Well, the week started with a bang. Literally. Bombs went off at the finish line of the Boston Marathon, and the rest of the week was spent watching the government and the mainstream media fumble about in their incompetence. Good thing you come here for your fill of competent, insightful, provocative discussions of what matters to you and yours.
Want to join in the discourse? Send your questions, comments, queries, and concerns to tdv@dollarvigilante.com, comment on a post, or get on the forums.
On to the feedback…
THE BITCOIN NARRATIVE CONTINUES
Hi Jeff, Gary:
You have to have a stomach of steel and the patience of Job these days if you're in precious metals, junior mining stocks, or Bitcoin, but nevertheless, they are the places to be. While the recent near 60% crash in Bitcoin might not have been caused by the state and its cronies, it must be acknowledged that it also could very well have been caused by the state and its cronies. I think one has to expect that "they" (the hierarchy enslaving you) will do anything within its power to stamp out that which it perceives as competition or a way for the ordinary person to profit outside of their narrow, stifling, poverty-creating system. It's naive to think otherwise. The sheep must be kept in the pen.
A crash of this magnitude doesn't look to me like "Plain Jane" volatility or "profit-taking". It reeks of a smack-down meant to flush out of the market and break the backs of the individuals who can't stomach wild price swings, with "them" profiting all the way. To me, with Jeff touting the idea of global Bitcoin ATMs on mainstream media, this crash looks like a shot across the bow ("Don't even try to !@#$%^&^%$ with us, Berwick. Here's a taste of what we can do to you"). It's not at all outside of the realm of probability. They've done faaar worse.
Assuming it was the state et al, the thing to do is to just KEEP GOING. They count on our fear to force us into bailing, so be calm and confident even if your initial reaction is fear. If you're a TDV subscriber, then you know "them" well. You know how they want you to react so dig your heels in and absolutely refuse to do so. When the price dips, BE HAPPY! BUY MORE! Steady as she goes, maties. Clear skies ahead.
Samantha G.
Gary’s Response:
Everyone at the TDV office loved your response, Samantha. We agree so much it hurts! Be happy and keep using Bitcoin. We firmly believe that — along with peaceful parenting and the Internet — decentralized, digital currency will be one of the main tools in breaking the grip of the state and central bank, and unleashing the full power of free market anarchy to raise standards of living and increase wealth and happiness in the world by an order of magnitude. So our heartfelt advice on Bitcoin and decentralized currencies in general lines up with yours: Keep going.
There is a horribly titled article, "I lost $50,000 in Bitcoin crash, but I'm still a believer", on CNN.com about Simon Lang who invested $1000 in Bitcoin and saw his initial investment grow to over $60,000 when Bitcoin peaked at $266. Now he's "lost" $50,000…even though he still was up 1000% overall even when Bitcoin hit its $50 low. This is how the mainstream media is going to portray Bitcoin: focus on its initial vulnerabilities and volatility and how much people "lose" even when they make ten times their money.
By being an early adopter, especially after this kind of smackdown, you could still end up rich (just like with the plays TDV Senior Analyst Ed Bugos recommends in the TDV Newsletter during the gold and silver tumble). Obviously the best move would have been to acquire bitcoins when it took a few thousand to buy a pizza. But it's not too late to get on. We were all waiting for some of that air to come out and bring it down from the over-$250 level. Like Simon Lang, we're all still believers but in our case it's because we see Bitcoin for what it is: the next great tool in helping to break the hold of the state. The possibility of multiplying your intial investment is almost just an afterthought.
Almost…
Jeff,
I have been following TDV for about a year and I have really enjoyed the eye-opening experience.
My wife and I are moving to Ecuador in May to escape the USSA. I overwhelming agree with the view of TDV but how about some advice for us poor schlubs who have pensions from our careers (hers public, mine private). I looked into taking our IRAs offshore as you recommended. We are able to join our IRAs together into a single account. But when I asked two different guys who were familiar with offshore IRA's if they thought that the Tax Nazis would try to force us to repatriate our IRA or freeze our pensions/SS, they both said they thought they would (I give them both credit for their honest opinion). I know that we COULD take a distribution on those assets, but it would be very costly given that our annual pension/SS income is slightly over 100K . I know we cannot be the only TDV followers who are in this type of situation.
This takes me back to the Tommy James song from 1971, “Dragging the Line”: "We ain't got much but what we got is ours". But I guess Uncle Sugar doesn't see it that way. BTW I enjoy your articles on the road and from home but…….Gary Gibson's are absolutely fabulous!
Keep up the good work!
Kevin C.
Jeff’s Response:
Hi Kevin,
Congratulations on your decision to defect! There are a number of Dollar Vigilantes in Ecuador and one TDV Group already set up in Cuena, Ecuador to help support you in your transition.
