Will the World Financial System Collapse?

[JOE]

....the possibility was brought up by one of our members here:

Meh, if and when the financial system collapses in a screaming heap, I know something that will be worth a lot more than gold sovereigns. Way more in fact. Way way WAY more.

do ya'll think this could or will happen?



Is it an event in the near future or are we a long ways away?



Or...are these fears exaggerated and we can just keep on going as we always have?



What do you think will happen? A hard crash? A reset? Or business as usual?



...and how do you think we should prepare for the future in an uncertain world?



No right or wrong answers, just your opinion counts.

[Frood]

Yes, you will starve to death and the only great source of protein you can find will be your massive geriatric manboobs, which you carve off and eat with just boiled rice and some 6 year old spice that's hardened into a rock and needs to be steeped in hot water for 12 hours....

[Adolf Oliver Bush]

....the possibility was brought up by one of our members here:

Meh, if and when the financial system collapses in a screaming heap, I know something that will be worth a lot more than gold sovereigns. Way more in fact. Way way WAY more.

do ya'll think this could or will happen?



Is it an event in the near future or are we a long ways away?



Or...are these fears exaggerated and we can just keep on going as we always have?



What do you think will happen? A hard crash? A reset? Or business as usual?



...and how do you think we should prepare for the future in an uncertain world?



No right or wrong answers, just your opinion counts.

It's not a case of "if" but of "when". On a long enough timeline, all things are possible.



I know we are headed for a deep recession. As for total collapse I couldn't say for sure, but unless you get a fiscally responsible president into office in 2024, then the US is going to collapse, taking any nation that treats it as a reserve currency down with it. In fact it may already be too late to prevent it from happening since Biden welched on his deal with the Saudis re: your oil reserve, effectively pushing them towards deals with BRICS and a bunch of you are certain you can squeak by with more of the same from the uniparty.



I of course have been making my plans with all this in mind. I've already said before how to deal with it, most of you seem unwilling to recognise the best chance is to make yourself independent from current systems and create your own network of wealth. I only know of one other person in this forum who has any idea of the nature of the coming crisis and how to deal with it, I scarcely need to repeat it for him. And I don't see any value of repeating it ad infinitum for people who couldn't be told the last umpteen times.



You do whatever you do mate. If I'm wrong and your hedge of stocks and minted gold win through for you, great. If I'm right... well, it's been nice knowing you all, I don't imagine much of the stuff you take for granted in the now is going to be worth a pinch of shit when it all goes down.

[caskur]

We are in the great tribulation... I hope Armageddon is not far off.



Thy Kingdom come!!!

[Adolf Oliver Bush]

We are in the great tribulation... I hope Armageddon is not far off.



Thy Kingdom come!!!

No kingdom, just a whole little bunch of little communities with little use for arts diplomas or large scale socialist governance as you have in Australia.

[JOE]

You do whatever you do mate. If I'm wrong and your hedge of stocks and minted gold win through for you, great. If I'm right... well, it's been nice knowing you all, I don't imagine much of the stuff you take for granted in the now is going to be worth a pinch of shit when it all goes down.

...interesting perspective.



Not necessarily what I or others would want to hear.



But your pov has its merits.



I too am somewhat doubtful about RRSPs, 401k plans, TFSA plans whatever you call 'em.



Y'know I was with a friend the other day recently retired & he showed me this website from one of the major Canadian banks which would be equivalent to one of the larger banks in the US like JP Morgan.



And it has this TFSA calculator.



https://www.rbcroyalbank.com/investments/tfsa.html?utm_dc=ga_SEG_32398921_100067799035_605021343480_kwd-369681853179_c_g_&gad=1&gclid=Cj0KCQjw4NujBhC5ARIsAF4Iv6d8dJudVRnGBDQ1_8mem8k0aghsAnoe4fLDnANOaybcQBFjsLOn_GkaAlh2EALw_wcB">https://www.rbcroyalbank.com/investment ... h2EALw_wcB">https://www.rbcroyalbank.com/investments/tfsa.html?utm_dc=ga_SEG_32398921_100067799035_605021343480_kwd-369681853179_c_g_&gad=1&gclid=Cj0KCQjw4NujBhC5ARIsAF4Iv6d8dJudVRnGBDQ1_8mem8k0aghsAnoe4fLDnANOaybcQBFjsLOn_GkaAlh2EALw_wcB



anyways, long story short, he advised me that if I constantly contribute to this fund for the next 30 years on a regular basis, that I will have this nest egg ready all throughout my retirement.



Now while I like my friend very much (BTW he is conservative like many of you in this forum) and think he's a very honest decent guy, I am somewhat skeptical about their claims. The website has this line that if you I keep giving money to them on a regular basis, soon, that amount will grow to $1 million compounded annually!!!



Now while I certainly don't knock anyone trying to grow their retirement fund or saving for retirement, in the back of my mind I have some doubts about this model. Rather than keeping or locking the money into this bank or any other, wouldn't it be wiser to make gains with this fund - ie TBill, savings bonds, gic's whatever, and then use the extra money left over to buy hard goods such as gold, land, hardware, whatever - while the USD/canadian/AUS dollar are actually worth something?!



