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ARCHIVED DISCUSSION FROM 7/5/2002 All times are U.S. Mountain Time (Yesterday's Discussion.) Horatio (7/5/02; 23:46:54MT - usagold.com msg#: 79971) contraction Conversion from cash to bonds will cause a rapid CONTRACTION in the money supply just as it did in the U.S. in the thirtys.The failures of many banks was a result of this contraction ,not the other way around as they would have you believe.All those Dollars floating around and printing press money will be contracted in the same manner,when they get ready to do it.A contraction of the money supply ,zero interest rates,credit drying up are all part of the same plan to avoid hyper- inflation and an overthrow of the government.. Horatio (7/5/02; 23:35:12MT - usagold.com msg#: 79970) Argentina If they convert cash to bonds its a clear sign they have chosen DEPRESSION over inflation. I believe after consultation with the U.S. they have decided as the U.S. did in the 30's to do this because history shows .......Wild inflation brings with it an overthrow of the government.Depression does not bring about an overthrow of the government,just demands for more socialism and redistribution of wealth,clearly the preferred choice for governments. Horatio (7/5/02; 23:27:09MT - usagold.com msg#: 79969) Argentina Government proposes to to convert cash in the bank to bonds.. The U.S. did the same thing in the 30's,if you had a 1 year bond,they made it a 5 year bond.If you had a 10 year Bond ,they made it a 10 year bond.The result was an immediate loss of the present value of your holding whatever it was.A 30 year Bond might sell for 150.00 even though the value at maturity is 1000.00.So if you had 1000 dollars cash in an Argentine bank and they converted it to a 30 year bond ,you could sell it for 150.00 now.....Don't worry your moneys good,you just have to wait 30 years to get it back and who knows what it will buy in thirty years.Ill venture a guess that $ 1000 in thirty years will buy what 150.00 buys now!!Some deal... Mr Gresham (7/5/02; 23:19:11MT - usagold.com msg#: 79968) Doug Noland on NextBank meltdown http://www.prudentbear.com/archive_comm_article.asp?category=Credit+Bubble+Bulletin&content_idx=13186 Including a chronology of how a "New Economy" "business model" fleeced investors and ultimately taxpayers. Tip o' th' iceberg to ya! Mr Gresham (7/5/02; 23:00:07MT - usagold.com msg#: 79967) barnaclebob http://www.gjf.org/NBORDC/ Thanks for the link to the "Patriot" act essay at yellowtimes. It took me awhile to be able to stand reading anything about it.R.Powell & other Valley folk (link above -- who was our other Hamp dweller?): Look who is raising the Spirit of Shays! "Resolutions have been passed unanimously by city councils in Amherst, Leverett, Northampton, Ann Arbor, Berkeley, Denver, and Cambridge. Other cities and towns are in the process of preparing their own resolutions and gathering signatures on petitions to protect our civil liberties against the offenses of this Act." I would say that there either isn't as much of a terrorist threat as thought 9 months ago, or it is being quietly neutralized through normal police/intelligence work. I doubt that the provisions of this bill hit the mark in this particular time of need, and will overshoot it and cost us bigtime in the long run -- or even sooner. It really looks like "something else" coattailing on a national emergency, manufactured or genuine. And all brought to you by "The Gang That Couldn't Budget Straight."This is really a case where you have to have your LIBERTIES in place in advance of the next emergency, not LAWS that violate them, because the tides running afterward will not be friendly to Liberty. Black Blade (7/5/02; 22:58:43MT - usagold.com msg#: 79966) All in a day's graft in the US http://www.nzherald.co.nz/storydisplay.cfm?storyID=2050529&thesection=news&thesubsection=world Snippit:It's a pity George W. Bush hails from Texas and not New York, because it might be interesting to hear his thoughts on "honest graft" and how this venerable institution has fallen from favour these past few years in the Big Apple. Modest, moderate corruption was almost considered a good thing in its day - an unofficial reward, for example, to cap the careers of relatively honest cops. If an officer kept his nose out of real mischief, ignored hookers and gambling but busted heroin dealers, he might get to spend his last few years policing the flesh pits of Times Square, where a retirement fund could really blossom. "No more hamburgers," one NYPD veteran is said to have