Comments

  1. jj says

    I wouldn’t put too much energy into a legal brief – apparently in California the law means nothing.  Your supreme court decided earlier today that an illegal alien should be granted a law license, so what the hell: I wouldn’t waste a lot of time on briefs.  Tell ‘em to just get in there and start yodeling, that’ll be just as meaningful – and probably more entertaining – as any argument.  Reason and precedent don’t seem to matter anymore in CA, I’d go shopping.

    • says

      That’s exactly why I hate practicing law, jj.  I was so grateful when the recession dried up all my work.  My work’s coming back now, though, and it’s money in the bank — which we’re going to need when the next economic collapse hits.

      • Matt_SE says

        When the next economic collapse hits, I’m not sure “money in the bank” is going to be worth that much.
        Quantitative Easing may result in inflation by itself. Also, as the world’s reserve currency, many commodities (e.g. oil) are traded in dollars, meaning that around the world countries are obliged to hold large dollar reserves. If the dollar loses that reserve status, all those dollars are going to come flooding back into the US.
        That, on top of QE, sets the stage for inflation or hyperinflation.
         
        If we somehow avoid inflation, we may see the raiding of savings accounts/IRAs/etc. by the government to pay our national debts. This would be done in a “crisis”…like what happened to Cyprus, and is already being contemplated in the rest of the troubled EU countries like Spain and Italy.
         
        If you get more money from your legal work, you might want to spend it on hard goods that will keep indefinitely. That’s one reason the rich are driving up prices in the collectable art market currently.

        • lee says

          Now seems to be a not bad time to buy gold–it’s starting to rally, but it’s lower than it’s been in awhile.
           
          Meanwhile, I saw a Nixon-Lodge button just like one I have going for $14.99 on E-bay! Whoo-hoo!

          • Matt_SE says

            Since gold is a traditional hedge against the dangers of fiat currency, it’s been a mystery to me why it is so low; especially considering stories I’ve heard about the Chinese buying it up by the ton.
             
            The only thing I can figure is that London gold traders are manipulating the market price to keep it artificially low.

          • says

            It’s mostly because people who saw gold going up in early 2004-2008, started following the band wagon. Which boosted gold above normal median averages. The short sellers then realized a crash was coming, and sold off their shares, which isn’t actually gold but just promissory notes about gold. Meanwhile the people who have a serious stake in the precious metals market diversify between plat, gold, silver, etc. They weren’t going to bump gold up beyond the median average, not when a bunch of band wagoners was going to sell and drop the market anyways. So now what you’re saying is probably them buying a little bit ‘back’, which means you’re actually late on the buying game. The cycle is 6 months too late at that point to get the cheap. Still maybe cheaper than in the future, but not as cheap as when it hit bottom.
             
            Those sitting on stockpiles of gold, because they know about the collapse with almost certainly, won’t sell them. At all. They just slowly accumulate. They always wait for the short term gurus that know everything, to sell off the market and drop it first, though .That’s their sign that it’s time to buy. Then when prices go up, that’s their sign to stop buying and maintain stocks.

    • Matt_SE says

      Others (including myself) have been predicting the collapse of the house of cards for some time now. Stocks continued to rise.
      So why do I think this is it? Why now?
      Because the stock market is at an all-time high, having more than regained all of its losses from 2008/2009. This recovery is a sham, though. Everyone knows it is the result of Fed pumping and not from any economic fundamentals (which, when you look at them are weak-to-depressing).
       
      I just don’t see how you can justify the market at this level for a long period of time.
       
      On top of that, of course, are the coming disasters of Obamacare and the 40,000 regulations the government held back on until January 1. Those will strangle what little life is left in the economy.
       
      Screwed, indeed.

      • says

        They’re going to drop the stocks since the rich already know the collapse is coming. They are prepared. So they’ll redistribute the money by taking out their stocks first. That’s why people shouldn’t wait until the critical point. If they have investments, it’s best to re-diversify them now. Even though most of it is too late.
        Without connections to the top, there’s no way they can know when a collapse is coming. For example, the housing crash of 2008, Obama knew ahead of time.

        • Matt_SE says

          I suppose I should’ve said, “everyone *that cares* to know.”
           
          When the collapse comes, I suppose it will come as a surprise to NPR. That’s one reason (among many) that I don’t listen to NPR that often.

  2. says

    More millionaires were created during the Great Depression, when inflation happened and gold was as precious as divine miracles, than at any other time in American history… combined.
     
    There was a reason for that. The wealth redistribution via the income tax and the paper printing of money… was enormous. It was essentially free cash for the Democrats to spend as they wanted to. That, inevitably, led to modern days. Even without social security and medicare, the amount of money they printed (redistributed) and used up for their Leftist minions, was still going to spell the final end of American patriotism.
     
    The sinews of war is money. Those with 100000x more money than the other guy, won’t always win. But it’s very very hard for them to lose.

  3. Charles Martel says

    As I mentioned here before, the wife and I are converting our dollars into Haitian currency, based on the notion that it cannot possibly lose value because it has none to begin with.

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