Protecting the petrodollar: America gears up for a long war

[Publicus]

You guys denounce denounce denounce so what do you propose?

It's a good question but our apparent inability to predict the future does not mean it's not going to happen. Among the known unwknowns this one is truly unknown, predictions are a b*tch.

On the whole, we are no more entitled to eternal life and prosperity than Romans, Ottomans, Soviets etc.

I said propose, not predict.

If I'd wanted a prediction I could have gone to a fortune teller or visited a spirit house. If I'd wanted someone's wet dream I could reread the thread or any number of the posts from your side to any number of recent threads. Your side posts only a bizarre proliferation of outlander and eccentric predictions so what could make you think I would want yet another .

The drivel about "we" not being entitled to eternal life and referring to empires of history is sophomoric obfuscation that seeks to further deflect the legitimate question.

Your side seems not to recognize the Soviet Union was the last empire which betrays your misreading of history and of the modern world. I'd begun to suspect I'm dealing with a gang of nihilists yet none of you say or do anything to indicate it might be otherwise.

So again, what do you propose to succeed the present system that your side rails incessantly against?

[F430murci]

How do you think insurance companies and retirement funds will be able to make payouts as their investment returns drop toward zero? As more and more debt is defaulted on you can expect the velocity of money to continue its present decline as people sensibly hoard cash.

Insurance companies and retirement funds are not limited to investing in bank savings accounts that now return less than 1%. That is reserved for the pathetic working class who can not afford risk with what little that remains after taxes and other costs. The big investors still have the large real estate deals and access to hedge funds returning double digits with reliability. The velocity of money continues to decline as a result of income inequality as the vast majority of people, the 95%, have so little to spend.

Much truth to some of this, except how insurance companies make bank . . . The disparity in income can an swill become a problem everywhere. I blame net and advancing technology more than anything. Very large blocks of corporate wealth and income are generated by companies with very small workforces. Small mom and pop brick and mortar businesses that used to employ non-professional and less educated work forces can no longer compete or survive. Brick and mortar that do survive compete through reduction in workforce and lower wages. Automation is replecing humans rom grocery stores to assembly lines.

Real estate as an investment option (flipping, rental and etc.) is no longer as accessible to middle class. One now has to have cash to purchase investment and rental property as mortgage access to 2nd, 3rd and etc. properties are scarce.

This is a world problem, not just a US problem.

Who does this impact? The lazy and those unwilling to worh hard and get advanced education and professional degrees.

Yet try finding a good plumber, eh?

You all live off the pathetic working class. They're the ones actually doing the real work.

Not sure of your point, but don't be a plumber if you don't like plumber pay.

I busted my tail to make good grades, study for LSAT/GMAT and make it through 4 years of JD/MBA after 4 years of BA so I didn't have to be a working class.

I still put in 60 hour weeks regularly at 47 and have a very stressful high paced professional life that I can rarely leave at the office unlike most working class who can put in their time and go home. Not complaining, but I can assure that only a dumbarse would take on the kind of stress and responsibility I live under and make the 8 year education commitment and no income for 8 years while in college unless the compensation was great.

Those that screw off in high school and blow off college are setting their own course are not being taken advantage of.

Who lives off who? Those that pay 6 figures in taxes or those that pay a few thousand a year or less in taxes?

[MJP]

I've done the same Ferrari man. But I also work with "the working class" and they put in 60 hours a week minimum for very little and yet produce a lot.

Let's at least show them a little respect.

[Publicus]

The Industrial Revolution set the world on its current dynamic course from the static flat line life of the Old World.

Industrial revolution is not forever either.

Our current model of development is simply unsustainable. One reason is that it assumes our resources are unlimited. Another reason is that it's now fed by runway debt creation. Yet another reason is demographics - all "developed" societies do not reproduce enough to survive.

The question is not whether or not there will be an end to this party, the question is who is going to be better prepared for the transition to the next step.

When will you say something people don't already know.....or that you haven't droned on about a hundred times already.....debt debt debt......

Your side's alternative to the modern and future world is........

Edited September 28, 2014 by Publicus

[Robert2006]

F430murci

No, debt does matter. My sole point is from an economic perspective the key ratio is public debt to GDP. Citing national debt of $ 17 tr. is more media "good headlines" hogwash and a political tool to rally base.

I have not looked at figure recently, but I believe public debt is around $ 12.5 tr. and at a ratio of about % 70 to 75 % of GDP. The critical stage for developed economies is 90 %.

US is still well below 90 % and we have seen developed economies such as Japan function with much higher ratios than 90 %. Our +/- 70 % ratio is not cause for alarm at this time.

RE: US debt/risk v. Russia debt/risk

Large institutional investors and world governments much smarter and armed with more facts than you are I continue to purchase large blocks of US Treasuries at very low interests rates. This is a great indication of the risk of the investment and current state of US economy as opposed to Zerohedge, breitbart.com and those on here salivating to see the US fail.

Russia has a low debt ratio because only the few are willing accept the risk on what they have to offer. Very, very few large investors with fiduciary obligations or in charge of government funds are willing to risk large investments in Russian debt even at much higher rates. Too risky, uncertain and Russia has a history of default.

RE: Current Debt and Looking Forward

Thus far, the Fed has done an excellent job in exceedingly and unprecedented circumstances. The QEs accomplished exactly what the Fed needed to accomplish by filling large voids and shoring up reserves on both the US and on foreign balance sheets as a result of CMOs.

The economy has recovered sufficiently to now start reigning in both spending and debt. Candidly, US really did not want additional conflict and additional defense spending because it is counter to the direction we need to be heading as far as spending at the moment.

Nevertheless, we are where we are and hopefully the next administration can plug some of the "agenda" holes in our system Obama created.

