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(Think Progress)   Do you still have money in your bank account? You might want to withdraw it until after October 18th. You see, the thing with bank runs is you don't want to be the last one there   (thinkprogress.org) divider line 234
    More: Scary, bank accounts, Sen. John McCain, Christine Lagarde  
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18424 clicks; posted to Main » on 08 Oct 2013 at 5:35 PM (39 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



234 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2013-10-08 05:17:00 PM
Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit
 
2013-10-08 05:21:49 PM
I intended to leave my money in the bank.  I have bills to pay.
 
2013-10-08 05:25:21 PM
Money? I don't need no stinkeen money.
 
2013-10-08 05:26:26 PM

cryinoutloud: Money? I don't need no stinkeen money.


Only drug dealers and conspiracy theorists use cold hard currency

Everyone else just swipes plastic
 
2013-10-08 05:27:05 PM
People still use cash?
 
2013-10-08 05:27:33 PM
I don't need money. I have these certificates saying I own gold. My plan is foolproof.
 
2013-10-08 05:29:01 PM

netweavr: People still use cash?


Chinese food place here in town is cash or check only. Several places around like that.
 
2013-10-08 05:30:50 PM

cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit


Yeah, if the US defaults, the FDIC will still pay you. Right?

/don't think there are going to be bank runs
 
2013-10-08 05:31:27 PM

cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit


I'm not sure where the FDIC fits in Ted Cruz' list of priorities. I don't want to say he'd actually toy with allowing the credit of the United States to be called into question, but... ok, yeah, I actually think I do want to say that.

Is "every person who owns a T-Bill" on the LOPCATGOPATA yet?
 
2013-10-08 05:32:13 PM
and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?
 
2013-10-08 05:34:11 PM

skinnycatullus: cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit

Yeah, if the US defaults, the FDIC will still pay you. Right?

/don't think there are going to be bank runs


FDIC operates under the Full Faith and Credit of the United States. If no one has faith and credit in the ability of the United States to pay its obligations, game over.

/Then again, if no one has faith in the US paying its obligations, the US Dollar becomes worthless anyway
 
2013-10-08 05:35:03 PM
I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.
 
2013-10-08 05:35:51 PM
You know, I'm pretty sure it's a felony to incite a bank run, or to impugn the financial condition of a federally insured financial institution.  So, yeah.  Maybe let's not do that on Fark.
 
2013-10-08 05:35:56 PM

Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.


I have penicillin and a working uterus. I will be your overlord.
 
2013-10-08 05:36:32 PM

Necessary: You know, I'm pretty sure it's a felony to incite a bank run, or to impugn the financial condition of a federally insured financial institution.  So, yeah.  Maybe let's not do that on Fark.


Um..what?

Stating that Bank of America is a cocksucker is not a felony.
 
2013-10-08 05:37:55 PM
I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry
 
2013-10-08 05:39:18 PM
Never a problem. I'm always broke the day after payday, anyway. Well, not completely, but as far as the bank's concerned, yep, tapped out.
 
2013-10-08 05:39:38 PM

Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry


i never thought about eating my neighbors.
 
2013-10-08 05:39:45 PM

Necessary: You know, I'm pretty sure it's a felony to incite a bank run, or to impugn the financial condition of a federally insured financial institution.  So, yeah.  Maybe let's not do that on Fark.



Given that the US House of Representatives has being doing nothing BUT impugning the financial condition of all federally insured financial institutions, I doubt that FARK has much to worry about.
 
2013-10-08 05:40:08 PM
Starting a bank-run, however, is something that maybe one should aspire to be last in.
 
2013-10-08 05:41:08 PM

Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.


All I have is a shotgun and a can opener.  We should get together and talk about our plans.
 
2013-10-08 05:41:10 PM

Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.


Your kind always die in the first wave. :P

"if the time comes I need one, there'll be plenty lying on the ground"
 
2013-10-08 05:41:58 PM

what_now: Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.

I have penicillin and a working uterus. I will be your overlord.


Pfft. I'm allergic to penicillin. Z-packs are where it's at.
 
2013-10-08 05:42:06 PM
Oh look, the left trying fear mongering.

// Nothing is gonna happen (much like their G.W. predictions)
 
2013-10-08 05:42:11 PM

what_now: Stating that Bank of America is a cocksucker is not a felony.


No, but saying, "Bank of America is going to be out of cash on the 18th, so withdraw yours now because BoA won't be able to survive it" might be, particularly if it results in damage to a financial institution.  Just saying "they have bad customer service," perfectly fine.  I said impugning the financial condition, not the quality of operations.
 
2013-10-08 05:42:44 PM

OnlyM3: Oh look, the left trying fear mongering.

// Nothing is gonna happen (much like their G.W. predictions)


where?
 
2013-10-08 05:42:48 PM

dustman81: skinnycatullus: cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit

Yeah, if the US defaults, the FDIC will still pay you. Right?

/don't think there are going to be bank runs

FDIC operates under the Full Faith and Credit of the United States. If no one has faith and credit in the ability of the United States to pay its obligations, game over.

/Then again, if no one has faith in the US paying its obligations, the US Dollar becomes worthless anyway


If the US currency collapses you have far bigger concerns than the $30,000 you had in savings.
 
2013-10-08 05:44:17 PM

Isitoveryet: Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry

i never thought about eating my neighbors.


I think about eating her all the time. Oh wait. I think we're talking about different things.
 
2013-10-08 05:44:44 PM

MisterTweak: LOPCATGOPATA yet?


who's in charge of that list, anyway?
 
2013-10-08 05:46:21 PM

Isitoveryet: Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry

i never thought about eating my neighbors.


Most of mine are republican so they would probably be mostly gristle. Definitely not a T-bone to be found anywhere
 
2013-10-08 05:46:25 PM
Why would there be a bank run? I'm confused.
 
2013-10-08 05:46:54 PM
I have hoarded over 50 terabytes of ebony tickle porn and several cans of catfish grease. My left forearm looks like Popeye's so I'm pretty sure I will be able to find a vein if I decide to overdose on cheap Mexican heroin.

Seriously, please put more pictures of your fat children on Facebook. I'm thinking that not only will they be plump and tender, but slow and easy to catch.
 
2013-10-08 05:47:02 PM

Necessary: what_now: Stating that Bank of America is a cocksucker is not a felony.

No, but saying, "Bank of America is going to be out of cash on the 18th, so withdraw yours now because BoA won't be able to survive it" might be, particularly if it results in damage to a financial institution.  Just saying "they have bad customer service," perfectly fine.  I said impugning the financial condition, not the quality of operations.


The First Amendment does not protect against making a bank look foolish? Really? I don't think that's true, and I have a GED in Law.
 
2013-10-08 05:47:02 PM

OnlyM3: Oh look, the left trying fear mongering.

// Nothing is gonna happen (much like their G.W. predictions)


Shhh. The left is busy letting Obama destroy America and laughing as ObamaCare cripples the country. It's the worst law ever, after all....
 
2013-10-08 05:47:37 PM

DamnYankees: Why would there be a bank run? I'm confused.


Not a full run. Just a 5k.
 
2013-10-08 05:47:38 PM
HOLY SHIAT We're all gonna die!!
 
2013-10-08 05:48:17 PM

DamnYankees: Why would there be a bank run? I'm confused.


Cause Boehner hasn't yet delivered quite ALL the money to his rich pals and people are afraid he's comin' for the small change next
 
2013-10-08 05:49:44 PM

OnlyM3: // Nothing is gonna happen (much like their G.W. predictions)


The one where G.W. is going to insert us in an unnecessary military conflict that resulted in lots of unnecessary American and Iraqi lives lost?
 
2013-10-08 05:50:25 PM

FarkingReading: I think about eating her all the time. Oh wait. I think we're talking about different things.


vitamin P, it's good for overall health.


Majick Thise: Most of mine are republican so they would probably be mostly gristle. Definitely not a T-bone to be found anywhere


you can also render their fat deposits and us that as lantern oil.
 
2013-10-08 05:50:28 PM

DamnYankees: Why would there be a bank run? I'm confused.


There won't be. George Bailey will talk sense into the townsfolk.
 
2013-10-08 05:51:12 PM

Truther: HOLY SHIAT We're all gonna die!!


I've been promised eternal life.
 
2013-10-08 05:51:38 PM

mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.


And I have a gun that says I own a gun. I win.
 
2013-10-08 05:53:38 PM

DamnYankees: Why would there be a bank run? I'm confused.


Treasuries are commonly held as a very safe investment used to meet reserve requirments by insurers and lending institutions.  If those are suddenly worth less than they were previously believed to be worth, then the insurers and lending institutions suddenly need to increase their cash positions to offset the loss to maintain their reserve requirements.

If everyone suddenly needs cash, this tends to cause banks to collapse.  See 2008.
 
2013-10-08 05:53:38 PM
Don't worry, it will be just like the Great Depression. When after the economic collapse a charismatic leader rose up and showed the oppressed how to fight back. Sure he was a community organizer and socialist, but he sure did get those trains to run on time, built a car for everyone, and showed those rich accountant, banker, money grubbing 1%er why they could no longer hoard money. Why he even had a Freedom Through Work program that put those lazy undesirable welfare bums to work on useful civic projects. Like building community gas lines, ovens, and vehicles.
 
2013-10-08 05:53:42 PM
yafh.com
 
2013-10-08 05:53:50 PM

cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit


Your money is guaranteed... just not today :)

The FDIC can take it's sweet time and most of us with less than 100k in the account have bills to pay.
 
2013-10-08 05:54:17 PM
Hi! Could you put all of the bits representing my money in this bit bucket? Thanks.
 
2013-10-08 05:54:20 PM

DamnYankees: Why would there be a bank run? I'm confused.


There shouldn't be. But people are stupid. The problem is bank runs become a self-fulfilling prophecy if there are enough stupid people.
 
