Banking for Beginners

The new currency. Just need to get congress to mint them, so it's constitutional, as well as useful.

Edit: the libs would go ballistic, to have a bullet based currency.

 

You mean like this?

 

Naw. That is simple bullion. No, I meant real bullets. They have value now, ( intrinsic value in their use) they will never be worth nothing. And libs would blow a gasket if forced to use bullets as money. They are always in limited supply, and get removed and replaced on a regular basis as is. Hording gold Vs hording bullets, what's the difference? Both have secondary uses, and will always retain at least some of their value.

 

Tomorrow is going to be a bad day for the S&P, Asian markets are down 2.5% to 3%+ as of right now, 8pm. Hold on, it is going to be rough. The VIX is screaming, tomorrow is going to be a good day to be short

 

I forgot all about stock market doom this weekend. I just looked at the early trading & the futures are down -139. You are correct @vonslob it could get rough.

 

China is down 8% this morning, equities are in for a hard ride today

Edit: Silver has fallen below the 15.00 support but I personally do not think it will last. Imo 15.00 is a solid base and today would be a great time to buy. My opinion only

Edit: It is now the close of the market, there is a huge liquidity problem today, trades not filled on a timely basis resulting in the sale of other equities to make up short falls, it is a real mess. Something is wrong with the system that is causing most of this. Not being able to execute a trade will cause a panic for sure and that is one of the reason for the sell off. I repeat there is something wrong with the system.

 

Man I was definitely wrong about the 15.00 support level, as right now silver is hovering around 14.00

 

All that dark money moving around

 

@Ganado you can bet if Brokor posted it as a fact he has ample evidence to back it up. Having known him for some time I can guarantee you that those statements are made from personal research and experience.

@Brokor YOU SLAVE! I miss you too. No internet at the moment. This is the longest period I have gone without internet since I invented it back in the DARPA days. ;-) More later, these computers aren't secure and 'the man' is monitoring.

 

I agree that silver is a good buy right now. Will it go below $14/oz? No idea and haven't seen any prices today. However silver is an industrial metal (meaning it has many uses outside of jewellery) and like gold there is only so much of it to go around. Since China has bought up the copper/silver/gold mines in the US and is shipping it back to China, the supply of pretty much all metals is going to be limited. Gold/silver (Remember post WWI Germany?) will be king. Along with ammo and food.

If you look at the EXPORTS of the USSA, we are a third world country, the top exports are SCRAP metals (steel/iron/copper)/paper (newsprint)/cloth (old clothes), raw wood products (logs and scrap lumber), raw food products (grains like corn, wheat, soybeans), and TV/movies. China has passed a law that if USSA movies want to be (widely) shown there, they have to have part of it filmed there, like the "Iron Man" movie.

Most everything has been invented here (TV, microwave, irons, radio, etc) and then manufactured overseas and imported. There is very little manufacturing here, the steel mills are all closed and there is not one steel mill left that can manufacture the steel needed to build large war ships like aircraft carriers or battle ships. Since we now import that steel from China, and China has stated that war with the US is inevitable, it seems foolish to keep buying from them, except of course they own most of the US and buy nearly all of our debt (as much as the rest of the world combined). Remember they bought GM with US CASH that they were wanted to dump while it was still worth something. They literally asked "How much? You take cash? OK, here are suitcases of US currency, hand over the keys to the front door. Oh yes, can we get Obummer to bail the company out too? Thanks."

Been looking at the "China Zones" set up in most states? Complete cities, workers fly in, get on bus, go to fenced in city, stay there (they never come out, except to go back to China) and do what? Manufacture stuff is what we are told. Manufacture what? Could they be spies? Processing things that even China doesn't want done there? (Look at India where one city is so polluted that even to touch the water can kill you!) No one knows, or is willing to say. China demanded these places to continue to buy US debt and the politicos have rolled over and handed the land to them.

It looks like a bumpy road ahead. Buy silver, gold if you can, food and ammo.

 

@Legion489 links? where are these 'china zones'

 

The Idaho governor has refused to allow them in that state. In Iowa there is one near the Cedar Rapids, IA airport. A google search should find more of them easily, there has been many propaganda paper (I refuse to call them "news", which there is none of in them) articles on them in papers like the USSA Today and others. I figure if I can google something and find it any 10 year old (who has grown up with a computer in one hand and a cell phone glued to one ear) can find it easily. Most that I have heard of seem to be near airports.

 

are they the 'enterprise zones' and I meant no insult to you I was just asking for links if you had them because that's faster. Sometimes people call things different things so links are helpful.

 

Anyone wishing to learn about banking and money needs to read a book titled The Creature From Jekyll Island. It will open your eyes.

 

Yeah they probably are the 'enterprise zones'. No one goes in except workers, no one comes out except to get on a bus that goes straight to the plane and they walk off the bus into the plane.

"The Creature From Jekyll Island"is a great book. Also (I'm trying to get this right) "USA vs US of A" (have to check to make sure). It is pretty heavy reading but if you want to see what is happening and why then it is a real eye opener. Also "World Domination Through World Control" (actual title of the book but not what it is commonly known as, written by the elders in 1888. Sort of like "Mona Lisa" is not what the painting really is, but everyone knows it by that name) which lays it out exactly as it has happened so far. Available on the net for free, just google it.

