Panic of 1930 v2: Electric Boogaloo
You joke but I’m starting to think I should pull my retirement before these goons get to it…
They want to pump crypto and dump it to buy real estate and public assets during the depression, and then literally own the country.
Hopefully it just forces a revolution but idk if Americans are aware enough of what’s going on…
No revolution till they can’t buy a bag of slop from Mickie’s and a bag of dissociation powder on the corner.
I’d diversify. At this point I have limited trust in bonds much less stocks
I’m thinking about buying a farm
Actually this could be a good thing. It could create a mass exodus from big banks to credit unions. As credit unions have their own insurance program separate from FDIC
Until they get to that one.
I’m guessing you mean exodus.
Also, some credit unions suck. I support them overall and I use one myself, but I am very displeased with it.
Damn you autocorrect
Do you want another Great Depression? Because that’s how you get another Great Depression.
People are saying it’s the greatest depression. We’re gonna make sure it’s huge. Best, biggest depression ever. You’ll see. Huge depression.
He did say he would make America Great again.
How long until these schmucks try to push us back onto the gold standard?
Except they won’t put us on the actual gold standard, it be tied to “MuskGold” a new cryptocurrency.
GOLGE
Musk would put us on the emerald standard, first
I really need you and everyone else to know that the gold Standard was holding down inflation. The massive wealth disparities we see now are because of the US dollar becoming fiat.
The quicker we return to a standard of any kind the quicker things go back to normal.
This is not their intent. They want ownership of property, not gold. Property is the only thing in true demand. And only the wealthy can afford it.
you and everyone else to know
Coming in hot, I see.
gold Standard was holding down inflation
The gold standard was one of the causes of the Great Depression due to deflation. Deflation is terrible for economies and much, much harder to control. Be happy that you can keep your gold, FDR made everyone turn in all their gold (you could keep $100 worth) punishable by $10,000 or 10 years of prison. https://en.wikipedia.org/wiki/Executive_Order_6102 But guess what happened? Now that the Fed had more gold, they could issue, I mean, printbrrrrr more notes…which allowed more loans to be made, which allowed more industry to happen, etc, etc.
massive wealth disparities we see now are because of the US dollar
Inflation adjusted, Carnegie was worth $300 billion and we were on the gold standard then. What stopped the Rockefellers and Carnegies for a while? Regulation. What is allowing them to come back? Deregulation. Oh and taxes on the wealthy. Ask yourself what Musk had to lose if Trump didn’t win?
standard of any kind the quicker things go back to normal.
Wampum? Think about what you said there standard of any kind. We all have to agree something is valuable, for it to hold value. Wampum was beautiful purple shells used as currency. Gold’s elemental properties (electrical conductivity, non-reactive, etc) were not known, it simply looked shiny. There’s honestly no good answer here, even bitcoin. For example, I still can’t buy a coffee with a bitcoin, it must be converted to something else first. What if I’m somewhere without an internet connection? Cash is king.
Property is the only thing in true demand
I can agree with you here. Property “value” has surged twice recently, Chinese investors in early to mid 2010s (I forget why, I’d have to look that one up again. Something about their construction boom had crashed, too much supply on their market, so they turned to the US to invest. Anyway, there was a $750,000 house near me that stayed vacant for 3 years before it was sold for $1.25 million. I looked up the owners on the county government site) and Covid really hurt commercial real estate so they turned to residential/land.
/edit formatting
Instead of inflation, gold causes a financial crisis just because its price fluctuates. That’s not better.
Edit: typo correction
It’s price only fluxuates based on availability, and we’re on a finite planet. The real problem would be environmental regulations regarding gold recycling at that point.
We just discovered possibly the largest deposit of gold ever, just a few days ago. You could not have picked a worse time to push for a gold standard
Man, gold bugs are dumb as shit, aren’t they? I haven’t run into them in the wild very often since cryptocurrency took off, but the Ron Paul brigade used to be all over. At least tankies agree that the means of production ought to be seized by the workers (however bad they are at working towards that goal in practice).
That is not how mineral wealth works.
Do tell me how you get infinite gold.
Irrelevant. Gold has a use, and we haven’t dug up all of it. Its price would fluctuate like any other mineral. Practical asteroid mining would crash the entire economy, but even without, gold used for any practical purpose besides money would put pressure on the demand curve that’s never the same from day to day.
Like a new vein of ore discovered in some far off land?
Yeah, that’s what caused a lot of wars, and financial bubbles.
I would agree with you, but then we’d both be wrong.
I mean I can give you the charts that show the split happens right around the time Nixon ends the gold Standard in 1971.
Yes, that Nixon.
We also had more regular and much bigger recreating during that time. I’ll take a little inflation over wrecked economy every few years. Wages can increase to match inflation. Mass unemployment isn’t as easy to fix
I pray to saint luigi that these clowns will be removed from power.
By any means necessary.
When Musk worked with PayPal, which he also wanted to change to “X”, he wanted it to be some kind of one stop universal banking and finance website.
I’m imagining they want to disband the FDIC so that they can both fuck with crypto currency and also turn Twitter into some kind of commerce website
So we’re seeing this and decided nothing can be done for the next 4 years?
Well, at least my $0 nest egg will be safe.
Sorry, there’s a “Burden Tax” on anyone with less than $10 mil in assets.
That’ll make the poors pull themselves up by their bootstraps!
(/s, just in case…)
Do you want bankruns? Because this is how you get bankruns.
I know if I think this is going to happen I’ll be closing my bank account immediately.
Worse case scenario I lose ~$1000, billionaires lose billions and the banks that are “To big to Fail” Fail. I see this as an absolute win with a 1000 margin of error acceptable losses.
And people like me lose everything and starve because we can’t get our meds and food. Absolute win my ass
