Oldtent Archives 2010

By Tim Johnston in Bangkok

Published: January 2 2010 02:00 | Last updated: January 2 2010 02:00

Vietnam has ordered all gold trading floors to close by the end of March, ending a business that turns over $1bn a day but which the government feared was spinning out of control.

“Both the owners of the gold-trading floors and traders are doing their transactions on a fragile foundation that lacks legal, economic and technical frameworks and knowledge,” the government said.

The order also bans using overseas accounts, but does not affect jewellery or retail gold sales.

The government said it was concerned that some investors had been drawn into overleveraging their positions by low interest rates and the increasing price of gold , which has risen from $660 a troy ounce when the first trading floor began in 2007 to $1,100.

The government said that in some cases, investors had only been required to put up 7 per cent of the value of their portfolio.

The ban will affect about 20 gold trading floors, but it is unclear if the government intends to re-write the regulations and allow the floors to re-open, or if the move is permanent.

The trade has become a lucrative source of income for many of the banks and trading houses that have opened the exchanges, and the ban could hit profits. But analysts say it could free liquidity that might flow back into the stock markets, lifting the index.

Vietnam’s big appetite for gold has put pressure on the dong and was a key factor in forcing the country to devalue the currency by 5 percent in November.

FT article

Yes, a critical article; in addition to green applications and perhaps more importantly, the rare earth metals continue to show themselves in advanced energy research - I believe solar panels apply to both areas, but I am drawing on memory here. I am arguably being redundant by distinguishing advanced energy from green, but my sense is that many advocates don’t care so much about net energy gain when talking green.

PM

Thanks Fully, I was meaning more inline with the topic in discussion.

That was great.

“Cultivate mentors” so true. I wonder where I’d be if it wasn’t for my mentors. Because of my gratitude to them I spend so much time mentoring young people.

A lot of change the Worlds problem  post’s in here latelely. All of them pretty good,imho. So I’ll give you all some change of opinion, as well.

Can Corporation’s Vote??  No, you say…they can not vote. Only individuals can vote.  Then, simply eliminate all Corporate Lobbying and(Special Interest) Donations.

Game over!

“Anyone else with some gems of wisdom?”

Dont Eat Yellow Snow

I see little different in your son’s situation than when I got out of college in ancient times - no money, a lousy oil field job, lived in a house trailer (before they were called mobil homes) but I did have an education and a positive attitude (”Power of Positive Thinking” Peale) and a determination to succeed and eventually be an Independent Geologist and live the good life with my exceptional wife - my early sweetheart of Sigma Chi, sing it loudly. “The girl of my dreams is —”

I was not unusual, (except I couldn’t spell because I was taught sight reading) all my friends were just like me: one a geologist that went to work for the Highway dept where he had worked to pay his way in college. Another a Petroleum Engineer who went to work for a large lumber mill, another a geologist that went to work on a seismic crew at Odessa. All had wives and two of us lived in trailers as they were cheaper and mobil to move and follow the work. Hard times back then too -

We all slowly gained experienced and they gradually worked their way up the job and company ladders and became properous and all retired comforably. I soon went to work for myself as an Independent Geologist. That is detailed in 23 or so stories under energy in IMDB. Page two, # 23 finally tells the secrete of how a young Geologist goes Independent without any money. It can and does work just as well in other professions or businesses for certain people.

Claptona has offered a reasonable viewpoint - mainly it takes time to progress. Also Claptona is right about things have changed but not the oppertunities. They will come along but one has to be prepared to seize them when they do - being educated and experienced. In the mean time enjoy life with simple things and save like a miser - that will make one hungry enough to grab the passing brass ring and finally a gold ring.

Cultivate mentors, make your own luck, stay out of trouble and treat people right, especially your wife and children. Deadeye

Thanks for your comments I will pass them on.

I’m going to tell IP what I’d do (not what they should do, my great fear is someone taking my advice and loosing money) in their situation and that’s go for broke because they’ve got nothing to loose. Keep 3 months worth of living expenses in cash and half of that at least at home. Sell ALL stuff not needed (except the stuff that I’ve made for them ) and put every cent they can rake up into gold and silver coin.

I believe sometime in the next few or less years my property will be worth 25 ounces of gold.I’m as self-sufficient now as I want to be, more than self-sufficient in beef and lamb. Goldielocks IP grew up in a rural setting and so did his wife. I never realised until the last few years that I ever had any real influence on my son.

Claptona, IP and his wife both have their shooters licences and a very petite Mrs IP is a black belt in one of the marshal arts disciplines. I love what you wrote “If looked at from the proper perspective, and having a dream, things have a way of turning out if one strives and works hard towards the right goals and dreams.
GOD - I hate to say it, but I sound like my father (Of course he’s gotten a whole heck of a lot smarter as I have grown older!!)”

Cheers,
LP.

Anyone else with some gems of wisdom?