Robert2006

That was a well-reasoned nicely penned interesting opinion on the subject. I’ll give you credit when credit is due.

[ClutchClark]

Much truth to some of this, except how insurance companies make bank . . . The disparity in income can an swill become a problem everywhere. I blame net and advancing technology more than anything. Very large blocks of corporate wealth and income are generated by companies with very small workforces. Small mom and pop brick and mortar businesses that used to employ non-professional and less educated work forces can no longer compete or survive. Brick and mortar that do survive compete through reduction in workforce and lower wages. Automation is replecing humans rom grocery stores to assembly lines.

Real estate as an investment option (flipping, rental and etc.) is no longer as accessible to middle class. One now has to have cash to purchase investment and rental property as mortgage access to 2nd, 3rd and etc. properties are scarce.

This is a world problem, not just a US problem.

Who does this impact? The lazy and those unwilling to worh hard and get advanced education and professional degrees.

I traveled in two circles in my work career--blue-collar and degreed.

You don't seem to understand that you were exposed to options and possibilities that many of the working class were not.

Were your parents college educated? Were they "professionals" as that term was used when you were a boy in the late 70's-early 80's? Did they encourage you to attend college? Did they pay much of your tuition and expenses? Did you attend an affluent HS where the "track" of your program was college prep? My grandson called it "AP" courses.

If you can answer yes to many of these questions then you really should be careful describing the other half as lazy or in supposing they leave their concerns at work each day and live a blissful existence until the morning whistle. Many of them were just never exposed to possibilities that exist and were pointed out to others.

In almost all other regards, your posts have been excellent, spot-on and even informative.

Regards

[F430murci]

I've done the same Ferrari man. But I also work with "the working class" and they put in 60 hours a week minimum for very little and yet produce a lot.

Let's at least show them a little respect.

I actually do. I don't like the vast disparity in income/erosion of the middle class and think it a very bad thing. I don't like Internet business from the perspective it reduces working class jobs, eliminates mom and pop brick and mortar business and places huge wealth in companies with very few employees. Income disparity drives prices up and causes lower income families to be dual income to survive. Dual income means more workers in work force that cannot sustain the numbers. This is a vicious cycle and I do see this as a problem.

Hard to believe that fathers could at one time support their families by going door to door selling encyclopedias, pumping gas at full service gas stations, or by working as a clerk at the local grocery store. All of those jobs have been eliminated by technology, yet we have more mouths to feed.

Candidly, I wish we could return to the job market and economy of the 50s or eras where middle class thrived and disparity of wealth was much less.

[MJP]

I've done the same Ferrari man. But I also work with "the working class" and they put in 60 hours a week minimum for very little and yet produce a lot.

Let's at least show them a little respect.

I actually do. I don't like the vast disparity in income/erosion of the middle class and think it a very bad thing. I don't like Internet business from the perspective it reduces working class jobs, eliminates mom and pop brick and mortar business and places huge wealth in companies with very few employees. Income disparity drives prices up and causes lower income families to be dual income to survive. Dual income means more workers in work force that cannot sustain the numbers. This is a vicious cycle and I do see this as a problem.

Hard to believe that fathers could at one time support their families by going door to door selling encyclopedias, pumping gas at full service gas stations, or by working as a clerk at the local grocery store. All of those jobs have been eliminated by technology, yet we have more mouths to feed.

Candidly, I wish we could return to the job market and economy of the 50s or eras where middle class thrived and disparity of wealth was much less.

I'll tell you something else. Those on the tools don't realize quite how exhausting the office work is either. It swings both ways. My working class heroes also get both barrels off me when they harp on about "them in the office".

Christ I want to retire!

[ClutchClark]

I've done the same Ferrari man. But I also work with "the working class" and they put in 60 hours a week minimum for very little and yet produce a lot.

Let's at least show them a little respect.

I actually do. I don't like the vast disparity in income/erosion of the middle class and think it a very bad thing. I don't like Internet business from the perspective it reduces working class jobs, eliminates mom and pop brick and mortar business and places huge wealth in companies with very few employees. Income disparity drives prices up and causes lower income families to be dual income to survive. Dual income means more workers in work force that cannot sustain the numbers. This is a vicious cycle and I do see this as a problem.

Hard to believe that fathers could at one time support their families by going door to door selling encyclopedias, pumping gas at full service gas stations, or by working as a clerk at the local grocery store. All of those jobs have been eliminated by technology, yet we have more mouths to feed.

Candidly, I wish we could return to the job market and economy of the 50s or eras where middle class thrived and disparity of wealth was much less.

I'll tell you something else. Those on the tools don't realize quite how exhausting the office work is either. It swings both ways. My working class heroes also get both barrels off me when they harp on about "them in the office".

Christ I want to retire!

I thought most everyone on TVF was retired.

What the heck? Do you guys spend your work hours on TVF?

And if you actually answer yes to that then I don't want to hear how tough you desk jockeys have it in life ;-)

[MJP]

I've done the same Ferrari man. But I also work with "the working class" and they put in 60 hours a week minimum for very little and yet produce a lot.

Let's at least show them a little respect.

I actually do. I don't like the vast disparity in income/erosion of the middle class and think it a very bad thing. I don't like Internet business from the perspective it reduces working class jobs, eliminates mom and pop brick and mortar business and places huge wealth in companies with very few employees. Income disparity drives prices up and causes lower income families to be dual income to survive. Dual income means more workers in work force that cannot sustain the numbers. This is a vicious cycle and I do see this as a problem.

Hard to believe that fathers could at one time support their families by going door to door selling encyclopedias, pumping gas at full service gas stations, or by working as a clerk at the local grocery store. All of those jobs have been eliminated by technology, yet we have more mouths to feed.

