Bernanke: Negative interest rates are coming

[Hayata]

how long before the us government nationalizes all bank accounts and assets?

I'm sure it will happen under the auspices of "National Security" - can't let the country default on loans so they will seize our assets to make good. But it's ok, they'll take care of me in my old age - I don't need a 401K afterall.

I mean, the greatest generation sacrificed for our country now it's time for everyone to sacrifice to assure our country remains solvent.

/sarcasm off/




Wow, I just scared myself. That **** could actually happen!

 

[JamesG]

So does that mean I will be able to borrow money and make a profit doing it. I mean are the banks gonna suddenly pay ME .5 to 1% to use their money? Sweet!

Sadly.... no.

Most prudent course of action is for them to simply take their wad of money and go home. Maintain their currency requirements and tell the Fed to go suck eggs.

So what does this do the metals market. Wait I think I already know.

Not much really. Compared to the bigger, larger depression/deflation crisis that going to negative rates won't do anything to help, will actually make it worse.

 

[JamesG]

Wow, I just scared myself. That **** could actually happen!

It is going to happen.

 

[crippen]

This is why I have all my money invested in debt. It goes up no matter what the economy is doing.

 

[chucklenut]

I'm sure it will happen under the auspices of "National Security" - can't let the country default on loans so they will seize our assets to make good. But it's ok, they'll take care of me in my old age - I don't need a 401K afterall.

I mean, the greatest generation sacrificed for our country now it's time for everyone to sacrifice to assure our country remains solvent.

/sarcasm off/




Wow, I just scared myself. That **** could actually happen!

its happened before

folks need to realize too big to fail is not true, especially for the USA

 

[araomd]

chucklenut So what does this do the metals market. Wait I think I already know.

Unfortunately, gold is only Gold when everyone says gold is Gold.

http://www.salientpartners.com/epsi...eather-fund-got-wet-and-other-just-so-stories

 

[Lenny]

This is funny stuff , but that's not how negative interest rates work. Wishful thinking!

 

[letusbuyyourcar]

i wish thats how it worked

fun thing is banking will always happen with or without regulation

when your momma lends you 100 bucks for a date because your paycheck is late, and you give her 110 dollars back (or ten dollars in flowers or yard work or a dinner or whatever) then you are growing the money supply

i had a buddy who needed some cash on sunday. he called me and told me the pawn shops were all closed and he was trying to pawn a really nice ruger mark 2 or 3 .22lr. i told him the pawn shops were a rip off and he wouldnt get **** for it anyhow. so he asks me " do you wanna be my pawn broker?" he needed 300 bucks. so i gave him 300 dollars, he gave me the pistol. he came back 5 days later and paid me the 300 plus 30 bucks (he wanted to give me 50 but i told him 10% is pretty high as is, so i just took 30). me and him grew the money supply with our transaction

the economy will exist with or without the government; the two truly are mutually exclusive more than anything.

This reminded me of two good stories from the 90s. I used to be friends with the owner of Byron Package Store. This was dangerous to my healthy and personal finances. But anyway one day my neighbor who also knew him( Hell all of Byron knew him and he made city council later on.) took a Tec 9 to the liquor store and borrowed a couple of hundred. But then the same stupid sumbitch told the owner of Byron Pawn about doing it. So that dickhead went to the liquor store and made a big ass of himself about Pawn licenses and FFLs blah blah blah. I always say that people will always **** up a good plan.
Also the whole time I worked at car lots there was one old Italian named Mike Faldutti who sold clothes shoes ties purses alll out of his Town Car. He would give you the goods on credit and he loaned money for 10%. Now when I met him he was probably 65 and that was in 95. But he hit damn near every car lot in middle GA. He knew when everyone got paid at all the different lots. He knew what everyone owed him AND... He never wrote any of it down. His old school NY connected guy mentality wouldn't allow him to write that kind of stuff down.

 

[JamesG]

Bottom feeders are like that.

 

[chucklenut]

This reminded me of two good stories from the 90s. I used to be friends with the owner of Byron Package Store. This was dangerous to my healthy and personal finances. But anyway one day my neighbor who also knew him( Hell all of Byron knew him and he made city council later on.) took a Tec 9 to the liquor store and borrowed a couple of hundred. But then the same stupid sum***** told the owner of Byron Pawn about doing it. So that dickhead went to the liquor store and made a big ass of himself about Pawn licenses and FFLs blah blah blah. I always say that people will always **** up a good plan.
Also the whole time I worked at car lots there was one old Italian named Mike Faldutti who sold clothes shoes ties purses alll out of his Town Car. He would give you the goods on credit and he loaned money for 10%. Now when I met him he was probably 65 and that was in 95. But he hit damn near every car lot in middle GA. He knew when everyone got paid at all the different lots. He knew what everyone owed him AND... He never wrote any of it down. His old school NY connected guy mentality wouldn't allow him to write that kind of stuff down.

exactly

and that italian dude sounds like west indian archie!