June 4, 2012 at 12:38 PM #7688
I have about 5.000 usd in debt at 13 % interest rate, which is variable. Also I have 6.000 in student debt at 3 % interest rate, also. And I am going to school in January, which means I will have to borrow about
Should I pay down the debt, or should I buy silver? I have tried to search this topic on the internet, but I don’t really find any qualified answers.
Some argument that when TSHTF, inflation will eat away the debt. I don’t see how that works, because when zimbabwe got into a hyperinflation, the interest rates just followed. interest rates were at 10,000 % one time I checked.
I don’t really care about the psycological effect of having debt and the “burden” that it is.
So what would you guys do, and why?June 4, 2012 at 1:46 PM #7692
Hardcore I’ll take a stab at this subject. If silver goes up 100-200% in 2 years then silver is a great way to stack for the future and that includes paying off debt. Your rates are particularly high so I would find a way to reduce that with alternative forms of loans. My suggestion is to stack and use whateven debt mitigation you can find while pushing off or deferring payments for year or two.
Can you trade out the 13% loan for something lower? What type of loan is that high rate one? And can it be transferred to a fixed rate? I am seriously considering taking a credit card advance with 0% rate for 14 months, even with a 3% one time use fee, and buying some additional silver with the expectations it will be higher in price in one year when I pay off the credit balance in full; before the rate jumps up to 12-15%.
I am pretty sure that silver will jump in price Your decision could just as easily be made on whether to buy a stock or other commodity that will go up in value faster than the rate of the debt. Let us know how this works out.June 4, 2012 at 4:45 PM #7695
4 ozMemberAGXIIK is a sharp guy HardCorestacker, and giving it to ya straight.The ‘ole “Pennies make Dollars” mind set, while good…is pretty
yesteryear.I’m not in your situation.Know some guys that are doing the ‘Strategic Default’ thing with their
mortgage and they don’t think twice about maxing out the credit card
either.Not my style.Not throwing stones here.But if I can’t look myself in the mirror about/over something I’m doing—I
won’t do it.lol…… ‘corse there was this girl when I was a kid……June 4, 2012 at 5:34 PM #7705
Hardcore I would stack silver. I believe this time the whole fiat and/or debt-based monetary system is going to go and all the debt will go with it since the fiat currencies are nothing short of debt instruments. I might off course be dead wrong, but you don’t want to be caught without any silver when this goes down. There is going to be a huge RESET.June 4, 2012 at 6:31 PM #7714
Hi guys, thanks for the fast replies.
@AGXIIK, I also thought that silver would way outperform the loan, even though if silver “only” had a 100 % in two years, I would be in profit. I took the loan to buy silver about a year ago. The price back then was about 38-40.
The loan that I have is a personal loan. I am not able to tranfers it to a fixed rate loan.
How are you able to get a 0 % in 14 months? that is insanely good, even though you have to pay the 3 % fees. Be sure to check all the underlying documents if you choose to do that, because is seems a little bit too good.
Yes, that is right, it is all about if silver is going to outperform the 13 % or not, which compounded is about 15-18 % I guess.
Well, I also know that silver will jump in price, but the question is just when. And that can nobody answer. I believe that we are about to see a turnaround within some weeks or that it will continue to 26/oz, which will be some months from now and then it will skyrocket. But who knows.
Do you have any suggestion how I can get this interest rate down? Should I put my silver as a security against the loan, or is that a big no-no?
@ 4 oz I don’t have the possibility for that kind of “strategic default”.
@ Silverbullion, I totally agree that I do have to have some silver when it all gets down. But I do have a little portion now. I have also heard Chris Duane talked about that all the debt is going to be wiped clean before a new system emerges. But that is kinda risky to relay on.June 4, 2012 at 6:34 PM #7716
Hardcore I suppose we will have to wait and see.June 4, 2012 at 9:13 PM #7717
I’m no guru by any means. As the others have said, if there is any way to get a better interest rate that would be great. Two things: first, education is paramount; second experience cannot be replaced. If you have both, there is nothing you can’t accomplish. If, at any way possible, pay down your debts with fiat and save your PM’s. I think you’ll be happy. If everything “RESETS” in the next couple of years, then you’ll be better off saving the real money. In the meantime, do what you can with the fiat.June 4, 2012 at 11:03 PM #7718
F*** the banks, stack the smack!June 5, 2012 at 6:31 AM #7723
@ Silverbullion, yeah we will see.
