If you believe that fiat paper will survive this you are so wrong. Gold is the only asset that will survive the constant manufacturing of paper money and the dynamic expansion of debt.
Pension funds, if they had to mark their assets to market, would be as broke as the Student Loan Program is. If student loans get forgiven it is a direct payment, in a sense, to each loan holder for their loyalty.
How can ANYONE even think about such a thing as the country approaches the popular new MSM boogey man, the Fiscal Cliff?
So many of you are being fooled by the gold and silver manipulators. Gold is no different today than it was at $248. We were being hit then on every move up. It was 10 steps forward and 9 steps back. The only thing is that gold then had little volatility, and today it is getting wild.
If manipulation was to forbid higher prices, how come it got from $248 to here with as much or more manipulation then, than now? The swings are just that more visible due to increased volatility.
Please wake up! Just like in 1978- 1980 the manipulators will be on the long side as soon as you all finish throwing in the towel like last week.
One CIGA sold $3,000,000 of gold Thursday. He had purchase this gold at somewhere around $300 to buy investment diamonds. If he is not a gemoligist he is going to be skinned.
Washington Proposes $1 Trillion Bailout for Delinquent Student Loans
by Ron Meyer & Celia Bigelow 29 Nov 2012
A possible $1 trillion bailout is coming—and soon.
America’s now-nationalized student loan industry just reached a value of $1 trillion, according to Citigroup, growing at a 20 percent-per-year pace. Since President Obama nationalized the industry (a tacked-on provision of the Obamacare bill), tuition has gone up 25 percent and the three-year default rate is at a record 13.4 percent.
Ron discussed this problem last night with Larry Kudlow:With many young people unable to pay their loans (average graduating debt is about $29,000), Citigroup and others are speculating that this industry might be ripe for a bailout.
To pay off all the current defaults, Citigroup says it would cost taxpayers $74 billion. However, this number doesn’t include those who will default in the coming years, and, when the government rewards the defaulters, it will encourage more borrowers not to pay their debts.
And liberals in Congress have proposed forgiving all student loans via “The Student Loan Forgiveness Act 2012,” costing taxpayers $1 trillion.
Adding another $1 trillion dollars to the national debt isn’t exactly “forgiveness” for young people—it’s prolonging the payoff. In fact, student loan bailouts are a catch-22 for young people because they’re going to be held accountable for paying off the national debt and interest payments.
A student loan bailout will also be rewarding higher education bureaucrats for a diminished product. A college degree used to mean that a person would add on average $1 million to their income over their lifetime. Today a college degree only guarantees an average $300,000 in added income over a lifetime.