WARNING: COLLAPSE OF FINANCIAL SYSTEM! - Protect Your Money NOW! - Dr. Kirk Elliott On The CRASH I have setup myself in 2008-09 to date , Knew this was coming.. Do it in small amounts and weekly or ,,depends on amt. of moving needed. Last loan I had was in 1969 , rest is paid / pain in full . Even Birds Sloth
Fed / Treasury created this whole mess. lowered the reserve requirements to zero because everyone got put on hiatus for the wuflu. then they printed a shit ton of money and lowered interest rates. then as people put the money in the banks the banks had to offset the liabilities (deposits) with assets (treasuries) that paid nothing. then came the inflation due to all the excess money in the system chasing goods in a broken supply chain then came the inflation taming interest rate hike tear causing existing treasuries to lose value due to new treasuries paying a higher rate. Then the customers/depositors seeking higher rates pulling out their money forcing banks to sell their old underwater treasuries that they intended to hold to maturity and had to realize a loss on their balance sheet into mark to market accounting. and BOOM! here we are. I'm 'sure' they'll get us out of it.
...don't forget BofA took $45 billion in bailout...and were forced to buy bleeding from all orifices Countrywide for $4.1B... likely because FASB turned off the "mark-to-market" rule... BofA and Wells should have been insolvent... but they got bailouts and rule changes to save them..
I heard , or read last night that that bank was the one that China had their US investment money at ,, could be a big reason Bedumb bailed them out ,, to protect his cash cow .
Heard they weren't going to bail them out and that fdic was going to cover all the accounts. Then I hear they gave 10s of millions of dollars to DNC money laundering fronts. Now all of a sudden they are being bailed out. Hopefully they shit canned the diversity hire risk management person. Some banks just need to fail. Like bank of America and nationwide. They should have been drawn and quartered then the bits sold off at. When institutions get too big they become like government. They retain a bunch of useless employees who preforme busy work the purpose of which no one can even begin to explain or rationalize and retarded people who make stupid decisions get promoted.
What I heard, but do not understand, is that ALL the deposits were covered, not just the FDIC $250K but even if they had more. I find that very strange...especially since Biden assured everyone that the taxpayer wouldn't being paying but the banking industry. Hmmm... Strange. And, if indeed Chinese investments were in that bank (which I have not heard yet) then this would explain some of it. Yep! This is exactly what happened but apparently SVB was not only incompetent but reckless and frivolous also, not sure about Signature. Again, I think we'll know within 2 weeks if this is escalating or slowing or what.... Isn't the Fed suppose to meet this week to decide an Interest Rate hike to slow inflation? Man-oh-man, if that happens, I bet more banks will end up on the bone pile. I also think, we will start to see the end of local and regional banks, only the big ones will survive. In fact, the little ones are no longer needed and are proving to be riskier....I hope this and not the final push for digital currency. I must admit that I am a bit freaked out but not much I can do. Luckily, I have my money distributed via CDs in numerous banks so I can depend on the government FDIC protection. LOL! That's what freaks me out, depending on the government to protect me! LOL!!! What a freaking mess....I wonder now if we'll make it to 2024. And, if China doesn't attack Taiwan now then they never will... ***Gold currently up $50 today to $1972...it was at $1820 on 7 March.... this is not a good sign.
I've already started moving my money to a more secure location... Can't talk TLMrs into converting some into PMs so it will have to be cash.
Well, I wrote the above post at 10:45 PST, ~5 hours ago. The price of Gold is now $1988, up $66 today. Given the rise and fall over the previous months, this is a huge jump. I am not sure what to do with my savings so I cannot comment because I frankly don't think there is a good answer. I do think I will bring home some more cash but that's a drop in the bucket... The ONLY thing we got going for us is the Dems know the elections are riding on this so they will do everything possible to soften the blows...unlike their actions would be if the Republicans were in. They problem is they got themselves between a rock and hard place for if they raise interest rates to control inflation, then more banks will fail and if they don't raise rate then inflation rises.... "I've already started moving my money to a more secure location..." Like maybe to Russia? LOL!!!!! EDIT: Many are moving to Mutual Funds which I have never liked but it is out of the banks.