@ 2 OZ. Would you set your silver as security for the loan to get a better interest rate? That is the only way I see it, and I don’t know if it is wise or not. I don’t see any problem for me to pay the loan in the future. Therefore, I am quite sure I won’t default on it.
I do have some formal education, but I am also reading other books, as Mike Maloney investing in gold and silver, which is a great book.
Yes, I will save my PM’s, but my dilemma is if I should try to delay the payment of the loan and buy silver, or try to pay the loan fast.
@SilverDuder, The problem is if they are going to try to get my silver if I default on the loan.
To all, what do you guys think is a “good” or “fair” interest rate to pay if I the banks has 100 % security?June 5, 2012 at 8:07 AM #7724
I mean how can they legally without your consent increase the loan amount from x to y amount and/or just change the currency of the amount loaned to you at heart’s delight? Thus, by the time they’re printing $10 000 bills and a loaf of bread costs say $100 plus, chances are great that you will be able to settle your debt with a couple of those notes. Yes, they can increase interest rates to multiple percentages, but history has proven that interest rates are almost never capable of keeping up with hyper-inflation, meaning that hyper-inflation almost always pay off the fiat debts faster than they can increase the interest rates.
One can of course always opt for a personal default on loans at that stage as long as you keep your money (gold and silver) out of the system. Now I can have the cat completely by its tail, this is why I would appreciate inputs from AG and others, but I think at that stage the banksters and their political allies will have little control over us if we decide to just walk away from their fiat Ponzi scheme at the end of the day. I believe a mindset that we have to pay them back the fiat Ponzi scheme currencies they’ve loaned us when the fiat and/or debt-based monetary system collapse, is the mindset that will ultimately enslave us again if we’re not careful. This is not about the loaning of honest money and ducking the responsibility of paying back the honest money that was loaned, but it is about getting out of a bloody Ponzi scheme in one piece.
Remember: The fiat currencies they loan us have very little if any intrinsic value, they create it out of the proverbial thin air, so it will not be a case that we’ve stolen anything from them and/or as if we’re parasites that feed on their productive efforts. The reality is that they steal from us and feed on our productive efforts to the point where they will destroy us all if we allow them. Thus, again, stack silver and hide it where it is difficult if not impossible for the bastards to find it. Think claymore, think silver… explosive stuff.
It is no secret that Bernie Madoff has zero claim to any assets and/or productive efforts of the victims of the Ponzi scheme he created and managed, why should it be different when it comes to the blood sucking, cork sucking bankster vampires and their cork suckers??? F*** them!! The moment you realise you’ve been the victim of a Ponzi scheme, it is best to get out and not to think about how you’re going to pay them back and all of that BS. I am afraid humanity will have to grow a HUGE pair of BALLS otherwise we will be sucking bankster cock for a long time to come… and it applies to myself as well.
Therefore, it is best that all of us help to grow that pair that’s required to clearly show them that we mean business and that they should just F*** off and die. Again, I might have the cat by its tail end, but this is my opinion and how I feel about the whole global fiat Ponzi scheme and those criminal bastards.June 5, 2012 at 10:11 AM #7734
@Silverbullion Thanks for the great insights. I was especially fasinated that you mentioned that interest grow slower that the rate of inflation in a hyperinflation. Do you have any sources on this? I would love to read more about it.
Yes, I believe that we HAVE to have alot of riots and unrests around the globe to end this system. The politicitions will do everything in the power to keep their power.
To all, is there anyone that can tell me if it is a good or bad idea to use my silver as security for my loan, to decrease the interest rate?
If I do default on my loan, they are only able to take the amount of silver that I owe them in paper currency, right? E.g. if I set 178 ounces of silver at 28/oz as security, which is 5000 usd and then the price of silver doubles to 56/oz and I default on the loan. Can they then take all 178 oz, which now are worth 10.000 usd or can they only take 89 oz, which is worth 5000 usd?June 5, 2012 at 10:28 AM #7745
@Hardcore I recommend you order and read Mr. Ralph T. Fosters’s “Fiat Paper Money – The History And Evolution Of Our Currency” and Mr. Adam Fergusson’s “When Money Dies”.
