A mate sent me this cheery and entertaining piece posted on a "nutbar level 6" forum. Enjoy! http://bit.ly/10BuSs5
Thanks for the post. Looking at selling some silver and gold to buy into a company. Might just offer him to hold some of my stash for a while. Or show him a map to where some is. He can take the leap of faith.....
I am pessimistic enough to believe almost anything. I agree that end 2013 should see it clear to all that things are in crisis. Whether we have a SHTF Day I am not qualified to say, but we are NOT going to get out of this painlessly. Probably vastly the opposite. Not sure about the NWO, or the conspiracy theories, but deliberately generated hyperinflation is to me, certain. I agree about the steps we should take, get rid of debt, stock up on basic foods, get your physical G & S safe and sound. Service the car, repair the house, buy the clothes, get your teeth done, get the bills up to date and in advance. Do not worry about the Mastercard balance. The banks will be too busy to do more than send you letters. None of the above can do you much harm, And that has been my plan. JMO OC
It is wishful thinking that there is a world financial cartel in control of everything and able to do such planning on a massive scale. Also not possible for the entire world to have hyperinflation at the same time - a currency has to hyperinflate in relation to another currency.
Trew, "Also not possible for the entire world to have hyperinflation at the same time - a currency has to hyperinflate in relation to another currency. Not sure this is true. Just about all of the G20 are in the same boat, floating in a sea of red ink, to various degrees, USA and japan etc are in full blown warp-speed money printing mode, and that will eventually inflate the Dollar and Yen. If the top 10 nations all do the same thing, it will all end in the same result. Too much money chasing too few goods and services and NIL confidence in the buying power of currency. IMO the central banks are all working towards the same goal, inflate away the debt and start again with a new currency, which will have to be PM backed, otherwise it will fail. JMO OC
Inflation is relative to goods and services. Everyone has been inflating for decades, everyone can hyperinflate.
What say you bought lots of lush fertile farmland or any type of real estate for that matter before hyperinflation took off and locked into a flat rate and therfore the repayments are set. Hyperinflation does take off and to keep the positive feedback loop going your wage has to skyrocket to the point where you can payback the loans within days or weeks. Would banks have to honor thou contract or would they cry foul if they haven't already become insolvent? Has there been instances in hyperinflation history that people have bought real estate like this?
^ This has been touched on before in this forum, I'm not sure where. It is possible the banks may call in the loan?? It's a reason why I'm watching rates at the moment and trying to get some clues from the bond rates.
It's a good idea if you knew 100% that hyperinflation would be the outcome. This is what banks did just after the Weimar hyperinflation of the 1920s: http://www.usagold.com/germannightmare.html IMO we may not get to hyperinflation. Even if we did banks + gov aren't going to let the little guy pay off their mortgages off with hyper-inflated dollars.
First sign of trouble banks will call in loans. First from businesses sector, then real estate investors, then for home mortgages. Obviously riskier loans will be called in first. Calling in loans is what contributed to the severity of the Great Depression. http://www.personal.psu.edu/dbh5017/art002/a7/Causes.html
CL, Not quite in the same scale as a farm, but we bought our second home in early 1973 during the dark days of the Whitless regime. Nice house and land deal, 18 squares and a full 1/4 acre block out in Bayswater area. $23,000 the lot. Soon after, the politburo gave all the poor starving workers, in particular the bank officers, a 17% wage rise. This of course fed into the costs of all things and inflation took off. One wage rise was soon followed by a kick in the inflation rate, and within a year it was at 18% PA. The weekly mortgage costs were soon a much smaller % of the take home pay (stale crust) that the miserable banks paid its slaves. By the time sanity returned to Australia, and komrade gough had been consigned to the dustbin of history, our mortgage payments weer hardly noticeable. We made regular extra payments off the loan. We made our last payment when I was 44. We have been mortgage and rent free for the last 30 years. Renters will keep paying rent until they die. OC
Shiney, AFAIK, banks will only write a fixed interest home loan for about 3 years, maybe 5. In the old days a bank was happy if you kept your side of the bargain/contract and paid the installments. Thus they cannot/could not evict just because of a fixed interest rate. Maybe the wording on the contract is different now? And in the banks books it would make little difference, the dollars have been lent, the interest is being earned, and payments are being made. The account is satisfactory. OC
OC 5 years is the longest at the moment, and yours and willrocks posts seem to conflict. Im going to ring our bank and ask them
I just rang 2 banks as was told by both that they cant break the contract during the fixed interest rate period. BTW, ANZ has a 10 year fixed!
Yep, know what youre getting at, call centre staff, the second one did check with her super though. Mext stop is to make a face-face with my local bank manager to confirm.
I have to say, given the nature of piece in the OP, it's ironic that the thread evolved into a "let's get more into debt" kumbaya. typical.