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Currently in the land of Misrule (former American Republic) the banks are ALLOWED to Mark them at full value by Fed rules enacted after the recent closures due to T-Bill value collapsing.
They have to hold them until maturity. Good thing because only MAYBE the Fed would buy them at face value.
Want to guess how many of our Retirement accounts are also in this boat? T-bills is the backbone of most state-fed and individual retirement accounts.
Yep, technically by NORMAL accounting rules the former USA and most banks are Bankrupt. BUT by the magic of rewriting rules all is well.
Until it’s not. Fed coin or such is in route and if you think it’s bad that credit cards can decline your purchases WAIT until the Bank can tell you IF you can spend your money. Chinese social credit scores anybody?
It looks like the predictions for an economic collapse after Labor Day are becoming a certainty.
DRenegade I wonder what the value of a case of canned soup or a large roll of HD sheet plastic will be this time next year (or sooner).
My house with broken windows is a drafty tent. Sheet plastic in your Chaos Kit ™ is a nice thing.
Like that bump in the night kit, a Chaos kit(tm) is often useful.
Got Gold?
The nut in the white will write a commie EO and make owning gold for the small investor illegal just like that worm Roosevelt did. If their is one thing. I know it’s them and how they operate.
Ever heard of the black market?
Got food, safe water supplies (one is none) ability to repair your shelter (windows blown out etc.) and trusted friends to live and work together with?
Gold is for preserving wealth.
Proverbs 18: 10The name of the LORD is a strong tower; the righteous run to it and are safe. 11A rich man’s wealth is his fortified city; it is like a high wall in his imagination. 12Before his downfall a man’s heart is proud, but humility comes before honor.…
I ponder what value a Kugerrand when the Gov.com rules it illegal as per Roosevelt EO. Yes, there is a black market, but they will give their trades with an eye to the hazards. In Bosnia a gold wedding ring *might* have gotten you a bottle of hopefully useful antibiotics or a small box of ammo.
And that trade was at risk they would simply kill you for the ring, as in “Take the Cannoli’s” style.
Gold has its value after you have way too much food and such. For a small fraction of an ounce of gold you can have a contractors sized roll of heavy duty plastic. What will be more useful when things get crazy? Can that coin cover your greenhouse? Fix your windows? Cover that leaky roof? Be made into a rainwater collection system with cords, small pebbles and a liner for that hole in the ground to hold that water?
As with SVB, not a problem until a bank has to sell T Bills to covet outflows.
According to Fed grapgh i sae, people are moving their money out of bank savings accounts to money market funds for better interest rates. This may cause a bank failure or two.