Economist Karl Denninger has gone John GaltThe Market Ticker founder has released a statement that he is shutting down active market reports and updates at The Market Ticker, as he no longer wishes to actively fund the abuses of our fascist government and banking sector, and says in two words: “I’m done.”

I refuse to continue to silently accede to, and actively fund through my drive to acquire that measured in and rewarded by “wealth”, the rampant theft and fraud that has and continues to take place in the economic sector, especially in the banking and health care areas of our economy.  None of this could ever exist except through the insertion of the guns of government up the noses of the American people.
I can no longer live with being one of the better sources of funding for these abuses.  This decision did not come lightly, easily or quickly.  But I’m convinced it’s the right choice as things stand today.
In short, if you want it in two words, it’s this: I’m done.

Denninger’s full MUST READ Going John Galt statement is below:

From Karl Denninger:

In 2007 I began writing The Market Ticker due to the outrageous conduct of various branches in the Administration and portions of the Capital Markets.  Endemic fraud in the financial system that had generated unbridled and outrageous credit creation threatened the collapse of our entire economic system.

The consequence of this should have been thousands of indictments, prosecutions and imprisonments — of banking executives, of members of Congress, of various executive branch officers in various agencies and more.  The banking system should have been forced to match assets to liabilities and either put up the margin to back their bets or liquidate them — and if that forced them out of business and collapsed asset prices by 90%, so be it.

Instead our government took the easy way out.  It doubled down on the fraudulent models of the past.

But the models of the past were unsustainable and no amount of gaming arithmetic changes the outcome.  Indeed, the laws of mathematics state that the longer you allow an exponential system to run away from you, the worse the correction to reality you must sustain is.

From 2007 to 2013 the government has grown from $2.7 trillion to $3.68 trillion, a 36% increase. Marketable federal debt has gone from $4.96 trillion to $12 trillion, up 120% (that is, more than a clean double.)

At the same time median family income has dropped from $56,000 to $52,000 in 2013 dollars (that is, adjusted for “inflation”), a roughly 7% decrease.

Oh, and that’s before taxes.

Everyone talks about there being a “tsunami” of incoming inflation to be expected.  The real tsunami is government spending and debt and it already happened.  In real-dollar terms the federal government alone is taking from you nearly twice as much today as it was in 2007 and 80% of the minimum-wage-earner’s buying power has been destroyed from 1980 to today.

And this is before Obamacare really kicks in.

Then there are the outrageous actions of our government in Benghazi.  What we are covering up there has not yet been determined with accuracy, but we don’t need the fine details to understand the essence of the act.  That our tax money was funding terrorists and other bad guys in some form or fashion, and that we were probably providing them weapons is unfortunately pretty-much beyond dispute.

Never mind the outrageous and unconstitutional acts of the NSA in spying on people.

But perhaps the most-outrageous of all has been Obamacare and the medical “industry”, which has used the power of government to utterly destroy any pretext of a fair and free market, creating a system where your medical care costs five times or more what it should.  That, incidentally, means that you should be able to pay cash for what your deductible is on your insurance (including Medicare!) were that outrageously corrupt system to be exposed to the white-hot light of either the market, prosecution under the Sherman Act or both.  Instead of making strides to resolve that outrage, no matter how small, Obama and Congress have doubled down with signature legislation embodying in statute the utter financial rape of our entire society and both sides of the aisle in Congress not only allowed it to happen but continue to allow it to proceed to this very day.

I’ve been a contributor to the government in the form of taxes my entire adult life.  I’ve written plenty of checks to the IRS, some of which gave me writer’s cramp.  Never have I claimed a federal or state benefit check — no food stamps, no welfare, no medicaid, nothing.  But I have been poor enough to qualify earlier on in my life — I was simply too proud to do it, and found some how, some way to not.

I have tolerated running a company in a state where an employee that was fired for not showing up for work was able to collect unemployment, along with several others fired for cause.  I paid the increased rate of tax for what were bogus claims on my account and which drove up my tax rates.  I complained, but I paid.  I have put up with the ignobility of never actually owning real estate, having to rent it every single year from the State and County governments, even though claiming that you have “ownership” of something that you then must pay to keep is an abject fraud.  I have been “promised” both Social Security and Medicare even though it is mathematically impossible for me to ever receive them, and have paid taxes to support those programs for decades, while those who made the promises knowing they’re false have never faced indictment, prosecution or imprisonment.  I have watched our government reach its hands down the crotch of sick 80+ year old leukemia patients claiming they might be “terrorists” while at the same time a man who states openly he attacked other Americans and killed them on a military base in the service of Islam is called an incident of “workplace violence” and those injured or killed are denied just recognition of being harmed in combat against a self-declared terrorist and/or taking heroic action to save others from same.

