these $trillions are mostly finding their way into the coffers and share prices of corporations. We have seen the fastest and most extreme V-shaped recovery in the history of the financial markets since the March swoon. The major indices are now back to record all-time-highs, despite the major carnage covid-19 has wreaked on the global economy.

So who benefits from that? Oh yeah, the people who own those companies. The already-rich.

Remember: 84% of all stocks are owned by the top 10% of households.

So in a nutshell, the official response from our “leaders” in government to the pandemic threat has been: Rescue the markets at all costs!

Chris refers to this as the Leave No Billionaire Behind (LIBB) Program. As he describes:

Between March-April 2020, the Fed added a staggering $282 billion to the bottom-line wealth of US billionaires:

But that wasn’t enough.

So the Fed kept printing. And buying, buying, and buying more and more financial assets held – of course – mainly by the already-wealthy.

By May 2020 the total added became $434 billion, making all the US billionaires more billionaire-y:

But even that wasn’t enough for the Fed.  So it printed even more, increasing the total to $583 billion by June:

Yep, you guessed it. It didn’t stop there. By July, the grand total was up to $637 billion:

Considering that US GDP dropped by -32.9% (annual rate) and clocked in at an annual rate of $19,408 billion in the second quarter of 2020, the US Federal Reserve had granted an astonishing (truly!) 3.3% of the entire output of the entire country to US billionaires.  For doing absolutely nothing.

Yes, people have many reasons to be angry and to protest these days. But they ought to be furious with the Federal Reserve and its lackeys in Congress who have utterly and completely failed to check these egregious, unfair, and socially destructive policies that grossly reward the elite at the expense of the bottom 99%.

Let’s do a little math here. Handing 3.3% of the value of the entire economic output of 160,000,000 working people to roughly 600 individuals is the equivalent of granting each one of those 600 billionaires the entire yearly output of 9,020 people.

It’s like the Fed decided that each billionaire deserved to have 9,020 people become their slaves for the year.  How is that *not* psychopathic?  How is that fair?  What’s the plan here? Keep going until these 600 people own everything in the world?

And where’s the media on this? They happily parrot every statement the Fed makes, without asking even the slightest of critical questions. They are failing us badly, too.

Okay, so why should you care?

Because what the Federal Reserve is doing generates enormous systemic risks which could well destroy the economy and much of our future prosperity.

At heart, I am a conservative in the sense that I’d like to keep (i.e. “conserve”) what we’ve got, both ecologically and economically. I’d vastly prefer that we change our nation’s destructive path now on our own terms than being forced to on reality’s terms later on. As painful as the former may be, the latter will be much more so.

History is complete on the matter: one cannot print one’s way to prosperity.  It’s been tried over and over again and my view is that if it could be done, we’d all be speaking Latin because the Roman Empire with it brilliant engineers would have figured it out millennia ago and would never have collapsed.

If the Romans couldn’t work it out, it simply can’t be done.  Mathematically, it also doesn’t pencil out.  Money is a social agreement, a contract.  It’s not real wealth.  Taking the attempt to the extreme, what would happen if everybody had a billion dollars and nobody had to work?

So printing currency only manages to delay and exacerbate the inevitable by building up the energy for its own destruction.

And the longer the delay, the worse the reckoning when it ultimately arrives.

So to recap, the Fed et al have ensured that the covid-19 pandemic has resulted in a boom for the elites, while the rest of us are experiencing an economic Depression that could last for years:

Continued Claims chart

So, with the central banks hell-bent on supporting the rich by sending the prices of all financial assets farther into the stratosphere, is high/runaway inflation the natural next stage from here?

Will those worrying about a systemic “crash” from all the intervention and deformation be proved wrong?

We addressed these questions earlier this month for Peak Prosperity’s premium subscribers in Chris report Is High Inflation Now A Bigger Danger Than A Deflationary Crash?

Every so often, we’re encouraged by our paying subscribers to share an important report with the general public. This is one of those times.

If you’re not yet a subscriber, you can read the report in full, for free, by clicking here. (free registration required)

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48 Comments

  • Tue, Aug 25, 2020 - 7:08pm

    #1
    nordicjack

    nordicjack

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    hyper inflation seems to be inevitable

    Not sure there is a solution. What are we going to do?  good question.  My guess is we are going to suffer dearly or a good decade or so.  The rich will suffer some, but nowhere near as much as the masses. As to why they want this, I am not sure. as it will not end well for them either.  If the US collapses, unless you are leveraged 100%  in real assets like gold and land, you might as well flush everything down the toilet or be prepared to burn it.

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  • Wed, Aug 26, 2020 - 8:08am

    #2
    macro2682

    macro2682

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    Contrarian

    What's the contrarian view?

    Consensus: The fed is printing too much money and we'll soon see inflation.

    Contrarian: The fed isn't actually printing, they are digitally creating bank assets.  These bank assets don't become inflationary "money" until it's loaned into existence or given in the form of an actual stimulus check.  What did consumers do with their stimulus checks?  They 1.) paid down debt/bills (deflationary), 2.) bought stocks (stagflationary).

    ...The market does what the least number of participants expect it to do.  I know a lot of people that think we will get inflation, and a lot of people that think we'll see a crash.  I think we'll see a slow burning stagflation punctuated with a stair-stepping of socialist policies (like UBI).  All along the way we'll be waiting for massive inflation, and we won't get it.

    Will I own gold just in case?  You bet.

    Do I expect bitcoin to do even better?  Yup.

    Will I lose money trading stocks? 100% Yes.

    There is only one guaranteed return in this world.  Cap-ex that reduces your expenses.  Should I put $20K passively into some investment that might go up or down?  Or should I put a $20K solar system on my house, which will pay me a monthly coupon of about $100 in energy costs?

    Americans are so focused on increasing their pile of money.  Why not reduce the amount of money you need?

