jamest wrote:

Fallible wrote:

jamest wrote:I can see that you're all just going to be taking the piss out of me forever, regardless of the current threat upon the status quo. My job is to educate you, regardless, so let's try this:

Lol. Let’s get this straight, James. Your job is NOT to educate us. You do not have the ability, and no one but you appointed you.

I don't have a 'recognised award' for economics/finances, for sure, but I've been passionately studying these subjects of my own volition for nearly two years from a variety of sources.

Said some dude on the Internet. I don’t care what you claim to have done. You lack credibility, and are a known poster of hyperbolic nonsense. You are the last person I would ever trust to teach me anything.

However, the pertinent point is that if I did have 'awards' you'd acknowledge, I'd only be an expert in doing the same shit that our governments and entrepreneurs have been doing for countless years, which amounts to having the knowledge to financially screw the many at the expense of the few.

Impenetrable wibble.

https://www.youtube.com/watch?v=9lJCR3W0mOs

The US government knows that it's fucked. Trump has declared that "the cure cannot be worse than the problem" and America has only been in lock-down for about a week!

How the fuck you guys cannot read between Trump's inconsistent lies/BS and see how desperate he is, will forever be a mystery to me. The stockmarket has had a major dead cat bounce based upon ignorance of what his promise to print as much money out of thin air as it takes to solve the problem means even in the short-term, notwithstanding thereafter.

Hyperinflation is imminent, I shit you not. Then, all roads lead to the core of the earth, downwards.

I wish no grief or suffering upon anyone, even those of you who have hated me from day one. I'm here with a simple message which seeks to minimise your suffering. Take it or leave it.

This all just seems to be you accusing us of not realising things that are poorly reasoned and claimed by you. In other words you do what religions are renowned for - creating a problem so you can ride in with the solution. You are not worth listening to on this. So sit down.

I'm not religious, dear. I go to nobody's church and nobody is invited into mine.

Well done for being unable to read your native language for comprehension at your age, I guess. I said you do what religions are known for - creating a problem so you can rush in with the solution. Nothing there about you being religious, darling...

OlivierK wrote:

Spearthrower wrote:It's entirely in a nation's interests to prop up banks and businesses when economic situations are dire or crises like this arise, whereas you and your bitcoins are on your own. But you're still trying to tell us you're onto the secret winner, and that we'd be better all jumping aboard your tenuously constructed ship which appears to be doing its damnedest to sink right now.

Over the period of this thread, BTC and Gold have considerably outperformed the world's sharemarkets. Just saying.

But still plunged, but that wasn't really the point I was making. If shit hits the fan as per Jamest's prediction, then the idea that he's in a less risky financial situation isn't warranted. Society and governments have vested interests in propping up banks and businesses, but not bitcoin. There's a lot more inherent risk, and thus the prospect for greater losses or profits - I don't see our resident self-declared financial expert being aware of this relationship.

I'm not religious, dear.

You really do need to stop doing this shit jamest - it's fucking patronizing even for you.

Spearthrower wrote:

OlivierK wrote:

Spearthrower wrote:It's entirely in a nation's interests to prop up banks and businesses when economic situations are dire or crises like this arise, whereas you and your bitcoins are on your own. But you're still trying to tell us you're onto the secret winner, and that we'd be better all jumping aboard your tenuously constructed ship which appears to be doing its damnedest to sink right now.

Over the period of this thread, BTC and Gold have considerably outperformed the world's sharemarkets. Just saying.

But still plunged, but that wasn't really the point I was making. If shit hits the fan as per Jamest's prediction, then the idea that he's in a less risky financial situation isn't warranted. Society and governments have vested interests in propping up banks and businesses, but not bitcoin. There's a lot more inherent risk, and thus the prospect for greater losses or profits - I don't see our resident self-declared financial expert being aware of this relationship.

Sure, for Bitcoin. In a hyperinflation meltdown that kills fiat currency it will be fucking useless to own. Gold? Less so, as long as you physically own it.

