Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences

[Warthogg]

http://www.market-ticker.org/akcs-ww...lepost=2808411

Decent article discussing this MF Global mess.

Really like that site gungorilla.Thanks for posting.


Wart

[O.S.O.K.]

Argentina confiscated all retirement accounts when they went down. The money was gone in one day and didn't solve anything. The Dem's have floated this notion twice, once under Klinton and again after the 2008 crash when it became clear SS was about to pay out more than it took in.

This may be the "paranoid" veiw but I think it prudent to insure yourself against the negative effects something like this would have. And I really do think it could happen.

Having your savings in tangible assets would sheild you from any such illegal actions.

[El Laton Caliente]

In the 1930's OUR Government outlawed posession of gold bullion...

[Warthogg]

In the 1930's OUR Government outlawed posession of gold bullion...

Yup....and Dick Nixon removed us from the gold standard in 1971. (To further prosperity, Dick also instituted wage and price controls.)



Wart

[N/A]

Yup....and Dick Nixon removed us from the gold standard in 1971. [/COLOR].)



Wart

Are you sure? I thought FDR did that back then we outlawed the private ownership of gold.

Who was it that made it legal for us to own gold bullion again?

[Warthogg]

Are you sure? I thought FDR did that back then we outlawed the private ownership of gold.

Who was it that made it legal for us to own gold bullion again?

On August 15, 1971, President Nixon announced on TV 3 dramatic changes in economic policy. He imposed a wage-price freeze. He ended the Bretton Woods international monetary system. And he imposed a temporary surcharge (tariff) on all imports. The Bretton Woods system was created towards the end of World War II and involved fixed exchange rates with the U.S. dollar as the key currency - but also a role for gold linked to the dollar at $35/ounce. The system began to falter in the 1960s because of an excess of dollars flowing out of the U.S. which foreign central banks had to absorb. A run on gold in 1968 was stemmed by a patch on Bretton Woods known as the two-tier gold system. All of this was ended unilaterally by the Nixon decision. After a brief attempt to create a modified fixed exchange rate system, the world moved to flexible rates.

http://www.youtube.com/watch?v=iRzr1QU6K1o

Are you sure? I thought FDR did that back then we outlawed the private ownership of gold.

Practically I believe you are correct about Roosevelt but technically was Dick Nixon.


Wart

The Nixon Shock was a series of economic measures taken by U.S. President Richard Nixon in 1971 including unilaterally cancelling the direct convertibility of the United States dollar to gold that essentially ended the existing Bretton Woods system of international financial exchange.

http://en.wikipedia.org/wiki/Nixon_Shock

[El Laton Caliente]

Nope, it was Dick Nixon...

Not sure who made it legal again... I think it was the 1990s, so that would have been the Repub Congress and Klinton that signed it.

[N/A]

Just looked it up. Gerald Ford made it legal to own gold bullion again.

[Warthogg]

Just a quick aside, Roosevelt's representative at Bretton Woods was a Communist.

International Bank of Settlements*, World Bank, IMF and more was created at Bretton Woods. (Research only if you want to be infuriated.)


Wart


*Now part of the World Bank.

[gungorilla]

Really like that site gungorilla.Thanks for posting.


Wart

Yep, NP. Mr. Denniger's site is pretty informative in the financial realm. I tend to read it on a daily basis.