I was thinking about Tucker’s speech where he talked about following your gut. Do you feel that something big is about to happen? Did you watch SouthernPrepper1’s video concerning a financial collapse on December 14th? While we all have thought that something bad is about to hit us, we keep on going. At some point, the “event” will strike.
So what would be signs that the financial/economic collapse is about to hit? Bank branch closures: here is the list just in 2023. Credit debt is at all time highs as people cope with inflation. The price of precious metals: the price of gold has increase 2.5% and silver has increased 7.64% in the past 30 days. The price of precious metals is the primary cause of concern that something bad in the financial sector is about to strike. Notice the lack of coverage about the price of gold and silver as it reaches new highs in currencies across the world.
While we can sit back and continue to wait, you can also be proactive and take some prudent measures. The top of the list is to pull out money from the bank. This would give you cash if a bank holiday is declared and there is no downside since the interest any bank pays is not worth anything. The second would be to review your stocks and bonds in the case of a financial collapse. I have made that review in 2012 and pulled any money from the stock market and my little IRAs at that time.
If you want to be more proactive, convert fiat currency and buy tangible assets for protection, food, clothing and barter. The best course of action for everyone is to place your faith in the Lord. Ask for guidance and He will answer your prayers.
David DeGerolamo
Excellent advice.
I try to seek the Lord in everything I do, no matter how small a matter.Yes I can feel it something is about to happen, most of us know, the fiat currency is about to crash.
Tom, I sense in my spirit as well something very ominous is going to happen in our nation because the vile sins of our leaders and the people have reached the heavens. God will not be mocked.
David are you aware of a book/article called the great taking? Unless you have the physical shares of the stocks you “own” you will find you are carried on the books of your broker as a debt. In other words, your retirement funds of any kind will be bailed in. Google it and see. I have NOTHING in the stock/bond universe in my retirement account. An antique Winchester, Colt, Remington etc. if you buy the correct firearms will appreciate a lot. And my 1903 Winchester 1894 Takedown will still take deer no problem.
Read the book. Yes, certificates!
Just like any money in a financial institution, it’s theirs not yours.
David -- -- I always pay attention to SouthernPrepper1’s advice. I have no idea about the point of inflection that his corespondent feels will bring down the house of cards on Dec 14th. Yes there are T-Bill sales scheduled for sale, but not anything out of the ordinary on that day versus other weeks/months.
I do note that the last Friday in December is the 29th. If the Treasury was going to prevent runs on the banks by calling for a bank holiday, I think that would be the perfect time. Tuesday, 2 January is the first workday after the holidays and most folks will be still hungover from New Year’s celebrations or sportsball food-beer-stuffing whilst couch-sitting. Many businesses may still be closed and schools will not re-start until 3 or 4 January. Won’t be much going on business-wise that day. So that gives a four day shut-it-down window for the Treasury and The Fed to scheme a way forward from SouthernPrepper1’s prognosticated economic collapse, IMHO.
I give it better than even odds that 29 December is the day that the Schumer-hits-the-fan !!
People should not just take money out of banks, as you wisely suggest, but they should move accounts into Credit Unions which are far safer places to warehouse money than banks. (My rule of thumb on cash to hold at home: three months of car/mortgage/utility payments at a minimum because it could take that long for shuttered banks to re-open. And Yes, many do not have anywhere close to that in savings)
Banks have a greedy profit motive to gamble with your money left on account so they can turn a quick profit, pay dividends to stockholders, and pay bonuses to officers and Directors. Stockholders of banks can be other banks, or investors who do not have money on deposit at the bank; they only want return on their investment !!
Credit Unions have no dividends to pay since they are associations, not corporations. There are no “investors”, no stockholders…. They elect from within their account holders, persons to act as Directors. So those voting to select leadership of the credit union have a direct personal interest in the outcome and financial stability of the credit union. When the banks fail, the credit unions will still be capitalized and functioning.
Your readers would do well to look into these differences and think about protecting funds by using credit unions.
once those “financial institutions” close there will be no more cash. Also, early next year, those bonds coming due for payout, $76 billion. No possible way to pay that as we are borrowing to pay interest alone on our borrowing, never touching the principal.
In 2007 things were full retard but the jubilee had everyone from bankers to strippers bathing in the bubble bath. This time around is quite similar but also different in that the bubble that should have burst last time never really did and instead the balloon was just squeezed and now we have not just many more bubbles aka the Everything Bubble, but also the true cost of those bubbles showing up all over. The disparity is clear. If you are not already wealthy with durable assets it is a very precarious time. Quite a different feeling than last time when it could all be reduced to one’s home equity and the collateral damage (heh) was somewhat contained.
