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abitare (99.44)

End of Brenton Woods Agreement

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October 07, 2008 – Comments (3) | RELATED TICKERS: GLD

Right now all I have in my pocket is $17 and change. Does that qualify me for a bailout?

Andy Roney 60 Minutes 5 Oct 08

This is the point, isn't it? Why were the big banks and AIG entitled to our money? It is theft, pure and simple.

We live in an economy based on theft. It is beginning to fall apart. In the long run, it will end in default. Not next year. Not the year after. But the numbers are inescapable. There will be a default. We and our children had better plan accordingly.

Gary North, 10 Oct 08 

Something new to consider when you turn over your money to your local bank is the Brenton Woods Agreement.

The collapse of the internationial markets and the dollar, undermines the Brenton Woods Agreement. Reguardless, of your stock positions, the collapse of the dollar will make what we have seen so far look like the "good old days in Oct 08".  I think you should have a portfolio that has an allowance for the default of the US. If you have not considered it, you should. Tomorrow, next week, next year, 2020.... I do not know, but all Fiat currencies collapse.

In my youth I saw the movie Red Dawn, about the attack on America by the Soviet Union. I really believed it would happen like that, that the Russians would invade from Mexico etc.... Then oil prices collapsed and so did the Soviet Union.... I do not think most in the Soviet Union or America expected a collapse of their economy. I do not think most Americans expect a dollar collapse or expect it to loose its status as the Reserve Currency. Riddle me this: Why would it not? I heard Allen "the Man in Black" Greenspan told a panel in Dubai to create a gold backed currency.

What will happen to the US dollar if a country or a group of countries, creates a Gold Backed currecy? Do you think the fiat US Dollar will hold up? Which would you rather have $100k of Fiat currency or $100K of a currencies that is exchangable for gold?

Have you planted your Victory Garden, yet?

3 Comments – Post Your Own

#1) On October 07, 2008 at 3:40 PM, XMFPhila100 (93.03) wrote:

I'm still waiting for Patrick Swayze to save the day, Red Dawn style

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#2) On October 07, 2008 at 8:40 PM, Harold71 (27.67) wrote:

This is great.  I don't even have to have a blog.  You write it for me. 

All companies eventually go bankrupt.  All fiat currencies eventually become worthless.  A pretty smart guy told me that once.

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#3) On October 07, 2008 at 8:51 PM, abitare (99.44) wrote:

TMFPhila,

As Patrick Swayze said.

"Nobody puts Baby in a corner".

Ref Dirty Dancing

Harold71,

No doubt being the #2 in CAPS out of 62k makes people think I am "smart guy".

But really, it is like having the High Score in Space Invaders, it is just time input + luck + following the right ideas = 8400 points....

You have to realize, no nation can print money to create real prosperity. Wealth is from entrepreneurship and savings/investing.

Printing money via "bailouts" undermines the two things Americans need to do more of.  Will the US default like the French, Germans, Soviets, Russians?

I think the "Greenback" is our third currency. Just a matter of time until our fourth currency.  One that cannot be leveraged 40x to 80X to one and printed endlessly to bailout a bunch of corrupt gamblers. 

 

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