2013-10-08 05:56:08 PM

mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.


this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns
 
2013-10-08 05:56:12 PM
cman * * Smartest * Funniest 2013-10-08 05:17:00 PM Why do we still have bank runs? Besides those who have over 100k in the bank, people don't have to worry one bit
=========================================================

A) It's 250k now.

B) Sure, it's insured by the FDIC, but when you can't print new money to cover the debt, you can't really insure it.
 
2013-10-08 05:57:52 PM

noazark: [yafh.com image 640x480]


Heh - Oliver.
 
2013-10-08 05:58:33 PM
I heard a Congressman on the radio and he said that all this about default was Obama's ghost stories to scare people into socialism.
 
2013-10-08 05:58:44 PM

skinnycatullus: Yeah, if the US defaults, the FDIC will still pay you. Right?


If the US defaults, the dollar becomes worthless, and the FDIC crumbles...exactly what will withdrawing your money have accomplished?

Sure sure, I guess you could have transferred it to an overseas bank or otherwise into some other currency, but that's not quite what a "bank run" means.  This is 2013, it's either floating and working, or the whole world will be gone to hell.
 
2013-10-08 05:59:04 PM
Hmmm, ATM's overstuffed with cash. Is this something a bank should announce it to everyone?
 
2013-10-08 05:59:47 PM
"Is......is that a bank outside?"

1.bp.blogspot.com
 
2013-10-08 06:00:04 PM
I cash my checks at Walmart and refuse to own a bank account. doubting the line is going to be huge when I go to get MY money.
 
2013-10-08 06:00:43 PM
Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.
 
2013-10-08 06:01:04 PM

LemSkroob: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

And I have a gun that says I own a gun. I win.


My guns say they will treat your guns like long lost relatives after I take them.

/everybody has guns
 
2013-10-08 06:01:24 PM
Well time to get that chest freezer and stock up on venison and boar. Also get the greenhouse up before winter.
 
2013-10-08 06:01:41 PM

Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns



I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims.  Sort of like buying a single stock - easy to manipulate by outside forces.
 
2013-10-08 06:02:00 PM

seanpg71: If everyone suddenly needs cash, this tends to cause banks to collapse.  See 2008.


You know what's crazy? The Wachovia bank run involved only 1% of its total deposits. That single percent was enough to destabilize the bank. Banks don't keep a huge amount of cash on hand, so an unexpected panic that causes a run (justified or not) can cause major issues.
 
2013-10-08 06:02:27 PM

seanpg71: DamnYankees: Why would there be a bank run? I'm confused.

Treasuries are commonly held as a very safe investment used to meet reserve requirments by insurers and lending institutions.  If those are suddenly worth less than they were previously believed to be worth, then the insurers and lending institutions suddenly need to increase their cash positions to offset the loss to maintain their reserve requirements.

If everyone suddenly needs cash, this tends to cause banks to collapse.  See 2008.


This, all the big banks are underpinned with Federal Treasury Bonds. I am not sure the FDIC insures crap in a scenario where banks go under because 25% of their investments aren't receiving interest payments from that same government.

/withdrew my money yesterday, bills paid for the month
//no one sees this coming until suddenly your Cyprus
 
2013-10-08 06:02:30 PM
Good thing I have no money. Showed them!
 
2013-10-08 06:02:57 PM

Majick Thise: Isitoveryet: Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry

i never thought about eating my neighbors.

Most of mine are republican so they would probably be mostly gristle. Definitely not a T-bone to be found anywhere


Are you kidding?  Beer fed, raised on a couch in front of a tv, aged, and very well marbled.  Republicans are delicious.
 
2013-10-08 06:04:12 PM

mediablitz: LemSkroob: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

And I have a gun that says I own a gun. I win.

My guns say they will treat your guns like long lost relatives after I take them.

/everybody has guns


Yeah, my glocks and sigs tried to conquer the gunsafe, had to send in the 1911s and Smith and Wessons, along with the Enfields, to stop em and prevent any more of my Jerichos frombeing gassed. The goddamn nambus started hurling themselves at me though, that was annoying.
 
2013-10-08 06:04:30 PM
Eff it, raise the debt ceiling for Obama. As high as he wants and let him spend what he wants.

Kick the can down the road and let our children and grandchildren pay it off.

We will all likely be dead by then of natural causes.
 
2013-10-08 06:04:34 PM

Supes: DamnYankees: Why would there be a bank run? I'm confused.

There shouldn't be. But people are stupid. The problem is bank runs become a self-fulfilling prophecy if there are enough stupid people.


If there's a bank run, the stupidest people are the ones who never thought it could happen. They are the people who show up after the bank doors have been locked and a sign saying "Closed until further notice".

The people who are absolutely sure that a bank run won't happen are those who never bothered to pay attention during their history classes. It has even happened as recently as 2008 at Washington Mutual. I'm certainly not saying that it will happen, but anyone who is sure it won't is an idiot, and should never be relied upon for financial advice.
 
2013-10-08 06:04:56 PM

TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.


Most don't. Also, what good is a jewelery metal during doomsday? People are going to want necklaces?
 
2013-10-08 06:05:55 PM

IamAwake: skinnycatullus: Yeah, if the US defaults, the FDIC will still pay you. Right?

If the US defaults, the dollar becomes worthless, and the FDIC crumbles...exactly what will withdrawing your money have accomplished?

Sure sure, I guess you could have transferred it to an overseas bank or otherwise into some other currency, but that's not quite what a "bank run" means.  This is 2013, it's either floating and working, or the whole world will be gone to hell.


There is room for a middle ground where banks freeze withdrawals until the debt ceiling is raised. Better have a physical representation of your money than a situation where its involuntarily frozen (or seized in Cyprus' case). Even a temporary freeze is no bueno.
 
2013-10-08 06:05:56 PM

TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.


I know where it is I keep the wrench I'll be using to extract the information.
 
2013-10-08 06:07:02 PM

mediablitz: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Most don't. Also, what good is a jewelery metal during doomsday? People are going to want necklaces?


It's not a personal statement, it's just that in the coming weeks we'll need a more portable form of wealth.
 
2013-10-08 06:07:04 PM
just remember to fill up your car and every gas can you can find before the 17th.
/value of dollar drops, gas prices increase
 
2013-10-08 06:07:38 PM

TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.



but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high
 
2013-10-08 06:07:51 PM

rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.


And yet a very very large slice of FARKers.
 
2013-10-08 06:09:23 PM

Atomic Spunk: If there's a bank run, the stupidest people are the ones who never thought it could happen. They are the people who show up after the bank doors have been locked and a sign saying "Closed until further notice".

The people who are absolutely sure that a bank run won't happen are those who never bothered to pay attention during their history classes. It has even happened as recently as 2008 at Washington Mutual. I'm certainly not saying that it will happen, but anyone who is sure it won't is an idiot, and should never be relied upon for financial advice.


Honestly what people are talking about here isn't so much a bank run as much as a full-fledged banking panic. If that happens, we'll have way bigger issues to deal with, no matter how much money people have withdrawn and stuffed under their mattresses.
 
2013-10-08 06:09:35 PM

Cataholic: rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.

And yet a very very large slice of FARKers.


Look, better safe than sorry. You go in, pull out some cash just in case, stock up on food, whatever, and if nothing happens, just some extra groceries in the house.
 
2013-10-08 06:10:03 PM

Gimli_Gloin: As high as he wants and let him spend what he wants.


Gimli, son of Gloin, the money has already been spent, this is debt not new spending.
 
2013-10-08 06:10:30 PM

Gimli_Gloin: Eff it, raise the debt ceiling for Obama. As high as he wants and let him spend what he wants.

Kick the can down the road and let our children and grandchildren pay it off.

We will all likely be dead by then of natural causes.


Yet another idiot who doesn't understand what the debt ceiling is before weighing in on it.
 
2013-10-08 06:11:43 PM
invest in Shipstone
 
2013-10-08 06:11:53 PM

mediablitz: LemSkroob: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

And I have a gun that says I own a gun. I win.

My guns say they will treat your guns like long lost relatives after I take them.

/everybody has guns


My guns say I should stare at the sun. The neighbor's dog tells me not to. So I pitted them against each other in a cockfight.

The dog picked up the guns and shot at the sun.

What's the lesson?

Cough syrup is tasty.
 
2013-10-08 06:11:56 PM

RexTalionis: OnlyM3: // Nothing is gonna happen (much like their G.W. predictions)

The one where G.W. is going to insert us in an unnecessary military conflict that resulted in lots of unnecessary American and Iraqi lives lost?


In his defense, quite a few of those lives were necessary.
 
2013-10-08 06:12:05 PM
Speaking of Bank Accounts, someone should put some cash in my Google Wallet so I can get some more TF and annoy DGS some more.

EIP.

/not like I couldn't annoy him via e-mail
 
2013-10-08 06:12:40 PM

Pointy Tail of Satan: "Is......is that a bank outside?"

[1.bp.blogspot.com image 512x277]


i.imgur.com
 
2013-10-08 06:13:07 PM
I don't need cash, I have a credit card.
 
2013-10-08 06:13:13 PM

Isitoveryet: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.


but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high


Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.
 
2013-10-08 06:13:44 PM

Kit Fister: Cataholic: rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.

And yet a very very large slice of FARKers.

Look, better safe than sorry. You go in, pull out some cash just in case, stock up on food, whatever, and if nothing happens, just some extra groceries in the house.


I'm not a prepper by any stretch of the imagination, but I live in Montana. I always have plenty of extras on hand. It's just good sense in this part of the country.

No. You can't have any of my Elk...
 
2013-10-08 06:13:47 PM

Duke_leto_Atredes: invest in Shipstone


hey, you watch your language.... oh, shiPstone.

beer?

/i like beer
//just ask the 30lb keg i wear around my waist
 
2013-10-08 06:14:19 PM
Money is a useful fiction, and we can always make more. And the more I think about it, the more I like the whole Coin of Massive Value idea, but expanded: make a few of them, pay off our debts with them, then refuse to break them for change or allow them to be deposited. Their holders can then put them up on eBay and get at least some of their investment back.
 