Candidly, I wish we could return to the job market and economy of the 50s or eras where middle class thrived and disparity of wealth was much less.

I'll tell you something else. Those on the tools don't realize quite how exhausting the office work is either. It swings both ways. My working class heroes also get both barrels off me when they harp on about "them in the office".

Christ I want to retire!

I thought most everyone on TVF was retired.

What the heck? Do you guys spend your work hours on TVF?

And if you actually answer yes to that then I don't want to hear how tough you desk jockeys have it in life ;-)

Off sick at the mo. Diabetes and heart. Hence I've only got you lot to talk to.

Should be back at least a few days a week soon.

Lifetime of living and working on site has done me in.

[Publicus]

people on this planet have evolved in this direction, rationally and for good reason

The same could be said for every civilization in history.

Debt driven growth is only 30-40 years old and could as well turn into an evolutionary dead end to be supplanted by something else.

Monetary systems have a typical lifespan of roughly 40 years... The current system has been in place since Nixon dismembered the Breton Woods agreement and took the US off the gold standard in 1971, so we are due for a new paradigm...

Early in the 21st century your premise is wrong. The Soviet Union was the last empire as history marches on.

What is the "new paradigm" you would like to see come into existence?

If you could establish a new paradigm, a new monetary system, what would it be.

No outlander predictions plse, only what you would like to see as the new global monetary paradigm..........

[MJP]

people on this planet have evolved in this direction, rationally and for good reason

The same could be said for every civilization in history.

Debt driven growth is only 30-40 years old and could as well turn into an evolutionary dead end to be supplanted by something else.

Monetary systems have a typical lifespan of roughly 40 years... The current system has been in place since Nixon dismembered the Breton Woods agreement and took the US off the gold standard in 1971, so we are due for a new paradigm...

Early in the 21st century your premise is wrong. The Soviet Union was the last empire as history marches on.

What is the "new paradigm" you would like to see come into existence?

If you could establish a new paradigm, a new monetary system, what would it be.

No outlander predictions plse, only what you would like to see as the new global monetary paradigm..........

Bitcoin?

[Dives for cover]

[NeverSure]

Insurance companies and retirement funds are not limited to investing in bank savings accounts that now return less than 1%. That is reserved for the pathetic working class who can not afford risk with what little that remains after taxes and other costs. The big investors still have the large real estate deals and access to hedge funds returning double digits with reliability. The velocity of money continues to decline as a result of income inequality as the vast majority of people, the 95%, have so little to spend.

Much truth to some of this, except how insurance companies make bank . . . The disparity in income can an swill become a problem everywhere. I blame net and advancing technology more than anything. Very large blocks of corporate wealth and income are generated by companies with very small workforces. Small mom and pop brick and mortar businesses that used to employ non-professional and less educated work forces can no longer compete or survive. Brick and mortar that do survive compete through reduction in workforce and lower wages. Automation is replecing humans rom grocery stores to assembly lines.

Real estate as an investment option (flipping, rental and etc.) is no longer as accessible to middle class. One now has to have cash to purchase investment and rental property as mortgage access to 2nd, 3rd and etc. properties are scarce.

This is a world problem, not just a US problem.

Who does this impact? The lazy and those unwilling to worh hard and get advanced education and professional degrees.

Yet try finding a good plumber, eh?

You all live off the pathetic working class. They're the ones actually doing the real work.

Not sure of your point, but don't be a plumber if you don't like plumber pay.

I busted my tail to make good grades, study for LSAT/GMAT and make it through 4 years of JD/MBA after 4 years of BA so I didn't have to be a working class.

I still put in 60 hour weeks regularly at 47 and have a very stressful high paced professional life that I can rarely leave at the office unlike most working class who can put in their time and go home. Not complaining, but I can assure that only a dumbarse would take on the kind of stress and responsibility I live under and make the 8 year education commitment and no income for 8 years while in college unless the compensation was great.

Those that screw off in high school and blow off college are setting their own course are not being taken advantage of.

Who lives off who? Those that pay 6 figures in taxes or those that pay a few thousand a year or less in taxes?

I think, in your self-adulation, you forget that you are just someone else's beotch, even if it is your clients/customers.

The people who make the real money in this world are self employed and have their own ideas, not something they were taught by an (urp) teacher.

Bill Gates is the richest man in the world and he never graduated from college.

The boys who started google weren't college graduates.

I could give you a long list of famous and wealthy people from high tech to inventors to entrepreneurs to actors who weren't college graduates.

It is, in fact possible, for college to get in the way of your thinking and cause you to miss the gold ring.

[F430murci]

Much truth to some of this, except how insurance companies make bank . . . The disparity in income can an swill become a problem everywhere. I blame net and advancing technology more than anything. Very large blocks of corporate wealth and income are generated by companies with very small workforces. Small mom and pop brick and mortar businesses that used to employ non-professional and less educated work forces can no longer compete or survive. Brick and mortar that do survive compete through reduction in workforce and lower wages. Automation is replecing humans rom grocery stores to assembly lines.

Real estate as an investment option (flipping, rental and etc.) is no longer as accessible to middle class. One now has to have cash to purchase investment and rental property as mortgage access to 2nd, 3rd and etc. properties are scarce.

This is a world problem, not just a US problem.

Who does this impact? The lazy and those unwilling to worh hard and get advanced education and professional degrees.

I traveled in two circles in my work career--blue-collar and degreed.

You don't seem to understand that you were exposed to options and possibilities that many of the working class were not.

