Eesh...So basically the government may have to buy up EVERYTHING to avoid utter financial destruction. I wonder if we'll be seeing laws amended or
enacted in the coming months to make the fed elidgable to start buying up stocks?
www.reuters.com
(visit the link for the full news article)
Great Depression risk may force U.S. Gov to buy assets, page 1
privacy
Topic started on 13-2-2008 @ 06:36 PM by DimensionalDetective
www.reuters.com
Great Depression risk may force U.S. Gov to buy assets
www.reuters.com
NEW YORK (Reuters) - Fear that a hobbled banking sector may set off another Great Depression could force the U.S. government and Federal Reserve to take the unprecedented step of buying a broad range of assets, including stocks, according to one of the most bearish market analysts.(visit the link for the full news article)
That extreme scenario, which would aim to stave off deflation and stabilize the economy, is evolving as the base case for Bernard Connolly, global strategist at Banque AIG in London.
reply posted on 13-2-2008 @ 07:03 PM by RedGolem
reply to post by DimensionalDetective
When reading what you referenced I could not help but think this is more to the possibility of this happening then what was said. First off buying stocks is not like buy commodities, like the gold the government bought back in the 1920s or so. So I think if the government does decide to buy stocks, it will be done with the inside knowledge of the most powerful stock traders. Meaning, it will just be yet another was for the richest, most powerful people to get more of the tax dollars from the poor people and make them richer.
When reading what you referenced I could not help but think this is more to the possibility of this happening then what was said. First off buying stocks is not like buy commodities, like the gold the government bought back in the 1920s or so. So I think if the government does decide to buy stocks, it will be done with the inside knowledge of the most powerful stock traders. Meaning, it will just be yet another was for the richest, most powerful people to get more of the tax dollars from the poor people and make them richer.
reply posted on 13-2-2008 @ 07:42 PM by RedGolem
reply to post by Agit8dChop
Well, if you want to compare it to the way the government cornered the gold market in the early part of last century they will let us hang out to dry. I just don't think that can be done with stocks they way they did with gold. I just also think the only people it is really going to help are the rich powerful traders that have large stock portfolios in big companies. And that alone would seem to be enough to get the laws pushed through in this day and age.
Well, if you want to compare it to the way the government cornered the gold market in the early part of last century they will let us hang out to dry. I just don't think that can be done with stocks they way they did with gold. I just also think the only people it is really going to help are the rich powerful traders that have large stock portfolios in big companies. And that alone would seem to be enough to get the laws pushed through in this day and age.
reply posted on 13-2-2008 @ 08:25 PM by HimWhoHathAnEar
reply to post by marg6043
Well said Marge. First of all, the Government doesn't have any money. Only what they can collect in taxes (which is already too much) and what they can print (which brings on horrific inflation). Monetizing Debt is a recipe for disaster. Case study Weimar Republic and Yugoslavia early 90's.
For that matter, the Gov't has 10 trillion worth of its own problem. So now they're gonna add how much to that? Meanwhile War's and Deficits running rampant.
Well said Marge. First of all, the Government doesn't have any money. Only what they can collect in taxes (which is already too much) and what they can print (which brings on horrific inflation). Monetizing Debt is a recipe for disaster. Case study Weimar Republic and Yugoslavia early 90's.
For that matter, the Gov't has 10 trillion worth of its own problem. So now they're gonna add how much to that? Meanwhile War's and Deficits running rampant.
reply posted on 13-2-2008 @ 08:51 PM by RedGolem
Originally posted by marg6043
Something that people do not know is that in 1971 Nixon replace our gold for Oil as the backing for the World’s Reserve Currency.
Marg
I am aware that the gold backing of the dollar was removed but I know of no refrence for replaceing it with oil.
