Dateline: 26 April 2017
This essay is part of a series about Ralph Borsodi and his book, Inflation is Coming And What to Do About It. Click Here to go to the beginning of this series.
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The Conclusion...
Some Final Thoughts
Ralph Borsodi was incorrect. The "worst financial disaster in history" did not come to America after he wrote his book, or even in his lifetime.
But, make no mistake about it, Americans have been hammered by inflation to some degree since Borsodi warned about it. And, as we all know, government debt has soared to levels that can never be repaid.
The hyperinflationary day of reckoning Borsodi predicted may still be ahead of us. And like every hyperinflationary crisis in history, most people will be ill prepared to deal with it.
Thankyou very much for sharing this with us. While one can't predict the future, it seems this would be good advice any time.
ReplyDeleteOwe no man anything still seems just as relevant as all those 1000's of years ago
ReplyDeleteI'm puzzled by something and I can't seem to find a reference to it. When banks closed, people lost the deposits they'd made, which is awful. But didn't they also no longer owe their loans to that bank? I'm in the position of owing much more to the bank than I have in it. If it closed and everything was gone, I'd be in better shape financially, not worse.
ReplyDeleteI read a true story about a couple that had their money in the same bank that held their mortgage. The bank closed so they couldn't get their money to make their payment (or for anything else) and within two weeks the bank had taken the house. This happened in the Great Depression.
DeleteBecky—
DeleteI'm no expert on this but it seems to me that if the bank goes under, its assets will be sold and the shareholders will get what they can from the sale. Your loan would be considered an asset. They will still want the money. You will not be in better shape financially at all. Sorry to say.
Nancy—
Wow. Two weeks! Those were bad times for a lot of America.
During the Great Depression the banks got many people's real estate; as HK stated there was no mortgage forgiveness at all. A corollary to this, is that many used to pay rent by the week, especially in company towns. Thus when employment disappeared, people could be homeless within a week. ldc
DeleteDuring the Great Depression the banks got many people's real estate; as HK stated there was no mortgage forgiveness at all. A corollary to this, is that many used to pay rent by the week, especially in company towns. Thus when employment disappeared, people could be homeless within a week. ldc
DeleteFrom what I'm understanding banking fraud has been going on for a very long time and the "Financial Collapse’s" are by "design". Another thing that is not mentioned is the “Insurance Policy” that the mortgage holder has on a person’s mortgage. You lose- they gain your property, all your investments in that property, they collect on the “Insurance policy” they hold on your mortgage in the event of default and in many cases they place additional liens on anything else you own. 2008 was a planned event and they did all this while collecting billions in “Bail Out” money.
ReplyDelete(LINK) Goldman Sachs and Wells Fargo FINALLY Admit They Committed Fraud
http://www.zerohedge.com/news/2016-04-12/goldman-and-wells-fargo-finally-admit-they-committed-fraud
Wow. Sobering. Thanks.
ReplyDeleteHerrick - what would it take to get this back in print/downloadable as a .pdf? Have the rights expired by now?
ReplyDeleteHere is a link to the book... Inflation Is Coming by Ralph Borsodi
DeleteThanks for the link -- unfortunately the version there is incomplete. What is discussed on pp. 32-36, for example?
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