As I've said, there's lots wrong with what james sees in his crystal ball, but ironically his ship isn't doing its damnedest to sink right now as you claimed (which is actually evidence that his forecast meltdown isn't on the horizon).

OlivierK wrote:

Spearthrower wrote:

OlivierK wrote:

Spearthrower wrote:It's entirely in a nation's interests to prop up banks and businesses when economic situations are dire or crises like this arise, whereas you and your bitcoins are on your own. But you're still trying to tell us you're onto the secret winner, and that we'd be better all jumping aboard your tenuously constructed ship which appears to be doing its damnedest to sink right now.

Over the period of this thread, BTC and Gold have considerably outperformed the world's sharemarkets. Just saying.

But still plunged, but that wasn't really the point I was making. If shit hits the fan as per Jamest's prediction, then the idea that he's in a less risky financial situation isn't warranted. Society and governments have vested interests in propping up banks and businesses, but not bitcoin. There's a lot more inherent risk, and thus the prospect for greater losses or profits - I don't see our resident self-declared financial expert being aware of this relationship.

Sure, for Bitcoin. In a hyperinflation meltdown that kills fiat currency it will be fucking useless to own. Gold? Less so, as long as you physically own it.

As I've said, there's lots wrong with what james sees in his crystal ball, but ironically his ship isn't doing its damnedest to sink right now as you claimed (which is actually evidence that his forecast meltdown isn't on the horizon).

I think we're on slightly crossed wires here: the idea jamest has been floating is that one should pull one's savings and pension and 'invest' them into bitcoin. In the last 2 months, my savings haven't decreased at all - not a penny in fact, there's no actual increase in inflation occurring here so they're not even losing value that way, whereas the value of his bitcoin has dropped substantially in that time. I wasn't comparing the stockmarket to bitcoin, rather jamest's Best Laid Plans to my own situation.

Fair enough. Like you, I've seen no real losses out of this.

But james would still be better off financially than he was a year ago by some margin (assuming just holding his preferred assets - if he's day-trading his return could be anything from massively up, to massively down). With more stable investments like mine, and it sounds like, yours, we've missed out on these returns for the small price of being able to sleep at night.

James' biggest problem is that his proposed method of riding out a meltdown would see him in just as much shit as everyone else, should such a meltdown occur. And many of the people who ignored his advice would be relatively fine, including me, and it sounds like, you.

I'm not in the mood to argue/debate tonight, but having just watched again a youtube video I saw over a year ago, thought I'd link to it again. It's about a return to a gold standard. Very interesting stuff even a year+ ago before any of this shit hit the fan, now perhaps an unfolding reality. Well worth 41 minutes of your time, especially if you have nothing better to do in self isolation:

https://www.youtube.com/watch?v=fjhLp8AHAYc&t=104s

I cannot believe how many of you are still not taking this seriously, given all that's happened within the last month.

Personally, I'm on an emergency financial footing now. That means that I intend to withdraw all funds from my bank to the minimum within the next week, holding and managing just enough to pay my monthly bills and cover my debit card transactions. Luckily, me and the missus are still working and our earnings are paid directly into our accounts, so until that's not the case I'm quite comfortable with doing that. I've even withdrawn several hundred pounds already in emergency cash (under the pillow!), but the surplus (a few thousand) is about to be transferred into my glint and wirex cards. The former is a debit card backed by gold, the latter one backed by bitcoin. They're essentially alternative prepaid cards. As you know I withdrew all of my pension within the last year or so. I'm trusting very little of my wealth with fiat/banks/government at all. Actually, I've had that opinion for over a year but now it's a no brainer.

So, henceforth, one might say that about 90% of my/Mrs wealth has abandoned fiat. I'm so glad that I've done this, as already if I'd done nothing my pension fund would be worth [say] a third of its value within the last month. Soon, that value will be much lower, but the biggest problem will be the hyperinflation which follows this incredible amount of money which is being printed out of thin air. The inevitable super-devaluation of fiat is just on the horizon, in the form of hyper-inflation.

