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tyder001

tyder001

Paranormal Adept
I've been hearing alot about the economy breaking down completely. I won't say where but a bunch of it comes from a certain show that I guiltily enjoy via podcast. :rolleyes: Ya know the one where a legendary host retired fifty gazillion times and the current one drives some of us nut? :eek: Still it's fun on a podcast when I'm out walking and of course The Paracast is also on my MP3 Player. Anyway, I digress, must be a southern thang! :D My question is all these doom and gloomers are saying "Buy Gold" cause everything is going to hell and your money will be no good. :eek: My question is...if the economy really does fall completely apart (and I ain't buyin all the handwringing myself.) what good would "Gold" be? If there was no currency left to buy the gold then why stock up? Just wonderin!
 
tyder001 said:
I've been hearing alot about the economy breaking down completely. I won't say where but a bunch of it comes from a certain show that I guiltily enjoy via podcast. :rolleyes: Ya know the one where a legendary host retired fifty gazillion times and the current one drives some of us nut? :eek: Still it's fun on a podcast when I'm out walking and of course The Paracast is also on my MP3 Player. Anyway, I digress, must be a southern thang! :D My question is all these doom and gloomers are saying "Buy Gold" cause everything is going to hell and your money will be no good. :eek: My question is...if the economy really does fall completely apart (and I ain't buyin all the handwringing myself.) what good would "Gold" be? If there was no currency left to buy the gold then why stock up? Just wonderin!
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So those people telling people to buy their gold should actually be keeping it if they believed their sells pitch. They want your paper money for their gold. Or they selling someone else's gold? I don't pay much attention to those commercials and it's been awhile since I've even heard them.
 
You can't eat gold. If the shit ever really hits the fan the ones who have food stored will be the wealthy ones. Guns and ammo will be worth their weight in gold, too.
 
tyder001 said:
My question is...if the economy really does fall completely apart (and I ain't buyin all the handwringing myself.) what good would "Gold" be? If there was no currency left to buy the gold then why stock up?
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There is always going to be a new currency, since humans apparently can't live without money.


Gold retains its value, so does property.
 
ive handled quite a lot of gold in the course of my career, bullion is heavy.and you need an even heavier safe to hold it.
in the old days you could bury it, but with metal detectors being easy to get, a massive safe is recommended if you want to sleep well at night
but its a universally accepted "currency". for whatever reason people will accept it as payment.

ive never understood its value myself, although we did have a nice collection of ancient gold coins including roman ones, they were very special to both see and hold.
 
If I remember correctly, the documentary Geisheist or whatever it's called attempts to shed light on the OP's question. I don't know how accurate that show is, since I don't know a lot about the economy, but I was intrigued by much of it. Dealt with what money truly is etc. (Or the creator of the film's take on the matter at least). Also explains the relation of gold to money. It's probably better for me not to attempt to explain it though, so you'll need to watch it if you haven't. And if that show is factually inaccurate, sorry I mentioned it.
 
I heard awhile back, I think on Vyzygoth's "The Grassy Knoll" podcast, that during the 1930s and the Great Depression, soldiers/government types were going door to door in the US confiscating peoples gold anyway. So if you do store gold, and the crunch really does come to the crunch ... well you're going to lose all your gold, and will have no say in the matter ... so you're basically stuffed no matter what you do :cool:.
 
skunkape said:
You can't eat gold. If the shit ever really hits the fan the ones who have food stored will be the wealthy ones. Guns and ammo will be worth their weight in gold, too.
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I heard from a former sister-in-law's mother, than when they escaped from Poland, her mom insisted on being left with a fur coat, and the Russians relented, after all, it was cold, and she didn't have anything less than fur...

turns out the mom had sewn precious stones into the lining, using diamond rings and the like, to buy tinned soup and other necessities as they crossed the country to freedom.

so, that is pretty much what gold is worth, and it can be everything, or nothing. It is only worth what someone is willing to give up to get it.
 
David Biedny said:
Er, uhm, the real estate market just called, they want to talk with you...

dB
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Not sure what you are trying to say. Nothing much, I suppose.

Even if all currencies were to fail, property that has been paid for in full will still be there, in your name, and you own it.

