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Money, Banking and the Fed
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<blockquote data-quote="CaryP" data-source="post: 7326" data-attributes="member: 34"><p><strong>Money, Banking and the Fed</strong></p><p></p><p></p><p></p><p>Yep, and now the American West is experiencing what is being called a "500 year" drought. Comparisons to the Dust Bowl of the 1930's have already been made in the press.</p><p></p><p></p><p></p><p>Yep, again. The Weimer Republic was running the printing presses 24/7 and couldn't keep up. By the time the economy and the country collapsed, I believe the most recently printed Reich mark note was either 1,000,000 or 10,000,000. They stopped using ink on the back of the bills once they crossed the 100,000 level to save money on printing. There is a historical account of a woman bringing in a large basket of cash to a bakery to buy one loaf of bread. The baker looked over the basket and gave the woman the loaf of bread. He threw out the cash and kept the basket.</p><p></p><p></p><p></p><p>Just because your bank account is insured by the FDIC doesn't guarantee that it's 100% safe. A massive bank failure would bankrupt the FDIC. Remember the FSLIC that insured savings and loan accounts? It's not around anymore because it went bust with the savings and loan industry back in the late 80's, early 90's. If Congress hadn't stepped in and rescued the S&L industry with the Resolution Trust Corp. (RTC), many people would have lost their insured savings accounts. If we have a total failure of the banking system, don't count on the govt. to bail it or you out. The S&L crisis was nothing compared to the size of the current banking system. The really big banks will be the hardest hit, with their speculative loan portfolios and derivatives monkey business. Have you watched the video I posted above? It explains how banks make themselves vulnerable through the "Fractional Reserve Banking" they and the Fed practice.</p><p></p><p>If the banking system goes into meltdown, the banks will probably be closed for some period of time. Best to have some cash (at least one month's worth, mostly in smaller bills - who's going to have change for a $100 bill?) somewhere very safe. A bank box is not safe. If the banks are closed you won't be able to get to your cash. If the banks are closed, how well do you think your debit or credit cards will work? They won't. Nobody's thinking about this. There were no credit cards back in 1929.</p><p></p><p>We're probably years away from a total collapse of the dollar. Too many countries hold dollars as a major portion of their currency reserves. The dollar will go through a severe drop in value over the next few years - analysis and research sources say anywhere from 30% to 50% lower from here. But this does not eliminate the possbility of a sudden "dislocation" that would seize up the entire global financial and banking system. Then all bets are off for any kind of orderly decline in the dollar against other currencies. Intermediate term, the dollar is expected to rally a bit, but that's not guaranteed.</p><p></p><p>In a deflationary depression, you want to hang on to things of value (real value, not collectibles, art, etc.). If at some point you're forced to use silver or gold items, don't melt them down. They will hold a little extra value as they are. If you had the cash to buy gold and silver items cheaply in a depression, would you rather buy a melted down hunk of something, not really knowing its precious metal content, or would you prefer to buy sterling silver in its original form. Same for jewelry. It's usable and more valuable in its original state. Melted down will only be as valuable as the precious metal content, and that will have to assessed, costing you money. If we get to the point of Federal Reserve Notes being worthless, melting down the silver ware and jewelry will be the least of your worries.</p><p></p><p>Look, I know this stuff is scary. It keeps me up nights. The best thing you can do is prepare as best you can. The first step IMO is to buy and read Bob Prechter's book. There are specific "THINGS TO DO" and "THINGS NOT TO DO" outlined in the book. It will also give you a foundation as to what's happening and what to look for as it progresses. It will help you to understand why things are happening and put you ahead of about 99% of the Joe Six Packs and sheeple who will be totally blind sided by it. You don't have to be one of the people in bread lines, or dependent on the govt. for handouts.</p><p></p><p>So in a nutshell, don't despair, get prepared. </p><p></p><p>Cary</p></blockquote><p></p>
[QUOTE="CaryP, post: 7326, member: 34"] [b]Money, Banking and the Fed[/b] Yep, and now the American West is experiencing what is being called a "500 year" drought. Comparisons to the Dust Bowl of the 1930's have already been made in the press. Yep, again. The Weimer Republic was running the printing presses 24/7 and couldn't keep up. By the time the economy and the country collapsed, I believe the most recently printed Reich mark note was either 1,000,000 or 10,000,000. They stopped using ink on the back of the bills once they crossed the 100,000 level to save money on printing. There is a historical account of a woman bringing in a large basket of cash to a bakery to buy one loaf of bread. The baker looked over the basket and gave the woman the loaf of bread. He threw out the cash and kept the basket. Just because your bank account is insured by the FDIC doesn't guarantee that it's 100% safe. A massive bank failure would bankrupt the FDIC. Remember the FSLIC that insured savings and loan accounts? It's not around anymore because it went bust with the savings and loan industry back in the late 80's, early 90's. If Congress hadn't stepped in and rescued the S&L industry with the Resolution Trust Corp. (RTC), many people would have lost their insured savings accounts. If we have a total failure of the banking system, don't count on the govt. to bail it or you out. The S&L crisis was nothing compared to the size of the current banking system. The really big banks will be the hardest hit, with their speculative loan portfolios and derivatives monkey business. Have you watched the video I posted above? It explains how banks make themselves vulnerable through the "Fractional Reserve Banking" they and the Fed practice. If the banking system goes into meltdown, the banks will probably be closed for some period of time. Best to have some cash (at least one month's worth, mostly in smaller bills - who's going to have change for a $100 bill?) somewhere very safe. A bank box is not safe. If the banks are closed you won't be able to get to your cash. If the banks are closed, how well do you think your debit or credit cards will work? They won't. Nobody's thinking about this. There were no credit cards back in 1929. We're probably years away from a total collapse of the dollar. Too many countries hold dollars as a major portion of their currency reserves. The dollar will go through a severe drop in value over the next few years - analysis and research sources say anywhere from 30% to 50% lower from here. But this does not eliminate the possbility of a sudden "dislocation" that would seize up the entire global financial and banking system. Then all bets are off for any kind of orderly decline in the dollar against other currencies. Intermediate term, the dollar is expected to rally a bit, but that's not guaranteed. In a deflationary depression, you want to hang on to things of value (real value, not collectibles, art, etc.). If at some point you're forced to use silver or gold items, don't melt them down. They will hold a little extra value as they are. If you had the cash to buy gold and silver items cheaply in a depression, would you rather buy a melted down hunk of something, not really knowing its precious metal content, or would you prefer to buy sterling silver in its original form. Same for jewelry. It's usable and more valuable in its original state. Melted down will only be as valuable as the precious metal content, and that will have to assessed, costing you money. If we get to the point of Federal Reserve Notes being worthless, melting down the silver ware and jewelry will be the least of your worries. Look, I know this stuff is scary. It keeps me up nights. The best thing you can do is prepare as best you can. The first step IMO is to buy and read Bob Prechter's book. There are specific "THINGS TO DO" and "THINGS NOT TO DO" outlined in the book. It will also give you a foundation as to what's happening and what to look for as it progresses. It will help you to understand why things are happening and put you ahead of about 99% of the Joe Six Packs and sheeple who will be totally blind sided by it. You don't have to be one of the people in bread lines, or dependent on the govt. for handouts. So in a nutshell, don't despair, get prepared. Cary [/QUOTE]
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