In other words...take the money and run while you can still buy something with it.



Given the world situation, I just don't believe in this 'buy and hold' mentality.



And if our dollars keep getting devalued and are constantly worth less, doesn't seem they'll be able to buy much in 10 years even if the TFSA/401k plan keeps 'growing' and gives one the illusion that they are 'millionaires' when in fact the dollar buys half as much as it used to.



Anyways that's just me hunch. Feel free to poke holes in it and tell me if you think it's inaccurate.



Always looking for new ideas or fresh insights/persepctives.

[Oliver Clotheshoffe]

[Adolf Oliver Bush]

You do whatever you do mate. If I'm wrong and your hedge of stocks and minted gold win through for you, great. If I'm right... well, it's been nice knowing you all, I don't imagine much of the stuff you take for granted in the now is going to be worth a pinch of shit when it all goes down.

...interesting perspective.



Not necessarily what I or others would want to hear.



But your pov has its merits.



I too am somewhat doubtful about RRSPs, 401k plans, TFSA plans whatever you call 'em.



Y'know I was with a friend the other day recently retired & he showed me this website from one of the major Canadian banks which would be equivalent to one of the larger banks in the US like JP Morgan.



And it has this TFSA calculator.



https://www.rbcroyalbank.com/investments/tfsa.html?utm_dc=ga_SEG_32398921_100067799035_605021343480_kwd-369681853179_c_g_&gad=1&gclid=Cj0KCQjw4NujBhC5ARIsAF4Iv6d8dJudVRnGBDQ1_8mem8k0aghsAnoe4fLDnANOaybcQBFjsLOn_GkaAlh2EALw_wcB">https://www.rbcroyalbank.com/investment ... h2EALw_wcB">https://www.rbcroyalbank.com/investments/tfsa.html?utm_dc=ga_SEG_32398921_100067799035_605021343480_kwd-369681853179_c_g_&gad=1&gclid=Cj0KCQjw4NujBhC5ARIsAF4Iv6d8dJudVRnGBDQ1_8mem8k0aghsAnoe4fLDnANOaybcQBFjsLOn_GkaAlh2EALw_wcB



anyways, long story short, he advised me that if I constantly contribute to this fund for the next 30 years on a regular basis, that I will have this nest egg ready all throughout my retirement.



Now while I like my friend very much (BTW he is conservative like many of you in this forum) and think he's a very honest decent guy, I am somewhat skeptical about their claims. The website has this line that if you I keep giving money to them on a regular basis, soon, that amount will grow to $1 million compounded annually!!!



Now while I certainly don't knock anyone trying to grow their retirement fund or saving for retirement, in the back of my mind I have some doubts about this model. Rather than keeping or locking the money into this bank or any other, wouldn't it be wiser to make gains with this fund - ie TBill, savings bonds, gic's whatever, and then use the extra money left over to buy hard goods such as gold, land, hardware, whatever - while the USD/canadian/AUS dollar are actually worth something?!



In other words...take the money and run while you can still buy something with it.



Given the world situation, I just don't believe in this 'buy and hold' mentality.



And if our dollars keep getting devalued and are constantly worth less, doesn't seem they'll be able to buy much in 10 years even if the TFSA/401k plan keeps 'growing' and gives one the illusion that they are 'millionaires' when in fact the dollar buys half as much as it used to.



Anyways that's just me hunch. Feel free to poke holes in it and tell me if you think it's inaccurate.



Always looking for new ideas or fresh insights/persepctives.

Old age pensions were sold as being a government managed hedge against the citizen's winter years. Until they weren't, at which point governments partnered with business for a new system to pay into.



Anyone that believes the corporate managed superannuation schemes will not face the same fate as the old age pension is only kidding themselves.



You are putting your trust in systems with a proven track record of failure. Corruption, greed... these vices find their way in wherever wealth is perceived.



It only takes the swish of a pen and a little coercion to take it all from you. Most of you will "REEEEEE" when it happens. But that will not prevent it from happening.

[caskur]

They took the billionaire's BILLIONS in Germany after WW1.



 it might be a good time to stock RICE, beans, and powdered milk.....





dont forget fire lighters, toothpaste, and plenty of vitamin C tablets.

[Lokmar]

[Lokmar]

I tell my kids to opt out of SSI. They'll never get even a 10th back of what they'll put into it.

[Herman]

I tell my kids to opt out of SSI. They'll never get even a 10th back of what they'll put into it.

Opt out? That aint an option.

[Lokmar]

I tell my kids to opt out of SSI. They'll never get even a 10th back of what they'll put into it.

Opt out? That aint an option.

Amish or Mennonites are able to opt out due to a religious exemption.

[Herman]

Opt out? That aint an option.

Amish or Mennonites are able to opt out due to a religious exemption.

Are your kids Amish or Mennonite? There aint no opting out of our CPP.

[Lokmar]

Amish or Mennonites are able to opt out due to a religious exemption.

Are your kids Amish or Mennonite? There aint no opting out of our CPP.

No, but they are in Florida where Christian Scientists are everywhere.