Buffet says he knows how to end the deficit in 5 minutes.

[The King]

I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.

To bad the voters won't be given the option to voice their opinions on this idea.

[Denny]

Equities will go up during earnings season, this reporting period that just started included. Which makes sense, corporate profits are just fine and the market is well below where it should be historically for that level of earnings.

People are coming to the dollar because there is nothing else. I have been saying it all along. Even if the Fed does a QE3 the dollar will be fine, it won't be worth shit compared to other currencies but why do I care when everything I have is only priced in dollars? Also when every company I own can raise prices to adjust for inflation and passes those earnings on to me? I don't care. In fact I want a weak dollar right now so it makes sense to bring manufacturing back home.

But it's not that easy when there is so much US Dollar outside of the US, being used against our economy. I think that the strength of the dollar's index is more on a failing Euro, rather than a building trust in the dollar itself.

There isn't any way the Dollar or Euro will last too much longer because nothing is really backing either except people's trust in them (which is just about gone).

I honestly think that all this smoke and mirrors hogwash that DC is putting on right now is nothing more than delaying the Dollar's demise in hopes that it outlasts the Euro for just a few more weeks until it finally goes. With both about to go to crap, our politicians are just trying to make sure it is the Euro first, which will spike our dollar's value temporarily and they can make their moves before it goes bust.

See, I told you I'm not crazy. I'm just clairvoyant.

[Broncojohnny]

But it's not that easy when there is so much US Dollar outside of the US, being used against our economy. I think that the strength of the dollar's index is more on a failing Euro, rather than a building trust in the dollar itself.

There isn't any way the Dollar or Euro will last too much longer because nothing is really backing either except people's trust in them (which is just about gone).

I honestly think that all this smoke and mirrors hogwash that DC is putting on right now is nothing more than delaying the Dollar's demise in hopes that it outlasts the Euro for just a few more weeks until it finally goes. With both about to go to crap, our politicians are just trying to make sure it is the Euro first, which will spike our dollar's value temporarily and they can make their moves before it goes bust.

See, I told you I'm not crazy. I'm just clairvoyant.

Are you saying that you think the dollar and Euro are going away in a matter of weeks?

All currencies are based on trust. Even those backed with gold/silver. You have to trust that the government actually has the gold/silver on hand.

[Denny]

Are you saying that you think the dollar and Euro are going away in a matter of weeks?

All currencies are based on trust. Even those backed with gold/silver. You have to trust that the government actually has the gold/silver on hand.

I'm saying that the domino effect of all of these currencies will be going through a massive revaluation will be starting in a few weeks. I am not saying these will be worth zero, but rather a different value... considerably less, for sure.

You are correct on the second part. That is why I'll be out of currencies until the dust settles on this. I will need USD to make transactions in the meantime, but liquidity is never an issue for me.

[Broncojohnny]

I'm saying that the domino effect of all of these currencies will be going through a massive revaluation will be starting in a few weeks. I am not saying these will be worth zero, but rather a different value... considerably less, for sure.

You are correct on the second part. That is why I'll be out of currencies until the dust settles on this. I will need USD to make transactions in the meantime, but liquidity is never an issue for me.

In what scenario would all currencies lose value at the same time?

[Denny]

In what scenario would all currencies lose value at the same time?

They all have been losing value at the same time. Purchasing power has dwindled over the years in every currency. It is just disguised with these currency indexes because they're just rated against each other.

Sure the dollar index goes up .50 points one day, but was it the dollar strengthening or just not losing as much purchasing power as other currencies. That whole "up/down" index is just a farse vs. everything going down.

Now, as far as a scenario where all currencies dramatically lose value over a short period of time is when the Euro or Dollar have a massive slump, causing speculation to rear its ugly head and getting the masses to have a total lack of confidence in one of them. Doing so will move everyone to one or the other, then the media will be used to show that they're both equally worthless in an attempt to gain some to return to the other. At this point, all fiat will be exposed for what it really is... nothing.

Most poeple of the world really don't know what backs currency. If they did, it wouldn't be as influential as it is today.

I've moved into a hard asset that is least likely to become worthless and the toughest to confiscate. Many are moving it into land, but at that point, I think government might be desperate enough to try anything. PMs are easier to stash than land.

You can't duplicate it. It's rare and recognized worldwide with a proven track record. It takes a lot of effort to mine and mint. It might not be perfect or a guarantee, but in these troubling times, it brings me the best peace of mind while preserving my wealth. If my wealth increases along the way, so be it.

[SMEGMA STENCH]

What makes it difficult to confiscate? Just the fact that you can hide it somewhere and deny that you have it?

[stevo]

What makes it difficult to confiscate? Just the fact that you can hide it somewhere and deny that you have it?

Probably. There is little proof of ownership in precious metals.

Stevo

[Denny]

Exactly.

[Forever_frost]

What makes it difficult to confiscate? Just the fact that you can hide it somewhere and deny that you have it?

Government has already proven that they can and will confiscate PM

[Denny]

Government has already proven that they can and will confiscate PM

Less than 1% of US citizens hold PM bullion and not many are in significant amounts as individual investors. It would be too much effort for too little gain.

I'll say nope!

[Forever_frost]

Less than 1% of US citizens hold PM bullion and not many are in significant amounts as individual investors. It would be too much effort for too little gain.

I'll say nope!

But those that do, are traceable usually and sending the IRS out to your house to confiscate "government funds" isn't too much effort. Look at how little you can owe to get IRS agents at your house to arrest you and seize your assets.

[Denny]

But those that do, are traceable usually and sending the IRS out to your house to confiscate "government funds" isn't too much effort. Look at how little you can owe to get IRS agents at your house to arrest you and seize your assets.

It's quite the opposite. It is extremely untraceable since it isn't even taxable.

[Hobie]

Al P, can a nga get a PM whenever the fuck I'm supposed to convert all my holdings to gold, the euro, the pound, gold doubloons, NASCAR commemorative plates, or whateverthefuck??

[Broncojohnny]

Al P, can a nga get a PM whenever the fuck I'm supposed to convert all my holdings to gold, the euro, the pound, gold doubloons, NASCAR commemorative plates, or whateverthefuck??

No need for a PM. My response is:

"Never"