It's shrinking. $6 for a package of hot dogs. $5 for a bag of chips, which I won't pay for either.

 

Around here $5 has been the price for a bag of chips for a long time. Its just that they've always been on sale for $2 or $2.50. With supply disruptions and added covid costs to supermarkets i don't see food price increases as an accurate measure of the value of the dollar.

 

https://www.rt.com/business/492775-us-dollar-decline-roach/

In another stark warning, senior fellow at Yale University and former chairman of Morgan Stanley Asia, Stephen Roach, says coronavirus may cause dramatic decline of the US dollar in the near future.
“In a Covid era, everything unfolds at warp speed,” Roach said, in an interview with MarketWatch.

The prominent economist has, in recent weeks, been warning about the looming fall of the dollar and the end of its hegemony as a global reserve currency. While he previously predicted a 35-percent drop in the greenback against its major rivals, he now stresses that his forecast may happen “sooner rather than later.”

RT (rt.com) is a Russian state controlled network dispensing propaganda globally.

 

And yet RT is much more accurate and honest than either CNN or MSNBC. Which do you think influences more Americans through misinformation?

With all the talk about banks being on the verge of collapse, no one has mentioned the Dodd–Frank Wall Street Reform and Consumer Act of January 2010 and the potential for bail-ins. Due to the wisdom of the two Democrats who wrote the bill, whatever you have deposited in the bank is no longer your money. The money belongs to the bank as soon as you deposit it. That allows the bank to pay for its mistakes by confiscating a portion of your deposit without any requirement to pay it back. That is what banks in Greece did a few years ago. There won't be another bail-out from the Feds. The next one will be a bail-in paid for by depositors. This would typically be a percentage of whatever you have over $100k. Hey, if you worked hard and saved your money for retirement, you can afford to lose some, right?

U.S. banks already can take your money

Sleep tight, chilluns. Da Democrats are watching out for ya.

 

At some point, yes. When is the question...

 

"senior fellow at Yale University and former chairman at Morgan Stanley Asia, Stephen Roach" sounds like a really impotent fella. Does a lot of talking but really doesn't say anything.

 

Yes it will. Not if, but when. When interest rates go up to where we can't pay the debt interest, and pay for everything else it's toast. The Fed has to keep interest rates artificially low for this reason. When it starts, it will unwind pretty fast and bring the whole world economy with it. Europe and the rest of the world are in no better shape than we are.

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Yes it will. Not if, but when. When interest rates go up to where we can't pay the debt interest, and pay for everything else it's toast.

They will always be able to pay the interest; simply sell more bonds.

 

Don't waste your time with RT.com. If it were a newspaper it wouldn't be fit to line a birdcage.

Godspeed.

 

Will the dollar collapse? Absolutely, it's 100% going to happen. The real question is, when will it happen?

 

“We can guarantee cash...we cannot guarantee is purchasing power.” - Alan Greenspan

 

Define collapse, we lose reserve currency status would be serious but is that a collapse?

An eroding of purchase power is painful but if one has the ability to increase income may not result in collapse.


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posted in error

 

Banks Brace For A Historic Crash With Record Loss Provisions

''Here are the facts: JPMorgan, Citigroup and Wells Fargo (BofA, and a bunch of other banks are set to report on Thursday) set aside almost $28 billion for bad loans inQ2, up almost $10 billion from last quarter, rising to a level just barely surpassed only once before, during the depths of the financial crisis in Q4 2008. While Bloomberg says that "the total was higher than analysts had expected", it was in line with what we said three months ago would happen, with all three lenders saying their economic outlook had deteriorated as the coronavirus continues to rage through the U.S. Total Q2 provisions brought the three banks’ 2020 total to $47 billion, more than those firms set aside in the last three years combined.''

''And it would have been far, far worse had the Fed not nationalized the bond market, allowing banks such as JPM to literally print money by issuing hundreds of billions in risk-free bonds and stocks.''

https://www.zerohedge.com/markets/banks-brace-historic-crash-record-loss-provisions

 

Banks Brace For A Historic Crash With Record Loss Provisions

''Here are the facts: JPMorgan, Citigroup and Wells Fargo (BofA, and a bunch of other banks are set to report on Thursday) set aside almost $28 billion for bad loans inQ2, up almost $10 billion from last quarter, rising to a level just barely surpassed only once before, during the depths of the financial crisis in

Despite the fact that Zero Hedge kindly gave us the "Inside Scoop" on the upcoming "Historic Crash", the S&P is up 45 points today.

