tag:blogger.com,1999:blog-8964596045360803212.post4923739184106679681..comments2023-10-11T04:38:51.793-07:00Comments on Accept The Challenge: Some Crystal Ballin'Chief Instructorhttp://www.blogger.com/profile/13604561415860237705noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-8964596045360803212.post-48592589758842170102011-06-24T16:18:23.749-07:002011-06-24T16:18:23.749-07:00mama, you got it. 6am tomorrow morning... More g...mama, you got it. 6am tomorrow morning... More guess than educate, though... ;-)Chief Instructorhttps://www.blogger.com/profile/13604561415860237705noreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-38541151358418511972011-06-24T11:41:24.112-07:002011-06-24T11:41:24.112-07:00Can you educate us on this?
http://endoftheameri...Can you educate us on this? <br /><br />http://endoftheamericandream.com/archives/12-things-that-the-mainstream-media-is-being-strangely-quiet-about-right-now/comment-page-3#comment-16732<br /><br />Number 6.Teresita Darlinghttps://www.blogger.com/profile/12399167425409854324noreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-85778659172975398452011-06-15T07:34:09.907-07:002011-06-15T07:34:09.907-07:00Again you are missing the point. I am all in favo...Again you are missing the point. I am all in favor of cutting the budget, paying down the debt and reducing taxes. However if the government cannot pay SS then they have no business paying one penny for welfare or paying $130K a year for air traffic controllers or paying billions in foriegn aid or giving college grants or giving money to the states to build light rail. None of those things should be funded if they cannot pay a contracted responsibility. To do so would be like a father who spent all his money on gambling and strip clubs and then told his wife there was no money for food and bills. <br />So I repeat: I would be proud to give up my SS if the federal government fires 400,000 civil service workers, ends all welfare and subsidies, gets out of the student loan business, stops giving our money away to foriegn nations, deports the 20 million illegals who are draining our tax money, etc. The only constitutional responsibility of the federal government is the military, the federal courts and funding congress and the presidents office.<br /><br />I do disagree that congress could suddenly end SS without any recourse. It would be interesting to see what the courts would say. I'm sure there are judges who would agree with that decision because many of our judges like to play legislator. Imagine if in your business a judge could simply decide a contract you made was null and void. Say you spent $100,000 to buy PMs and then the guy didn't deliver and a judge decided in his favor. If the courts do negate legal contracts perhaps we are all lost...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-66959073970149979232011-06-14T10:16:15.000-07:002011-06-14T10:16:15.000-07:00Anon, the SS administration does indeed have $4T w...Anon, the SS administration does indeed have $4T worth of Treasury bills, as I noted. The problem is, we don't have the cashflow to make good on the promise to pay.<br /><br />Let's say you have a promissory note from your next door neighbor. He promises to pay you $1000 in a year. At that time, you come for your money, and he tells you he doesn't have the money. He has no collateral that can be taken and sold to satisfy the debt. What are you going to do?<br /><br />The way the SS law/code is written, the congress can change anything, in any way they see fit. They can add a means test. They can increase the retirement age. They can do as they wish.<br /><br />Like your neighbor's promissory note, what are you going to do?<br /><br />Our country is doing the same thing all other countries that got in over their head have done. They are trying to pay their debts with fiat currency. They simply create more of it to "satisfy" their debts.<br /><br />I again suggest you look at the Weimar Republic and Zimbabwe. I forgot to throw in Argentina, which is going through it right now.<br /><br />By inflating the currency, even if they pay you the amount promised, the dollars buy you nothing. During the Weimar Republic, it took a wheelbarrow full of marks to buy a loaf of bread. In Zimbabwe, their $100 TRILLION note would buy you an egg.<br /><br />With regards to where we should be spending our tax dollars, you'll get no argument from me. But the bastards in DC don't see it like that. As I noted, if they cut off one of the Dependent Class recipients, there will be riots. They know this from history, and they see it right now in places like Greece, England and Spain.<br /><br />So, I'll re-assert my initial statement: SS is broke. Simply because you hold an asset - Treasury bills or your next door neighbors promissory note - does not mean that asset has any value.Chief Instructorhttps://www.blogger.com/profile/13604561415860237705noreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-37076890148266936222011-06-14T09:29:53.866-07:002011-06-14T09:29:53.866-07:00>>they must pay it back>>
