Burnt out on all the bad news

[UnderseaLcpl]

Originally Posted by SUBMAN1

So here's your good news for the day - you won't remember any of this in 7 years with the newest latest. They will all be worried about the stock market dropping below 20,000 points for the first time since 2010 and it will again be the biggest drop in points in history. Of course, when you analyze it, it won't be the biggest drop in 50 years as a percentage (which is what they should be basing their drop news coverage on) once again.
-S

I hope to God that you're right, but I don't see business as usual in 7 years. The effective nationalization of the banking system has serious ramifications.

A government fiat currency combined with a fractional reserve system spells only one thing; collapse of the monetary system through hyperinflation. And yeah, I know that this has been the case since 1913. The inflationary trends are since then have been apalling. But if we let the government take control of banks directly, the trend will accelerate to such a degree that the exploding money supply will far outpace the GNP.

The only solution, imo, is to disassociate banks from the state to the maximum extent possible. That means a strict 4:1 or 2:1 fractional reserve law, a currency that is actually backed by something, and some harsh legal penalties for banks being found guilty of fraud in civil court. After that, lassiez-faire.

Financial institutions would be far less likely to take on high-risk investments if they didn't have government backing through bailouts and competition-stifling regulation.

I sincerely hope that you have a some sound assets that will not be affected by the destruction of the currency, Sub. And I really mean that. It's not a jab or anything.

If I'm wrong in <thinking:hmm: > 5 years, you have my full permission to ridicule me for being an idiot. The state might forestall economic collapse or severe recession for that long, but I have doubts in their ability.

However, let's see what the situation looks like 30 years after that. I'm willing to bet that the U.S. is reduced to the economic and societal equivalent of Great Britain by that time. By that I mean high taxes, tremendous public debt, and a high degree of socialization.

I don't profess to totally understand economics. I don't even have a degree to wave about. But no one understands economics entirely, and that includes the "experts" in Washington and who run the Federal Reserve. But that doesn't keep them from trying to plan the economy.

As a last point, I will say this; Destruction of the financial system is a sure path to socialism. There are a lot of historical examples, so I won't bother to elaborate. I'm sure that you are well aware of them. This is no ordinary financial crisis, imo.


I guess we'll just have to wait and see, since neither of us have any real power to change state policy other than revolt.

[SimNut]

Originally Posted by longam

What worries me the most is the lack of care I see from people around me about world events because of this. At work the fact that 400,000 people died in natural disasters seems to only be a “did you hear” and on we go. Grant it we can’t dwell on things and must continue with life, but sheesh.

That bothers me as well. It's like lives are being reduced to body count. People comment on it, talk about it, but don't seem to grasp the tragedy in it or realize those numbers are people just like them. When the news talks about disaters, casualties of war, it's like they are talking about inanimate objects. The amount of exposure a story gets is directly related to the body count. If it's 6 digits or more, it might even rate a ticker display on the bottom of the screen on CNN for a day.

Originally Posted by Skybird

You remind me of this poem by Rainer Maria Rilke
Todeserfahrung

I did a web translation of it. I'm sure it loses a lot in the translation, but I think I get the meaning.

Originally Posted by UnderseaLcpl

History repeats itself. Be glad that the current fiscal crisis hasn't triggered a massive war........yet

Yet. That's what bothers me. I think we should declare war on war. No more war. Next country that starts a war, all other nations should declare war on them. That'll learn em.

Originally Posted by SUBMAN1

Here is some good news for ya - We have had what? 10 financial crisis since the 1960's that are similar to today (They all did a market drop of well over 10%). You might remember some from the 80's - Savings and Loan bailouts. 90's and into 2000's the Enron's and what was the other? Worldcom? I forget. No one will remember in the next 7 years what those were either since we will be worried about the newest worst disaster in financial history. Nor will we remember those in an additional 7 years.

Those were speed bumps, headlines, a few bad apples gaming the system. What we're looking at today is a failure of the entire system. 700 billion bandaids isn't going to fix it. I think you're right in one respect. Seven years from now we'll look back on it, but we'll be looking back at "the way things used to be" and glad we got away from the old world ways of finance. What will the new one be? Hell if I had that answer, I wouldn't be sitting here typing this.

Originally Posted by Frame57

I cannot remember the last time I saw a positive news story. It seems all they care to report is the bad stuff. Maybe this is why anti-depressants are being handed ot like candy these days, but hey that is good for the economy. No?

