(2:00PM EST – promoted by Nightprowlkitty)
To most people, it’s a recession, or even a depression.
To those with money, it’s a “buying opportunity”.
For those who are financing the ridiculous debt this country is burying itself into, it might be a good time to cash out.
And by cashing out, I mean cashing out, as in getting out of cash and going for the hard stuff: gold, and land. And where better to buy the land, than in the country whose dollar is about to be utterly devalued, the good old United States of America.
What a buying opportunity!
Chinese official urges buying of gold, U.S. land: report
Li Lianzhong, who is head of economics at the party’s policy research office, said the U.S. dollar is poised for a fall, making gold and land better investments for China’s $1.95 trillion in foreign exchange reserves, the report said.
If the dollar does crash, as so many economists expect, things are gonna get really expensive. For us. And cheap as hell for everybody else. People will be selling everything they have to raise worthless cash to try to stay literally alive, and those with the gold will be taking full advantage of it.
(Has anyone else noticed all the “for sale” signs on cars in their areas? It seems like everybody around me, in my neighborhood, is trying to sell their car. Heck, if I had money, it might be a good buying opportunity! Of course, I’m one of those who doesn’t. Hm, maybe I should sell my car!)
Many economists are warning of an imminent collapse of the dollar, and the bankruptcy of America itself.
One, like Martin Hennecke, is saying the United States is going to have to shut down all its foreign military bases, among other things, to merely survive. There was a great Youtube video of him saying this, but it’s been pulled. I can’t find it anywhere now. How odd …!
Of all the military spending in the world, the United States spends half. Half, of the entire world’s combined military spending.
Obama is just another M.I.C.C. (Military Industrial Congressional Complex, as Eisenhower originally warned us about) overlord, and he’s no help.
Who will stop the insanity of American military spending?
Well, nobody. America is going to have to go broke.
Which means it’s going to get much worse before it gets better.
If you’re broke, like me, well, you’re probably just screwed. If you’ve got any money, I highly recommend doing what this Chinese paper suggests. And buying all the gold and silver you can, and land.
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and so was Obama.
and all I got was corporatism with a velvet glove.
We’ve even discussed buying a place for a commune in Idaho or Montana. Any one want in?
…(or at least “Aunt Granny” to many, I’d have to dispense my usual wisdom –
In order to lose money, you’ve got to have money.
I don’t, so the ultimate failure of the Amerikan economy is just a sideshow. Do have my 13 acres of southern Appalachian forest, humble cabin, garden, orchard and vineyard, all bordering about a million acres of National Forest. Abundant all the time, not so bad in winter. Humble cabin, spring water, wood heat, no neighbors. This is year 10 on a 15-year owner-financed straight (as in not compounded) 8% interest. I can grow and/or gather enough to live. Built a solar dryer, so will have food through winter. Hell, I even grew a terrace of winter wheat this year, just to see if I could.
China can have my land when they can pry it out of my cold, dead hands, but then they’ll have to fight grandson, who is not someone they want to mess with!
China is holding a mountain of US debt. If the dollar is set to crash and burn, it only makes sense for China to acquire some hard assets to hedge against getting stuck with trillions in worthless debt. Besides, this is not much different from the economic imperialism practiced for centuries by the United States and Western Europe.
The US is going to need to cut spending (may I suggest military spending) and probably raise taxes (more accurately reverse the Bush tax cut) to pay off our massive debt.