Were your parents college educated? Were they "professionals" as that term was used when you were a boy in the late 70's-early 80's? Did they encourage you to attend college? Did they pay much of your tuition and expenses? Did you attend an affluent HS where the "track" of your program was college prep? My grandson called it "AP" courses.

If you can answer yes to many of these questions then you really should be careful describing the other half as lazy or in supposing they leave their concerns at work each day and live a blissful existence until the morning whistle. Many of them were just never exposed to possibilities that exist and were pointed out to others.

In almost all other regards, your posts have been excellent, spot-on and even informative.

Regards

There is a difference between exposure and access.

Poor have much better access to colleges than middle class or upper middle class cost wise. I candidly don't see how middle class can afford it as they make too much to get grants and other state aide offered to low income families.

Exposure may be the difference here. Kids from wealthy families may tend to go that extra mile to sustain the lifestyle to which they are accustom.

Access is not the issue. Exposure and drive is the issue. To me, one can go to a less than Tier 1 college in grants, work hard, make good grades, study for grad school entrance exams and gain access to anything they want.

As a litigator, I tend to hire those from lesser schools with more middle of the road grades. They usually have the savy, common sense and street smarts that it takes to be a good litigator. Candidly, a lot of those with Tier 1 degrees and highest class ranking are very book smart, but dumb as a <deleted>£ing rock when it comes to common sense.

[F430murci]

Much truth to some of this, except how insurance companies make bank . . . The disparity in income can an swill become a problem everywhere. I blame net and advancing technology more than anything. Very large blocks of corporate wealth and income are generated by companies with very small workforces. Small mom and pop brick and mortar businesses that used to employ non-professional and less educated work forces can no longer compete or survive. Brick and mortar that do survive compete through reduction in workforce and lower wages. Automation is replecing humans rom grocery stores to assembly lines.

Real estate as an investment option (flipping, rental and etc.) is no longer as accessible to middle class. One now has to have cash to purchase investment and rental property as mortgage access to 2nd, 3rd and etc. properties are scarce.

This is a world problem, not just a US problem.

Who does this impact? The lazy and those unwilling to worh hard and get advanced education and professional degrees.

Yet try finding a good plumber, eh?

You all live off the pathetic working class. They're the ones actually doing the real work.

Not sure of your point, but don't be a plumber if you don't like plumber pay.

I busted my tail to make good grades, study for LSAT/GMAT and make it through 4 years of JD/MBA after 4 years of BA so I didn't have to be a working class.

I still put in 60 hour weeks regularly at 47 and have a very stressful high paced professional life that I can rarely leave at the office unlike most working class who can put in their time and go home. Not complaining, but I can assure that only a dumbarse would take on the kind of stress and responsibility I live under and make the 8 year education commitment and no income for 8 years while in college unless the compensation was great.

Those that screw off in high school and blow off college are setting their own course are not being taken advantage of.

Who lives off who? Those that pay 6 figures in taxes or those that pay a few thousand a year or less in taxes?

I think, in your self-adulation, you forget that you are just someone else's beotch, even if it is your clients/customers.

The people who make the real money in this world are self employed and have their own ideas, not something they were taught by an (urp) teacher.

Bill Gates is the richest man in the world and he never graduated from college.

The boys who started google weren't college graduates.

I could give you a long list of famous and wealthy people from high tech to inventors to entrepreneurs to actors who weren't college graduates.

It is, in fact possible, for college to get in the way of your thinking and cause you to miss the gold ring.

Of course I am someone else's beotch. That is why I work 60 hour work weeks and am stressed as hades most of the time. I know who I am and my position in life. I have no illusions.

Sure, some of the very wealthy never went to college. That is a risky route unless you are far more special, clever and lucky than I. That is also taking a big risk as there is little fall back on if you fail.

Edited September 28, 2014 by F430murci

[MJP]

F430, it's not worth it. I did this for 20 years, crazy big fast projects, intense stress and hours (longest was 126 hours straight).

Then health failed.

Once health is gone you have nothing at all.

[Publicus]

Monetary systems have a typical lifespan of roughly 40 years... The current system has been in place since Nixon dismembered the Breton Woods agreement and took the US off the gold standard in 1971, so we are due for a new paradigm...

Early in the 21st century your premise is wrong. The Soviet Union was the last empire as history marches on.

What is the "new paradigm" you would like to see come into existence?

If you could establish a new paradigm, a new monetary system, what would it be.

No outlander predictions plse, only what you would like to see as the new global monetary paradigm..........

Bitcoin?

[Dives for cover]

Bitcoin is a cool concept that needs to play out over a sustained period of time, after which people could see what function it might best perform if any.

Presently and foreseeably it is radical.

Bitcoin has had only $14 billion of transactions since its creation in 2009, which makes it a tiny fish in a huge and deep sea of money. In the global economy, which continues to include some bartering, a hundred times more goods and services than that are bartered montly.

Bitcoin is a virtual currency that exists only in cyberspace. Bitcoin is a private currency. It is a currency without a country or a geographic base which could make it the answer or it could doom it, more likely the latter. It doesn't use banks or a middle man. It's price is similar to gold in that it's volatile.

Bitcoin is one of 300 new crypto currencies so I'm not sure I'd like to base my life on anything called crypto . As with the Ford Motor Corporation a hundred years ago, one crypto currency could emerge dominant from among the many startups struggling to become the success story of the century, or at the least of the decade.

Crypto currencies include having cutesy names such as Litecoin and more sinister sounding names such as Darkcoin.

Bitcoin or any crypto currency remains trillions of light years away from succeeding the USD as the global currency of international trade or as the global reserve currency. Bitcoin is the stunning dizzy blonde that just walked into the room.

http://money.msn.com/saving-money-tips/post--bitcoin-for-dummies

[NeverSure]

Not sure of your point, but don't be a plumber if you don't like plumber pay.

