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Metalworking (rec.crafts.metalworking) Discuss various aspects of working with metal, such as machining, welding, metal joining, screwing, casting, hardening/tempering, blacksmithing/forging, spinning and hammer work, sheet metal work. |
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#1
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OT where the money went
Some time back Gunner asked where all the tax money was
going. Here is another article for his scrap book. http://latimesblogs.latimes.com/lano...are-funds.html Riverside County employees charged with stealing child-care funds December 3, 2010 | 1:29 pm Two Riverside County Office of Education employees and five other individuals allegedly involved in a scheme to siphon off more than $500,000 in child-care funds were charged with embezzlement, grand theft and fraud, authorities said Friday. snip No boodle bag too large or too small.... -- Unka George (George McDuffee) ............................... The past is a foreign country; they do things differently there. L. P. Hartley (1895-1972), British author. The Go-Between, Prologue (1953). |
#2
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OT where the money went
I've been real good.
But you did ask... |
#3
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OT where the money went
"F. George McDuffee" wrote in message ... IMSHO the longer this farce or "Punch and Judy show" continues the worse [deeper and longer] the final collapse will be. The best [or least bad] option currently available appears to be a deliberately precipitated financial/fiscal crisis in June or July 2011 after the deadlocked Congress refuses or is unable to increase the national debt limit projected to be exceeded by mid April 2011. To be sure the Obama administration can divert and transfer some funding to continue governmental operations for a short time, but the assets in the so-called trust funds such as social security are in the form of non-transferable Treasury bonds, i.e. have already been spent. More than likely this will be accompanied by the collapse of the Portuguese, Irish, Italian, Greek and Spanish sovereign/national debt structure within the EEC, given the current situation. We are indeed living in interesting times. -- Unka George (George McDuffee) What do you think this will do to the price of PM. Hold on to gold and silver ? Best Regards Tom. |
#4
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OT where the money went
On Fri, 3 Dec 2010 23:44:51 -0800, "Howard Beal"
wrote: snip What do you think this will do to the price of PM. Hold on to gold and silver ? Best Regards Tom. ================== As in most things, there are several overlapping and mutually reinforcing considerations. On the one hand, precious metals are in the midst of a roaring asset bubble. On the other hand, fiat money such as the dollar, euro, yen, etc. loses value by the hour as the issuers compete in the devaluation sweepstakes for trade advantage and to inflate their sovereign debt away. To buy and hold precious metal as an investment in the normal sense of the word does not appear to be particularly prudent, however this may well be offset by the need/desire to protect at least a portion of one's capital and have some item of value for trade/exchange when the "ship hits the sand," possibly after QE III or QE IV by the FRB. Even when the current PM asset bubble bursts, the "value" of any PM holdings will not go to zero, ala Enron or GM stock or Lehman bonds. It should be noted that the major US financial organizations are deeply involved in commodities speculation/market manipulation including PM. For one example see http://www.telegraph.co.uk/finance/n...er-on-LME.html It should be noted that JP-Morgan/Chase was a major recipient of U.S. TARP and FRB rescue funds and is now acting to drive up the cost of materials, which will both slow economic recovery and generate inflation. The deposits in Chase are underwritten by the FDIC/taxpayers, so despite of the Dodd/Frank Act its still business as usual and "heads I win -- tails you lose." Where is Glass-Steagall now that we need it????? -- Unka George (George McDuffee) ............................... The past is a foreign country; they do things differently there. L. P. Hartley (1895-1972), British author. The Go-Between, Prologue (1953). |
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