When you say "I was a banker", what, precisely do you mean by that statement? Do you literally mean you were an actual banker?
Resident Christian Minarchist.
Fox McCloud: When you say "I was a banker", what, precisely do you mean by that statement? Do you literally mean you were an actual banker?
Yes.
Epimenides
http://letterstomidas.blogspot.com
February 17 - 1600 - Giordano Bruno is burnt alive by the catholic church. Aquinas : "much more reason is there for heretics, as soon as they are convicted of heresy, to be not only excommunicated but even put to death."
I am also curious... if you do not mind me asking, how high up were you as a banker?
WARNING: This signature violates Rule 5. Stay classy!
Juan:So, you benefited from a corrupt system but now changed your mind ? ...
C'mon, Juan - if my home mortage was refinanced at 4-1/2%, I was benefiting from a corrupt system making a mistake, too. We get the options available - with what's available, we do what we can, and try to keep our own actions honorable.
I did the "refuse to work with the system" bit - for far longer than was sane. Nobody here lives in an ideal world - we live in the world that we live in. I pay extra to avoid cooperation with systems with which I disapprove - I do not, however, go so far as to risk years of prison over actions that hurt nobody.
Right now, gold and silver are lower in cost (in useless fiat currency, no less) than they will be for the next 10 years, at least. Are you going to pass the opportunity by because it'd be profiting from a corrupt system? Whose life will be better if you do pass it by?
I know you're an athiest, and I believe that I've told you before that I'm pretty religious, though not Judeo-Islamic-Christian. One of the central tenets of my religion is: 'Do as you wish, as long as you don't cause anybody harm".
As a banker, she worked with the system she had available - made it work for a while, until it burned her. As a banker - whose rights did she violate? Did she loan money to people who didn't want it? Take money and put it into savings accounts for people who didn't want savings accounts? She was a capitalist working in the only system available - so get off of your high horse.
Yes, it's a flawed system, that could be improved upon. You didn't make it that way, I didn't make it that way, and she didn't make it that way - so save your ire for folks who did make it be that way - not the people who played the cards they were dealt.
Danno, known for being verbose
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Danno: Juan:So, you benefited from a corrupt system but now changed your mind ? ... Right now, gold and silver are lower in cost (in useless fiat currency, no less) than they will be for the next 10 years, at least. Are you going to pass the opportunity by because it'd be profiting from a corrupt system? Whose life will be better if you do pass it by?
This is anoyying me; I read of those who know better on how it's the best time to buy gold & silver, but I have never seen a concrete explanation of how to: buy it, keep it / store it, & most importantly, how to use it. I apologize for the tangent in the thread, but the informational barrier (I've tried looking but i have not read a very simple step by step guide for those who do not know stock markets...) for some who probably have more than enough time & money to buy gold & silver is frustrating.
Hi Danno,
I will answer your question. I am assuming you know the 'why' but please let me know if this isn't correct. This is going to be more around the 'how' in as short as time as I can for you.
1) do not purchase government issued gold and silver - that is legal tender under your countries juristriction if you are wanting your gold and silver to meet the maximum benefit test -or realise the full benefit of owning gold and silver during economic upheavel. This is a test to determine purity, security, liquidity, tradability and most of all purchase it privately. If its' privately refined then you legally own it and cannot be confiscated under current laws. If you do purchase govt. issued bullion be prepared to hand it in or break the law of your govt. by not handing it in such as gold confisaction act of 1933. Private equals yours, govt equals you hold it but don't ever own it - only ever the bearer.
2). Use a reputable company who only deals in physical- store most of it (except what you may need in an emergency)outside your homeland that is not subject to US law/pressure or countries signing up to anti terrorism laws etc. typical countries Panama, Lichenstein, Switzerland. You'll pay a fee but for insurance and storage but you asked where to keep your gold so this is the answer. These juristrictions cop a bad rap but you are hearing propaganda from govt dept and workers most of the time. People use them because they work - not because they don't. If you can't visit and take delivery yourself then don'tb use them.