I busted my tail to make good grades, study for LSAT/GMAT and make it through 4 years of JD/MBA after 4 years of BA so I didn't have to be a working class.

I still put in 60 hour weeks regularly at 47 and have a very stressful high paced professional life that I can rarely leave at the office unlike most working class who can put in their time and go home. Not complaining, but I can assure that only a dumbarse would take on the kind of stress and responsibility I live under and make the 8 year education commitment and no income for 8 years while in college unless the compensation was great.

Those that screw off in high school and blow off college are setting their own course are not being taken advantage of.

Who lives off who? Those that pay 6 figures in taxes or those that pay a few thousand a year or less in taxes?

I think, in your self-adulation, you forget that you are just someone else's beotch, even if it is your clients/customers.

The people who make the real money in this world are self employed and have their own ideas, not something they were taught by an (urp) teacher.

Bill Gates is the richest man in the world and he never graduated from college.

The boys who started google weren't college graduates.

I could give you a long list of famous and wealthy people from high tech to inventors to entrepreneurs to actors who weren't college graduates.

It is, in fact possible, for college to get in the way of your thinking and cause you to miss the gold ring.

Of course I am someone else's beotch. That is why I work 60 hour work weeks and am stressed as hades most of the time. I know who I am and my position in life. I have no illusions.

Sure, some of the very wealthy never went to college. That is a risky route unless you are far more special, clever and lucky than I. That is also taking a big risk as there is little fall back on if you fail.

Winners are people who never stop trying.

Walt Disney was fired by a newspaper editor because "he lacked imagination and had no good ideas." LOL

Elvis Presley was fired from his first gig and told "You ain't goin' nowhere, son. You ought to go back to drivin' a truck."

I can give you tons of names of those who just wouldn't quit and/or who followed a dream. The discussion was about college, and it really wasn't the key for those who really made it big.

Edited September 29, 2014 by NeverSure

[F430murci]

Not sure of your point, but don't be a plumber if you don't like plumber pay.

I busted my tail to make good grades, study for LSAT/GMAT and make it through 4 years of JD/MBA after 4 years of BA so I didn't have to be a working class.

I still put in 60 hour weeks regularly at 47 and have a very stressful high paced professional life that I can rarely leave at the office unlike most working class who can put in their time and go home. Not complaining, but I can assure that only a dumbarse would take on the kind of stress and responsibility I live under and make the 8 year education commitment and no income for 8 years while in college unless the compensation was great.

Those that screw off in high school and blow off college are setting their own course are not being taken advantage of.

Who lives off who? Those that pay 6 figures in taxes or those that pay a few thousand a year or less in taxes?

I think, in your self-adulation, you forget that you are just someone else's beotch, even if it is your clients/customers.

The people who make the real money in this world are self employed and have their own ideas, not something they were taught by an (urp) teacher.

Bill Gates is the richest man in the world and he never graduated from college.

The boys who started google weren't college graduates.

I could give you a long list of famous and wealthy people from high tech to inventors to entrepreneurs to actors who weren't college graduates.

It is, in fact possible, for college to get in the way of your thinking and cause you to miss the gold ring.

Of course I am someone else's beotch. That is why I work 60 hour work weeks and am stressed as hades most of the time. I know who I am and my position in life. I have no illusions.

Sure, some of the very wealthy never went to college. That is a risky route unless you are far more special, clever and lucky than I. That is also taking a big risk as there is little fall back on if you fail.

Winners are people who never stop trying.

Walt Disney was fired by a newspaper editor because "he lacked imagination and had no good ideas." LOL

Elvis Presley was fired from his first gig and told "You ain't goin' nowhere, son. You ought to go back to drivin' a truck."

I can give you tons of names of those who just wouldn't quit and/or who followed a dream. The discussion was about college, and it really wasn't the key for those who really made it big.

Yep, I tip my hat to all of them who just would not give up on what they believed. One of the reasons America is so great is that people can accomish what they desire with talent, determination and hard work. I cannot sing or dance worth <deleted> so I would probably still be spinning my wheels had I tried to follow in Elvis' footsteps. Lacking in the talent aspect of that one . . .

[NeverSure]

How about Ray Kroc whose parents were immigrants, who is credited with establishing the McDonald's franchise restaurant operation? He was a milkshake mixer salesman who saw the potential in a small restaurant chain headquartered in the desert in San Bernadino, California and joined it. He made enough money to buy the original owners out for 2.7 million dollars and go ahead to make it what it is. That was a lot of money in 1961.

I can't determine if he was a college grad, but the common denominator is that he followed his own drummer and shot for the moon. He didn't learn that in school.

[Asiantravel]

This is typical of Krugman acolytes that keep bleating that debt doesn't matter... The Keynesian's world is not grounded in reality...

History has a nasty habit of repeating itself as humans have proven time and time again that they cannot learn from their ancestor's mistakes... Every empire throughout history that has devalued it's currency to support an ever-bloating bureaucracy has failed... Every fiat currency down through history has failed... Not some, every one... Every "currency" on the planet today is a fiat currency, backed by nothing but the "good faith" of the issuer...

"Every "currency" on the planet today is a fiat currency, backed by nothing but the "good faith" of the issuer... "

That's because people on this planet have evolved in this direction, rationally and for good reason as is clearly displayed in the historical record.

Without money where would everyone on the planet be? Printing money is necessarily done by fiat and as a fiat - there's nothing inherently wrong with printed money. Ninety-nine percent accept that as a given. Reactionary extreme right wingers long for the old days of bartering, the gold standard, no USA in the world, neither a lender nor a borrower be.

