Thursday, June 30, 2011

Ron Paul: U.S. should declare 'bankruptcy'

NEW YORK (CNNMoney) -- How should the United States deal with its growing debt problem? Ron Paul thinks declaring "bankruptcy" might be a good idea.

The Texas congressman and Republican presidential candidate was discussing Greece's fiscal trouble with Iowa radio host Jan Mickelson on Monday when he was asked, "If bankruptcy is the cure for Greece, is it also the cure for the United States?"

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47 comments:

  1. This comment has been removed by the author.

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  3. I dont really get this?

    Corn planted area for all purposes in 2011 is estimated at 92.3 million
    acres, up 5 percent from last year, and the second highest planted acreage in
    the United States since 1944, behind only the 93.5 million acres planted in
    2007. Growers expect to harvest 84.9 million acres for grain, up 4 percent
    from last year.

    Corn stocks in all positions on June 1, 2011 totaled 3.67 billion bushels,
    down 15 percent from June 1, 2010. Of the total stocks, 1.68 billion bushels
    are stored on farms, down 21 percent from a year earlier. Off-farm stocks, at
    1.99 billion bushels, are down 9 percent from a year ago. The
    March - May 2011 indicated disappearance is 2.85 billion bushels, compared
    with 3.38 billion bushels during the same period last year.

    Released June 30, 2011, by the National Agricultural Statistics Service
    (NASS), Agricultural Statistics Board, United States Department of
    Agriculture (USDA).

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  4. Anyone else getting bored shitless watching the computer-algorithm-controlled silver price just screw the pooch for months on end?

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  5. This will sound silly, but I had fallen back asleep this morning when I had a dream about silver. I dreamt that I was watching the live spot price on Forex, and out of the blue the price went parabolic. Up past 150, 200, 330 dollars an ounce. Then a headline scrolling across the screen, "ALL THE LEAVES HAVE FALLEN FROM THE SILVER TREE". After that the price shot up to 1500, 2500, etc. Finally settling at 70k an ounce.

    I don't know what sparked that dream. It's likely not prophetic. Just have faith gents. Lower price in fiat is better for us. You can't print silver.

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  6. @spencer Does anyone including Spencer want to call Chicago Coin at (773) 586-4296. Ask about 100 ounce bars, rounds, and eagles and notice outside of eagles the premium is very low 50c to a dollar per ounce...nothing to see here I hate to be the only truth teller but those thinking there is a huge spread need to search for truth and not websites that just reinforce their beliefs.

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  7. Malcolm, that is why I don't pay ANY attention to fundamentals.

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  8. @crusso: called chicago coin. He said he is all sold out of 100 oz bars, maples all sold out. ASE's are running low at 3.50 over spot and generics are 1.00 over spot. Not much different than out of the "real world"aka hicksville. The article yesterday was for proofs, which are always priced much higher.
    Moral of the story: Looks like inventory is running low everywhere.

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  9. they just can't stop fucking with the price...cftc is bought off..time to just buy all you can in phyzzz ..fuck their paper....

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  10. @heward - Dreams can be prophetic. Some of mine have been.

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  11. MSNBC slips and reports truth!

    http://www.politico.com/news/stories/0611/58098.html

    Sorry, couldn't help myself.

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  12. @ Dennis, this is not a pro forma thank you, this is an absolute thank you.

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  13. I suspect the default route isn't even an option at this point. No doubt "we" have all sorts of blood sworn to the contrary. Ron Paul wouldn't be privy to this, but he can't seriously discount it.

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  14. @spencer 1 dollar over for silver rounds is not even a 3 percent premium for 1 ounce coins, which he turned into coins from scrap. My point is with the bid, ask and operational cost, there is NO premium. He wasn't out of 100 ounce bars last week but that is something to note. Nevertheless, if attaining silver was a problem he wouldn't be selling 10 ounce bars and 1 ounce coins for a 3% premium, basically his cost. If you listen to this site you would think there is some huge disconnect between the Comex and physical and there is NONE unless you buy from Ebay, which has built in commission and paypal cost of 11%. Hence any seller needs at least 11% over to turn any profit. Again..there is no premium in the real world yet. If SGS has trouble getting silver near cost and his dealer loves him, I'd love to sell what I buy to SGS for the premium he pays.

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  15. @ Crusso33, thanks for the info. Can you call Gainesville and ask them for their overhead and COGS? I'm looking to stack more truth in regards to premiums if possible. The phone number is on their website.

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  16. A bold prediction, if I may: You've seen the highs for this quarter.

    I jest, of course, yet if I still held any U.S. stocks I would be thrilled to relieve myself into the winds of this June dusk.. .

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  18. Tinka is a stinka. I had to say it.

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  19. Paid...

    The next USDA report is on July 12th. Let's hope cooler heads prevail.

    I mean I must be a fool because I bought Corn ETf July calls, strike 42 at .85, not a lot of money but a gamble just the same :).