We all have our point at which we simply refuse to consent.  A few, like Joe Stack, take that refusal and turn it into acts of violence.  Singularly such acts are futile and amount to nothing more than martyrdom at best and a waste of human capital at worst.

But others, like myself, are unwilling to waste our lives.  One can recognize there is a non-violent means of refusal that no government can counteract or put a stop to.  It is far more effective and personally-satisfying than active, violent resistance, especially when the latter is singular and most of America is busy watching Dancing With The Stars, unworthy of anything more than being sheep to provide warmth for the “leaders” and occasionally a plate full of mutton.

Some of us have entrepreneurial ideas that might change the world.  But the drivers for entrepreneurs are more complex than simply the satisfaction of seeing something we imagine come to fruition.  For some it’s simply the acquisition of wealth to the exclusion of everything else, but if I wanted to make that my focus in life I’d choose to be a bankster and figure out how to rip people off and get away with it.  After all it’s far easier to abuse leverage to rob people than it is to build things, in today’s environment the odds of going to prison for doing it are somewhere between slim and none, and Slim left the bar an hour ago.

At the end of the day you have to be able to sleep with yourself every night.  And unfortunately there can come a point where the cost-to-benefit ratio is simply all out of whack.  I’ve been blessed with both industry and luck; via both I was able to answer the “do you have enough?” question in the affirmative close to twenty years ago.  My motivating factors left the realm of making sure I could eat at that point and now the balance has unfortunately shifted to where what I do every day is work rather than joy.

In no small part this shift is due to the zombie-like activity of many in this nation, including in places and among parts of the population where you’d think it would not be present.

I refuse to continue to silently accede to, and actively fund through my drive to acquire that measured in and rewarded by “wealth”, the rampant theft and fraud that has and continues to take place in the economic sector, especially in the banking and health care areas of our economy.  None of this could ever exist except through the insertion of the guns of government up the noses of the American people.

I can no longer live with being one of the better sources of funding for these abuses.  This decision did not come lightly, easily or quickly.  But I’m convinced it’s the right choice as things stand today.

In short, if you want it in two words, it’s this: I’m done.

I choose instead of either active participation through funding of our government’s BS or violence to peacefully withdraw my consent.  To refuse to labor.  To make do with less — a lot less.  I choose to reduce my voluntary contribution to the tax hoard that is misspent or forms the foundation against which our government borrows, giving the proceeds to those who think that doping it up is a grand past-time or shoveling guns, missiles and money to terrorists while groping our grannies, using the very existence of the terrorists we gave the guns and missiles to as justification for what any civilized society would call sexual assault.

The portion of that which I earn by my efforts that I am able to retain in real terms shrinks by the day, and I have concluded that the balance of benefits and harms, especially the harms done to others using my tax dollars, is no longer acceptable to me.

My decision will not change until America changes.  Until it wakes up.  Until the people demand and the government of this county, this state and this nation recognize everyone’s fundamental rights — that shall not be infringed means what it says, that shall pass no law means what it says and all branches of government stop using taxpayer dollars to arm terrorists, maintain and promote medical monopolies, promote and empower banking cartels while excusing violence and fraud, both financial and corporeal, committed against the people of this nation by those entities and the agents of government itself.

I have seen enough frauds committed by and with the active involvement of government to become convinced that this is what, in the main, my tax dollars are buying.  Whether it be Angela Corey’s apparent intentional withholding of evidence from George Zimmerman’s counsel (and now her firing of one of the people who tried to do the right thing), the rip-off of pension funds and the taxpayer through both looting of the funds and ridiculously over-promised rates of return or the literal thousands of citizens that have had their homes foreclosed upon through blatantly fraudulent process and perjured documents, enough is enough.