exclaimed when his transfer arrived. "It's my turn for tenderloin." It was his contribution to the language, for that is the name America's red light districts have borne ever since. The Tenderloin - it's a location and a state of mind: the place to collect a red-meat reward for righteous dishonesty. Black Blade: An amusing take on US corruption from the Kiwi side. Topaz (7/5/02; 22:38:44MT - usagold.com msg#: 79965) Mr Gresham et al I'll be splattering these here Walls with Graffiti for some time to come Mr G - just gonna refrain from Marketmania predicting - (did you see the indices today, If Alcoa "beats the Street" by 25% it's off to the Races)....sheeeesh, just can't help myself!! Paper Avalanche (7/5/02; 21:51:26MT - usagold.com msg#: 79964) better link http://www.bridgeoflove.com/bookstore/icke/magazine/vol14/research/kennedy-fed-res.html a quicker link Paper Avalanche (7/5/02; 21:49:17MT - usagold.com msg#: 79963) Per google, I am correct - here is the link http://www.bridgeoflove.com/bookstore/icke/magazine/vol14/research/kennedy-fed-res.html Paper Avalanche (7/5/02; 21:46:06MT - usagold.com msg#: 79962) Executive Order 11110 If I am not mistaken, this is the EO that JFK issued which essentially abolished the Fed vis a vis the re-establishment of a silver standard for the US$. If memory serves me, he was assinated five months after issuing said EO. The EO was never enforced.PA Black Blade (7/5/02; 21:37:30MT - usagold.com msg#: 79961) Scandals make it harder for companies to raise cash http://www.usatoday.com/money/general/2002/07/05/2002-07-05-corp-bonds.htm Snippit:WASHINGTON — The investor confidence sag stemming from corporate accounting scandals is making it harder for companies, even those unrelated to the firms in question, to raise cash in the key corporate bond market. That is likely to put a damper on already weak business spending, the key piece of the economic puzzle that is lagging other sectors, especially consumer buying. While that alone won't be enough to bring the USA back into recession, it is acting as a drag on an already soft rebound, analysts say. "It slows the recovery down," says Barry Evans, John Hancock Funds' chief fixed income officer. Economists say most of the blame for the spread increase goes to the accounting scandals. "Investors have found they can't trust anybody," says Stephen Slifer, chief U.S. economist at Lehman Bros. "You can't trust the company to be reporting earnings honestly. You can't trust the accountants, you can't trust your broker, you can't trust Martha Stewart." So, he says investors think, " 'Why buy a corporate bond?' Just buy a house or put the money under your mattress."Black Blade: It should be no surprise that confidence is so low and companies can't raise cash. Scandals are now a daily occurrence. Unfortunately we are perhaps becoming complacent and should we let our guard down, we will see a lot of unnecessary suffering. Today's positive market action is more likely a "dead cat bounce". Chap X (7/5/02; 21:31:44MT - usagold.com msg#: 79960) Paper Avalanche "Is that what a democracy does""Are you naive enough to think we live in a democracy"Gordon Gecko - Wall Street - 1987And a few more (but not limited to) goodies.....On Sept. 14th, 2001, President George W. Bush declared a state of national emergency, enumerated thestatutes under which he would now be operating, and began issuing numerous Executive Orders. Here's a snapshot of what powers each of those statutes give to the President.-The White HouseFor Immediate ReleaseOffice of the Press SecretarySeptember14,2001********************************************EXECUTIVE ORDER 10990 allows the government to take over all modes of transportation and control of highways and seaports.EXECUTIVE ORDER 10995 allows the government to seize and control the communication media.EXECUTIVE ORDER 10997 allows the government to take over all electrical power, gas, petroleum, fuels and minerals.EXECUTIVE ORDER 10998 allows the government to take over all food resources and farms.EXECUTIVE ORDER 11000 allows the government to mobilize civilians into work brigades under government supervision.EXECUTIVE ORDER 11001 allows the government to take over all health, education and welfare functions.EXECUTIVE ORDER 11002 designates the Postmaster General to operate a national registration of all persons.EXECUTIVE ORDER 11003 allows the government to take over all airports and aircraft, including commercial aircraft.EXECUTIVE ORDER 11004 allows the Housing and Finance Authority to relocate communities, build new housing with public