The barter system is ineffective, outdated, awkward, cumbersome, passe'.

The gold standard is inadequate, insufficient, volatile.

The long and the short of it is that axe grinding malcontents necessarily are not people of good faith.

why has every fiat "currency" on the planet failed ? Two reasons primarily: leverage and promises which sounds all too like the USA

In a fiat money system, banks always find ways to expand credit and leverage to unsustainable levels

as in the USA today. Currently the banks do this via fractional reserve lending and derivatives. ( Derivatives now stand at more than 600 trillion dollars ) This creates bubbles! When these leverage-induced bubbles pop, banks either default on their obligations, or the government bails them out. Since the banks are politically powerful, they can almost always make the government tax people, issue bonds, or simply print the cash to get their bailout.

In a fiat money system, governments always promise more than they can deliver. To make up the difference, the government can engage in “deficit spending” or simply print cash and give it to the people or, as we’ve seen lately, give easy loans or subsidies to their cronies. When governments can’t fulfill their obligations in real terms, they attempt to provide it in nominal terms – they simply print money to make up the difference.

Without accepting anything you posted, I'd ask you to present your alternative system, plan, design, scheme, to succeed the long standing fiat system. And of how to get to it.

You've posted a series of declaratory statements that while they are essentially connected, they don't take us anywhere, i.e., an alternative to the fiat system.

Do you guys want to replace the fiat system entirely? Or replace the existing USD system by installing a new fiat system, which would seem unlikely to me as you roundly denounce the fiat system per se, its debt especially. You guys denounce denounce denounce so what do you propose?

" so what do you propose? "

just ask a 12 year old

[Publicus]

"Every "currency" on the planet today is a fiat currency, backed by nothing but the "good faith" of the issuer... "

That's because people on this planet have evolved in this direction, rationally and for good reason as is clearly displayed in the historical record.

Without money where would everyone on the planet be? Printing money is necessarily done by fiat and as a fiat - there's nothing inherently wrong with printed money. Ninety-nine percent accept that as a given. Reactionary extreme right wingers long for the old days of bartering, the gold standard, no USA in the world, neither a lender nor a borrower be.

The barter system is ineffective, outdated, awkward, cumbersome, passe'.

The gold standard is inadequate, insufficient, volatile.

The long and the short of it is that axe grinding malcontents necessarily are not people of good faith.

why has every fiat "currency" on the planet failed ? Two reasons primarily: leverage and promises which sounds all too like the USA

In a fiat money system, banks always find ways to expand credit and leverage to unsustainable levels

as in the USA today. Currently the banks do this via fractional reserve lending and derivatives. ( Derivatives now stand at more than 600 trillion dollars ) This creates bubbles! When these leverage-induced bubbles pop, banks either default on their obligations, or the government bails them out. Since the banks are politically powerful, they can almost always make the government tax people, issue bonds, or simply print the cash to get their bailout.

In a fiat money system, governments always promise more than they can deliver. To make up the difference, the government can engage in “deficit spending” or simply print cash and give it to the people or, as we’ve seen lately, give easy loans or subsidies to their cronies. When governments can’t fulfill their obligations in real terms, they attempt to provide it in nominal terms – they simply print money to make up the difference.

Without accepting anything you posted, I'd ask you to present your alternative system, plan, design, scheme, to succeed the long standing fiat system. And of how to get to it.

You've posted a series of declaratory statements that while they are essentially connected, they don't take us anywhere, i.e., an alternative to the fiat system.

Do you guys want to replace the fiat system entirely? Or replace the existing USD system by installing a new fiat system, which would seem unlikely to me as you roundly denounce the fiat system per se, its debt especially. You guys denounce denounce denounce so what do you propose?

" so what do you propose? "

just ask a 12 year old

My god.

If you want to send a pubescent girl to do a man's job that would be up to you. I would not do it, haven't ever done it, never considered doing it.

The sweet thing recites the same tired stuff you guys recite. It can seem more palatable coming from the innocent girl than from an axe wielding barterer, but it remains nothing more than the same old same old recitation.

I asked for the alternative proposal of you far out moonbeam guys to the existing monetary and financial systems you guys incessantly rail against in the same words the lil' darlin' uses. So what do you do? You trot out a 12 year old in Canada who recites the same stuff you do and that's it. So be it if no response is your response to my legit question which I have repeated here.

And which I'll restate - what is your alternative scheme, plan, design, to the existing global structures and systems of international trade, finance, monetary and forex policies, and how would you take us from here to there.

You moonbeams are giving it a lot of windup so now the hometown crowd is waiting on your pitch. Some of us are beginning to think you guys have nothing on the ball except your hand which is why you keep hiding the ball.

[Loptr]

And the beat goes on...

http://www.ft.com/intl/cms/s/0/df11fbbe-2ea4-11e4-afe4-00144feabdc0.html#axzz3EkkY9NLF

September 30, 2014 12:08 am

Emerging markets eye renminbi trading alternative to dollar

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail.

With some effort, it is possible to discern the outline of a future “renminbi zone” emerging as a rival to the “dollar zone” that has dominated the world’s financial system since the end of the second world war. Though still indistinct, the contours of this new currency contingency are nowhere clearer than among the Brics countries (Brazil, Russia, India, China and South Africa), following a decision to create a Brics bank in July.

[Loptr]

Here is a good read on the topic and will provide some insight...

http://real-agenda.com/2014/09/13/twenty-first-century-wars-to-keep-petrodollar-and-american-hegemony-alive/

Twenty-first Century Wars to keep Petrodollar and American Hegemony Alive

The real reason Russia and Syria are being targeted right now.

by SCGNews.com
September 14, 2014

Contrary to popular belief, the conduct of nations on the international stage is almost never driven by moral considerations, but rather by a shadowy cocktail of money and geopolitics. As such, when you see the mouthpieces of the ruling class begin to demonize a foreign country, the first question in your mind should always be “what is actually at stake here?”