I will not accept mere political promises as they are rubber checks without a penalty for being fraudulently issued and over the last 20 years they have always bounced.  I instead demand action, indictments, prosecutions, break-ups of monopolies, impeachments, business closures, the end of deficit spending and reform. These are not discussion points, they are demands.  They are demands that I have every right to make because it is with the fruits of my hand and mind that this government has foisted upon the American people these frauds, costs and harms.  I have written too many large checks to the IRS over the years only to see this crap not only continue but accelerate in the harm done to our nation — and especially our youth.

I hope, pray for and encourage others to also peacefully withdraw their consent.  If enough of us who are the producers in this nation do so then government will have no choice but to bow to our will or collapse.  My decision in this regard, if ratified by concurrence of just a small percentage of the population, represents what I believe is the only remaining lawful and peaceful way to accomplish that goal.

If there are an insufficient number of others willing to also participate then my personal conviction that it is unacceptable to fund the screwing of others, whether it be financially or through actual acts of violence, will be demonstrated to be that of a tiny minority.

I accept that this is not only possible, it’s likely.

But should that be the case then this nation does not deserve to survive as a Constitutional Republic — and in the end, it will not, becoming something much darker, uglier and unworthy of any of my support.

There is only one way to know which of the two possibilities is true — and that is to act, and see who also acts.  To lead not through exhortation (or worse, extortion) but rather by example.  To see who chooses to not only continue to consent but actively supports the murder of others, physical violence served upon those who simply wish to enjoy their unalienable rights and the financial******of our own citizens en-masse — especially our children and young adults.

If and when things change I will reconsider my position and lower my middle finger.

But not before.

I therefore choose to reduce the ability of our government to tax my income to as close to an effective zero as I can reasonably achieve in keeping with what I enjoy doing, which is putting before the people a chronology of lies, frauds and scams in the hope that others wake up.

But I will do so on my terms, not someone else’s.

Therefore, Tickerforum’s donor program has been closed, effective today.  Existing gold donor privileges will remain active through their expiration date — or 12/31, the latest a quarterly donor could expect them to remain active (and the longest donation formally permitted since mid-2010.)  Those who set up recurring donations have had their profiles canceled at PayPal.

For those who wish to comment and discuss politically-related topics the politics areas will remain fully-accessible for the present time.

The formerly-anticipated newsletter, coding for which is in fact complete and ready to go, will not be launched.  My personal activity in the markets and otherwise, including entrepreneurship, will for nearly all intents and purposes cease by the end of the year.

The Market Ticker will continue to operate in an advertising-supported format but other than macro-level economic reports (e.g. the payroll report, Z1, etc) you will find the balance shifts toward less market-related material and more politically-related material — simply because I have withdrawn from market-related activity beyond the macro level.  There will be fewer articles, and many days with none at all — a rarity up until now.  Old articles will disappear from public view, a change recently implemented and one now filtering through the various Internet archives as they “refresh” their links.

Finally, for those who argue that I should become more involved in political pursuits, no matter what they may be, I will answer your question in advance and save you the time you’d otherwise use to solicit me for such purposes: No.

On a net basis this should reduce my “income footprint” to be within the “Screw You Uncle Sam” range.  The comment capacity on The Ticker will be commensurately reduced, as I have observed that for the most part those who are not donors to the system comprise the vast majority of inane (or worse) comments.  But for those who can form a cogent opinion and use logic, your input to the discussion will still be possible.

The activities that I choose to undertake in the entrepreneurship area will all be of a long-term capital gain in nature, where the government is able to garner little of what I come up with, and then only on my schedule, not theirs — a schedule that may well be “never” if I so choose and there is no reform.

It is time for those of us who care to direct our energies in a different way, and I know of no better means of laying that forward than through personal example.

For whatever you deem it to be worth, here’s my example.

Sunshine Mint Rounds(3)

  1. Unreal, any and every excuse to smash gold. Govt avoiding war with Syria? Smack gold. Govt shutting down? Smack gold. Sun rose in the east this morning? Smack gold. And now with the CFTC enforcement person resigning, whats one to do??

  2. He actually has five words: you can’t eat gold.
    but he appeared to think he can eat copper or lead.
    He should have finished a long time ago. LOL. Good riddance.
    In 2008, he believe he was on “the land of the law”. LOL
    It is very interesting that he shut it this day. hahaha. wonder who in government think his site is non essential.

