Greece 2012 vs today

[FenceFurniture]

Oh man, I really am having great difficulty taking this Mike guy seriously. Guess who pops up on the Goldsilver.com website.......

http://goldsilver.com/buy-online/1-o...Round-Pegasus/

where the purchase price of 10-20 rounds is USD18.71. The Sellback price is USD16.55 - a hefty 11.5% discount, but thanks for coming and watch your step on the way out.

The site then goes on to say "In Australia, get your gold coins here:
http://www.guardian-gold.com.au/prod...-bullion-coins

and amongst other things they offer a complete service....including storing your gold/silver for you. Puh-lease, gimme a break! If this world crisis erupts then guess who'll get to my gold/silver first! I would have NIL chance of access to it, mainly because I have no doubt that "for security reasons" the location of the vault is kept secret from everyone, including the owners of the contents.
"Sorry sir, the rules have changed since the crisis began yesterday - it's not yours anymore"
"But you can't change the rules"
"You're right sir, we just robbed you. What would you like to do about? And I bring your attention to the armed trigger happy security guard over there, whom we gave one of your gold coins so he would protect us. We're pretty sure he is developing Parkinson's starting with his trigger finger. St Vitus Dance at the very least."

However, the biggest rub is the array of 1 ounce gold available.
1 ounce gold ingot $1633.09
Same, but with fancy Canadian Maple leaf stamp $1659.13 (+$26)
Same, with chest beating kangaroo stamp (to really appeal to the gullible, I suppose) $1689.89 (+$56)

Ok, it costs more to put the fancy stamp on it, but that doesn't add to the value when you want to sell it - I can't see how it would be worth more than gold to the market.



I have to say that it looks like the same sort of thing that his video is entitled.

[FenceFurniture]

It's kinda a bit like this:
http://www.abc.net.au/news/2015-04-11/ed-queensland-director-of-child-safety-facing-child-sex-charges/6385814

That is to say that the people in charge of prevention (or whatever) can sometimes be the perpetrators (of whatever).

[Evanism]

Read this headline article on NEWS: http://www.news.com.au/travel/travel...-1227300495540

Then repeat after me:

-- it can't happen here
-- it's different here
-- the authorities would never let it happen

Then read my posts.

Ignore the gold and silver hooey. You will be killed for it.

Just remember Dorothy, it's different here.

[Twisted Tenon]

Read this headline article on NEWS: http://www.news.com.au/travel/travel...-1227300495540

Then repeat after me:

-- it can't happen here
-- it's different here
-- the authorities would never let it happen

Then read my posts.

Ignore the gold and silver hooey. You will be killed for it.

Just remember Dorothy, it's different here.

That's the way I see it for Australia too Evanism. It sounds like you're predicting a world wide crash of gargantuan proportions and you may be right of course. I don't get the finer points of international finances and I accept that you do. But Venezuela has been a basket case since the Spanish landed there in the 1500's and their current predicament is nothing new.
I do believe that the 1%ers transcend governments and their borders so am not surprised when things like that happens in single countries. In my scenario, the "authorities" are the 20%ers and will do as they are told hence maybe Venezuela. One day when it suits, a 1%er will come in and sort it out for them and get the oil rolling again

I'm not a conspiracy theorist, just an observer of Newtons third law. I see events and wonder if they are actions or reactions....

TT

[code4pay]

Oh man, I really am having great difficulty taking this Mike guy seriously. Guess who pops up on the Goldsilver.com website.......

http://goldsilver.com/buy-online/1-o...Round-Pegasus/

where the purchase price of 10-20 rounds is USD18.71. The Sellback price is USD16.55 - a hefty 11.5% discount, but thanks for coming and watch your step on the way out.

The site then goes on to say "In Australia, get your gold coins here:
http://www.guardian-gold.com.au/prod...-bullion-coins

and amongst other things they offer a complete service....including storing your gold/silver for you. Puh-lease, gimme a break! If this world crisis erupts then guess who'll get to my gold/silver first! I would have NIL chance of access to it, mainly because I have no doubt that "for security reasons" the location of the vault is kept secret from everyone, including the owners of the contents.
"Sorry sir, the rules have changed since the crisis began yesterday - it's not yours anymore"
"But you can't change the rules"
"You're right sir, we just robbed you. What would you like to do about? And I bring your attention to the armed trigger happy security guard over there, whom we gave one of your gold coins so he would protect us. We're pretty sure he is developing Parkinson's starting with his trigger finger. St Vitus Dance at the very least."

However, the biggest rub is the array of 1 ounce gold available.
1 ounce gold ingot $1633.09
Same, but with fancy Canadian Maple leaf stamp $1659.13 (+$26)
Same, with chest beating kangaroo stamp (to really appeal to the gullible, I suppose) $1689.89 (+$56)

Ok, it costs more to put the fancy stamp on it, but that doesn't add to the value when you want to sell it - I can't see how it would be worth more than gold to the market.