We obviously come at this issue from different directions with different methods, though there is little doubt that we both see the same useful endpoints almost exactly the same.  To me, my way is the most direct path from our mutual point A to our mutual point B, but I am sure that in your mind your way is the direct way.

Who is right?  I dunno, as mugambo would say.  Please accept my comments simply for what they are…………my opinions based on my life experiences.  In the end, no matter what, you gotta do it your way.  I certainly applaud you in your effort to make meaningful change.

Take care………..

PS……..I have pulled my post to simply remove my opinion as devil’s advocate.

IF the Colts win the SuperBowl - then the owners get a pass on giving up the perfect regular season from some people but not everyone. 

IF, they don’t win the SuperBowl - then they gave up a perfect season AND didn’t win the SuperBowl - a bad decision all around in everyones eyes!

JMO of course.

What he speaks is true. If there was not the depression we were in if he could buy a house and aquire some equity he could then move to a more rural area. But as far as rural areas people should really spend some time there and see if thats where they really want to live. Young people in general want things to do. Places to congragrate, movies et all. If all they have is one pizza place and and one store that closes at 9pm they might find living there is too isolating. I remember going to a rural area once and asking where down town was and he said “this is down town”. One store one mail server was downtown.I found there was more crime in some area like drugs per capita than in the citys so called rural areas.In small town with that potentional going and coming to work more chance of home break ins by kids with nothing to do and no jobs to be had.These kids your kids could come in contact with in schools and neighbors. You can’t always believe what the police say as some of the uncaught crime problems may be their relatives in which case where will you go with a complaint.If they has kids who would be the fall guy if these kids did something and blamed someone else. Lots of problems with areas like that. The good parts is you could find some good friends but they at that age 20-30 usually already have a circle of friends anyways.

Having a house comes more bills, water, taxes, insurance, up keep bills. If they are already having problems before these extra bills they dont have then they dont want to set themselves up for failure. Thats not counting unexpected bills like the car breaks down, doctor bills. What they can do is look at the bills they do have and pay them down, car payments, get rid of HBO what ever and save. They could possbily buy some land, pay it off and then go from there putting a house on it later after its payed. Some land owners will finance it themselves without having to go through banks. But they have to make sure thats where they really want to live.

You would be doing yourself a favor to read this whole article.

www.commondreams.org/headline/2010/01/02

Last week the Indy Colts pulled their key personnel. You could count the experts on one hand that thought it was smart. A perfect season sacrificed due to fear of injury.

The NE Patriots lost any chance they had of winning a Super Bowl today, when they lost Wes Welker in a meaningless game.

How many pundits will face the music tomorrow and tell Bill Polian he did the right thing?

I can understand his frustration. But, he is buying into a story that really ended.
A new story is developing, and the frustrating thing is to let it unfold, to find out where the opportunities will arise - for living, for working , for almost everything.
Where is this massive influx of money from the government going to lead us?
Who is going to help pay down this debt that the government has created?
Do you really think these banks will survive if this scam of support for housing prices does not work?
If values of the mortgages that these banks hold were marked to market, they would all be taken over by the FDIC . Oh, wait, the FDIC is broke. hmmmmmm
Well how about Fannie Mae and Freddie Mac - oh right, they have a blank check from a government that is already broke. Hmmmm.
So , why on earth , as a young person, would you want to lock into something that is going to cause you to loose any flexibility to take advantage of opportunities that will be available to those that have cash money. (Gold, silver, and maybe even the green back - though I would be surprised if it holds half its value in 10 years.)
I would tell your son to save, invest wisely in very liquid items, and wait for opportunities to arise.
We as a country are heading down a road that could be catastrophic , but always there are areas to make money.
There may be rays of sun shine that come out of the blue, again , with opportunities to make money.
Patience, cash,and a search for wise ways to protect ones assets are of paramount importance.
Flexibility and the ability to move quickly may become very important.
If I was young and married I would
1) Rent
2) Buy a gun and become well trained in how to use it along with my wife
3) I would look for rural areas that I would like to live, and keep an eye on the happenings in that community until I was confident that the impending storm had passed.
4) Become part of a community organization that produced their own food.
5) I would work with others to learn skills for self survival
6) I would become part of an organization that is looking to put this country back on the right track.
To think that there are not more disasters and political turmoil headed our way is to be living with your head in the sand.
Until I was confident that the country I live in was not literally going down the tubes, I would do nothing to force me to loose flexibility in my living quarters and living location.
This is just off the top of my head, and more could be said. But your son does not have it all that bad.
If looked at from the proper perspective, and having a dream, things have a way of turning out if one strives and works hard towards the right goals and dreams.
GOD - I hate to say it, but I sound like my father (Of course he’s gotten a whole heck of a lot smarter as I have grown older!!)
Just my 2 cents worth, and probably over priced at that

so far Michael Jackson isn’t abusing little boys anymore and Kennedy has been sober for 6 months now .!

At least we will know where the perverts will be ,they’ll be working at the Airports scanning for something !

