Posted on 04/12/2020 11:17:20 AM PDT by fightin kentuckian
I'm like most Freepers, I work, still have a job for now, and I save money to a 401k, IRA. My money is still right where it is when this current crash started, but a lot less of it.
The US debt is out of control and with these corona virus mega spending bills there is no way that the US will ever come out of debt. One day, the US economy will in fact crash from this mounting debt, it's inevitable given we are not deviating from our path. And when it all comes down it will make the virus crash look like a mild correction.
When that day comes the market will go to zero and banks will NOT give us our money. Everyone will default on their debts in order to hoard what little cash they have. Inflation will skyrocket, dogs and cats living together, Armageddon.
My question is what are you doing with your money to get ready for that day. What investments are you using? What do you recommend?
This is a serious thread so lets dispense with the lame jokes about me giving you my money. I'm asking on this forum specifically because a lot of Freepers are extremely smart, connected, and in the know about a variety of topics.
He is Risen! Happy Easter!
i have not lost a dime, annuities and land, ammo and firearms. savings account and cash.
You're oversimplifying. The growth of the welfare state,
of out-of-control government,
of mass importation of dependent foreigners,
the mass importation of working foreigners,
the rise of women in the workforce,
the explosion of consumer credit,
the cult of the walk-on-water CEO,
the laws making it a better deal to fund businesses with debt rather than stock,
the phenomenon of stock options as payment for executives,
the rise of executive pay compared to workers,
the flood of government regulation,
the plague of lawyers,
also all had their part.
The debt obviously cannot be repaid. The FED is under Treasury now. Agree that the banksters at the FED will get loaded with debt. I’m unsure how the conversion to a gold standard will impact the value of currently in IRAs, etc.
“... The US debt is out of control and with these corona virus mega spending bills there is no way that the US will ever come out of debt.”
I get all the arguments for reducing the debt and they are all correct.
Here’s the reality: Once you’re 20 trillion in debt, there’s no effective difference to being 24 trillion in debt. There’s no way the US was EVER coming out of this debt. Ever. Ever.
Amen and amen.
Absolute truth.
Hopefully in my pocket or stuffed inside my mattress.
Why, nonsense! Those nice people on the radio screaming”BUY GOLD!!!!” into my ear, and telling me that they’re selling it well below the cost of producing it, and China and India and all the big banks are buying 50 billion ounces in the next month, they wouldn’t lie to me!!! No way.
She was very good at saving money, and must’ve really trusted you. $100K from 1975 in today’s money would probably be well over $400K.
I'll (hic) never tell! (hic)
I’m waiting for Pres. Trump to announce, we did all we could without committing national suicide, it’s time to turn the corner.
Over a length of time (2-3 years), in parallel with merging Fed inside Treasury under Judy Shelton and deactivating its system, Trump establishes interim negative Interest rate policy (NIRP).
Entire national debt and deficit (~$25 trillion) refinanced under NIRP at -3% yields $750 billion wiping out US deficit in 1.4 years, creating fiat surplus to pay for pandemic costs and infrastructure overhaul and further US Debt buybacks.
After 3 years, NIRP is halted with replacement of federal reserve fiat notes by Treasury issued gold-indexed US Notes bringing in sound money, stable currency.
America enters new Golden Age of prosperity.
Within ten years:
Side benefits to ending Fed off-books dark funding games:
Other side benefits of ending Fed system:
Personal side benefits and wish list:
Imagine the possibility of paying off the entire US National Debt -- with $1 Trillion denominated Platinum Proof Coins (per the 1996 Coinage Act). Article below from the Cato Institute -- a libertarian-leaning think-tank. MMT’s Big Coin Gambit
The corporation of private banksters – The Federal Reserve – needs to be put out of business and the Constitutional re-establishment of the US Treasury as the issuer of US currency (recall United States Notes).
FReegards!
WHERE are you getting 3% on a CD? For how long?
Keep some cash at home. Don’t just invest in stocks and bonds-get some real assets. Consider a full pantry of food and necessities to be an investment—printing excess money usually leads to inflation—get it now. Gold, Silver, Land, any thing tangible that is “cheap” now can be sold or bartered later.
Over the years, I’ve always read that one of the first items to disappear in an emergency would be toilet paper. LOL. Wish I had bought a garage full over the last few years—I could sell it at a nice profit now.
A person needs air, shelter, water, food, medicines, guns and ammo. Whatever you can do to stock up on these—always a good investment. YMMV
> “The debt obviously cannot be repaid”
You are absolutely correct.
See #31 above,
But here’s an idea, as the Fed fiat printing mechanism (or digital creation ability) is retired, the portion of the public debt held by the Fed and the US Government, about 50% or ~$12 trillion, is deferred indefinitely as in forever, letting it and it alone continued as federal reserve note fiat units which are taken to Weimar levels and allowed to disintegrate organically ending the fiat system altogether.
The remaining $12 trillion in US Debt held by investors and foreign interests can be substantially reduced by tax surpluses ramping up to a trillion per year. Given a golden age cycle of 10 years, this $12T US Debt can achieve a 50% reduction leaving the rest as a manageable line item.
Many will think reducing the debt by the above means is a pipe dream but US Oil and LNG exports are set to dominate the world. After the current glut fades, the US will emerge as the world’s leading fuel provider for decades. I’ve said it before, I’ll say it again, from direct observation, the Bakken alone contain proven reserves 10 X all of Saudi Arabia’s proven reserves. This is only one pathway to reducing the public debt to manageable levels.
The migraion of IRAs and other retirement vehicles into the trading exchanges under ELISA was an abomination. These pension funds and personal retirement accounts in my view need to be placed into tightly regulated federally insured blockchain accounts under an enormous decentralization reform act applied to the current banking system.
We will need innovative technology to create securities for stable retirements. In any case, it should be extracted, kicking and screaming if necessary, from exchange risk with the incestuous inbred oriented Wall St. fund managers. There will always be a place for wealth managers but the ones catering to middle class will have to be redirected to new products. They will adapt as their expertise focuses on seeding and growing dollar crops for future harvest. No one likes to change old habits. Well, tough. They will do fine once their asses are kicked hard enough.
Thank you. What gives great confidence is Donald J. Trump knows all this and more.
But oh my God, how the central banks and the ruling families behind them are fighting him, willing to kill off a large part of the population just to keep control. It’s not surprising as wars in the past have taken out hundreds of millions.
We can do that (just print money) as long as we're the world's reserve currency. But what happens if/when that ever changes. Twenty-three countries are now setting up lines to bypass the dollar. China is already trading with India and I think Russia not using dollars.
Meant #131, not #31.
It took the Soviet Union 70 years to collapse and they had a terrible, centrally planned economy. The US’s debt will eventually come back to haunt this country, but exactly when and how sever it will be are unknowns.
There is a term in economics called the ‘sudden stop’ and I expect this will eventually happen to the US.
https://www.investopedia.com/terms/s/sudden-stop.asp
JoMa
Another mistake, I need to take a break.
In #135, I meant #131, not #31.
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