I have to say that it looks like the same sort of thing that his video is entitled.

You can stuff directly from the Perth mint (not sure why you would go via a third party) people rationalise the difference in price between the coin and the market price for gold in the fact that the coin is recognizable by others therefore would be more readably tradable. I'm not sure really how that'd work in a practical sense, not like you could go down to Coles and hand them a gold coin for some milk. If an economic disaster did happen it would take quite some time for a trade in gold at a local level to work at a practical level.

I am a member of a lets system where they have their own local currency and traders. These are already established world wide and I could see these becoming quiet useful for local trade if the something like hyper inflation started side the infrastructure is already present and working.
https://www.communityexchange.net.au

I read an account of some one in the Bosnia war.
He said that when things where tough the best items of trade where luxuries perfume, alcohol, makeup etc. People are really desperate to escape the reality of the situation by some indulgence.

[Evanism]

http://www.zerohedge.com/news/2015-0...wers-buy-homes


Tumbling interest rates in Europe have put some banks in an inconceivable position: owing money on loans to borrowers.

At least one Spanish bank, Bankinter SA, the country’s seventh-largest lender by market value, has been paying some customers interest on mortgages by deducting that amount from the principal the borrower owes.

The problem is just one of many challenges caused by interest rates falling below zero, known as a negative interest rate. All over Europe, banks are being compelled to rebuild computer programs, update legal documents and redo spreadsheets to account for negative rates.

Banks set interest rates on many loans as a small percentage above or below a benchmark such as Euribor. As rates have declined, sometimes to below zero, some banks have faced the paradox of paying interest to those who have borrowed money from them.

[steamingbill]

I copied the attached image from this page

http://www.businessinsider.com.au/re...m_content=COTD

The idea of a bank paying me to borrow money is "interesting" ............ boom boom I claim a pun.


Bill

[Toymaker Len]

Thanks Evanism, great coverage of a difficult topic. My FIL (retired economist) has been warning of this impending doom in great detail for some years and it looks like it might happen. I guess we need to look to our local community, family etc. The classic situation is a shipwreck, when individuals selfishly grab for themselves everybody perishes but when the whole group sticks together then most survive. Good luck everybody.

[TermiMonster]

..... when things where tough the best items of trade where luxuries perfume, alcohol, makeup etc. People are really desperate to escape the reality of the situation by some indulgence.

Right...first thing tomorrow, down to empty the bank account, then to Liquorland to buy up on 12 year Scotch (and maybe a bottle or two of Chanel No 5 to keep SWMBO quiet.
Who's with me?
TM

[cava]

Right...first thing tomorrow, down to empty the bank account, then to Liquorland to buy up on 12 year Scotch (and maybe a bottle or two of Chanel No 5 to keep SWMBO quiet.
Who's with me?
TM

Perfume goes off after a few years, however scotch lasts considerably longer.

[FenceFurniture]

Right...first thing tomorrow, down to empty the bank account, then to Liquorland to buy up on 12 year Scotch (and maybe a bottle or two of Chanel No 5 to keep SWMBO quiet.
Who's with me?
TM

Reckon you'll get away with 8 yo because it'll be getting on for 12 yo by the time it comes down on us. Just make sure you keep the receipt for proof of current age.

[AlexS]

Perfume goes off after a few years, however scotch lasts considerably longer.

Not in my house!

[Simplicity]

I will have for swap soon ,one hand made boutique dovetail saw.
18 tpi brass back hand shaped Black Bean handle French polished 15 thou plate .
Will swap for 500 cans of spam and 200 baked bean cans .
Delivery meet half way ,no post option .
Send homing pigeon for confirmation .

[FenceFurniture]

Perfume goes off after a few years, however scotch lasts considerably longer.

Errrr, which one?

Not in my house!

[Bushmiller]

Evanism

That is a most fascinating take on the world economic scenario. Even though I only understood about a third of it, I was nevertheless intrigued from start to finish.

I have an understanding of economics that starts and finishes with supply and demand.

Consequently, the ability of the US to pull itself out of the mire by printing more money was bewildering to say the least. Why then doesn't Australia do the same thing as we are half way into a recession ourselves? I had reluctantly concluded that the Americans are just better printers than us. Probably because the relatives of William Caxton found their way to the New World in the 17th century (citation needed for this piece of fantasy ).

In a more serious vein, I have been bewildered by the constant assertion that for an economy to survive, it has to grow, needs more people and generally has to develop. Surely that is just greed.

There has to be an equilibrium point I would have thought.

Thank you for taking the time to explain the idiocies of world economics: A revealing read, albeit a tad depressing.

Regards
Paul