I'm not depressed. Don't need any anti-depressants. When I get bummed I just go roll a fat one and go fishing. Usually cheers me up. I'm just tired of what seems like the last few years of jumping from disaster, to crisis, to war, to finance, to <insert any friggin horrible headline>.

Even http://happynews.com is having a hard time finding stories.

Originally Posted by UnderseaLcpl

This is no ordinary financial crisis, imo.

I guess we'll just have to wait and see, since neither of us have any real power to change state policy other than revolt.

Agree. This isn't going to mend itself any time soon. Politicians aren't going to fix it. It's just a pisser not being able to do anything about it.

Maybe we could start a new society and govern ourselves on the internet.

Use Digg for elections.
Facebook as our phone book.
No borders.
When people screw up we exile them to myspace for life.
All wars will be fought via online simulations, loser buy pints for the winners.

[SUBMAN1]

Originally Posted by SimNut

Those were speed bumps, headlines, a few bad apples gaming the system. What we're looking at today is a failure of the entire system. 700 billion bandaids isn't going to fix it. I think you're right in one respect. Seven years from now we'll look back on it, but we'll be looking back at "the way things used to be" and glad we got away from the old world ways of finance. What will the new one be? Hell if I had that answer, I wouldn't be sitting here typing this.

That's just the crap they are feeding you and you are buying it hook line and sinker.

-S

[Skybird]

Originally Posted by SimNut

I did a web translation of it. I'm sure it loses a lot in the translation, but I think I get the meaning.

Yes, I tried a bot-translation, and I also found a translation on the web, but both were terrible, absolutely terrible. Too bad, it is a wonderful poem that seems to have been written for a sentiment like this thread being started over.

I know examples wehn Rilke was well-translated into English nwith bgoth rythm and ryhme, and Engöish poeams were translated into German the same way, but it is rare, and needs a lot of verbal competence and fine-tuned sensibility.

P.S. Okay, this one at least trasnlates the words, but neither the rythm nor sound. i print it as small as possible, so that hopepfully nobody reads it

We know nothing of this leaving, that
does not share with us. We have no reason,
whether astonishment and love or hate,
to display Death, whom a fantastic mask

of tragic lament astonishingly disfigures.
Still, the world is full of roles which we play
but as long as we make sure that we get liked,
Death plays, too, although he is not liked at all.

But when you left, a strip of reality broke
upon the stage through the very opening
through which you vanished: Green's truer green,
true sunshine, true forest.

We continue our play. Picking up gestures
now and then, and anxiously reciting
that which was difficult to learn; but your existence,
far away and removed from our play,

sometimes overcomes us, as an awareness
of this very reality descends upon us,
so that for a while we play Life
rapturously, not thinking of any applause.

Rainer Maria Rilke

[SUBMAN1]

Originally Posted by UnderseaLcpl

...I sincerely hope that you have a some sound assets that will not be affected by the destruction of the currency, Sub. And I really mean that. It's not a jab or anything.

If I'm wrong in <thinking:hmm: > 5 years, you have my full permission to ridicule me for being an idiot. The state might forestall economic collapse or severe recession for that long, but I have doubts in their ability.

Yawn. I've lost a lot of money in the last few weeks - big whooop. There are only really 2 kinds of people in the stock market. Ones that hang on for the ride, and those that jump off while the roller coaster while it is in motion and in the process they get hurt. Anyone that tries to invest in wall street and does day trading, and is not down on the floor of wall street, is going to wind up bumped and bruised. The stock market is a long term investment, nothing more and if you treat it any different, then you will wind up broke.

As a last point, I will say this; Destruction of the financial system is a sure path to socialism. There are a lot of historical examples, so I won't bother to elaborate. I'm sure that you are well aware of them. This is no ordinary financial crisis, imo.

Quite frankly, this is a normal financial crisis by all means. What is not normal about this one is that the Fed is trying to muddy the waters in an 'experiment' to see if they can manipulate it. If it doesn't properly reset like it always has due to their screwing around, it may crash harder than before. This is the part that is different.

The rest is news hype.

-S

PS. By the way, sound investments by keeping your money in 401K,s mutual funds, etc. is how you would weather a recession or a depression. These things are immune to inflation by the way. If inflation bites, then the value of your assets will automatically (or should I say automagically) keep pace assuming that you invested wisely. No worries.

PPS. Look at the track record of the investments you are doing. You can get tabs on investment funds going back through the Great Depression. This fund are averaging 13% to 14% even through the Great Depression. In my opinion, if your fund doesn't have 30 years + history, and if they didn't do well in those 30+ years if it does, its a bad fund.