    Retirement is a fraction: (What you have)/(what you need per year).  Once that fraction equals 25, you can retire.  Increasing the numerator is wonderful.  But reducing the denominator does WAY more for you.

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  • Wed, Aug 26, 2020 - 9:01am

    Mohammed Mast

    Mohammed Mast

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    Contrarian

    Spot on macro

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  • Wed, Aug 26, 2020 - 10:03am

    Mysterymet

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    Good thoughts contrarian

    I am also going the cap-ex route. My solar panels are currently sitting in my garage for installation next week. We are also paying down debt. We hope to be debt free with the exception of his truck and the house by next year. My 401k is doing nothing because I had switched it to more stable value. Still not 100% sure what to do with it so for now I do nothing. We own some PMs and land in addition to our current house. (Its a pulp paper tree farm) Reducing expenses and increasing self sufficiency is the name of the game right now. The market is so artificially high I am not sure what to make of it.

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  • Wed, Aug 26, 2020 - 11:07am

    MKI

    MKI

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    Posts: 241

    Contrarian view?

    Consensus: The fed is printing too much money and we'll soon see inflation.

    Contrarian: The fed is digitally creating bank assets.  Consumers 1.) paid down debt (deflationary), 2.) bought stocks (stagflationary).

    ...people think we will get inflation & a crash.

    I think we'll see a slow stagflation with socialist policies (UBI)...awaiting inflation, and we won't get it.

    Own gold?  Y. Expect bitcoin to do better?  Y. Lose money trading stocks? 100% Y.  One guaranteed return...reduce your expenses.

    I agree with this comment completely, except the part I bolded (and the Bitcoin, who knows there; we can be assured gold will hold some value since it has through all of human history but not Bitcoin which is rank speculation of the highest order).

    But I think your comment on reducing expenses is pure gold. I came to this conclusion back in the 1990s and have followed it religiously, pouring this excess cash into stocks and bonds.

    Regarding stocks: one need not "trade" stocks much to hold exposure to the largest wealth transfer in modern times...yes, this gap is gonna get worse. But one can hold stocks with low risk: just buy blue-chips and keep your stop-losses tight. IMO, it's a bigger risk to not own stocks. Why? Stocks are owned by the PTB, who are working hard to deflate other forms of wealth and grow inflation in housing, medical, and education. One just needs to keep stop-losses and make sure said stocks have real value (that is, they make real money and pay real dividends). This gets the benefit of the bubble with low risk; even value stocks rise when all boats are rising. It's a win-win.

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  • Wed, Aug 26, 2020 - 11:24am

    #6
    skipr

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    1% hoarding

    OK, I admit to being pretty dumb in economics.  I slept through my econ classes since they were really boring.  I've been trying to get up to speed after being screwed by the recent crashes.

    From what I know, the massive money printing has not yet resulted in hyperinflation since the 0.1% is hoarding it in their off-shore digital vaults.  Is that correct?  If so, what happens when they finally let some of it flow into the real world and what motive do they have in doing so?

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  • Wed, Aug 26, 2020 - 11:57am

    Redneck Engineer

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    401k options

    Mysterymet,

    Some 401k plans, such as some with Fidelity, offer a "BrokerageLink" option in which funds can be diverted to a separate account that allows access to more investment options, such as precious metal ETFs.

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  • Wed, Aug 26, 2020 - 12:03pm

    macro2682

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    Response to MKI

    My comment about losing money on stocks is more of a personal truth than it is general advice.  I trade somewhat actively with a portion of my savings because it's fun and keeps me focused on markets (which is my field of work).  It's sort of like fantasy football for me.  Keeps me interested.  But to quote Chris - quoting someone else - "Portfolios are like a wet bar of soap, the more you handle it the smaller it gets.

    Re bitcoin, you're right.  Who the heck knows.  But I'm making a bet there.

    I agree that gold will hold value, but I'm not convinced it will skyrocket from here.  I feel like there could be another punch in the nose for sound money enthusiasts before it's off to the races.  But like bitcoin, who the f' knows.

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  • Wed, Aug 26, 2020 - 12:18pm

    macro2682

    macro2682

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    Response to Skipper...

    It's not that simple.  Chris talks a lot about complex systems, and there are few systems more complex than the flow of capital through a global economy.  The idea that there is some hoard of capital sitting on the sidelines is problematic though.  There are significant assets sitting on bank balance sheets, but there aren't pools of "cash" (for lack of a better word) in the hands of the super rich.

    There are MASSIVE deflationary forces at play in any given moment in the global economy... for example: 1.) Productivity gains that increase the pile of available goods/services, 2.) Productivity gains that reduce workers/income, 3.)  debt servicing payments that would otherwise have been available for spending.

    At the same time, there are inflationary forces as well, like: 1.) war, 2.) stimulus, 3.) resource scarcity, etc...

    It's hard to know the answer to the inflation debate, but I like the idea that I believe I heard from Chris (at one point or another) that we should expect to see deflation for things purchased with credit (college, cars, homes) and inflation for things purchased with cash (like food).  But that assumes deleveraging.

    Nobody knows.  The more sure someone is, the more likely they're wrong.

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  • Wed, Aug 26, 2020 - 12:28pm

    MKI

    MKI

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    Response to macro

    Again, I agree with you 99%...all but the "personal truth vs general advice" bit. Everything has risk, even doing nothing, and inflation is one of those serious risks one embraces by not owning stocks (with stop-losses). This is low risk and takes no skill; one can own the Total Stock Market with a healthy stop-loss set. Of course, it's not risk free, but more risk-free from being in cash or gold alone due to inflation or legal issues. We've seen this big-time over my entire lifetime. It's a general truth, not a personal one.

    But your truth about saving money...is the very highest truth all should be absorbing at the top of this crazy "everything bubble". Amen.

