This might be a silly question, but I thought I'd ask: about the IRS and the collapse of the FRN ...
Do you guys think this will affect people who are supposed to be getting refunds from the IRS but haven't yet? What about those who are filing extensions and just biting the penalty and interest because it would give them extra time to pay - do you think they're going to be struck with the effects of hyperinflation or will the IRS just not be a factor by the October deadline?
Do these questions make sense? They were occurring to me earlier when I was reminded that today is the tax deadline, but I also feel like I'm missing something here that makes my questions silly to begin with.
I have only one single opinion about the IRS…. 🖕🏻
Plus another million updoots if I could
Anyone's guess. I'm betting on the collapse starting end of July/beginning of August due to the conversion of all financial instruments from LIBOR to SOFR at the end of June. That is going to cause chaos and defaults, and I suspect the system won't be able to hold more than a few weeks.
But this is wild speculation, and I do not encourage you to take my word for it. For what it's worth, I think the 0.5% penalty for 10 months is our civic duty at this point.
Another silly question: what are LIBOR and SOFR? I feel like I should know those but they're not ringing a bell.
I fully agree, and that's what brought up those questions in my mind - would it be worth just waiting this out and see what happens?
Tom Luongo is the man to explain this Go to 1:04 https://rumble.com/v2er1rs-federal-reserve-vs-european-central-bank-tom-luongo-tpc-1149.html
Follow Tom on twitter https://twitter.com/TFL1728
That's my approach...
If it collapses, why would it matter? It'd be worthless.
Personally, I don't want to see a bunch of hurt people so hoping the wild rumors that abound here are overly exaggerated (and I highly believe they are).
They are probably going to come get me one day.