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Zyll
Penny Pincher Member
USA
214 Posts |
 Posted - 04/20/2010 : 11:23:59
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quote:
Originally posted by AGgressive Metal
The Biblical position, I think, is to roll with the punches, follow the Law (the true law - not US code, per se), and trust that God will provide. And of course prudently save like we are advised in Proverbs, but not to the point of hoarding money out of love for money.
I take the advice in Rev. 3:15-18 literally, since America today looks identical to the church of Laodicea:
"I know your deeds, that you are neither cold nor hot. I wish you were either one or the other! So, because you are lukewarm—neither hot nor cold—I am about to spit you out of my mouth. You say, 'I am rich; I have acquired wealth and do not need a thing.' But you do not realize that you are wretched, pitiful, poor, blind and naked. I counsel you to buy from me gold refined in the fire, so you can become rich; and white clothes to wear, so you can cover your shameful nakedness; and salve to put on your eyes, so you can see."
EDIT for spelling... |
Edited by - Zyll on 04/20/2010 11:27:46 |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 04/20/2010 : 12:57:21
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quote:
Originally posted by jonflyfish
It depends on what one defines as "safe". I am certain that my bank funds will be there as long as there is an economic system using FRN's. I also believe that it is "safe" to say that as long as you have FRN's on deposit, they are returning to their true intrinsic value....
you should read up about bank holidays in the US and other coutnries.
holiday does not mean Christmas, it means the govt cloese the banks |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 04/20/2010 : 13:13:53
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| TRUST BANKS? I trust banks about as far as I could throw them. haha. |
Come to the new and improved realcent: http://realcent.org
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/20/2010 : 16:47:41
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quote:
Originally posted by Lemon Thrower
quote:
Originally posted by jonflyfish
It depends on what one defines as "safe". I am certain that my bank funds will be there as long as there is an economic system using FRN's. I also believe that it is "safe" to say that as long as you have FRN's on deposit, they are returning to their true intrinsic value....
you should read up about bank holidays in the US and other coutnries.
holiday does not mean Christmas, it means the govt cloese the banks
Of course I know what a bank holiday is. Where did I suggest that it was about Santa Claus? My point is that if you have FRN's on deposit, they ARE there AND moving towards their true intrinsic value, just like they have been for many decades. A bank holiday only accelerates such. A bank holiday is temporary while bad things happen to FRN's, but they are still there. They might get further reduced to dust, but unlike leaving them on your nightstand where someone might steal them (to use as toilet paper or fuel to start a camp fire perhaps)they are there. I Do TRUST that!
Cheers! |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
Edited by - jonflyfish on 04/20/2010 16:57:49 |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 04/20/2010 : 17:58:05
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the recent bank holiday in n. korea i think it was the banks closed and a new currency came out. devalued 100 to 1 maybe. each family had a limit of what they could draw out of the bank and convert. similar thing in argentina 10 years ago - you were limited on how much you could withdraw, and people didn't have enough for food, etc.
i'm not predicting a bank holiday but i'm not dismissing it either.
i think you are wrong to assume you'll come out even if there is a bank holiday. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/20/2010 : 18:12:09
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quote:
Originally posted by Lemon Thrower
the recent bank holiday in n. korea i think it was the banks closed and a new currency came out. devalued 100 to 1 maybe. each family had a limit of what they could draw out of the bank and convert. similar thing in argentina 10 years ago - you were limited on how much you could withdraw, and people didn't have enough for food, etc.
i'm not predicting a bank holiday but i'm not dismissing it either.
i think you are wrong to assume you'll come out even if there is a bank holiday.
We had a bank holiday in the US beginning on March 3, 1933 and lasted for four days. Was the US Dollar replaced? Of course not. Will it be replaced if history repeats? Nope. There is no need to replace it with something like an "Amero". Debasing a dollar and still calling it a dollar is no problem. We are not on the verge of such holiday at this juncture. The threat could reappear in the relatively near future. But don't confuse my point- no matter where your FRN notes are, they are moving towards their true intrinsic value. Can have plenty of them for legal tender and still hedge your real wealth. I much prefer using FR funny money notes at the grocery store than my gold and silver eagles. BTW- comparing n. korea's economy or argentina to the US is humorous nonetheless. They had just as many starving people before the new currency as after. Swapping names for worthlessness at a ratio of 100:1 does not buy n korea more food in the open market any more than a stock split (or reverse split) increases or decreases shareholder value. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
Edited by - jonflyfish on 04/20/2010 18:23:56 |
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smalltimeopn
Penny Sorter Member
USA
54 Posts |
Posted - 04/20/2010 : 19:19:50
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Diversify! Diversify! Diversify!
I'm currently dramatically increasing my stash of quarters, nickels, dimes, and zincs. Also FRN's, canned foods, and 12 GA rounds. And of course cu's and Ag.
