Foolish or Wise...It could be that Bob Bauman was having a bad day when he wrote this one!

Date:   9/17/2005 4:24:20 PM ( 19 y ago)

Dear A-Letter Reader:
Earlier this week we reminded you that "the Sovereign Society was
founded expressly to enhance personal and financial freedoms --
liberties that are being leached away by the growing cancer of
incompetent, nay, by malevolent, power hungry government."

We also noted that, well after the Katrina deluge, police confiscated
firearms in New Orleans, even though gun ownership is legal there. We
said: "What most Americans don't realize (though we've tried to tell
them), is that we have all been disarmed -- to the extent that we have
not moved some or all of our assets offshore to safety."

Yesterday our friend, Bill Bonner, founder of the Daily Reckoning,
addressed these same concerns in another way. Said he: "What kind of
disaster is next, we ask ourselves? Of course, we don't know...But we
will take a wild guess anyway: The disaster people least expect and
most deserve, a financial one.

"When you build a city below sea level, between two large bodies of
water, in a hurricane zone, you have to expect that sooner or later
you'll get your feet wet. So too, when you live on borrowed time and
borrowed money, you have to expect that sooner or later you will have
to pay up. That wouldn't qualify as a disaster except for the fact that
so many people have staked their finances on the hope that tomorrow
would never come. It will come as a disagreeable shock to them when it
does."

Even though your editor studied economics, money and banking in college
and the law of bankruptcy in law school, I have no wisdom as to when
this house of cards will collapse. But when one considers, even on a
casual basis, the overwhelming numbers of the US national debt, the
budget and trade deficits, the combined personal debts of Americans,
the precarious state of our economic affairs has to be obvious. New
Orleans had plenty of warning, over decades and over days, and yet
they were woefully unprepared when what they knew could happen, did
happen.

In the New Testament (Matthew 25:1-13) the evangelist tells us "Stay
awake, for you know not the hour!" He was speaking about the nearness
of death, but the parable he used to illustrate his point is
instructive.

It's the story of the 10 virgins, 5 wise and 5 foolish, how some abused
and some conserved the oil for their lamps. When the time came, the 5
fools were left outside in the dark, refused admittance to the wedding
feast that is Matthew's metaphor for salvation.

For almost a decade, the Sovereign Society, based on sound principles of
individual liberty, has created a network of offshore solutions for the
ills that beset America and Americans; residence and second citizenship
in friendly, free nations, strong asset protection and financial privacy
in countries that still value those imperatives, access to profitable
investments that are routinely denied to US persons by antiquated SEC
rules.

There's an old saying: "Timing is everything in politics," just as it is
in show business. That cliché applies to life in general and your
financial future as well. The value of proper planning and true
preparedness is very real.

Will you be ready when something far worse than Katrina hits America;
mass deaths from biological warfare; a dirty bomb; another 9-11 that
closes down financial markets for days or longer; a massive hacker
attack that lays low the intricate computer systems that are the heart
of banking, financial and investment markets? Or when the lights go out
-- and don't come back on? According to a NBC poll released yesterday,
75% of Americans do not believe the government is prepared to protect
them in any new crisis. So we had better protect ourselves.

Wise or foolish -- it's your choice -- but you'd better make those choices
while you still have time to choose.

That's the way that it looks from here.
BOB BAUMAN, Editor



 

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