>>The...>>they must pay it back>><br /><br />>>They took the money and now they have a fudicial legal obligation to pay the benefit>><br /><br />I don't think they have an obligation to pay a specific amount...or any amount. I've read somewhere (sorry - don't remember where) that Congres could simply eliminate SS tomorrow if they chose to do so. (yeah, highly unlikely, but they could)<br /><br />As for the first statement, you can't get blood from a stone. If the bucks aren't there, they aren't there. How are you going to _make_ them pay it back?sueknoreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-42341274284265892462011-06-14T07:32:30.430-07:002011-06-14T07:32:30.430-07:00You are 100% correct that the lock box is a myth. ...You are 100% correct that the lock box is a myth. However you seem unaware that the federal government does indeed owe SS $4 trillion they gave them notes for the money they took out (that means it is a legal obligation) and they must pay it back. Part of the recent hype about SS being broke is about not wanting to pay back the money they took out. So don't get confused by the hype. With current SS payments into the system and the $4 trillion owed to the system SS is NOT broke. <br />As for the claim that SS is now paying out more then it takes in, maybe, maybe not. The government has lied about this exact thing before. However SS chooses to pay people who never put into the system. All they would have to do to put the system in the black is to eliminate that practice.<br /><br />But all in all you missed the point. Lets say that SS was bankrupt and couldn't pay. The government entered into a contract with everyone on SS. They took the money and now they have a fudicial legal obligation to pay the benefit. There is NO such legal contract with anyone on welfare, with the producers of ethanol, with foriegn aid, with aid to the states. So if things get really bad I say CUT SS, but onlhy after every penny we spend on welfare, subsidiesm forien aid and all other forms of unconstitutional spending are eliminated. In fact I would be proud to give up my SS if my government would reduce their spending to military and justice costs only!!! I'm guessing that should be about $700 billion in today's dollars.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-1414594119811179522011-06-13T12:04:57.119-07:002011-06-13T12:04:57.119-07:00Anon, I strongly disagree with you on Social Secur...Anon, I strongly disagree with you on Social Security.<br /><br />First:<br /><br /><i>Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years.</i><br /><br />http://www.socialsecurity.gov/oact/trsum/index.html<br /><br />SS is insolvent by any measure other than government accounting.<br /><br />Think of the US as an individual who makes $60k a year, but spends $100k - needs to borrow 40% of its cashflow.<br /><br />The SS "lock box" is a myth. It is full of Treasury bills backed by fiat currency. There's no there there.<br /><br />When the Treasuries are redeemed, they are paid out of that $60K in income OR more fiat-backed Treasuries are manufactured.<br /><br />I had noted that I don't expect any money from SS. Let's say I DO get it. What will it be worth? For the FedGov to have the cashflow to pay me, they will HAVE to print up money. That means the dollars I get are worth less (bordering on worthless). See Zimbabwe or Weimar Republic for previous examples.<br /><br />No one other than a government could behave so illegally without going to prison.<br /><br />I go back to my days as a credit underwriter. "Let's see, you make $60k, borrow $40k, have no marketable tangible assets - all of your cash flow is going for current expenses or debt service, and you want me to lend you MORE money? Are you on crack?!"<br /><br />You're spot-on with regards to the welfare state. It rots your soul. When I was last on unemployment payments (before starting my companies), I actually cut myself off early. I was bringing in $2k a month in UI payments and all I and to do was fill out a piece of paper saying I had sent out resumes each week. <br /><br />That was ALL I was doing. Sitting at the computer, firing off resumes, and cashing the checks.