Buying foreign currency=illegal??? -
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thread: Buying foreign currency=illegal???

  1. #11
    Yeah, dang those pesky depressions, they take all the fun out of a free market.
    If there was a free market, there would not be a depression.

  2. #12
    If there was a free market, there would not be a depression.
    ROFL, yea. I think about Calvin Coolidge and Herbert Hoover, While I think economists.

    Rescue me some of whatever you're smokin', that claims to be a terrific stash.

  3. #13
    Junior Member Jfokate's Avatar
    14
    I have only listen to this interview and the man said that it could become illegal to buy foreign currency or even gold. Listen the movie at 6min30sec and give your own opinion.
    Take some and leave some. That show has the occasional tidbit of useful info. For example, Schiff explains before because segment that if your cash is that you'll go. Jim Rogers split for this reason to Singapore and I'm not one to contend with Rogers. But that show is not the gospel.

    The simple fact is that there are already some form of currency control. If you don't believe me, stash $10,000 money in a suitcase and attempt to board a plane leaving the country.

    Additionally, what would the big corporations do? Many deal with multiple currencies so would they suddenly become scofflaws?

  4. #14
    ROFL, yea. When I think economists I certainly think of Calvin Coolidge and Herbert Hoover.

    Rescue me some of whatever you're smokin', which claims to be a great stash.
    Let's just put it this way: The market would have not let interest rates to be low as the Fed did. The Greenspan Fed (libertarian that he is) manipulated interest rates and we are seeing the consequences of that disturbance.

    BTW, did you really roll on the floor laughing because of what I stated? Your stash seems fine, so you will not be needing any of mine if you did. Please don't try to insult me simply because you disagree with me. We are not 8 (I believe ). Can we be friends?

  5. #15
    Also, what would the large corporations do? A number deal with multiple currencies so do all they suddenly become scofflaws?
    Laff. Never going to happen.

    Let's just put it this way: The market would have not let interest rates to be low as the Fed did. The Greenspan Fed (libertarian he is) manipulated interest rates and now we are seeing the results of the interference.
    Ohh, so that is why folks traded in CMOs. Hrm I believed it was only a lot of folks trying to make money w/ money that was borrowed.

    BTW, did you roll on the ground laughing due to what I stated? If you did, your stash appears to be fine, so you won't be needing any of mine. Please don't try to insult me just because you and I disagree. We are not 8 (I think). Could we be friends?
    I did LOL, but didn't exactly hit the F, therefore not literally.

    Anyhow, I'm pretty sure most of the thread belongs in the We are 8 years old bin.

    I always find it ironic. A large part of our current difficulty results from reduced barriers to different things. Some of it caused by law, some of it caused by deregulation. A lot of it caused greed and a let the market be liberated mindset.

    So today a lot of free market ppl, most of whom could barely offer a timeline for the great depression (let alone understand it's depths), are at a loss. Some have confessed hey a tiny supervision is a fantastic thing but a lot of them just tuck their head in and recite the speaking points. Of course it's all BS. There is no evidence to think that a completely free market would be liberated from major alterations... and rather a lot of evidence to the contrary.

    If a patient receives this sick he needs a doctor, not rhetoric. The longer we wait, the worse it gets. We should've intervened back in December.

  6. #16
    Ohh, so that is why folks traded in CMOs. Hrm I thought it was just a lot of folks trying to earn money w/ borrowed money.
    Exactly. Why was it easy for them to have money?

    Anyway, I am pretty certain most of this thread belongs in the We are 8 years old bin.
    You're right about that.

    So now a lot of free market ppl, many of whom could hardly offer a deadline for the excellent depression (let alone know it is depths), are at a loss. Some have acknowledged hey, perhaps a tiny oversight is a fantastic thing but a lot of them just tuck their head in and recite the speaking points. Of course it is all BS. There's no evidence to think that a completely free market would be liberated from major corrections... and rather a lot of evidence to the contrary.
    I am not saying oversight is a poor thing. A market needs oversight in order to minimize fraud. Oversight and market manipulation are not the same thing. The Fed manipulated the market, while oversight was weak. That's exactly the reverse of what a free market should be. I think you're confusing a totally free market system. They are not the same thing.

    I am not claiming that there would be no corrections under this type of method, but that which we have now is something more menacing than a simple correction. It is a correction exacerbated by market manipulation AND a lack of oversight.

  7. #17
    Junior Member LauraHM10's Avatar
    23
    I have only listen to the interview and the man said that it could be illegal to buy foreign currency or perhaps gold. Listen the video at 6min30sec and give your own opinion.
    Couple of months back when they had been trying to solve the'Energy Crisis' which was among the options that was placed on the table. They were saying that time traders such as us were devaluing the dollar and causing the price of oil to go up.

  8. #18
    Exactly. Why was it easy for them to get borrowed money?
    It's called leverage, well, that and interest.

    I'm not saying supervision is a poor thing. A market needs supervision in order to minimize fraud. Oversight and market manipulation are not the same thing. The Fed exploited the market, while supervision was weak. That's exactly the reverse of what a free market ought to be. I think you're confusing a totally free market system using a system. They're not the same thing.
    A totally free market system is one where the market is allowed to openly price everything, regardless of what it is. Unlike theory, prices have only a connection to supply and demand. It's not the actual s/d that matters, but rather people's perceptions of changes in (delta) provide and demand that inevitably drive prices. Strong emotions lead to difficulties w/ illiquidity.

    One time a market loses it is liquidity down it breaks, stops to function as a market, and can no more mend itself. Nobody is willing to make a market because no market can be produced w/o sacrificing capital to revive liquidity. Few people can afford to sacrifice the capital and take the long term risk required to revive the markets back to liquidity. At least to the point where it is needed for a floor to shape.

    I guess if you wanted to wait around for 20 decades, the bottom would eventually form on it's own for markets that solve a need. However, the expenses of waiting as long could be extreme.

    This impact has happened thru out history. It has happened thru, also has happened during our entire history as a country. Ancient kings used to create work jobs during times such as these in order to stimulate the market and bring back liquidity into local markets. Ex: the pyramids.

    We have recently realized, however, the federal gov't is quite good at efficiently diffusing funding risk. We began realizing this around the turn of the century, and also w/ the depression there was willpower to give it a try. And it worked, and has kept us from a major depression since. Has kept us from anything even resembling a major depression. Properly completed, and with a little patience level interventions to restore liquidity tend to be very powerful.

    I'm also not claiming that there would be no corrections under such a system, but what we have now is something much more menacing than a straightforward correction. It is a correction exacerbated by market manipulation AND a lack of oversight.
    Statistically, yields regress to the mean. Returns have a distribution that is normal. This correction is relatively minor compared to the growth during the past couple of decades. If the DOW drops below 5000, afew million more banks go under and unemployment gets roughly 20%, then that will be a major correction.

  9. #19
    Member Pan's Avatar
    52
    Additionally, what would the large corporations do? A number of them deal with a number of currencies so would all they become scofflaws?
    From today's news:

    Folks can now only purchase foreign currency in Iceland on evidence of a valid travel ticket overseas, and companies must apply to the Central bank proving they want the money for essential overseas purchases like food, fuel and ne.

  10. #20
    Junior Member miliguixxem's Avatar
    17
    From today's news:

    Folks can now only purchase foreign currency in Iceland on evidence of a valid travel ticket overseas, and firms must apply to the Central bank proving they want the cash for essential overseas purchases such as gas, food and ne.
    Well, I am not surprised that ICEland has frozen their currency exchange.

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