Notifications
Clear all

Financial advice given with urgency

 

Uly The Cunning
Admin
Joined: 3 years ago
Posts: 2850
Topic starter  

I was passed this message, given to me by a someone I trust on this subject completely. His knowledge is extensive and advice is well headed to whom it applies. I do not wish to alter the message in any way, so here is a direct quote.

"To the good men of TIM. Please note this is an URGENT message. There is a market selloff in progress that does not seem to be reversing. The DJIA has dropped 20% since Feb 23. The continued losses in the DJIA and S&P 500 may result in banks losing liquidity and halting transactions - in which case people would not be able to withdraw cash or pay for their goods and services using the banking system. It is advised under these conditions to move as much cash and valuables that you have in banks (including safety deposit boxes) to somewhere SAFE until the current crisis is past. At least take out cash for a month's expenses. We have no idea when a recovery will happen or what the worst case scenario may be - but from what we are seeing - it looks pretty bad. Good luck to all. Wish"

"Remember, you're fighting for this woman's honor, which is probably more than she ever did."
Groucho Marx: Duck Soup (1933)


Beered by Old Buck, GregBO, The Evil Genius and 5 people
Quote
Don Keyknob
Moderator
Joined: 3 years ago
Posts: 2034
 

Thanks Uly.

My finances are pretty dire at the moment, but I do have a couple of options left to me. Maybe a trip to the bank (or somebody else's bank) wouldn't be a terrible idea.

Thanks for the advice. I can see where your contact is coming from.

This is something that has been playing on my mind of late. I maybe preempting a disaster that may fail to materialise - but if the SHTF...will money actually be worth anything?

More than toilet paper I mean?

 


Beered by Old Buck, The Evil Genius, Untamed and 1 people
ReplyQuote
Warrior Angel
Man
Joined: 2 years ago
Posts: 650
 

There has been an ongoing liquidity problem with banks due to artificially low interest rates courtesy of the central banking system and an economy based on financial system shenanigans rather than production of resources.  

People preferred to invest in paper securities (until this month) because artificially low interest rates meant that cash savings earn very low interest vs. paper securities which were appreciating in value until the current financial crisis.  Ergo, banks with low cash reserves and risky investment portfolios may experience serious liquidity (and solvency) issues. 

The Fed has kept the banking system liquid through its repo program and quantitative easing.  In plain English, it's called "printing money out of thin air" or as my buddy the stockbroker called it - "socialism for the rich."  

Of course, requiring banks to maintain greater cash reserves, maintaining interest rates that didn't punish cash savings, and more effective regulation of riskier investment paradigms would avoid these sort of crises.

The party's over.  Loose monetary policy of Central Banks and a greedy, short-sighted power elite are the real causes of this crisis.  Coronavirus was just the triggering event that is making the whole house of cards collapse. Sort of like Lehman's collapse in 2008.  

The Fed can still cover bank deposits through FDIC and its repo program, so many deposits are probably relatively safe. While financial controls have loosened since 2017, hopefully enough controls remain in place to prevent an economic depression. 

Also, if things get really problematic, the Fed can always print up more $$$$$$$$$$$ through its quantitative easing paradigm.  Of course, that (and low interest rates) would trigger inflation as we've already seen in the inflating valuations of real estate and securities.  It's only a matter of time until all this excess funny money spills over into the general economy. 

It's becoming problematic to find places to park liquid assets at this time that are both safe and reasonably profitable.  Gold is at a seven year high and stocks are rapidly losing value. Debt instruments pay very low interest rates and other forms of securities are depreciating in value.  One could play with put options if one is feeling adventurous, but they're a risky gambit. 

Good luck and I hope to see you all intact and abundant when the storm dies down.


Beered by Old Buck, The Evil Genius, Xanthine and 3 people
ReplyQuote
Narrow road
Founder
Joined: 3 years ago
Posts: 309
 

@warrior-angel

As an addition to the general good advice you've given. Silver is the working man's value retention safeguard.

You can buy and have shipped to your home. 10 oz. Silver bars for under 200 dollars each.

If things keep going haywire. Those silver bars could represent 600 dollars. 

Be careful though. The federal government demands from rare metals dealers. That the dealer send a report to the federal government. For transactions over 2000 dollars. 

In times like these. The federal government not having your address handy. Can't be a bad thing.

 


Beered by Uly The Cunning, Old Buck, The Evil Genius and 1 people
ReplyQuote
Untamed
Founder
Joined: 3 years ago
Posts: 567
 

Thanks for the heads-up, Uly! 👍 

Don't let them blame, shame or tame you!


Beered by Uly The Cunning, Old Buck, The Evil Genius and 1 people
ReplyQuote
Warrior Angel
Man
Joined: 2 years ago
Posts: 650
 

Gold has outperformed silver in the last few years. Gold has risen four percent since the stock market peaked one month ago.  Since then, stock market indexes have plunged 20% into bear market territory. 

Note that gold had risen even higher and then lost three percent due to investors covering margin calls and other market issues. However, gold and cash appear to be among the best places to hold liquid assets at this time. 

