Billionaire Carlos Slim says we are at 1929. Quoted on CNBC

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   bgamallposted 16 years ago

   His buddy, Michelle Carusa Cabrerra in CNBC quoted him as saying we are at 1929. Watch out.

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      Christenstockposted 16 years agoin reply to this

      He just said this recently? Wow...a day late, and a dollar short. I can't wait for October 27 then. Woo hoo!

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      Iðunnposted 16 years agoin reply to this

      There is a huge difference between then and now.  In the 30's america was 70% rural and 30% urban.  During the Great Depression we were still a rural society and people could clump up on farms in large extended families or even further and nobody had jacked up property taxes through a housing bubble to take the family farm. 
      
      Basically my point is that people could eat.
      
      IF we get that same circumstance now, with 70% urban and 30%, maybe even less, rural... and with increasing numbers of people booted out of their homes and rents increasing to take advantage of that (capitalism at it's finest!  gouge em while you can)... what is going to happen to all the hungry people now?
      
      I predict an unbelieveable crime epidemic.  People are going to feed their families, regardless.  No one is going to sit around saying, 'well gee the rich people won't leave us enough to buy food so I guess I'll just let my children starve'.
      
      We are living in interesting times, the worst Chinese fortune cookie one could ever receive.

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   Mishaposted 16 years ago

   LOL I've been saying that for a couple of years already - so what? In fact we are most likely to have it worse than then...

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      earnestshubposted 16 years agoin reply to this

      Are you packed yet Misha?

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      onthewritesideposted 16 years agoin reply to this

      Misha....believe me....it's way worse.  the next step is to internationalize the national banks.  That will curb things for a while, but the ultimate outcome will be even more catastrophic.  Fractional banking is, by its very design, a dead end street.  The problem is that the people that propagate it don't care as long as they can figure a way to curtail the inevitable.

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         earnestshubposted 16 years agoin reply to this

         Otherwriteside, I think you meant to say delay the inevitable, and I agree. Even after they devalue the hell out of this much debt and drive inflation up in doing so, how can that much debt be repaid?

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            onthewritesideposted 16 years agoin reply to this

            you're right earnest...i stand corrected.  But if our government is already paying China in Ameros, then what do they care about the valuation of the dollar?  Is China so stupid that they would take payment in a currency they thought would never come to fruition?  I'm sure all these "banks" (i.e the powers that are) have taken measures to cover their own asses in preparation for when the transition hits....

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               earnestshubposted 16 years agoin reply to this

               No, I fear that China will factor in the inflation and want constant adjustments. I am not sure there will be much future other than paying money back in to a system where any real money continues to fall in to rich pockets.

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                  onthewritesideposted 16 years agoin reply to this

                  Well that has been the case for a long time.  Ever since the creation of the Fed, our tax dollars have gone to nothing other than paying down our national debt.  I'm talking about income tax here.  The Fed is NOT a government entity, nor is the IRS...that is a fact.  Not a single dollar of "income tax" has ever contributed to any governmental program, including military (with the exception of black ops and some federal salary budgets).  The Fed is a domestic representative of "foreign" (and by that I mean multi-national private) interests in this country, and the IRS is nothing more than a goon squad collecting on bets we never knew we made.

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                     Iðunnposted 16 years agoin reply to this

                     interesting description.
                     
                     I agree the economy is in shambles and I predicted that in print back when everyone was still on the high hog.
                     
                     I like the way the market writers were all predicting an increase in consumer confidence Monday and the market immediately fell that day.  I knew it would because I had been up that night tracking FTSE and other European markets and Asia and they had all dropped.  The finance sector likes to try to induce mass amnesia by 'suggesting' we're on an upswing and hoping that in itself builds 'consumer confidence'.  I knew it wouldn't wash.  We're in for another big drop, imo, and pretend confidence by a few rich people isn't going to be enough to stop it.  The dollar has no real value and everything they do to try to shore up the market through illusion just makes it worse.
                     
                     They should just stop and let everything drop until what's left is real and we can see what is possible to do with it.  What we don't need now is any more lies.

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                        onthewritesideposted 16 years agoin reply to this

                        I agree.  As an ex-broker, the only thing I would touch right now are commodities and small start-ups in the commodities areas.  Blue chips are a thing of the past...especially if the government gets a hold of them.  As far as bonds go, stick with municipalities...the Fed notes will always be guaranteed, but who knows what currency is going to be in place when they finally pay out.  7% on your dollar is going to amount to less than 1% if the Amero actually happens.

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                           Iðunnposted 16 years agoin reply to this

                           you guyz have got me very interested in the Amero.  I'm on the verge of taking up researching it.  I don't know what to think about that, I just haven't studied it at all.
                           
                           I remain interested in everyone's comments on it.

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                     earnestshubposted 16 years agoin reply to this

                     Now that is a solid comment!

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   Mishaposted 16 years ago

   I finally put all the passports and other documents in order, just completed a couple of weeks ago - so I can move any day now.

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      earnestshubposted 16 years agoin reply to this

      Good show. I know that like all of us you hope the economy survives, but hell I wouldn't be counting on it if I had a choice either. Good luck mate!

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   ledefensetechposted 16 years ago

   It's more like 1930-1931.  The government is scrambling to try to spend our way to prosperity.  What remains to be seen is if they'll continue to further destroy the economy or let it be so the economy can heal.

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      Marisa Wrightposted 16 years agoin reply to this

      I think the point he's trying to make is that we all think it's 1930-31, but in fact we're only at 1929 and therefore by far the worst is still to come.

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