2013-10-08 06:15:15 PM

Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns


I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.
 
2013-10-08 06:16:43 PM

Russ1642: Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.


that makes more sense.

actually i seldom consider a recovery from something so socially catastrophic.

you're a glass half full kind of guy.
 
2013-10-08 06:17:37 PM

Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.


I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.
 
2013-10-08 06:17:46 PM

Gimli_Gloin: Eff it, raise the debt ceiling for Obama. As high as he wants and let him spend what he wants.

Kick the can down the road and let our children and grandchildren pay it off.

We will all likely be dead by then of natural causes.


Jokes on you.

I have a Tardis, and I can tell you with great certainty that our grandchildren will be the ones to rid us of the concept of money.
 
2013-10-08 06:17:56 PM

unyon: Majick Thise: Isitoveryet: Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry

i never thought about eating my neighbors.

Most of mine are republican so they would probably be mostly gristle. Definitely not a T-bone to be found anywhere

Are you kidding?  Beer fed, raised on a couch in front of a tv, aged, and very well marbled.  Republicans are delicious.


Maybe, but they all smell like they've gone rancid. So how can you tell?
 
2013-10-08 06:17:57 PM

Atomic Spunk: Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns

I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.


"Our doomsday plan is to sell our five million in bullion to Switzerland for a nice chateau and an alpine horn." Oh, really. And where do you keep this gold?
 
2013-10-08 06:18:29 PM
Oh.  Think Progress.  The left's version of WND.
 
2013-10-08 06:19:07 PM

noazark: [yafh.com image 640x480]


Good ol' Bloom County.  Still relevant decades later.  =^__^=
 
2013-10-08 06:19:17 PM

mediablitz: Kit Fister: Cataholic: rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.

And yet a very very large slice of FARKers.

Look, better safe than sorry. You go in, pull out some cash just in case, stock up on food, whatever, and if nothing happens, just some extra groceries in the house.

I'm not a prepper by any stretch of the imagination, but I live in Montana. I always have plenty of extras on hand. It's just good sense in this part of the country.

No. You can't have any of my Elk...


Thanks, but I shoot my own. :)
 
2013-10-08 06:19:17 PM

Isitoveryet: Russ1642: Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.

that makes more sense.

actually i seldom consider a recovery from something so socially catastrophic.

you're a glass half full kind of guy.


Copper is going to be MUCH more valuable than Gold, and much sooner. Maybe way down the road gold will be somewhat valuable, but a complete social collapse? Gold won't matter.
 
2013-10-08 06:19:47 PM

Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.


I've known (knew, it's been a long time) some Chinese Americans who would actually, hold gold.  They would also recollect family members in China keeping the paper that gold came wrapped in.
 
2013-10-08 06:21:13 PM

doofusss: Hmmm, ATM's overstuffed with cash. Is this something a bank should announce it to everyone?


www.hollywoodreporter.com
Doesn't matter. If you look under the bottom of the new ATM machines, there is a 'weak point'.

Don't call me SKANK!
 
2013-10-08 06:21:41 PM

mediablitz: Isitoveryet: Russ1642: Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.

that makes more sense.

actually i seldom consider a recovery from something so socially catastrophic.

you're a glass half full kind of guy.

Copper is going to be MUCH more valuable than Gold, and much sooner. Maybe way down the road gold will be somewhat valuable, but a complete social collapse? Gold won't matter.


That's why I'm hoarding bitcoins.
 
2013-10-08 06:22:34 PM

mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.


TP, batteries, canned goods, booze and bullets. Also, warm clothes, fuel, and medicines.

Gold is only valuable because we believe it does. As a starving man what's more valuable: gold or food.
 
2013-10-08 06:22:52 PM
Six months ago: "Gold will hit $3000! Buy Now!"

Today: "Gold is cheap!!!! Buy Now!!!!"

lol
 
2013-10-08 06:23:37 PM

Pointy Tail of Satan: Six months ago: "Gold will hit $3000! Buy Now!"

Today: "Gold is cheap!!!! Buy Now!!!!"

lol


This rock is m,ore valuable than that rock.

lol
 
2013-10-08 06:23:51 PM

Russ1642: Isitoveryet: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.


but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high

Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.



Right, or 'recover somewhat', ie a couple of years down the road when people settle in to their new roles in the wasteland.  A buried cache of gold used for trade might have some utility then.  Or it might not.  But, strictly barter economies tend not to last long because it's kind of annoying and inefficient.
 
2013-10-08 06:24:22 PM

feanorn: Money is a useful fiction, and we can always make more. And the more I think about it, the more I like the whole Coin of Massive Value idea, but expanded: make a few of them, pay off our debts with them, then refuse to break them for change or allow them to be deposited. Their holders can then put them up on eBay and get at least some of their investment back.


Because tricks to devalue our debt is going to increase faith in our currency
 
2013-10-08 06:25:06 PM

mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.


Every civilized society relies on some sort of currency to facilitate transactions. Gold has played that role for thousands of years. Other things will be important in a doomsday scenario such as food, water and weapons. I wouldn't suggest buying gold to the exclusion of everything else, but it would likely play a very important role as a medium of exchange.
 
2013-10-08 06:25:27 PM

highendmighty: Oh.  Think Progress.  The left's version of WND.


No it's not.  Liberal sites usually do a good job of linking to legitimate sources, conservative sites rarely do.  So I'll do the linking for you.

http://dealbook.nytimes.com/2013/10/03/wall-street-seeks-to-soothe-w hi le-preparing-for-trouble/?ref=business&_r=1

One senior bank executive said his bank's plan includes stocking retail branches with at least 20 percent more cash. That way, any customers who want to stockpile cash reserves in the event of a default can readily withdraw their money.

/there's also a Financial Times link, but you have to register for that
 
2013-10-08 06:25:27 PM

TheDirtyNacho: But, strictly barter economies tend not to last long because it's kind of annoying and inefficient.


unless you start out with one red paperclip
 
2013-10-08 06:25:30 PM

TheDirtyNacho: Russ1642: Isitoveryet: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.


but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high

Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.


Right, or 'recover somewhat', ie a couple of years down the road when people settle in to their new roles in the wasteland.  A buried cache of gold used for trade might have some utility then.  Or it might not.  But, strictly barter economies tend not to last long because it's kind of annoying and inefficient.


I thought that was what caps were for. I'be been hoarding them for a long time, I'll rule the wasteland - wait and see!
 
2013-10-08 06:25:40 PM

what_now: Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.

I have penicillin and a working uterus. I will be your overlord.


Overlord? You mean currency.
 
2013-10-08 06:26:47 PM

IamAwake: skinnycatullus: Yeah, if the US defaults, the FDIC will still pay you. Right?

If the US defaults, the dollar becomes worthless, and the FDIC crumbles...exactly what will withdrawing your money have accomplished?

Sure sure, I guess you could have transferred it to an overseas bank or otherwise into some other currency, but that's not quite what a "bank run" means.  This is 2013, it's either floating and working, or the whole world will be gone to hell.


Traditionally, people do in fact try to convert their money to what is known as "hard currency" in a financial panic. And typically the government tries to prevent that if they see it coming through what are called "currency controls".

So you seem to be vaguely aware of this, but at the same time declaring it unthinkable. But it has happened many times before in many countries.
 
2013-10-08 06:28:11 PM

Kit Fister: mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.

TP, batteries, canned goods, booze and bullets. Also, warm clothes, fuel, and medicines.

Gold is only valuable because we believe it does. As a starving man what's more valuable: gold or food.


How about gold AND food? I'm not suggesting one at the exclusion of the other. I've never heard anyone suggest that.
 
2013-10-08 06:28:14 PM

mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.


At that point, I'll trade you a pound of canned goods for a pound of gold - assuming I think I know someone else who'll give me two pounds of canned goods for that pound of gold

/otherwise, no deal
 
2013-10-08 06:28:38 PM
Jokes on all of you, I've got millions of Nuka-Cola caps stashed for just this event.
 
2013-10-08 06:29:38 PM
Whether it is in your hands or in a bank, a fiat currency that has lost its value is still worthless. You need something with intrinsic value, like silver and gold.
 
2013-10-08 06:30:18 PM

12349876: No it's not


I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.
 
2013-10-08 06:31:00 PM

Atomic Spunk: mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.

Every civilized society relies on some sort of currency to facilitate transactions. Gold has played that role for thousands of years. Other things will be important in a doomsday scenario such as food, water and weapons. I wouldn't suggest buying gold to the exclusion of everything else, but it would likely play a very important role as a medium of exchange.



I think gold fills that role well because, historically, it wasn't all that useful.  It's soft and has some interesting properties - but not to an agrarian society.  And it's somewhat rare (but not too rare) and happens to be visually striking.  You don't want a single currency to be say, copper or iron, because those have lots of practical uses and so would be removed from the economy by virtue of being put into use somewhere.
 
2013-10-08 06:31:52 PM

uncoveror: Whether it is in your hands or in a bank, a fiat currency that has lost its value is still worthless. You need something with intrinsic value, like silver and gold.


In a failed economy where neither such currencies hold value over raw goods, I disagree. What makes those have any intrinsic value? They don't have any direct use to most other than being pretty.
 
2013-10-08 06:33:16 PM

TheDirtyNacho: Atomic Spunk: mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.

Every civilized society relies on some sort of currency to facilitate transactions. Gold has played that role for thousands of years. Other things will be important in a doomsday scenario such as food, water and weapons. I wouldn't suggest buying gold to the exclusion of everything else, but it would likely play a very important role as a medium of exchange.


I think gold fills that role well because, historically, it wasn't all that useful.  It's soft and has some interesting properties - but not to an agrarian society.  And it's somewhat rare (but not too rare) and happens to be visually striking.  You don't want a single currency to be say, copper or iron, because those have lots of practical uses and so would be removed from the economy by virtue of being put into use somewhere.


I'm sticking with nuka -cola caps.
 
