What are you doing with your savings?

[BearWithMe]

It is safe to keep your money in a bank account as long as you don’t have taxing authorities like the IRS or State after you. And as long as you don’t have lawsuits and judgments.

wrong

 

[Lollipop2]

A must read! Americans we need to stop this:

"I’m not talking nonsense about a theft of an election, but a serious theft of your ability to invest locally. By liberal Democrats, no less, who should know better. According to attorney Mat Sorensen, two parts of the draft reconciliation bill Congress is now negotiating, Sections 138312 and 138314, would “effectively cut off IRA investments into small businesses, start-ups, real estate (using an IRA/LLC), and crowdfunding. Any IRA investor who is already invested into these assets… will be forced to sell their asset prematurely or will be forced to distribute it. Early distribution will result in taxes and penalties for most IRA investors that aren’t yet at retirement age.” While the Dems proposing this apparently believe they are closing a loophole on the rich, they are in fact undermining hundreds of thousands of grassroots, smaller investors who are using self-directed IRAs and related vehicles to invest their tax-deferred pension savings locally. Please read Sorensen’s piece, our feature article, and write a letter to your representation IMMEDIATELY urging removal of these provisions. This bill could come up for a vote any day now."

Stop the steal!

V.1, N.8

mainstreetjournal.substack.com

 

[Hysteric]

is it safe to keep money in the bank account?

What says you.

I am currently taking cash out of my accounts as we speak. I am expecting a possible crash late this week so you might want to minimize any exposure you might have to market moves. That being said I do not expect an imminent run on banks at this moment in time but as a precaution I want to have some cash out of the system.

In the last crash in 2008 I had my bank ring me and ask to lock my money up (6 figures) but I refused because of the possibility of a bank run which our Govt averted but cannot see them doing it again this time. When capita flight begins watch the banks in emerging markets for signs of contagion. I am expecting capital flight back to the US from emerging markets so the pain will begin in these areas first.

 

[BearWithMe]

I am currently taking cash out of my accounts as we speak. I am expecting a possible crash late this week so you might want to minimize any exposure you might have to market moves. That being said I do not expect an imminent run on banks at this moment in time but as a precaution I want to have some cash out of the system.

In the last crash in 2008 I had my bank ring me and ask to lock my money up (6 figures) but I refused because of the possibility of a bank run which our Govt averted but cannot see them doing it again this time. When capita flight begins watch the banks in emerging markets for signs of contagion. I am expecting capital flight back to the US from emerging markets so the pain will begin in these areas first.

That's interesting, why do you expect a crash this week?

I'm also taking out cash right now, and I do think very big global event will happen late this week, but it would not be directly related to markets and I don't think this event is likely to cause a market crash.

It would be really interesting if two SHTF events would happen in one week

 

[Regina]

Maybe during the crash period a lot of the low hanging fruit like the student loan scam debt will be officially forgiven. Then during the hyperinflationary mania the remaining old debts will be effectively wiped out or rendered meaningless by the sheer amount of cash being metaphorically dropped from helicopters into the outstretched hands of the deliriously happy masses. Or something.

the student debt forgiven in exchange for the empire completely taking over the universities as bio-weapon labs

 

[FitnessMike]

bump

 

[aniciete]

Q :
Hello Mr. Peat,
I've been worrying about my money on my bank account, it seems to be less safe then ever .
I know you once said that investing money in chickens ,farm animals or farms would be good .

But if that isn't on option, for whatever reason , do you think investing in physical gold or silver is an okay alternative?

Thank you for your continuous answers.

A: Yes, those are durable and portable, and will always have some value.

 

[Peater]

Precious metals and stocks that will do well in an inflation such as miners, energy (Fuel and distribution), fertiliser, for me.

 

[Mauritio]

Precious metals and stocks that will do well in an inflation such as miners, energy (Fuel and distribution), fertiliser, for me.

Yes I invested in those ,too.

 

[Peater]

Yes I invested in those ,too.

The important thing is just to ride out any dips, inflation is a sure bet but nothing will go up in a straight line.

 

[Mauritio]

The important thing is just to ride out any dips, inflation is a sure bet but nothing will go up in a straight line.

Sure, they might go up or down ,but especially when there's hyperinflation we will cash out.

In the 20's there was a gold mining stock which went up to 400$ and 40$ dividend during hyperinflation.

It's always risky, but in light of the recent banking hack simulation, I think it's not more risky than leaving your money in the bank, which guarantees losses through inflation.

 

[Peater]

losses through inflation.

This concerns me more than a banking hack. Most countries have some sort of deposit protection. Why not, they can just print it.

Now, the "bank hack simulation" concerns me for a different reason, a global shutdown of the markets.

 

[Jam]

Q: What are you doing with your savings?​

A: Paying taxes. Fun times.

 

[ecstatichamster]

Precious metals and stocks that will do well in an inflation such as miners, energy (Fuel and distribution), fertiliser, for me.

good ideas!

 

[BearWithMe]

Q :
Hello Mr. Peat,
I've been worrying about my money on my bank account, it seems to be less safe then ever .
I know you once said that investing money in chickens ,farm animals or farms would be good .

But if that isn't on option, for whatever reason , do you think investing in physical gold or silver is an okay alternative?

Thank you for your continuous answers.

A: Yes, those are durable and portable, and will always have some value.

There are two problems with precious metals.

The first problem is fees and bid/offer-spread. When you buy precious metals, you will pay hefty fee to a broker. When you sell precius metals, you will pay hefty fee to a broker. These fees and bid/offer-spread are pretty much guaranteed to eat any profit you might have and more.

The second problem is that when SHTF, value of precious metals drops pretty much to zero. You can't eat precious metal, you can't use it for anything really.

I think cash is better than precious metals. When SHTF, value of both drops to zero. But at least you are not losing money on fees in normal times.

 

[BearWithMe]

And also, prices of gold and silver are at all time high. Don't buy anything that's at all time high

 

[Peater]

And also, prices of gold and silver are at all time high. Don't buy anything that's at all time high

Silver is no where near an ATH

 

[Peater]

I think cash is better than precious metals. When SHTF, value of both drops to zero. But at least you are not losing money on fees in normal times.

Inflation

 

[BearWithMe]

Inflation

Broker fees

 

[PhilParma]

I've been buying metal off of reddit. A bit risky, but no fees. You still pay the normal premium over spot price, of course.

In theory, precious metals will explode during/after the coming debt based collapse and currency reset. Assuming cryptos are a scam/psyop/gateway drug to CBDC, precious metals would be the best hedge against debt/currency collapse. Gold/silver have been money for 5000 years; crypto hasn't even been through a legit recession. If you think crypto is legit then just go ahead and buy that and hope for the best. I hold some.