Surviving the second Great Depression - Bob Beckman

StevieJ

John_Pierpoint wrote: »

Congratulations Buffbeard on reviving this thread, even if you did not bother to read it.
This was written six months before Leman Bros. went bust and the solids hit the air-conditioning.
It shows how far ahead of the curve the doom and gloom posters in this part of the forum where.
I remember trying to extract the Michael from a poster who was telling everyone to put their money into gold - as I put the maximum allowed into inflation proof Natonal Savings. Methinks I owe a big apology to that poster and only wish I had taken his advice.

Goes anyone have any idea what is going to happen to our bombed out economy next? Don't listen to me, all the nasties and some more that I forecast have come true, but we are now in a fairy land, subsidised by those foolish enough to have savings in fiat currency as governments, USA & UK in particular, print money that China promptly puts under the floorboards after buying a BMW with a little of it.

?

The Chinese seem to have moved on a little from that

The vase was sold after 30 minutes of furious bidding to a Chinese man, said to be a Beijing-based agent, who refused to comment after the sale.
Standing 16 inches tall and elaborately carved, the vase is thought to date from about 1740, the time of Qianlong, the fourth emperor of the Qing dynasty.
The hammer fell at £43 million but the total price, including commission and VAT, was £53,105,000.

pqrdef

Hermanmunster wrote: »

Bobs motto was “Cash is King in the Downwave” and I set off thinking this was going to be the way forward as deflation took hold but now I am not so sure . We seem to have inflation and deflation operating at the moment and it could go either way.

What he probably didn't anticipate was the extreme lengths that governments would go to to stave off the downwave.

Thinking about it a bit more, I think currency is still a zero-sum game, but only one currency in the world comes out ahead, and that's the only one to hold the cash in.

amcluesent

>But it’s all happening now just as he said 30 years ago.<

As Keynes said, markets can remain irrational longer than you can stay solvent. Or indeed alive!

TBH, demographics means the EU has already as good as surrendered to the Jihadists, the macro-economic and societal changes certainly point to End of Empire adventurism and collapse in the USA and global nuclear conflict could arise over ideology as easily as over dwindling resource supplies.

Post peak oil+ post peak food + post peak water + 2B peeps who love death more we love life = botheration!

John_Pierpoint

pqrdef wrote: »

What he probably didn't anticipate was the extreme lengths that governments would go to to stave off the downwave.

Thinking about it a bit more, I think currency is still a zero-sum game, but only one currency in the world comes out ahead, and that's the only one to hold the cash in.

How does one open an RMB "Peoples' currency" account?

There are only a few client states where it is theoretically freely exchangeable - Argentina?

As was said of the Reich Mark - This currency is supported by the industry and ability of the German People.

How about "This currency is supported by the industry of 8 million peasants who are prepared to flock into the nearest town every year, live in a tent made of rice sacks and work 24 hours per day"

pqrdef

John_Pierpoint wrote: »

How does one open an RMB "Peoples' currency" account?

I gather it can be done in Hong Kong.

Gone and got myself interested now.

John_Pierpoint

I liked Hong Kong, when I had a 3 day stop over, it felt like a big version of Gibraltar.
Let me know if you find a good honest deal.

There was a nasty fraud scandal in Gib. some years back involving pensioners and bond washing?

Masomnia

May be easier to find a long yuan ETF rather than trying to buy the currency itself. Though of course you wouldn't get interest.