Silver hasn't done as well. Silver is actually down a few percentage points since the stock market peaked one month ago. However, it hasn't fallen anywhere nearly as badly as the Nikkei, S&P, Hang Sen, and DJIA indexes. 

I've been watching all this pretty closely since I self-quarantined at home. I have some rather troubling Coronavirus symptoms and my healthcare provider believes that I might have COVID-19.  My healthcare provider has no test kits and there's no treatment protocols.  Yes, this is for real, so prayers would be most welcome at this time as I'm laid up in bed.  

I have initiated my hunkering down strategy that I planned out years ago.  I hope that we all live through this. Arghh.  


Beered by Uly The Cunning, Old Buck, Narrow road and 4 people
ReplyQuote
Don Keyknob
Moderator
Joined: 3 years ago
Posts: 2034
 

Shit - I'm sorry to hear that WA.

I hope that it just turns out to be a bad flu.

Thoughts are with you.  


Beered by Uly The Cunning, Old Buck, The Evil Genius and 1 people
ReplyQuote
Untamed
Founder
Joined: 3 years ago
Posts: 567
 

I hope no one has infected you with their shit but I'll pray for you to feel better soon before this day ends.

Don't let them blame, shame or tame you!


Beered by Uly The Cunning, Old Buck, The Evil Genius and 1 people
ReplyQuote
ID-Less
Man
Joined: 1 year ago
Posts: 557
 

Wouldn't it be nice to have as much Gold as John Wick. Enough money to be able to bury some and pick axe your way to it, it times of great need.


ReplyQuote
Don Keyknob
Moderator
Joined: 3 years ago
Posts: 2034
 
Posted by: @id-less

Wouldn't it be nice to have as much Gold as John Wick. Enough money to be able to bury some and pick axe your way to it, it times of great need.

Not as good as a massive stash of hand sanitisers, face masks, toilet rolls and make up.

Nobody has mentioned the make up yet. When there's nothing left - that's when they'll need something to pretend they don't look like they do.

J.D Rockefella type of cash for ONE lipstick!!!! 🤑 🤑 🤑 🤑 


Beered by Uly The Cunning, Old Buck, The Hog and 1 people
ReplyQuote
GregBO
Admin
Joined: 3 years ago
Posts: 3814
 

@don-keyknob

cash will last much longer than plastic will!

 

​"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -Albert Pike

​"​My father didn't tell me how to live; he lived, and let me watch him do it.​" - Clarence Buddinton Kelland


Beered by Uly The Cunning, Old Buck, The Evil Genius and 1 people
ReplyQuote
The Evil Genius
Admin
Joined: 3 years ago
Posts: 2225
 

The spot price on silver is less than $15 an oz so why would anyone pay $20 an oz? I don't get it--look if you have $5 you want to toss away pump it into the TIM site we can always use it! 


ReplyQuote
Warrior Angel
Man
Joined: 2 years ago
Posts: 650
 

As an investment, silver has been outperformed by many other assets. Some believe that a reserve of real silver coins is a safe hedge in the event of a catastrophe. 


Beered by Uly The Cunning, Old Buck, Narrow road and 1 people
ReplyQuote
Tomatoshadow2
Man
Joined: 1 year ago
Posts: 136
 
Posted by: @warrior-angel

Gold has outperformed silver in the last few years. Gold has risen four percent since the stock market peaked one month ago.  Since then, stock market indexes have plunged 20% into bear market territory. 

Note that gold had risen even higher and then lost three percent due to investors covering margin calls and other market issues. However, gold and cash appear to be among the best places to hold liquid assets at this time. 

Silver hasn't done as well. Silver is actually down a few percentage points since the stock market peaked one month ago. However, it hasn't fallen anywhere nearly as badly as the Nikkei, S&P, Hang Sen, and DJIA indexes. 

I've been watching all this pretty closely since I self-quarantined at home. I have some rather troubling Coronavirus symptoms and my healthcare provider believes that I might have COVID-19.  My healthcare provider has no test kits and there's no treatment protocols.  Yes, this is for real, so prayers would be most welcome at this time as I'm laid up in bed.  

I have initiated my hunkering down strategy that I planned out years ago.  I hope that we all live through this. Arghh.  

Hope you get better soon brother.

 


Beered by Uly The Cunning, The Evil Genius, Old Buck and 1 people
ReplyQuote
Old Buck
Arbiter
Joined: 3 years ago
Posts: 2490
 

Sooner or later you will need to barter for something.

To help control spreading, place clean individual bills in ziplock bags.  You can open the bag for the cashier and let them grab the money.  Any change received goes into a baggie, then labled with the date.  After sitting a week it should be safe to open?

Credit cards can be placed into a baggie as well.  Pinch a corner and swing the card out to use.  Makes disinfecting a breeze.

If you accept chickens, I'm not going to lie, it makes de-feathering easier.  Tired of getting my face clawed off...

 

 

Do NOT chase tail. Turn yours around and live FREE!


ReplyQuote
Advertisements