DERIVATIVES ARE GROSS 3*
note: "Guns" magazine, June 2017, page 20. "Pressure Spike!" by Dave Anderson. Right side column. "When the Mauser 98 was designed, with ammunition not nearly as reliable as it is today, there was a very real possibility of gas getting loose...Relief holes in the bottom front of the bolt vent gases coming down...". And I was crazy warning you all those times about the Mossin-Nagant Russian surplus rifles not being safe for lack of gas vents????
note: KP, got your PayPal donation. Very generous, thank you.
Remember the fairly recent goings on in Cypress and Greece, where the banks “bailed-in”? You might not have been paying too much attention, what with the Fake News about the European Union Failing Any Year/Decade Now or the equally silly War With Russia Any Year Now For X,Y Or Z Reason. Remember, anything you hear or read from the Mainstream Media, or from Blogs getting their information from the Mainstream Media, must be ignored, reversed 180 degrees or assumed is a cover. Our news is on par with Nazi Germany or Stalin’s Soviet level of state dictated propaganda. If they say a drug is the latest miracle, avoid it as the probable toxic that it is. If they say Russia is hacking our election, assume we are hacking theirs ( or, their satellite such as Ukraine ). If Wall Street is doing well, assume the crash occurs tomorrow. If you can’t take the exact opposite of what they say, then you know it is merely cover for something else. Trust those bastards with your first born? Hell no, not even with your red headed stepchild.
A “bail-in” is where the bank takes a percentage of your saving account and uses that to bail itself out of a mess it got itself in without any help from you. It is also known as a “haircut”. And that percentage? You don’t get it back. Then there are Bank Holidays, withdrawal restrictions and ATM outages. If you want your money, you are treated like a drug dealer, and that is in the best of times. But of course, a bail-in is always just a “tax on the rich”. Just like Social Security was only soaking the rich as you didn’t pay on the FIRST amount of wages. Now you don’t pay on the LAST ( who besides the rich make over $90k, or whatever the amount is-I think it actually went up, the amount above what isn’t penalized and so the less you make the more regressive the tax is ). Just like SS wasn’t going to be a national ID number and just like it wasn’t going to be spent but rather saved. Just like the new telephone tax was only a tax on the rich ( the only ones with a phone at the time ) and only to pay for the Spanish American War ( I think we’ve paid off the war by now but 120 years later we still are taxed ).
When they play the “make the rich pay their fair share” card, the poor and working class had better hold on to their wallet. The Bail In was only going to hurt the rich and the criminals. And I’m sure it was even claimed to be “for the children” but I might have missed that one. Anyway, history tells us that they are lying liars from the lying city of Liarville. If you have a hundred bucks in the bank, say goodbye to it. As soon as that derivatives market implodes, AGAIN, there is no bank account too small to freeze and confiscate, a de facto haircut of up to 100% as they first freeze it, then allow a smaller withdrawal amount, then issue you a Federal government bond for the amount they allow you to keep, which redeems in ten years. And good luck redeeming that after hyperinflation. I know it sounds paranoid, but how else do you keep the global financial system solvent, the one that pays for our oil that helps feed us? The small suckers will pay, one way or another.
All this rather sucks since most of us need money in the bank. I don’t get paid by Amazon without direct deposit, and if I don’t keep savings in my account I get docked a hundred bucks a year. That might not sound like much to you, but when you are living on $150 to $200 a month, you don’t spend $10 on anything you don’t have to as that is 20% of your food budget. In ten years, even without a bail-in, I’d lose the equivalent amount just in bank fees. I consol myself with the fact that a grand won’t buy Dingus after hyperinflation. Sitting under a mattress is nearly equally hazardous. That is what I tell myself, but it still chaps my ass knowing the bankers will get my money. The government takes 25%, every good or service you buy is at least 25% taxes, the banks take a 10% a year inflation tax, and then they want anything left of the remainder you actually can save? But we are the freest nation!
Hyperinflation and bank holidays are nothing new. Been there since the beginning of money after the Agricultural Revolution got started, done that. Nothing to see here, calamity, collapse or consternation wise, please move along. My concern is that if the derivatives market is on such a foundation of quicksand as is thought, we will receive the amount of warning of impending doom as we did last time. As in, zero. We all already know any money in the bank is subject to confiscation. But what we also all assumed is that there would be warning to withdraw it, like during Y2K. If the global economy melts down and we get too little oil imported, we all die anyway and so money isn’t important. But if the derivatives market collapses, and they somehow miraculously manage to limp along like last time, that money in the bank might mean all the difference to us afterwards. I usually assume the worse case scenario, but assuming money instantly becomes worthless is a very dangerous assumption. You might very well need it desperately.
Cash stash is a partial answer. In my case, however, my bank account is a large percentage of my total savings, as I imagine yours is. This article issues forth few concrete suggestions. They might not even exist in practical form ( if precious metals are saved, but then outlawed, the “haircut” from the black market guy to cash them is the equivalent of losing savings ). Just beware the real derivatives issue and try to plan accordingly.
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Recently there's been a scandal involving my nations Tax Office. The relevant part is that the _former_ girlfriend (maybe totally uninvolved.... maybe got given money from her FORMER boyfriend?) of one of the white collar crooks had all the money in her bank seized.ReplyDelete
That today, in a first world western nation - money was seized from without warning from someones bank account by the government without any charges being laid let alone gone to trial
I don't think you read back that far, but there was one guy who moved out of California to another state ten year prior, then California seized his bank account for back taxes for eight years prior. Too many examples for anyone to dismiss as abnormal.Delete