funds, designate areas to be abandoned, and establish new locations for populations.EXECUTIVE ORDER 11005 allows the government to take over railroads, inland waterways and public storage facilities. EXECUTIVE ORDER 11051 specifies the responsibility of the Office of Emergency Planning and gives authorization to put all Executive Orders in to effect in times of increased international tensions and economic or financial crisis.EXECUTIVE ORDER 11310 grants authority to the Department of Justice to enforce the plans set out in Executive Orders, to institute industrial support, to establish judicial and legislative liaison, to controlall aliens, to operate penal and correctional institutions, and to advise and assist the President.EXECUTIVE ORDER 11049 assigns emergency preparedness function to federal departments and agencies, consolidating 21 operative Executive Orders issued over a fifteen-year period.EXECUTIVE ORDER 11921 allows the Federal Emergency Preparedness Agency to develop plans to establish control over the mechanisms of production and distribution, of energy sources, wages, salaries, credit and the flow of money in U.S. financial institution in any undefined national emergency. It also provides that when a state of emergency is declared by the President, Congress cannot review the action for six months. Speedy (7/5/02; 21:30:32MT - usagold.com msg#: 79959) to the camps!!! Paper Avalanche, you are not the only one out there who feels the way you do!! I too will be there in camp, knowing the life I choose{Christ ONLY} and the way I feel inside about our fine government,and those who enslave the people like they do!!!!!! Paper Avalanche (07/05/02; 21:15:27MT - usagold.com msg#: 79958) What sucks about being a gold bug I guess what sucks the most about being a gold bug is that you so dearly love the very principals as stated in the Constitution and the Bill of Rights only to realize that 99%+ of the population is oblivivious to the rights that were initially provided to them by the many men who fought and died to secure those rights.How many people even know that the Federal Reserve Bank is a private corporation?I will likely go the way of all others who have opposed tyrrany (William Wallace, Martin Luther King, JFK and many others who are unknown).I know that to openly post such opposition to the powers that be is essentially signing my own death warrant, but I cannot bring myself to simply accept the status quo and arbitrarily consign my God given rights to those who have no claim upon them.That is the fear which is struck in the hearts of the paper money cabal, that persons such as myself might opt to no longer participate in the ill-conceived and highly manipulated credit system that sucks the very life blood of those who seek only to be free.I pray to my God that I may be given the strength to remain free in light of the efforts of those who seek to subjugate me.Paper Avalanche - not only a cool handle, but the mathematically inevitable outcome of a debt-based, fiat paper monetary system Paper Avalanche (07/05/02; 20:49:50MT - usagold.com msg#: 79957) This will put me first in line to the camps I do realize that this, and many forums, are actively monitored for various reasons by our good friends at the NSA, FBI, CIA, etc. However, I find it important to post the entirety of barnaclebob's previous post for the review of all who lurk or participate on this forum. See you at the camps:By Doreen MillerYellowTimes.org Columnist (United States) (YellowTimes.org) – Q: Just who is a terrorist?A: Anyone (non-U.S. citizen or U.S. citizen alike) Attorney General Ashcroft designates as one. Q: On what evidence can Ashcroft designate someone as a terrorist?A: Mere suspicion and hearsay. Q: What legal rights and Constitutional protections does someone detained on the grounds of being a suspected terrorist have?A: Next to none. It may be difficult for some hard-core, patriotic Americans to believe the veracity of the preceding question and answer series, but the answers to the questions are based upon the implications and dangerous ramifications of the USA PATRIOT Act (USAPA) that was passed last October by so-called congressional representatives who never bothered to read or debate it. It slipped through at the midnight hour under the cover of darkness, voted on by men and women engulfed in a terrifying atmosphere of shock, fear, mass media hysteria, and suspiciously targeted anthrax mailings. U.S. government officials would have us believe that this 342-page, complexly nuanced document was allegedly crafted after September 