Silver price about to plummet

[tjneuron]

1 hour ago, Witcher said:

It use to be easy to fight that especially if they sold it to "debt collectors", but I think some bill was passed to make it really tough to win in court. 
Not as tough as it is to win against the fraud of foreclosure, but still really tough because enough people were beating it. 
If you don't care about their credit system, bankruptcy is an option, though I do not believe that it would be morally good to purposely rack up a so-called debt for that purpose. 

I imagined the feeling I would have to be debt free and the choice was clear, thanks for the feedback.

[HillWalkerDundee]

How practical would be the use of goldbacks or a similar form of cash be as a parallel currency. In England there is / used to be the Lewes pound.

[Aknot]

20 hours ago, Witcher said:

no.  I am not a ski. I just like meh coin(s).

I think she was asking the question based on your Name..https://en.wikipedia.org/wiki/The_Witcher

[HawkHybrid]

1 hour ago, HillWalkerDundee said:

How practical would be the use of goldbacks or a similar form of cash be as a parallel currency. In England there is / used to be the Lewes pound.

 

it was never about possibility, but about probability.

people use fiat currency because it's the more efficient(better) system for trade.

(jlook at the actions of zimbabwe as a country if you don't believe me)

 

it's a case of it 'could' happen(a lot of things 'could' happen), but unlikely to happen.

 

HH

[Prophecy]

On 29/08/2020 at 17:13, sixgun said:

i have been told the BoE is preparing for a reset.

Any references for this? Curious to read,

[KDave]

On 29/08/2020 at 14:58, Aknot said:

I concur it may/will go away..... but not for a long time. It is too rooted in. You have too many people that believe in it, use it and expect it to be there. There would need to be a world wide (and since COVID is fake thats off the table) event to effect the change.

You are telling me too many people believe in fiat and that is the reason it will stay for a long time? Last year no one knew what BLM or covid was now look at them all kneeling, wearing facemasks, working from home and clapping for the NHS. People will believe what they are told to believe. If thats crypto instead of fiat and cash then they will lap it up without so much as a whimper. They will probably clap for their enslavement. 

[sixgun]

23 minutes ago, Prophecy said:

Any references for this? Curious to read,

i have heard this either via Andrew Maguire or another - i have just emailed some friends who get regular info from him to see if he has mentioned this - it might have been mentioned in a Kinesis Money video - Maguire does a Kinesis Money video once a fortnight. It is either Maguire or from the Sirius Report, so i am asking about whether it has come from Maguire first. 
The impression i get is most of the European national banks are preparing - they are repatriating gold and or buying more.

[Pipers]

The new Govenment phrases are coming out every week.  

'You can't keep away from the virus for ever!'  is one!  I have heard a few times now and the other is  'its not fair they get to stay in' is another.  The BBC has moved over to full support for the Government and business getting people back shopping in the high street.  Day after day there are people are being programmed  to get into the high street and back to work. 

[sixgun]

16 minutes ago, KDave said:

You are telling me too many people believe in fiat and that is the reason it will stay for a long time? 

This is normalcy bias. People think things will just carry on as normal because they have always carried on this way - they dismiss signs on an impeding disaster or significant change, it will never happen or they push the prospect out in time - not in my lifetime, not for 20 or 30 years. This is very common - it is 'normal' in fact.

So the idea the USD will always be the world's reserve currency is an example. It has probably been the world's reserve currency for all of the lives of most of the forum members. They know no other and dismiss the idea it might change. Then one day it changes. All the signs are it will change. Some people think it is likely to happen in the next few years.

[Katie]

1 hour ago, Aknot said:

I think she was asking the question based on your Name..https://en.wikipedia.org/wiki/The_Witcher

Yes I was indeed

[Aknot]

27 minutes ago, KDave said:

You are telling me too many people believe in fiat and that is the reason it will stay for a long time? Last year no one knew what BLM or covid was now look at them all kneeling, wearing facemasks, working from home and clapping for the NHS. People will believe what they are told to believe. If thats crypto instead of fiat and cash then they will lap it up without so much as a whimper. They will probably clap for their enslavement. 

The BLM movement has been around since 2013 or so I cant help the fact that you havent heard of it. And COVID well the Plague wasnt a thing til it was a thing. Thats like no one knew what an Atom bomb was til it was.

