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Great Depression of 2016

Discussion in 'Random Ramblings' started by frenchblackcopper, Oct 10, 2013.

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  1. newfoundland

    newfoundland Chillin' With My Peeps

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    No this is a security matter to prevent unauthorised withdrawals. If you order the cash in advance you can withdraw it but you must have proof of identity. Banking fraud is a very big problem not made any easier by the activities of some of the citizens of the newer members of the EU.
     
  2. frenchblackcopper

    frenchblackcopper Chillin' With My Peeps

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    I see Senator Rand Paul from Kentucky is now seeking a Class Action lawsuit against the Federal Govt for NSA spying on everyday citizens.He will go to the Supreme Court if necessary. I hope he gets this accomplished.
     
  3. rufus

    rufus Overrun With Chickens

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    Maybe yes, and then again maybe no. It seems as all is not well in the Peoples' Republic. http://www.bloomberg.com/news/2014-...one-awry-evoke-soros-echoes-of-08-crisis.html

    Do you suppose that the government will step in and save the investors? This will be just the second credit default since the 1949 revolution.
     
  4. newfoundland

    newfoundland Chillin' With My Peeps

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    There is in fact a savings compensation scheme in UK which will pay out a maximum of £85,000 or £170,000 on a joint account. For this reason they advise people to spread their assets across as many banks, investments as possible. The HSBC has no worse record or reputation than any other bank on the high street, they are all viewed with healthy sceptiscism and bankers are generally disliked here, being thought of as only interested in feathering their own nests, whilst creating economic problems.
     
  5. rufus

    rufus Overrun With Chickens

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    The mattress is looking better every day. Preserving one's savings is almost impossible now days considering fees, charges, low interest rates and inflation. People cannot get enough interest off their savings to cover the cost of the inflation; worse we have to pay taxes on what little interest we do receive.

    Gold and silver hold their value, that is until the government confiscates them or they get stolen.

    Money is being driven to the stock market in desperation. That is causing stocks to be over sold. The price to earning ratio is way out of whack on some stocks. The market is unstable.

    Let's see what tomorrow's State of the Union speech says.
     
    1 person likes this.
  6. Dwkuska

    Dwkuska Chillin' With My Peeps

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    Graham Wa
    "Quickest way to ruin a bank.. convince 10 people to take out their money and not do business with them." I beleive thats one of the factors that caused the Great depression. Everyone started withdrawing their money which in effect collapsed the banks.
     
  7. hemet dennis

    hemet dennis Chillin' With My Peeps

     
  8. Dwkuska

    Dwkuska Chillin' With My Peeps

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    Graham Wa
    Your right 10 people wont.. but its the concept. If you convince 10 people and each of those 10 people talk to 10 other people... The growth rate becomes geometric. Perphaps I should have elaborated, I was under the impression it was a common saying.
     
  9. frenchblackcopper

    frenchblackcopper Chillin' With My Peeps

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    What caused the Great Depression was banks loaned money to invest in the stock markets.When the stock market started tanking people then insisted on drawing their cash out of the banks,which the banks didn't have..And then the people started to default on the money they borrowed because the stock markets lost so much money so quickly,in a matter of just a few days.
     
  10. Dwkuska

    Dwkuska Chillin' With My Peeps

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    Graham Wa
    Sounds like you are confirming my understanding..
     
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