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Originally posted by SeekerofTruth101
Any financial institution such as pension and retirement funds that is backed by the US government, you can trust. The US gov had often depended on loans to finance its operations since the 30s, instead of depending on earnings and building up its nest egg. Thanks to the bankers for that, rightfully, or wrongfully.
You can trust the US gov on finances simply because US is not Greece or Xanadu. It is a huge landmass, with intelligent and creative human capital, resources both on surface and below that wont be expiring anytime soon, with more to come as our tech advances to mine them or to create them. It is the a rich nation, if not the richest. Australia is the only continent that could come close to US.
Thus it has the ability to feed and fund itself alone, as it did after Independence till WW2 where it had to help the rest of the world and defended itself against attack, which it won amazingly in TWO theatres of war. No other nation could come close as winners.
The world still have needs to be meet, and US could assist those nations and earn financial revenues through such assistance, such as trade, military defense, aid, etc. With its revenues, it will be able to fund social expenditure and progress the nation even further in terms of education and healthcare, and uplifting of lives. (squabbles by polititicians is expected, afterall it is a free democracy, but at the end, you can trust them to do the right thing, cos even after falling down, they have the ability to stand up again to correct errors.)
Therefore, your pensions and funds are safe, if backed by US gov. They had TIME, in terms of centuries as a nation, and WEALTH, in terms of GDP, that private enterprise do not have.
For pension investments with other private banks, you'll have to keep your fingers crossed and live on a prayer in these times.
For those holding gold, I wish you all good luck. Too bad you cant eat gold or buy an egg with gold. You will have to change for paper cash. But when that happens, billion others too will be changing gold into cash too at the same time, and guess what happens next? Commodities do fall frightening fast - hundreds of points within minutes.
Originally posted by Rockpuck
Hardly a "crash" .. not even 4%, it's simply a bad day. Considering the rally that recently took place, it's not all that unexpected?
Originally posted by JamesGC
We losr over 700 points a few times back in 08/09. Think the biggest drop was near 770. Sure there was 2 days where the market lost alomost 1,200 points.
Only 4-4.5% which is what we've been seeing globally today. If it gets over 5-6% now that'll be interesting. Though that'll depend on the final hour/half hour of trade.