And no I m not saying they believe in fiat im saying it has been around and it is ROOTED in (my words).

Crypto has been the "thing" for almost 10 years now it is still isnt the thing. But it may be.

Thats what im saying to you. Im not telling you anything. Im sure you are wise enough to know whats best for you.

 

---

Added 0 minutes later...

7 minutes ago, Katie said:

Yes I was indeed

What did you think of the Netflix show?

[Aknot]

13 minutes ago, sixgun said:

This is normalcy bias. People think things will just carry on as normal because they have always carry on this way - they dismiss signs on an impeding disaster, significant change or push it out - not in my lifetime, not for 20 or 30 years. This is very common - it is 'normal' in fact.

So the idea the USD will always be the world's reserve currency is an example. It has probably been the world's reserve currency for all of the lives of most of the forum members. They know no other and dismiss the idea it might change. Then one day it changes. Some people think it is likely to happen in the next few years.

Its kind of funny when you look at some of the furturistic movies/novels and people are speaking or using slang with Asian dialects... Blade Runner, Firefly come to mind. One would assume based on that a larger Asian influence to possibly include standard changes as you mention.

But you say one day it changes... so are you saying if Somolia becomes the worlds reserve currency the USD (the dollars I have in my wallet) will be replaced with something else? Or are you saying the dollars will go poof and I will carry around a electronic device smart watch/phone that has my electric money in it?

 

[sixgun]

35 minutes ago, Prophecy said:

Any references for this? Curious to read,

i got my reply

Quote

"Yes, Maguire mentioned it. "

I thought i had heard Andrew Maguire talk about this - more than once. He also said Goldmans had a huge buy order in for gold this week which they were hoping would get tagged when price got sent down on Friday - it did not get tagged - but clearly they are on the buy.  In addition the BIS is longer than it has ever been before in spot gold contracts. For this reason and others of course gold (and silver) are looking very bullish.

[KDave]

9 minutes ago, Aknot said:

The BLM movement has been around since 2013 or so I cant help the fact that you havent heard of it. And COVID well the Plague wasnt a thing til it was a thing. Thats like no one knew what an Atom bomb was til it was.

And no I m not saying they believe in fiat im saying it has been around and it is ROOTED in (my words).

Crypto has been the "thing" for almost 10 years now it is still isnt the thing. But it may be.

Thats what im saying to you. Im not telling you anything. Im sure you are wise enough to know whats best for you.

No you missed the point, I used those examples to show you that people can be told to believe in anything, it doesn't matter how long they have been around. SARS was before covid, do you remember it being like this with SARS? I don't. Therefore your idea that fiat is here to stay because other people believe in it is nonsense. Nothing is ROOTED in. The last 6 months should have made that clear to everyone. Who knows what comes next, personally I reckon fiat is here to stay until reset at the end of the decade when they run out of room in the macro picture but who knows. Its definitely not here to stay because fiat is rooted in or believed in.

[sixgun]

Just now, Aknot said:

Its kind of funny when you look at some of the furturistic movies/novels and people are speaking or using slang with Asian dialects... Blade Runner, Firefly come to mind. One would assume based on that a larger Asian influence to possibly include standard changes as you mention.

But you say one day it changes... so are you saying if Somolia becomes the worlds reserve currency the USD (the dollars I have in my wallet) will be replaced with something else? Or are you saying the dollars will go poof and I will carry around a electronic device smart watch/phone that has my electric money in it?

 

i fully expect the influence of the East to dramatically increase. The US Empire is in its death throws. America can build itself up but it's reign is about done now.
As far as i know there is no queue of nations wanting to take on the mantel of the world reserve currency, not even Somalia. The Federal Reserve notes in your wallet will become worth less and less - then they will be worthless. Most transactions are electronic these days. i expect blockchain currencies with real asset backing - this is why i have invested in Kinesis. The Chinese and Russians will have a gold backed yuan and ruble. They will come out with blockchain coins. Gold backed trade notes are being used now. There is a strong move out of the dollar, in part b/c it is recognised it will blow up and in part to escape the bully tactics of the US. Trading in local currencies is then used, sometimes the yuan, sometimes the EUR.

[sixgun]

3 minutes ago, KDave said:

personally I reckon fiat is here to stay until reset at the end of the decade when they run out of room in the macro picture but who knows. Its definitely not here to stay because fiat is rooted in or believed in.