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  • Wed, Aug 26, 2020 - 1:10pm

    #11
    Mohammed Mast

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    Smart Guys in the Room

    https://www.coindesk.com/fidelitys-chief-strategist-starts-bitcoin-index-fund

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  • Wed, Aug 26, 2020 - 1:22pm

    #12
    Mohammed Mast

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    The Fed and Bitcoin

    https://cointelegraph.com/news/tyler-winklevoss-says-us-fed-is-the-biggest-booster-of-bitcoin-price

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  • Wed, Aug 26, 2020 - 1:23pm

    TWalker5

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    Reducing Cap Ex

    Macro, based on the collective reaction to your post, you’ve hit the bullseye!

    I couldn’t agree more about “investing” by putting money towards things that reduce total outflow. We did that, in part, eight years ago when we first moved to our 10 acres of scrub brush.  Too far out to be connected to a natural gas line, our house was heated and cooled with expensive propane. Dropping $30K on a geothermal system was a large one time expense but it paid us back in less than six years and continues to have a very high ROI. Our 3.5 kW PV system pales in comparison but still should pay itself off well before the end of its useful life.

    I would love for others to chime in with ideas for investing to reduce ones cap ex. I imagine a large, productive garden would fit into that category and I’m working on that but thus far my yields have been pretty low there.

    What other ideas do the smart folks here have to share?

    T.

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  • Wed, Aug 26, 2020 - 2:14pm

    MKI

    MKI

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    reduce ones cap ex

    I would love for others to chime in with ideas for investing to reduce one's ex.

    Me too! My thoughts (costs of labor/energy/food/housing/medical are key drivers):

    1. Cut driving very hard (live close to town/bike/walk everywhere possible). 2. Cut processed foods/eat at home (garden, hunt, fish, harvest). 3. Avoid paying for labor (do your own repairs for car/computer, cut your own hair, avoid the doctor like the plague). 4. Own your home and rent out space. 5. Track every expense & cut out any spending that adds no value to your life. 6. Own your own weightlifting rack & lift at home. 7. Live in small space. 8. Kill the TV/cut the cable/have an active social life with real, active people who also eat at home.

    I would appreciate more ideas for lifestyles that not only cut ex, but deliver a better life.

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  • Wed, Aug 26, 2020 - 3:26pm

    #15
    Mohammed Mast

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    Once Again

    I have an issue with terminology. Sooprise sooprise sooprise. lol

    I know you are lurking out there Grover. lol

    It is not "our " money. It is not even money, it is currency.

    It is "their money". As everyone here is aware "their money" is issued by a private cartel of banksters. We are forced to use it by fiat.

    Now our money for anyone interested is cryptocurrency. So as "their money " dies I say good riddance to bad rubbish. Bring on a democratic currency out of "their " control.

    BTW. In 2007 I first read something by Chris Martenson called "The End of Money"

    The last line of that essay is as follows

    "
    But the end of something is always the beginning of something else. Where’s our modern day Adam Smith? We need a new economic model."

    Satoshi Nakamoto gave us that model in 2009, just a couple of years after the essay.

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  • Wed, Aug 26, 2020 - 4:53pm

    #16
    capesurvivor

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    electric car

    I would like a Tesla 🙄 or an AWD electric Prius. It would be comforting to have transport even if The System goes haywire.

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  • Wed, Aug 26, 2020 - 5:23pm

    Mohammed Mast

    Mohammed Mast

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    Tesla is partially owned by China

    For that reason I would never own one.

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  • Wed, Aug 26, 2020 - 6:56pm

    BeeFarmer

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    BeeFarmer said:

    Well don’t think I fit the smart part, but about 25 years ago I used to read all of Amy Dacyczyns’ books called The Tightwad Gazette.  Seriously, it was and still can be fun pinching pennies like you can’t believe. 😆.

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  • Wed, Aug 26, 2020 - 7:56pm

    #19
    macro2682

    macro2682

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    Reducing costs...

    1.) Got a 3% mortgage?  That’s a guaranteed 3% fixed return for paying down principal.  Beats T-Bills!

    2.) Saving for your kid’s college?  Use a whole life insurance policy instead of a 529, just in case your kid’s school winds up being “free” and you get to spend that on something else.

    3.) Don’t you dare spend money on cable...

    4.) Don’t grow your own food.  Instead, buy some land and lease it to a farmer with an agreement for veggies.

    5.) solar hot water is the single highest ROI cap-ex there is.

    6.) ...unless you haven’t yet insulated your roof or installed LEDs.
    7.) don't spend $4 for coffee.
    8.) Buy used electronics.  I just installed a $2000 Surround sound in my basement for $200 because it’s from 2015.

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  • Wed, Aug 26, 2020 - 8:33pm

    #20
    macro2682

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    More costs...

    9.) ...And this one is controversial (because it’s advice I won’t ever myself follow)... Lose the pets.  Get a human friend that pays for their own shit. The last thing you need in retirement is another dependent.

    10.) renovate your basement as it’s own apartment.  Rent it out for income, or offer it up as a perk for the person giving you sponge baths as you age in place.

    11.) Poshmark.  Have you heard of this?  Used clothes. Designer stuff. People are idiots. I love this app!

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  • Wed, Aug 26, 2020 - 8:52pm

    #21
    macro2682

    macro2682

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    Costs...

    12.) Don’t spend $8 for a glass of Decoy or Kim Crawford at a restaurant.  If you’re going to spend money, spend it on a perfectly cooked filet.

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  • Wed, Aug 26, 2020 - 9:39pm

    #22
    Mysterymet

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    There is no way I’d rent out part of my house

    Many laws on the books now make it near impossible to easily evict someone for non payment of rent. Then you are stuck with a stranger in your house for zero financial benefit.

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  • Wed, Aug 26, 2020 - 10:37pm

    #23
    Grover

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    Where's the Focus?