11 in the time span of a little over a month. To accomplish this feat would have required the in-depth study of fifteen other lengthy acts and statutes which it modifies and amends. The act's extremely clever yet highly misleading acronym USA PATRIOT, which stands for "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism," is an obvious attempt to intimidate and brand as "unpatriotic" and treasonous anyone who might dare to question its alarmingly overreaching provisions. In light of the egregious evisceration of the Bill of Rights that this law undertakes, those who blindly supported and signed this blatantly unconstitutional act into law should be collectively condemned and charged for high treason to the Constitution and the people of the United States of America. Careful perusal of the USAPA reveals that it defiantly and maliciously tramples on: The First Amendment - the people's right to exercise freedom of religion, speech and peaceful assembly "to petition the Government for a redress of grievances" The Fourth Amendment - the right "to be secure in their persons, houses, papers and effects, against unreasonable searches and seizures" whereby warrants - only to be issued upon "probable cause" - must be specific as to place to be searched and persons or things to be seized The Fifth, Sixth and Fourteenth amendments - which outline the right to due process - a trial by one's peers, to face one's accuser as well as view the evidence against oneself, and to have an attorney The Eighth Amendment - which safeguards the people against excessive bale and fines, or cruel and unusual punishment Under sections 411 and 802 in the USAPA, a terrorist is loosely defined as anyone being "a representative of a foreign terrorist organization, as designated by the Secretary of State," and domestically, anyone engaging in "activities that - involve acts dangerous to human life that are a violation of the criminal laws of the United States or of any state; APPEAR to be intended to intimidate or coerce a civilian population; TO INFLUENCE THE POLICY OF A GOVERNMENT BY INTIMIDATION OR COERCION..." [capitals mine] The inclusion of the word "appear" leaves interpretation of the law wide open to subjectivity and personal whim, as anyone can rightfully claim something "appears" to be intended for a particular purpose. Note also that our first amendment right to gather in protest against what we may see as unjust government policies could easily fall under the concept of "influencing" government policy by "intimidation or coercion." Anyone participating in activist groups such as Greenpeace, Earth Liberation Front, People for the Ethical Treatment of Animals, or in protests like the 1999 demonstration in Seattle against the WTO could find himself suddenly stripped of his rights by the simple act of being declared a "terrorist" in keeping with the definition of this law. Under section 803 of this Act, even the simple act of giving food or shelter to a friend who may have been involved in any of the aforementioned activities could, in turn, have you incriminated and branded as a "terrorist" as well. The USA Patriot Act absolutely shreds to bits the fourth amendment. Section 213 permits so-called "sneak and peek" searches. Translated, that means the government has the right to go into your home while you are away, copy your hard drive, files, or whatever, gather and take any information or items they please without ever serving you notice since "the execution of a warrant may have adverse effect." They can then delay serving you notice for up to 90 days after the fact. These newfangled warrants can now be issued for a flimsy "reasonable cause," further undermining the much more difficult to achieve "probable cause" stipulation of the fourth amendment. Sections 216, 217 and 218 allow for unrestricted wiretapping, the tracing and spying on email messages and internet activities of anyone anywhere in the USA without the need to obtain a court order as long as "the information likely to be obtained... is relevant to an ongoing criminal investigation." How nebulous can that get? A lawyer of any worth would be able to argue the "relevance" of anything to an unspecified "ongoing criminal investigation." Kiss your protection from "unreasonable searches" good-bye and say hello to Big Brother USA. If you think this law applies only to foreign nationals, think again. José Padilla, although by no means a model U.S.