Please wait...
Haven't heard of them. Is this something "normal people" can get?
I don't own any, personally (it's too much of a risk-averse asset for my taste), but that looks like a yes; a decent broker should be able to get them for you (the category shows up on my Fidelity screen.)
Looks somewhat illiquid; you need to know when the auction dates are and plan ahead?
The real solution and hedge against inflation and total collapse, is to get elected into the legislature.
:)
So far, it seems as if everyone is so desensitized to disaster at
this point that they're not paying much attention, and not making a
run on the banks. In such a high inflation environment, where are
you going to put your money anyway?
I got bold earlier this week and bought a bunch of stock from a firm that is in an unrelated sector and was tanking due to panic effect. WHen the panic was over the stock price was back to normal. So much win.
I know of people who bought stock in banks that were tanking hard. As far as I know they bounced back up after touching minimum.
Lots of people just placed their money in values traditionally considered safe havens around here. Those values skyrocketed artificially. I cannot imagine what it is going to be when they return back to normal themselves.
Some are saying that "THE ENDGAME OF THE BANKING CRISIS IS HYPERINFLATION AND CURRENCY COLLAPSE" implying that the current situation is deliberate, and everything is engineered to collapse the existing currency and replace it with a digital, centrally-controlled cryptocurrency.
I have to admit I don't quite understand this. Fiat currency is fiat currency, regardless of whether it is cash or crypto, if the same organization (the Federal Reserve) controls the fiat and can create more of it? I thought the whole point of crypto was that it has no fiat holders and cannot be artificially inflated.
Sensible answers only, please.
That was the intent. But once they realized they could control the entire chain on a crypto of their making, that sort of changes the game.
All they really have to do is assign wallet addresses to people, create an approved transfer system, then mandate all transactions go thru their exchange. ( and if you go around it with a pirate wallet, those blocks are nullified, you would be breaking the law, and they know who you are due to wallet:person records. ) They create/distribute blocks when they want, and if its not sourced from them, its also null. So no "secret" mining. And since they control allocation, production and transfers, we are back in the same boat we are now, only worse.
Only way i could see it falling apart is if they dont pre-populate the entire chain, and someone developed a 3rd part wallet, then mined the piss out of things to collapse the total possible supply. I would assume once a block is tainted, it would be forever.
And ya, there are cryptos like Monero that would break the monitoring/control aspect, but they wont choose that way of doing it so its academic.
I thought the whole point of crypto was that it has no fiat holders and cannot be artificially inflated.
Banking crises are more deflationary than inflationary, because they tend to trigger a flight to perceived safe assets and away from risky investments.
Back to the earlier thread about TIPS bonds, I just learned of something similar today which may be more suited to individual investors: Series I bonds, these are also inflation protected.
Not a lot of detail but the fed is trying to push some concept of "send all your electronic payments thru us, its fast and efficient."
Step one of getting them to hold the national crypto i bet. Or at the least a central national bank. Either are bad.
To me that sounds like it would be quite painful for the US in the short term because as long as the government just keeps inflating the currency to pay for things, the rate of inflation will increase as the global value of those dollars decreases. It also seems as if after we get past that, the government would have to stop inflating the currency to pay for things, for the exact same reason.
IANAE
the rumors of the USD's immanent death have been around as long as I have been alive, and are greatly exaggerated.
Normally id agree, but the process has started, and is accelerating. Its being fueled from within this time, as this admin wants us on a digital currency, so the rules are different now, and with internal forces to make it collapse, i think it will.
Mon Apr 10 2023 05:25:53 PM EDT from LoanShark
the rumors of the USD's immanent death have been around as long as I have been alive, and are greatly exaggerated.
Eventually the only thing one would be able to do with cash would be to deposit it in a bank in exchange for an electronic credit. At the end of the phaseout, most bank branches would stop accepting cash deposits and if you found some old cash sitting around you'd have to go to a main bank branch or some sort of special exchange center to deposit it.
However ... I don't think that will happen because the most notorious money launderers are also our lawmakers.
More importantly: eliminating PHYSICAL CASH is not the same thing as eliminating a CURRENCY.
What we are really talking about here is a potential decline of international transactions being conducted in US Dollars, even when neither party uses the USD as their native currency. This practice came into existence partially because of US hegemony in the First World, but also because it has traditionally been an exceptionally stable currency, and therefore a reasonable standard against which to reference other currencies.
So it is no surprise that the push to eliminate the petrodollar is coming from the Second World. Nations occupied by commies and/or jihadi will naturally want to remove any leverage the US has over their transactions by trading in one of their native currencies. With the value of the US Dollar currently in freefall, now would be an ideal time for them to attempt such a change.
Will they succeed? As LS has pointed out, historical precedent says it is not likely. These are weird times, however, and anything is possible. I'm not about to convert my current holdings to Bitcoin *or* Yuan, though.
And we are going to see it, whatever happens really damned soon.. Pace is accelerating. They are running out of time.
Thu Apr 20 2023 06:04:55 PM EDT from IGnatius T FoobarThese are weird times, however, and anything is possible.
And now for a micro-economic question.
Dear Lazyweb:
Today I received a call from a merchant, an automobile dealership at which I had some service done on my truck. I normally go to my friendly neighborhood mechanic shop, with whom I have a good and trusting relationship, but in this case I had to get some recall work done, and while it was there I agreed to have some other work done that they pointed out it needed.
The call was regarding an error they made in my favor. They did not charge my credit card the proper amount, and now they want to collect the remainder.
The amount is in the hundreds of US Dollars.
Where does that place me from a legal perspective? Do they have a legal claim to the remainder after I have left the place of business, with both parties having believed the transaction was complete? I told them I was away from home and put off further discussion, and then blocked their number.
I'm not an attorney, but i believe you are in the right. If the transaction is complete, they can only ask for more, cant demand it. Here i think there are lower limit for small claims court. ( something like 2k ) to prevent nonsense like that.
However, if you used a CC/bank card, may want to call the bank before they attempt to just 'take it' from you.
I dont know which one it is, and i know it would not have been your first thought in this case, but i saw some bank out there will issue a 'one use' CC numbers or card. That way if you need to do something you are not 100% sure about ( like from an online vendor or some random flea market ) you can at least prevent them from stealing the numbers. They just wont work a 2nd time.
They're called "virtual credit cards" and the idea is you just spin one up for temporary/one-time use without risking your actual card info. Like everything that isn't cash or precious metals, it's all fake and gay, but they can be useful.
Right, but this one would even give you a physical piece of one-use plastic if you need it.
What id like is for the ability to have a 2nd card be 'pre approval only'. ( i think having the primary do that would be a pita.. i could be wrong tho ) You login via your banks app/page, and you pre-approve x amount for y vendor for each transaction. Anything beyond that, is rejected instantly.
Wed Aug 02 2023 10:09:06 AM EDT from nonservatorThey're called "virtual credit cards" and the idea is you just spin one up for temporary/one-time use without risking your actual card info. Like everything that isn't cash or precious metals, it's all fake and gay, but they can be useful.