patrick.net

It is very important to maintain a credible military. It is one of the few things that cannot be privatized.

God help us.

Yes, the most arrogant ones of those castes that I encountered were from European countries where they are never questioned, and always had job security due to the social caste systems there. We even had one of those guys commit suicide at Metallic Power after he managed to get himself fired for this atitude.
So I do think I've encountered my fair share. On the flip side, some of my closest friends were from those days and they definitely were not intreverted nerds, although even they joked about how badly their peers were at understanding economics or logistics. Then there was a group of very smart nerdy types who were so insecure they could never commit to something, they always doubted everything, and created more stumbling blocks than they solved. Nothing ever got completed because of this almost anti social behavior. I've seen it all.

Randy,

Well glad that I was wrong that you only "used to" post here.

Didn't say I hated you.

Not at all. It was I who solicited your opinion, because I respect and learn from what you wrote here, about the gold.

I asked your opinion (not advice) about gold, and you gave it. Something about the only good that would come from it would be to use it to flee the country (like maybe, some Vietnamese did after the fall of Saigon), but also something about that in that case, someone else would probably rob me for it. I took it as a double entendre, like the robbery might be the imposition of some kind of capital controls like the failed ones Mitterand imposed early in his first term.

I also noticed you expressed that sentiment to others at other price points too.

Well I didn't take your opinion as advice, but I did take note of it.

Yes, the most arrogant ones of those castes that I encountered were from European countries where they are never questioned, and always had job security due to the social caste systems there.

They need to understand that intelligence is just a commodity nowadays. If they are not flying around in private jets, they have no business being arrogant.

We are back to the days of 200+ comments per day. :)

Didn't know it was a challenge. I have to stop myself sometimes, if you get me on a rant, I'll get it up to 250 :(
I know I can't help it.

Sybrib

It's all good. It's been a while, and honestly I don't remember you particularly hating me. I was referring to the "goldbugs" who came on here with eerily regularity pasting links, pushing some "brokerage" or another, and invoking hellfire and damnation as a reason to load up on gold eagle coins.

Gold is a great component of a reasonable portfolio, in my opinion. Commodities in general might be pretty good for the near term, due to inflation. My only point was don't expect to "spend" your gold. It's not money. And I always prefer investments into things that produce cash flows.

Yes, that's what I used to say to (nicely) and about them. In this country you're worth what you can actually deliver, don't try flaunting some status thing around like you're indisposable.

Gold is just a trading vehicle to me. I am completely detached when it comes to investments.

Anyway, I'm good with leaving it as is. Just please know I don't look down on anyone who is genuine.

Take care.

It’s not money.

Gold coins *are* legal tenders, so they are technically money. However, you probably don't want to "spend" them at their face values. :)

Yes, I went physical, and yes at one time I had a 10oz bar which used to make me nervous.
That is so freakin' cool. Would you open the top of the toilet tank and point out your "water saver" to guests? Seriously, though, 10 oz. is about the break even point with the GLD ETF, which looses .4% a year. A Wells Fargo safety deposit box is $40 a year. And this still doesn't take into account security issues of buying and selling physical gold.
I am still in shock over the Euro. Any idea of who will blink first, the Fed or the ECB? And speaking of which, currency swaps are/were a huge part of the Fed SOMA portfolio. I am assuming this means that the Fed is holding a bunch of Euros, which, so far, seem to be getting more valuable. Ahh sweet, we lose but the Fed wins! Hurray for out team... let's devalue our way to prosperity.

People are going to be crushed under the palettes of $100 bills.

Randy H says:
And I always prefer investments into things that produce cash flows.

Here! Here!

I don't have an opinion on Euros. I don't even follow it but a friend emailed me yesterday and said, hey I just made some money with Euros.

Holding a 10 oz bar is a very interesting feeling. Pure gold is a beautiful substance.

Gold is beautiful but wicked. Like certain women.

I think there is a relationship there. The more gold you get, the more women you can get. The more women you get, the less gold you have left over.

It is just scary reading the 10 planks of the Communist Manifesto and matching that with US history of the period.

I think you would like reading Jonah Goldberg's new book, LIBERAL FASCISM, in which he explores the thesis that fascism and Nazism are left-wing phenomina, rather than the standard mainstream-media take that they are right-wing phenomina.

Randy, make sure you pick up the DVD of John Milius'

THE WIND AND THE LION. It shows Theodore Roosevelt the way he should have been (it adds some Hollywood touches).

