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Old July 31, 2019, 20:34   #1
Bawana jim
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Just suppose

That tomorrow morning you wake up and the government has devalued our currency by 4 zeros? Venezuela did that only it was 5 zeros. Iran just devalued the rial by 4 zeros. 1.2 quadrillion in world debt. A quadrillion is one thousand trillion.

Are you ready to have all your savings wiped out over night?
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Old July 31, 2019, 22:20   #2
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I lived and worked with some Argentinians when their economy collapsed in 2001 or so. They kinda shrugged their shoulders because everyone was in the same boat for the most part.
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Old July 31, 2019, 23:16   #3
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Yup.
It dont mean chit. We already know the currency is worthless..

Brass, copper, and lead are the only commodities worth anything from the standpoint of longevity imo.
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Old August 01, 2019, 03:07   #4
Nomad, 2nd
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I don't know that anyone is ever "ready"

But being offgrid and working more and more towards independence every day..... Better than most.

I have $ in the stock market, but I also subscribe to the Alpha Strategy (not to the point of storing bigots of copper, but most before that.)

It would hurt most as I am physically limited (Medically retired from the Corps.) But I wouldn't starve. I have a new orchard in, and am working on the rental empire thing. (The less you have to buy, the less money you need.... And I don't trust my pension will always be there and worth near what it is.)

Not ready yet, but I'm 4-5 years should do pretty well.
Lost a couple cows and calfs this year, that hurt, but these things happen.
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Old August 01, 2019, 09:06   #5
Bawana jim
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Gasoline is about $3 a gallon here, if they knock off 4 zeros how much will a gallon of gas cost? If you make a minimum wage of $15 an hour now then how much would your paycheck at the end of the week be worth once they knock off 4 zeros?

In countries like Venezuela or Iran where most folks live hand to mouth there won't be a big change but here it would devestate us. If you saved $250,000 for retirement and they knock four zeros off then how much did they steal by doing that?

Just opinion but if they start knocking zeros off the dollar a person would be better off having things than they would having money.
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Old August 01, 2019, 10:59   #6
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Quote:
Originally Posted by Nomad, 2nd View Post
I don't know that anyone is ever "ready"

But being offgrid and working more and more towards independence every day..... Better than most.

I have $ in the stock market, but I also subscribe to the Alpha Strategy (not to the point of storing bigots of copper, but most before that.)

..............
Autocorrect sucks, huh ?

Or do you have the remains of Bull Connor stashed somewhere ?


.........................



..........................
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Old August 02, 2019, 22:25   #7
hueyville
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If currency was devalued then value of hard goods would likely go up. We have 401k's, annuities, cash value life insurance which value grows with the stock market but does not fall when market drops (product approved and sold for one year then so many people like us and our broker poured money in feds killed it) so value of this one time buy in insurance is valued on its growth of principal from day invested at highest day of stock market tI'll we start taking draws or have a death. Have some cash, precious metals and gemstones along with three paid for pieces of property. My business and building are paid for to every last tool, my farm is paid for as is the house.

Except for utilities and groceries we have little money necessary to live on. Wife is on Social Security Medicare Disability and I have a stunning new insurance deal that's complicated but cheap and pays 100%. I was advised once to have 25% in real estate, 25% in cash, 25% in stocks/bonds/annuities/insurance and 25% in precious metals. Sold a lot of gold and silver at top of the market and invested it in a product made of brass, copper and lead along with a lot of wood, plastic and steel devices that make the copper and lead release from the brass and fly through the atmosphere. Guns, especially some of the investment grade firearms have always outpaced the market.

Have over two years in food and by then any devaluation in currency would be leveling out. My question is would the credit card companies let the feds do such as all the debt owed to them would be devalued so much they would likely have to file bankruptcy. Not an economist by any means so really don't know but can hold the masses to at least a 300 yard stand off distance while we watch DVD's, eat well and wait a couple years to see how it sorts out.
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Old August 03, 2019, 10:15   #8
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In 1994 Mexico took 3 zeros off. Nothing really changed in country because it was linked both before and after to the U.S. dollar. The big loosers were foreign banks. Since that time it has lost another 95%.

For a while you really needed to watch that your change was in NP (Nuevo Peso) !!!

One of my buddys got a bunch of the old pesos for poker chips... "I raise you 10,000 pesos" (worth about $0.50 today).
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Old August 04, 2019, 18:09   #9
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My job’s salary goes to household needs, I’ve got a couple little side hustles that pay towards protecting and sustaining my families lifestyle. If “savings” were wiped out......wouldn’t be overly impacted.
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Old August 04, 2019, 21:06   #10
hueyville
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Whenever in Peru especially locals want USD after their entire currency system was changed in recent history. When paid on Friday most take all "extra" money to the street corner money changers to exchange for USD to put away.

One of the guys we use as a local guide when take a larger than normal group down has been on the Peruvian top high altitude rescue team for a long time. Back in the 1980's while never heard of in news the U.S. lost a plane loaded with cash including the larger bank notes in denominations only used by Federal Banks.He said it took them two weeks just to fix ropes and blow avalanche slopes to reach the crash site then first spent over a week recovering the cash and hauling it to where it cold be transported to a Peruvian bank for holding. They made sure all the cash was accounted for before doing body recovery and accident investigation.

Apparently because of their shortage of USD in country and having a lot of gold hoarded in Peru they needed a large stock of our cash. Also because the 1980'S were the height of beginning of the war on drugs a cash grant from the U.S. allowing us to send feds and military into their country to track cocaine trifficers was supposidly on the plane as well as the cash for gold funds.

Like the Yosemite airplane that crashed in Yosemite National Park found by climbers in the 1960's several prominent climbers and their friends spent over a month cleaning all the dope out of the plane before they reported the crash. It took a lot of fixed ropes and haul ssystems but companies today known as Patagonia, Lowe Alpine Systems and Black Diamond and others were funded with cash from the sale of the dope. Another plane crashed loaded with 2,000 pounds of dope on a run from Mexico in Yosimite but the park rangers were more prevelant in winter by then and found it before climbers did destroying the 2,000 pounds of high quality weed by burning in place.

Mess with the value of currency and more people will try to make up lost wealth in whatever manner they can from ponzi schemes, narcotics trafficking to big haul burglaries. Of course the mega rich and politically connected will have their USD converted to gold or Swiss Francs long before the Federal Reserve takes any such action so the rich won't even notice. It's the middle class that alwas take the hit in such events as the monetary system has become more easy to move electronically and have places like Costa Rica and others to put theirs in whatever currency has best growth potential if the USD is going to take a hit. Be a big redistribution of middle class wealth to the banks and credit agencies while many lose their homes and start over again.
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Old August 06, 2019, 20:57   #11
RG Coburn
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Wouldn't everything you own increase in value by a factor of 4 extra zeros?
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Old August 07, 2019, 05:40   #12
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I expect Switzerland to be part of EU within 5 years and be shoved socialized health care and .gov up their asses.
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Old August 07, 2019, 06:06   #13
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I expect Switzerland to be part of EU within 5 years and be shoved socialized health care and .gov up their asses.
Swexit!
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Old August 14, 2019, 13:24   #14
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And people keep saying that owning precious metals is a fools errand.
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