  3. On a small note, I know exactly what Karl is talking about. Recent actions speak to what Karl’s made abundantly clear.
    My business footprint is down well over 80%, largely by intention with taxable income reduced by same; now at the SCREW YOU UNCLE SAM LEVEL OR LOWER.  Zero income taxes paid in 2013.  AGI  less than zero.  NOI less than zero.  A good CPA and effective bookkeeping allow this.   Sale of assets allows bills to be paid. 
    The Clear and Present Danger presented by this Fascist Klepocracy, ruled by a political oligarchy, its titular head likely a leader in the Muslim Brotherhood (there is no other way to describe that) forces some of us to declare tax strikes. The current status woe makes these actions necessary.   Tax strikes and getting ourselves as far from the clutches of this evil empire are stop gap measures but could be life saving.
    Buy precious metals with whatever FIAT or FRNs you can scrounge up.  If you sell any PM in order to make ends meet, like I just did, take the tax write off as allowed by capital loss tax rules, thus reducing your taxable income.  If you sell PMs for a profit and report the cap gains, then you enable government and feed their insatiable need to steal from your substance.   I would not show the profitable sale but that’s just my own plan if a gain was made from such a sale.
    Stay safe, high and dry and do whatever you can to weather this storm.

    • I agree completely, AG.  Karl Denninger’s statements above were absolutely awesome.  
      Like you, in my own small way, I have done the same.  I retired in 2004 at age 55 for a number of reasons and a protest of the tax laws WAS one of those reasons.  I realized one day that I had what many successful people do not have and never get.  I had enough.  Enough to live on comfortably for the rest of my life and to provide for my family.  At one time, I had a bumper sticker on my car that summed this all up.  It read:  “I drive a used Ford so I can afford to buy Uncle Sam a new Cadillac every year”.  I meant it.  The Mercury Topaz upon which that bumper sticker was mounted was 11 years old then and still providing economical transportation to work and back but the taxes we were paying on our incomes was ridiculous.  We made maximum use of a 401K, a 403B, and both traditional and Roth IRAs to stanch the flow of financial blood.  By 2004, it simply was not worth all the BS and hassle of fighting with the IRS each and every year to see who would get more of our income, us or the Gov.  I could have remained on the job for another 10 years.  I made a very good salary and had excellent benefits but it was time to get out and implement my BSRP… or Bull S**t Reduction Plan… which I did.  I have not looked back since then and have not regretted that decision one bit.  Yes, I too am John Galt.

    • @AGXIIK  I’m with you. The only problem though is that I believe the ilk of banker and central manager type in Govt WANT to break the system. There would be no Hitler without the Great Depression, and Fascism could not power over the American way of life without a destruction of the social fabric. Breaking the US Economy does not only break the back of the US it will break the entire world financial system, which the Club of Rome Rockefelleresque breed of ‘illuminated’ one would consider a success. The world is like a jumbo jet heading for a mountain and America and China are the two engines, the US breaks free and drops from the wing, but then the reverberations rip the other engine off and it falls free. Now we have a free fall and a mountain and a few moments with the oxygen mask to kiss our asses goodbye.
      @Ed_B >>>”I drive a used Ford so I can afford to buy Uncle Sam a new Cadillac every year”
      Nice one 🙂 Even the used Ford is fueled by cheap Saudi Oil though Ed … let’s just hope the phony-Muslim POTUS can fool the Arabian Princes for just a year or so longer … and then we _______ (fill in blank after visiting witch of Endor)
      For anyone wanting a little insight into the minds of the world ‘Elite’ a few quotes of the day below from Maurice F. Strong, David Rockefeller’s #1 puppet on the international stage and especially at the UN. He was;
      -> Secretary general of the United Nations Conference on the Human Environment.
      -> First executive director of the United Nations Environment Programme (UNEP).
      -> President of the council of the University for Peace (UN) from 1998 to 2006.
      -> As head of UNEP, Strong convened the first international expert group meeting on climate change, which led to the creation of the IPCC, the body that is now placing every country into a Carbon Straitjacket and feeding them to carbon trading companies that the likes of Maurice Strong himself and Al Gore (his friend) benevolently set up ‘to save the Earth’

      “What if a small group of world leaders were to conclude that the principal risk to the Earth comes from the actions of the rich countries? And if the world is to survive, those rich countries would have to sign an agreement reducing their impact on the environment. Will they do it? The group’s conclusion is ‘no’. The rich countries won’t do it. They won’t change. So, in order to save the planet, the group decides: Isn’t the only hope for the planet that the industrialized civilizations collapse? Isn’t it our responsibility to bring that about?”