It is a bad idea to place your silver on the table as security for a loan. You want to keep it outside the system.
“If I do default on my loan, they are only able to take the amount of silver that I owe them in paper currency, right?” – Yes, but chances are that they might confiscate the whole lot and why would you want to reward the very ones that are running and/or maintaining the global fiat Ponzi scheme?June 5, 2012 at 1:23 PM #7763
Good luck on this. I was in a posiiton similar to yours maybe 15-20 years ago, and it took some extreme effort, and honestly a bit of luck with timing and such, to get into a position where I could pay down the debt I’d accumulated (setting up a life on the entry level pay of an officer in the US military from a baseline of 0 – owning nothing, savings completely wiped out one month prior when the only real asset I owned, my car, was hit from behind and totalled paying out roughly $1000 to me for it’s “value” and then forcing me to get a $15k loan at the time to buy a NEW car to drive to my first duty station as a 2LT, etc etc). It was an ugly place to be. Got married, and the wife and I made a choice to push HARD to pay everything off as quickly as possible. Within a couple years of scraping by in terms of “quality of life” and putting EVERYTHING into paying down principle on loans and debts as quickly as possible, we hit the point where we were 100% debt free. Made the choice at that point to NEVER again enter into ANY kind of debt to get anything. If we don’t have the money, we simply don’t make the purchase. EVER. We now own a house, cars, etc – with 0 debt. We owe NOTHING to anyone, and haven’t taken a loan out in years. On some level, I refuse to play thier game anymore. If we don’t have it, we don’t spend it, period.
Yes, we use a credit card to buy “big ticket” items mostly for the convenience and cash back type perks at this point, but whatever we “charge” this month is paid off 100% next month. Did it mean we had to defer some stuff for a while until we had enough money to make that kind of purchase? Yup. But we are still 100% debt free today, with no outstanding loans or debts to ANY bank, anywhere. That makes me happy, and even tho I wish I’d figured out the whole PM angle a few years earlier (GOD I wish I’d been in on the $8 silver, lol), today I can look at this and at least I realize that with God’s grace and our adherance to principles for purchasing that frankly have been lost as our grandparents’ generation died out and the boomers and Gen X / Gen Y / whatever lack any understanding of saving and “living within thier means”, we are set up better for WHATEVER comes than probably 99% of the people out there. That even included the choice to have one of us stay home to raise the kids (my wife gave up her job) so we again got creative with the “loss” of her salary to do what we needed within our means.
Good luck on whatever it is you try and do, but know that it IS possible to get out from under the debt, get yourself into a better positon, AND hopefully accumulate some PM in the process.
I look at it this way: I may only have a small stack at this point, when compared to the guys on here who’ve been stacking for several years (or tens of years). I may only have 10′s of ounces vs 100′s or thousands. However… we are still a TINY fraction of the overall population, and when the RESET comes, we’re going to be the ones who are set for it. The 99.9% of the people who are in debt to thier eyeballs or don’t own a single ounce of silver or gold will look at those who have a couple ounces and from that perspective, the man with once ounce will be “rich”. the man with 10 ounces? Very rich. 100 ounces? Unheard of for most! Several hundreds, to 1000 or more? CRAZY rich. You get the picture. I’ll probably continue to stack until I can’t any more. I’ll always wish to have more, but I realize that what I DO have is more than 99.9% of the people out there will have. That includes my PM stack, the emergency stocks I’ve laid in, and the stuff I will accumulate into the future until SHTF. Every little bit is going to help, becuase it’s going to be that much more little bit that I don’t have to worry about how to get when it all goes south on us.