That video I've just linked to - reverting to a gold-backed currency - it's inevitable. The US dollar will die very soon.

Trump is bullshitting everyone, every step of the way here. From not taking this virus very seriously just a couple of weeks ago to seemingly taking it a bit more seriously whilst fundamentally saying that America will crash unless it goes back to work soon. It's all damage limitation rhetoric. If he knows the USA and the world is fucked, then so should anyone.

As I said, I can't be arsed arguing with anyone tonight. Either digest the video and what I'm saying or ignore it all, but don't expect a response tonight. I just cannot be bothered when 90% of you seem so indifferent to what's going on here. Know one thing though, which is that our governments cannot in any way afford to pay you all for sitting at home for the next year or so, which is what it will take to eliminate the virus. Do the math. Something's gotta give. In either case, it's going to be catastrophic for the economy.

Eta: Yes Fallible, my wife is aware of what I've done. She's trusted me with our finances from day one and I didn't have to shout at her either.

jamest wrote:I cannot believe how many of you are still not taking this seriously, given all that's happened within the last month.

Your arrogance is increasing at about the same rate as your ability to think straight is diminishing. What on earth makes you imagine that nobody who disagrees with you takes "this" seriously? Has your head disappeared that far up your arse now?

Hermit wrote:

jamest wrote:I cannot believe how many of you are still not taking this seriously, given all that's happened within the last month.

Your arrogance is increasing at about the same rate as your ability to think straight is diminishing. What on earth makes you imagine that nobody who disagrees with you takes "this" seriously? Has your head disappeared that far up your arse now?

I like you Hermit for similar reasons I liked hacknslash, but unless you've seen that the economical disaster here will kill far more people than the virus, we're not on the same playing field. That's the definition of 'seriousness' I'm using.

I don't really want to debate this tonight, but if you've got any serious points to make I might address them in a day or two.

jamest wrote:

Hermit wrote:

jamest wrote:I cannot believe how many of you are still not taking this seriously, given all that's happened within the last month.

Your arrogance is increasing at about the same rate as your ability to think straight is diminishing. What on earth makes you imagine that nobody who disagrees with you takes "this" seriously? Has your head disappeared that far up your arse now?

I like you Hermit for similar reasons I liked hacknslash, but unless you've seen that the economical disaster here will kill far more people than the virus, we're not on the same playing field. That's the definition of 'seriousness' I'm using.

I don't really want to debate this tonight, but if you've got any serious points to make I might address them in a day or two.

I have posted my objections to your take on the subject. Not repeating them. Look them up yourself.

jamest wrote:
As I said, I can't be arsed arguing with anyone tonight. Either digest the video and what I'm saying or ignore it all, but don't expect a response tonight. I just cannot be bothered when 90% of you seem so indifferent to what's going on here.

Not subscribing to your wild predictions isn't being "indifferent". Can you stop with the fallacies?

Fair enough gents. I'm not debating tonight. Though there's nothing "wild" about what I'm saying. I mean, we're all currently self isolating from a virus that is still probably going to be here in a year's time and half the world's businesses are about to go bankrupt already and the stockmarket is down about 30+% and looks like deteriorating further and governments are printing money out of their arse, etc..

From my perspective, you lot are utterly deluded. Regardless, best of wishes etc..

I think we are in a shitstorm. But I still find your predictions to be ridiculous. Half the world's population is going to die? Come the fuck on. And regarding hyperinflation I explained that to you previously with pretty pictures. It's not going to happen. We are in an age of technological deflation. inflation isn't a problem, and even if it was, massively expanding monetary supply in the last few decades has had fuck all effect on inflation. Printing money isn't going to have all that much effect. I'm sure we will see some inflation from it, but it won't be anything like thousands of percent, let alone tens of percent.

gobshite wrote:I think we are in a shitstorm. But I still find your predictions to be ridiculous. Half the world's population is going to die? Come the fuck on. And regarding hyperinflation I explained that to you previously with pretty pictures. It's not going to happen. We are in an age of technological deflation. inflation isn't a problem, and even if it was, massively expanding monetary supply in the last few decades has had fuck all effect on inflation. Printing money isn't going to have all that much effect. I'm sure we will see some inflation from it, but it won't be anything like thousands of percent, let alone tens of percent.

