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Posted on 02/23/2016 11:52:34 AM PST by dennisw
Start buying up junk silver and frational gold.
Why would you trust a bank with your gold if you can't trust them with cash?
Just sayin.
Chase does not allow you to store gold or cash in a safe deposit box.
Democrats are useful idiots. Do not look to them to save anything.
Many years ago a Federal Reserve economist was interviewed on a local talk show after writing a paper on what to do in our current situation (low inflation, near zero growth, interest rates pushed down to zero and no one responding like they “should”) and the proposal that got everyone’s attention was expiring money so that its value would automatically decline if you hoarded it outside of the banks. I even got a copy of that paper mailed to me. I wish I knew what happened to it.
The debt is now 20 trillion. If they actually do this, it is a sign that there is an even bigger fish out there that they are more afraid of.
Four or five years ago I had a relative go to the bank and withdraw $25K in cash. The bank employees about died when they made their request, wanted to know why. The relatives response was none of your business. As far as I know they took it home and stuck it in a bolted down safe or hide it in the wall or something.
Had another relative in Georgia in the same time frame go in and asked to withdraw $15K in cash, he was going to buy a used truck and had always used cash to buy his vehicles and the bank flat out refused to give him his money except in $2K increments over several days. Enraged him and he eventually pulled every penny out in cash and told them to go to hell, he would never set foot in their bank every again.
Once the banks go negative with interest rates they will limit your withdrawal amounts even further to prevent bank runs, then comes the well, to stop bank runs will just ban cash. They will not go after those wanting to use cash but after businesses to stop accepting cash. Then barter returns.
Fixed. If you don't have physical possession, you don't own it. Banks have been known to confiscate the contents of "safety" deposit boxes.
Several of my mates there found themselves in a real bind having to buy a dozen televisions, furniture, tools, etc. that they didn't need. A bit of creativity on their part got them some of their money back, but not all of it.
My business will crumble without cash which means I'll be vying with Juan, Esteban, Mustafa, and Evgeny for prime position in the government freebie line.
What Central Banks will do without cash is reduce interest rates to -20%, which will effectively be a tax on your bank account unless you SPEND IT ALL.
It will be a massive tax increase on liquid cash savings.
That’s the goal.
“MASSIVE TAX INCREASE”
Our grandkids will be using barter - and it will be against the law!
It isn’t as if gold wasn’t once stolen by the FedGov.
https://en.wikipedia.org/wiki/Executive_Order_6102
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt “forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States”. The effect of the order, in conjunction with the statute under which it was issued, was to criminalize the possession of monetary gold by any individual, partnership, association or corporation.
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (consumer price index, adjusted value of $378 today[4]) per troy ounce.
The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce ($640 today[4]). The resulting profit that the government realized funded the Exchange Stabilization Fund established by the Gold Reserve Act in 1934.
I think that Executive Order 6102 would be ripe for another constitutional challenge provided that our spineless Republican Senate can hold their water long enough for a new president to replace the Honorable Justice Scalia.
Buy Hallmark figurines and ornaments. You can get them heavily discounted after holidays. Buy collections that hobbyists love at retail prices. For instance, we have purchased multiple sets of figurines that retail for $10 to $15, and a few years later some go for $300 each. Sell one, and it more than pays for the set.
A brother-in-law regularly buys new comics in bulk. Within a few years he sells some of the quantity to enable buying more. He often buys ten of each issue, and sells off the excess later at a huge profit. Comics can go up ten to a hundred times value over time.
There are ways to use your cash without holding cash. And it pays interest.
Thereby really deepening the Depression. If people want to know how a socialistic government in the US would work, just read FDR’s terms in office and what he did. He prolonged the Depression just by what he did and it was WW2 that brought us out of it.
If that’s the case, we won’t be having grandchildren, the end is closer than that.
Can you eat gold? Shoot it? Drink it? Is it good for treating disease or viruses? If the answer is no, then it’s not worth anything.
It will happen, it’s just a matter of when.
Bible spells it out for us.
“Can you eat gold? Shoot it? Drink it? Is it good for treating disease or viruses? If the answer is no, then it’s not worth anything.”
Thank you Jeremiah Johnson. But aside from Mad Max or some other feral survivors of the apocalypse, it is indeed, “worth something”. If you doubt me, go to the darkest most primitive village on earth. Ask one for something you need. Show a gold Baht chain and offer two links.
It is worth something.
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