Money in bank accounts

a reply to: ancientlight

If you're worried about your money, slowly start withdrawing it. It's always wise to have emergency cash on hand. You will never know when you'll need it. We have emergency cash in hand in a firesafe box, along with passports, socials, birth certificates, deeds, and everything that is important to us. Or that wee need for use in society. My husband has bern doing this for a year now, everytime he gets paid he distributes it and takes some out. That is my advice.

a reply to: andy06shake

In response circles? Know what during Katrina was the best commodity in New Orleans.?

Not money.

Beer. A couple guys floating by will help you for beer. Couldn't use $$ anywhere for anything...wasn't anywhere to spend, nothing to buy.

originally posted by: mysterioustranger
a reply to: rickymouse

Oh yeah. I hv 2 homes, no mortgages, no car payments, no credit debts. Wife n I, clear.

We have a car payment, although the balance is low, we could have paid it off easily when we bought it but wanted to leave the money in the bank so if something happened to one of us the other would have enough to keep going on with the loss of one social security check. Paid off the new roof and the new furnace with cash though, we budget pretty well.

We pay off our credit cards every month. no interest that way. When I got in the accident the credit cards took a big hit, because I was also paying the expenses of my business for many years, but we sold the building and the business insurance policies were all canceled. Keeping that building cost quite a bit in utilities and taxes. We sold it for what we paid for it to a friend, no capital gains to pay taxes on.

Second houses or buildings can put a drain on your money and unless you use them a lot, it is not worth it. Good time to sell right now, prices are way up there. But if you use the second house or it provides some income to cover the expenses, it is not bad.

a reply to: rickymouse

We're ok. No kids. Suburbia...

a reply to: ancientlight

you can figure it out man. you have the answers to everything at the tips of your fingers. start asking questions to the computer.
its really easy.

a reply to: musicismagic

Buying a ground floor flat sounds like a winning proposition in Poland where Home Owner Association fees don't include a lot of frills and litigation costs. If the people living in the penthouse apartments want a new roof let them pay for it..

originally posted by: ancientlight
Hi all.

So I hear talk online about possible bank bail-outs and that there would be a risk of banks seizing all your money ?
I live frugally , don't waste things, don't buy unnecessary , appliances and everything 20+ years old , so I have some money.
My reward for living within my means would mean me end up being robbed basically

Is there a real risk of something like this happening ?
What would be the best strategy to mitigate this ? How about moving more to my ETs (I have a vanguard account)?
I know vanguard/black-rock are possibly responsible for the plandemic, but I'm very unsure what to do.

I don't want to worry that I could lose all my money

You don’t need to worry about this at all.

The big US banks are hyper-capitalized. There is zero chance of them needing your money to remain solvent.

Now, regional banks ala tier 2? Interesting stuff happening there with the repo market.

This is the problem with financial media. The way equity markets and the global banking system function is highly complex.

For instance… Know what a dark pool is? No, it’s not Satan’s Mutual Fund, nor nefarious in the least - those pools play a fairly larger role in equity markets for institutions. But, I could write a headline that would make you take all of your money out of anything because the reader has no clue what it is.

But, if very little I just said makes sense or you can’t explain the difference between an ETF and EFT then don’t read articles and take action with your money. Find a trusted professional who can explain these things to you and help you make better decisions.

Anyway, tier 1 banks aren’t going to take your money because they’re insolvent - they don’t need it.

Explanation of bank tiers…

www.statista.com...

a reply to: VulcanWerks

Glad to see an expert weigh in on the situation.
US Federal Reserve bank committee is meeting next Wednesday which will likely be reassuring for banks.
Bitcoin dropped below 40,000 and Etherium dropped to 2900 this evening, probably on concern about interest rates heading up in a few weeks.
You mentioned the dark pools which operate between you and the actual trading platform.
The big corporate crypto and investment houses can dump assets quickly through the dark pools without any publicly available audit trail as far as I know?
Small independent investors get stuck waiting 2 days for the sale of their shares to settle if their stop loss orders take them out so they are at a disadvantage.
The big corporate investment firms probably have inside knowledge that allows them to do statistical analysis.
If its just gambling I'm not sure I want to bother.

Bank bailouts and banks seizing personal funds are two very different things. Banks are either private sector or public sector enterprises. All are for-profit businesses. The fact that they store other people's money in no way entitles them to take it any time they please. Theft is theft, regardless of who does it. However, a private sector bank can go bankrupt and the depositors funds could literally disappear. Even insured accounts are not fully protected. In fact, most federally insured accounts only cover the first $100,000. After that you are on your own in the event of a tragic loss of some kind.