The scanner bill votes went something like this …Barney Frank   AYE!  ..Senator Tap Tap   AYE ! Congressman Studds   AYE !

Michael Chertoff  AYE !  (gotta make some bucks)(commission on scanners) ….and all you ladys wearing Burkas..you can hide but we can still see you !

Maybe Cherkoff can work out some policy for cross dressers,Hermophodites,drag queens and the like…!

Barney Franks first comment after look through a scanner …Dude !

The losers are all private entrepeneurs, who have made America great - as long as they are outside of the neo-fascistoid corporatis’m of collaborators on Wall Street

Yes they will also  exploit them ( like maggots) and will do it again. They need to get their own game and stop blood sucking society. They need to be put on a leash.

 Opinions are like azzholes, everyone has one.

Very defininetly a caste system has been carved out by government responses to “the too big to fail” and other entities -don’t look too far out - just look at direct and indirect gov., state and muni employees.

The losers are all private entrepeneurs, who have made America great - as long as they are outside of the neo-fascistoid corporatis’m of collaborators on Wall Street, Defense Contractors and fraudulent semi private crooks calling themselves  ”federal” something like Fannie, Freddie and of course Reserve Board!

In hindsight i’d love to see the feudal system back as it was kind’a  stable for generations and only taxed its serfs one Zehent (10% of their crops).

We, the modern serfs are taxed to infinity and our betters have even now passed a generational taxation, which neither our own kids, nor grandkids will ever be able to repay … Nor should they - as we and a few generations before us  have used up most of the easy accessible resources and leave the globe in dire straits, with new multitudes of almost 7 billion People seeking a life worth living.

Personally I’m at a loss to see any light at the end of any tunnel, though in essence it may be the freight train, as there may be no way to carry these global masses of people and have them partaking in our blessed and luxurious western lifestile - just consider the USA is using 25% of the worlds oil on behalf of 5% of the globe’s population - so something has to give! And it will - maybe in redeeming some of our space in the mc mansion, the four car garage  or only by the dreamland of suburbia, becoming the nightmare of our lifestyle.

 I don’t really want to go into caste systems as maybe in India or else-, or everywhere, but they do exist all over. And I’m not talking about the Illuminati, Bilderbergers, Skull and Bones, Freemasons, Templars, and even Maltese orders of strictly initiating by their call - same as in some clubs is it NY, Boston, London, Paris and even Vienna.

Unfortunately, as it seems to me the correct ivy leage tie will for now replace genius - while other systems just go ahead and breed scientists by the thousaands … Guess who’s going to  earn the blue ribbon …

will watch the PM Trader piece and understand his points. Those that do not will never visit it in the first place, rendering the other PM’s point of view, moot, pointless , irrelevant, take your pick.

Governments don’t fall due to a debate of any kind, they either die off or they are over-thrown.

This is an email I just received from my son (IP). His frustration in his lot comes through. I haven’t replied to him as yet but before I do I’d like some suggestions from the great minds on this forum. If you were starting off in life and were in the same position as my son with the knowledge that you now have what would you do. They don’t have children.

“Just my ramblings:

When I was little, we were driving through Beenleigh and we were in the
old blue bomb, you were talking about the worst thing that someone
getting out of school could do is get an expensive car loan as it will
set them back to getting set up in life.
I have often thought about that statement, and could not agree more, but
the problem was that I did exactly that. Even after knowing from such a
young age that this is the wrong thing to do, I still did it, and I half
regret it to this day.
Why half? Well if I didn’t get such a nice car from the start, I would
have had a hell of a sore head, probably to this day! Bloody power poles
jumping out at you like that…

So now all is peachy, we don’t have any car loans, and all the debt we
have is in that wonderful scheme called Hecs, or whatever the cool kids
are calling it these days. But to actually start getting further ahead
now, we start saving for a house. The problem with this is and what most
people my age are facing is to do so you need a huge loan from the bank.
No one is making any money - we all have jobs that pay very little, and
no one has any savings, or assets nor any method of obtaining either of
these as we have to live - pay rent, buy food, etc. Even if one half of
a couple’s wage goes straight to savings, and you live off the other
half, you still have half of shit all put away.
When you start looking for somewhere to buy, the government and banks
all want you to live in residential areas - at least here if you default
they can re-sell your house to some other poor sucker wanting to take
your place in the hugely over-inflated rat race of suburbia. But if you
start looking for something that is quiet and rural, the banks don’t
want to hear about it, the government doesn’t want to know, and there is
never any work there to support yourself anyway…
So what do you do? What can you do?
There are so many people who are stuck in this limbo - you have to have
the savings to get ahead, but you can’t get any savings as you also have
to live. It’s that whole ‘work to live, not live to work’ situation.

as I said, just some musings but it really shits me to tears this whole
situation… “

I’m speechless except to the extent to sincerely wish you and yours all the wonderful blessings that life can offer.

PM

Travesty about the baby bears!

PM