    I think corn was oversold and that the USDA provided rosy figures on planting, there is just no way with the cooler, wet weather, that the estimates are that high.

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  20. USDA BULLISH FIGURES - MINUS 10 MILE EVACUATION ZONE AROUND FT. CALHOUN & 15-16 MILLION ACRES OF FARMLAND FLOODED

    This is the part that gets me right in the gut....laughing at reports such as the one put out today by the USDA. The markets are so schizophrenic today they selloff at a whim.

    Today the NRC just posted a 10 mile EVAC ZONE around Ft. Calhoun Nuclear Power Plant. I wonder what kind of effect radioactive fallout and water flooded the farmland will have on AG Prices going forward.

    If Ft. Calhoun Spent Pool does go up in smoke you can kiss any FORECASTS GOODBYE.

    I wonder if the USDA has figured the roughly 15 million acres of farmland underwater in their ROSIE REPORTS. Of course not.

    A great deal of CRAP is coming down the pike and the public has got their head shoved firmly up their AZZ.

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  21. PaidInGold & Malcolm: wait for the proper levels. Again, I am using Sept. futures contract, CU11. BTW, where is Mike?

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  22. Geithner requests life boat:

    http://www.bloomberg.com/news/2011-06-30/geithner-said-to-weigh-leaving-treasury-after-debt-ceiling-debate-resolved.html

    I wonder what his parting gift will be.

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  23. Just a heads up.. if you're thinking of buying.

    "On Friday, July 1st Gainesville Coins Inc. will bring back the Beat the Silver Clock Sale from 10:00 am to 5:00 pm EST."

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  24. I know it is only in the first 24 minutes of night trading in grains, but I think I am getting bad quotes. Can someone tell me what they are getting?

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  25. PaidInGold: you out there?? If my quotes at optionsxpress are correct, corn is getting CRUSHED in the first 32 minutes of trading. Christ, I don't know if I should believe these numbers. ANYONE?? What are you seeing with CU11?

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  26. Well, just went back to www.tfc-charts.com, and they are still showing huge losses. The near term contract (July) has no daily limit (whether it is up or down), BUT, non near term contracts are capped at 30 cents ($1500 per contract). If the quotes are correct, it is ALREADY LIMIT DOWN in the first 36 minutes of trading.

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  27. PHYZ ED: I don't know what that means, will you please explain?

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  28. -Looking that is. Sales like these don't exactly get me fired up to buy!

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  29. hey led..,

    I get @ 606, corn down 42, YIKES!!!!!!!!!

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  30. I smell something fishy! Just because the report said that there was 5 million acres more that last year planted, I call bullshit!

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  31. I tell ya something...some of the comments in here give me a good chuckle.

    I hope you traders have your sh*t prepared. This country is getting ready to collapse with the increasing possiblity of several nuclear power plant melt downs and all I see is talk of buying futures.

    Even here in the sgs blog we have normalicy bias in high gear.

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  32. SRSrocco,

    I'm ready, 6 months of freeze dried food another 3 in canned and dried, rolls and rolls of TP, guns, and more guns and ammo, water filters, cans gasoline, 100k in PMs and some cash along with my trading accounts :)

    How about you?

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  33. I'm sorry SRSrocco,

    What else should I doing? I mean most here are way beyond most ppl, soo..

    And yes I being sarcastic!

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  34. @Led,
    http://www.gainesvillecoins.com/ sells PM products, a few weeks back they had this promotion where you can get eagles @ spot right at 10am then goes up a nickel a minute. I tried all morning but couldnt get my order in. Thats how busy it was. This time around, they say you can call... Starts tommorow @ 10am. Good Luck! (you can sign up to be on the mailer list so you know next time)

    I have used them in the past, no problems.

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  35. Malcolm...I am prepared up to my armpits. I have 2 pillow cases full of Federal Reserve notes, 3,000 freeze dried Big Macs, 10 cases of strawbery MD 2020 and several paint ball guns with ammo filled with snake poison.

    Don't worry about me. I got myself tucked away and hidden from the rest of the country in my Manhattan, NY condo.

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  36. The nice UPS man just brought me:

    The trading rule that can make you rich*

    Thanks Led.

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  37. LOL, Nice SRSrocco.

    Now I know where to go when TSHF and I have a Big Mac craving, lol! :)

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  38. I just caught that MD 2020! HAHAHA you must be ol' school!

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  40. Dont bother Mike today. Corn is getting dismantled.

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  41. Paid,

    I've got Dec futures not worried about that. And I have some CORN etf options calls, not much a couple of grand, I've spent more on hookers and blow in Vegas :).

    I dont play with money I can afford to lose!

    I mean I down 3 grand in Tinka, not even worried.

    Dont get me wrong I'd rather make money than lose, but so is life.

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  42. Didn't realize making money was worth chuckling over.

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