 

there are a number of those books. I've read them. Not for the faint of heart . After I read them I had to give up complaining as a hobby and figure out what to do.

Globalizing The Future: The Death of Nationalism | Survival Forums

Also
John Perkins, 'Confessions of an Economic Hitman'
James Rickard, 'Currency Wars: The Making of the Next Global Economic Crisis"

'Silent Weapons for Quiet Wars'
'Pirates of Manhattan-Highway to Serfdom'
'The True Story of the Bilderberg Group'

 

Ganado, sorry, I did not mean to seem waspish, but once a site gets to the point of enough Heckling Kommie Users that seem bent on ruining any thread their betters post to, well sometimes I just get feed up trying to educate the willfully stupid and being dragged down to their level. The willfully stupid and trolls always win because they have zero desire to tell the truth or educate, and a total lack of intelligence to draw on, so they always drag you down to their level and win simply by driving away any signs of knowledge and usefulness and call that a victory. Too many of these fools demand that their betters post links, and if their betters don't, they continue to harass and post stupidities until the thread is destroyed, which is also a win for them. Since they don't care a fig if any links are posted or not, it is only to harass their betters and waste the time of their betters that they refuse to bother to look it up for themselves, always considering that these fools have the ability or knowledge to do so themselves of course, which they never show any sign of. So, please forgive me my lack of tact and believe it was nothing personal.

 

China calls for new global currency - ABC News
China is calling for a global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week's London summit on the financial crisis.

The surprise proposal by Beijing's central bank governor reflects unease about its vast holdings of U.S. government bonds and adds to Chinese pressure to overhaul a global financial system dominated by the dollar and Western governments. Both the United States and the European Union brushed off the idea.

The world economic crisis shows the "inherent vulnerabilities and systemic risks in the existing international monetary system," Gov. Zhou Xiaochuan said in an essay released Monday by the bank. He recommended creating a currency made up of a basket of global currencies and controlled by the International Monetary Fund and said it would help "to achieve the objective of safeguarding global economic and financial stability."

Zhou did not mention the dollar by name. But in an unusual step, the essay was published in both Chinese and English, making clear it was meant for a foreign audience.

China has long been uneasy about relying on the dollar for the bulk of its trade and to store foreign reserves. Premier Wen Jiabao publicly appealed to Washington this month to avoid any response to the crisis that might weaken the dollar and the value of Beijing's estimated $1 trillion in Treasuries and other U.S. government debt.

For decades, the dollar has been the world's most widely used currency. Many governments hold a large portion of their reserves in dollars. Crude oil and many commodities are priced in dollars. Business deals around the world are done in dollars.

But the financial crisis has highlighted how America's economic problems — and by extension the dollar — can wreak havoc on nations around the world. China is in a bind. To keep the value of its currency steady — some say undervalued — the Chinese government has to recycle its huge trade surpluses, and the biggest, most liquid option for investing them is U.S. government debt.

To better insulate countries from the ills of one country or one currency, Zhou said the IMF should create a "reserve currency" based on shares in the body held by its 185 member nations, known as special drawing rights, or SDRs.

He said it also should be used for trade, pricing commodities and accounting, not just government finance.

In Washington, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner both rejected China's call for a global alternative to the U.S. dollar's role as the international reserve currency.

And the European Union's top economy official said the dollar's role as the international reserve currency is secure despite China's proposal.

"Everybody agrees also that the present world reserve currency, the dollar, is there and will continue to be there for a long period of time," EU Commissioner Joaquin Almunia said Tuesday after a meeting of the European Commission.

Zhou also called for changing how SDRs are valued. Currently, they are based on the value of four currencies — the dollar, euro, yen and British pound. "The basket of currencies forming the basis for SDR valuation should be expanded to include currencies of all major economies," he wrote.

Beijing has been unusually bold in recent months in expressing concern about Washington's financial management and pushing for global economic changes. That reflects both its relative financial health and growing concern that increased globalization means missteps abroad could harm its own economy.

Zhou's comments are also part of China's longstanding push to reform the IMF, World Bank and global financial system to give greater voice to China and other developing economies — another theme that will be heard from China, Brazil, Russia and India at the summit of Group of 20 major economies next week.

"Overdue reforms should give proper representation to and increase the say of the emerging and developing economies," Yi Xianrong, a researcher with the Institute of Economics and Finances at the Chinese Academy of Social Sciences, a government think-tank, wrote in the government newspaper China Daily.

"Proper representation and a bigger voice for the developing countries are the need of the hour. For instance, being the world's third-largest economy and the largest foreign reserves holder, China should get its due place in the monetary body."

Another idea Yi raised was that the U.S. and Europe should give up their traditional privileges of appointing the heads of the World Bank and the IMF.

The idea of a creating a new global reserve currency isn't new. But analysts say the proposal isn't likely to gain much traction because it faces major obstacles. It would require acceptance from nations that have long used the dollar and hold huge stockpiles of the U.S. currency.

"There has been for decades talk about creating an international reserve currency and it has never really progressed," said Michael Pettis, a finance professor at Peking University's Guanghua School of Management.

Managing such a currency would require balancing the contradictory needs of countries with high and low growth or with trade surpluses or deficits, Pettis said. He said the 16 European nations that use the euro have faced "huge difficulties" in managing monetary policy even though their economies are similar.

"It's hard for me to imagine how it's going to be easier for the world to have a common currency for trade," he said.