Can It Happen Here?

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Fiat currencies have a 100% failure rate. 100%. There has never been a fiat currency that has stood the test of time. The question isn't "can it" it's "when will it". The dollar has lost 95% of it's purchasing power since the mid 1940's. And unlike other times in history, all of the world's currencies are in the same boat making the same mistakes at the same time. So, the second part of the question is, "how bad will it really get when the smoke clears and the mirrors shatter?" And the third part is, "how do I protect me and mine besides practicing touching my toes in the shower and stocking ky?"
 
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CrackbottomLouis said:
Your blind faith in our currency and the government manipulation it requires to remain valuable is adorable.
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Sorry buddy if you didn't know, but after the Great Depression, there were safe guards put in place. We can only have recession's, and recession's come and go, and in almost 100 years NO depression !.......So no it can't happen !...........
 
303tom said:
Sorry buddy if you didn't know, but after the Great Depression, there were safe guards put in place. We can only have recession's, and recession's come and go, and in almost 100 years NO depression !.......So no it can't happen !...........
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You mean our currency can't fail (even though every other fiat currency in history has) because our noble government has instituted safeguards and says it can't??!! Even with completely irresponsible practices and creating false wealth out of thin air based on zero adherence to reality??!! Well, that's certainly a relief!!!

All joking aside, I sincerely hope your beliefs work out for you because I will benefit as well but I'd start creating some contingency plans just in case.
 
303tom said:
Sorry buddy if you didn't know, but after the Great Depression, there were safe guards put in place. We can only have recession's, and recession's come and go, and in almost 100 years NO depression !.......So no it can't happen !...........
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Most of those "safeguards" you refer to, have been eliminated in the name of political expediency, over the last 60 years.
 
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303tom said:
Sorry buddy if you didn't know, but after the Great Depression, there were safe guards put in place. We can only have recession's, and recession's come and go, and in almost 100 years NO depression !.......So no it can't happen !...........
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I call B.S. Unless we get spending under control and approach a balanced budget debt service will become a larger and larger portion of our federal budget. At some point there wont be enough money to cover it and we will default. This will drive run away inflation and the devaluation of our currency.
 
Reggaemylitis said:
I call B.S. Unless we get spending under control and approach a balanced budget debt service will become a larger and larger portion of our federal budget. At some point there wont be enough money to cover it and we will default. This will drive run away inflation and the devaluation of our currency.
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If we do try and get to a balanced budget and don't keep going into debt we will go into a deflationary meltdown.

Here is a rather simplistic explanation (please note these vids were created to extol the virtues of gold and get you to invest which I don't personally think is worthwhile not to get into a pro and con on pm's)......

 
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All monies on this earth are backed by the American dollar & the British pound !.............
 
If we did NOT have debt, the people would have NO money !...................
 
It could happen here, but it might not.

Fiat currencies do have a tendency to fail. I believe that the US Dollar has not yet failed for 3 reasons: (1) we have good smoke and mirror games, (2) the USD is strong compared to other failing currencies. However, we're comparing rotten with more rotten. It's like saying that a burger that has been sitting on the counter for 3 months tastes better than a burger that has been sitting on the counter for 5 months. Both are miserable! And (3) the USD is held as a reserve currency by many, many nations, and those nations also play games to uphold the USD because if it were to fail, the economies of those many nations would suffer severe damage, or even implosion.

True story: I grew up a couple hours from Canada. Until very recently, Canadian businesses gladly took US dollars and gave Canadian change. On a recent trip, no place I went in Canada would accept the USD. Canada, at least, is now aware that the USD is sick and growing weaker.

There is another facet contributing to the sad situation in Venezuela, a fact left out of the story in the link above, a fact everyone on this forum probably knows: Their law-abiding citizens surrendered their firearms because they trusted the government's promise to protect them. Now only criminals are armed; the government is not living up to its promise to protect the disarmed people, and defenseless people are being victimized.

Ag or Au, plus Pb are wise additions to any portfolio, imo.
 
303tom said:
All monies on this earth are backed by the American dollar & the British pound !.............
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Which is backed by consumer confidence which is backed by a game of smoke and mirrors based on nothing.
 
RevV said:
It could happen here, but it might not.

Fiat currencies do have a tendency to fail. I believe that the US Dollar has not yet failed for 3 reasons: (1) we have good smoke and mirror games, (2) the USD is strong compared to other failing currencies. However, we're comparing rotten with more rotten. It's like saying that a burger that has been sitting on the counter for 3 months tastes better than a burger that has been sitting on the counter for 5 months. Both are miserable! And (3) the USD is held as a reserve currency by many, many nations, and those nations also play games to uphold the USD because if it were to fail, the economies of those many nations would suffer severe damage, or even implosion.

True story: I grew up a couple hours from Canada. Until very recently, Canadian businesses gladly took US dollars and gave Canadian change. On a recent trip, no place I went in Canada would accept the USD. Canada, at least, is now aware that the USD is sick and growing weaker.

There is another facet contributing to the sad situation in Venezuela, a fact left out of the story in the link above, a fact everyone on this forum probably knows: Their law-abiding citizens surrendered their firearms because they trusted the government's promise to protect them. Now only criminals are armed; the government is not living up to its promise to protect the disarmed people, and defenseless people are being victimized.

