scribblings from a deist transhumanist libertarian minarchist citizen soldier

Federal reserve ’still has plenty of ammo’

Posted by Trevor in under other on Nov 7th, 2008 | View Comments |

According to the Wall Street Journal today, the Fed thinks we’re in good shape.

Dennis Lockhart, president of the Fed Bank of Atlanta, said the Fed’s key rate, which stands at just 1.0%, could “in theory” go down to zero if problems persist, and said this could be considered.

Speaking during a question-and-answer session after a speech at an economic conference, the Fed official also said that the creditworthiness of the U.S. is “in good shape…at least at this stage.” As such, he said officials still have the ability to fund measures to improve strained credit markets.

Despite concerns that even if the U.S. can get the needed funding, it should resist because of rising debt levels, Lockhart said the national debt is “still in an acceptable range.”

I may be one of the few left who think government shouldn’t be allowed to operate with funds it doesn’t actually have, or to print money that isn’t actually backed by anything but I’m stubborn and I’m sticking to my viewpoint.

The people who control America’s financial system do not have my support or my cooperation. In fact, I’ve been considering what I can do to move at least a significant percentage of my economic activity “off the grid” – I want to transition out of the system of economic slavery as much as possible while being practical about it.

Tips and ideas are welcome. Dennis Lockhart is entitled to his opinion but I think he’s a silly man supporting a broken system.

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abraham

Trevor, a useful hint: visit http://www.jsmineset.com often. Jim Sinclair (the proprietor of that website) is an expert on the precious metals markets.

Trevor

@abraham:

I don't know anything about the COMEX paper market. I am going to have to Google that.

abraham

Gold or silver, if you can find it at the retail level in your area. If so, expect to pay 10% premiums over the "spot" ("official") price, because the real market price (i.e. what it sells for in the real world) is much higher than what's being quoted on the COMEX paper market, which is being suppressed due to a number of factors (one of which is the government deliberately trying to suppress the price of gold).

If you can't find any at a local coin shop, try eBay or craigslist, but expect to pay a shitload more and be prepared to scrutinize the seller from whom you are buying very carefully.

T F Stern

Actually you can move some of your money off the grid, as you put it. Purchase something of real value such as silver, gold or platinum in coin or ingot form. This will insure you have something that can be traded in any economy.