April 27, 2011- Bernanke Speaks- The Day the Dollar Died?

Traders are saying the scariest moment of the second quarter will be on April 27, when Federal Reserve Chairman Ben Bernanke will hold the first ever press briefing following a monetary policy decision by the central bank.

www.cnbc.com...

Could this be the day the dollar dies? Either we will go more into debt (QE3), or inflation/hyperinflation could occur on this day. For all you mutual fund holders out there...SELL! My wife and I just did last week and felt a huge sigh of relief. Time to buy food, a newer car, and maybe more metals. Also thinking of investing in the cost of oil. I believe it to go above $200 a barrel in the next 18 months or so.

Plus, even Wal-Mart is admitting inflation will occur.

www.usatoday.com...

reply to post by DaveakaRNG


Inflation is happening now. If we institute QE 3 we may see VERY high inflation(we're going to see high inflation anyway) and hyperinflation within a year or two...but this is predicated on other conditions that are as of yet completely realized.

Like the Japanese crisis halting Japanese purchases of US bonds and a potential sell off within a couple of months. I believe this will happen, but it will be a couple of months down the line.

I'll fill you in on a little secret...
The dollars already dead.
It's a zombie waiting for a bullet to the head.

reply to post by DaveakaRNG


great idea in cashing out. buying a newer car is a good idead too.

but then you want to become part of the problem? really? you want to invest in oil? that way you do your little part in making things worse, making corruption pay, and contribute to ripping people off.

you sound like a guy cheering the bully on everytime he takes someone lunch money--HEY YOU GET A CUT OF IT RIGHT?? PEOPLE LIKE YOU ARE THE WORST!!!

Its time to look at ways of living outside the monetary system, or at least not entirely reliant upon it. The majority of us DO have to live by it but whilst we do, we let the powers that be govern whether our money is weak or strong.

Originally posted by rebeldog
reply to post by DaveakaRNG

 

but then you want to become part of the problem? really? you want to invest in oil? that way you do your little part in making things worse, making corruption pay, and contribute to ripping people off.

couldnt agree more

reply to post by rebeldog


I am referring to an ETF, not oil companies, so when the price of oil rises, you somewhat can break even when you go the pump. Mind you, I've taken the vast majority of my money out of the bank and converted into precious metals. I don't feel right about taking a loan from any company or bank. That's contributing, but to see inflation as an mathematical certainty, I'm not sure of other ways to protect one's purchasing power.

reply to post by rebeldog


Look in the mirror the next time you pay money at the pump.

People like YOU look for demons where there aren't any.
What a completely unnecessary personal attack.

reply to post by eyesdown


To be entirely self-sustained and contributing zilch to this corrupt system is my dream. Unfortunately, I don't have the resources to do so. If you have any ideas as to how to end the system entirely, I'm up for it. But, if you still have to buy gas, and food at the grocery store, you're a fool if you don't do something to protect that purchasing power. I'm not for welfare or section 8.

I want to cash out my 401k but they wont let me! im so mad. say bye bye to 20k of savings.

Lets hope they decide to give the power over monetary policy back to the country and they all resign from their post.

Originally posted by IndieA
Lets hope they decide to give the power over monetary policy back to the country and they all resign from their post.

haha who do you think he is Jesus. sorry people dont give up power easy.

reply to post by IndieA


"He that lives upon hope will die fasting" - Benjamin Franklin

reply to post by DaveakaRNG


lol. I know. I wish there was something that could be done

reply to post by camaro68ss


Cash wouldn't help you much anyways. See if you can convert that 401k into precious metals. Check out bulliondirect.com. I don't know much about 401k programs, but IRAs can be converted into gold and silver.

reply to post by IndieA


That Zeigeist Movement with the Venus Project is onto something. What they propose in ultimately inevitable, it's just too bad that there will be such violence and starvation before it becomes a reality.

reply to post by DaveakaRNG


socializm yay. (sarcasm) Great life without God (more sarcasm).

I'm picking the US will just default on all debt
screw the rest of the world
here is our new currency
if you dont like it, and refuse further trade with us,
we will attack you.

I think others are right when saying the US is the major problem in the world today.
We need new superpowers or better yet, none

reply to post by CitizenNum287119327


Part of me would like to see the US default. What if the US declares the US dollar a Fraud then voids all bank notes and debts, then stops all dealings with the Federal Reserve? The US can then print it's own money, I would suggest on a gold standard or something similar.

reply to post by camaro68ss

I want to cash out my 401k but they wont let me! im so mad. say bye bye to 20k of savings

Say What???

I cashed mine out and just paid the 10% tax hit. But that was a few years ago.

Confi scation of Private Retirement Accounts: US Departments of Labor and Treasury Schedule Hearing

The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans.

For more than the past ten years, I have warned readers that the US government was eventually going to go after private retirement accounts. Considered that as the most important reason to avoid establishing precious metals IRAs. Very few other writers (Ron Holland being one) have picked up on this issue as early as I did. In fact, the mainstream media pretty much ignored the subject even after a House Committee held hearings on the issue in October 2008. Obviously, an outright seizure of assets would meet stiff resistance from the public. So the confiscation will never be described as such by government officials. Expect to see terms such as “retirement income protection” thrown around. It is highly likely that such a program would be implemented in steps to help overcome public opposition.

The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government “Treasury Retirement Bonds.” In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual’s retirement account would be converted into an annuity. Once the individual is deceased, the individual’s heirs would not inherit anything (similar to what happens now with Social Security “accounts”).

Among the steps that could be taken to accomplish total confiscation are to first make the conversion voluntary, then make it mandatory for only a portion of total assets. The final step would be making it 100% mandatory for 100% of all assets. One idea proposed in the October 2008 House Committee hearings (after trillions of dollars had already been lost in most assets categories) to help push this plan onto the public, was to allow the seized assets to be replaced with government bonds at a face value of a previous higher valuation date. The idea was that a private citizen, who might have lost 20-50% of his retirement asset value, would be much more willing to accept an inferior retirement asset if doing so allowed them to recoup the losses....

I wonder if this is Bernanke's announcement. Time to get rid of those "Retirement Accts" I was always highly suspecious of them.