Heck I'm a typical social-graceless tech guy too. Degrees in physics and applied math, worked as a circuit designer then later systems engineer before going off to the "soft geek" world of law school.

We need that double-layered fence built ASAP.

Wouldn't a simple anti-personel mine field be a much cheaper and more effective barrier? You can't get over those with either a ladder or a coyote.

fascism and Nazism are left-wing phenomina

Of course. I thought individual freedom (with attached responsibilities) is a "right wing" concept.

Wouldn’t a simple anti-personel mine field be a much cheaper and more effective barrier?

Then we will need a double-layered fence to keep people from the mine field. ;)

Only on this blog....

What happens when a disgruntled guest does an upper-decker into your gold bullion stash?

DennisN Says:
February 28th, 2008 at 8:34 am
"Wouldn’t a simple anti-personel mine field be a much cheaper and more effective barrier? You can’t get over those with either a ladder or a coyote."

Border security is a political problem meaning the goal isn't to actually make the border secure, it is to continuously talk about it and look like you are going to make it secure. You go and put a minefield there, you'll actually make the border secure and then what, nothing left to talk about.

What happens when a disgruntled guest does an upper-decker into your gold bullion stash?

It is still golden.

Peter P Says:
February 28th, 2008 at 8:36 am
"Then we will need a double-layered fence to keep people from the mine field. "

The American corporate solution would be a warning label.

On the mines that is.

"the less gold you have left over" LOL!

(Why do I always miss the Great Gold Debates?) Must be past my bedtime?

Great article in the "O" yesterday about "the real gold"! There's a lot of biblical references but Norway has opened a "doomsday vault" deep within an Arctic mountain where millions of crop seeds will be stored to safeguard against wars or natural disasters wiping out global food crops!

Really interesting stuff. I gues the P.I had one but (as you likely guessed)... it flooded during a typhoon.

www.croptrust.org

www.seedvault.no

God help us.

I saw a show about that. It was very interesting.

Crop Diversity NOW Man!

All crops were created equal!

No seriously, I'm glad there's someone, somewhere in a think tank conjuring this stuff up. (I sure never would have thought of it?) I guess in that environment they say the seeds can be stored for up to 1,000 years.

Helps a guy sleep a little better at night. I'll trade you all of my crop seeds for all of your GOLD! Oh, uh... wait a minute...?

Bernanke says time for long-term mortgage answers

Thursday, February 28, 2008; 11:15 AM

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Thursday that it was time to move beyond temporary fixes to the subprime mortgage mess and look for long-term solutions.

"It's important for us and for the servicers to move beyond temporary palliatives ... and try to find more permanent, sustainable solutions," Bernanke told the Senate Banking Committee.

"I would urge you to continue to work on FHA modernization and GSE reform, two areas that can help us meet these challenges," Bernanke said. "Additional steps may be necessary in the future ... but I don't have any additional recommendations right now."

Concerning a New York Times article pity piece on "heavily mortgaged Americans ("Solutions the Public Hates", in the Patrick reading)

But readers aren't biting. More than 400 vehement reader comments on the Times' site ran 20-to-1 against any taxpayer rescue - with fairness and basic economics the main objections

Hope! Maybe the politicols will notice public outcry to a bailout and Harm's 3rd and 4th phases may be aborted.

The worst thing about a 10 oz gold bar is how tiny it really seems. How big was it - the size of a large dog biscuit?

The American corporate solution would be a warning label.

In English, American sign language, and braille-Spanish. :)

Small dog biscuit.

A little off topic...

Boy those Aussies have fortitude. www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/02/28/international/i053105S05.DTL&tsp=1

"My boat sank. I'll just swim 12 hours to the beach."

Hoarding silver is much more gratifying, at least you get something in return that is substantial.

Headset,

I'm glad we're getting the exposure, really I am. I think though writers like Michelle Malkin are getting much more traction. Her... solution to the subprime "crisis"?

Suck. It. Up.

What I have noticed though is a quiet convergence of "bubble coverage". Even Nik Ritchie at Dirty is lampooning the likes of Daniel Sadek and other "D-Bag" mortgage brokers. If we've in any small way inspired them... we're only too happy!

I'd guess was roughly about 3-4 inches tall. It was thick though. What's cool is how heavy it was for its small size, it felt like you were holding wealth. That's the only way to describe it.

NVR,

Thanks for that observation. A short while back I noted that there was hope when HP & BB spoke last that they were moving past band-aids and on to more permanent solutions.