An inconvenient debt

[ericire12]

http://www.youtube.com/watch?v=3DPfKxOQGHU


 

[runstowin]

Article 1 section 8 US constitution in part: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;     Congress this is your responsibility.

From the coinage act of 1792: Dollars or Units    DOLLARS OR UNITS--each to be of the value of

                    a Spanish milled dollar as the same is now

                    current, and to contain three hundred and

                    seventy-one grains and four sixteenth parts   

                    of a grain of pure, or four hundred and

                    sixteen grains of standard silver.
One cannot simply print more real money, one can simply print more federal reserve notes.
Note: An instrument containing an express and absolute promise of signer (i.e. maker) to pay to a specified person or order, or bearer, a definite sum of money at a specified time. Black's Law Dictionary Fifth Edition.
What is a federal reserve note? A promise to pay nothing to the bearer.

[twyacht]

McCain was quoted as saying this "plan" was generational theft......

He got that one right. My father is a retired banker and CPA, and fundamental economics 101 hold true.,...

My son, (age 14), my nieces and nephews (age 6-14), and countless other children will literally SUFFER because of this.

Inflation is inevitable, the reverse of what is expected, will be the result.

Like your mortgage rate? 5 to 8 percent? Be thankful, they will change in two years. 8-15 % will be the norm. Jimmy Carter admin. ring a bell? I'd be paying off those credit cards mui pronto...


Other factors apply, the World Economic Summit is pondering changing the "standard" that currency is judged by,... guess which one that is? THE U.S. DOLLAR. If that changes, our money is no better than the paper to wipe BHO's,.....nevermind....

"I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."
Winston Churchill

Make no mistake, the second hammer of the porkulus package will be an increase in taxes. And it will be a big one....

[CJS3]

Like your mortgage rate? 5 to 8 percent? Be thankful, they will change in two years. 8-15 % will be the norm. Jimmy Carter admin. ring a bell? I'd be paying off those credit cards mui pronto

The first house I bought was in 1980. I had an interest rate of 10.5%. That was considered a great rate. I'm afraid that in 2 years, that's going to be considered the norm again.

[runstowin]

So what have we learned in 2,063 years?
 
"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." ~Cicero  - 55 BC
 
Evidently nothing!

[Sponsor]

[ericire12]

So what have we learned in 2,063 years?
 
"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." ~Cicero  - 55 BC
 
Evidently nothing!

Comment of the day award!

[runstowin]

Thank you.

[Rastus]

The first house I bought was in 1980. I had an interest rate of 10.5%. That was considered a great rate. I'm afraid that in 2 years, that's going to be considered the norm again.

I'm trying to time and juggle right now to take advantage of that.  Got a lot of work to do to the current house.  I suspect we'll have a "bump" before the inflation hits and I want to try to leverage that inflation to my favor.

Otherwise, invest in the triad of precious metals: gold, silver and lead.