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In a Depression!
dlimb2
Posts: 3,449
How many banks will survive? How far will the nearest remaining bank in business be from you? How many people will follow you if you enter and then leave a bank? How will you take care of your business in a depression if you have money?
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<< <i>How many banks will survive? How far will the nearest remaining bank in business be from you? How many people will follow you if you enter and then leave a bank? How will you take care of your business in a depression if you have money? >>
Suggest you read a couple of books based on what happened in your quoted scenario & give us a summation.
That is a more important question.
History of the US Constitution Coin Set
Look over on the metal detecting board and you will see what someone found from the last depression!
Certainly gasping for air but not lifeless; low volume and down 13 cents today. That was my first thought too when I read that article but if that's it, it is sure being kept quiet. Man, that Poppy Harlow is cookin'!!! WaMu
Those people must have their friends or families take a position before they go on TV.
San Diego, CA
///////////////////////
Count on it.
Both sides play the game; pump-and-dump, and short-and-bash.
As far as economically, we are still far from it. But then again it may be like being at Arches National Park in Utah and admiring the Wall Arch early this month and with no warning...crash....ruins. It's been "arching" for millions of years and in our lifetime it fails and falls.
There's only so far a fiat economy can continue without "adjustments" and this experiment has lasted very long. We could wake up and the financial crash that was orchestrated while we were asleep by the "powers that be" would direct us to go to our bank and exchange $25 for a new $1 coin.
Ren
and the Oracle of Omaha. The rest are a bunch of jerks.
Camelot
T. Bone Pickens is sellin' windmills. If ol' T. Bone and Nancy can pull it off they'll make a fortune.
<< <i>...
There's only so far a fiat economy can continue without "adjustments" and this experiment has lasted very long. We could wake up and the financial crash that was orchestrated while we were asleep by the "powers that be" would direct us to go to our bank and exchange $25 for a new $1 coin.
Ren >>
I wouldn't be suprised though I was thinking 100:1 or even 1000:1
The Fireman...
From 1921 through 1933 there were approximately 14,807 failures (called “suspensions” by the Federal Reserve system) of banks in the United States. Depositors lost $1,901,264,000 in hard earned cash after factoring in any recovery from sale of the bank’s remaining assets. All of these occurred during the so-called “sound money” era of the post-war gold standard.
In contrast, from 1934 through 1960 (twice the length of time) insolvent banks numbered 557, and depositor losses totaled $11,231,000 mostly due to large accounts that exceeded the limit of FDIC insurance. It is only due to the Glass-Steagall Banking Reform Act and those “evil Roosevelt administration socialists” that you can safely have savings, checking, money market and other accounts. Similar actions in the 1930s to protect investors mean you can have a brokerage, commodity, gold futures, etc. account and not worry that it will be missing tomorrow or wiped out by inside traders.
<< <i>T. Bone Pickens is sellin' windmills. If ol' T. Bone and Nancy can pull it off they'll make a fortune. >>
What isn't known about T. Boone is that he has the Texas Public Utilities Commision in his pocket and we, the users, are going to get a fee attached to our bills to pay for T. Boone's "project".
He gets the $$ if successful, we get the bill upfront regardless and there is no end in sight for that additonal fee. He makes billions either way.
T. Boone is a crook in my mind.
Just one with connections. He's got the money, but why bother when he can steal it from families already in financial distress.
Besides, the environuts are going to block his transmission lines. Already working in court to stop him and they will win.
We still pay the fee.
Forget the windfarms, without transmission lines they are useless.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
1) superconducting electrical transmission;
2) efficient storage of electricity;
3) superconducting generators.
<< <i>Three simple parts of the solution:
1) superconducting electrical transmission;
2) efficient storage of electricity;
3) superconducting generators. >>
If we just had 2 we wouldn't even need 1 or 3
The Fireman...
<< <i>Only as many as the government bails out just like they are doing now. >>
Rather only as many as the government can bail out. There is not enough money to pay out every account, nor even a fraction of every account in the USA. The FDIC insurance is a mere myth if the real big one hits. Some of the Indymac depositors that had like 600K in that bank are finding out the hard way. Why any fool would keep that much money in one institution is beyond me.
<< <i>I take Prozac for the depression, then go about my business as normal. >>
I have a job as a pharmacist, and as long as he needs prozac, I will have a job......
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
Doesn't matter. What matters is how close is the nearest ATM.
It isn't even a recession yet and we are worried about depressions? Just you wait until oil gets over $200 next year!
Hey, I'm in agreement here!
I went a cheaper route. I bought some copper tubing and some reflective corrugated roofing material. I am making a solar water heater. I hope to capture heat on sunny winter days and warm my office with it.
I've been studying energy and off grid systems since I was in college (a long time ago!). I'm thinking photovoltiacs will get cheaper. With subsidies I may actually buy a system in a few years.
I also have a garden and am learning how to can food. I could live off spaghetti w/ tomato sauce as long as my office is warm
<< <i>Sorry to muddy the clear waters with some facts, but:
From 1921 through 1933 there were approximately 14,807 failures (called “suspensions” by the Federal Reserve system) of banks in the United States. Depositors lost $1,901,264,000 in hard earned cash after factoring in any recovery from sale of the bank’s remaining assets. All of these occurred during the so-called “sound money” era of the post-war gold standard.
In contrast, from 1934 through 1960 (twice the length of time) insolvent banks numbered 557, and depositor losses totaled $11,231,000 mostly due to large accounts that exceeded the limit of FDIC insurance. It is only due to the Glass-Steagall Banking Reform Act and those “evil Roosevelt administration socialists” that you can safely have savings, checking, money market and other accounts. Similar actions in the 1930s to protect investors mean you can have a brokerage, commodity, gold futures, etc. account and not worry that it will be missing tomorrow or wiped out by inside traders. >>
Thanks for a bit of refreshing realism. A bit too many tinfoil hats around here.
My icon IS my coin. It is a gem 1949 FBL Franklin.
This was allowed by the government to happen...it turned into the greatest Casino for a few...and robbed the hard working people of their honest money!
From the Big House all the way down.
<< <i>Three simple parts of the solution:
1) superconducting electrical transmission;
2) efficient storage of electricity;
3) superconducting generators. >>
If electricity is the answer to everything, I guess my job is a little more secure than most. I have spent about 1/3 of my career building powerhouses.
economic storm. The difference is that in 1929, the various
Governments tightened credit and cut Federal spending , and
raised tariff walls around the world, cutting trade, which then
cratered the economy. This time, the Fed and Federal Government
are pouring liquidity into the economy. What is the great danger today
is the enormous debt we have, that did not exist in 1929 and as yet, no
tariff walls have been raised worldwide.
Camelot
If you own stock in banks, then be worried.
<< <i>
<< <i>I take Prozac for the depression, then go about my business as normal. >>
I have a job as a pharmacist, and as long as he needs prozac, I will have a job......
No medication was necessary for the laugh you gave me in this post.
<< <i>T. Bone Pickens is sellin' windmills. If ol' T. Bone and Nancy can pull it off they'll make a fortune. >>
You may mean he'll make ANOTHER fortune. He already has 4 billion.