Assets doing what they are supposed to do sounds fine by me, so I'm not following.
I need an example here so I can understand and then reply.That is the beauty of our system. You can be as predatory as you want, and still have the plausible deniability of just being an idiot and there is nothing that the suckers can do after you have their money. Sure they can sue you, but tort reforms have made that... difficult.
What I like about our system is that anybody can amass wealth irrespective of race, color or creed. I've experience it in my own life.
"anybody can amass wealth irrespective of race, color or creed"
what bull . American social and financial upward mobility has decreased, very probably are still decreasing, in the the last 35-40 years. you could look it up.
born poor, die poor, born rich, die rich.
And it's 1% Ckass Warfare policy, not an Act of God, or natural law, and esp not "natural" in the self-glorified "land of opportunity" America.
Last edited by boutons_deux; 05-27-2013 at 02:43 PM.
I agree. The only people who should make economic predictions are those who are not in the financial industry.
Conflict of interest? Sounds like Al Gore to me.
if he believed in hyperinflation, he wouldn't be operating that type of business.
You are confusing conflict of interest with hypocrisy.
Anybody can if they get lucky, I suppose. The great lottery.
What would you like an example of?
Tort reform?
Non-economic punative damages are highly limited, which makes suing someone who gives truly negligent investment advice that loses someone $5,000 or so out of $10,000 invested virtually impossible.
$5,000 might not be much for any one person, but when you can take your % off the top, regardless of those losses, and do so from enough people, you can make true money.
In civil cases you only have to tip it over a 51% threshold, so that makes it easier, but such cases are nototriously hard to win, simply because juries can get easily bogged down by a good defense attorney who will bury them in complex minutae.
There are also business groups who are looking to even further limit the ability of people to pool into classes for class action lawsuits.
There is a large amount of money and influence cutting away at the ability of people to sue for various redress for torts, such as really bad investment advice.
As long as I can cling to a shred of "well, the portfolio should operate as advertised" then even if I know it is stupid... i'm scott free.
Assets that are structured to do well in a hyperinflationary environment will perform poorly in low inflation or negative inflation environments.
If the vast majority of economic indicators indicate that our economy will be in a low inflation environment in the future, then you have assets that will do nothing, and will actively lose money.
This may be fine as a hedge, but if you push it as the only way to shield your assets, as Mr. Schiff does by playing up the fear part in his marketing, then you get people going "all in", which is generally bad advice.
I didn't hit the lottery and know plenty of people like me who started with nothing and have a little something saved. Does it mean I'm Obama wealthy, no, but I'm able to spend lots of time with family and still pay the bills. Anyone, and I mean anyone, can do the same.
"Anyone, and I mean anyone, can do the same."
anyone on minimum wage and/or part time?
Are you agreeing with me for everyone else?
probably more dollars floating around overseas than here in the US tbh...anyone got the statistics on foreign exchange holdings worldwide? whottt happens if the world dumps the dollar due to irresponsible printing and imports go sky high? we import ing everything tbh.
There's around $30 trillion worldwide.
"irresponsible printing"
The US government willingly gives control of the money supply away to a private bank tbh. I'm not the only one who thinks their fiscal irresponsibility could lead to loss of world reserve currency status:There's around $30 trillion worldwide.
http://www.cnbc.com/id/100461159
It is possible, but given what we know about the stickiness of poverty in the US it is highly unlikely that he people who will get lucky will come from a poor family.
We have eroded social safety nets to a steady drum beat of right-wing craziness, and that costs a lot of lost human capital.
1) Comparing the post ww2 period, where the US was the only country that really had an undamaged economy, to now, is dumb.Bove uses several metrics to make his point, focusing on the dollar as a percentage of total world money supply.That total has plunged from nearly 90 percent in 1952 to closer to 15 percent now. He also notes that the Chinese yuan, the yen and the euro each have a greater share of that total.