-born citizen, had his civil rights stripped from him this past May just by Ashcroft's uttering the magic words, "enemy combatant" and "suspected terrorist." To this day, no solid evidence has been produced to substantiate Ashcroft's claims - neither bomb parts, nor bomb assembly instructions, nor any plans or maps of intended strike areas. A "suspected terrorist," according to section 112, needs only to be "certified" by the Attorney General on "reasonable grounds" that he "believes" someone to be engaged in terrorist activities. Again, no solid evidence is required, only a belief or suspicion suffices. Section 236A gives the Attorney General unprecedented powers untouchable by any court, whereby he may detain a suspect in increments of up to six months at a time if he believes the suspect's release would threaten national security, or the safety of the community or any person. "At the Attorney General's discretion" [read: personal whims], "NO court shall have jurisdiction to review, by habeas corpus, petition, or otherwise, any such action or decision." [capitals mine] In other words, the Attorney General's word is sacrosanct! To give one man such grave and all-encompassing power over the fate of any other individual is akin to what happens in fascist police states, not in a free and openly democratic society. Whatever happened to one's right to face one's accuser, to have a fair trial by one's peers, to be allowed to view the evidence against oneself, or to have an attorney? Is it not cruel and unusual punishment to be denied your civil rights, to be considered guilty until you can "prove yourself innocent" - which is, in fact, very difficult to do - to be held in prison on "secret evidence" for months or years on end with no access to a lawyer and no chance of defending yourself against false and unfounded accusations? I heard President Bush on the news a few weeks ago boasting that the U.S. has so far "captured and detained over 2,400 suspected terrorists." Yet, by most accounts, most people being detained were initially brought in on minor violations (which in a saner world would not have resulted in incarceration), and have not had any terrorist-related charges brought against them. To this day, it is my understanding that fewer than a dozen have actually been connected to any terrorist activity. Is that what a democracy does: imprison whole groups of people to catch the fewer than 1 percent who are actually committing criminal acts? The USA PATRIOT Act also includes under the "crimes of terrorism" umbrella the destruction of property even if no one is hurt (section 808), telemarketing fraud (section 1011), as well as any kind of computer hacking (section 217). Under the rubric of "guilt by association," this act also permits the denial of entry to and even the imprisonment of "the spouse or child of an inadmissible alien" who's been "designated" as a terrorist within the past five years (section 211). The FBI can now legitimately demand access to anyone's business, medical, student, bank, library or any other personal records in order "to protect against ... clandestine intelligence activities." (Sec. 501) The Associated Press reported on June 25 that the FBI has been reviewing the library records of several hundred individuals in libraries across the nation using a quick and largely secret process which is now legal under the PATRIOT Act. Judith Krug, the American Library Association's director for intellectual freedom, in a straight-forward statement is quoted as saying, "... these records and information can be had with so little reason or explanation. It's super secret, and anyone who wants to talk about what the FBI did at their library faces prosecution. That has nothing to do with patriotism." It seems we must now extend Ashcroft's warning about watching what we say in public to include what we may read as well. It is really not such a large leap to imagine our hyperparanoid government beginning to imprison people suspected of "aiding and abetting the enemy" based upon their "unpatriotic" ideologies and choice of reading material. The USA PATRIOT Act creates and allows for a virtual police state with little to no judicial oversight. We, as a nation, are literally treading the razor's edge when it comes to flirting with the grave dangers inherent in giving up our rights for the empty promises of "safety" and "national security" masquerading under the guise of a "patriotic" PATRIOT Act. Once we fall off that edge, reclaiming and reinstating our rights, authority and power as "WE THE PEOPLE" of this great nation might prove very difficult. The next obvious question is: just what can the average person do? Across this nation, wise and