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Peter Schiff definitely knows his stuff. He was one of the few that publicly warned of the housing collapse well before it happened, while being ridiculed for his views by the "experts".Among other things, politics is a game of kick the can. I don't think most people realize the inevitability of where we are headed, or how world events that this nation doesn't fully control can change things very quickly.That's what the Middle East is about. Not just oil, but maintaining the dollar as the world's reserve currency, and keeping oil priced in dollars. If that changes, collapse will happen much quicker. Forget the debt ceiling. What if they had a Treasury auction, and there were few buyers? The entire debt would have to be monetized by the FED.
The entire debt would have to be monetized by the FEDMaking copper pennies worth more than the dollar?
Maybe that's why they made it illegal a few years ago to melt them down. LOL
I think the older, mostly copper ones have a melt value of about a nickel already....If they had to monetize everything............I think I'll have a drink... while I can still afford one
The financial problems in the US are very deep; much deeper than most are willing to admit- even to themselves.The issue is how to get out of the very deep hole.A weak dollar is bad for consumers, but it is good for exports. The problem is that the US has become so heavy in the service industries and is having a very difficult time competing in manufacturing.IMHO, on a macro-level, it is vital to see what is happening in the strong, emerging markets and to look to supplying them with what they need.This is exactly what Israel did when the Western markets began drying up.What do we offer? Technologies that they need, including software, communications, and other- especially clean tech.; water purification/recycling, agricultural technologies, and so on.What are the US's core competencies and how can they be leveraged vis-a-vis China, India, Brazil, Russia, and the others? THIS is what policy-makers need to concentrate on.Cutting debt is crucial- but with the present composition of Congress, is tough. To be done right, it will hurt, and IMHO, needs to take into account ALL socio-economic sectors and their needs. It must foster productivity and production, but also can't destroy the economically vulnerable. A balance needs to be struck between personal responsibility AND societal responsibility.If this post pisses off everyone, then I know I'm on the right track.
Yishai - Most people here are already pretty pissed off at all levels. The green energy sector is being fostered, some flirting with reopening mining, closed when precious metals from China were cheaper, the metals needed in computers. These innovations take time and it s painful now. We are out-of-balance on many levels.
If you can't afford a non-fat, low sodium twinkie...don't buy the damn twinkie.
Capt; is that anything like if you can't afford gas, go buy a fifty grand hybred?
Inflation is HERE! But wait food and energy don't count. Watch those interest rates this summer. Ben will be sweating bullets.
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