For me personally, having lived under a mountain of “debt” where I was literally living month to month, paycheck to paycheck, and using one credit card to pay off another one to just keep the debt cycling around while barely paying down minimums for a while, I won’t ever go into debt again, ever, to anyone, for any reason. I buy my PM’s now with the money I used to waste on other hobbies that I’ve outgrown or made decisions to buy less of silly stuff (Starbucks) and more of stuff that matters (insurance for my family’s future in a variety of ways). My fiat “expenses” month to month are pretty much the same, but now instead of growing my waistline (with Starbucks) or buying trivialities (comics, “collectables”, other hobby crap), I’m growing my stack. I suppose on some level, that isn’t even an expense now, it’s savings… but you get what I’m saying I hope. Instead of a consumer of crap in all it’s varied forms, I’ve shifted my personal consumption into hardcore savings mode for the long haul. My wife and kids will eventually thank me. It was someone on here that pointed out just how easy it was to build a pretty respectable stack fairly quickly as well. If you buy 2 oz a week (let’s say silver stays around the $30 point on average), in a year that’s like 104 ounces. That is, to me, a pretty damn respectable stack to have after a year’s work at stacking. And even better, when you look at the historical ratios of silver to gold, and the expected “true value” of each of those, you can see that the actual value of those ~100 ounces is FAR more than the $3120 you laid out to purchase it. So just stack what you can, get out from under the debt as fast as you can (and as AG said, try and get the lowest interest rate you can in the process), and keep on stackin’ brother.June 5, 2012 at 1:42 PM #7767
aragornsos Thank you for sharing. The kind of story that is worth passing on.June 5, 2012 at 3:34 PM #7773
Thanks SB. I don’t necessarily have the formal economics background, but I like to think I’m a fairly smart cookie most of the time, and I guess on SOME level, I’m not handicapped by having learned all the Keyensian stuff either. It really IS little more than a mindset shift, or an “awakening”, or taking the red pill or whatever. Once you get it and understand the fundamentals, it’s almost impossible to go back and NOT see all teh flaws in so many of these systems. From that, it’s a small hop to getting your head on straight about debt and purchasing, and what’s truly necessary to live and ‘thrive’ in the world, and for your family.
For me, it’s a no brainer at this point. While my family may not be ‘awake’ per se, I’m thier provider and ultimately, being in the know at this point, it’s up to me to do the right thing. God, Family, Self (in that order). Once you get that sort of stuff squared up in your mind for truth, it’s not hard to be more disciplined and get out from under stuff like debt if you really want to. And Lord knows I had days (weeks? months?) where I thought it just would not end, and I made some really REALLY stupid choices along the way at times, but eventually my wife and I hit on a plan and process, stuck with it, and got everythinng squared up. She’s got little interest in following me down rabbit holes at this point so I’ll keep her happy and take the steps I know I should to the best of my abilities. Part of that, to me, means sharing with others where and when I can. This just really hit a nerve with me, I have been in this position with debt and I know it IS possible to get out of it without going to filing bankruptcy or anything else. Was it easy? No, not in the slightest. I was at times jealous of those getting the newer cars or gadgets or whatever sooner than I did. But in the long run? We’re MUCH better off. I’m seeing folks I know losing cars, homes, etc because they went too far down the path of borrowing and then when the bubbles started bursting, they are losing everything. That’s only going to get much, much worse when this HUGE bubble of global soverign debt finally goes… it’s going to wipe out most of the financial strucutre of the world. Probably not overnight, but it’s not gonna be pretty and if they try and continue to stall it out, it’s only going to be that much worse.
I may not understand the economics 100% all of the time, but I remember all those fun experiments back in engineering school where we’d try and force a system or construct to stay balanced at a point that was not it’s normal equilibrium point. And the more you’d try and correct it either way, the worse and wilder the swings were AWAY from that point of “forced equilibrium”, right up to the point where the whole damn thing would collapse as it would try and move to it’s natural balance point. That’s what I can see happening and coming with the global financial system. And worse, TPTB in their infinite ‘wisdom’ decided to push this globalization agenda, thinking they were somehow smarter than anyone else, and thereby ensured that the crash, when it comes… is going to be that much larger, broader, and more of an impact to EVERY system. Instead of a discrete component that will fail badly, everything is so interconnected that one thing failing is going to tank the whole damn system.June 5, 2012 at 4:16 PM #7779
aragornsos I am 100% with you.June 5, 2012 at 4:37 PM #7781
@ aragornsos Fascinating story you have there. Thanks for sharing. I believe that is the best way to get a “clean conscience”.
It is people like you that make the economy thrive, and economy only thrives when people save up money and then invest it.