Talked with a gold broker yesterday, he said the phones were ringing off the hook and their supply was dwindling rapidly
I read many are moving their savings to mutual funds thinking that stock value will indeed decrease but that's better than a bankrupt bank. I simply have never liked mutual funds and if I went this route, I would move to blue chip stocks instead. I do think the bigger banks will come out the winners in all this and moving one's money to them, no more than FDIC will cover, might also be an option. Also, ask your bank because I believe FDIC regulation says: FDIC Insures $250K per bank, per person so with a joint account (you and spouse) your coverage could be $500K, not $250K. I know this is the case in Brokerage accounts but not sure about banks. What I have done is break up my money into bite sized chunks which supposedly is protected by the FDIC. Frankly, I don't trust the government and certainly not when it comes to my money. Nevertheless, given limited options, I have multiple CDs with multiple different banks via Fidelity with the balance that's not held in CDs held in Cash Reserves by Fidelity. The obvious Achilles heel in this is 1. If Fidelity goes under then so then do I but I think the risk is much less. 2. The US government will not honor its FDIC commitment or change it somehow. Buying gold is at this point will either give you a huge profit or give you a huge loss. I will buy some but not 'go for broke' with the total of my savings. This may be my undoing but without a crystal ball one simply doesn't know which way to turn or what the future holds. Like I said, there is many reasons for the Democrats, the current Powers, to not want the financial market to go under, namely the 2024 elections. However, I also believe this crisis could be used as the driving factor to totally change the financial world and go to a digital currency. IMHO I believe there is a very good chance of that... Anyway, that's what we have done and at this point I think it is all I can do. I wonder if we will ever will get back to normal. I'm so sick of a new crisis every week, a new disaster, a new international problem.... The Trump days were damn good days, when we had real leadership. He wasn't perfect but the best we ever had, and I would take him again in a heartbeat.
FDIC (banks) cover 250k but prior to the pandemic it was only 100k NCUA (Credit Unions) cover 250k again was previously 100k The above applied only to deposit accounts: checking, savings and money market accounts and certificates of deposit in most cases. For Brokerage accounts you are covered by SIPC. The coverage is typically 500k. Depending on the agreement you have with your broker/dealer. Your cash in the account is insured to 100k or a maximum of 250k. The balance of the insurance coverage is for securities. Coverage for the securities does not protect you from securities decline in value but the quantity / number of securities that you hold. So if you have 100k cash, and 4000 shares of a 100 dollar stock/bond/EFT you are protected. So if Fidelity goes bust, when they break up the company and your assets are moved to a new dealer, you'll still have the same quantity of cash and shares. Granted, the 4000 shares may now only be worth 50 bucks each but you will have the same number of shares ... unless of course those shares were in a company that went bankrupt .. those would be 4000 shares of zero worth. Anyway. If you get a half million dollar inheritance and want to put it in a brokerage, 100k in cash and put the other 400k into a short duration bond ETF like BIL (t-bills) which is basically liquid as you are going to get and can be converted to cash at par in short order. Unlike buying land, that is going to take a while to convert to cash. It's all about how fast you are going to need access to the cash. How much are you going to need for daily operations, weekly, monthly, or some other time horizon. As for me, I don't have to worry. I'm working until noon the day of my funeral and can use my paycheck to cover expenses until i don't have a paycheck .. then i'll have to figure things out. EDIT: Standard disclaimer. I am not a financial planner, nor your financial planner. None of my comments should be construed as financial nor life advice.
Agreed Sloth, I don’t thing this crisis was planned, though the banks by their “wokeness” certainly brought it on, but the Government saw this as a golden opportunity to roll out CBDC and attempt to enslave us all the more. Looks as if this may be the real for torches and pitchforks and perhaps a little tar and some feathers.
Yep, Credit Suisse is gone. She got bought out by UBS. Share holders are taking a 60 percent haircut on the share swap. 1 UBS share for 22.4 shares of CS. LMAO that deal values the share price of CS at .8125 USD per share .. it closed on friday at 2.01. I wonder how many pension companies have CS in their portfolios. EDIT: mutual fund shareholders: Mutual fund Stake Shares owned Total value ($)l Kopernik Global All Cap Fund 0.10% 4,064,391 12,477,680 Heptagon Fund Plc - Kopernik Glob... 0.07% 2,623,578 8,054,384 DFA International Core Equity Por... 0.03% 1,283,002 3,938,816 DFA International Value Series 0.03% 1,195,011 3,668,684 Avantis International Equity ETF 0.02% 591,385 1,815,552 DFA Large Cap International Portf... 0.01% 534,955 1,642,312 Kopernik Global Collective Invest... 0.01% 493,545 1,515,183 Dimensional International Value E... 0.01% 416,806 1,279,594 Dimensional International Core Eq... 0.01% 349,920 1,074,254 DFA International Sustainability ... 0.01% 287,904 883,865
