Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
Good post, but 1 point that I believe could be a problem. FDIC doesn't have the resources to underwrite a full-scale economic collapse. Keep money in banks at your own peril.
Yes. Trying to divest risk as much as possible while keeping panic at bay.
The FED is propping this up as much as possible. We are in free fall. We have not landed, yet. We are in the middle right now, today. Fear is the mind killer.
Looks like the FED is will be printing like crazy, we will bail out FDIC via inflation.
This means that even if your money is in a credit union, it's not "safe". The dollars are still there, but they are worth substantially less due to the impending inflation.
Ty for your warning. ☺
It's the least I can do. I may not be that smart but I know enough to listen to based people who are. The info I got was that FDIC has $41B in assets vs 6Tr in deposit accounts, just in the US. What a mind job