enlightened individuals have been forming groups to fight the injustices that the PATRIOT Act imposes on us. Resolutions have been passed unanimously by city councils in Amherst, Leverett, Northampton, Ann Arbor, Berkeley, Denver, and Cambridge. Other cities and towns are in the process of preparing their own resolutions and gathering signatures on petitions to protect our civil liberties against the offenses of this Act. The Northampton Bill of Rights Defense Committee's website, (www.gjf.org/NBORDC), offers a wide range of organizing tools, links, and information about similar campaigns around the country to help you get started in your own community. A rally in Boston this past June 22 kicked off a movement in Massachusetts to gather 100,000 signatures to petition our Mass. congressional delegates to introduce a bill that would call for the repeal or amendment of those sections of the PATRIOT Act that stand in clear violation of our constitutional rights. For more information or to get involved, you may contact the ACLU of Massachusetts at 617-482-3170 x 314. At this critical juncture, to sit back and naïvely trust our government officials to protect anything other than maintaining their own uncontested, ill-gotten power is to risk losing the very liberties, rights, and freedoms our founding fathers fought so hard to procure for each and every one of us. If we don't stand up for our rights, then who will? If we don't demand the extension of these same rights to all people within our borders, then we are nothing but accomplices in the hypocritical, haphazard, and biased application of our nation's core principles of democracy and equal rights. In closing admonition, I have taken the liberty of adding a few lines to an excerpt taken from a sermon given in various times and places by Martin Niemoller, 1892-1984, a Protestant pastor in Nazi Germany: They came for the "suspected" terrorists, and I didn't object -For I wasn't a "suspected" terrorist;They came for those of Middle Eastern descent, and I didn't object -For I wasn't of Middle Eastern descent;They came for the unpatriotic, and I didn't object -For I was not unpatriotic;They came for the dissenters and activists, and I didn't object -For I wasn't a dissenter or an activist;"They came for the Communists, and I didn't object -For I wasn't a Communist;They came for the Socialists, and I didn't object -For I wasn't a Socialist;They came for the labor leaders, and I didn't object -For I wasn't a labor leader;They came for the Jews, and I didn't object -For I wasn't a Jew;Then they came for me -And there was no one left to object." Addendum: For those who may be interested, the final official version of the USA PATRIOT Act can be found at the following site: http://216.110.42.179/docs/usa.act.final.102401.html [Doreen Miller lived, studied, worked and traveled abroad for several years, and is currently a Senior Lecturer and educator of international students. She dedicates part of her time to serving the elderly and Alzheimer patients. Mother, musician and poet, she pursues an avid interest in Buddhist and Eastern philosophy. She advocates human rights, social justice, fair trade, and environmental protection. Doreen lives in the United States.] Doreen Miller encourages your comments: dmiller@YellowTimes.org YellowTimes.org encourages its material to be reproduced, reprinted, or broadcast provided that any such reproduction must identify the original source, http://www.YellowTimes.org. Internet web links to http://www.YellowTimes.org are appreciated. Would you like to receive select YellowTimes.org articles via e-mail? If so, you will receive an e-mail every two days from YellowTimes.org with the latest articles published on the YellowTimes.org website. Sign up below! barnaclebob (07/05/02; 20:26:15MT - usagold.com msg#: 79956) ''High treason in the U.S. government'' http://www.yellowtimes.org/article.php?sid=444&mode=thread&order=0 They came for the "suspected" terrorists, and I didn't object -For I wasn't a "suspected" terrorist;They came for those of Middle Eastern descent, and I didn't object -For I wasn't of Middle Eastern descent;They came for the unpatriotic, and I didn't object -For I was not unpatriotic;They came for the dissenters and activists, and I didn't object -For I wasn't a dissenter or an activist;"They came for the Communists, and I didn't object -For I wasn't a Communist;They came for the Socialists, and I didn't object -For I wasn't a Socialist;They came for the labor leaders, and I didn't object -For I wasn't a labor leader;They came for the Jews, and