Mr Lee Posted December 15, 2008 Posted December 15, 2008 What may be the next Enron or Worldcom or Madoff Securities or ??? http://www.tribune.net.ph/business/20081216bus1.html Top global banks fear heavy losses from scam12/16/2008 London Link to comment Share on other sites More sharing options...
Mik Posted December 17, 2008 Posted December 17, 2008 You could buy land. You could also buy gold if can you trust the company holding it for you. Link to comment Share on other sites More sharing options...
johnrxx99 Posted December 17, 2008 Posted December 17, 2008 You could buy land. You could also buy gold if can you trust the company holding it for you.Mike, if you buy gold get it in physical. Dont trust anyone. Coins have a slight premium to bullion but the later is hard to transport. In the UK at least, there is no tax on coins, VAT or CGT.Whilst gold will go up over the medium term I'm not so sure about land. It's value is falling everywhere there is a transparent visablity, which is not the case in the RP.As I mentioned about 2 months ago, I hope everyone changed a good wedge of $'s into peso at 50+. Todays reduction of the Fed's rate to 0% wont help the $ very much. Wish I had done more Link to comment Share on other sites More sharing options...
johnrxx99 Posted December 17, 2008 Posted December 17, 2008 I found this interesting. Made-off has gambled $50b. Just more than 1 year ago Royal Bank of Scotland (RBS) paid $100bn for ABN Amro in an 80% cash deal. For this amount, RBS could today buy: Citibank $22.5bn, Morgan Stanley $10.5bn, Goldman Sachs $21.0bn, Merrill Lynch $12.3bn, Deutsche Bank $13.0bn and Barclays $12.7bn, And still have $8bn change. Link to comment Share on other sites More sharing options...
Mr Lee Posted December 17, 2008 Author Posted December 17, 2008 In hand we can trust, so if anyone buys gold, buy it in one ounce or smaller coins and store it yourself. Of course that might not be safe to do in the Philippines because I do not even consider the bank safety deposit boxes to be safe. Another good investment is silver because it can be bought in one ounce coins or pre 1964 US silver coins or US silver dollar and it has historically followed gold up in value but has not gained as much as gold recently so it would be best to buy some of both if one can afford to do so. I like silver dollars because they can gain in numismatic value as well as silver value.Should the day ever come when the dollar is no longer used, and I believe it will eventually come (I hope not in my life time but it looking like it will be) because of all the US debt and because the dollar is backed by nothing, not like the good old days when it was backed by gold and silver, then having silver would be a good thing to buy food and necessities with, because gold coins would be worth too much unless you buy one tenth ounce coins and then you would have to pay a very large premium to do that if you bought large quantities.I think one thing that many people seem to forget is, what would you trade your gold for should the time come that paper money is no longer good? That is why I like the idea of having more silver, but also gold.BTW, there is a lot of background talk about the fact that the US has already printed a new paper money to replace the dollar and there is just too much of it going on for it to not be at least very possible....... I think what they may try to do one day is to call in all the old money by a certain date in order to eliminate all the money that is being hoarded by foreign governments not friendly to the US and people who have no way of showing where their money came from, thus eliminating billions in debt just by changing the money....... Back many years ago when I was privy to some of what was going on, there was a lot of talk of new money being printed, and the purpose then was to issue it, to lock out all the Columbian drug lords who had a large stock of billions and billions of illegal dollars, but it seems that when the US finally did issue the new money the purpose was more to stop the counterfeit money and to help track the old money better, and the idea of locking out all that other money got lost and put on the back burner. I was surprised the US never called in all the old cash by a certain date and then made it worthless if you did not bring it in, but I do think the new money made it harder for anyone with a lot of old money to cash it in in quantity at one time....... I honestly think the day is coming that they will implement something like that, but with an even newer form of paper money that I believe they already have printed and have stored somewhere. I can only hope that if they do implement something like that, that they exchange dollar for dollar and do not play games saying the new money is worth more than the old money.BTW2, in my opinion should this come to pass, people on fixed incomes will not be hurt at all, unless they make the new money worth more than the old money to alleviate their debt, then we are all in trouble unless we have gold or silver or GUNS. All of what I have said here relates to the US money and I have no ideas or thoughts of other countries debt and how they will handle it. Link to comment Share on other sites More sharing options...
Mr Lee Posted December 18, 2008 Author Posted December 18, 2008 For those who think my above post is way out and think the change of US dollars is crazy, watch this. It is said to be false on snopes.com but is it really false. I guess many of us will find out when it is too late to prepare. Link to comment Share on other sites More sharing options...
TheMason Posted December 19, 2008 Posted December 19, 2008 This is an interesting aritcle about who is NOT a Madoff investor. I have a hard time calling them Madoff victims. In my opinion, they were greedy people that bought in to pie in the sky return numbers. They got burned when returns that seemed too good to be true turned out to be exactly that.http://money.cnn.com/2008/12/16/news/madof...sion=2008121710 Link to comment Share on other sites More sharing options...
johnrxx99 Posted December 19, 2008 Posted December 19, 2008 (edited) This is an interesting aritcle about who is NOT a Madoff investor. I have a hard time calling them Madoff victims. In my opinion, they were greedy people that bought in to pie in the sky return numbers. They got burned when returns that seemed too good to be true turned out to be exactly that.http://money.cnn.com/2008/12/16/news/madof...sion=2008121710 Aka Legacy Group - sorry to mix the threads.Also, if you're an American voter, read this. It's long but if you do ask yourself, why do I bother to vote? The country seems to be run by bankers for bankers and the people just pay the (tax) bill.http://www.321gold.com/editorials/taylor/taylor121808.html Edited December 19, 2008 by johnrxx99 Link to comment Share on other sites More sharing options...
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