    Grover wrote:

    Who (singular or group) is Satoshi Nakamoto? Is/are he/they a saint(s) or just a pseudonym used by a nefarious group who wants to get people's greed to trick them into getting familiar with cryptocurrency? How would you know for sure?

    What makes you think that the powers who have everything to lose wouldn't declare Bitcoin (and all the wannabes) to be illegal when they are up against the wall and it suits their purposes? What happens to the value of each Bitcoin then? What happens when/if quantum computing can decipher the code and spoof coins as desired? Until then, it is a great trading vehicle. After that, the wheels disappear.

    Mohammed,

    You are right that I'm lurking. I pretty well stated my thoughts about Bitcoin in that other post on the "One Step Removed" thread. I don't trust it! Actually, I don't trust governments to allow it to compete with their fiat. They'll tolerate it for a while, but when push becomes shove, they'll do whatever they can (and they can do a lot) to make it illegal. I don't own any, and I don't expect to ever buy any. I truly wish you the best with your investment.

    Like many on this thread, I've focused on reducing the outgo portion of the balance sheet. If one doesn't need to spend the money, one doesn't need to take risks or work to make the money and pay taxes on it. I took risks earlier in life to get a piece of property with a good soils, a grove of fruit trees, a nice garden, and a place that I could enjoy. I enjoy it immensely!

    I wake up in the morning and wonder what I'm going to do today. It morphs into what do I need to do today. A more accurate assessment is "what can't I put off." So, today, I picked green beans, picked up windfall plums and apples to give to my steers, cut up some tortillas for a treat for the chickens and ducks, watered some plants, and pulled some weeds. Oh, and I did some research and interesting reading on the internet. For supper, I cooked some green beans, onions, mushrooms, tomatoes, and eggs. What an exhausting day. (/sarc)

    That's what I enjoy doing. It is enjoyable to just be alive. If one cuts expenses and hates life, they're missing the point of living. I roast my own coffee and make a double tall latte for my wife and me for under a buck each. I've been doing this for nearly 20 years and have honed the process so I can produce a rich, flavorful cup of coffee that we both enjoy. That's an example of where real value is added.

    I also started cutting my own hair nearly 20 years ago. At first, I was a little apprehensive about what others would say (or think.) I realized that nobody cares what I look like as long as I'm comfortable in my own skin. (Besides, the beginning comb-over look wasn't fooling anyone.) Now, I don't care if someone notices my advancing forehead. Since I'm comfortable, others are as well.

    Focus on what makes you happy. Work toward improving that ... and let the rest fall by the wayside. It's amazing how fast time flies. It's already nearing the end of summer in the northern hemisphere. Does the end of last summer seem so long ago? What about 10 years ago? Frankly, it feels more like a blink of an eye in some respects. So, how fast will the next year or decade go? How many more do you have left?

    We're certainly living in interesting times. Nobody knows exactly what is going to happen. We can guess and end up being mostly surprised. It's okay to be aware and ready. It's unbalanced to be obsessed. I'm a little more obsessed with things out of my control than I'd like to be. So, tomorrow, I'll spend a day in the woods looking for mushrooms and enjoying the day. That is, after I make coffee and take care of the animals.

    Grover

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  • Wed, Aug 26, 2020 - 11:28pm

    #24
    macro2682

    macro2682

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    BTC

    I don’t have any money in bitcoin that I’m not prepared to lose. Diversification is the name of the game, and emotionless rebalancing is the only free lunch.

    I agree that landlord tenant laws favor the tenant.  So maybe the basement idea isn’t for you (it’s not for me either, since I’m married with kids and make almost no real decisions).  But I’m building that basement kitchen anyway.

    Nothing works universally for everyone.  Those were just a few ideas.

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  • Thu, Aug 27, 2020 - 1:00am

    #25
    Hans

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    Hans said:

    Hello everybody. Interesting discussion is going on here. True, the less expences, the less you are enslaved.
    I spend quite some time thinking about how the Big Crisis will emerge. I came to the conclusion that it probably will have a similar curve as you see in the Covid pandemy. A steep, sudden rise in misery until it reaches it's peak and than a decline to a stable amount of misery, higher than before. People will need time to adjust to the new paradigm. That will cause panic, riots, lootings, hoording, hunger even. Nobody will be there to help at first. But then human nature takes over and we will start organizing ourselves again. I live in Belgium and have never been in the US, but I think you can describe the way I live as in the suburbs. The pieces of property are not very big. About 400 square meters, including the house. So not very much room to house cattle :-).
    Me and my neighbours (4 houses in a row) have a good relationship. Talking over the (low) fence and giving eachother "presents" from the gardens. I am sure that there are more of these little social, sharing "communities" that will grow organicly when time comes. I also know that farmers in the area will have problems with selling their goods through conventional channels. Our little social group will be more than happy to welcome them as "member".

    I think it will be a very hard time for about 1 or 2 years. Maybe 3. Three harvests, so to say. For every year I have a plan and am prepared for that.

    Year 1: eating from the garden and empty our very deep pantry. As long as your pantry can not cover a year, stay away from financial investments.

    Year 2: barter / sharing. I have a room packed with stuff I do not immediately need, that are very long lasting, but of which I am sure about nobody thought about it. These goods are so common, so inexpensive that people easily overlook it and take it for granted. Salt, sugar, vinegar, vegetable oil, olive oil, pasta, stock cubs / beef cubes (or how is that called?), soap, you name it. Especially salt, sugar, oil and vinegar will have huge value! These are preservatives people will need and that are very hard to make yourself! I also have some investments that will make me very "rich"; booze. Small bottles of whiskey, gin, cognac etcetera. Large bottles of cognac and porto-wines. I don't drink any alcohol myself so that is a pure barter investment.

    Year 3: junk silver and a lot of tools to help people repair things.
    Later: gold and silver bullion.

    During the Big Crisis I want to survive. After the Big Crisis I want to thrive!