<br /><br />Many of my friends said I was an idiot, and should get back as much from the system as I could. At the start, I agreed with them, but it honestly rots you from the inside. All drive and ambition was getting sucked out of me. It was horrible.Chief Instructorhttps://www.blogger.com/profile/13604561415860237705noreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-39330975815698710422011-06-13T11:43:02.088-07:002011-06-13T11:43:02.088-07:00Adventures, my gun business, in particular, thriv...Adventures, my gun business, in particular, thrives during tough economic times. People are worried, and that gets them looking for a bit of self-reliance training.<br /><br />The business is easily transportable, as all of my certifications are national. It would obviously take time to re-establish a reputation, etc., but the biz can be moved.<br /><br />The gold/silver business has three distinct parts to it: Buying gold and silver scrap jewelry, buying and selling gold and silver bullion, and buying and selling numismatic coins.<br /><br />The scrap jewelry biz is doing/will do the best in tough economic times, though it is steady at all times.<br /><br />Gold/silver bullion also does best in uncertain economic times as people look for safe havens for their money. Like scrap gold, it is a steady, but slower business in good times.<br /><br />The collector coin (numismatic) is just the opposite of the other two: Slow but steady in uncertain times, screamingly hot in good times.<br /><br />We currently service all three markets, with the scrap and bullion business booming right now, and the numismatic being luke warm. People in general look for intrinsic value right now, not beauty or rarity.<br /><br />Not as easily transferred to another city/state, but very do-able. Location is HUGE with this business.<br /><br />Re: Feds. Right now, our bullion screams off the shelves. Much of the time, we must order from wholesalers to fill orders. In the last FDR confiscation, that's all that was taken, not the numismatic stuff which turns over much more slowly.<br /><br />Ahh, Idaho. My wife and I took a week's vacation a while back looking over the state. My wife wanted more "homey" locales such as Eagle and Star. I liked more rural areas like Nampa and other outlying areas. More land, fewer people. We could consider going as far north as McCall, but the snow would keep us out of the far north areas of Coeur d'alene.<br /><br />Ten feet of snow?! Not for this Cali boy!Chief Instructorhttps://www.blogger.com/profile/13604561415860237705noreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-32379390636817494062011-06-13T08:14:13.064-07:002011-06-13T08:14:13.064-07:00For what it's worth Social Security is solvent...For what it's worth Social Security is solvent. They do NOT pay out more then they take in. Sometime in the future it is predicted that they will pay out more then they take in BUT the government too trillions out of the SS trust fund and now owe SS about $4 trillion. That $4 trillion would make up the difference for about 100 years.<br /><br />On the other hand federal welfare exceeds $1.2 trillion a year. This is pure giveaway not like SS where the retiree contributed to his specific retirement. The sad thing about welfare that we can all see around us is so many of the people who get it are capable of supporting themselves they just prefer to get welfare. And worse welfare takes away their drive and desire to succeed. I cannot imagine my life if I had not worked to take care of my family and to be able to buy a home, etc. The satisfaction of being able to take care of myself and others and what I have learned over the years I would never trade for cradle to grave welfare. We have destroyed the lives of people on welfare by denying them the opportunity to try and yes to fail and pick yourself up and try again. What an incredible waste.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-21919605967638571012011-06-12T20:54:41.139-07:002011-06-12T20:54:41.139-07:00I think the cali will be a ground zero state. Can ...I think the cali will be a ground zero state. Can you and your business surive a tank in the economy? Or Feds records check and confiscation? <br />You are perfectly suited for a SHTF moment, but will the feds see you as a competitor. <br />Do you have a fall back position? If not I would think about heading to sagebrush states. I'd say Idaho Montana, Wyoming, if Mormon, Idaho and Utah. Plus all are very pretty states with lots of land. Idaho was big in mining as you well know so you might give it a look.Adventures in Self Reliancehttps://www.blogger.com/profile/11992613362743785392noreply@blogger.com