2) The Euro-zone's doddering response to the ongoing crisis includes the potential for it to break up.
3) China actively manipulates its currency to suit its own needs
4) It is natural and inevitable, mostly for reasons far outside control of the Fed.
The only real other options mentioned by the guy are not really options to any sane business, i.e. the Euro and the Renmenbi for basing transactions on.
The dollar will continue its decline as the rest of the world continues to grow its economy. The US will represent a shrinking share of global GDP, not because of anything we are or are not doing, but simply because the rest of the world was so crushingly poor in 1952, and has a LOT of room to industrialize with all the rapid growth in efficiency and living standards that entails.
If we grow our economy at a reasonble 3% per year, while the rest of the non-European world is growing at 5% or so, that is simply reality.
Too many people seem to freak out at this loss of American exceptionalism. It was temporary. Get over it, and deal with the world as it is, not as you think it should be.
Last edited by RandomGuy; 06-06-2013 at 08:58 AM. Reason: being precise and careful in wording
That CNBC article reads like my posts from years back. Losing currency hegemony is never good. The world has needed oil and dollars for a long time; we've...um...been running that game. Playing by the same rules as everyone else will be a shock. Imagine European level gas prices in the US suburbs/exurbs. This will happen. Adjustments won't be made overnight. Add in the en lements plus debt over the next generation or so. How many 10s of trillions? With higher interst rates. The Gov. will essentially print money through the Fed; there's no other way if the world doesn't favor the dollar.
guess we could become the world's largest oil producer in a decade or so.
Rick Santorum... So you use your trolls to back you up when you come under scrutiny for your nonsense. Pretty pathetic. You are on here alot for a new guy "working" allegedly.You're confusing median household income with median individual income.
Where we disagree is that it takes luck to get out of poverty. I was born in poverty and grew-up in poverty. It's not a crap shoot to make your way out of poverty. My parents both have 10th grade educations. Are there people who have been mentally and physically abused who have the odds totally stacked against them, absolutely, but I'm not talking about them. There are a lot of smart people living in poverty who just need a little direction, hope and patience.
Granted your view of poor people may be a lot different than mine, but I don't see poor people as any less able than anyone else.
The idea isn't new. Just because it is older doesn't make it any more valid than it was then.
The world will diversify its currency base, as it should. We will have to deal with that, but until someone steps up with a serious replacement currency... we're it. It won't be because of some supers ious handwaving about debt and the Fed, it will simply be a natural unwinding as the rest of the world, thankfully, catches up to us.
Neither do I. I do think you can be really ground up and fall through the cracks if you are poor in this country, and that is a very hard thing to overcome.
I think poor people work their asses off, and are a bit more together than many think, but our system simply doesn't allow for the kinds of support that allow people to dig out of poverty.
http://en.wikipedia.org/wiki/Socio-e..._United_States
For whatever reason the myth that if you are poor in America you have a better chance of not being poor because of some magic system we have is generally belied by the actual data on the subject.
http://en.wikipedia.org/wiki/Socio-e..._United_States
Our current weak safety net, pushed by the right-wing in this country keeps people poor, by trapping them in cycles where they cannot ac ulate capital, and have to rely on labor to better themselves.Some studies have found that not only is the degree of social mobility in the US not large but it has either remained unchanged or decreased since the 1970s.[11][20][21][22] Other research shows that economic mobility in the U.S. increased from 1950 to 1980 but has declined sharply since 1980.[23]
The centrist Brookings Ins ution said in March 2013 that income inequality was increasing and becoming permanent, sharply reducing social mobility.[9]
We need more wealth transfers. Free daycare would be an excellent start, IMO.
On the other hand, we need to invest in smaller businesses, and root through the regulatory framework to trim stupidity.
Complex problem with complex solutions, both from the left and the right.
hyperfinflation, the national debt, bloated govt boogie mens gonna get us all!
http://1.bp.blogspot.com/-XyDwnkCqWH...nApril2013.jpg
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