I have a comment on your definition on “rich”. According to Chris Duane, in the Ancient Rome, the soldiers were paid 1/10 oz per day for their labour, and for this they could pay the living costs for a day. If these rules also will apply here, then 1 oz will pay you for 10 days of living, and 10 ounces for 100 days and so on. I think that this is the “fair” value of silver. But when SHTF, silver will eventually go into a mania fase, and at that period, people will 100 oz of silver will seem to be rich, that is right.June 6, 2012 at 3:30 AM #7798
I would NEVER put on ANY financial statement EVER that you owned or possessed silver or gold in any amount… This was covered a while ago when someone was thinking of putting it up to get a mortgage… It is just not a good idea for a few reasons…The less people that know what you have the better…
As for paying debt or picking up metals, everyone has a different situation… Trying to do both may be something to consider… Again depending on your situation it may or may not work for you… By putting all your eggs in one basket your hanging your but out in the wind… See if there is a way where you are able to put extra towards your principal balances while picking up some oz’s per week, bi weekly, monthly… Yes you want to pay down debt but you don’t want to miss out on blue light special prices while they are here… See if there is a way that you can do both… Just do what you can… Good luck and keep on stacking!!June 6, 2012 at 4:26 AM #7800
@Danno. Yes, I see the problem when SHTF. Thanks for the advice.
Thanks for all the advice that you all gave me. I think I will try to add more at these favorable prices while paying down the debt.
Does anyone know how silver would perform in a deflationary event? I think that we have some chance of having a short-term deflation soon if the central banks don’t start pumping more money into the system soon.June 6, 2012 at 7:06 AM #7802
hardcore They manipulate the price, so it is difficult to say. You should not focus on the price, but on how many ounces you can stack with the fiat currency you have available.June 6, 2012 at 10:52 AM #7823
^ this 100000000x over SB. Screw the current silver (or gold) oz to fiat price. The whole system is manipulated and ‘fixed’ by the banksters. The only thing we can do is stack whatever is within our means, be that one or two ounces a month, or more.
I’ve seen similar descriptions hardcorestacker, 1/10 ounce = 1 days wage approximately. So yes, 100 oz is 1000 days of living, in theory. That’s why I care little for the “fiat value” of what i have now, I’m setting goals based on ounces and the several-thousand-years-historic-fundamentals which held thru up until just over 100 years ago, when we got the Fed and all the crazy manipulations starting.
If you can even sock away a couple ounces a week, in a month’s time on average you can have stacked 2-3 months worth of living expenses (8-10 oz depending on if it’s 4 or 5 week month ). In a year, 100 oz SHOULD be enough to keep ya going for 1,000 days (or almost 3 years). Add to that laying in some stocks of various sundries so you don’t have to start burning thru your stack right away to live, and you’re not in a bad spot. So that’s where I’ve started my thinking and am pushing myself to be more frugal in “regular life” so I can build my stack faster, plus add to the set of SHTF supplies we have. People don’t realize that seemingly stupid things like soap, toilet paper, basic clothing supplies, matches, etc are all going to be MUCH more valuable when they are in short supply or impossible to get. “Wealth” will absolutely be relative for sure.June 6, 2012 at 11:00 AM #7824
aragornsos Another passionate reply. Keep those coming.June 6, 2012 at 1:31 PM #7842
Pay the minimum amount on the 3% while transferring or paying off the 13% high variable rate.
Unfortunately you’re in a financial squeeze and trying to stiff the bankers while praying that silver rapidly appreciates in value is very risky, akin to spinning the roulette wheel in Vegas. Be smart and do something about that 13% variable rate loan then you can start considering purchasing some silver bullion.
The other way to answer your question: Would you be willing to take out a high interest variable rate loan in order to buy a bunch of silver bullion? (I don’t know of anyone that has done this no matter how much they believe silver is going to escalate in price!)
By not paying off this variable rate loan that’s exactly what you are doing!June 7, 2012 at 9:49 AM #7890
@aragornsos It is ignorant to screw the current fiat price for the gold and silver. I can agree with you when SHTF, it doesn’t matter what the price is for gold and silver in fiat currency. Until then, we still buy gold and silver with fiat money, and therefore it is good to buy as much as possible when prices are low (which I believe is around this level).
“Add to that laying in some stocks of various sundries so you don’t have to start burning thru your stack right away to live, and you’re not in a bad spot” could you please explain this further? not really sure what you mean.
