Ive been hearing this and I'm hoping this is true and part of the great awakening. Some of the things going on it sounds like we might be moving to an asset backed currency. I don't grasp the full implication of that, but I just know it's going to be better for all of us and we won't be debt slaves anymore
The last 111 years have been under debt slavery where any real backing of currency was eliminated (1933, 1971) to replace hard assets, the FRN was elevated to a petrodollar status which all confidence in the United States to honor..blah blah. Actually, no one alive remembers the gold held by all citizens before 1933 and that the citizenry hid their gold coins which explains the commonality of vintage gold coins being available to collectors now. I have stacked silver to a fair degree by method of trading a $5 coin for a tube of silver eagles-it happened 2-3 times. I'm ready for a moon shot..
Several small banks are going to go belly up for sure. Hard to know exactly which ones. Others are going to be consolidated into larger banks to prevent their collapse.
Assuming you don't exceed the FDIC insured limit your money should be protected. But that doesn't mean it will be available immediately. There isn't enough money in the FDIC to bail out all the banks that are about go under over the coming weeks. Watch for all this to go down before end of April or so.
Eventually they'll do something to make you whole for your covered deposits, but you may not be able to withdraw it for some time. I'd suggest taking out some extra now if you aren't banking at one of the major banks and plan on needing more than just basic living expenses over the coming weeks.
This requires a crystal ball, which sadly I don't have.
Whatever systems are eventually established will obviously have their use cases. I'm sure some of them will include the ability to make small transactions digitally. Personally, I find digital transactions for brick and mortar shopping counter productive and unpleasant, and so I will push to continue cash (likely backed by gold) for that purpose. But I know others feel differently, so I'm sure there will be systems that are created for it.
For purchases online, there are already options to pay in crypto currencies like Bitcoin, which can function similarly to a debit card. I would expect these will survive in some form.
What does this mean for us though? Is my money gunna be gone? Am I gunna be able to buy food, gas and building materials?
It might be a bit dicey, BUT, around that corner ahead is prosperity beyond belief and TRUE freedom... I know, I'm an optimist... 😎
Ive been hearing this and I'm hoping this is true and part of the great awakening. Some of the things going on it sounds like we might be moving to an asset backed currency. I don't grasp the full implication of that, but I just know it's going to be better for all of us and we won't be debt slaves anymore
The last 111 years have been under debt slavery where any real backing of currency was eliminated (1933, 1971) to replace hard assets, the FRN was elevated to a petrodollar status which all confidence in the United States to honor..blah blah. Actually, no one alive remembers the gold held by all citizens before 1933 and that the citizenry hid their gold coins which explains the commonality of vintage gold coins being available to collectors now. I have stacked silver to a fair degree by method of trading a $5 coin for a tube of silver eagles-it happened 2-3 times. I'm ready for a moon shot..
no. for couple of months. convert savings to some hard real assets
Several small banks are going to go belly up for sure. Hard to know exactly which ones. Others are going to be consolidated into larger banks to prevent their collapse.
Assuming you don't exceed the FDIC insured limit your money should be protected. But that doesn't mean it will be available immediately. There isn't enough money in the FDIC to bail out all the banks that are about go under over the coming weeks. Watch for all this to go down before end of April or so.
Eventually they'll do something to make you whole for your covered deposits, but you may not be able to withdraw it for some time. I'd suggest taking out some extra now if you aren't banking at one of the major banks and plan on needing more than just basic living expenses over the coming weeks.
Would I still be able to use a debit card to buy things?
This requires a crystal ball, which sadly I don't have.
Whatever systems are eventually established will obviously have their use cases. I'm sure some of them will include the ability to make small transactions digitally. Personally, I find digital transactions for brick and mortar shopping counter productive and unpleasant, and so I will push to continue cash (likely backed by gold) for that purpose. But I know others feel differently, so I'm sure there will be systems that are created for it.
For purchases online, there are already options to pay in crypto currencies like Bitcoin, which can function similarly to a debit card. I would expect these will survive in some form.