Posted Aug 7, 2012 by Martin Armstrong
The penalties I mentioned in Spain are pending and have not yet been implemented.
In France, all bullion dealers must pay by check, no more cash. The bullion business has collapsed in France as people now just go to Belgium. There cash is OK below 25,000 euros, to be lowered to 10,000 and probably within one year that will be 3,000.
Greece is charging a “wealth tax” counting swimming pools and property – not income since most Greeks have moved offshore but still own property back home.
Governments are becoming very Draconian. We are losing ALL our freedoms and they are transforming Western Culture into the old East Germany with the favorite slogan “Papers Please!”
I cannot stress more profoundly that this nonsense about returning to a gold standard would be devastating. They would clean out everything redeeming the debt for gold and we the people would be hounded to pay everything to keep the money flowing to the bondholders. This is why there is no risk of HYPERINFLATION. Do you really think the bondholders will continue to buy with that prospect in sight? They are demanding their pound of flesh and government will bleed the people dry to keep the revolving credit lines going. This is an unsustainable situation. There is NO solution shy of serious MONETARY REFORM with DEBT RESTRUCTURING. There is just no future left at all. This is indeed like the optimist and pessimist who fall off of the top of the Empire State Building. The Pessimist immediately begins to pray for he sees the inevitable. The optimist, as he passes the 4th floor, says: “Well so far so good!”
We will look at holding a third day for a 3 hour session for the general public in San Diego for $125 a seat. Provided we can get the venue. We appreciate all the emails requesting this type of session. If you are interested: let us know at PrincetonEconomics@HotMail.com. We cannot guarantee this will take place. We have to see about the venue accommodations. We will try our very best.