Great point on living frugal, so we can stack more.
“People don’t realize that seemingly stupid things like soap, toilet paper, basic clothing supplies, matches, etc are all going to be MUCH more valuable when they are in short supply or impossible to get” Great point, but how many months supply do you have?
@Powerball, I have just contacted the bank and try them to lower my interest rate, but I am quite sure it won’t go lower than 9 %.
The thing is, that I was stupid enough to do just that when I took the loan. The price was rocketing about that time, and I thought I was about to miss the boat. I didn’t do enough research before I bought, because I didn’t know that it was highly manipulated, and that the spike in price was caused by Eric Sprott’s massive buying for his new Silver ETF.
Thanks for the great advice.June 7, 2012 at 5:24 PM #7925
For me, I try to maintain as much debt as I can. That means, I hold as much debt as I can maintain at as low a fixed interest rate as possible. Variable is very risky and should be paid down before buying silver in my opinion.
Follow the lead of the people who control the supply of money.June 8, 2012 at 5:03 AM #7939
@counterpartyrisk, That is what is the problem with the fixed interest rate, and I find it impossible to get a fixed interest on the loan.June 8, 2012 at 10:43 PM #7966
You made the fiat debt, you pay it off.
If you’re still able to save some fiat, you put it in (real) silver.
Trying to do it any other way is merely being greedy and if you haven’t noticed by now that greed is the main problem you’ll never get it.
Can’t complain about the banksters not cleaning house if you don’t yourself.
Bit harsh perhaps, but that’s how it ultimately works. It worked like that for centuries and it will again.June 9, 2012 at 5:24 AM #7980
ricin3000 Greedy??? You clearly fail to take into account the Ponzi scheme bit. If you play according to the rules they’ve set up in order to fleece you, you will lose at the end of the day. At this stage, I would personally rather face bankruptcy, than not having silver to fall back on. It’s about survival, not about greed. If it was about greed, we would be in the paper markets pushing for fiat paper profits.June 9, 2012 at 10:05 PM #8008
Survival, yes, and you’re not going to meet it if in debt. They’ll make sure of that.
They’re going to take eveything they can and their instrument is debt. Duh!June 10, 2012 at 6:40 AM #8009
I am in debt and I have purchased ample insurance against the ongoing collapse of the global fiat Ponzi scheme; the type of insurance that’s not dependent on any bank and/or Ponzi scheme for that matter. They can declare me bankrupt tomorrow, but at the end it won’t make any difference. By the way: I am not advocating deliberate failure to meet current debt obligations, meaning monthly debt payments, but why try to pay it all off at once when you’re sitting with the opportunity of a life time to buy cheap insurance? Many of us have families to support and they’ve made sure it is virtually impossible to support one’s family without being in debt (ever failing fiat currencies – receive less and less benefits for the same productive efforts than before). Yes, some people are fortunate not to have any debt, but not all of us are that lucky. It however doesn’t mean that we’re going to bent forward to be at the receiving end until the end of our days here on earth.
Their instrument is getting destroyed with the destruction of the underlying debt instruments, the fiat currencies… the fiat Ponzi scheme is getting destroyed. Duh! (Yes, you can have your Duh! back).June 10, 2012 at 9:53 PM #8036
Don’t get me wrong: I’m not moralizing, I am warning.
I don’t care if you can get better off by skewing the system. There’s two things:
1) You’re essentially betting on the moment of collapse/reset. I think that’s very risky. Many people who had taken precaution and bought themselves some PMs in Weimar Germany cashed in too soon. What I mean is the final and very violent acceleration I think it can’t be timed. What if the last interest payments fleece you out before the reset?
2) Who says your debt will be void or even revalued after the reset. Who will be in charge then? They might even drastically raise the interest rate (you know, “to get off their ZIRP addiction” as it would then be called by talking heads) I have the feeling it’s going to be the same bastards as before, maybe after a chaotic decade where all sorts of alternative forms of money will flourish shortly , or maybe they just reboot and go back to their cocktails.June 11, 2012 at 6:25 AM #8055
Once again, the system you’re referring to is a Ponzi scheme and any Ponzi scheme ends at some stage or another. History proven this 3000+ times in the case of the fiat Ponzi schemes they had running in the past and each time the debt (the currency) was wiped away by hyper-inflation. This was the case because the debt consisted of nothing but fiat currencies they’ve created out of the proverbial thin air. Each time gold and silver served to be most valuable.