2013-10-08 06:33:26 PM

uncoveror: Whether it is in your hands or in a bank, a fiat currency that has lost its value is still worthless. You need something with intrinsic value, like silver and gold.


Silver and gold have no intrinsic value. The value they have are what you assign to it, nothing more, nothing less.
 
2013-10-08 06:35:30 PM

highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.


Oh please. Show me one story on Think Progress with HALF the hyperbole and bullshiat of WND's "Obama the secret Muslim" crap.

Pretending they are the same shames you, not Think Progress.
 
2013-10-08 06:35:57 PM

GRCooper: feanorn: Money is a useful fiction, and we can always make more. And the more I think about it, the more I like the whole Coin of Massive Value idea, but expanded: make a few of them, pay off our debts with them, then refuse to break them for change or allow them to be deposited. Their holders can then put them up on eBay and get at least some of their investment back.

Because tricks to devalue our debt is going to increase faith in our currency


Who has faith in it now? The only thing holding things together right now is a collective, deranged hope that, like Coyote, the system can keep running on air until it gets to the opposite cliffside.
 
2013-10-08 06:36:25 PM

mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.


True, but at least Spunk's family members actually have gold, as opposed to certificates that say they own gold.
 
2013-10-08 06:39:32 PM

feanorn: GRCooper: feanorn: Money is a useful fiction, and we can always make more. And the more I think about it, the more I like the whole Coin of Massive Value idea, but expanded: make a few of them, pay off our debts with them, then refuse to break them for change or allow them to be deposited. Their holders can then put them up on eBay and get at least some of their investment back.

Because tricks to devalue our debt is going to increase faith in our currency

Who has faith in it now? The only thing holding things together right now is a collective, deranged hope that, like Coyote, the system can keep running on air until it gets to the opposite cliffside.


IOW: who has faith in it now? the only thing holding it together is faith.

Try not to contradict yourself so quickly
 
2013-10-08 06:40:20 PM

mediablitz: highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.

Oh please. Show me one story on Think Progress with HALF the hyperbole and bullshiat of WND's "Obama the secret Muslim" crap.

Pretending they are the same shames you, not Think Progress.


It's all in the tone.  The two are equivalent.  You seem to have mastered and revel in it.
 
2013-10-08 06:41:54 PM

King Something: mediablitz: Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.

True, but at least Spunk's family members actually have gold, as opposed to certificates that say they own gold.


I guess that's SOMETHING. A step up from the super rubes?
 
2013-10-08 06:42:40 PM

noazark: [yafh.com image 640x480]


Paging Mr. Oliver Wendell Jones.  Mr. Oliver Wendell Jones. . .
 
2013-10-08 06:42:50 PM

highendmighty: mediablitz: highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.

Oh please. Show me one story on Think Progress with HALF the hyperbole and bullshiat of WND's "Obama the secret Muslim" crap.

Pretending they are the same shames you, not Think Progress.

It's all in the tone.  The two are equivalent.  You seem to have mastered and revel in it.


Ah. You think you're above it all. How... quaint.
 
2013-10-08 06:43:25 PM
I can only get $500/day from the ATM.  This is gonna take a while.  (One can only handle so much ass to mouth in a day.)
 
2013-10-08 06:44:10 PM

mediablitz: Ah. You think you're above it all. How... quaint.


Above what?  Making hacky partisan opinions in the name of journalism?  Then yes; yes I am.
 
2013-10-08 06:44:50 PM
not raising the limit on new borrowing ≠ default on payment of debt already incurred
 
2013-10-08 06:47:57 PM

mediablitz: netweavr: People still use cash?

Chinese food place here in town is cash or check only. Several places around like that.


You sound rural.

"A check? Sh*t yeah, I can write you a check. I thought you wanted money!"
-- Noted urban comedian Jeff Foxworthy
 
2013-10-08 06:49:08 PM

dr_blasto: TheDirtyNacho: Russ1642: Isitoveryet: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.


but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high

Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.


Right, or 'recover somewhat', ie a couple of years down the road when people settle in to their new roles in the wasteland.  A buried cache of gold used for trade might have some utility then.  Or it might not.  But, strictly barter economies tend not to last long because it's kind of annoying and inefficient.

I thought that was what caps were for. I'be been hoarding them for a long time, I'll rule the wasteland - wait and see!



How many caps for this tasty iguana on a stick? I a couple Nuka Colas too.....


/won't touch the radroach though....
 
2013-10-08 06:49:36 PM

GRCooper: feanorn: GRCooper: feanorn: Money is a useful fiction, and we can always make more. And the more I think about it, the more I like the whole Coin of Massive Value idea, but expanded: make a few of them, pay off our debts with them, then refuse to break them for change or allow them to be deposited. Their holders can then put them up on eBay and get at least some of their investment back.

Because tricks to devalue our debt is going to increase faith in our currency

Who has faith in it now? The only thing holding things together right now is a collective, deranged hope that, like Coyote, the system can keep running on air until it gets to the opposite cliffside.

IOW: who has faith in it now? the only thing holding it together is faith.

Try not to contradict yourself so quickly


I see that you taught yourself not to smile or laugh with a cattle prod and the complete 3 Stooges collection.
 
2013-10-08 06:49:50 PM

noazark: [yafh.com image 640x480]


Man, them Samoans are a surly bunch.
 
2013-10-08 06:54:26 PM

Atomic Spunk: Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns

I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.


t3.gstatic.com

For gold to have value, there must be an economy.  Gold has very little utility.  You can't eat it.  You can't treat your wounds with it.  You can't heat your hovel with it.

They'd be better off with a stash of booze and drugs to trade for food and clothing.
 
2013-10-08 06:59:30 PM

JuniorII: dr_blasto: TheDirtyNacho: Russ1642: Isitoveryet: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.


but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high

Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.


Right, or 'recover somewhat', ie a couple of years down the road when people settle in to their new roles in the wasteland.  A buried cache of gold used for trade might have some utility then.  Or it might not.  But, strictly barter economies tend not to last long because it's kind of annoying and inefficient.

I thought that was what caps were for. I'be been hoarding them for a long time, I'll rule the wasteland - wait and see!


How many caps for this tasty iguana on a stick? I a couple Nuka Colas too.....


/won't touch the radroach though....


You should try the Brahmin steak its delish
 
2013-10-08 07:02:17 PM
I plan on eating my gold.
 
2013-10-08 07:03:38 PM
My shorts on the high flying stocks are working, but this sh*t scares the crap out of me. Glancing at the indexes today periodically, I get the sense that the big money guys are looking to build up cash for a big drop so they can buy it. The retail investors are going to get roasted, if they sell into this. But, that much red, if you're loaded up on high flyers, is going to cause you to want to maintain your gains. (No one enjoys watching their big green numbers starting to shrink.)

Of course, none of that matters if we get to 24 hours before the limit. Then we start talking about circuit breakers and thousand point moves. Hell, if we get to Monday, all markets are going to be awash in red like 2008 and 2009. Gold isn't even a safe haven.

This is suicide and the Republicans will not give in on this. Whatever brings them closer to Jesus.
 
2013-10-08 07:07:28 PM

NewportBarGuy: My shorts on the high flying stocks are working, but this sh*t scares the crap out of me. Glancing at the indexes today periodically, I get the sense that the big money guys are looking to build up cash for a big drop so they can buy it. The retail investors are going to get roasted, if they sell into this. But, that much red, if you're loaded up on high flyers, is going to cause you to want to maintain your gains. (No one enjoys watching their big green numbers starting to shrink.)

Of course, none of that matters if we get to 24 hours before the limit. Then we start talking about circuit breakers and thousand point moves. Hell, if we get to Monday, all markets are going to be awash in red like 2008 and 2009. Gold isn't even a safe haven.

This is suicide and the Republicans will not give in on this. Whatever brings them closer to Jesus.


There is going to be a point where the sane ones say fark it and break ranks, I hope. I hope that Boehner is left with his tea party friends holdingthe bag.
 
2013-10-08 07:08:17 PM
ThinkProgress. For when ordinary fear mongering and bullshiat won't get the job done.
 
2013-10-08 07:08:50 PM

Slaves2Darkness: Don't worry, it will be just like the Great Depression. When after the economic collapse a charismatic leader rose up and showed the oppressed how to fight back. Sure he was a community organizer and socialist, but he sure did get those trains to run on time, built a car for everyone, and showed those rich accountant, banker, money grubbing 1%er why they could no longer hoard money. Why he even had a Freedom Through Work program that put those lazy undesirable welfare bums to work on useful civic projects. Like building community gas lines, ovens, and vehicles.


He'll tell us about his struggles, too.
 
2013-10-08 07:09:01 PM

FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?


Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.
 
2013-10-08 07:10:35 PM

what_now: Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.

I have penicillin and a working uterus. I will be your overlord.


Do you have the means to protect either of those yourself?
 
2013-10-08 07:11:11 PM
Bank runs?  Pashaw... I have mine in a credit union, so mine is just fine!
 
2013-10-08 07:12:16 PM

jtown:
For gold to have value, there must be an economy.  Gold has very little utility.  You can't eat it.  You can't treat your wounds with it.  You can't heat your hovel with it.

They'd be better off with a stash of booze and drugs to trade for food and clothing.


As long as people are exchanging goods or services, that is the definition of an economy. Bartering is an ineffective way to conduct commerce, which is why societies have created currencies.

As I've said a few times already in this thread, neither I, nor anyone I've ever spoken to, has ever said that gold is the only thing important to have in a doomsday scenario. There are a number of things someone should hold. Gold is just one of many. You can argue that it will be useless, but gold has been used as currency for thousands of years. Sorry, but I choose thousands of years of history over your opinion.
 
2013-10-08 07:12:26 PM

highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.


I don't read ANYTHING from the partisan sites.  I go to the links to legit sources if they have them and completely ignore it if they don't.  The left leaning sites do a MUCH MUCH MUCH MUCH MUCH better job of including links to legit news sources.
 
