I remember saying what I’m about to, during the last bank “crisis”: this was predictable when we were removed from the gold standard in 1971…
We have a fiat monetary system-that is, a fake one. The money from the Monopoly board game has as much legitimacy to it as ‘greenbacks’ do, all it takes is someone will to assess exchangeable values to monopoly money and money!
Our economic system won’t fail-Biden has said as much: they will literally print what they need too, and not worry about, which means, if you’re holding a lot of dollars, you should worry about it because the transition will suck because your money is worthless.
If you’re holding a lot of capital valued in dollars, you’re hurtin’ until your capital assets can be evaluated in the new currency. Hope you own a small farm…
If you’re holding precious metals, you’re probably good.
If the system does collapse, the fall and transition wont last long-the people to stand to lose the most are the people holding the most cash, sadly, if it all does come crashin’ down, avoiding that cashless society they seem to be forcing on us covid style…It might be too late for that.
The "monetary" system.
I remember saying what I’m about to, during the last bank “crisis”: this was predictable when we were removed from the gold standard in 1971…
We have a fiat monetary system-that is, a fake one. The money from the Monopoly board game has as much legitimacy to it as ‘greenbacks’ do, all it takes is someone will to assess exchangeable values to monopoly money and money!
Our economic system won’t fail-Biden has said as much: they will literally print what they need too, and not worry about, which means, if you’re holding a lot of dollars, you should worry about it because the transition will suck because your money is worthless.
If you’re holding a lot of capital valued in dollars, you’re hurtin’ until your capital assets can be evaluated in the new currency. Hope you own a small farm…
If you’re holding precious metals, you’re probably good.
If the system does collapse, the fall and transition wont last long-the people to stand to lose the most are the people holding the most cash, sadly, if it all does come crashin’ down, avoiding that cashless society they seem to be forcing on us covid style…It might be too late for that.