Historically, precious metals have been the go-to for protection from financial instability. In today's world that may not be the case. Many people who have invested in precious metals have never touched the actual gold or silver. They bought shares and own the metal on paper. They are still entitled to their bullion but may have a hard time actually getting it. You can buy bullion yourself and have the actual bullion in your hands, but, you will pay a premium price for that and the bullion will have to increase in value just for you to break even. For example, right now you can buy a Credit Suisse 1 oz gold bar for $2,012 and change. Gold is currently valued at $1,840 per ounce.

I have said before, and I still believe, our economy is on borrowed time and will either be retooled or fall by the wayside. What we have now is a giant ponzi scheme and it is untenable. We have built unsustainable wealth with credit on top of credit. You simply can not solve an unbalanced debt to income ratio by adding more credit. We are in a sort of Wile E. Coyote moment where we have stepped off the financial cliff and we are waiting for gravity to notice. The Fed keeps piling money up beneath us but sooner or later gravity will win. It always does.

What will likely happen is what happened in Weimar, Germany. People will go to bed one night with $10,000 US Dollars in the bank and wake up the next morning with $1,000 Liberty Bucks (or whatever it will be called). Since the currency is new no one will know what the actual purchasing power is. It may have a value assigned to it, but that doesn't mean much in terms of what you can do with it. Remember, in Germany people had wheel barrows full of cash to buy a loaf of bread... The only thing that is absolutely certain: when the exchange rate is determined the value will not be to the average person's advantage. And, if there is disparity, it will always lean toward the issuer.

The bottom line in this day and age is diversity. Don't put all your eggs in one basket. Yes, you are running the risk of losing some, but its better than losing it all. One way to get silver in your possession is to buy silver coins from coin shops, pawn shops, etc. A Morgan silver dollar weighs .94 oz. Expect to pay at least the current trading price for a full ounce when you buy it. Its not a 1:1 trade, but its close enough to make it worth while. Silver is currently trading at $24.53 an ounce. For that price when buying a Morgan silver dollar you are getting $24 worth of silver. Of course, some stores will charge you more than others. Its up to you whether its worth it or not.

a reply to: mysterioustranger

Rather a sobering experience and perspective i suppose.

Point being all the same commodities tend to go up and down in value depending on supply and demand.

How much is a can of beer worth now with respects the flooding being over?

Probably back to about $1 a can?

But the gold will still retain its value.

Pointless piece of yellow metal really used for decorative purpose, a great electrical conductor, but people are indeed fascinated with the stuff, always have been probably always will be for the foreseeable anyroad.

Bank bail outs. Isn’t this topic a Little over done?

Did you lose money when the banks were bailed out when the mortgage bubble hit?

a reply to: andy06shake

You would have beat Emanuel Lasker the world chess champion during WW1 with your gold strategy back then.
In those days you could actually lose everything when banks failed or bonds defaulted.
Different now that its all globalized and they have things like cheap gold leasing for many of the funds.
There are not enough gold investors actually taking delivery anymore compared to size of the derivative market.

Bitcoin down about 9% last 24 hours Eytherium down over 11%.
I was one cigarette puff away from buying the dip in the Dow Jones yesterday when FAS opened above 132. FAS is trading near 125 this morning 24 hours later.

OP hasn't been back but I was thinking the money in bank thread heading might be a tongue in cheek poke at the usual FOMO argument for gambling?

a reply to: fromunclexcommunicate

Not my gold strategy per-say fromunclexcommunicate.

My monies in the bank same as the majority of the rest of us, momentarily when i get paid for the most part, then off to pay standing orders and direct debits just like everyone else.

Any value i have in gold is in jewellery, meaning in a pinch i can pawn say a watch, ring, or chain, if I'm really strapped for cash, not had to do anything like that for the better part of two decades all the same.

Ive never bothered to dabble in the likes of bitcoin if I'm honest, few of my mates mine it and play the field all the same, none of which have got a Lambo out of the kit and kaboodle far as I'm aware thus far.

Money is simply a means to and end for me, i hate the stuff if I'm honest but stuff living without such, which is really not much fun and then some.

I have said from the beginning that the scamdemic is designed to bankrupt the globe. All the money being spent on vaccines and testing and economies being destroyed due to shutting down busineses etc

There needs to be a global financial crash to move forward with the agenda. The banks will call in their debt and be like a global depression.

Then they can introduce new ways of life that we wouldn't accept under normal circumstances.. like digital currency and Jno cash. So they have complete control over you

Also known as the great reset

Problem is Trump was doing well with the economy which was not expected so Biden has taken trillions in Congress to to make sure they are on track

But yes. The banks will most likely do this.