I'll perhaps deal with whatever you've said on the matter recently in more detail, later. But yes, I stand by the fact that if the world's economy crashes entirely, possibly half of its population will die from the consequent poverty and violence/war which will ensue.

Btw, I don't want anyone to experience such suffering, nor obviously wish to be so discredited that I look like an utter imbecile a few months/years from now, so please ensure that you realise how much my neck is on the line here. Certainly, the prospect of me looking like an utter imbecile a few month/years from now is obviously not my focus nor desire. And since I have nothing to sell either, including God, why the fuck do you think that I would be saying this other than for YOU?

I've got nothing to gain here. NOTHING. This forum hates me. And in doing my best to warn the likes of yourself, I could lose ALL credibility here.

I'm not going to get any rewards for saying this, even if I'm right. I know that. So if the balance is between trying to help people who won't thank me even if I'm right, versus being mocked and hung when I'm proven wrong, I'd rather risk my own credibility than your (plural) life or quality of life.

Have I asked you for any reward? No. Do I expect one? No. Do I expect to be mocked incessantly until you're all dead? Yes. Why do I continue to say these things then? Because there is the hope that a handful of you will heed my words, which is a handful less deaths/suffering.

Bollocks, I've just realised that I've ended up doing that which I was determined to stay away from tonight, which was multiple postings. I just want to get away from this shite but keep getting drawn in from every angle.

jamest wrote:Btw, I don't want anyone to experience such suffering, nor obviously wish to be so discredited that I look like an utter imbecile a few months/years from now, so please ensure that you realise how much my neck is on the line here. Certainly, the prospect of me looking like an utter imbecile a few month/years from now is obviously not my focus nor desire. And since I have nothing to sell either, including God, why the fuck do you think that I would be saying this other than for YOU?

jamest wrote:To be honest, I even enjoy the challenge and banter associated with being a lone wolf crying in the wilderness.

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jamest wrote:Have I asked you for any reward? No. Do I expect one? No. Do I expect to be mocked incessantly until you're all dead? Yes. Why do I continue to say these things then?

jamest wrote:To be honest, I even enjoy the challenge and banter associated with being a lone wolf crying in the wilderness.

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jamest wrote:I just want to get away from this shite but keep getting drawn in from every angle.

You've only got one angle.

No, it's you who only has one angle. Me? If you were right about me I'd be here and elsewhere posting until sleep got the better of me. These days, I can hardly be arsed to post here, and certainly not elsewhere.

jamest wrote:...the stockmarket is down about 30+% and looks like deteriorating further...

The stockmarket is not the economy, JamesT. It is not even a map of the economy. It merely reflects what people perceive the value of shares to be. Productivity has not dropped anywhere near 30%. Productivity does not rise and fall with the Dow or any other index.

If productivity dropped 50 or more percent, most of us will likely starve to death, for without fertilizers, the transport infrastructure and other vital elements that cannot exist without the products of modern science and technology we're fucked. We simply will not be able to produce enough food to sustain 7.5 billion people. All the old infectuous diseases like cholera. tuberculosis, and what have you will run rampant because there won't be any vaccines to keep them in check. We will destroy one forest after another for the lack of other heating sources. Within a century or less any remaining survivors will live in conditions as bad as or worse than those pertaining in the dark ages.