My feeling is from what i see and hear is the fiat system will collapse well before the end of the decade.

Things really started to break down last September with the Repo crisis. Nothing has been fixed. We are in a phase of exponential debt growth - it is MMT but without using the phrase MMT. If you create currency, which enters circulation, faster than the economy grows then you have inflation. We are now seeing a contracting economy and huge currency creation which is getting pushed into circulation - not sitting on bank balance sheets like it did in 2007/08. The Fed basically said we are going to just let rip - other governments have in as many words said the same.

i see that the Japanese government debt burden swallows 25% of their resources. What happens when inflation gets going. Interest rates are effectively zero or less. Real interest rates will be majorly negative when inflation kicks off. Interest rates cannot go up, the interest burden with blow it sky high. Gold and silver will take off whatever. Who wants bonds and cash when they are falling in value fast? Then commodities will take off. The paper Ponzi scheme will do what Ponzi schemes do towards the end, it all gets out of control and crashes very fast. i really cannot see this lasting until the end of the decade. i am actually preparing for some time next year but hoping it will be longer so i can prepare more.  

[HerefordBullyun]

8 minutes ago, sixgun said:

My feeling is from what i see and hear is the fiat system will collapse well before the end of the decade.

Things really started to break down last September with the Repo crisis. Nothing has been fixed. We are in a phase of exponential debt growth - it is MMT but without using the phrase MMT. If you create currency, which enters circulation, faster than the economy grows then you have inflation. We are now seeing a contracting economy and huge currency creation which is getting pushed into circulation - not sitting on bank balance sheets like it did in 2007/08. The Fed basically said we are going to just let rip - other governments have in as many words said the same.

i see that the Japanese government debt burden swallows 25% of their resources. What happens when inflation gets going. Interest rates are effectively zero or less. Real interest rates will be majorly negative when inflation kicks off. Interest rates cannot go up, the interest burden with blow it sky high. Gold and silver will take off whatever. Who wants bonds and cash when they are falling in value fast? Then commodities will take off. The paper Ponzi scheme will do what Ponzi schemes do towards the end, it all gets out of control and crashes very fast. i really cannot see this lasting until the end of the decade. i am actually preparing for some time next year but hoping it will be longer so i can prepare more.  

I was listening to the sprott weekly podcast.  And he said one thing to me that stood out. Although banks have been caught out with manipulation as of late, they can still spoof the prices. So regardless we are nearer to the end game, they still have irons in the fire to do it. The paper market  as we know is the biggest crime ever... and no one in a court of law bats an eyelid....

[KDave]

@sixgun I agree with the consequences except that when inflation gets going the real terms debt burden shrinks, it is not going to collapse the system, it is going to buy it time. The debt burden shrinks with inflation to the point in time that interest rates rise, so they will only raise interest rates to lag inflation and trail it. They will inflate the debt and reduce its real terms burden at the expense of currency and wages, and interest rate rises will not do enough to counter it, only attempt to control it. Commodities will take off I agree, gold silver energy, raw materials.

There will be a tipping point when interest rates reach a point that even the real terms reduced debt burdens still become too much, likely this will happen because inflation gets out of hand and forces rates up, probably to historic norms 6-7%. Only then will reset be on the cards imo, when there is no where to go, end of the decade I reckon maybe a bit longer if the FED thinks it can keep rates low for 5 years, I doubt it can. At the moment deflation is the risk, but pretty soon the FED will turn the risk from deflation to inflation not from choice. 

I fully expect interest rates to limit the ability of over leveraged companies to borrow at some point this decade, those companies that are now reliant on the current low inflation low interest rate environment, this easy borrowing environment and this consumer led environment - those companies will really struggle, most will go under. Companies that instead have real assets, producing real stuff or essential services, with fixed debt, will do well, because commodities will do well and the consumer as we know it will be dead. Inflation will kill wages, it will kill pensions, it will kill off savings and lazy consumer-stock-tracker/bond portfolios (most peoples pension investment), then after all that, interest rates will kill the ability to borrow further = dead consumer. Impoverished majority. People getting to retirement in 10 years and realising the numbers on the screen they saved their entire lives for retirement are around the same real terms value that would then perhaps buy a new ford fiesta fresh from the factory. What comes next, its not going to be good. 