But, as already been mentioned, I don't put my trust in these things - but in my creator and sustainer! |
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Zyll
Penny Pincher Member
USA
214 Posts |
Posted - 04/21/2010 : 11:49:03
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quote:
Originally posted by jonflyfish
We had a bank holiday in the US beginning on March 3, 1933 and lasted for four days.
It began on the third day of the third month of the third year of the third decade of the last century? That's odd. |
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Nickelless
Administrator
USA
5580 Posts |
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coppernickel
Penny Pincher Member
USA
131 Posts |
Posted - 04/21/2010 : 18:54:26
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Banks are an evil we need. The society is going cashless very quickly. Reading and article about a man in Mexico (coinflation) having his gold taken from him becuase he was nervous. More than $1000 cash on your person is enough proof to have you arrested as a drug dealer.
We are getting to a point you will soon not be able to buy or sell if you don't have a debit or credit card. If you don't make the bank your friend you will be hurting.
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Silver Monometalism is the most permanent and stable form of money the world has seen. Natural law and history prove silver value is best multiplied by gold and best divided by copper. It is only in this counterfeit currency time when the natural law appears suspended. |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/21/2010 : 21:16:05
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quote:
Originally posted by coppernickel
Banks are an evil we need. The society is going cashless very quickly. Reading and article about a man in Mexico (coinflation) having his gold taken from him becuase he was nervous. More than $1000 cash on your person is enough proof to have you arrested as a drug dealer.
We are getting to a point you will soon not be able to buy or sell if you don't have a debit or credit card. If you don't make the bank your friend you will be hurting.
Banks nor bankers are evil. In reading your post, it sounds like a friendly banker will be quite useful. I like bankers. Not only am I married to the best banker on the planet, but other nice friendly bankers have been quite helpful in helping me build quite a nice coin collection so to speak. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/21/2010 : 21:19:03
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| If you believe that bankers are evil then Obama has successfully brainwashed you. Don't let it happen. Help bankers FREEly help you- one box at a time, or one ton at a time, whichever you prefer. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/21/2010 : 21:27:47
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My apologies if the prior posts came with a harsh tone. That was not my intention. I just came in from a hardcore tough trading forum with difficult characters without switching gears, forgetting that this is a nice friendly place. Such a pleasant and rare forum community. I like to log in to this forum for a nice positive experience.
Cheers! |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
Edited by - jonflyfish on 04/21/2010 21:29:05 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/22/2010 : 00:42:06
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quote:
Originally posted by jonflyfish
If you believe that bankers are evil then Obama has successfully brainwashed you. Don't let it happen. Help bankers FREEly help you- one box at a time, or one ton at a time, whichever you prefer.
I really liked this post.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 04/22/2010 : 06:20:33
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in the u.s., there was a bank holiday. i can't vouch for how long it lasted but its misleading to say it was only 4 days. many of the banks never reopened.
in argentina, there was a longer bank holiday. after the banks opened, the currency had been devalued 4-1. so yes you got your fiat back but in only bought 25% of what it used to. it would have been a lot better to have that fiat available to spend during the holiday. also, the holiday was protracted and some people had problems buying necessities during the holiday.
some commentators think the u.s. will devalue, and use a holiday to do so. it makes some sense because we are headed for a default. also, if you are going to devalue, you want to be the first to do it. a bank holiday would assist with devaluation.
as for banks being evil or what not, well banks in modern life are basically a necessity. the point is not whether they are evil etc but what big magnitude low probability risks you are dealing with. fractional reserve banking and the current housing bubble has left banks in a tenuous condition. (collateral and earning power backing most of their loans is inadequate, so arguably the assets are overvalued and the banks are insolvent.) they are like the san andreas earthquake fault. you can deal with them safely for years and then one day there is a catastrophe.
thanks for all the thoughtful comments on this thread. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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mascallw119
New Member
USA
18 Posts |
Posted - 04/27/2010 : 14:44:09
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Very good question. Not sure what the answer to that would really be, considering the condition of the banking institutions today. However, you may find the following helpful if you want to find out if the bank, credit union, etc. is solvent that you are dealing with. I will list some 800 numbers where you can ask them questions about this:
1. Type: Federal Savings & Loans & Federal Savings Banks
Office of Thrift Supervision (1-900-842-6929)
2. Type: Banks with name ending in "National or NA"
Office of Comptroller of the Currency (1-800-613-6743)
3, Type: Credit Unions
(Federally Chartered Credit Unions 1-800-827-9650)
Hope this helps.
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mascallw119
New Member
USA
18 Posts |
Posted - 04/27/2010 : 14:47:42
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| Had an error in the first telephone number. Showing "900" it should be "800". |
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Trusting Banks?
Forum Locked
