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Discussion Topic: Thoughts on Kanzler article about the Fed.
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jpdell33 |
01-01-2021 @ 4:02 PM
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Member
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Joined: Jun 2016
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If the Fed did in fact change M1 to add normal
savings accounts to checking on the theory that they
are instantly accessible in today' electronic
banking, then why not other accounts that can be
drawn at will such as Money Market accounts, Home
Equity Line available balance, and credit card
available balances. After all these are frequently
used as cash substitutes. There are no restrictions
on them, though I do note that in the 2008-09
banking crisis. PNC Bank froze my home equity line
as a precaution. I since closed that with them and
have one with another bank. Other than that they are
not like CDs and other financial instruments that
have restrictions on them.
Banking has changed radically since the Fed was
founded. and so has the character of the data they
have used in forecasting models they have employed
for the last 50 years.
They will realize this too late. When they get
their comeuppance and are desperate to recover. The
fools who have invested in Bitcoin could find that a
presidential executive order has made that illegal
and the Fed / gov't uses their secret backdoor to
scoop up all that money.
Cashless society is coming. This will be followed
by everyone getting an RFID chip inbedded in them
(much like cats and dogs do now). That will create a
positive ID system for everybody and destroy ID
theft. But really scary, the gov't / police will
also have the power to track and ID everyone,
everywhere, at anytime. Crime will vanish but so
will liberty. Big Brother will be always watching.
The only defense will be gold and other items held
tightly and secretly.
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bmurphy |
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01-01-2021 @ 5:16 PM
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Joined: Jul 2007
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Hi
A lot of impressive input there.
Most appreciated.
One dissent. The bitcoin people has been brilliant,
the opposite of fools. The best investment by
a zillion factors. If I invested in bitcoin when
I was around thee people with the price between
10 and 1200, I would be billionaire today.
Of course, that can all change and quickly so
My bet remains on gold and silver soaring this
year. BIG TIME.
All I will need to sail off into the sunset.
Happy New Year
Bill
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jpdell33 |
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01-02-2021 @ 12:15 PM
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Joined: Jun 2016
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In my opinion Bitcoin is a blatant tax dodge. It is
also, contrary to banks, insurance, financial
markets, etc., wholly unregulated. All it will take
to undo it is a ruling by a judge, presidential
executive order, or a law, that it is a tax dodge or
a hiding place for illicit assets.
It has murky origins. That makes me suspect that it
was invented by one or more of our intelligence
agencies as a honey trap of sorts to collect drug
profits, rogue state money laundering, and tax
cheating. Every once in a while you read of one of
these block-chain funds assets vanishing into thin
air. If it is the product of an intelligence agency
it will certainly have a secret back door that has
been used more than once now.
As the Bitcoin price explodes, more honey will flow
into it. It is now a certifiable economic bubble, or
worse a Ponzi scheme of enormous magnitude.
Caveat Emptor.
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