Ag or Au, plus Pb are wise additions to any portfolio, imo.
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Great post. The only correction I would make is instead of "tendency to fail" I would say "have all failed". Can you give me an example of a fiat currency that hasn't failed?
 
Sorry but most of you are just talking stupidity, the WHOLE world would have to FAIL before the US Dollar fails, and with that I am DONE with this !......................
 
303tom said:
Sorry but most of you are just talking stupidity, the WHOLE world would have to FAIL before the US Dollar fails, and with that I am DONE with this !......................
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Yup, and all the world currencies are making the same mistakes simultaneously. The same mistakes that have destroyed every other fiat currency that has ever existed. All at the same time. Scary. We now have the choice to stick our heads in the sand because the results of such a currency collapse are scary and difficult to imagine or be proactive and prepare as best you can for when the unthinkable happens. Then we suffer or thrive based on our choices. The biggest right we have in a free society (the one which is never discussed) is the right to fail. "You are free to ignore reality but you cannot escape the consequences of ignoring reality"- forgot who said it but it wasn't me.

Take a few minutes and watch the video I posted. I'd be interested in your response to it.
 
CrackbottomLouis said:
Great post. The only correction I would make is instead of "tendency to fail" I would say "have all failed". Can you give me an example of a fiat currency that hasn't failed?
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I would not argue with you on that point.

It depends on how we define "fail." (No, I'm going Bill Clinton on you.) The USD has not failed to the extent that the currencies of Germany, Argentina, Zimbabwe, Venezuela, etc. failed. Yet, one could argue that the USD has failed because it has lost a enormous amount of its purchasing power. It's about one's definition of failure.

My dad started driving in the 1950s and remembers paying 20 cents for a gallon of gas. If you have any 2 random dimes from the 1950s, those 2 dimes will STILL buy a gallon of gas, if you sell them to someone buying silver and take that money to the pump. Fiat money fails because it has no intrinsic value, and it's not backed by anything of sufficient value to make its purchasing power consistent. Buy you already know that. :)
 
RevV said:
I would not argue with you on that point.

It depends on how we define "fail." (No, I'm going Bill Clinton on you.) The USD has not failed to the extent that the currencies of Germany, Argentina, Zimbabwe, Venezuela, etc. failed. Yet, one could argue that the USD has failed because it has lost a enormous amount of its purchasing power. It's about one's definition of failure.

My dad started driving in the 1950s and remembers paying 20 cents for a gallon of gas. If you have any 2 random dimes from the 1950s, those 2 dimes will STILL buy a gallon of gas, if you sell them to someone buying silver and take that money to the pump. Fiat money fails because it has no intrinsic value, and it's not backed by anything of sufficient value to make its purchasing power consistent. Buy you already know that. :)
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Part of the reason this is such a topic of interest for me is my family is from Zimbabwe. While I was born here I was living there at the time of 100,000% hyper inflation. It was s scary thing to see. USD quickly became the currency fallback of choice and the thought of a situation like that without a stable currency to fall back on, even for black market trading, scares the piss out me.
 
Wow, Louis! I watched the video. Need to go vomit now!

I knew some of what that video explains, but it's much worse than I thought.

God prohibited charging interest on loans to fellow Israelites (Deuteronomy 23:19-20; Exodus 22:25), and all loans to fellow Israelites were forgiven/erased every 7 years (Deuteronomy 15:1-3).

Hum… I guess God really does know how things work best!
 
RevV said:
Wow, Louis! I watched the video. Need to go vomit now!

I knew some of what that video explains, but it's much worse than I thought.

God prohibited charging interest on loans to fellow Israelites (Deuteronomy 23:19-20; Exodus 22:25), and all loans to fellow Israelites were forgiven/erased every 7 years (Deuteronomy 15:1-3).

Hum… I guess God really does know how things work best!
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Yeah, some scary truths in that vid. It's a 4 part video series. I'd skip the first one and watch 2 and 3. I posted 4.
 
Hey Louis,

When the Fed was "started"..........they made ANDY MELLON in "charge"...

No Family has ROBBED/MURDERED more Americans.........than the MELLON FAMILY.

Later, Mark
 
msharley said:
Hey Louis,

When the Fed was "started"..........they made ANDY MELLON in "charge"...

No Family has ROBBED/MURDERED more Americans.........than the MELLON FAMILY.

Later, Mark
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A lot of people don't realize the Fed is a privately owned institution with shareholders. If you can figure out who actually owns it you're better than me. Seems to be a closely guarded secret.
 
Hey Louis,

The Mellon Family has never "sold" anything. US Steel. J&L. Alcoa. Reynolds. PPG. Gulf/Marathon. Mellon/Chase Banks. JP Morgan. Hercules Chemical...........

The King Family, for their part in the Revolutionary War.......were "awarded" 1/6th of the Commonwealth of Pennsylvania. If one were to look at a map, basically from US 422 South, and From US 119 West.

In the 1830's the Mellon Family came over from Scotland, and promptly married "into" the King Family.

They have "OWNED" it ..........ever since..

The late Mr. Scaife (scion of the Mellon Family) most certainly had a "Seat" on the Fed. (am sure his heir is sitting in it). Am sure the Du Ponts have a seat. As do the Rockefellers. And the Fords.

None of these folk have WORKING AMERICANS interests at heart....

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Later, Mark
 
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