2013-10-08 07:12:54 PM
For all the people in this thread who can't wrap their heads around the idea of using gold as a currency even though people have done so for centuries,  http://www.npr.org/blogs/money/2011/02/07/131363098/the-tuesday-podca s t-why-gold
 
2013-10-08 07:13:26 PM

Kit Fister: I hope that Boehner is left with his tea party friends holdingthe bag.


He didn't even want this! He just wants to keep his job. These lunatics forced him into this thing. I honestly don't see a clean bill being brought to the floor. I see absolutely zero chance of that happening. The idiots can't pass a farm bill without f*cking it up. That used to be seen as the easiest bill to pass since forever.

These ideological mental midgets have convinced themselves they won the national election in 2012 and they feel like they are soldiers in some noble battle to save America from the Kenyan. I just don't see them backing down. Even if the Republican moderates want to move on to another day.
 
DGS [TotalFark]
2013-10-08 07:14:43 PM

khyberkitsune: Speaking of Bank Accounts, someone should put some cash in my Google Wallet so I can get some more TF and annoy DGS some more.

EIP.

/not like I couldn't annoy him via e-mail


THAT ANNOYS ME. :D
 
2013-10-08 07:23:47 PM

Snarcoleptic_Hoosier: I plan on eating my gold.


firstworldfacts.com
Incidentally, this sundae costs $1000.
 
2013-10-08 07:25:53 PM
Why? Stating that our Country is going down faster than a pro in an alleyway due to deliberate acts of sabotage...and Americans should not react? Um, whatever.

Might want to plead with China not to go balls deep into our country too while you are giving out free advice.
 
2013-10-08 07:26:08 PM

Isitoveryet: Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry

i never thought about eating my neighbors.


Me, either, till just now...
 
2013-10-08 07:28:16 PM

RexTalionis: Snarcoleptic_Hoosier: I plan on eating my gold.

[firstworldfacts.com image 850x1084]
Incidentally, this sundae costs $1000.


You could probably recoup a little of that $1,000 by selling what you crap into a bucket after eating the sundae.
 
2013-10-08 07:30:10 PM
Investing in Gold?  Bah, for the last 3 years I've been transferring all my money into bullets.  Now I just need to buy a gun, and cash in these certificates of bullet ownership.
 
2013-10-08 07:34:47 PM

Nabb1: shotgun shells just for this scenario. I will rule this new world.


I've got a 55 year old lever action 22 with a clip with a few 40 year old long rifle rounds in it. I'm set.
 
2013-10-08 07:35:22 PM

Atomic Spunk: jtown:
For gold to have value, there must be an economy.  Gold has very little utility.  You can't eat it.  You can't treat your wounds with it.  You can't heat your hovel with it.

They'd be better off with a stash of booze and drugs to trade for food and clothing.

As long as people are exchanging goods or services, that is the definition of an economy. Bartering is an ineffective way to conduct commerce, which is why societies have created currencies.

As I've said a few times already in this thread, neither I, nor anyone I've ever spoken to, has ever said that gold is the only thing important to have in a doomsday scenario. There are a number of things someone should hold. Gold is just one of many. You can argue that it will be useless, but gold has been used as currency for thousands of years. Sorry, but I choose thousands of years of history over your opinion.


Your "thousands of years" of history is various societies improving efficiency and progressing.  The collapse of society/doomsday is the opposite off that.  What happened to societies that collapsed during these thousands of years?  How did their economies evolve?  Unless you can answer that, we're talking apples and elephants.
 
2013-10-08 07:39:19 PM

Morchella: a few 40 year old long rifle rounds in it. I'm set.


hahahaha... Nice!
 
2013-10-08 07:45:38 PM
Despite these warning signs, Republican lawmakers insist a debt ceiling breach would be no big deal. Rep. John Fleming (R-LA) thinks Congress shouldn't listen to economists because "many times they're wrong."

www.gogaminggiant.com
 
2013-10-08 07:46:56 PM

OnlyM3: Oh look, the left trying fear mongering.

// Nothing is gonna happen (much like their G.W. predictions)


The reserve currency of the world will no longer be worth what the world thought it was.
The collateral that financial institutions use as they borrow from one another (T-Bills) is no longer stable.
They demand other collateral from each other as they loan between them.
There is a crisis of confidence.
The market freezes.

This is serious, and will have systemic global consequences. This is not a gradual shift to another reserve currency like the Euro or the Yuan. This is a shock. 2008 will look like a party compared to this.

I am truly scared that the Tea Party is going to bring a collapse.
 
2013-10-08 08:06:41 PM

desertfool: This is serious, and will have systemic global consequences. This is not a gradual shift to another reserve currency like the Euro or the Yuan. This is a shock. 2008 will look like a party compared to this.


I heard pretty much that same thing on NPR today.
 
2013-10-08 08:10:48 PM

RexTalionis: Snarcoleptic_Hoosier: I plan on eating my gold.

[firstworldfacts.com image 850x1084]
Incidentally, this sundae costs $1000.


Mmmm heavy metal poisoning!
 
2013-10-08 08:20:55 PM

Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.


The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?
 
2013-10-08 08:22:07 PM

jtown:
Your "thousands of years" of history is various societies improving efficiency and progressing.  The collapse of society/doomsday is the opposite off that.  What happened to societies that collapsed during these thousands of years?  How did their economies evolve?  Unless you can answer that, we're talking apples and elephants.


When societies rebuilt after collapsing, they implemented a currency to facilitate transactions. In many of those rebuilt societies, gold (and silver) was the currency.

Perhaps we are talking past each other because we're not in agreement as to what kind of "doomsday scenario" the other is thinking about. If the doomsday scenario you're talking about is such that there is no hope for rebuilding, and the only thing that is important is survival, then yes, I tend to agree that gold will probably have little value.

But if society does rebuild, there will need to be some sort of currency created. In all likelihood, that currency will be based on gold or silver, because that's the way it's been done for thousands of years, and the properties of gold, in particular, make it well-suited for use as currency. If you want to know the reasons why gold was the best choice for currency throughout history, listen to Mighty_Joe's link above.
 
2013-10-08 08:27:42 PM

mediablitz: netweavr: People still use cash?

Chinese food place here in town is cash or check only. Several places around like that.


People still use checks?

/Chinese places around here it's cash or card (but the latter only if the total is above XX dollars)
//Mmmmm, shrimp fried rice
 
2013-10-08 08:35:37 PM

revrendjim: Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.

The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?


Not if you use Republicanmath. Under Republicanmath, it's exponentiating every second.
 
2013-10-08 08:38:10 PM

PC LOAD LETTER: Mmmm heavy metal poisoning!


At human body temperature and towards all the stuff you find in the human body, metallic gold is so chemically inert it won't even react a little tiny bit. Your digestive system will grind it up a bit and excrete it in small shiny metallic flakes. (Au+1 or Au+3 can cause various toxicities. The sundae above doesn't have those things in it.)

That said, Congress still has a few days to un-fark this here problem. I expect they'll figure out how to do this before the government misses a bond payment. If they don't, and we're all farking doomed, I have a pile of canned food, a revolver, and about 8 gallons of water. Should be able to hold out for a few days on that before the ravenous hordes pillage my tiny household and add it to the Greater Arizona Co-Prosperity Sphere.
 
2013-10-08 08:42:52 PM
In a true mad max scenario, eight gallons of gas will get me to the family farm. This coming winter would suck, but once spring comes i could learn to garden, i guess.
 
2013-10-08 08:47:10 PM

Let's get a man who can make a plan work!

mises.org
 
2013-10-08 09:03:44 PM
I have personally never seen a bank run before.  Wouldn't physics or something get in the way?
 
2013-10-08 09:23:37 PM
img94.imageshack.us


just made this, kind of proud
 
2013-10-08 09:29:35 PM

Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry


i.minus.com
 
2013-10-08 09:30:02 PM

Necessary: You know, I'm pretty sure it's a felony to incite a bank run, or to impugn the financial condition of a federally insured financial institution.  So, yeah.  Maybe let's not do that on Fark.


Unless you're Chuck Schumer or any other yahoo from Capitol Hill.
 
2013-10-08 09:36:12 PM

OKObserver: I have personally never seen a bank run before.  Wouldn't physics or something get in the way?


These days are very different. If the credit markets seize, and they would if someone declared the U.S. in default, your credit/debit card would simply stop working. Society as you know it would collapse.

This is what those "evil socialist" programs in 2008-9 helped prevent. GE has to borrow to pay their workers and for raw materials and then they pay it back fairly quickly. Short term lending. The Fed became that lender in an emergency. If they actually declare the U.S. in default, that whole scenario goes right out the window because lending as we know it stops immediately. No one would trust anyone and they would question the solvency of everybody.

Basically, all the worst parts of the bible. If the world financial markets can't rely on U.S. debt, the whole system crashes because that's what it's based on. The secret to our power is the U.S. Treasury Bill. And about 13 Aircraft Carrier Battle Groups.
 
2013-10-08 09:43:27 PM

revrendjim: Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.

The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?


The only pattern here is the Liberal bullshiat detector exploding.  I'll make it very simple for you since I can't show you in crayon:

I'll take Washington's budget for example, since the Left owns our state.  Our budget was 15 billion in 2000 roughly.  It goes up several billion each year now closer to 2013, it is now north of 36 billion.  It went up 1.5 billion last year.  1 billion the year before that.  This year, I will *only* raise it by 900 million, but now I can say we cut taxes at a record level.

You can shove this snake oil up someone else's ass, but reducing the INCREASE is still an INCREASE.  Get back to me when a budget remains steady or decreases (in case you failed 3rd grade math, a decrease would mean spending less money next year than this year, instead of spending only *slightly* less than what you would have blown it up to).

This type of numbers manipulation (which happens on both sides) is criminal.  Almost as criminal as the idiots that use it as a counter point.
 
2013-10-08 09:45:44 PM
Joke's on them, I just emptied out my bank account to pay down my credit cards.


d'oh.
 
