Cashout while you can!by Lee Watkinson | Published: Oct 08, '09 |
 
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We are all playing in home game where the host is a super live one! He splashes the pots and we all love it almost everyone has been winning and everyone has been having a great time. The problem is he is also the banker and thinks nothing of going and getting another rack of chips even though he dosent put up any cash.
The US government is the host of our game, our dollars are the chips.
The government prints money whenever it needs to pay for something, like a war or a bailout. There is nothing behind the US dollar(or any other fiat currency). Politicians throughout history have used currency debasement as a hidden tax and every fiat currency has gone out worthless. So will the dollar.
This week there have been rumors that oil producers are going to stop accepting dollars for settlement, which has sent gold to all time record highs.
If you are a winning player don’t get stuck holding the bad chips, cashout early!
No other currency is safe either though, not british sterling to be sure. Buy real things with your money. Gold is one good option. You can buy gold and silver etf’s on the stock exchange, but there is some question as to how safe they will be if the dollar totally collapses, which it will eventually.
This game might keep going a little while. The big winners have figured out whats going on(China for one), and are trying to figure out how to quietly cash in as many of there bad chips as possible before the game ends and noone gets paid. The host isn’t going to redeem all there chips and he’s a big powerfull mafia type guy who isn’t about to sell his house to pay off the chips.
Who knows China might move the game to his house next.
Seriously though don’t keep your assets in dollars, T-bills, ect…guaranteed big time inflation on the way, soon. The Federal Reserve isn’t even part of the government, did you know that, it’s a bank.
14 Comments
joer8052
1 month ago
Please stick to poker strategy, noone cares what you think about Politics.
hishga
1 month ago
joer, your missing the point, he is talking about managing money, if you were a poker player you would realize this to be a valuable piece of advice. Its a logical bankroll management blog. Don't post negative things, no one wants to read your negativity, and Lee most likely doesn't read his own blog so he will never know what you said anyway.
AcecardZ
1 month ago
Hishga?? Bankroll management issue? You sir are naive. Anyone that has read any of Lee's worthless blogs would know that he tries at every opportunity to talk politics. Maybe one day he'll figure out that people read his blog for poker content and not because they have any interest in his WORTHLESS political beliefs.
Joer was 100% right!
bmpek
1 month ago
do not worry obama will send you enough money to live on and play one and two cent limit. you morons will never know what happened to this once great country
bleazybob
1 month ago
You should be gratefull that there is a poker player who actually understands what is going on in the world. I hope you all remeber trash talking this blog when your cold and hungry wondering what the hell happend
holysatan
1 month ago
thanks lee. i just read that myself here: http://www.zcommunications.org/znet/viewArticle/22797
nice to have a blog that tries to talk about the actual world now and then. the bankers obviously don't give a crap about the well=being of the common man, or they would stop continuously screwing us.
and for the idiots that bash this blog, saying "we only read your blog for poker", i have news for you: IT'S LEE'S FU**ING BLOG. IF YOU DON'T LIKE IT, STAY AWAY MORONS. GO HANG OUT AT FOX NEWS, BILL O'REILLY'S PAGE, AND LEAVE COMMENTS THERE. If you want to live in a blind world where everyone just worships the "leaders" while they continually screw the people, fine. but "thinking" people don't want to hear your idiot opinions.
riverbrad
1 month ago
This blog is so funny. He is now ripping on the one he voted into office. He won't say Obama's name, because that would make him look bad. I wish you would have realized what the man was about before you pushed for him to be voted for in your blogs. So with that said, THANKS LEE for helping vote in a man that does not understand anything, but is SUCH and incredible speaker as you have said many times.
God Bless America and Capitalism.
joer8052
1 month ago
hishga, You obviously missed the point. We (poker players) come to this sight for poker knowledge, if Lee wants to blog about the Government and Politics there are other sites for this content.
If Lee were to get beat on a 2 outer he would blame it on George W!
Shillysit
1 month ago
Stick to poker and chimps my man. If the dollar becomes worthless it'll wreck the world economy for quite a long time. It's not gonna happen. Secondly Lee, for your benefit..gee whiz man, try spellcheck dude. It's very difficult to take anything you say seriously when I see constant misspellings of verbs, tenses, basic nouns etc. None of uses perfect grammer, but your lack understanding of the basic foundations in english has amazed me for as long as I've been reading your blogs..anything other than poker is a stretch.
chrisking
1 month ago
(None of uses perfect grammer,) WHAT????
Cannedham65
1 month ago
Even though the dollar is under pressure to de-evaluate for relatively sound economic reasons, there is no reason to run to the hills as G20 members have too much invested to let it fail.
In addition, the rumour on a conspiracy to kill the dollar as a benchmark currency for commodities is false.
See link
http://news.yahoo.com/s/politico/20091008/pl_politico/28091
In reality, the real asset bubble right now is with gold. If you are really willing to diversify dollar portfolio's, a better alternative would be with forex ETFs.
I understand this is Lee's opinion but one should be wary of repeating scaremonger nonsense that too often gets passed as "news".
gosfacekilla
1 month ago
Glad to see that others have finally decided to speak out at the uselessness of this blog. Nobody cares what Lee has to say about politics. I have said this before on a previous blog post.
A sickening thing you should know-- my mom is the head of Section 8 Housing in my hometown, and she has had more than one person tell her that they don't have to pay their rent because "Obama said I don't have to". This is how bad it's gotten. The democrats thought Bush did our economy bad, just wait and see how far Obama runs this country into the ground.
Shillysit
1 month ago
Chris--Part of the joke dude..
treidsmint
1 month ago
Lee its amazing that you could be a great poker player and so stupid about politics.
You hero Obama is president and yet the country is going down the toilet. I don't understand dude. I thought Obama was gonna save us all.
It signaled the end
when the American people elected someone who has never done anything except look pretty and speak well. The shallow people who voted for him are getting exactly what they deserve. Unfortunately we all have to go along for the ride.