[sixgun]

The theory is that inflation will shrink pre-existing debt. This is true but that presumes that the issuance of debt isn't still running away with itself. So if you have a £250k mortgage and keep up with the payment your mortgage will shrink in real terms. You aren't taking out a bigger and bigger mortgage. Governments don't work like that - they issue more and more and more debt.

So what happens when the borrower keeps borrowing? Well they have to find a lender and if interest rates do not rise in high inflation circumstances who will buy bonds? Who will buy a bond with a 0.1% coupon when inflation is 10%? They are stuck - if they don't put real interest rates into positive territory no-one will buy bonds but if they do the debt pile rockets - it compounds up very fast - One of Einstein's alleged quotes is "Compound interest is the most powerful force in the universe."

If you inflate the debt away - you are saying the value of the debt pile goes to zero which means the value of the currency in the debt pile goes to zero. The currency has just blown up.

[HillWalkerDundee]

but it will make personal debt manageable e.g. mortgages and credit card debt

[sixgun]

7 minutes ago, HillWalkerDundee said:

but it will make personal debt manageable e.g. mortgages and credit card debt

As long as you keep up with payments and don't let the debt increase - get a fixed interest rate for a long time - then you are laughing.

[HerefordBullyun]

Einstein said compound interest is the eighth wonder of the world. Those who understand it, earn it.

Those who don't understand it, pay for it.

[silenceissilver]

1 hour ago, sixgun said:

Then commodities will take off. The paper Ponzi scheme will do what Ponzi schemes do towards the end, it all gets out of control and crashes very fast. i really cannot see this lasting until the end of the decade. i am actually preparing for some time next year but hoping it will be longer so i can prepare more.  

I agree it will crash well before the end of the decade but it won't be a fast process. First, organisations that hold bonds will get out of long running bonds, then of middle term bonds, then of short term bonds then they will go into cash, then into gold. The whole crash could easily last 2 or 3 years from now on. Previously I was more optimistic and thought we could get it behind us in 18 months or so but no longer. If the globalists get it their way we will never fully recover from the crash but it will be like a crash that never ends, I mean in terms of what people have in their pockets, not politically.

46 minutes ago, KDave said:

There will be a tipping point when interest rates reach a point that even the real terms reduced debt burdens still become too much, likely this will happen because inflation gets out of hand and forces rates up, probably to historic norms 6-7%. Only then will reset be on the cards imo

The tipping point will be when you drop ice and it becomes water before it hits the floor, so to speak, thus when the value of currency is melting in your hand before you can spend it, even if you just touched it.

1 hour ago, HerefordBullyun said:

I was listening to the sprott weekly podcast.  And he said one thing to me that stood out. Although banks have been caught out with manipulation as of late, they can still spoof the prices. So regardless we are nearer to the end game, they still have irons in the fire to do it. The paper market  as we know is the biggest crime ever... and no one in a court of law bats an eyelid....

Banks are not cought out with manipulation, we are now at a point where the governments effectively coerce them to cook the books, so the financial system doesn't explode in their face.

34 minutes ago, sixgun said:

 

So what happens when the borrower keeps borrowing? Well they have to find a lender and if interest rates do not rise in high inflation circumstances who will buy bonds? Who will buy a bond with a 0.1% coupon when inflation is 10%?

I agree, I would be very surprised if we didn't see the bond bubble bursting next year or at least in 2022 or 2023 at the very latest. It could happen anytime although I think this year is still unlikely.

[Robda1986]

£1000 kilo damm 

[KDave]

1 hour ago, sixgun said:

As long as you keep up with payments and don't let the debt increase - get a fixed interest rate for a long time - then you are laughing.

Yes in theory, but if inflation is rising then the cost of everything except the servicing of that debt is rising, which means people will be less likely to be able to service the debt. Which comes first food shop to feed the kids or the credit card repayment. The heating bill or the car payment, etc.

We look at interest rates and see increasing costs in the future, "can you make future repayments" etc. People don't look at the rest of lifes expenses and account for those when taking out debt. Inflation will be a killer, like I say the consumer is dead it just doesn't know it yet. Inflation is as much a systemic risk as deflation and will end the same way, its just a matter of buying time, inflation buys that time at the expense of the majority (again) but we will run out of road eventually, we all agree. Its just a matter of when that road runs out, I think a decade or more is left and we have a long inflationary cycle ahead before the reset.