2013-10-08 09:45:46 PM

Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry


So the zombie apocalypse starts with you apparently.
 
2013-10-08 09:50:50 PM

netweavr: People still use cash?


If you like untraceable transactions, then yes.
 
2013-10-08 09:52:02 PM

Necessary: what_now: Stating that Bank of America is a cocksucker is not a felony.

No, but saying, "Bank of America is going to be out of cash on the 18th, so withdraw yours now because BoA won't be able to survive it" might be, particularly if it results in damage to a financial institution.  Just saying "they have bad customer service," perfectly fine.  I said impugning the financial condition, not the quality of operations.


See I wonder about that....

 Since so many people swipe plastic these days, who's to care if there is physical money there or not? It's not like if I buy something with plastic at Target they load up a truck with cash and run it over to Target's corporate office.

 Hell, just look at housing. If they have a house from 2007 that's been foreclosed and was worth $500,000 then, they technically have that $500,000 as an asset (even though it wouldn't sell for that right now.)

Somehow I don't think they care if there is physical money in their vaults so much. 

/now a computer virus? That would probably cause some serious panic.
 
2013-10-08 09:53:06 PM

Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry


Bingo!
 
2013-10-08 09:57:11 PM

Fade2black: revrendjim: Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.

The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?

The only pattern here is the Liberal bullshiat detector exploding.  I'll make it very simple for you since I can't show you in crayon:

I'll take Washington's budget for example, since the Left owns our state.  Our budget was 15 billion in 2000 roughly.  It goes up several billion each year now closer to 2013, it is now north of 36 billion.  It went up 1.5 billion last year.  1 billion the year before that.  This year, I will *only* raise it by 900 million, but now I can say we cut taxes at a record level.

You can shove this snake oil up someone else's ass, but reducing the INCREASE is still an INCREASE.  Get back to me when a budget remains steady or decreases (in case you failed 3rd grade math, a decrease would mean spending less money next year than this year, instead of spending only *slightly* less than what you would have blown it up to).

This type of numbers manipulation (which happens on both sides) is criminal.  Almost as criminal as the idiots that use it as a counter point.


You know that a healthy economy grows each year, right? And that means that proportional expenses such as government should be expected to increase each year? You do understand these things, right?
 
2013-10-08 09:59:02 PM

mr lawson: just remember to fill up your car and every gas can you can find before the 17th.
/value of dollar drops, gas prices increase


Sigh...

 That is probably a good point. 

/annoyed
 
2013-10-08 10:00:24 PM

NewportBarGuy: OKObserver: I have personally never seen a bank run before.  Wouldn't physics or something get in the way?

These days are very different. If the credit markets seize, and they would if someone declared the U.S. in default, your credit/debit card would simply stop working. Society as you know it would collapse.

This is what those "evil socialist" programs in 2008-9 helped prevent. GE has to borrow to pay their workers and for raw materials and then they pay it back fairly quickly. Short term lending. The Fed became that lender in an emergency. If they actually declare the U.S. in default, that whole scenario goes right out the window because lending as we know it stops immediately. No one would trust anyone and they would question the solvency of everybody.

Basically, all the worst parts of the bible. If the world financial markets can't rely on U.S. debt, the whole system crashes because that's what it's based on. The secret to our power is the U.S. Treasury Bill. And about 13 Aircraft Carrier Battle Groups.


True, but banks -- like most other brick-and-mortar edifices -- are generally incapable of running. If banks could run, or walk, or trot, or waltz, or otherwise physically move under their own volition, we'd have a slightly bigger problem on our hands than Republicans in Congress failing to give the Treasury permission to pay our bills.

/luckily, it probably wouldn't be a problem that could not be solved with 13 Aircraft Carrier Battle Groups
//probably
 
2013-10-08 10:00:38 PM

revrendjim: Fade2black: revrendjim: Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.

The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?

The only pattern here is the Liberal bullshiat detector exploding.  I'll make it very simple for you since I can't show you in crayon:

I'll take Washington's budget for example, since the Left owns our state.  Our budget was 15 billion in 2000 roughly.  It goes up several billion each year now closer to 2013, it is now north of 36 billion.  It went up 1.5 billion last year.  1 billion the year before that.  This year, I will *only* raise it by 900 million, but now I can say we cut taxes at a record level.

You can shove this snake oil up someone else's ass, but reducing the INCREASE is still an INCREASE.  Get back to me when a budget remains steady or decreases (in case you failed 3rd grade math, a decrease would mean spending less money next year than this year, instead of spending only *slightly* less than what you would have blown it up to).

This type of numbers manipulation (which happens on both sides) is criminal.  Almost as criminal as the idiots that use it as a counter point.

You know that a healthy economy grows each year, right? And that means that proportional expenses such as government should be expected to increase each year? You do understand these things, right?


You still make no light to the original point I make...a decrease of an increase, is still an increase.  Going up by 10, 12, 10, 15, 10, 17, and then going up by 8 and saying WE SPENT LESS is dishonest and a lie...it's still an increase.
 
2013-10-08 10:06:21 PM

King Something: If banks could run, or walk, or trot, or waltz, or otherwise physically move under their own volition, we'd have a slightly bigger problem on our hands than Republicans in Congress failing to give the Treasury permission to pay our bills.


I like the cut of your jib sir and wish to buy you an alcoholic beverage of your choosing.
 
2013-10-08 10:09:07 PM

mediablitz: highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.

Oh please. Show me one story on Think Progress with HALF the hyperbole and bullshiat of WND's "Obama the secret Muslim" crap.

Pretending they are the same shames you, not Think Progress.


I don't think that was his point.

 It's not the size of the lie... "I ate an elephant!" vs "Oh yeah, well I ate a *whale*!"

 It's the fact that both are lying.

 Likewise, it's not the size of hyperbole and bullshiat that one side is doing vs the other. It's the fact that both sides are doing it that disgusts people.

And generally, only those who are blindly partisan that fail to understand that.
 
2013-10-08 10:11:18 PM

Kit Fister: NewportBarGuy: My shorts on the high flying stocks are working, but this sh*t scares the crap out of me. Glancing at the indexes today periodically, I get the sense that the big money guys are looking to build up cash for a big drop so they can buy it. The retail investors are going to get roasted, if they sell into this. But, that much red, if you're loaded up on high flyers, is going to cause you to want to maintain your gains. (No one enjoys watching their big green numbers starting to shrink.)

Of course, none of that matters if we get to 24 hours before the limit. Then we start talking about circuit breakers and thousand point moves. Hell, if we get to Monday, all markets are going to be awash in red like 2008 and 2009. Gold isn't even a safe haven.

This is suicide and the Republicans will not give in on this. Whatever brings them closer to Jesus.

There is going to be a point where the sane ones say fark it and break ranks, I hope. I hope that Boehner is left with his tea party friends holdingthe bag.


Honestly, I think that's what will probably happen.

 But they won't do anything until the last possible second.
 
2013-10-08 10:14:23 PM

Fade2black: revrendjim: Fade2black: revrendjim: Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.

The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?

The only pattern here is the Liberal bullshiat detector exploding.  I'll make it very simple for you since I can't show you in crayon:

I'll take Washington's budget for example, since the Left owns our state.  Our budget was 15 billion in 2000 roughly.  It goes up several billion each year now closer to 2013, it is now north of 36 billion.  It went up 1.5 billion last year.  1 billion the year before that.  This year, I will *only* raise it by 900 million, but now I can say we cut taxes at a record level.

You can shove this snake oil up someone else's ass, but reducing the INCREASE is still an INCREASE.  Get back to me when a budget remains steady or decreases (in case you failed 3rd grade math, a decrease would mean spending less money next year than this year, instead of spending only *slightly* less than what you would have blown it up to).

This type of numbers manipulation (which happens on both sides) is criminal.  Almost as criminal as the idiots that use it as a counter point.

You know that a healthy economy grows each year, right? And that means that proportional expenses such as government should be expected to increase each year? You do understand these things, right?

You still make no light to the original point I make...a decrease of an increase, is still an increase.  Going up by 10, 12, 10, 15, 10, 17, and then going up by 8 and saying WE SPENT LESS is dishonest and a lie... ...


Under Clinton there was a budget surplus.... the government actually "made money".... the federal debt actually dropped adjusted for inflation. Happened after ww2 and during clinton. Twice in our history.

Under Bush, it jumped so farking high off the charts it's going to take a long time to recover. You supported it by voting him in. And agreeing with expanding the executive branch to stop oh no terrorism. Deal with it.

Anybody that isn't doing what Bush did is doing a damn good job already.
 
2013-10-08 10:15:46 PM
If that truly happens, it would possibly start a revolution. That would not be good...
 
2013-10-08 10:42:27 PM

gund: Under Clinton there was a budget surplus.... the government actually "made money".... the federal debt actually dropped adjusted for inflation. Happened after ww2 and during clinton. Twice in our history.


That is a lie.
www.brillig.com

Clinton's deficit trick was to be president during one of the largest economic bubbles we'd ever had.
 
2013-10-08 10:50:32 PM
That chart is not adjusted for inflation.
 
2013-10-08 10:51:15 PM

Mrbogey: gund: Under Clinton there was a budget surplus.... the government actually "made money".... the federal debt actually dropped adjusted for inflation. Happened after ww2 and during clinton. Twice in our history.

That is a lie.
[www.brillig.com image 474x471]

Clinton's deficit trick was to be president during one of the largest economic bubbles we'd ever had.


He said "adjusted for inflation". He was still incorrect, it hasn't happened twice. It's happened several times in our history.
2.bp.blogspot.com
 
2013-10-08 10:55:05 PM

Mrbogey: gund: Under Clinton there was a budget surplus.... the government actually "made money".... the federal debt actually dropped adjusted for inflation. Happened after ww2 and during clinton. Twice in our history.

That is a lie.
[www.brillig.com image 474x471]

Clinton's deficit trick was to be president during one of the largest economic bubbles we'd ever had.