      -Maurice Strong, Interview 1992, concerning the plot of a book he would like to write


      “If we don’t change, our species will not survive… Frankly, we may get to the point where the only way of saving the world will be for industrial civilization to collapse.”

      -Maurice Strong, September 1, 1997 edition of National Review magazine

      “It is simply not feasible for sovereignty to be exercised unilaterally by individual nation-states, however powerful. It is a principle which will yield only slowly and reluctantly to the imperatives of global environmental cooperation.”

      -Maurice Strong, 1992 essay entitled Stockholm to Rio: A Journey Down a Generation


      “Successful management of today’s traumatic processes of change will not be easy to achieve. Our concepts of ballot-box democracy may need to be modified to produce strong governments capable of making difficult decisions, particularly in terms of safeguarding the global environment that this transition will require and whose results are often not immediately apparent.”

      -“Facing Down Armageddon: Environment at a Crossroads,” essay by Maurice Strong in World Policy Journal, Summer, 2009

      WillNotBeASlave’s thought of the day;
      I think that the most important discovery a person can make in their lives is to have the intelligence to realize that the 7billion people on planet Earth are no longer required for the fruits of their human labor. Mechanization and technology that is all now known and stored up in the collective memory of the Human Species (digital libraries) has already been accomplished.
      People need to have the foresight to contemplate that a small group of individuals that have had access to BILLIONS and BILLIONS of free credit for decades now via the Fractional Reserve Fed and BOE etc…, who have had modern technology at their finger tips have decided that they are more important than the majority of humans and that they see this majority as useless to the further advancement of THEIR race. These people see the average person as a disease that is only causing misery to itself for no purpose, and these people are going to enact an extermination and rationalize it as having been done for the benefit of humanity. A pure act of mercy. Anyone who thinks such a coldly calculated mass Sociopathic behavior is not possible should spend a day as a fly on the wall in a Wall Street board meeting, or in a session of the directors of Planned Parenthood or the Bill and Melinda Gates Foundation… no difference between them at the end of the day. Bankers, many Philanthropists, Royals, Aristocrats, most are complete sociopaths. Don’t believe that this economic collapse is an accident or that it hasn’t been completely engineered and steered for a ‘greater purpose’, and you might find out that it is far more Religious than Secular (and NOT in a conventional Christian way).

    • Here here.
      and KD. I’ve never been in that bracket, but I am in huge respect of KD for coming out and saying and doing this.
      WNBAS – Sadly I am in agreement with you. What I find curious, unless these ‘people’ are prepared to grow their own food and cook it and tend to land etc themselves. 
      They are VERY VULNERABLE. Yes they can create a small troop of slaves to tend their needs on an island, but that will not protect them 100%. I believe the sociopathic actions of these criminals will be found wanting. It will happen. They are not immune from the masses.

    • @Jccjktj
      I think ‘they’ are having problems. I believe these sociopaths required a world wide consensus between other great powers like Russia and China, but from what I can see they have not achieved this. And it is in Tower of Babel mode, ie, they are all now squabbling over the prize and going their own ways. Carbon Tax/Trade is the litmus test in this world wide scam, and by seeing what each country is doing on that policy alone, one can discern how far down the Eugenics rabbit hole each country is.
      I am in two minds about China, something makes me feel that ‘there is no honor amongst thieves’ is what has happened between the leadership of the Communist Part of China and the Anglo-American clique. I think prior to 911 these different factions were all eating at the same table, but I think that the Chinese may now have pulled away to dine elsewhere and watch the West collapse, and now that the Anglo-Americans have pulled the pin on their own ponzi scheme that the Chinese are looking to lead the next replacement ponzi scheme to the consternation of the Anglo-Americans. I never thought I would say it but Putin looks to be the best of the bad bunch when it comes to world leaders in the modern world, even if he is ex-KGB hard man, but I guess it takes a hard man to hold that job, and perhaps the saying ‘God works in mysterious ways’ has something to do with how he is being used at this moment in time. After the USSR was asset stripped by Wall Street and London in the 90’s I would not blame the Russians for sitting back and not agreeing to play ball with anything the Anglo-American Corporate Imperialist Parasites want to do with a One-World financial and governmental system.
      Putin should get an honorary Nobel Peace Prize just based on the fact that Obomber got one, but we are not likely to see that in our lifetime.