    In year 1 and 2 people don't care about silver and gold. Let alone bitcoin, with all respect. People are hungry and want to trade what little they can find for some food that is of more value to them. I will trade my food only for other food. For alcohol they need to pay bigtime. Grandfathers gold watch, art, beautiful stuff I value in life.

    That is my plan for when money (currency) dies.

    Next thing I want to reply on is WHY do they do it? There is no "why". The death of our currencies is a matter of fact. They know that. They pump up the assets price, borrow against it, buy real stuff with it and let all the paper stuff bust. The longer they can continue, the more they can loot. It's like Chris earlier said: it's looting the treasury after the empire colapsed.

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  • Thu, Aug 27, 2020 - 3:44am

    #26
    planfortomorrow

    planfortomorrow

    Status: Member

    Joined: Dec 28 2017

    Posts: 151

    4+

    Investors have all ...

    ...made a killing and are extremely happy with their investments in the ""market"", Gold, Silver, Platinum. etc...We have all or should have paid off high interest debt and or bought a piece of property that in my case are building a Log Cabin for cash with a reserve to manage costs going forward such as taxes and utilities.

    We are doing the things necessary to be resilient and are preparing for a supply chain that at best will be sporadic. I personally are extremely happy.

    At what costs though? I don't even think in those moral terms, I'm a survivalist. My job is to do what is best for my family and close inner circle of friends and those that have their skill sets that can mesh with mine.

    Everyone of us understands what is going on, none of us are certain that this will end today, tomorrow, 3 years from now or decades from now so we position our Fed funded gains because it's the only game we can play to increase our personal wealth and in return we can build a future worth living in.

    This is all greed based and while we speak self righteously, we all play the game before us. No one is more moral for holding most of our cash in physical precious metals, many of us have made way more dollar for dollar playing in the stock market. Risk free basically as any contraction is strongly funded by the Fed so loses are NOT loses if you just wait awhile and if you don't SELL! The Fed has twice now bailed everyone out during the Great Financial Crisis and Covid 19 crisis. Everyone of us have been helped by the Fed. Gold, Silver and the stock market have all been supported by the Fed so make no mistake about this: we all would be dirt poor if they did nothing. I'm glad they are trying everything and propping this up for as long as they can. Some day this all will end but I for one can wait for this to fail. Who in hell wants to witness the suffering that surely will follow.

    I just want time to expand my own gardens when I can perfect the gardens I have and have learned to produce as many calories as possible so I can help as many as I possibly can.

    So, don't be confused, just be smart. Make every dollar you can in the game that is easily understood. The Fed has your back, as the stock market has shown and shown massively since the lows of March.

    Folks, this game can easily be played another 12 years or one day. I don't believe the one day risk, I believe this game can be prolonged for a good bit yet. Don't know for sure but neither does anyone else here at this site.

    Get out of debt as quick as possible, be free first and good things will then be available to you no matter the financial climate we face going forward. I wish everyone well and hope all your dreams become your reality. Peace

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  • Thu, Aug 27, 2020 - 4:18am

    Hans

    Hans

    Status: Member

    Joined: Aug 09 2017

    Posts: 17

    1+

    Hans said:

    Hope for the best, prepare for the worst.

    I am happy with every day we get until the currency dies. Unfortunately it is exponential and we are very much on the right hand side of the hockeystick. But you are right; nobody knows when it happens. When I consider the risks, I find it a bigger risk not to be prepared on the short term than the risk of losing money because it will happen 12 years from now. But that is just a personal preference. I am the worrying type of person so being prepared now makes me sleep a lot better 🙂

    It also makes me sleep better to be able to buy a new washingmachine when our current one breaks today or tomorrow. Gold and silver are my long term savings. Currency on an old fashioned savingsaccount is for now. It is as Buffett says: investing is not baseball. You do not have to try to hit every ball that comes to you. I have lost money in the past investing in stocks and I find it unpleasant to think about which stocks to buy or sell and to see if it went up or down.  I don't need to maximize my profits. Just being able to lead The Good Life is good enough for me.

    I am not arguing with you. I just want to state that a lot of these choices are based on personality and preferences.

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  • Thu, Aug 27, 2020 - 4:41am

    Rector

    Status: Bronze Member

    Joined: Feb 07 2010

    Posts: 380

    11+

    CapEx and Healthcare

    One way to keep future expenses low it to start a vigorous exercise program and eliminate the majority of crap food from your diet.  Get in shape to reduce future health care costs.  Easy.

    Rector

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  • Thu, Aug 27, 2020 - 6:20am

    Mohammed Mast

    Mohammed Mast

    Status: Silver Member

    Joined: May 17 2017

    Posts: 739

    1+

    Hi Grover

    Your lack of trust in CryptoCurrency is based on ignorance.

    It is a purely reactionary stance.

    That is to be expected as this is a reactionary site.

    I am not here to argue with anyone about Cryptocurrency, especially those who know nothing about it.

    My interest is as a visionary. I have no desire to live in fear and have a hunker down mentality, living in some kind of fortress of my own making. I have even less interest in supporting a fascist empire run by banksters.

    As Chris has stated we need another Adam Smith. The prob;em is no one here is peeking out of there foxhole looking for him.

    The vision here is dystopia. I got involved posting here because there was some discussion of crypto. It was largely unsatisfactory for a number of reasons. I have followed this site for 12 years. Mostly I avoided it ,checking in rarely . I did that because I could take a post from just about any time and apply it to a day years later. Take for ex. the post "The End of Money" , it could have been written today.

    I don't need to keep going through the Doors of Perception every day. I have noticed that a lot of people who were here years ago are no longer posting. I also noticed a distinct lack of discussion compared to years past.

    I got involved here again because of the pandemic coverage. Clearly that subject is in Chris's wheelhouse and he is doing a great job.

