Activity – John Beasley – The Giza Forum (Legacy)

John Beasley posted an update 5 years, 2 months ago

Question, do you think there will be a credit freeze in the next +-month? i.e. would all cash in the bank would be frozen? Next question, has anyone exchanged US dollars for other currencies? what would you suggest buying?
- Foglamp replied 5 years, 2 months ago
  Making decisions about financial markets which are all rigged, corrupt and broken is tricky, to put it mildly, as well as a bit of a fools’ errand; but (unless we have access to a barter economy) we all need to hold our spending currency at least. Storing it under the mattress is one sort of risk. The counter-party risk of lending it to financial institution in a current/checking or some other sort of account is another.
  If you want to hold a currency other than, or in addition to, your spending currency, then you need to take into account your reason for doing so, your risk appetite, your time horizon, etc. In other words, there is no one-size-fits-all answer.
  Having said that, given that the global financial system is insolvent and based on mark-to-make-believe accounting, the overarching concern has to be counter-party risk. There are no currencies without counter-party risk. However, unencumbered physical bullion held in your own possession, like other unencumbered real assets (eg, land and buildings) does not have counter-party risk. Even this, however, is subject to risk, eg, theft – legalized or otherwise!
  At this point, one is normally supposed to say “You should seek personalized advice from a suitably-qualified and licensed professional.” However, despite assurances given, that advice nearly always comes with one or more conflicts of interest, which can be difficult or impossible to know. In rigged, corrupt and broken markets, caveat emptor!!
- Foglamp replied 5 years, 2 months ago
  The removal of digital currency could be done even more quickly than over night. The devaluation (or price inflation) which you fear is one form of the theft risk I mentioned above. We’re all trying to navigate safely the same minefield!
- Foglamp replied 5 years, 2 months ago
  “Brownie points.” That’s brilliant! If they hide them in plain sight, perhaps giving them the ISO code “BPT,” we’ll know that you were right!
- Ken replied 5 years, 2 months ago
  I’ll throw my 2 cents in on this one. The credit “freeze” happened 13 years ago and the “Fed” has not but for a brief moment in 2018 stopped printing that funny money we all need to survive, and hand it back to themselves. Started to “freeze” again 9/2019 and roughly $100 billion a day in short term loans was floated, partially explains the C thing. Point being, since 1913, they created every boom and bust to their advantage, and it is not to their advantage to crash it until they are ready. So for now the dollar is good, in relative terms. Hard assets are something to strive for, if you can. When their ready, they’ll pull the plug. I’ll simply say this though, I don’t think the tech structure is quite ready for it, but it is close. The shut downs were also possibly to test the internet structure to handle the volume of traffic without slowdowns or shutdowns. And there have been quite a few. Once they iron that out, poof the dollar is no more. Hence the 1000 5g low earth orbit satellites in 2020. This is an opinion and not investment advice.