By the end of the 1960s, the U.S. faced the stark choice of eliminating their trade deficits or revaluing the Dollar downwards against Gold to reflect the actual situation. President Nixon decided to do neither. Instead, he repudiated the international obligation of the U.S. to redeem its Dollar in Gold just as President Roosevelt had repudiated the domestic obligation in 1933. On August 15, 1971, Mr Nixon closed the "Gold Window". The last link between Gold and the Dollar was gone. The result was inevitable. In February 1973, the world's currencies "floated". By the end of 1974, Gold had soared from $35 to $195 an ounce.sorce
reply posted on 13-2-2008 @ 09:17 PM by RedGolem
reply to post by Bangin
ok so not backed by but the commodity of oil traded in. All right got it.
So when they switch to the Euro we will be seeing a big crash.
ok so not backed by but the commodity of oil traded in. All right got it.
So when they switch to the Euro we will be seeing a big crash.
reply posted on 13-2-2008 @ 10:00 PM by DimensionalDetective
reply to post by RedGolem
That's EXACTLY the first thing I thought of. Since OPEC just announced they may drop the dollar in favor of the now much stronger Euro, we are totally screwed. This is like a bad dream that just keeps getting worse and you can't wake up from it.
That's EXACTLY the first thing I thought of. Since OPEC just announced they may drop the dollar in favor of the now much stronger Euro, we are totally screwed. This is like a bad dream that just keeps getting worse and you can't wake up from it.
reply posted on 13-2-2008 @ 10:38 PM by jackinthebox
This sounds like a radical swing toward Socialism to me. I am not particularly allergic to socialist theory, but in practice it always seem to be the
thin veil for fascism. Not to mention the fact that I simply can't imagine private industry giving up so much control to the government, unless they
had a very nasty trick up their sleeve. Something like perhaps, leaving the American people holding a bubble that is about to burst.
I have been saying for some time now that our economic system is terminally flawed. It is supported by debt, not value, and eventually that bubble will burst. Is American industry about to do one of those, "here, hold this," acts as the rest of the world calls American debt due?
Do Not Watch This Video...
I have been saying for some time now that our economic system is terminally flawed. It is supported by debt, not value, and eventually that bubble will burst. Is American industry about to do one of those, "here, hold this," acts as the rest of the world calls American debt due?
Do Not Watch This Video...
reply posted on 13-2-2008 @ 11:07 PM by cpdaman
well new york times had an op-ed piece by howard millstein that calls for
privatizing profits, socializing losses but not in such straight forward terms
www.nytimes.com...
with some takes on it
maxedoutmama.blogspot.com...
www.marketoracle.eu...
privatizing profits, socializing losses but not in such straight forward terms
www.nytimes.com...
with some takes on it
maxedoutmama.blogspot.com...
www.marketoracle.eu...
reply posted on 14-2-2008 @ 05:43 AM by JRedBeard
Originally posted by TheBorg
Everyone here does realize that if the government goes out and buys up all of that stock, that they therefore own all of the businesses that they hold a 51% or greater share in, right?
TheBorg
My initial thought here was, "But don't we own the government? Or at least represent the responsibility of our national debt?" So I decided to do a little research real quick..
It turns out that, according to this article (the title of which pretty much describes my google query) The US government itself does own the (slim) majority of our national debt, via medicare, social security and other tax holdings.
(That money is ours though still right? More research would be needed on that, probably involving some legal stuff, and more wading through .gov info-masses.)
The remainder however (roughly 25%) belongs to these foreign countries. In light of the current topic, this would seem to be the bad news, not to mention a redundant reminder, and recurring theme in regards to our economy lately.
Let's just make sure the rest of the world owns ALL of our companies eh?
reply posted on 14-2-2008 @ 06:12 AM by sty
reply to post by DimensionalDetective
FED is NOT GOV!
the FED is owned by private share holders ( the names are secret )
- is is actually a private corporation. The depressions are used for this exact purpose- to buy assets at a low price and doing this to extend power of the elites.
I posted some eassy - to - understand videos here:
www.belowtopsecret.com...'
FED is NOT GOV!
the FED is owned by private share holders ( the names are secret )
- is is actually a private corporation. The depressions are used for this exact purpose- to buy assets at a low price and doing this to extend power of the elites.
I posted some eassy - to - understand videos here:
www.belowtopsecret.com...'
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