Advice in terms of what to do with your cash.. buy gold for example.. asssests that are worth value.. money is just paper with pictures on it that has nothing to back it up anymore.. its only worth what the government tells you it is worth. . a reply to: ancientlight

a reply to: andy06shake

Crypto coins dropped another 1% as we speak but UK FTSE is only down a few percent off its recent highs.
The stock market crash of 1929 caused bank failures because the banks were allowed to gamble back then.
There are still scams where bond issuers have used the money to gamble rather than whats marked on the tin so could be some shake out there.

a reply to: fromunclexcommunicate

Yeh, i have some understanding of the wall street crash and the further implications around 1929.

Lost a 1/4 of a million quid house in 2008 down to mortgages that could not be paid and the banking crisis of the time.

Still does not sit right in my stomach.

As to scams they will exist as long as there are gullible people around in one form or another.

a reply to: andy06shake

The 2006 housing bubble broke rather unexpectedly when interest rates went up.
I was lucky waiting till the market starte to lift again to buy my house at 25% off.
Like OP I had a little money saved from not paying rent that I was thinking of investing in the stock market.

The US Federal reserve will be meeting to announce interest rate hikes here next Wednesday.
The best US Dow Jones stock market tracking ETF was near 153 a few days ago so after the drop to 132 I figured the markets had already priced in the news about higher rates and it would be a good buy opportunity.

Not much solid trading advice out there this BOA analyst talks about the bull market changing to a buffalo market?

oaklandnewsnow.com...

Initially that summoned the imagery of a large herd ranging across the plains states in a flat market.
But then we had this huge buffalo hump rally in the morning yesterday that brought FAS up to 136 before the fall in the afternoon. So I started thinking about how the buffalo wings thing might work as FAS reached a low this morning of 121.

Its gambling but probably safer buying here than at the market highs.

I have been storing my money in one idiosyncratic risk
Stock, it has been serving as my savings account since last year. About to go on another runup next week. Lol. GameStop squeeze never squozed.

1.2Trillion in puts expired Friday. XRT is shorted to a measly 700% and their previous FTD’s are coming due next week. Already showed some signs of that negative beta on Friday. Entire market red and my favourite little stonk green. Haha,

In all seriousness though, I think we are most definitely in for a major correction. Beyond the typical 10-20% crash, like a how the # do we get out of this one moment. The fed has backed itself in a corner, QE along with near zero interest rates. Now if they don’t raise rates, inflation continues to 20% and the economy collapses, if they do raise rates all these over leveraged banks and over leveraged investors are #ed. I think inflation is the more desire concern, so rates will go up, ppl will default when if on a variable rate or simply won’t be able to afford their renewal etc. we’re already seeing the markets crash. SPY has been on a steady decline, peaked around 470+ now below 440. It’s happening already, but they trying to control it in a manner where it doesn’t drop 30% overnight. I don’t know what the answer is, but I have taken some cash from the bank. I’ve stuck a bunch in crypt years ago, but that’s in the midst of a major correction already. Bitcoin seen an ATH of roughly 85k CAD, currently sits at 43 and change, 50% correction. Ouch, I do think it will rebound quicker than everything else, but that’s my gut. Having said that, I don’t think we’re even closer to floor. I would not be surprised to see btc in the teens again. Who the # knows?

originally posted by: wdkirk
Bank bail outs. Isn’t this topic a Little over done?

Did you lose money when the banks were bailed out when the mortgage bubble hit?

I dont think there is any reason to bail them out. What I do think, is that we're in the middle of a Great Depression, but the way the banking an econmy is set up, it hasnt manifested yet.

With the soaring inflation, two things will happen. It will pop and we will be in a depression. Or it will pop and everyone will realize there is no money and it will be the catalyst for a depression.

a reply to: macaronicaesar

Gamestop isn't a favorite of mine its down from about 247 at the end of last year had a green day Friday up 3.5 % but its down after hours 105.04 -1.32 (-1.24%). Suggested stop loss level is 82.57. No suggested stop loss level for FAS but its at 117 after hours Friday and the prior low was near 107 last November. Same situation there as with Bitcoin breaking through the 40,000 support followed by the 24hr 15% drop in price. FAS is a triple derivative that absolutely gets killed when the Dow crashes so the downside target would be about 58 with that 15% Dow Jones pullback. No idea if the double bottom will hold in stocks and there a lot of people predicting it won't probably because they want a lower floor to buy back in.