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Every Thing Else Board
Bank Closing - What to do?
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<blockquote data-quote="Brandonm22" data-source="post: 674765" data-attributes="member: 7645"><p>The Zimbabwe currency is worthless because most folks IN Zimbabwe and everybody outside of Zimbabwe chooses to have their money in some other currency so as soon as somebody gets a Zimbabwean note they exchange it as soon as possible. My point about the U.S. is that Americans owe trillions in mortgage, auto, student loan, and credit card debts in US dollars thus as soon as an American gets a dollar he uses it to pay last month's mortgage payment or pay down his Home Depot tab. This means there is a bomb proof demand for dollars. Are we likely to see a future period of hyper inflation? Yes, that is the only way U.S. gov and most consumers can pay down their debts. Hyperinflate the economy so that a $10 trillion national debt is more like a $2 trillion debt. Yes if I had a very very large wad to invest I would rather be in real commodities rather than green paper or T-bills. Back to the original question, Mom's bank account is completely safe (as far as the $$ amount is concerned) because U.S. govt will create the dollar (since 1972 entirely just a make believe construct anyway) to honor that FDIC guarantee no matter what else happens. US gov is waaaaaayyyy too invested in the banking biz to allow it to collapse like that.</p></blockquote><p></p>
[QUOTE="Brandonm22, post: 674765, member: 7645"] The Zimbabwe currency is worthless because most folks IN Zimbabwe and everybody outside of Zimbabwe chooses to have their money in some other currency so as soon as somebody gets a Zimbabwean note they exchange it as soon as possible. My point about the U.S. is that Americans owe trillions in mortgage, auto, student loan, and credit card debts in US dollars thus as soon as an American gets a dollar he uses it to pay last month's mortgage payment or pay down his Home Depot tab. This means there is a bomb proof demand for dollars. Are we likely to see a future period of hyper inflation? Yes, that is the only way U.S. gov and most consumers can pay down their debts. Hyperinflate the economy so that a $10 trillion national debt is more like a $2 trillion debt. Yes if I had a very very large wad to invest I would rather be in real commodities rather than green paper or T-bills. Back to the original question, Mom's bank account is completely safe (as far as the $$ amount is concerned) because U.S. govt will create the dollar (since 1972 entirely just a make believe construct anyway) to honor that FDIC guarantee no matter what else happens. US gov is waaaaaayyyy too invested in the banking biz to allow it to collapse like that. [/QUOTE]
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Bank Closing - What to do?
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