  4. There is a article over at Kitco titled, ‘Washington Fiscal Crisis Could Unleash Dollar Selling, Gold Buying’ – 9/27/13. In a sane world an article like this one might expect…..But not in this f*&ked up world we live in today! Our politicians who have oversight on all financial regulatory agencies do nothing….I have never seen a more silent worthless bunch of eunuchs that do nothing but pee their pants and f*%k up everything they should be doing! Their silence kills me. America after WWll had the best of everything to offer the world, you name it, now look what they have done to this world!! DAMN!! 

    • Well into the anger phase, I see! Don’t worry, it gets Better! 
      Action Phase is prolly where you actually are, but we all have fits like this occasionally.
      I had one today myself… LOL! Jousting with an MSM zombie, who got butt-hurt quickly   😀

    • “Jousting with an MSM zombie, who got butt-hurt quickly   “
      LOL!  Unfortunately, a butt shot is not a fatal wound for zombies.  Everyone knows that a round to the forehead is the shot.  😉

  5. If I heard it once, I heard it a thousand times.  Buy a HOUSE.  OWN something.
    But do you?  When you’re 90 and gumming your cereal, will you be able to pay the thousands a year in taxes on the house?
    Do you OWN it? 
    Then who does?
    You are a tenant, required to maintain the property until you can’t handle the taxes on it.. then it reverts to its real owners, THEM.
    They get your snug and well-maintained house, while you inherit the streets. 

    • Buy a nice travel trailer, register it in a low tax state, such as South Dakota, and live / travel in that.  Low cost and mucho freedom to move around as you will.  Yes, it also carries some state fees for licensing and such but they are minimal.  Stay mobile.
      As to a house… buy one IF you want the pleasure of living in a home.  Just recognize that NOTHING THAT IS TAXED CAN BE TRULY OWNED.  If you stop paying the tax, the local Gov WILL steal it from you in a heartbeat, sell it for cheap, collect their tribute, and think nothing of it.

  6. Conax   that is so accurate.  If a person rents they pay rent to the LAND LORD.  Check those words  LORD????  Huh.  wrong answer
    When one owns the home they actually own nothing—title to bricks and mortar is about as substantial as title to Federal Reserve Notes.  Both are property of the King—-another frigging LORD.  Crikey, this gets old. 
    A house is worse than a boat.  A boat is a hole in the water into which you thrown amazing amounts of money.  I dont own a boat.
    Regretfully, I own a home and the property taxes are a bitch.  These taxes go to say the Mooch Class, bunches of dumbass teachers teaching total shit to dambass kids. The fire department probably could put out a trash fire.  The cops are 60 minutes away from responding to anything other than a donut rolling contest.   I would hazard and guess and estimate that of the entireproerpty tax bill, maybe 20% is used for anything I would deem useful.   Kids are getting useless educations.  Firemen are sitting around 90% of the time, stirring their soup and collecting platinum plated salaries and pension.  I know some of both and the chances that the money is well spent are zero.

    • There is one place in the country where living aboard an old boat might make sense- the great state of Rhode Island requires no property taxes on boats.  Anchorage or marina fees would still apply, however.
      A boat really is a hole in the water where you throw your money.  But Rhode Island rocks!

    • @AGXIIK – About education, I agree with you, and I’m a teacher, haha.  I estimate that about 40-60% of high-school students are totally uninterested in school, and uninterested in learning in general, and should not even be there. 
      This morning I showed my juniors and seniors an interview with Marc Faber about the uselessness of much of education:

      I mentioned to them that the US is bankrupt and that they had better learn to enjoy learning so as to get some real life skills (not a degree in communications, sociology, etc.), because in a very few years, we are all going to be living in purgatory or something close to it.

