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Liberty News ForumLNF Forums HereEconomics, Financial News › Get Your Money Out of The Banks
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Hot Topic (More than 10 Replies) Get Your Money Out of The Banks (Read 665 times)
TowardLiberty
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Re: Get Your Money Out of The Banks
Reply #10 - Jul 25th, 2017 at 11:37am
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michiganFats wrote on Jul 24th, 2017 at 1:52pm:
One more thing..."economist of the year"...is that the norm?


Oh I can almost feel the heat emanating off your butt hurt.

So upset that the board does not see me through the eyes you do...

I love the way you walk into these econ conversations with such authority and gravitas, only to betray your innocence with some insane comment, such as the one you made about the dollar not being fiat money.

And to pair that with a quip about my silly award betrays deep jealously and envy.

I love it.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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michiganFats
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Re: Get Your Money Out of The Banks
Reply #11 - Jul 25th, 2017 at 3:37pm
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TowardLiberty wrote on Jul 25th, 2017 at 11:37am:
Oh I can almost feel the heat emanating off your butt hurt.

So upset that the board does not see me through the eyes you do...

I love the way you walk into these econ conversations with such authority and gravitas, only to betray your innocence with some insane comment, such as the one you made about the dollar not being fiat money.

And to pair that with a quip about my silly award betrays deep jealously and envy.

I love it.


Let's make this easy then. Get you money out of the banks. What happens then? Break it down.

Of course, just remember this has already been done in the past and it was never pretty. But, you have a point to make so go for it.

And then I will explain exactly why you're wrong.
  
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TowardLiberty
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Re: Get Your Money Out of The Banks
Reply #12 - Jul 25th, 2017 at 5:17pm
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michiganFats wrote on Jul 25th, 2017 at 3:37pm:
Let's make this easy then. Get you money out of the banks. What happens then? Break it down.

Of course, just remember this has already been done in the past and it was never pretty. But, you have a point to make so go for it.

Well first off all, I don't recommend pulling your money out of the banks.

There is nothing wrong with a checking account. But these days saving accounts are pretty silly with interest rates where they are.

In another thread in the finance forum I recommended cryptocurrencies as the best investment right now. I would also put money into index funds on the dips.

I definitely would not park more than 10 or 15% of my assets in cash at the bank. You need some for emergencies and to be liquid, but any more than 30 or 40K in your checking account is probably excessive.

I would diversify into Bitcoin, Litecoin, Ether, Dash, and Monero. And I would have somewhere around 10% of my net worth in precious metals.

What happens if this becomes a common thing to do? Well that causes cryptocurrencies to become more valuable and that decreases the demand for fiat money. So fiat money circulates at a quicker pace. The increase in velocity of fiat money further reduces its exchange value. That leads to a reflexive situation where weaker fiat currencies inspire fear and flight into crypto, which further weakens fiat and strengthens crypto.

Economic uncertainty could speed up this process. Eventually it could end in a crack up boom, where prices in fiat currencies become so unstable that crypto-currencies go mainstream. At that point you would see Fedcoin and the rest of the establishment block chain projects go live. If not before.

Bail ins, capital controls and negative interest rates will speed up the adoption process for cryptocurrencies.

And when indebted governments turn to central bank monetary expansion to inflate away their debts in real terms, this will also drive people to crypto.

Who knows how this plays out but I would predict what I have outlined above is a good map to where we are heading in the next 20+ years.
« Last Edit: Jul 29th, 2017 at 12:12pm by TowardLiberty »  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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The Original Wally
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Re: Get Your Money Out of The Banks
Reply #13 - Jul 27th, 2017 at 12:16pm
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michiganFats wrote on Jul 17th, 2017 at 2:04pm:
Excellent post Wally.

Many of those looking to hedge their bet by pulling their money off the economic grid by purchasing gold or anything else, are the same ones who fail to recognize that we are all in the same boat together and if is sinks, we are all going down.  The government didn't allow individuals to escape in 1933 when they outlawed the private possession of gold and they would do the same thing whether someone put all their marbles in ...er, marbles!

We must fix what is wrong with our country.  Whether one is patriotic, civic minded or just motivated by self interest and personal greed, the only way American's survive is if America survives and we make America great again!
  

" The few will always act like the few.”

–Machiavelli

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TowardLiberty
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Re: Get Your Money Out of The Banks
Reply #14 - Jul 27th, 2017 at 12:28pm
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The Original Wally wrote on Jul 27th, 2017 at 12:16pm:
Many of those looking to hedge their bet by pulling their money off the economic grid by purchasing gold or anything else, are the same ones who fail to recognize that we are all in the same boat together and if is sinks, we are all going down.  The government didn't allow individuals to escape in 1933 when they outlawed the private possession of gold and they would do the same thing whether someone put all their marbles in ...er, marbles!

We must fix what is wrong with our country.  Whether one is patriotic, civic minded or just motivated by self interest and personal greed, the only way American's survive is if America survives and we make America great again!

You can do both.

You can try to reform the politics of the society you are in AND try to protect your family at the same time.

Seizing gold held in safety deposit boxes is one thing (1933). Try doing that when it is buried underground! Or hidden offshore!

And then there is Bitcoin and the cyptocurrencies. The government will be frustrated when they try to tax and control those assets.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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TowardLiberty
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Re: Get Your Money Out of The Banks
Reply #15 - Jul 27th, 2017 at 4:39pm
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michiganFats wrote on Jul 25th, 2017 at 3:37pm:
And then I will explain exactly why you're wrong.

  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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