    It is becoming clearer to me that my home is not a place called dystopia. I see myself becoming less engaged here once again. Hunkering down is the easy part. For me the riskier and rewarding part is being a part of making a world worth inheriting. That involves being free in every sense of the word. I see Crypto a s a large step in that direction.

    Bottom line I just don't have the time or energy that I had at one time to deal with resistance. There are a few people here who I really appreciate but for the most part I hear different music. I hear people like Andreas Antonopolous and I want to dance.

    So Grover I do owe you my gratitude for helping me crystalize my feelings. I will drop in from time to time and as Adam has said "take what you need and leave the rest".

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  • Thu, Aug 27, 2020 - 7:09am

    #30
    tbp

    tbp

    Status: Gold Member

    Joined: Apr 12 2020

    Posts: 467

    2+

    Bad assumptions and crypto

    @Mohammed Mast
    BTW. In 2007 I first read something by Chris Martenson called "The End of Money"

    The last line of that essay is as follows

    "But the end of something is always the beginning of something else. Where’s our modern day Adam Smith? We need a new economic model."

    Satoshi Nakamoto gave us that model in 2009, just a couple of years after the essay.

    Well put. Your distinction between "our" and "their" money is also spot on. It's the single most significant characteristic of fiat vs. crypto. The former we cannot control, the latter they (the central banksters and governments) cannot control. Grover, you don't have to "trust" Bitcoin/crypto -- that's the central premise, that it's trustless. You don't need to establish trust, as the trust in question is already-established trust in mathematics/cryptography. The revolutionary invention that enables it is called the solving of the double spending problem, which can also be seen as the separation of money and state, which replaces central authorities / trusted third parties with impartial computational power or other consensus mechanisms.

    The vision here is dystopia.

    Yep, the Malthusians will bring about their own destruction. The inability to roll back on initial assumptions (such as the need to curtail liberties now that we have very effective treatments), and to incorporate revolutionary (or at least potentially revolutionary if you're new) developments like cryptocurrencies, makes you stuck in old collapsing paradigms, and metaphysically will attract more of the same to your reality.

    I hear people like Andreas Antonopolous and I want to dance.

    Yup!

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  • Thu, Aug 27, 2020 - 7:27am

    #31

    000

    Status: Bronze Member

    Joined: Dec 10 2013

    Posts: 171

    2+

    Don't forget to answer YES

    IRS (1040) is getting serious about you reporting whether you have ANY cryptocurrency, token, transaction, etc.

    There are now crypto services that will build that report for your tax filing and even import into Quicken's Tax app.

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  • Thu, Aug 27, 2020 - 7:55am

    #32
    MQ

    MQ

    Status: Bronze Member

    Joined: Oct 13 2011

    Posts: 122

    Tesla Owned By China???

    https://www.scmp.com/business/companies/article/2154674/tesla-build-its-gigafactory-shanghai-capacity-produce-500000-cars

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  • Thu, Aug 27, 2020 - 8:15am

    planfortomorrow

    planfortomorrow

    Status: Member

    Joined: Dec 28 2017

    Posts: 151

    4+

    planfortomorrow said:

    Hi Hans, I didn't feel attacked or argued with. Sometimes when communicating openly words get misunderstood.

    For me, this has already been a 15 year project. It started with a dream and is now finishing with all necessary preps being completed with the last of our plan being nailed together as we speak our Log Cabin.

    I speak in terms of the last 12 years, years literally spent buying property, clearing the land, and getting a well, septic field, digging a Pond, etc...all made possible by the largesse of the Fed.

    The last 12 years and certainly the few years after the Financial Crisis were very similar times as the ones we are in now. We prayed for time as we are now. Then it was the same discussions as are now being written, a wash, rinse and repeat type discussion. We all thought it was going to be destroyed then, the economy and our way of life. It didn't happen and here we are.

    Can the Fed do it again? It's possible and that would be welcomed. If not then my only hope is my Cabin get built ASAP. Everything is now in place and we are planning more garden space, and basically just improving upon what has already been done. So this has happened for us, my wife and I will live the life we have dreamed of almost from the day of our marriage 46 years ago. Barb is our ace in the hole. She makes a terrific living, one that came about because of her excellence and provides for us a safe income in the medical field. She also plans on retiring next year but is in no hurry. She loves what she does and is now looking to work at a hospital 25 minutes from where we will be living our new life. Barb always planned to work until she was 70 and then part time. I think if she decides on 70 that I can talk her out of part time work. It's hard to give up on wages at $145,000 plus and the benefits. Her family live long too, 90's-100 is common place so I factor that for her. Still it will be her decision and because she's taken the initiative I believe she will work part time at least and full time should the economy blow up. We have precious metals and the cash necessary to live a debt free life. If Social Security is still around it will probably be plenty to live on so the other monies can be gifted to our son's. Anyways, this has been a 46 year plan and we always paid ourselves first.

    I wish you and everyone well who have come so far since 2008 and are indeed ready to live their dreams. Many Folks talk and many Folks haven't yet started, for us we begin anew and that is next Spring 2021. We are thrilled and money is not the issue really (it's always the issue, of course but not to one's actions, we still have to work hard to get from A to B)), the issue is how we will manage our time, relationship, and we have been practicing. Most time will be in the garden, the rest will just be maintenance and time to relax, lots of time as gardening for us is the most relaxing thing to do that we know.

    Good luck to you and whatever you figure out for yourself and I hope you are successful, it's not a competition between us at all. I honestly wish that all your plans work out for you. We are satisfied and that's all that matter to us. Peace BOB

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  • Thu, Aug 27, 2020 - 12:52pm

    #34
    TWalker5

    TWalker5

    Status: Member

    Joined: Mar 13 2020

    Posts: 39

    1+

    Investing to Reduce Capex

    Several of you have posted some wonderful ideas regarding saving money (except for the no pets suggestion, that’s a non-starter for me!) But behavioral changes is not exactly what I had in mind.

