MONEY: The Government’s Greatest Con Job – The Daily Reckoning

Saturday, March 16, 2019

The 1928 note bears this inscription:“Redeemable in gold on demand at the United States Treasury or in gold or lawful money at any Federal Reserve Bank.”But reads the 1950 version:“This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank.”The fine print disguises a vast swindle: The gold provision was stricken from the record.

Source: The Government’s Greatest Con Job – The Daily Reckoning

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“We, The Sheeple” was robbed and they don’t even know it.  What’s worse is they probably don’t even care.

Argh!

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MONEY: Thoughts on Bob Murphy’s “Infinite Banking Concept”

Thursday, January 31, 2019

2019-Jan-31

https://tomwoods.com/ep-1326-how-to-secede-from-our-monetary-regime/

Ep. 1326 How to Secede From Our Monetary Regime
22nd January 2019 — Tom Woods

*** begin quote *** 
 
Frequent guest Bob Murphy returns, this time talking about his new (co-authored) book, The Case for IBC. This is an acronym for “Infinite Banking Concept,” a strategy that uses properly designed whole life insurance policies as a way to “become your own banker.” The concept was developed by Nelson Nash, who besides working in insurance was personally tutored in Austrian theory by Leonard Read himself. Bob explains how the average person can benefit from IBC, and he answers common objections like “Isn’t it better to buy term and invest the difference?” and “Why would I put my money in life insurance when the dollar is going to crash?”

*** end quote ***

My initial thought:

I (humbly) suggest another reason for the IBC concept. One can only by insurance when reasonable healthy. I had a young 30 something coworker who became uninsurable after surviving a bout with cancer. In his case, buying a whole life policy, when he was younger and healthier, would have given his family the death benefit protection. He died in his 50’s. So I’d suggest the IBC concept would avoid the “insurability” problem should it arise. Buying any insurance may not be possible later in life. Am I missing something here?
 
To which Bob responded:

BobMurphy9  ferdinand reinke • 7 days ago
You’re right. That has to do with the “buy term and invest the difference” canard. I think on the episode I contrasted the jump in premiums if you wanted to renew your term policy, but yeah, if you develop a condition in the meantime, you might be uninsurable.

Now upon reflection on “buy term and invest the difference”:

Based on my own personality, and that of many other “spendthrifts” I see around me, I think there are two types of people — spenders and savers.  My now deceased wife grew up poor, was scared for life, and was a prodigious saver.  My maternal grandmother and my mother grew up in the Depression and also were prodigious savers.  I, OTOH, am a “spender”; maybe even a “spendthrift”, who never cared about delaying gratification.  I can identify others who fall into one of those two categories. 

Now with that in mind, considering the “buy term and invest the difference” canard, imho, “savers” can do that easily, but “spenders” can’t.  So for spenders, whole life insurance and the IBC concept makes a lot of sense.  All though, I’m not quite sure how one in their “earning days” could get on it or into it.  

Unlike savings in a CD ladder (https://reinkefaceslife.com/2007/08/17/money-creating-a-ladder/), which my wife loved, entry and exit was easy.  In today’s Fed-driven insane zero interest rate climate, the CD ladder makes no sense.

Hope this is of interest and helps someone further back on the road of life.  As I like to say, “if I knew then what I know now, my life would be completely different”.  Not sure it would be better or worse; just different. Unfortunately, in life, one can not just “rewind time” and choose differently.  It doesn’t work that way.  And one can’t even say a choice was “wrong”, since you made the choice at the time with feelings, imperfect information, and outlooks that structured your decision.  All you can say is that the results were what they are.  

Even “bad” results are how we are viewing the results in the eyes of the Monday Morning Quarterback. Shoulda, coulda, and woulda!  An alternative future history.  What might have been?  You can drive yourself crazy and make yourself sad about “missed opportunities”, “missed loves”, and “bad mistakes”.  

*** begin quote ***

And now, the end is near
And so I face the final curtain
My friend, I’ll say it clear
I’ll state my case, of which I’m certain
I’ve lived a life that’s full
I traveled each and every highway
And more, much more than this, I did it my way

Regrets, I’ve had a few
But then again, too few to mention
I did what I had to do and saw it through without exemption
I planned each charted course, each careful step along the byway
And more, much more than this, I did it my way

{Extraneous Deleted}

The record shows I took the blows and did it my way
Yes, it was my way

*** end quote ***

“You don’t have to pay tuition for every lesson. You can learn from other people’s mistakes!” — Unknown

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MONEY: Another use for life insurance?

Thursday, January 24, 2019

2019-Jan-24

https://tomwoods.com/ep-1326-how-to-secede-from-our-monetary-regime/#disqus_thread

Ep. 1326 How to Secede From Our Monetary Regime
22nd January 2019 — Tom Woods 

*** begin quote ***

Frequent guest Bob Murphy returns, this time talking about his new (co-authored) book, The Case for IBC. This is an acronym for “Infinite Banking Concept,” a strategy that uses properly designed whole life insurance policies as a way to “become your own banker.” The concept was developed by Nelson Nash, who besides working in insurance was personally tutored in Austrian theory by Leonard Read himself. Bob explains how the average person can benefit from IBC, and he answers common objections like “Isn’t it better to buy term and invest the difference?” and “Why would I put my money in life insurance when the dollar is going to crash?”

*** end quote ***

I understand the IBC; not sure I “grok” it. By that, I mean get it and apply to my life or my memes.