As a matter of disclosure I will let you know that I sell the above mentioned gold but unless you are wanting to take delivery I am only of use temporarily. The best company I know of with exceptional links in the gold business is the little known www.anglofareast.com they are little known because they choose to be - mainly dealing with high end clients although smaller to medium customers are accepted but they don't need this business.Private company, meet all requirements etc and you will not find a bad word about them. Others will do it cheaper but you'll be buying govt issued gold - at Anglo there is a premium associated with the reputation, contacts and guaranteed supply, you won't find a bad word said about them - even on google. I know and have had contact at times with company owner/founder and no one exceeds his reputation in this business.
3). In regards to using it - well you would hope to never until final stages of gold bull market expires of which I think we are at least 7 - 10 years away. (There are reasons but for another time) But in the event you do be aware of a couple of things... historically gold in tradable forms will not gather large premiums until gold itself is in extremely high demand, I mean man on the street demand, the masses. Most will give you spot plus or minus a small percentage. The reason you hold tradable gold is in an emergency so offloading it when not in high demand will not help except to get you out of a short term bind. Govt gold can be called in as already mentioned and if yu are buying say perth mint gold which is australian legal tender then in only has a face value here of $50 (currently $200 to purchase) but not sure what your face value is on coins where you come from? just be aware that if its on the face of the coin then thats its real worth and not what you paid for it.
Hope that helps to start?
Matthew
www.jwspaidtosave.com/asiapacific
As you are benefiting from a corrupt system now?
1) by using fiat currency
2) by accepting government bribes and emoluments of various types
3) by attempting to distort the market (although only temporarily)
Shall I continue? The answer is yes. However, although you may have benefited, (and may be still doing so) I did not benefit. I lost. In any case, non-sequiturs are irrelevant, and do not help you learn; your comment was consistent with:
"Why don't you do your homework?"
"You don't pick up your underwear, so don't tell ME what to do!"
As in, non responsive to the subject.
I wondered, when I started this thread, who would be interested in the truth, and who would be just passing time. Chalk one more up for the latter.
Nitroadict: This is anoyying me; I read of those who know better on how it's the best time to buy gold & silver, but I have never seen a concrete explanation of how to: buy it, keep it / store it, & most importantly, how to use it. I apologize for the tangent in the thread, but the informational barrier (I've tried looking but i have not read a very simple step by step guide for those who do not know stock markets...) for some who probably have more than enough time & money to buy gold & silver is frustrating.
Purchase gold, if you wish to have it safest, in the form of denominated currency. All of the following threads which have information about which form is "unconfiscatable" are meaningless; the government can change the rules any time it wants. If you trust in the protections of the "law", you are bound to be disappointed (and probably jailed). If you trust in the protections of power, you will be less so.
Keep and store gold in a hidden place, physically near you.
Use gold as a barter item if nothing else.
Out of interest, can Gold be detected using some sort of metal detectors? Just how hard would it be to hide?
If you try to trick the market, it will get its revenge.
Solreyus
Epimenides: As you are benefiting from a corrupt system now? 1) by using fiat currency
Epimenides: Yes. Epimenides
I really can't believe you guys are taking her seriously at all. Everything she's said can be found in at least a dozen other places on this website alone, yet it's delivered with a condescending attitude most people reserve for telling toddlers not to stick forks in light sockets.
Stolz25: I really can't believe you guys are taking her seriously at all. Everything she's said can be found in at least a dozen other places on this website alone, yet it's delivered with a condescending attitude most people reserve for telling toddlers not to stick forks in light sockets.
QFT.
Epimenides, you come across as a new religious convert preaching in a church parking lot: fully convicted but a bit officious, pompous, and certainly preaching to the choir. You really shouldn't be surprised when people point out that you're not making any novel claims. I'm glad you have recently come to a new understanding of economics (which is seemingly compatible with the Austrian view), but as you can see from the literature available here, there is a wealth of information available on this subject.