It's fun to watch Newt take credit for the surplus that was only kinda sorta there. But whether it was an actual surplus or a slight deficit is almost irrelevant. You can have a slight deficit forever.

You are right that Clinton got to be president during arguably a golden age of growth, but that shouldn't take away from him too much, as the expected value would be to just overspend that much more.
 
2013-10-08 10:59:10 PM

RexTalionis: uncoveror: Whether it is in your hands or in a bank, a fiat currency that has lost its value is still worthless. You need something with intrinsic value, like silver and gold.

Silver and gold have no intrinsic value. The value they have are what you assign to it, nothing more, nothing less.


That's why I'm hoarding bottlecaps.
 
2013-10-08 11:08:50 PM

highendmighty: mediablitz: highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.

Oh please. Show me one story on Think Progress with HALF the hyperbole and bullshiat of WND's "Obama the secret Muslim" crap.

Pretending they are the same shames you, not Think Progress.

It's all in the tone.  The two are equivalent.  You seem to have mastered and revel in it.


Ah, "tone," that arbitrary mechanism that morons fall back on when they can't make a rebuttal based on substance.
 
KIA
2013-10-08 11:11:44 PM

Ricardo Klement: You are right that Clinton got to be president during arguably a golden age of growth, but that shouldn't take away from him too much, as the expected value would be to just overspend that much more.


And you had a Republican House to thank then too.
 
2013-10-08 11:12:05 PM

Atomic Spunk: He said "adjusted for inflation".


Adjusted for dollars in 2000? So, your sh*t is 14 years old. Nice! You fail, asshole. I can read and sh*t.

Also, how much of that debt is putting Iraq on the books? Because they did not do that until Obama arrived. Then ran the place like Lehman Bros. Debt? What debt?
 
2013-10-08 11:17:21 PM

KIA: Ricardo Klement: You are right that Clinton got to be president during arguably a golden age of growth, but that shouldn't take away from him too much, as the expected value would be to just overspend that much more.

And you had a Republican House to thank then too.


Yes, well, people tend to put it all on the president.

/Actually, they tend to put it on whoever is convenient for the argument.
 
2013-10-08 11:18:02 PM

jtown: Atomic Spunk: Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns

I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.

[t3.gstatic.com image 231x218]

For gold to have value, there must be an economy.  Gold has very little utility.  You can't eat it.  You can't treat your wounds with it.  You can't heat your hovel with it.

They'd be better off with a stash of booze and drugs to trade for food and clothing.


They can take it to another country, cash in and buy a whole lot of dollars though. Then come back and buy your booze and drugs for pennies on the dollar - and the dollar might not be worth much by then.
 
2013-10-08 11:19:09 PM

NewportBarGuy: Adjusted for dollars in 2000? So, your sh*t is 14 years old.


Wut?
 
2013-10-08 11:22:24 PM

Ricardo Klement: NewportBarGuy: Adjusted for dollars in 2000? So, your sh*t is 14 years old.

Wut?


NewportBarGuy is well informed, so I think he's joking. I have to admit, though, that I was taken aback when I first read his response.
 
2013-10-08 11:23:40 PM

Atomic Spunk: Ricardo Klement: NewportBarGuy: Adjusted for dollars in 2000? So, your sh*t is 14 years old.

Wut?

NewportBarGuy is well informed, so I think he's joking. I have to admit, though, that I was taken aback when I first read his response.


Ah - sarcasm. I was gonna say: either he needed caffeine or I did. Looks like I did.
 
2013-10-08 11:24:49 PM

Atomic Spunk: NewportBarGuy is well informed, so I think he's joking. I have to admit, though, that I was taken aback when I first read his response.


We're beyond comparison points.

There is no definite metric. We are threatening to shoot ourselves. Numbers don't matter.
 
2013-10-08 11:24:59 PM

Ricardo Klement: KIA: Ricardo Klement: You are right that Clinton got to be president during arguably a golden age of growth, but that shouldn't take away from him too much, as the expected value would be to just overspend that much more.

And you had a Republican House to thank then too.

Yes, well, people tend to put it all on the president.

/Actually, they tend to put it on whoever is convenient for the argument.


Actually, it was Clinton's presidency and the subsequent Bush debacle that showed me that the economy tends to fluctuate pretty independently of who happens to be sitting in the Oval Office. If everything had been exactly the same, but the men had been reversed...chances are the economy would have done just about the same thing: Up in the 90's, down in the 2000's.
 
2013-10-08 11:28:47 PM

Necessary: Bank of America is going to be out of cash on the 18th, so withdraw yours now because BoA won't be able to survive it



That's just crazy talk. You're a madman!
 
2013-10-08 11:30:26 PM

Ficoce: They can take it to another country, cash in and buy a whole lot of dollars though. Then come back and buy your booze and drugs for pennies on the dollar - and the dollar might not be worth much by then.


Imagine if, overnight, the US lost $2.5t. Overnight. Not spent on a war, not huge stimulus that, say, only returned $0.96 on the dollar (meaning we only lose $200b). I mean GONE.

If the US simply didn't pay any of its debt, that's what would happen to China. (Half that, but it has half our nominal economy anyway.)

If the US screws up, this is a problem for the entire world, not just here. Going to that other country won't help.
 
2013-10-08 11:39:05 PM

NewportBarGuy: Atomic Spunk: NewportBarGuy is well informed, so I think he's joking. I have to admit, though, that I was taken aback when I first read his response.

We're beyond comparison points.

There is no definite metric. We are threatening to shoot ourselves. Numbers don't matter.


I don't think we're beyond comparison points. We can hold up the past budget surpluses as an example that we may one day hope to emulate. Of course, we have to wait until the economy is on solid ground before we look at making substantial cuts, so that may take a decade or two to happen, but it's not like it's unimaginable - we've done it before. I think we'll get there again, if we don't manage to mangle it all up in the meantime like the direction we're headed in now.
 
2013-10-09 12:10:23 AM

cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit


fear makes people do weird things.

No passion so effectually robs the mind of all its powers of acting and reasoning as fear.
 -Edmund Burke

Neither a man nor a crowd nor a nation can be trusted to act humanely or to think sanely under the influence of a great fear.
 -Bertrand Russell
 
2013-10-09 12:19:05 AM

what_now: Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.

I have penicillin and a working uterus. I will be your overlord.


how are YOU doing?
 
2013-10-09 12:29:04 AM

jake3988: cman * * Smartest * Funniest 2013-10-08 05:17:00 PM Why do we still have bank runs? Besides those who have over 100k in the bank, people don't have to worry one bit
=========================================================

A) It's 250k now.

B) Sure, it's insured by the FDIC, but when you can't print new money to cover the debt, you can't really insure it.


I think the Federal Reserve is still open.
 
2013-10-09 12:41:12 AM

Gimli_Gloin: Eff it, raise the debt ceiling for Obama. As high as he wants and let him spend what he wants.

Kick the can down the road and let our children and grandchildren pay it off.

We will all likely be dead by then of natural causes.


Obama has been cutting spending, in fact.

images.huffingtonpost.com
 
2013-10-09 01:07:11 AM

RexTalionis: Snarcoleptic_Hoosier: I plan on eating my gold.

[firstworldfacts.com image 850x1084]
Incidentally, this sundae costs $1000.


Yum!
 
2013-10-09 03:16:34 AM

Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.


I've been baking cakes and pies for my next-door neighbors so they're fat and slow. And probably delicious.
 
2013-10-09 06:16:32 AM
You have to wear a hat to run the banks.
fiatplanet.files.wordpress.com
 
2013-10-09 08:50:10 AM

Mrbogey: gund: Under Clinton there was a budget surplus.... the government actually "made money".... the federal debt actually dropped adjusted for inflation. Happened after ww2 and during clinton. Twice in our history.

That is a lie.
[www.brillig.com image 474x471]

Clinton's deficit trick was to be president during one of the largest economic bubbles we'd ever had.


It's half true. While the debt, adjusted for inflation, went down, there never was a surplus and the nominal debt went up every year that Clinton was in office (you can't have a surplus and a deficit at the same time; it's one or the other).

farm7.staticflickr.com
 
2013-10-09 08:54:38 AM

Ricardo Klement: Ficoce: They can take it to another country, cash in and buy a whole lot of dollars though. Then come back and buy your booze and drugs for pennies on the dollar - and the dollar might not be worth much by then.

Imagine if, overnight, the US lost $2.5t. Overnight. Not spent on a war, not huge stimulus that, say, only returned $0.96 on the dollar (meaning we only lose $200b). I mean GONE.

If the US simply didn't pay any of its debt, that's what would happen to China. (Half that, but it has half our nominal economy anyway.)

If the US screws up, this is a problem for the entire world, not just here. Going to that other country won't help.


96 cents on the dollar? That's not bad. Especially when it's possible most of the world would be trading in Yuan the next morning. I do know what you mean, but in the end game the macro implications of our fiscal policies make it very difficult for our allies to support. When you're the rich kid in a company town, you have lots of friends. When Dad loses the business and you end up middle class - the cool kids don't suck up anymore. Ask the leaders of countries that have tried to work around the dollar by trading in gold. Oh that's right, they aren't alive anymore. If the US lost $2.5t, China would be the new rich kid and they like gold - it'll be where all the parties will be happening - and you can take gold to the party.
 
2013-10-09 09:22:16 AM

DrPainMD: Mrbogey: gund: Under Clinton there was a budget surplus.... the government actually "made money".... the federal debt actually dropped adjusted for inflation. Happened after ww2 and during clinton. Twice in our history.

That is a lie.
[www.brillig.com image 474x471]

Clinton's deficit trick was to be president during one of the largest economic bubbles we'd ever had.

It's half true. While the debt, adjusted for inflation, went down, there never was a surplus and the nominal debt went up every year that Clinton was in office (you can't have a surplus and a deficit at the same time; it's one or the other).