I am not betting on a collapse, it is a mathematical certainty that it’s coming and no, I haven’t said anything about timing and/or that I am going to sell my PMs for fiat paper profits. I might sell some to stay afloat, but I definitely won’t offload the whole truck. I can off course not speak for others. How is last interest payments going to fleece me if I accept personal bankruptcy, which means it becomes official that I cannot pay back my fiat debts? Do you think that I am going to place my silver on the table and say: “There you go Mr. Bankster, we’ve all participated in this fiat Ponzi scheme of yours, but I feel you deserve to have all my silver, because you’ve created fiat currency out of the proverbial thin air and loaned it to me at interest. You’re such a nice guy, I would hate to see that you lose control over us sheeple.” Hell no!
“Who says your debt will be void or even revalued after the reset” – Like the need to take a dump, announced or unannounced, the big RESET will come, especially considering that all fiat currencies are going to collapse almost at the same time this time around. It was planned that way. You’re right, the same bastards will try to keep control, but there is a huge risk that they might lose it, because we’re the ones that are going to piss in their coffee and say: “Wake up Mr. Elite, we’re calling the fucking shots now you cork sucker.” Of course each of us will have to grow a big hairy pair before that will go down. Even if the big RESET doesn’t come, which is pretty much impossible, gold and silver will gain so much in terms of fiat currency value that one will be able to pay off debts by selling some gold and/or silver.
lol By the way, I am not fighting with you ricin3000, I am just extremely passionate about screwing the banksters over. They know that gold and silver in our hands (whether we have fiat debt or not) are like two big cocks walking around ready to screw them over. Needless to say, I don’t advocate using fiat debt to the extent where it’s clear that one has serious issues. When it all goes down, the best strategy will be to play either dumb or dead, especially if one has the ‘looks’ to back it up. Watch the “Office Space” (movie) and you should get the idea. Then off course one might be dead before having the opportunity to ever taste the true benefits of gold and silver, especially outside a fiat Ponzi scheme of some sort, but over that one has even less control. Hopefully one’s family and friends and/or brothers and sisters will be able to put it to good use when that happens.
Another way of looking at it is to tell yourself that you’re buying insurance by buying and holding gold and/or silver. Insurance that will enable you to pay off your debts when all goes hay wire. I am however not buying silver to pay back the banksters when their fiat Ponzi scheme collapses. I will continue to earn their fiat currency through my productive efforts until it’s clear to all that their fiat currency is dead, but I will make sure that at least a portion of that fiat continues to go towards the purchase of silver and/or insurance. I am not planning to continue to be a slave of the banksters and/or to allow the banksters to enslave my loved ones for centuries and centuries to come. Hell no!June 11, 2012 at 9:14 PM #8095
Hehe, yeah we merely disagree on (very speculative) details. But the consequences could be big.
If they can manage the reset and implement it to their needs, debts might roll over and become more expensive. They may impose it on your children.
All I’m saying is accepting the shackle of debt thinking your silver shield will protect you against might be dangerous thinking. Then again, they also milk us through taxation and there’s not much one can do against that except being very low (for a company) or extremely high income.June 18, 2012 at 11:30 AM #8446
@ricin3000 Great point there. I do agree that it is very risky to rely on the big reset. Your approach is a more safe, then that of silverbullion.
@silverbullion Although many of us want to screw the bankster, we don’t know for sure what the government will do to protect them in the future collapse.
I have succesfully got my interest rate lowered on my 13 % loan, down to 9,75 %. It was way easier then I thought. I just found another bank that offered about 8,5 % in interest rate, but I had to pay a commission if I wanted to transfer the loan. I told my current bank that I was getting offered a way lower rate at another bank, and they offered me first 12 %, but then I said that this was not acceptable, and they lowered it down to 9,75 %.
My plan is to do both, to pay down my debt (especially the high interest rate), and buy silver. Personally I think that it is going to be at least 6 more months before we see any kind of crash, as Greece just got a new government that ALSO supports EU.
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