    I meant literally investing currency upfront in order to reduce future expenses. I mentioned that I consider my geothermal and PV systems prime examples of that. So, let me ask it a different way:

    If someone gave you a moderately large chunk of cash and told you that you could not just blow it, but also you could not buy traditional investments likes stocks, bonds, or PMs with it, where might you put it?

    Someone above mentioned paying extra on a mortgage, which makes good sense to me.  Another thought I had was to install a grey water system in my house.  What else is out there?

    T.

     

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  • Thu, Aug 27, 2020 - 1:45pm

    eek

    eek

    Status: Member

    Joined: Mar 27 2013

    Posts: 12

    Where's the Focus

    That sounds blissful Grover.  If only I could get the hubs onboard.....

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  • Thu, Aug 27, 2020 - 1:53pm

    #36
    VTGothic

    VTGothic

    Status: Bronze Member

    Joined: Jan 05 2020

    Posts: 219

    6+

    On my to-do list

    1. Complete the plumbing to allow my wood cook stove, which heats a major section of the house in winter, to heat hot water and pipe it into the water heater.

    2. Replace oil furnace with a dual wood-oil furnace.

    3. Build root cellar.

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  • Thu, Aug 27, 2020 - 3:42pm

    #37
    Lineman7

    Lineman7

    Status: Member

    Joined: Feb 05 2020

    Posts: 20

    3+

    Why Blockchain, the technology which supports bitcoin, is nonsense

    Although I don't follow many of the recommendations, PP has given me many good ideas for which I'm grateful. In return, I'm posting this article for readers uncertain about bitcoin and other cryptocurrencies. This article is about why blockchain, the technology which supports bitcoin and other cryptocurrencies, is an unrealistic solution for anything in the real world. Its a scam.

    https://thecorrespondent.com/655/blockchain-the-amazing-solution-for-almost-nothing/86649455475-f933fe63

     

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  • Thu, Aug 27, 2020 - 5:08pm

    MKI

    MKI

    Status: Member

    Joined: Jan 12 2009

    Posts: 241

    7+

    Investing to Reduce Capex

    What we have invested in (I listed some but not all above):

    1. House/1ac land walking distance to town. 2. Water well. 3. Bicycle/car tools. 4. Mountain bikes w/trailer. 5. Sewing machine. 6. Free weights w/rack-pullup bar. 7. Wood stove. 8. Garden/soil. 9. Guns. 10. Reloading supplies (powder/primer vacuum packed). 11. Fishing nets.  12. Homemade custom outdoor clothing/gear. 13. Chest freezers.  14. Canning supplies.

    I would always invest in this sort of thing long before any financial product, even bullion. But IMO the skills that go along with each one of these investments is more important, and their constant use in everyday life is necessary for them to make sense. YMMV.

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  • Thu, Aug 27, 2020 - 5:47pm

    #39

    AKGrannyWGrit

    Status: Silver Member

    Joined: Feb 06 2011

    Posts: 1045

    An oversight, punishment, ageism or paranoia?

    I have received another PM but cannot access it.  Any suggestions out there?  I did send in a request for reinstatement.

    AKGrannyWGrit

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  • Thu, Aug 27, 2020 - 7:23pm

    VTGothic

    VTGothic

    Status: Bronze Member

    Joined: Jan 05 2020

    Posts: 219

    1+

    Back to the Future

    By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine.

    Famous words of Nobel Prize winning economist Paul Krugman, back in 1998.

    Now economics correspondent Jesse Frederik treats us to similar wise words about the Blockchain. Maybe he has a Nobel Prize in the offing, too.

    ------

    Look, @Lineman7, there's no question that Blockchain is looking for a use proposition that makes sense. There's also no question that a lot of uses being touted as "blockchain" are just a gussied up versions of a ledger. It might surprise you to learn that that's a criticism laid against a great many projects by the crypto community itself.

    On the other hand, Bitcoin is the indisputable use case for Blockchain, being the protocol Nakamoto created for Bitcoin. It's possible - and some "Bitcoin maximalists" assert it's certain - that Bitcoin will finally prove to be the only use case for the 'chain. Maybe, but it's simply too early to tell.

    These are early days. Ten years in the development of a fundamentally new technology is nothing. What's going on today in the crypto and Blockchain space is very much like the 1990s when a lot of projects were started up, and a lot of efforts were made to create enterprises on the 'net that sucked up lots of investor money and failed. We had a dot-com bust, remember? That's why in my opinion we'd all be fools to NOT expect a crypto bust that'll shake out the fakes, scams, also-rans, and truly good ideas that are just too early to succeed. Because certain technologies require certain densities of use before they can succeed.

    Facebook, for example, would not have succeeded while AOL was still announcing "you've got mail!" There just weren't enough people online and interacting online, and the bandwidth was way too thin and transmission speeds were way, way too slow, and a lot of dads were telling their kids there was no good reason to spend money on a silly computer, not when the telephone is hanging on the kitchen wall and Encyclopedia Britannica is gathering dust on the book shelves.

    But the underlying structure of the Internet was solid, and after the shakeout, along with advancing technology and infrastructure build-out, came the myriad of uses we have now so integrated into our lives that we can't imagine not having them.

    Bitcoin is the current equivalent of the Internet of the 1990s. It is still scaling up - that's the very thing that makes it an asymmetrical bet. Imagine if you could have bought Apple or Google or Facebook in their first years. That's the potential in putting a few hundred dollars in Bitcoin and, with less certainty, perhaps a handful of other coins. Don't mortgage the house; don't invest the kids' dinner money; don't put in so much you can't sleep when the price drops 10 or 30 percent. But don't put nuthin' in, either.

    As Bitcoin scales, as more people get curious enough to explore it and dip their toe in the water; as more financial institutions and hedge funds and family investment firms take the time to understand what Bitcoin IS, rather than what pundits and talking heads paint it as, and buy in; as government regulatory agencies sit up and take notice and develop rules and guidance to regularize what was a virtual "Wild West" just a few years ago; as Bitcoin takes cyclical hit after cyclical hit and comes back - as all that happens, its resiliency is increased and the human density Bitcoin needs to fulfill its promise grows.