I didn't object -For I wasn't a Jew;Then they came for me -And there was no one left to object." Mr Gresham (07/05/02; 19:25:09MT - usagold.com msg#: 79955) USAGOLD: Coin premium? Michael -- are there signs of a shortage beginning? I haven't watched coin premiums very seriously, and you're there everyday... Mr Gresham (07/05/02; 19:17:06MT - usagold.com msg#: 79954) Mannfm11 sighting http://216.46.231.211/boards/user/non-frames/message.asp?forumid=4&messageid=131015&threadid=131015 Always a good read...who's the other fan here -- OldYeller?Off to get a coffee, and savor words of wisdom. Doug Noland should be along soon, too... sector (07/05/02; 19:16:42MT - usagold.com msg#: 79953) David Tice and His Latest Essay...A Classic http://www.newsmax.com/archives/articles/2002/7/3/184149.shtml [...]The upshot has been an unprecedented explosion of non-productive debt, along with an underlying maladjusted economy with little capacity for generating sufficient cash flows when these speculative flows inevitably reverse. Like Argentina, we see in the U.S. all the necessary ingredients for an inevitable run against U.S. financial claims. Again paralleling Argentina, debt growth has greatly surpassed GDP growth, while consumption and not true economic investment has been driving economic "output."[…]The Treasury's monthly report of "Foreign Purchases and Sales of U.S. Long-Term Securities" shows net monthly inflows into U.S. securities averaged $53.6 billion during the fourth quarter and $42 billion for all of 2001. For the first two months of 2002, net flows have ebbed markedly to $14.6 billion. After being net monthly buyers of $12.7 billion in Treasuries during the fourth quarter, foreigners have turned sellers to the tune of $8.5 billion. During 2001, foreign-sourced purchases accounted for a monthly average of $13.8 billion of agency bonds and $19.7 billion of U.S. corporates.[…]As the legendary credit authority Henry Kaufman warned: "The integrity of credit is being chipped away by a financial revolution that is helping to lower credit standards and muting the responsibilities of both debtors and creditors.[…]Derivative players that were selling default protection for pennies on the dollar (believing their derivative book was diversified, that only a fraction of industry debt would eventually default, and that recoveries from these limited number of bankruptcies would be significant) are now faced with a much different equation: a general industry collapse and the possibility of upwards of a dollar of loss on a dollar of insurance written (as opposed to pennies!). Credit loss models can be thrown out the window as potential losses quickly grow exponentially.[…]The ongoing collapse of the telecom/technology bubble will result in unprecedented credit losses. The Fed has responded aggressively to the bursting tech bubble by accommodating a much larger bubble.[…]We are witnessing a dysfunctional system having set course for a serious financial accident. The U.S. bubble economy requires continuing credit excess to sustain boom-time demand and to maintain inflated asset prices.+++++++++++++++++++++++++++++++++++++Here is the foundation of the coming gold bull market. There can be no escape for the foolish Fed…no out for the trapped Treasury...nor the impotent IMF.Each time one feels a pang of doubt, let him or her return to this essay and reread it over and over again. Paper Avalanche (07/05/02; 17:34:20MT - usagold.com msg#: 79952) I found a link on google - Bill Porter http://www.tnt.tv/Title/View4/0,5878,341694%7C3133%7C3195~,00.htmlWe are but hobbits following in the footsteps of giants on this forum. I am proud to acknowledge Bill Porter as a hobbit who has set a tremendous example for each and every one of us as to how we should set goals in our lives and never, ever retreat from doing what it takes to accomplish those goals despite what obstacles befall us before or after we embark on the journey to excellence.My thanks to the forum for your indulgence in allowing me to post this.PA Paper Avalanche (07/05/02; 17:25:36MT - usagold.com msg#: 79951) Off topic - a tribute to a truly inspirational man I was cooking some stir fry dinner when I heard the name Bill Porter as part of a promo for an upcoming movie to air on one of Ted Turner's stations (can't remember if TBS or TNT). In any event, for anyone who has not heard the Bill Porter story, he is one of the truly most inspirational men to have ever lived. If you are in sales, especially, as am I, you will appreciate the Bill Porter story. I was fortunate enough to have been