Comments on: FDIC Ads: Should We Be Worried?

By: Editor

Editor — Tue, 29 Jul 2008 13:54:22 +0000

Thanks for the comment Big_Mike. If a few banks fail- no problem. The FDIC can handle that. If there’s a tsunami of failures- then we’ll see how well the system holds up.

“…the economy will have so tanked that $100,000 US dollars won’t buy a gallon of milk.”

Reminds me of Germany in the twenties (not that I was there…)

“The Nightmare German Inflation”
USAGold.com
http://www.usagold.com/germannightmare.html

By: Big_Mike

Big_Mike — Tue, 29 Jul 2008 13:23:32 +0000

The real kicker will be this: Your bank will fail. You’ll make your claim to the FDIC. A year later, you’ll get your payment. In the form of a $100,000 bill that no can cash for you because they don’t have that kind of change.
Thanks FDIC.

Or, aside from lame attempts at humor, when the banks fail, the economy will have so tanked that $100,000 US dollars won’t buy a gallon of milk. When Russia fell apart in the late 80’s, it literally cost a wheelbarrel full of Rubles to buy a loaf of bread.

By: Editor

Editor — Thu, 26 Jun 2008 13:05:46 +0000

Thanks for the comment Scorpio.

“so it can’t really be all Nixon’s fault.”

I agree with you. I wasn’t blaming him as much as I was just having fun. The federal government came to despise gold long before Nixon arrived on the scene. Congressman Ron Paul said back on June 5, 2002:

Central bankers and politicians hate gold because it restrains spending and denies them the power to create money and credit out of thin air. Those who promote big government, whether to wage war and promote foreign expansionism or to finance the welfare state here at home, cherish this power.

By: Editor

Editor — Thu, 26 Jun 2008 12:55:19 +0000

Thanks for the comment Mammoth.

“How about others out there - what do you think is safe these days?”

Good question. Anyone?

By: Scorpio

Scorpio — Wed, 25 Jun 2008 22:52:36 +0000

Actually we moved toward Federal Reserve Notes before 1970, so it can’t really be all Nixon’s fault. I’m not one of his fans, but I don’t see blaming him for what someone else did.

By: Mammoth

Mammoth — Wed, 25 Jun 2008 20:02:06 +0000

Welcome back!

So, re: FDIC ads, plus all the other dire indicators out there pointing downhill, six months from now we can’t claim that we weren’t warned.

So, what to do - where to put that stash of savings? Not in the bank, where the bank may collapse and then it’ll take you a year to get your money from the FDIC. Not in a CD that pays a measly 2%, when inflation is raging at 10% or more. Not under the mattress, where inflation will eat even more.

Put into Euros, when they may soon fall as well? Pesos? Rubles?

Kinda leaning toward Gold & Silver myself. How about others out there - what do you think is safe these days?

-Mammoth