    The day will come when people don't buy Bitcoin as an investment for the future, and don't sell it to get some fiat currency or another, but earn it the same way we now earn our respective national currencies; and spend it the same way we spend currency today. That won't happen until it becomes more mature than it is today. But that will also be the day when the opportunity to make a significant gain on an early-days investment will be over.

    Will there be any other use for Blockchain? Who knows? Personally, I think so. There are technical characteristics of Blockchain that make it perfect for maintaining immutable chains of custody. That's a good thing; it's not good, or even necessary, for everything, but even today there are good, embryonic use cases.

    People who dismiss Bitcoin and Blockchain because they don't understand it, or can't imagine the world will be distinctly different after such a foundational technological innovation takes hold are just so Krugman 1998.

    Doubters are welcome to dismiss it all, of course. But that won't stop the change that's already setting roots and changing the world. Not even if a Nobel laureate, or an economics correspondent, declares it folly.

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  • Fri, Aug 28, 2020 - 4:42am

    planfortomorrow

    planfortomorrow

    Status: Member

    Joined: Dec 28 2017

    Posts: 151

    1+

    planfortomorrow said:

    Hey Granny, so good to see you here. How the hell have you been? Peace BOB

     

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  • Fri, Aug 28, 2020 - 4:53am

    #42
    tbp

    tbp

    Status: Gold Member

    Joined: Apr 12 2020

    Posts: 467

    3+

    Defeatist mindset indoctrination

    ^ There are powerful globalist interests that want you to believe that the problem is "the dying of our biosphere and climate change", but the problem is them and their false narratives constructed on webs of lies that want you in a defeatist mindset thinking there's nothing you can do and that all other problems (the real ones) are small in comparison and ultimately don't matter... or even better yet, have you believe the NPC narrative that all problems are caused by Trump and majority groups (white people, men, heterosexuals, cisgendered, Christians, conservatives(/small govt people), etc) and troublesome minority groups ("conspiracy theorists" of all stripes (except maybe some like flat earthtards), people who won't toe their unreasonable covid demands such as mandatory mask wearing in the outdoors at all times, political groups and politicians who don't toe the line, doctors who tell the truth about HCQ, truth-based internet discussion such as what we do here, etc etc).

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  • Fri, Aug 28, 2020 - 7:37am

    macro2682

    macro2682

    Status: Gold Member

    Joined: Sep 03 2009

    Posts: 361

    2+

    Agree with VTGothic...

    Agree with VTGothic.  Bitcoin is one of those things that will be more painful to miss than to lose some money on.  I just want to participate.

     

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  • Fri, Aug 28, 2020 - 10:25am

    Quercus bicolor

    Status: Silver Member

    Joined: Mar 19 2008

    Posts: 404

    5+

    Agree with granny

    Yeah, tbp.  The data I see out there on soils, fish populations, forest cover, climate, wild animals and plants, pollution, my own personal experience all says otherwise.

    If you let go of the denial that something bad is happening for life on this earth and focus instead on what those powerful global interests want us to do about this crisis, you might find more agreement.

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  • Fri, Aug 28, 2020 - 8:27pm

    spotted turtle

    spotted turtle

    Status: Member

    Joined: Jul 22 2010

    Posts: 17

    3+

    The natural world is ailing.

    We built our home on 56 acres of forested land in 1990. In the early years, it was a delight to see coveys of quail, flocks of wood ducks on the pond, chuck-will-widows in the woods, fire flies in mass, gold finches, snow birds and pine siskins covering the ground in winter. Most of these little lovelies no longer adorn the home place. We miss their unique beauty. We are fortunate to have a great variety of wood peckers due to the dying trees. Summerville,SC.

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  • Sat, Aug 29, 2020 - 6:53am

    #46
    PVF Cosgrove

    PVF Cosgrove

    Status: Member

    Joined: Aug 22 2020

    Posts: 7

    Who is Printing Dollars to Ruin America?

    I have looked at the families of origin of the last three Fed governors prior to Powell. I discovered one important similarity: membership of the tribe which came out of Egypt under Moses.

    There is an understandable fear of Gentiles by the people of this tribe particularly after Hitler. To prevent Gentiles from destroying them with their superior military firepower, it would be necessary to weaken their nations.

    There is no better way to weaken a nation than to corrupt its currency. Is the gigantic dollar printing a way to weaken the reserve currency of the almost entirely Gentile world of nations? Who would be in a better position to do this than those in the Fed, who fear Gentile domination?

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  • Sat, Aug 29, 2020 - 11:59am

    DumbBunny

    DumbBunny

    Status: Member

    Joined: Aug 29 2020

    Posts: 1

    Government's end game?

    If totalitarianism accompanies the blowup of any fiat currency, how does buying cryptocurrency or even precious metals gonna save us? The Powers That Be have tech wizzes too, plus military backup, and so can pretty much do as they like. Our wealth, whatever its form (including hard to reach farmland), can be confiscated. Best be out of the country but how many of us can manage that?

    So I fear a misguided government more than an angry mob and I don't know how to change that as voting seems a joke.

    People who advocate for this or that strategy don't talk about government confiscation much, if at all. It's the ignored elephant in the room. How come?

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  • Sat, Aug 29, 2020 - 12:50pm

    #48
    robie robinson

    robie robinson

    Status: Gold Member

    Joined: Aug 25 2009

    Posts: 1052

    Indenture

    I am a farmer, I am indentured to my land thru property taxes. I do expect to be further indentured by society/gov. as one who has the means and ability to produce in the form of commodity confiscation.

    Mr. Farmer, you are hereby expected to turn over some portion of your commodities to the society for their use and your security.

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