Economist Caution: Prepare For 'Massive Wealth Destruction'

Loki

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Mar 16, 2014
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Take immediate steps to protect your wealth...right now!

Marc Faber, the noted Swiss economist and investor, has voiced his concerns for the U.S. economy numerous times during recent media appearances, stating, “I think somewhere down the line we will have a massive wealth destruction. I would say that well-to-do people may lose up to 50 percent of their total wealth.”

When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered . . . “100 percent.”

http://www.moneynews.com/MKTNews/Massive-wealth-destruction-economy/2013/06/20/id/511043/

Hopefully DRK can provide an escape for the savvy few.
 

Sub-Ether

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Mar 31, 2014
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All fiat currencies go unstable after about 40 years unless they are anchored to precious metals-we are in the 3rd currency war of the last 100 years. A key point is we came off the gold standard in 1971 in order to pay for the Vietnam war, and national debts rose after this point and correspondingly wages fell . Historically Kings had to borrow gold and silver from their neighboring Lords in order to fund their next invasion or conquest, today its only necessary to issue more gov bonds. The Iraq invasion that cost trillions of dollars would not have happened had it been paid for in gold. All the gold is going to China and Russia, but they are not ready yet for a gold standard.
With the issuance of infinite debt fiat will always goto to zero over a long enough time line (spot the end of the gold standard!)
http://www.goldsilvercentury.com/main/image/data/Gold_Oz_per_$100.gif
consider that the price of petrol has not moved at all in 70 years if it is priced in gold coins, its is only the fiat that diminishes to zero.
http://goldprice.org/james-turk/uploaded_images/Oil-Price-780567.GIF
you would have expected oil prices to go up from the 1940's wouldnt you, petrol is getting more expensive or is it?
 

thelonecrouton

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Apr 15, 2014
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An awful lot of people are going to get burned when the system finally implodes. Amazing it's staggered on as long as it has. What little assets I have are most definitely not in fiat. ;)
 

DieCommieScum

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Mar 9, 2014
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Marc Faber is always doom and gloom, but I think doom and gloom is going to very appropriate at some point.

The monetary system is a timebomb, the government waste, regulation etc are unsustainable. I'm actually selling my house within commuting distance to the city and we bought a big parcel with an equal sized house 4 hours away for cash and a 1/6th the property tax.
 

fernando

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Marc Faber is always doom and gloom, but I think doom and gloom is going to very appropriate at some point.
What many people don't understand when criticising this type of economists is that it only takes one hit in their predictions to ruin their lives. We are not talking about a decline in value of some fiat. It it goes down everything goes to hell, it is a binary event.
I recently read a nice metaphor in 'Black Swan'. If a turkey predicts his future looking at his past, its future is bright until the day before thanksgiving. It's been fed and taken care. Next day it's killed and ceases to exist.
 

r-ando

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Jun 22, 2014
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Hello, some things are easy to change if everyone decides to change them, here are some positive thoughts for you:

Great video of Milton Friedman on what to keep and what should go... Change through agreement, very powerful.


I also highly recommend watching the other Milton Friedman videos on youtube, many are short and yet filled with helpful vision.

Darkcoin is the perfect vessel to one day bring around the needed changes.

For example, a problem of major concern in western democracies is the level of voter absenteeism during elections which indicates voter disillusionment. The current system's focus is on individual political candidates and parties, who somehow have been allowed through artifice, wealth or systems to advance themselves where there should be no advancement.

Politicians shouldn't be important in society because they have no place in a true sustainable democracy. Representatives of the people, that is what elected politicians are supposed to be and yet somehow specific politicians become important, powerful, influent or outspoken with regards to their personal beliefs and interests.

What is really needed is representatives that are not personally important and can be immediately changed by individual vote and that have only one purpose, a greater purpose and honour: to present the opinion of the people they represent to the other representatives of other people so consensus can be reached through direct representation through technology.

When Darkcoin becomes a universally accepted and distributed ecash, it will be very easy to suddenly have a means to elect representatives of the people with barely any election costs and eliminate absenteeism in voting(have a window pop up when someone sends a payment or open their client asking for their opinion on a subject or their vote for a representative, or no vote if they feel like abstaining). Just mentioning this future idea for ecash future development and the world. This could eliminate election ballot fraud in the world (thinking of blockchain encrypted safe elections) and also stop people from physically stopping people from voting in some countries or subjecting voters to undue stress come election time, or even help stop people from forgetting to vote.

All of a sudden, we would also have a means of gathering and sharing the general opinion of the world's people on different issues independently of news companies in a way that isn't subject to censure or lies or manipulation, basically in a way that is true to sustainable development of long term democracy, through direct representation and infinite sum capitalism instead of limiting it to zero sum equating, the benefits are obvious. What do you think?
 
Jun 11, 2014
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we need:

*direct democracy
*lifetime term limits for all politicians
*equality in taxation (no loopholes)
*a third party or destruction of party lines (dem vs rep)
*something to back usd (like gold) until currency is completely p2p
*trickle up policies in wealth. trickle down is complete bullshit because rich people hoard money. They don't actually need to spend it. Poor people do need to spend it as a matter of survival.
 
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r-ando

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Jun 22, 2014
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I'm hearing a lot of sense in your words Lord Of The Internet, it's great to hear from you on this. Thank you. I have a feeling we have many years of accumulated wisdom here reunited on Darkcoin Talk, that many beautiful thoughts will be created, shared and enjoyed for many years to come. Have a wonderful evening