Posted on 03/06/2008 10:40:53 PM PST by TigerLikesRooster
>>I assume the money in this quote is “Fiat” money..
The quoted section is fairly early in Quigley’s 1300+ page book. At that point, he is addressing the concept of money generally. Appears to me that beads, gold, whatever, could all be substituted for “money” in this context; in that they are all a form of symbolic wealth and not consumable goods.
I'd are dare there's a nifty thought of now owning a couple dozen light blue tinted flawless 3 ct. diamonds versus their equivalent dollars 2 years ago.
Oh those symbolic ones and zeros in cyberspace have their uses - but you can't eat em, any more than you can eat gold.
and all them zeros on paper get you 42 mpg too, don’t they? I use that paper to start a fire in the fireplace when it gets really cold.
>>and all them zeros on paper
Most of the ones and zeros representing modern wealth aren’t on paper, they only exist in some electronic data storage mechanism.
Value is derived from the perception of value. If the perception turns out to be illusion, where does the value go?
It goes poof.
The Golden Calf was just a lump of melted rock. The power of Baal was in the perception.
Folks are led to worship the strangest things.
You mean it might have to resell some houses at a more reasonable price?!
>>The conclusion is obvious.
Foreign ownership of U.S. soil?
Actually, I remember McCain once mentioned something like that during a talk show (or interview?) He said to the effect that U.S. have a lot of real wealth, land & natural resources which are worth astronomical amount of money. So even if U.S. is in huge debt, we are OK, according to him.:-)
I am not a flipper but banks will basically give a house to a flipper with decent credit.
funny!
In every case, cash changed hands and is still in circulation. The problem is that the people who invested with the prospect of long term cash returns have been swindled. This is a harsh term, but the attempts to hide the true risk of these CMO’s and CDO’s can’t be seen as anything else.
The people who invested in hedge funds were all sophisticated investors who took a chance and many won but now many are losing. Don’t feel sorry for them. They would not have shared their gains with you. Don’t let them share ttheir losses.
You must work for the New York Times. /sarc
There are two problems:
1) They used leverage ("borrowed money").
2) As collateral they used some of the properties. The book value of the properties took a big hit as the result of OTHER lenders being required to hold fire sales, which means that ON PAPER Thornburg didn't have enough collateral to support the borrowing -- even though their cash flow and default rate were fine. This meant the Thornburg is having to hold its own fire sale on properties -- knocking down the value of other high-end homes.
And another Domino falls.
When this will propagate down to more modest homes, I don't know.
No cheers, unfortunately.
I know a few who worship their 42" flat screens, cell phones, wardrobe and laptops.
Maybe time to coin a new an acronym that b$tch-slaps 'PC' (political correctness) into oblivion?
How about 'EC'?:
That would stand for Economic Correctness?
That is being EC means all business and financial dealing are based upon sound proven financial practices deeply rooted in and implemented with integrity completely void of that 'new' fuzzy math? Data is not skewed and omitted to influence a transaction and the MSM will be the main players in pushing the concept? Applies across the board: personally, in industry and in government.
Nope, won't happen...too many think they can take it with them and instant gratification is all that matters in life. Just look at Hollywierd.
“I am not a flipper but banks will basically give a house to a flipper with decent credit.”
Not around here they won’t. They are still trying to get market value for them.
LOL! Flippers are out looking for bargains- as usual.
Except now they are really having to compete with first time buyers being attracted back to the market.
Funny in my town the prices are still climbing ridiculously.
They could fall 50% and people who bought in the last 5 years would still be far far ahead of those who did not.
Doubtful- “Banks” are the worst and most unreasonable sellers I ever deal with.
Remember, you are dealing with the idiots who are trying to cover up bad decisions they - or their bosses - made! Denial is not just a river in Egypt.
That is a term we shall become familiar with in the coming months.
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