Some one has to start it, Americas default.

I heard that boats are selling like hot cakes here to Australians and then taking them back to Aussie , dont make sence to me with all the import tax but thats the word.

Like wise a documentary on the Sydney boat show recently -- (on now maybe) that boats are selling. With a high aus dollar I can understand out side aus sales to auss but inside??

 

The panic is started and some may be looking for escape machines - Pirate season soon, ? - - to collect the gold bars stored as ballast in the "Gin palaces" screaming North to escape the retribution of the suckers who were robbed... Hoping to make a good escape to build a new live somewhere else?

Boats may help you get to this community in South America...

http://www.caseyresearch.com/cdd/five-things-you-need-know-about-economy
Five Things You Need to Know About the Economy

 

Ah theres gold in them thar hills.

I think this gold thing is a scam --a lot of people are going to get fu --there fingers burnt.

Id rather have rough cut high carrot diamonds,-- Or a Rembrandt I keep mine in the toilet tank,--the diamonds not the Rembrandt.

Any way latets is they are trying (bless em) to figure something out this afternoon --on double time I suppose.

We are not supposed to notice that they are enjoying themselves driving about in big cars with a new suit per day looking studious and working. I mean Obama even rolls his sleeves up and slackens his tie for extra effect.

Must be sooo hard for them to agree on the only one course of action that they can possible take, and all while the dollar is shook out of the tree like figs.

 

A boat is a hole in the water that you throw your stocks and bonds into.

 

Why all the fuss?"

"The panic has started"

Really??

I for one have the means, talent and the will to make a go of it in spite of where the national dept lies & I live in the US where I am presumably bound by these described looming walls of financial catastrophe..
I am going to use the dip in real estate to buy property, not gold bars .
Now if the land values would fall to the long line I would be pleased- unfortunately they remain above in spite of all this drama...
I say carry on. If not the next generation will- why let them have all the fun?

 

Bntii you may have the right attitude to survive and be a politician as well because Im sure most politicians will ecko your thoughts.

(I will take advantage of this, bugger the country and everyone else me me me me) me.

Nothing wrong with that to survive for a man in the street but your politicians think like that all day.

 

I differ- having means by a long practice of living within my earnings is not selfish.
I don't care to sacrifice myself to the greater good by buying on credit thereby allowing the sales clerk to keep a job...
Having the will to work and struggle is not a summary of self interest- it is a requisite of participation in our societies.

Perhaps it would have been less "selfish" to buy property as the bubble launched off four years ago?
More folks at that party just would have meant a higher peak before the collapse and more injury to those caught.
I've never liked crowds.
Run with them and you will eventually run off a cliff.

 

By the way.. we have awfull lot of lemmings this summer...

 

Comments below... in red

 

"you have to have someone on the other side of the deal who places value on that gold to sell it."....well, if you care to look to the east, there are 1.3 billion Chinese and 1.2 billion Indians, and 1.2 billion Indonesians that place value on gold.......

 

Catbuilder. value of gold doesn't change, only number of dollars needed to buy the ounce. That is how you measure the value of the dollar, by where it currently stands on the gold scale, in comparison to rands, yen or euros.

 

I acknowledged this in the following quote: "Yes, compared to the dollar they do seem great, but they are severely over valued, just as real estate was."

I said "compared to the dollar." Aside from that, gold has had a little run up and it's over valued. Not the time to buy. Time to sell gold.

Landlubber: Not every person in India or China places value on gold, nor may agree with today's spot price on it. My point is, gold is only valuable because people believe it is. Same as any fiat currency. Watch out. It's due for a correction. Overdue, actually.

 

Gold is worthless if there is no food to buy with it.

 

for your furiners: what's really going on here

All of this talk about defaulting on the debt is just scare tactics to try to panic the Republicans into giving up on their efforts to reduce the yearly increase in government spending. There is more than enough money coming in every month to pay the interest on the debt. If the debt ceiling is not raised and the US fails to pay interest on the debt then this will be a decision made entirely by the President as he decides what to pay and what not to pay.

Another scare tactic is that Social Security checks will stop, but the truth is that there are billions of dollars of bonds in the treasury dedicated for just this purpose: if the general fund cannot pay social security then the bonds can be cashed in and used to pay it. What happens is that bonds are cashed in, which lowers the total level of debt so the treasury can then sell more bonds and use the money to pay Social Security.

The US has gotten close to the debt limit many times and there was no panic. What is different this time is the Tea Party. The Tea Party is a major political movement that is aimed primarily at reducing government spending. A lot of Republicans in the House ran on a "Tea Party" platform and they are trying to use the debt ceiling as leverage to keep their campaign promises.

The majority of the Republicans are not really Tea Partiers but they are worried about facing primary challenges from Tea Party candidates so they have to at least make gestures at reducing the annual increase in government spending, but if you look at the bills that have come out of the House (which is controlled by Republicans), they are making pretty faint gestures at controlling spending.

The US borrows about 40% of all the money it spends --this is an unsustainable situation that eventually will lead to an actual financial crisis with a depression or hyperinflation and where entitlement programs really will be unable to pay what they owe. Tea-Party Republicans think that it has to be solved now and they are trying to use the budget process and the debt ceiling to pressure everyone else and bring attention to the issue. The Democrats and the majority of the Republicans think that the issue can be kicked down the road a few more years to some poor sucker future government. Maybe so, but the more we put off the adjustment, the more painful it is going to be.

 

OK, it's been fun. But time for a reality check for Landlubber, Frosty et al.

According to the International Monetary Fund and the World Gold Council, in 2010 the US was holding 8,133.5 metric tons (tonnes) of gold. That converts to 26,149,804 Troy ounces.

http://www.gold.org/investment/statistics/reserve_asset_statistics/

While we're at it: Frosty, how are you going to cover your butt when the debt ceiling does get raised, and the US doesn't default? I can't even imagine you simply admitting you were wrong about dumping on the good old US of A, so I look forward to watching your verbal gymnastics as you flip-flop across my computer monitor.