For some time now Russia, China, Iran, and Syria have been in the cross hairs. Once you understand why, the events unfolding in the world right now will make much more sense.

The U.S. dollar is a unique currency. In fact its current design and its relationship to geopolitics is unlike any other in history. Though it has been the world reserve currency since 194 this is not what makes it unique. Many currencies have held the reserve status off and on over the centuries, but what makes the dollar unique is the fact that since the early 1970s it has been, with a few notable exceptions, the only currency used to buy and sell oil on the global market.

[lovetotravel]

Yes, the beat does go on, contrary to many member's prognostications:

http://money.cnn.com/2014/09/29/investing/us-dollar-strong-four-year-high/index.html

The U.S. dollar is on top of the world Investors are pledging allegiance to the dollar.

The U.S. Dollar Index, which measures the value of the greenback against a basket of foreign currencies, has climbed to its highest level in over four years.

"The momentum of the dollar's advance is unprecedented," said analysts at Société Générale in a note Monday morning.

The dollar has long been the world's top business currency and viewed as a "safe bet" among investors. But the recent run up is partly because traders believe the American economy is improving, especially relative to other parts of the world. This will compel the Federal Reserve to raise interest rates, which is generally seen as a good thing for a country's currency.

[Asiantravel]

Here is a good read on the topic and will provide some insight...

http://real-agenda.com/2014/09/13/twenty-first-century-wars-to-keep-petrodollar-and-american-hegemony-alive/

Twenty-first Century Wars to keep Petrodollar and American Hegemony Alive

The real reason Russia and Syria are being targeted right now.

by SCGNews.com

September 14, 2014

Contrary to popular belief, the conduct of nations on the international stage is almost never driven by moral considerations, but rather by a shadowy cocktail of money and geopolitics. As such, when you see the mouthpieces of the ruling class begin to demonize a foreign country, the first question in your mind should always be “what is actually at stake here?”

For some time now Russia, China, Iran, and Syria have been in the cross hairs. Once you understand why, the events unfolding in the world right now will make much more sense.

The U.S. dollar is a unique currency. In fact its current design and its relationship to geopolitics is unlike any other in history. Though it has been the world reserve currency since 194 this is not what makes it unique. Many currencies have held the reserve status off and on over the centuries, but what makes the dollar unique is the fact that since the early 1970s it has been, with a few notable exceptions, the only currency used to buy and sell oil on the global market.

“ never driven by moral considerations, but rather by a shadowy cocktail of money and geopolitics “

I wonder how many Americans are aware of this bit of history?

Robert Latham Owen was a part-Cherokee Democratic Senator from Oklahoma between 1907 and 1925 who (ironically) championed efforts to strengthen public control of government. He is, however, best-known as a co-sponsor of a bill that would change the world forever - The Federal Reserve Act of 1913 (which enabled the Federal Reserve System). Writing later in his life, he reflected (as so many political leaders do once they leave office) on the real reason for the Federal Reserve Act...

https://archive.org/details/NationalEconomyAndTheBankingSystemOfTheUnitedStates

[Publicus]

The real reason for most of everything at threads like this is that the howlers howl because they sleep in the moonlight. Each new day the moon beamers around here awaken with a new raw energy and numerous wild schemes.

They don't know the RMB is monopoly money for numerous reasons. Or they deny them or ignore them.

Principal among the proliferation of reasons the CNY is monopoly game money is that Beijing will not free float its currency.

Beijing keeps its currency in a narrow trading band rather than let it float freely in the global market. Which means it can't compete globally against the USD$ or the Euro, or the Japanese Yen, or the Pound. The real reason however is that if the Boyz in Beijing free float the Yuan the CCP's private and personal economy freely implodes.

It sounds from the most recent moonbeam posts that the world is dividing into a group of existing first class nations using these currencies of faith, trust, confidence and that have a highly successful track record, and a second reactionary group of poor cousins with shady unstable currencies and no rule of law that spitefully chooses to consign itself to a distant second class status. This is not good for anyone but it's not good for them in particular. A lot of prospectors die out there in the hot sun and in its intense sunlight.

The second foremost reason among the 1001 reasons the RMB (CNY) is monopoly money is that Beijing keeps closed the capital markets of the PRC. It doesn't anyway matter either way because the CCP's rigid capital regime is self-serving only, it is so small, so corrupt, absent the rule of law, controlled by the CCP, hasn't any global credibility, hasn't any claim of investor confidence and so much more that the CCP's personal capital market is, was, always has been and always will be a profound joke.

Those who try to advance the national currency of an authoritarian dictatorship that believes in its own self-delusion it is destined to rule and lord over the world need to explain themselves.

Edited September 30, 2014 by Publicus

[Asiantravel]

This is typical of Krugman acolytes that keep bleating that debt doesn't matter... The Keynesian's world is not grounded in reality...

History has a nasty habit of repeating itself as humans have proven time and time again that they cannot learn from their ancestor's mistakes... Every empire throughout history that has devalued it's currency to support an ever-bloating bureaucracy has failed... Every fiat currency down through history has failed... Not some, every one... Every "currency" on the planet today is a fiat currency, backed by nothing but the "good faith" of the issuer...

"Every "currency" on the planet today is a fiat currency, backed by nothing but the "good faith" of the issuer... "

That's because people on this planet have evolved in this direction, rationally and for good reason as is clearly displayed in the historical record.

