Friday, October 26, 2012

25 Oct 2012

A slight bounce in the short term. Remember, in order to buy, we like to see this make a positively divergent low.

I am not voting this year.  However, I did hear that Romney is saying that we don't want the US to become Greece.  What a foolish statement. The US issues debt that it can repay in its own sovereign currency.  Greece does not have the luxury of printing its own money to repay creditors.  Yes, in a way, the US is already Greece..inflating away debts is a form of default.  Maybe even more evil than outright default.  An outright default causes pain to the banks that lent the government money via fractional reserve banking.  The ongoing camouflaged inflationary default robs citizens, the poor and elderly the most heavily, who don't know any better.  At least Greece is honest about their intentions Mitt.  What good is the right to vote with no one to choose?

"Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including the merchants, the industries, and the mills of the country?"
Senator Carter Glass during Senate debate on the Banking Act of 1933 (Glass-Steagall Act) [source: Rixey Smith and Norman Beasley, Carter Glass: A Biography (1939)]

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