(Get rid of Gold??) Harry Dent Predicts 2010 Crash, Depression
Submitted by Answer1984With1776 on Mon, 01/11/2010 - 09:08
in
My accountant sent me this video. http://vodpod.com/watch/2372650-harry-dent-predicts-2010-cra...
Protection for individuals (From video)
1. Cash, T-bills is place to store your money, get rid of gold and other falling assets
2. Sell short on stock market.
3. Find safe employment and stay there.
4. Be prepared to buy housing and stocks at the bottom.
5. If you are a saver not a spender you will be rewarded when economy recovers in 2020.
5,000 years of history against this? Come on now.
Would the people in Wiemar, Germany or Zimbabwe done much better if they had their money transitioned into precious metal before their crash?
I have in-laws from Estonia
I have in-laws from Estonia who were "displaced" during WW2. The silver coins they had for years hidden in the chimney helped them survive as refugees during that war.
For me, having some coins to provide for my family in time of chaos is literally a life or death necessity.
http://FlipFlopRomney.blogspot.com
here is the problem.. as
here is the problem.. as unemployment heads toward 25%, and state and federal tax revenues dry up even worse, how is the government going to pay its obligations? They will be forced to print the money. You shouold be buying gold and silver, not selling. Again, what did gold do during the depression of the 30's? physical gold was capped at 35.00 by the government. The next best form of gold was Gold stocks. Gold stocks rose 1000's of percent. Homestake mining went from 2.00 a share to 600.00. and that was IN a deflationary depression. I think we are headed into an Inflationary depression.
“Defiance of God’s Law will eventually bring havoc to a society.” - Dr. Ron Paul
Ah yes...
Harry, the great predictor.
Through the late 90's and up into November of 2004, his prediction was Dow 40,000, Nasdaq 20,000 by 2009.
It was all over...Harry Dent predicts a 'New Millionaire Economy.'
Guess he forgot that one and now has to sell his latest book.
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
He sure seems confident about
He sure seems confident about deflation. I don't buy that argument long-term, but maybe in the short-term and especially with housing.
Long-term, the U.S. has a 100 year history of inflation and destruction of the value of the dollar. Government spending is increasing, not decreasing. The Fed has apparently been monetizing the debt, because our creditors no longer want to lend us so much money.
I believe we will see deflation of prices for certain assets which are either over priced or considered non-essential, but not a deflation in the dollar.
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My former accountant used to
My former accountant used to nag me aobut getting into IRAs and 401Ks. She never really listened to my rationale of avoiding what I consider to be traps. Eventually I found another accountant that had a better grasp of economics and no longer have to politely suffer her advice. You should consider doing the same. Sometimes accountants can't see beyond the tax code. The "protection" espoused in the video is diametrically opposite to what reality has in store for us in the not too distant future.
Buy gold in a Roth IRA
The "appreciation" isn't taxed.
You can't take physical possession, but at least there's no tax on the "increase" in value.
You can also buy real estate, baseball cards, and other collectables in a Roth IRA.
IMissLiberty
Gil
I don't have IRAs or 401Ks. What should I be doing for retirement then? Is anything safe anymore? Can anyone really retire with all the inflation?
Personally, I plan to work
Personally, I plan to work until I'm dead. I hope to eventually get my work week down to 4-6 hours a week, but I don't believe that the notion of retirement in the manner of our parents and grandparents is realistic. Here is an example of why I feel this way:
http://search.japantimes.co.jp/cgi-bin/nn20100111a1.html
A pension is a promise and promises are routinely broken by governments and corporations. I own gold and silver as a form of financial insurance against the impending destruction of our currency.
Edit: Here's am educational thread re: "Retirement"
http://www.dailypaul.com/node/121232
He said Chapter 11 was a GREAT INNOVATION in business...
Whan actually, chapter 11 is IMMORAL.
It allows failing companies to continue to compete against those who did not run their businesses into the ground.
And it allows those failing companies to throw off debts and obligations and start with a clean slate after dodging their creditors.
It is IMMORAL through and through and it is done with the backing of government law which allows it.
A great example is the airline business where every larger airline competing sucessfully today has gone bankrupt except American, Southwest and Alaska.
These 3 airlines are forced to compete with all the others (United, Delta, Northwest, U.S Air, Continental, Frontier, Hawaiian) who are able to set market prices without all their former obligations.
Some of those airlines have even been through bankruptcy MORE THAN ONCE.
This is hardly the free market at work.
"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul
bump
for discussion.
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