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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Default 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).
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Default OT where the money went

I've been real good.

But you did ask...
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Default 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.




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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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