Wednesday 11-14-12

It is one of those, it makes me sick days, that this stuff could happen

Lawmaker asks to be paid in gold
A Montana state lawmaker is asking that he be paid in gold coins because of his lack of faith in the U.S. dollar amid a rising deficit.
Jerry O’Neil, a Republican just reelected in his northern Montana district, says his constituents told him he was not honoring his duty to uphold the U.S. Constitution, which O’Neil and Gold Standard supporters say requires the government to print money backed by gold.
“I believe that if you take a look at the Constitution, that’s what it says,” he told POLITICO. “I think we’ve gotten a tremendously long way from it.”

So he wrote a letter to the state Legislature asking to be paid his public salary in gold and stating: “It is very likely the bottom will fall out from under the U.S. dollar. Only so many dollars can be printed before they have no value.”

A former supporter for Rep. Ron Paul’s (R-Texas) failed bid for president, O’Neil said he hasn’t heard back from the Montana Legislature about his request.
"I believe that if you take a look at the Constitution, that’s what it says. Actually, I think we’ve gotten a tremendously long way from it,” O’Neil said. “If we don’t start paying that debt down, we’re going to lose the country.”

O’Neil said that he collects about $7,000 annually from the Montana Legislature. Currently, the U.S. Mint is selling the 2012 American Eagle One Ounce Gold Proof Coin (at face value worth $50) for $1,985.00.

 http://www.politico.com/news/stories/1112/83767.html#ixzz2CCI5tlRG
Now it is 23

Petitions to secede are filed for 23 states since election

http://www.washingtontimes.com/news/2012/nov/12/petitions-to-secede-are-filed-for-23-states-since-/

Marc Faber: Prepare for a Massive Market Meltdown

The markets are going to go into meltdown soon, so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday.

Marc Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom and Doom Report "I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ — because there won’t be a ‘fiscal cliff,’ ”

Faber told CNBC’s “Squawk Box.” “The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.”

Faber, who is known for his bearish views, cited tech giant Apple [AAPL 542.898 0.068 (+0.01%) ], a company whose disappointing earnings have caused its stock to fall 20 percent from its September highs and 14 percent in the past month. A series of poor quarterly earnings from corporate giants such as Amazon.com [AMZN 226.60 0.13 (+0.06%) ], McDonald's [MCD 84.64 -0.24 (-0.28%) ] and Google [GOOG 659.0532 -6.8468 (-1.03%) ] have hurt investor sentiment in recent weeks.

Faber argued that the “fiscal cliff,” a rise in taxes and automatic spending cuts, would actually involve some minor tax increases in “five years’ time” and some spending cuts “in 100 years.” On Ice!

‘Cliff’ Fears Put a Chill on Dividend StocksWest in a ‘Colossal Mess’ in Five to 10 Years: Marc FaberMarc Faber: Buy These to Prepare for Coming Collapse Marc Faber: If I Were Bernanke, I Would Resign.

 What the U.S. needed was some pain, he said, aptly demonstrated by the euro zone’s austerity measures that are attempting, with a mixed measure of success, to curb gaping budget deficits.

 “There will be pain and there will be very substantial pain. The question is do we take less pain now through austerity or risk a complete collapse of society in five to 10 years’ time?” he said, adding that there was a lack of political will to tackle the U.S. budget. Faber added: “In a democracy, they’re not going to take the pain, they’re going to kick down the problems and they’re going to get bigger and bigger.”

Faber identified several issues curbing an economic recovery, such as the real estate market, which he said had never been so “overbuilt.” He also said there was lots more deleveraging ahead. “In the Western world, including Japan, the problem we have is one of too much debt and that debt now will have to be somewhere, somehow repaid or it will slow down economic growth,” Faber said. “I think we lived beyond our means from 1980 to 2007, and now it’s payback period.”

Faber told CNBC that central bank stimulus was useless and the implosion of markets was the only way to restructure the financial system. “I think the whole global financial system will have to be reset and it won’t be reset by central bankers but by imploding markets — either the currency [markets, debt market or stock markets,” he said. “It will happen — it will happen one day and then we’ll be lucky if we still have 50 percent of the asset values that we have today.”

http://www.cnbc.com/id/49802535