You are definitely not the only one.
Does anyone else see an economic crash coming?
- Thread starter Brent S
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As Trump said " go woke, go broke"
Just pondering , if lending institutions finish descending into a complete collapse , shutting their doors . Does that mean debtors will not have to repay any debts to them ? Does that mean credit cards and debit cards are worthless ? Does that mean paying your electric bill will not be possible as you will have not any currency in a bank ? -- Regardless of what happens , those that prepared for self- sufficiency will be eating and guarding their survival livestock and or other items they have put in place for a SHTF event . To be optimistic - this might burst those ridiculously high prices for a decent homestead and leave some with a window of opportunity .
more likely descend into panic and rioting as the masses run out of food, and toilet paper!!
Most banks who give out "mortgages" sell those mortgages, often to the Federal Government on the secondary market. Along with its counterpart, Freddie Mac, Fannie Mae purchases about 66% of America’s mortgages from the lenders that originate them.
Your mortgage can end up in the hands of the Federal Government and you may not even know it because your bank retained the administration rights in the sale.
That is why the now infamous "you will own nothing" phrase by the WEF is so onerous. Made worse by the fact that our governments have partnered with banks who are on board with the WEF in some way or another.
About 70% of all privately owned (not owned by a business or corporation) homes have a mortgage. Baby Boomers have the most private ownership. When they are removed from the equation, about 80% of all homes in the US are owned by banks and government entities such as Freddie Mac and Fannie Mae.
When a bank collapses, it is much more likely that the Federal government will step in and buy its debt, allowing it to keep at least a portion of the interest so that the balance sheet is stabilized. This in essence will mean that you now owe the Federal Government on your home, rather than the bank.
When the SHTF as it increasingly looks like will happen very soon, what will happen when the government "calls in the loan" claiming that it must get the debt off its hands or face financial ruin?
--- I am moving a post provided by our JimCosta to this thread , in case some missed it . Guys this is getting serious . What may be going to be escalating in the morning will be interesting .-- For those that presume because the government supposedly guaranteed their meager bank holdings , they will escape this , reconsider . When the little home town bank experiences their depositors rushing to their bank and withdrawing their money , guess what will happen . Just like the big boy banks , they will close their doors . Though I can't predict what will happen this week can say this has the potential to be something that will put our survival preparations into full utilization .
I believe anything we envision in America is pure speculation now. Literally anything could happen in the days that come. We can only fight against it and hope that our preparations foresaw our needs appropriately.
And pray, of course.
And pray, of course.
Speculation though, is what we do as preppers.
I have been prepping for 30+ years now, ever since my household became my own. Over that time, I have covered all bases that I can think of but, It never stops. Reinforcements are always needed and situations can be improved upon.
Because I am pretty well covered after all this time, the way I personally continue to prep is to assess the most likely battle front and then shore up the weakest point at that time.
Some of it is always out of your hands; never enough time or money to cover it all to the extent you would like.
Hi Folks. I have no idea what to expect Monday and Tuesday, but it doesn't feel good.
Used car lots closed last week after CARVAX(spelling?) closed. They financed low FICO car loans.
When it closed the following day or two car lots closed.
When big banks close there goes all credit on the streets. Period.
Some big banks will remain open to buy and sell, but will no longer lend to anyone not a Deep State Organization.
This is my fear.
I feel we will know the direction of things around 2 PM tomorrow.
I posted an article that the FDIC is auctioning off assets this afternoon.
(for non-bankers, that is banking lingo for "cutting the pie.")
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We are fully stocked with supplies. The next few days will be used to restock the house with long term comfort foods: Pickles, fudge mix, brown sugar, jelly, etc. All of the items not in our survival foods.
Used car lots closed last week after CARVAX(spelling?) closed. They financed low FICO car loans.
When it closed the following day or two car lots closed.
When big banks close there goes all credit on the streets. Period.
Some big banks will remain open to buy and sell, but will no longer lend to anyone not a Deep State Organization.
This is my fear.
I feel we will know the direction of things around 2 PM tomorrow.
I posted an article that the FDIC is auctioning off assets this afternoon.
(for non-bankers, that is banking lingo for "cutting the pie.")
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We are fully stocked with supplies. The next few days will be used to restock the house with long term comfort foods: Pickles, fudge mix, brown sugar, jelly, etc. All of the items not in our survival foods.