    • @Conax
      RI sounds like the place to own a small marina.  Live on your boat, pay no fees, and collect a little from others who want to rent a slip.  Yes, there would be property tax but your slip fees should cover that and you would have some like-minded neighbors with whom to converse.  🙂

    • @DanDaley
      Gutsy presentation.  Glad to hear that someone is telling the youth of this nation the truth about their future and not some plumped up fairy tale.  Any idea of whether or not your message actually sunk in?  If even a few of the students picked up something from this, it was well worth the effort.

  7. I stepped out of the system in 2006 when 27 years of lifting caught up to me. Since then my taxable income has been zero. I have no intention of making it any higher than needed to survive either. Amazing what you can do without.

    • @MaryB
      “Amazing what you can do without.”
      Indeed it is, Mary.  Even more amazing is the process of “making do”.  People who make do with what they have often demonstrate some real skills and creativity.
      My grand parents were young adults during the Great Depression of the 1930s.  My Gram told me many stories about what life was like back then and what they did to put food on the table and keep a roof over their heads.  While Grandpa did the heavy work on their 40-acre farm, she raised chickens and sold their eggs, milked cows and churned butter to sell, kept the house neat and clean, mended clothes, cooked, and tended a large garden.  She canned enough from the garden that they could eat produce all winter until the next harvest was in.  She also sold some fresh produce to stores in town.  She made her own clothes and also sewed dresses for some of the ladies in town.  Grandpa made his own tools, cared for the mules, plowed, planted, and harvested wheat and corn, chopped wood, and sold the crop.  Times were hard and money was scarce but they always had enough to eat and could warm their house.  There’s a good lesson for us all in that.

  8. DanDaley  I think you are a brave man and teacher to expose the higher education orthodoxy to your young charges.
      From what I have read, you have to toe the company line. The kids are being ripped off by the educational system.  Giving them some truth can be dangerous to your career. 
    Hopefully Faber gave some students pause to consider their decisions.  I know that just a handful of teachers turned me from a mediocre student to something that strived for better. Teachers are invaluable but probably have to color outside the lines to get through to the kids today. Good luck with your work

    • @Ed_B and AGIIX – Thanks. The kids listened respectfully, and when I offered to stop Faber half-way through, they said no, keep going…so there is some interest -and how can you argue with the facts of $17T in debt outright and about $80T in unfunded liabilities and who is going to pay for all of that? -there’s the rub, really…they understand money, even if politics seems like a high-school popularity contest…and they know that I am a recovering liberal, so they know that I have been there and done that. I tell them that they really do have to learn to be agile, flexible, and learn all of the USEFUL things that they can, because the age of the conveyor-belt-education-to-happy-life days are over. 
      Interestingly, when the math class did a survey of teachers saving patterns/instruments recently, it came up that only 3 of about 50 staff members had invested in precious metals…to me that is quite telling.

    • Sounds as if you are doing some good work there, DD.  Best of luck with that.  If you can kindle some interest in real money in these kids and help them to understand just how warped our current fiat system really is, it will pay big dividends down the road.
      You Tube is loaded with videos on this subject.  I’ve learned a lot from them and have used the Internet to check out some of the things that seemed just too bizarre or fantastic to be true… but they were!
      Interestingly, when the math class did a survey of teachers saving patterns/instruments recently, it came up that only 3 of about 50 staff members had invested in precious metals…to me that is quite telling.”

      Yes, it is.  It is MUCH higher than I would have expected.  6% is pretty good compared to Mr. and Mrs. Average American.  I know a lot of people and only a very few of them have any PMs other than a few pieces of jewelry and some home accoutrements, such as silverware, trays, and tea or coffee sets that they got from their parents or grand parents.  If we do get into an economic collapse situation, people will rue the day that they could have bought some silver and gold but did not.  Those household silver items will be sold off very quickly to buy food.
      Zimbabwe is a classic example of a country with a collapsed economy and hyperinflation.  Life there is really hard now and people are scratching to find a few flakes of gold with which to buy food.  There was a time when this country was known as Rhodesia and it was an exporter of food.  These days, it imports most of its food and people will only accept US dollars, EU euros, gold, or silver in payment.  The Zimbabwe dollar is pretty much dead and no longer used.  There is an official exchange rate but no one really wants Z$ any more.  Their Z$100,000,000,000,000 bank note is somewhat of a collector’s item now, however, and can be had for about $5 US.