[farm7.staticflickr.com image 457x715]


Technically speaking, if someone in 1850 had a $100 debt, they'd be considered in more debt than someone today who had a $150 debt. You have to use a constant measure - nominal ones are meaningless. For example, if you doubled our debt to $32t dollars, but you made them Zimbabwe dollars, you would be hard-pressed to convince anyone that the debt went up when a yuppie food-stamp would cover it. Comparing US $ from different years is like comparing it to a foreign currency.

In addition, once you're talking total government deficit that's that small, you're out-growing your debt, meaning, effectively, a surplus. Maintaining $20b a year deficit for the last 13 years would have resulted in the total debt going from almost 50% of GDP to around 35% of GDP, even as the nominal amount increased.

In short, in any economically meaningful way, that's a surplus.
 
2013-10-09 09:29:39 AM

Ficoce: Ricardo Klement: Ficoce: They can take it to another country, cash in and buy a whole lot of dollars though. Then come back and buy your booze and drugs for pennies on the dollar - and the dollar might not be worth much by then.

Imagine if, overnight, the US lost $2.5t. Overnight. Not spent on a war, not huge stimulus that, say, only returned $0.96 on the dollar (meaning we only lose $200b). I mean GONE.

If the US simply didn't pay any of its debt, that's what would happen to China. (Half that, but it has half our nominal economy anyway.)

If the US screws up, this is a problem for the entire world, not just here. Going to that other country won't help.

96 cents on the dollar? That's not bad. Especially when it's possible most of the world would be trading in Yuan the next morning. I do know what you mean, but in the end game the macro implications of our fiscal policies make it very difficult for our allies to support. When you're the rich kid in a company town, you have lots of friends. When Dad loses the business and you end up middle class - the cool kids don't suck up anymore. Ask the leaders of countries that have tried to work around the dollar by trading in gold. Oh that's right, they aren't alive anymore. If the US lost $2.5t, China would be the new rich kid and they like gold - it'll be where all the parties will be happening - and you can take gold to the party.


You didn't read that right. China's the one that's losing the money. If a guy who owes you a shiat-ton of cash goes bankrupt, YOU just lost a shiat-ton of cash. Remember how the economy crashed in 2008? What happened to the banks? The people who owed them money couldn't pay (bad mortgages are bad because, well, the people can't pay). So the banks went belly-up (or should have, but the government stepped-in).

China's the bank. We're the bad loan. There's no government to save China's ass.

So, yeah, your parents can't pay their mortgage. Saying you're going to get a job at Lehman Brothers as your escape plan isn't such a great idea.
 
2013-10-09 09:56:32 AM
I read it right. China has been gearing up since '08. If the Yuan loses 4% short term in trade for becoming the world's preeminent economic superpower - not a bad trade. If we have a problem with it, China will just tell us the bankers motto - fark you.
 
2013-10-09 10:17:26 AM

Ficoce: I read it right. China has been gearing up since '08. If the Yuan loses 4% short term in trade for becoming the world's preeminent economic superpower - not a bad trade. If we have a problem with it, China will just tell us the bankers motto - fark you.


How'd that work out for Lehman Brothers - one of the most powerful banks in history?
 
2013-10-09 11:04:00 AM
Not too well for Lehman - went really well for the Industrial and Commercial Bank of China. We aren't doing all that well at the Bankers Olympics this year.

http://en.wikipedia.org/wiki/List_of_largest_banks
 
2013-10-09 11:24:36 AM

Ficoce: Not too well for Lehman - went really well for the Industrial and Commercial Bank of China. We aren't doing all that well at the Bankers Olympics this year.

http://en.wikipedia.org/wiki/List_of_largest_banks


Lehman held mortgages. When people were unable to repay their mortgages, Lehman died.

China holds US debt. When the US is unable to repay its debt, _____________.
 
2013-10-09 11:44:55 AM

LoneWolf343: highendmighty: mediablitz: highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.

Oh please. Show me one story on Think Progress with HALF the hyperbole and bullshiat of WND's "Obama the secret Muslim" crap.

Pretending they are the same shames you, not Think Progress.

It's all in the tone.  The two are equivalent.  You seem to have mastered and revel in it.

Ah, "tone," that arbitrary mechanism that morons fall back on when they can't make a rebuttal based on substance.


Ah, reading comprehension - something at which you consistently fail.  I shall quote my original point to you - that which you requoted in your response - in the hopes that your rebuttal is something more than the weakest ad hominum I have found on Fark in many days (which is truly saying something about your level of rhetoric). 
"I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully." <-- THIS is my point.  This defines the "tone" of which I spoke.
 
2013-10-09 11:48:41 AM
so invest in bitcoin!
 
2013-10-09 12:05:43 PM

Ricardo Klement: Ficoce: Not too well for Lehman - went really well for the Industrial and Commercial Bank of China. We aren't doing all that well at the Bankers Olympics this year.

http://en.wikipedia.org/wiki/List_of_largest_banks

Lehman held mortgages. When people were unable to repay their mortgages, Lehman died.

China holds US debt. When the US is unable to repay its debt, _____________.


Umm, China hold less than 10% of the US debt. We hold most of it. Consumers still have to buy cheap "stuff". If the dollar tanks - what will be the definition of cheap?
 
2013-10-09 12:18:49 PM

Ficoce: Ricardo Klement: Ficoce: Not too well for Lehman - went really well for the Industrial and Commercial Bank of China. We aren't doing all that well at the Bankers Olympics this year.

http://en.wikipedia.org/wiki/List_of_largest_banks

Lehman held mortgages. When people were unable to repay their mortgages, Lehman died.

China holds US debt. When the US is unable to repay its debt, _____________.

Umm, China hold less than 10% of the US debt. We hold most of it. Consumers still have to buy cheap "stuff". If the dollar tanks - what will be the definition of cheap?


I never said they hold all of US debt. You think Lehman held most of the mortgages out there?
 
2013-10-09 12:19:49 PM

Panatheist: so invest in bitcoin!


Quiet, you.
 
2013-10-09 12:32:29 PM

Ricardo Klement: Ficoce: Ricardo Klement: Ficoce: Not too well for Lehman - went really well for the Industrial and Commercial Bank of China. We aren't doing all that well at the Bankers Olympics this year.

http://en.wikipedia.org/wiki/List_of_largest_banks

Lehman held mortgages. When people were unable to repay their mortgages, Lehman died.

China holds US debt. When the US is unable to repay its debt, _____________.

Umm, China hold less than 10% of the US debt. We hold most of it. Consumers still have to buy cheap "stuff". If the dollar tanks - what will be the definition of cheap?

I never said they hold all of US debt. You think Lehman held most of the mortgages out there?


US debt to China is less than 10% of their GDP. totals less than $1B. China uses almost 40% of it's GDP to pay down their own debt every year, while we print money. We are the Lehman of which you speak.
 
2013-10-09 12:41:12 PM

Ficoce: Ricardo Klement: Ficoce: Ricardo Klement: Ficoce: Not too well for Lehman - went really well for the Industrial and Commercial Bank of China. We aren't doing all that well at the Bankers Olympics this year.

http://en.wikipedia.org/wiki/List_of_largest_banks

Lehman held mortgages. When people were unable to repay their mortgages, Lehman died.

China holds US debt. When the US is unable to repay its debt, _____________.

Umm, China hold less than 10% of the US debt. We hold most of it. Consumers still have to buy cheap "stuff". If the dollar tanks - what will be the definition of cheap?

I never said they hold all of US debt. You think Lehman held most of the mortgages out there?

US debt to China is less than 10% of their GDP. totals less than $1B. China uses almost 40% of it's GDP to pay down their own debt every year, while we print money. We are the Lehman of which you speak.


China holds ~$1.2 trillion of US debt 2011 and their GDP in 2011 was $7.3t So 1.2 isn't 20% of GDP, but it's 16.5%. Not exactly "less than 10%".

China's public debt is north of 40% of their GDP in 2011. That's better than ours, but it's not exactly falling.
I'm not saying China is worse off than the US.

But let's take your assertion that we are Lehman. How'd the rest of the US economy do when Lehman et al crashed? That's what's going to happen to China. Only worse, because there's no one to save at least SOME of the banks.
 
2013-10-09 01:36:21 PM

what_now: Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.

I have penicillin and a working uterus. I will be your overlord.


I've got shotgun shells *and* shotguns. I will rule this world and own all the uteruses.

If you sign up now, you can get one of the 1st spots in my harem and get the best food and benifits.

My first 10 girls get hot Dinty Moore beef stew and a bed. Around girl 20 they start getting Lunchables and an old Army cot. At 50 you get slightly moldy bread and an old skeet blanket. You really don't want to be girl 200.
 
2013-10-09 01:52:06 PM
That was last year - this year it's $8.2T. They use 38% of that to pay their debt. Problem is their debt is a little over 40%. Not the best position to be in - but, I agree, a lot better than we are. Of course they are nervous, but do you really think they have a problem making people suffer to pay the bills?

They haven't been printing money to inflate their GDP numbers. The US economy is still isn't over 2007, so I can't really say how we did after Lehman.

I really hope we can pull this out, but we don't have much of a parachute either.
 
2013-10-09 02:18:28 PM

Ficoce: That was last year - this year it's $8.2T. They use 38% of that to pay their debt. Problem is their debt is a little over 40%. Not the best position to be in - but, I agree, a lot better than we are. Of course they are nervous, but do you really think they have a problem making people suffer to pay the bills?

They haven't been printing money to inflate their GDP numbers. The US economy is still isn't over 2007, so I can't really say how we did after Lehman.

I really hope we can pull this out, but we don't have much of a parachute either.


We haven't been printing money. Had we done so, inflation wouldn't have been so low.

/They also own more of our debt than last year. So the point about how much they have at stake still stands.
 
2013-10-10 06:01:43 AM

dustman81: FDIC operates under the Full Faith and Credit of the United States. If no one has faith and credit in the ability of the United States to pay its obligations, game over.

/Then again, if no one has faith in the US paying its obligations, the US Dollar becomes worthless anyway


That's what you get with a fiat currency. There's nothing but smoke and mirrors behind it.
 
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