Yeah, I agree. I am just saying I don't think any speculation has any more validity yet. We know where they're going, but the path to get there could be any number of ways.
More likely, ALL of them. I speculate this time they will adhere to the idea of go big or go home.
If Biden runs, he will probably be kicked out of office on his arse...that means they have less than two years to implement some very unpleasant "reimaginings". They also only have two years before the next congressional elections. IF they are making plans, they have to make some radical moves soon.
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Sadly, I think you are 100% correct.
Both of the Napa auto parts near me closed down unexpectedly, phone numbers also.
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That's strange, my shop buys a lot of parts from NAPA.
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When my bank (Wachovia) went under, they just got bought out by Wells Fargo.
What I gathered - the root cause of the bank crises is because the folks that gained control of the U.S. White house don't have enough sense to be able to make logical decisions on how to be financially solvent . That old woman they are taking advice from on financial matters has screwed things up , fitting right in with the folks that conducted the political coup . The high interest rates they shoved upon the banking system meant they will be operating at a loss . Rather than do that they are shutting their doors , So this has the potential to cause " all " banks within the United States to follow suite and close their doors . -- To compound matters if there is a bank run , the marginally solvent banks will crumble , regardless as to whether they are able to withstand the White House's increased interest rates or not . --- Remember those YouTube videos of when Sri Lanka's finances crumbled . We may be seeing something very similar .
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--- To make my point on my above post here is one of many videos of Sri Lanka and what happened there when their finances collapsed . Eerily similarities of their collapse and now what we may see in the United States . Note the citizens in the video putting the blame of their financial collapse on those that had control of their government and the poor decisions they made .
Good to be away from the cities, especially if far enough that a tank of gas won't get people to where you are.
Or is it about the global redistribution of wealth they have talked about? I think they are breaking America on purpose, haemorrhaging money into Ukraine and so on, depleting US stocks of armaments...
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I've heard of safe deposit boxes being emptied by banks, so am I correct that even they are not safe at this time? Should I keep all cash in my homemade pvc safe? I know that homeowners insurance won't cover in case of fire or loss.
I would suggest keeping it safe at home. Diversify it several hidden safe places.
Everything I have is converted into hard assets. Everything over 5k in my bank accounts is removed and converted. I keep another 40k in cash in my possession for quick cash buying opportunities or when the banks and economic system completely crashes I can spend it on what's left in the supply chain..
Place the pvc safe under the dryer, if possible.
Heat goes up; if the dryer is on a concrete slab it should be OK.
In our old house we had to build a chase to run a gas pipe and water to an addition for a utility room.
It was 18 inches high and 6 inches deep. It was paneled with sheet-rock, both sides of the family room/utility room walls.
The top was two long 2 X 6s, with an 18" 2X6 in the middle, for access if needed. Where the 2X 6s were joined, they were 45 degree cut.
We had 20 rental homes and always had cash in the house. We took the screws out of the middle section and placed candles on it.
We could easily clear the top and lift the board.
We kept a zipper bag with cash in it.
We called our safe "Hole In The Wall". It served us well.
The bag was laying on a slab sandwhiched by sheet-rock. We never worried about several thousand dollars being in there.
Heat goes up; if the dryer is on a concrete slab it should be OK.
In our old house we had to build a chase to run a gas pipe and water to an addition for a utility room.
It was 18 inches high and 6 inches deep. It was paneled with sheet-rock, both sides of the family room/utility room walls.
The top was two long 2 X 6s, with an 18" 2X6 in the middle, for access if needed. Where the 2X 6s were joined, they were 45 degree cut.
We had 20 rental homes and always had cash in the house. We took the screws out of the middle section and placed candles on it.
We could easily clear the top and lift the board.
We kept a zipper bag with cash in it.
We called our safe "Hole In The Wall". It served us well.
The bag was laying on a slab sandwhiched by sheet-rock. We never worried about several thousand dollars being in there.
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I will be watching for updates from our members on noted bank runs today .
Various news channels going offline
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Janet Yellin and the Biden Crime syndicate made a bank close down as they saw what was about to happen . It's still early this morning , no doubt " home town banks " will struggle along today with the hopes to be still functional at closing time .