I don’t pay much attention to the doom peddlers and their perpetual Mayan calendar, but it is interesting timing that my wife’s employer just announced that if top line revenue does not hit some goal they set in a panic last quarter by Dec 10 there will be blood. The CEO said that a recap will be necessary and that the board has informed him he will be replaced. This after they gave everyone a 15% haircut on salary last week in order to stay cash solvent. The cut took effect in the middle of the pay period.
The economy of credit is coming to an end. Growth over fundamentals could not last and so it will not. The quickening is in the air but the toils of life go on and so faith is really all we have. All we ever had. But you know.
We are already broken over covid scam and subsequent shenanigans. My only regret was not overpaying for that tractor last fall as now I have no tractor and need the cash to carry the coming loss of income. I hope all those good old boys making hay while the credit gods shined are prepared for what is coming and that in their hearts can reconcile their part in it all.
Let’s get on with it.
https://www.americanpartisan.org/2023/11/over-60-u-s-bank-branches-file-to-shutter-in-one-week/
There are 72,000 bank branches in the US. 4,800+ separate FDIC insured commercial/retail banks. From ’86 to ’95 the US lost 6,000 banking institutions to mergers and failures.
The industry is still undergoing a consolidation trend. Between the ’08 fiasco and the covid fiasco thousands of branches have closed.
Over 2,000 net closures last year (net of new openings). 2020 saw 3,324 and 2021 2,927. Rising interest rates often shrink the retail footprint. They killed scores of Thrifts in the ’80s.
Rising labor, utilities, and real estate costs are impairing retail store operations. Many banks are continuing a long trend of online investment as customer utilization increases. Even my physical credit union branch has you sit down at a terminal to talk to a remote/offsite cust service person.
Its 4Q and there are a lot of actions taken at year-end that seem to be “suddenly” from the outside. Not saying this is a good trend or that nothing is coming, but that writers should put information into appropriate context such that it can become knowledge and not just talking points and twitterati fodder for shills and consumers to remain in some perpetual emotional flux wherein they can be more easily controlled. I find it annoying that our, presumably, side in all this seems incapable of providing context and rational distance from the downstream probabilities that reside somewhere closer than “the world is ending tomorrow”.
That said, I have been teetering on liquidating my unimpressive 401k even with the penalties and giant tax kick to the sack. I’ve been out of banks other than my local credit union for a while now. If it all went to hell tomorrow I’d feel better for a second or two since I have lost a lot of money being on the wrong side of the collapse bet thus far as well as opting out of the parasitic middleman/gibs/helicopter economy. Betting against the can being kicked is an expensive option to carry until one day you are in the money. Of course then its mad max time and all bets are suckers bets and you wish you had more bullets and bourbon.
I believe the current wave of branch bank closures might be a preemptive move in anticipation of the completely cashless economic system. Bankers know that cash will soon be replaced by CBDC’s and when there is no more cash, bank branches will no longer have a purpose. Eventually, all branch banks will be closed and all banking will have to be done online.
A storm ⛈️ is on the horizon….it’s coming
Crash? The currency is nose diving straight into the ground. If you ain’t ready for it you have a short time to prepare. Buy dried and storable food, get ammo, acquire weapons, and most of all pray to God for your safety.
I took the hit on 401k. Also got rid of large brick home in nice suburb on half acre. I thought for 300k you could buy some self reliance. Started 10 years ago and now north of 400k and starting to see results. It takes a long time and cost a lot of money. I figure land and food production are worth far more than keeping up appearances. My advice is start NOW. Your kids and grandkids are worth it.
as to SP1’s content, more interesting was a comment about a gal working for a major bank and getting notice of after Dec. 10, no longer will honor credit card purchases. Could be bogus, but who in the public expected SVB to go bang. Just food for thought. Keep a small amount of fiat greenbacks for use during the initial shock period, but yeah, as David says and we all know, TANGIBLES! (BTW Dec. 15th)
If you want a prescient scenario, go to the JOHN GALT SHENANDOAH website. Read his blogvel: THE DAY THE DOLLAR DIED. It will scare the peanuts out of your M&Ms. Plan accordingly. Bleib ubrig.
Those sob.
Apple and Damn Pronouns!
soon as this pos is payed for it’s outa here.
https://nitter.poast.org/XVanFleet/status/1730008026373902358#m
I have been stacking silver and to lesser extent gold for 20 years. Plus ammo. It won’t be pleasant or fun. Not all of us will make to the other side but this has to happen. Don’t fear it, welcome it. There is no other way. Trust in the the Lord he will see us through.
That inner voice told me a week ago to put away some kerosene. $6.00 a gallon right now. i figure heat a small room no smoke to alert others.
Have a blessed day and put (keep)your Hope where it belongs!