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Save yourself... a letter from son to father

-- Posted Friday, 19 September 2008 | Digg This ArticleDigg It! | Source:

Editor's Note: A good example of an important message to a family member in these critical times:

By: Vincent Bressler

Here's the bottom line:

The skeleton of the world's dollar denominated financial system is one quadrillion dollars worth of unregulated over the counter derivative contracts.  These derivative contracts can not be closed out.  Forget about the solutions that you have heard about so far.  There are only two possible resolutions:

1) Default through hyperinflation of the dollar - injection of hundreds of trillions of dollars in to the world's money markets, while issuing of new derivatives is stopped dead in its tracks.
2) Bankruptcy

What we have now is a combination of both 1 and 2.  This will continue until the disease has been purged.  Unless reasonable assurances are given to the market that the number of dollars to be printed will be contained, the dollar will be destroyed.  Only a re-linking to gold, either directly or implicitly, can save the dollar.

Most financial entities will be destroyed.  Pooled stock accounts will be raided during bankruptcy proceedings.  Exchange traded funds that track hard commodities like gold and silver will default.  Futures markets will default.

Here's where to find financial safety right now, most secure at the top, less secure going down

a) Gold and Silver physical bullion in your personal possession.
b) Share certificates in well capitalized companies (that do not have forward sales or derivative exposure) that produce, hold or have royalty streams in gold and/or silver

c) Swiss treasuries - Make sure that you own these in your name.  I don't know exactly how to do this
d) Canadian treasuries - Make sure that you own these in your name.  I don't know exactly how to do this
e) US Treasuries - Make sure that you own these in your name.  I don't know exactly how to do this

Depending on how things turn out, items c,d and e may end up being worthless.

Vincent Bressler

-- Posted Friday, 19 September 2008 | Digg This Article | Source:


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