taping a 20/20 story about five years ago when Hugh Downs and Barbara Walters were running the show. It was on that episode of 20/20 that they interviewed Bill Porter, a man who, despite a number of physical conditions that would otherwise encourage others to give up early in life, chose a profession, sales, where he had to overcome his physical impairments to walk from door to door to sell household goods. The Bill Porter story has inspired me the way no other story, or recount of the life of any other person alive today, has. About once a year, when I am ready to call it quits in sales (it is a grind), I put in the VCR tape of the Bill Porter story from that 20/20 episode and it does something to both make me appreciate the few talents that I do have as well as feel like a complete heel for complaining about my job.I am not a sales man by nature, yet I am relatively successful in sales. This is not a result of any particular talent that I possess. The fact is that I possess few if any talents that make a sales person successful. Rather, I draw my energy to continue to pursue sales from the stories and admonitions of a few men who have lived before me or continue to be alive today. Among them I include:Bill Porter - that I may never take for granted those few talents that I have, and to never let my lack of particular talents deter me from striving to succeed.Rush Limbaugh - that I may always strive to achieve a level of excellence as can only be measured by goals that I have set for myselfThomas Jefferson - to always recognize that eternal vigilence is the price of libertyMy dad - to always realize that nothing too good or too bad lasts too long and to treat every man with respect and dignityTo that end, I strongly encourage anyone who has ever faced any degree of adversity in their lives, whether in a sales position or not, to watch the Bill Porter story which is scheduled to air Sunday, July 14th at 8:00 pm EST on one of Ted's stations.Have a terrific weekend.Paper Avalanche Gandalf the White (07/05/02; 15:36:55MT - usagold.com msg#: 79950) WELCOME Sir Huascar !! Huascar (07/05/02; 13:51:27MT - usagold.com msg#: 79940)The spring is getting coiledOK, first post.===Looks as if you and the Hobbits are reading the same Crystal Ball ! They love to compare notes with people like you. Don't be a stranger to the FORUM now that you are here.---BTW that reminds me !! -- WHERE are you "The Stranger" ? LOST again ?<;-) TownCrier (07/05/02; 15:12:16MT - usagold.com msg#: 79949) Fed Stats -- money supply grows http://biz.yahoo.com/rf/020705/economy_fed_moneysupply_table_1.html You can call these numbers "money" but you sure can't call it "wealth".R. USAGOLD / Centennial Precious Metals, Inc. (07/05/02; 14:52:24MT - usagold.com msg#: 79948) In bookstores for $14.95 (plus tax). Get it here for ONLY $5.95 ($3 postage)! http://www.usagold.com/cpm/abcs.html
"Without waxing philosophical, a few words are helpful concerning the mind-set with which you pursue your interest in gold ownership. Some enter the gold market to make a profit, others to hedge disaster, some to accomplish both. No matter into which category you fit, make sure you understand why you are going into the gold market. Convey that understanding to the individual with whom you are structuring your gold portfolio. The whys have quite a bit to do with what you end up owning.
"Frequently investors will say that any kind of gold will do because after all gold is gold, isn't it? This type of attitude has helped a great many coin shop owners unload unwanted inventory they hadn't been able to get rid of for years. This is probably a good deal for the coin dealer, but it could spell disaster for you. In the same vein, I have talked to hundreds, probably thousands, of investors in nearly a quarter century in the business. Quite often, potential investors have no more reason for buying gold than 'everybody else is doing it.'
"In Chapter 16 on portfolio planning, you will find some details on this important subject. For now, consider the inscription over the entrance to the temple of the ancient Delphic Oracle: 'Know Thyself.' Study. Read. Learn what's going on around you. Call a few gold firms and ask questions. There's nothing like conversation to stimulate thinking. Take time to lay a little groundwork. Then make your move. The political and economic situation being what it is, there is no better time to start than now. Know thyself -- your goals and needs -- and you will be a more confident, happier gold investor." (more)
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