  9. My strategy was to get out of Australia where I was paying $48K p.a. in tax with no goverment entitlements at all, and move to Singapore where I now earn 40% less income and pay (in equivalent AU$) less than $7K in tax. I realise that’s a bit drastic, and it did involve a divorce, but now I am less indebted to the banksters to the tune of $750K+ and get to convert $2K+ per month of fiat into something of inherently greater value and comes in stackable form.
    Drastic times call for drastic measures, and for those willing to change circumstances, the rewards can be great and manifold.

    • Speros – Singapore….great place. Passed thru there several times on my way to&fro and really loved it. Spent a bit of time at place called the buffalo club, or something like that. Don’t know if it is still there. Indian town was neat also. Got metal in my leg from an accident a few years back and am really reluctant to go thru TSA’s malicious finger glove treatment at the air ports. Just juice it up on a harley here on the back roads of good ‘ole USA. Believe it or not there are some good parts left, and the rural people here are still great.  Hey, was in Kuala Lumpur a few years ago, neat place also. Found a harley dealership. Their prices were 2x’s the price for the same bike over here. How is the free/fair trade thing going over there with imports coming in from the states? I had found a lot of free trade of american goods making them very expensive compared to prices here, but not a lot of fair trade on many of our items. Spent a bit of time in the australian outback too, Hey you live in a great world, enjoy it…..

    • Yes Big Tom Singapore is a great location and it’s possible to carve out a relatively inexpensive lifestyle here, despite the fact that a lot of things are quite expensive, such as motor vehicles (due to massive import duties and various taxes), and premium imported foods such as USDA certified beef, Australian beef and so on. Being such a small city/state/country all in one, just about everything, including power and water, is imported. The public transportation system is top notch too and very reliable.
      Australia, well I’d still want to live there if I could afford it. Tax is the biggest killer, followed by utilities, medical, transportation and food.
      Ah yes the good ol’ American Harley dream. Yes there are heaps of great places in the US and it’s great if one can find a place outside of Metropolis to make a living and enjoy the country air!. Back in the early 80’s I trained with the US Navy at Great Lakes and San Diego, opting to do the trip in between by Greyhound – what an experience. Saw a bit of everything.
      I don’t know much about the free/fair trade side of things. All I can tell you is that I paid about SG$120 for a pair of American Apache hand made leather moccasin shoes – not sure how that compares to your price or even whether you know what I’m talking about hehe. Take care over there.

  10. @Ed_B  regarding the marina-  Yes it would! I like the way you think.  Looking over a map of RI you can see the inland waterways are its main feature.  A nice old trawler would be ideal, you could leave and head south for the coldest part of winter, returning with the robins in spring.  I’d let someone else own and operate the marina, I’m not all that reliable.  I was thinking more like renting a private dock from someone not using theirs.
    @Jccjktj  Nope.  But I looked her up, and that sounds like a good book.

  11. I checked my pride at the door a long time ago…been working since I was a kid. By social standards I should have been able to retire twice with the amount of work I have done and continue to do. I’m no martyr and neither am I a fool. I get what I give and take what’s taken. I don’t hold my breath for redemption on this go around. God wants it different I’m sure he will let me know. Amen.

  12. I find it fascinating that Denninger has come to this conclusion, because he threw me off his website for saying the same things.  I was urging people not to invest in the stock market for a long list of reasons, from insider trading to flash trading to scams and rigged manipulation.  Instead I recommended putting money into tangibles, including paid-for property and other valuables.  I found myself banned from making comments.
    I’m glad to see that people are finally realizing how we all are being screwed.

    • “….threw me off his website for saying the same things….” LOL….I kinda think there may be a little more bark(as in look at me) than bit(as in what I am actually doing) in the Denninger thing. Though perhaps a step in the right direction. 

    • Doubt that happens HERE! 
      About the only thing I have seen peeps get “moderation” for is 
      directly insulting other SD’ers… 

      PS: Welcome!

  13. It is very interesting that when a person Like Denninger, a person of substance in some communities, has an epiphany such as he had here.   Sharonsj was given the boot for espousing the same opinions that Karl now embraces.
    I wonder if he will offer an apology to those he demeaned. 
    It’s kind of like an alcoholic discovering he’s a drunk, attends AA and as part of the 12 step program ask forgiveness from those he harmed and offended.
    It must be a real bitch to wake up suddenly instead of  gradually.  The dissonance of that awaking can be very disturbing.

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