Your question is not something easily answered just from a few paragraphs of info. But, on the topic of your IRA, if you were to convert it into a self-directed IRA (which we can help with here), then it is a major first step to getting the USSA government’s hands off of it. Once you have a self-directed IRA you can invest that money into almost anything you want anywhere in the world. You could own race horses in Dubai, gold in Singapore or even buy property at Galt’s Gulch Chile through your IRA.
We don’t know how The End Of The Monetary System As We Know It (TEOTMSAWKI) is going to play out and so anything beyond this is just speculation on the future. But, if you had an IRA which mostly held hard assets and property in foreign lands it would be very, very difficult for the US government to pillage those things. What is most likely is that they will just nationalize regular IRAs (knowing they can’t go after foreign property very easily) and force most of those assets into Treasury Bonds paying negative real interest rates. If they did go after foreign self-directed IRA assets and you couldn’t or wouldn’t repatriate them then you are correct that they could take away your pension and Socialist Insecurity payments in response. However, by the time it gets to that point you will already be nearing the end of those systems so it is almost a moot point.
If you have a net worth of over $1 million, TDV has just launched a new service that we haven’t even announced yet but it will be incredibly detailed international and asset/wealth planning and secession planning that is by far, unquestionably, the most intricate and well designed system to help protect your assets for not only yourself but for generations to come should you choose to pass on your assets in future to your family. We’ll be officially announcing it in the coming weeks, but if you think you may have a need for some consulting and help in organizing all your affairs and have a 7-figure net worth, we can be of help right now. You can just email us at tdv@dollarvigilante.com for now and we’ll pass you on to our internationalization and asset protection experts. If you do not have a 7-figure net worth, then that level of detail is probably not worth the time and effort.
Realize all things will be at risk over the coming years including pensions, Socialist Insecurity and the US dollar itself and look to protect yourself from the demise of all those things. A self-directed IRA would definitely give you more of a chance of escaping with some wealth left. Or you could just take the tax penalty and cash in the IRA. I did that in 2008 and have never regretted it at all. Plus, if you have a decent net worth, our asset protection experts can likely find a way to lessen that blow all via legal means.
Jeff
Gary's Response:
Just wanted to say a quick thanks for the kind word, Kevin. As much as I appreciate it, I was even happier to read that TDV has been so useful to you.
NOT ENOUGH CASH TO GET OUT
How are those of us that do not have the financial resources available supposed to deal with us? I would love to get out of the US but I have family here. Any advice?
Jim's Response:
Save! And start looking for a place to live outside the USSA.
In the meantime, read Homegrown written by Gary Gibson and Justin O'Connell. It is dedicated to making the path navigable for those who are going to ride it outside inside the belly of the beast.
Best of luck and thanks for writing.
Jim
Gary's Response:
Jim has been (ahem) "gently" urging me to hasten my own permanent departure from the US. I'm sticking around in part to write Homegrown…with feeling! Nothing like living in the middle of brigand territory to get creative figuring out ways to elude robbery and possible capture.
I'm also staying in part because I'm trying to figure out where exactly I would like the best outside of the US when staying becomes too dangerous or depressing. You know, some place where my resources would go furthest and allow me to build that zombie-proof treehouse fortress I've always wanted. (Southeast Asia is looking promising, especially on the price side…but despite my Afro-Caribbean origin I am allergic to heat and humidity…too bad the northern climes are all so expensive and overrun by Western world statism…)
I admit that I'm taking my time about things…but then again I have the luxury of already having a non-US passport because I was born a citizen of a small Caribbean nation. Granted, I could always be swept up and blackbagged when Obama (or his successor) becomes President-for-life and decides it's time to round up all the dissidents. But we still have some time before that. Two or three months at the very least. One of these "terrorist attacks" within US borders, however, is bound to lead to a crackdown on those who want to keep their guns, those who trust gold and silver and Bitcoin instead of fiat currency, those who call taxation the theft that it is, and those who have any gripes against governments in general. If you work for or read TDV, you fit at least four of those categories (Yes, I realize that there are only four categories).
So I'm saving up and plotting my escape. I strongly recommend you do the same. In Homegrown we will be delving into "prepper" strategies for surviving economic collapse in relative comfort…but we'll also be gearing our advice toward simple ways to maximize your savings and protect your purchasing power. Primarily so you'll eventually have the financial ammo to fund an escape. Because, let's face it, the US is going to become an increasingly unpleasant place if you value trite things like liberty or keeping what you've earned.
Recently in HG we looked at how real estate should (or shouldn't) fit into your financial survival plans, for example. We've also discussed a form of currency that doesn't have any premiums, but which will thrive despite inflation…and which would actually get stronger if the dollar got stronger, too. We'll also be looking at ways to stay healthy…and there's always the ever-popular Q&A with Dear Slavey.
To learn more about Homegrown, just click here.