But it won't come to that. The impending financial upheavals will cause major adaptations. Productivity will undoubtedly shrink, but essential requirements will keep it going. CEOs and upper management will just have to get used to no longer being paid anywhere between ten and 500 times the average weekly wage. Hedge funds and the futures market will be temporarily wiped out. Tax havens will contain nothing but waste paper. People will continue to go to factories and make things, even if they are paid only a fraction of what they are used to. New workshops will spring up on an ad hoc basis, then grow, and before you know it, the part of the global population that used to be relatively affluent will be relatively comfortable once again.

In my estimation the very worst case scenario will be a 5% drop of the global population due to both, the Covid virus and its economic consequences, but I don't think we will even get to that worst case scenario.

jamest wrote:I'm not in the mood to argue/debate tonight, but having just watched again a youtube video I saw over a year ago, thought I'd link to it again. It's about a return to a gold standard.

Not sure if you're aware of this, jamest... but 'return to gold standard' is actually standard conspiracy fare. I already presented you with a bunch of articles and comments by financial experts last time you raised this in another thread.

I think you filter out information that you don't want to hear, and seek out information you do want to hear.

Trump is bullshitting everyone, every step of the way here.

Ironic then that Trump has talked about the gold standard in years past, calling the idea of returning to the gold standard a "wonderful idea" - but then as we all know, he thinks Alex Jones is "wonderful" too.

https://investingnews.com/daily/resourc ... -standard/

What has Trump said about the gold standard?

While it’s perhaps not common knowledge, Trump has long been a fan of gold. In fact, as Sean Williams of the Motley Fool points out, Trump has been interested in gold since at least the 1970s, when private ownership of gold bullion became legal again. He reportedly invested in gold aggressively at that time, buying the precious metal at about US$185 and selling it between US$780 and US$790.

Since then, Trump has specifically praised the gold standard. In an oft-quoted 2015 GQ interview that covers topics from marijuana to man buns, Trump said, “Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money.” In a separate interview from the same year, he said, “We used to have a very, very solid country because it was based on a gold standard.”

According to Politico’s Danny Vinik, “(Trump has) surrounded himself with a number of advisors who hold extreme, even fringe ideas about monetary policy. … At least six … have spoken favorably about the gold standard.” Shelton and Allison, mentioned above, are just a few of them. Others include Ben Carson and David Malpass. The last two — Rebekah and Robert Mercer — have distanced themselves from Trump’s campaign in recent months, but had strong influence on him before that.

Emphasizing how unusual the support for the international gold standard around Trump is, Joseph Gagnon, a senior fellow at the Peterson Institute for International Economics, told the news outlet, “(It) seems like nothing that’s happened since the Great Depression.” Gagnon, who has also worked for the US Federal Reserve, added, “You have to go back to Herbert Hoover.”

Politico also quotes libertarian pundit Ron Paul, another supporter of the gold standard, as saying, “We’re in a better position than we’ve ever been in my lifetime as far as talking about serious changes to the monetary system and talking about gold.”

You were talking about inflation before... want to see astronomical inflation? Return to the gold standard will devalue the U.S. dollar to such a degree it will make Zimbabwe's currency look impoverished in zeroes in comparison.

You're becoming ever more extreme in your ideas, and you don't appear to be aware of it.

jamest wrote:

Hermit wrote:

jamest wrote:I cannot believe how many of you are still not taking this seriously, given all that's happened within the last month.

Your arrogance is increasing at about the same rate as your ability to think straight is diminishing. What on earth makes you imagine that nobody who disagrees with you takes "this" seriously? Has your head disappeared that far up your arse now?

I like you Hermit for similar reasons I liked hacknslash, but unless you've seen that the economical disaster here will kill far more people than the virus, we're not on the same playing field. That's the definition of 'seriousness' I'm using.

So 'agrees with me' is your criterion for 'seriousness'.

I'm wondering when this forum is no longer going to be big enough for your head. Perhaps you should consider a weblog to cast your pearls out from?

jamest wrote:I don't really want to debate this tonight, but if you've got any serious points to make I might address them in a day or two.

If you don't want to discuss, why would you put up contentious arguments on a discussion forum?