In short, if your intention is to teach, you would be better served to spread the word elsewhere, and direct people to any of the wonderful resources available here.
This makes mention of gold's magnetic properties. If you dig deep enough, it won't be found. Or you could hide it in the midst of other metals. Do you have a large bottle full of the government's token money, commonly known as "change"? It's only use in the future may be to hide real money.
Who cares what the legal tender value or government stamp says it is? If the government wants to confiscate gold, it won't allow exceptions for private and foreign coins, and it will fix the price at whatever they want.
100% Gold Banking sounds great, but there are many concerns. Your guns better be big. And how do you prevent "spot price" manipulations and volatility?
Also, do you plan on operating a wildcat bank?
Check my blog, if you're a loser
Whilst you may know a little about banks, you are out of your depth on this one. The government cannot confiscate what it does not own - if so we would be in anarchy. In order for the government to confiscate privately issued gold, they also need to confiscate jewellery, religous artificats, gold of cultural significance and then ultimately guns etc. This would go against all property rights ownership - there is a little of this type of information on this site... Hundreds of hours of reading and listening material. Did you not know that this is an Austrian economics site? Always a good idea to research the information that you are endeavoring to rebuttle.
From what I have noticed so far you seem to assume that people on this site have never learnt about what you know - the information that you have correct so far is Austrian economics 101, the information you have incorrect is not coherent even with the simplest information this site promotes, such as the simple theory on privately issued money of which is a hallmark of Austrian economics.
This is a site that has some pretty intelligent attendees, I wouldn't be too abrasive or dismissive of what they have to contribute - I have seen some of them in action, you might be found wanting on some topics you have already raised.
Whilst we are all on this site to learn you may want to limit your enthusiasm to constructive questions and answers rather than simply debate and rebuttle.
You would be correct if the coins were government or legal tender issued both domestically or foreign. I'm not talking about purchasing legal tender but privately refined gold. The fact that its shaped like a coin doesn't make it a coin. It's only government money if its issued under the currency act. Will they confiscate gold dust too?- would think not. Legal tender is easy to recall, tracking down other forms of gold is not practical even for government. This information is available on this site if you'll spend the time digging.
Is there any reason you feel offended enough to start with "Whilst you may know a little about banks?" Someone tapped on your toe? Didn't bow before the intrinsic knowledge you and others already call their own?
I think it is not really a good way to take over bad academic behavior, that especially austrians had to suffer from. Ingnorance, mocking and rediculing.
So, as an austrian, it would fit you well, to calm down a bit and start either ignoring what you read and already know, or argue without "academic" weapons.
Have a great<weekend
In the begining there was nothing, and it exploded.
Terry Pratchett (on the big bang theory)
It wasn't my intention to do that and after reading my comments again I can see that it didn't read very well so apologies. I was actually making a statement of fact acknowledging banking experience and insight but trying to make my point on a different issue.
I am certainly not offended, nor think I need to calm down and think you are off the mark in that regard, but take your feedback on board. I appreciate it didn't read well.
Have a great weekend.
Matthew: It wasn't my intention to do that and after reading my comments again I can see that it didn't read very well so apologies. I was actually making a statement of fact acknowledging banking experience and insight but trying to make my point on a different issue. I am certainly not offended, nor think I need to calm down and think you are off the mark in that regard, but take your feedback on board. I appreciate it didn't read well. Have a great weekend.
I dunno, as of late many on this forum (elsewhere, sans the suspicion on the OP present here) are really jumpy as of late... especially with reactionary posts & callings of troll in various threads. Nhagg didn't do that at all though (was all just a misunderstanding, methinks), but yea.
Question for the OP: I've talked to many bankers and economists (students mostly or people working their way up) on this very issue for a few years now and each time I try to simplify the problem as to illustrate the fallacious basis of it, but each time they seem to mentally go blank-faced on me regardless. Are most as clueless as to the frailty of their system as those that I've encountered? Or it is more like "deer in headlights" that I caught up with the game little or no formal erudition on the matter?
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