Without money where would everyone on the planet be? Printing money is necessarily done by fiat and as a fiat - there's nothing inherently wrong with printed money. Ninety-nine percent accept that as a given. Reactionary extreme right wingers long for the old days of bartering, the gold standard, no USA in the world, neither a lender nor a borrower be.

The barter system is ineffective, outdated, awkward, cumbersome, passe'.

The gold standard is inadequate, insufficient, volatile.

The long and the short of it is that axe grinding malcontents necessarily are not people of good faith.

" Printing money is necessarily done by fiat and as a fiat - there's nothing inherently wrong with printed money. "

sure........

[Asiantravel]

The real reason for most of everything at threads like this is that the howlers howl because they sleep in the moonlight. Each new day the moon beamers around here awaken with a new raw energy and numerous wild schemes.

They don't know the RMB is monopoly money for numerous reasons. Or they deny them or ignore them.

Principal among the proliferation of reasons the CNY is monopoly game money is that Beijing will not free float its currency.

Beijing keeps its currency in a narrow trading band rather than let it float freely in the global market. Which means it can't compete globally against the USD$ or the Euro, or the Japanese Yen, or the Pound. The real reason however is that if the Boyz in Beijing free float the Yuan the CCP's private and personal economy freely implodes.

It sounds from the most recent moonbeam posts that the world is dividing into a group of existing first class nations using these currencies of faith, trust, confidence and that have a highly successful track record, and a second reactionary group of poor cousins with shady unstable currencies and no rule of law that spitefully chooses to consign itself to a distant second class status. This is not good for anyone but it's not good for them in particular. A lot of prospectors die out there in the hot sun and in its intense sunlight.

The second foremost reason among the 1001 reasons the RMB (CNY) is monopoly money is that Beijing keeps closed the capital markets of the PRC. It doesn't anyway matter either way because the CCP's rigid capital regime is self-serving only, it is so small, so corrupt, absent the rule of law, controlled by the CCP, hasn't any global credibility, hasn't any claim of investor confidence and so much more that the CCP's personal capital market is, was, always has been and always will be a profound joke.

Those who try to advance the national currency of an authoritarian dictatorship that believes in its own self-delusion it is destined to rule and lord over the world need to explain themselves.

So What Really Happens When the SHTF?

What Would The Founders Have Done? I imagine Madison, Jefferson, Adams and Washington would forget the bug-out bag for a moment and concentrate on building a better community out of the chaos A Revolutionary idea, right? How many Americans even know their neighbors? In the worst SHTF scenario, American cities might resemble New Orleans after Katrina or even Somalia in Blackhawk Down after a few weeks. BUT, suppose in the middle of this imperial meltdown, something remarkable occurs? Suppose heavily-armed and vigilant communities united once again and true social networking occurs? After all, the most valuable precious metal is valueless without precious mettle. And delicate plants and flowers do grow nicely from the ruins of old foundations and empires.

http://www.rense.com/general93/sowhat.htm

[Publicus]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

" Printing money is necessarily done by fiat and as a fiat - there's nothing inherently wrong with printed money. "

sure........ alt=giggle.gif>

More howling at the moon by moon beamers, outlanders.

Zimbabwe has always been an outlander country with an outlander dictator in the fourth world.

Anyone who might think Zimbabwe equals or foreshadows the United States is a bumbling and fumbling crackpot and must be immediately and forever dismissed as a raving lunatic..

The real reason for most of everything at threads like this is that the howlers howl because they sleep in the moonlight. Each new day the moon beamers around here awaken with a new raw energy and numerous wild schemes.

They don't know the RMB is monopoly money for numerous reasons. Or they deny them or ignore them.

Principal among the proliferation of reasons the CNY is monopoly game money is that Beijing will not free float its currency.

Beijing keeps its currency in a narrow trading band rather than let it float freely in the global market. Which means it can't compete globally against the USD$ or the Euro, or the Japanese Yen, or the Pound. The real reason however is that if the Boyz in Beijing free float the Yuan the CCP's private and personal economy freely implodes.

It sounds from the most recent moonbeam posts that the world is dividing into a group of existing first class nations using these currencies of faith, trust, confidence and that have a highly successful track record, and a second reactionary group of poor cousins with shady unstable currencies and no rule of law that spitefully chooses to consign itself to a distant second class status. This is not good for anyone but it's not good for them in particular. A lot of prospectors die out there in the hot sun and in its intense sunlight.

The second foremost reason among the 1001 reasons the RMB (CNY) is monopoly money is that Beijing keeps closed the capital markets of the PRC. It doesn't anyway matter either way because the CCP's rigid capital regime is self-serving only, it is so small, so corrupt, absent the rule of law, controlled by the CCP, hasn't any global credibility, hasn't any claim of investor confidence and so much more that the CCP's personal capital market is, was, always has been and always will be a profound joke.

Those who try to advance the national currency of an authoritarian dictatorship that believes in its own self-delusion it is destined to rule and lord over the world need to explain themselves.

So What Really Happens When the SHTF?

What Would The Founders Have Done? I imagine Madison, Jefferson, Adams and Washington would forget the bug-out bag for a moment and concentrate on building a better community out of the chaos A Revolutionary idea, right? How many Americans even know their neighbors? In the worst SHTF scenario, American cities might resemble New Orleans after Katrina or even Somalia in Blackhawk Down after a few weeks. BUT, suppose in the middle of this imperial meltdown, something remarkable occurs? Suppose heavily-armed and vigilant communities united once again and true social networking occurs? After all, the most valuable precious metal is valueless without precious mettle. And delicate plants and flowers do grow nicely from the ruins of old foundations and empires.

http://www.rense.com/general93/sowhat.htm

Mad Max again.

Or izzit grandiose Spectre wannabes.