I (humbly) suggest another positive reason for the IBC concept that was not mentioned in the podcast. One can only by insurance when reasonable healthy. I had a young 30 something coworker who became uninsurable after surviving a bout with cancer. In his case, buying a whole life policy, when he was younger and healthier, would have given his family the death benefit protection. He died in his 50’s. So I’d suggest the IBC concept would avoid the “insurability” problem should it arise. Buying any insurance may not be possible later in life.

Am I missing something here?

# – # – # – # – # 2019-Jan-24 @ 10:46


MONEY: In The Early 1980s, The U.S. Gaming Industry Lobbied For?

Monday, August 20, 2018

The game industry’s quest for a new coin to ensure profits in a niche market wasn’t the first time an organization or company had lobbied for a coin specifically designed to help them profit. In the 1950s, Coca-Cola lobbied the U.S. Treasury Department to begin minting a 7.5 cent coin so that consumers could continue to use a single coin to buy a bottle of Coke—Coca-Cola had been 5 cents a bottle since the 1880s, but the fixed price was eating into Coke’s profits. Their attempt, like the game industry’s, was unsuccessful.

Source: In The Early 1980s, The U.S. Gaming Industry Lobbied For?

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Anyone else not “see” the cost of the FED’s inflation?

“Penny” candy?  Quarter gasoline?  Any comodity or service?

Argh!

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MONEY: Virginia repeals sales taxes on money

Tuesday, January 23, 2018

http://blog.tenthamendmentcenter.com/2018/01/now-in-effect-virginia-law-takes-first-step-to-support-sound-money/

Now in Effect: Virginia Law Takes First Step to Support Sound Money

*** begin quote ***

RICHMOND, Va. (Jan. 7, 2018) –  On Jan. 1, a Virginia law that repeals sales taxes from some purchases of gold and silver went into effect. It represents an important first step toward encouraging its regular use as currency and breaking the Federal Reserve’s monopoly on money.

A bipartisan coalition of delegates and senators sponsored House Bill 1668 (HB1668) and Senate Bill 934 (SB934). The legislation exempts gold, silver, and platinum bullion or legal tender coins whose sales price exceeds $1,000 from state sales tax. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000. With gold over $1,000 an ounce, a single bullion coin will exceed this threshold.

Under the new law, the exemption will remain in place until June 30, 2022.

*** end quote ***

This seems to be the first step to “killing” the Fed.

It’s a backdoor way but who cares how we can do it. Just that we do!

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MONEY: Bitcoin “Not Backed”; so what “backs” FRNs?

Thursday, December 7, 2017

https://fee.org/articles/fed-official-decries-bitcoin-as-not-backed/

Friday, December 01, 2017

Fed Official Decries Bitcoin as “Not Backed”
Bitcoin is backed by the use value of the distributed ledger in the underlying technology of the Blockchain.
by  Jeffrey A. Tucker

*** begin quote ***

Randal K. Quarles, a Trump administration appointee to the Federal Reserve Board of Governors and Vice Chair for bank supervision, has given a lengthy speech (“Thoughts on Prudent Innovation in the Payment System”) that directly targets Bitcoin as a danger to the monetary and financial system.

To reiterate, an official speaking for the nation’s central bank that manages the global reserve currency – the institution that has long bragged about its power to bail out the entire world with the magic powers of the alchemist – has put down Bitcoin for being untrustworthy, unbacked, and unsound.

*** end quote ***

Will someone please tell me what is backing up the current Federal Reserve Notes that pass for “money” today?

I can’t believe the hubris of some people.

The Federal Reserve Note, since 1970, has lost 99.99% of its value. There maybe even some 9’s at the end of that percentage.

I’m just shaking me head at this “attack” on bitcoin.

I’m speechless.

You should be too.

Save your nickels! It’s only thing worth anything — it still has some silver content. For now!

Argh!

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MONEY: Printed “money” doesn’t represent real wealth

Friday, November 24, 2017

https://goldswitzerland.com/the-biggest-wealth-transfer-in-history/

THE BIGGEST WEALTH TRANSFER IN HISTORY
Posted on November 17, 2017 by Egon von Greyerz

*** begin quote ***

US DEBT UP 1800X IN 100 YEARS

Total US debt in 1913 was $39 billion. Today it is $70 trillion, up 1,800X. But that only tells part of the story. There were virtually no unfunded liabilities in 1913. Today they are $130 trillion. So adding the $70 trillion debt to the unfunded liabilities gives a total liability of $200 trillion.

In 1913 US debt to GDP was 150%. Today, including unfunded liabilities, the figure becomes almost 1,000%. This is the burden that ordinary Americans are responsible for a burden that will break the US people and the US economy as well as the dollar. 

Whilst ordinary people have been landed with liabilities that they can never repay, the bankers and the 1% elite has profitably (ab)used the leverage that the debt expansion has created and thus amassed massive fortunes.

That is why we are seeing this enormous inequality in wealth. Ordinary people have not yet realised that they are liable for this debt. They will of course never repay it, nor will anyone else. Governments will try to solve the problem by printing even more money, thus exacerbating the problem. Eventually this will lead to high inflation turning to hyperinflation with interest rates going to at least 15-20% but probably higher. At that point central banks have lost total control of their interest rate manipulation.

The world will then discover that this time the money printing will have no effect as manufactured money can never create wealth.

*** end quote ***

When you look at the absolute dollars of debt and liabilities, it’s absolutely terrifying.

I’m glad I’m old and won’t see the crash. It’s going to make the Great Depression look like just a very bad day.

Clearly the debt will be repudiated by inflation, defaults, and unilateral abrogation of contracts. Clearly mere “understandings” (i.e., social security; Gooferment pensions; State Gooferment “constitutional” provisions, “promises”) will be “cannon fodder”.

I feel sorry for future generations.

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