How do We Have Unlimited Money?
- Thread starter yyz
- Start date
Dow worst month since 1931? Holy shit. Should we take our cash out of the bank? How long of a wait is that? Maybe I?ll go over and try to take $50k just to see how they handle it. FDIC insured. What?s that mean when the feds don?t have money?
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The banks are in great shape and are well capitalized , they pass the stress test. The banks are not going belly up with this psychological event. Its not a bank liquidity problem, it's not like 08
This will have hopefully ran its course as far as the virus is concerned..... it may seem like the end of the world? But it's not even close to it..... I know of a few news sources that would like us all to believe it is though!
That's how you see it, but there's another side. From my perspective Dems are the only ones who actually care about the employees and small businesses, and that is the exact reason for the stall - to take money away from the corps and into the hands of workers and small businesses. GOP only wants to help the large corporations - who are laying people off en masse. McConnell is the one playing politics by forcing through procedural votes he knows will fail just so he can play up this "stalling" angle. They are both to blame. Airline pollution control doesn't need to be in this bill. Nor do we need a $500 billion "stabilization fund" that is controlled exclusively by Mnuchin, who doesn't even need to tell anyone who he gave the money to or how much he gave them. For once can our elected officials just get together and craft a bill that's actually in the best interests of the country instead of trying to cram it full of their own pet ideologies? Apparently not. And if it can't happen now, it never will.
Who got blamed in the financial crisis of 2008? The party in control of the White House (a neck and neck race became an Obama landslide). Who got blamed when the recovery was taking too long in 2010? The party in control of the White House (GOP takes back the house and gains 6 seats in the Senate). Who will get blamed this time around? The party in control of the White House. If the economy is in the toilet in a presidential election year - people will vote the President (or at least their party) out. That may not be right, but it's what happens. I invite you to find an exception to this from the last 50 years.
Jack - don't bother pulling your money out of the banks. Unless you are then planning to purchase precious metals (or something else "real") with it. Look at your cash - they all say "Federal Reserve Note" on them somewhere. That's what is backing our money - not gold or silver or anything else. The fed literally prints money so they can buy as much as they want for as long as they want. The issue becomes inflation - keep increasing the amount of money in a system and eventually each dollar becomes devalued. So the worry is not that you'll wake up one day and the money in your bank account will be gone - it's that you'll have exactly the same amount as the day before but now you can only buy half as much (or less) with it. And having it under your mattress instead of in the bank isn't going to protect you from that.
When trying to explain Bitcoin to people, they are always hung up on how it's "not real". So the key to getting them to understand it is, ironically, to get them to see that regular money isn't real either. It's all just kind of a mass delusion where we all agree that something is worth X. And as long as we can take these little markers of value and exchange them for things we actually need - the system works. Until it doesn't.
Johnny..................You are not even close to the spot.......If you kill the chickens, where does the egg come from???? The financial crisis is apples to oranges. This was NEVER a financial crisis. It is a Psychological problem based on medical verses financial. Jesus fucking Christ
Oh, it's not a financial crisis? So the Dow in freefall - that's a medical issue? The medical crisis is causing the financial crisis - that doesn't make the financial crisis any less real. The US economy (and likely the world economy) is taking a hit and will continue to for the foreseeable future. How bad and for how long is unknown. But there will be no asterisk over it saying "not really a financial crisis because it originated from a medical crisis."
