This may be the death of swap meets and the like!

grandpaul

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I'd rather have large sums of money in a coffee can buried in the back yard, than in a bank.

As it stands, my life's savings are kept parked in my shop/garage/hangar where they are relatively safe.
 
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Bitcoin or one of its variants will replace cash if needed. Just don't hold it for long -8% today.
 
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I'd rather have large sums of money in a coffee can buried in the back yard, than in a bank.
It's a no win situation. Since the govt owns the currency system, it spends (prints bogus money) the value get diluted-right. Then the stock market goes up, well not really.
The # of bogus dollars goes up the value going up is the smoke and mirror act overseen by the FED.
The real kicker is while the money in the bank (number of dollars) goes up trying to keep up with inflation (loss of monies value) the govt declares it as taxable profit. Govt Taking your hard earned twice!!!
Loose money(value) from inflation and loose again for taxes. A can in the ground will loose real world value without even an attempt to keep up partially with inflation.
Owning land has another complete story about it's false value.
 
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No, the whole currency got devalued by 8% today relative to the $ so all holders got stuffed, if prices in Bitcoin stay the same they have not lost but bitcoin is 8% down against the $ which currently is the global currency. Only winners were those that had shorted bitcoin.
 

texasSlick

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The precious metals are not an investment, but a store house of value. At today's price of silver, $23.00, one ounce of silver can buy about 2.5 gallons of milk. When inflation goes rampant because the value of money goes down, milk may cost $20 per gallon. At that time silver will likey be $50 per ounce and one ounce will still buy 2.5 gallons of milk, in this example, it will have held its value.

The same thing can be said of gold.

The precious metals have from time immemorial been deemed money. Land has from antiquity been called "REAL" estate. Put your assets in each.

Buckle up your seat belt ..... we are in for a hellova ride.

Slick

PS ..... Bitcoin is too ephemeral for me.... all you have is some ones and zeros in some computer memory chip somewhere..
 
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Owning land has another complete story about it's false value.
interesting...you could buy my land 1.4 acres for 207 troy oz of gold, which one is worth more?
207oz in gold can buy lots of tomatoes......
My land can grow lots of tomatoes again and again and I still have ALL the land.
Actually I grow blueberries these days. :)
 
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There is a law in place that allows the banks to take your savings. They get in trouble because of mismanagement and they take your money to keep themselves solvent. This was passed under Obama but we pretty much know it was done with help from both sides of the political divide. So much for the FDIC.
(Cuss word goes here.) Just when I thought I was doing alright.

My mind is currently filling up with a lot of negative crap. I need to reinsert my head in the sand. Too bad I gave up drinking. That use to work pretty good.

I've got some performance parts coming tomorrow. Wrenching might be a good diversion away from white collar crime reality.

Enjoy the Holiday.
 

Onder

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Before the American election I put some money into the market. I thought Trump would win and my stock would go up.
Trump lost but my shares went up.
Now you can see the logic of modern finance!
...and I also invested in the Norton and my Enfield. :=)
 

texasSlick

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I read today, that one of the proposals of a Biden administration is to make the US Postal System into a banking service. Of course, they tell us, this is to give the poorest among us access to low cost banking services.

I think it is a precursor to going cashless .... The last holdouts to going digital will be the poor. No doubt they will give away I-Phones so they can manage their finances ...... Oops, they already do that.

Slick
 

gortnipper

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I used to be ALL CASH. I was a waiter for many years all thru the 80s - high school, uni and after for a while. Living on tips and a sub minimum wage paycheck.

When I had a MC export company, I would carry thousands in cash to buy bikes on the spot.

Moving to NZ, it is almost cashless here now. EFTPOS (electronic funds transfer point of sale) rules here, and I only carry cash as an emergency when they system is down, which only happens once a year or so, or when I am at a farmers market or something.

NZ Post is also KiwiBank.

I don't really worry about being cashless with a malevolent government. Or whether or not I can afford health care. Or that I will catch COVID-19 here.

These damned socialists...
 
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I read that if the IRS had the funding to do more audits on zillionaires, it would yield billions more than the cost in unpaid uncollected taxes. This would reduce the burden on those of us who do pay our fair share (how can you not pay your fair share when it's deducted from your paycheck and the idiot in charge saw fit to eliminate all the exceptions?). If going cashless solves this problem without doing additional audits, I'm all for it. Somehow, when a "billionaire" pays only $750 in income tax, something needs to be looked at. What they're going to collect from cash sales is a mere pittance in comparison.
 
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The IRS does not generally attack "zillionaires". They have the financial ability to fight back. They are more likely to go after much lower income individuals who do not have the ability to defend themselves.
 
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It's not an attack, it's due diligence. Current popular wisdom says you can get out of anything with enough lawyers. And a Presidential pardon.
 
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Sorry. I meant the IRS doesn't do "due diligence" with zillionaires. The do due diligence with taxpayers who can't afford to defend themselves in court.
 

texasSlick

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The IRS does not need 87,000 new revenue agents to pursue (audit) the 1%'ers. How many can there be in absolute numbers?

As said above , the rich are harder targets. The sad fact is they are hiding behind the "tax the rich" mantra while they are coming after the middle class where most of the money resides (in absolute numbers, not individual specific numbers).

Slick
 

NPeteN

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The IRS does not need 87,000 new revenue agents to pursue (audit) the 1%'ers. How many can there be in absolute numbers?

As said above , the rich are harder targets. The sad fact is they are hiding behind the "tax the rich" mantra while they are coming after the middle class where most of the money resides (in absolute numbers, not individual specific numbers).

Slick
1.3 million households own 32% of the countries wealth.
 

texasSlick

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1.3 million households own 32% of the countries wealth.

If you are in the middle class, those having or earning a part of the majority (in absolute terms) of the money that can be targeted for further taxes, those 87,000 IRS Agents will be targeting YOU.

Slick
 
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The Fed is moving toward trialing digital currency, but it is a big step from that to eliminating cash all together, and there is widespread opposition to it across both sides of politics. No need to panic, just yet. America is not Sweden or China.

Interesting concept though. What would drug dealers use? All those storage lockers full of mountains of hundred dollar bills would be in their phone, and presumably trackable by Big Brother.
 
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