Which is the reason why the superrich don't give a fuck if the global economy goes to hell. They already own entire islands, with helicopters, yachts and an army of servants. They will still be superrich, even if the dollar/euro/blabla defaults.
 
property doesn't really belong to its owners, it belongs to the governments. If they want, they can expropriate it from you for a variety of reasons. If you don't pay all your taxes, they can take it from you.

Original Crown grants in Canada have more rights, but you better pay your taxes, there, too.

and the mineral rights? Unless your deed specifically states you own those, any company that owns them cannot be prevented from accessing them, within reason, and what we may consider reason, is not always what they consider reason.

so, if you want to buy property to feel you OWN something that cannot be taken from you, put your money in something else. dehydrated food comes to mind... :D

I am a firm believer that if there is value to be found in something, someone will find a way to take it from you. and that someone is usually someone doing it for your own good....

ya, I know. I am in a really crabby mood today. :mad:
 
musictomyears said:
Depends on where you live. Not everybody is a subject of the Queen.
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Immenant Domain. That is all.

As to the OP, the theory is that no economic collapse is ever complete, so when economic activity begins to reorganize itself a baseline will need to be established. Gold IS that traditional baseline. Your paper money will be worthless, your lands maybe devalued down to nothing or repossessed but if you have gold then at least you have SOMETHING.

Or so goes the theory... realistically it's just a scam to get panicky sheep to buy gold so brokers can make commisions and get rich(er).
 
musictomyears said:
Not sure what you are trying to say. Nothing much, I suppose.

Even if all currencies were to fail, property that has been paid for in full will still be there, in your name, and you own it.
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Well, if you live in a country with property taxes, and you don't pay those taxes, it's not very long before the goons show up and slap a "SEIZED" sticker on your front door. Who owns the property then? It's all paid off, you own it, but you don't own it. Just happened to a restaurant right around the corner from where I live. The idea of land ownership is mental masturbation, IMO. Your own mileage may vary.

dB
 
David Biedny said:
Well, if you live in a country with property taxes, and you don't pay those taxes, it's not very long before the goons show up and slap a "SEIZED" sticker on your front door. Who owns the property then? It's all paid off, you own it, but you don't own it. Just happened to a restaurant right around the corner from where I live. The idea of land ownership is mental masturbation, IMO. Your own mileage may vary.

dB
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rather than guess, i'll just ask. do you get nothing back ?

i mean if you owe 20k in property taxes, does the Govt seize the whole property and its total worth ?

or do they sell it at auction, take whats owed and pay what remains to entity from which it was seized ?

as i understand the way it works down here, the Govt can resume your land/building if they need it for roads (ie the old hyperspace bypass trick from the hitchhikers guide), but you get compensated at just over valuer generals assesment, not quite market value.

the same applys if you dont pay your tax or local council rates, but again it goes to auction and the majority of money left after the debt is paid goes to the owner.

i dont know how it works in the US which is why i ask instead of assuming its the same.

if one slip cost's you "everything" by default, then yeah you'd be mad to buy property in a system like that
 
mike said:
rather than guess, i'll just ask. do you get nothing back ?


if one slip cost's you "everything" by default, then yeah you'd be mad to buy property in a system like that
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I'm not exactly sure, as the mortgage holders have a lien on the property, as well, so you would think they have a legal right to be paid out.

However, a woman in Ontario found out a few years ago that you can get legally screwed, and have all the help in the world to plead your case, and still lose. She lost her beautiful lake cabin for some property taxes; the amount was something totally piddling, and it read like legal theft.

In my city, you need to be unpaid for about 3 years before action is taken, and they start with a large notice in the local paper of unpaid property taxes.
 
David Biedny said:
Well, if you live in a country with property taxes, and you don't pay those taxes, it's not very long before the goons show up and slap a "SEIZED" sticker on your front door. Who owns the property then? It's all paid off, you own it, but you don't own it. Just happened to a restaurant right around the corner from where I live. The idea of land ownership is mental masturbation, IMO. Your own mileage may vary.

dB
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Mental masturbation? Speak for yourself. You are a rude host - then again, I knew that, which is the main reason why I don't come here much (seems there isn't much going on anyway).

FYI, I live in a country where there is no property tax on most privately owned homes, including the one I live in.
 
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