Crash Postponed.

 

If you shut the economy down like a spigot there will be consequences.

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They have millions to donate, and they have.

 

Don't worry, the gubment will keep sending you FREE money!

 

"risk-free bonds and stocks"??

Is that in Unicorns.com?

 

CRASH?
More like a trip into the event horizon of a BLACK HOLE.

https://www.federalreserve.gov/faqs/currency_12773.htm
Q: How much U.S. currency is in circulation?

A: There was approximately $1.70 trillion in circulation as of January 31, 2019. This figure includes Federal Reserve notes ($1,655.2 billion), U.S. notes ($0.2 billion), currency no longer issued ($0.2 billion), and coins outstanding ($47.2 billion).
A: update -As of January 8, 2020 there was $1.75 trillion worth of Federal Reserve notes in circulation.

U.S. Population = 329,217,343
Estimated $5,042.26 per capita in circulation (2019)
Estimated $5,315.63 per capita in circulation (2020)


GOOD LUCK, CASHING OUT!

 

''The government unleashed the biggest ever flood of personal current transfer receipts (i.e., government handouts), which soared from an annualized $3.3 in March to a record $6.3 trillion in April. Here, unemployment benefits were a major contributor, rising from $69.6BN to $430BN annualized, but it was the "Other" line, which exploded from $528 billion to $3.122 trillion - which consisted of various coronavirus stimulus measures - that was primarily responsible for the surge.

Meanwhile, as noted earlier, despite this record boost to personal incomes, US spending - that biggest contributor to GDP accounting for 70% of US output - collapsed by the most on record, sliding -13.6%...

...as consumers were frozen, unsure if and when things will return to normal.
The result of this surge in personal incomes and plunge in spending, is that the annualized amount of Personal Savings exploded by a mindblowing $4 trillion in May, rising from $2.1 trillion to $6.1 trillion''...
Tyler Durden-

 

I was in a Walmart today and wanted to pay cash. They told me all the self-checkouts were credit card only. I had to go through a regular cashier to pay cash. When I asked why, they told me there was a shortage of money with the banks.

 

Shall we remove our money yet?

 

Estimated $5,862.38 per capita in circulation (2020)
If you're expecting more, good luck in cashing out.

 

Read today that almost a third of mortgage payments won't be paid this month, and evictions will be in the millions. If that happens look for the taxpayers to bail out the banks again. Consider that people won't get involved in our "service economy" as long as they think that eating out, flying, going to amusement parks, is like taking a vacation to a leper colony. How many people outside the US want to come to the US and spend money? How many want to invest in an American economy that is being propped up with funny money with Trump's name on it? There'll be millions more checks mailed out just before the election or sooner, but after that, it'll be '08 squared.

 

QUICKIE WIKI MONEY PRIMER

A unit dollar is defined in the Coinage Act of 1792, et seq.
...

"Dollars, or units; each to be of the value of a Spanish milled as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard, silver."

"Eagles each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold."
--- Sec. 9, Coinage Act of 1792, January 1792
​

...
Unit dollar = silver coin (minimum 0.77 ounces of silver + alloy)
Double eagle = gold coin worth 20 dollars (1.03 ounces of gold + alloy)
...
A dollar bill (Federal Reserve Note) is not a dollar.

TITLE 12, USC sec. 411. Issuance to reserve banks; nature of obligation; redemption
" Federal reserve notes ... shall be obligations [debt] of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in LAWFUL MONEY on demand ..."

LAWFUL MONEY - "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold or silver coin of the United States..."
Title 12 United States Code, Sec. 152.
​

...
PURSUANT TO THE CONSTITUTION AND EXISTING LAW

THE 26.5 TRILLION DOLLAR NATIONAL DEBT COMPUTES TO : 1,364,750,000,000 OUNCES OF GOLD STAMPED INTO COIN
(26.5 T/20 X 1.03)
-OR-
20,405,000,000,000 OUNCES OF SILVER STAMPED INTO COIN.
(26.5 T X 0.77)


SMALL PROBLEM:
World wide gold supply (est) : 5.9 billion ounces, versus owing 1,365 billion ounces.
Silver being industrial, is not stockpiled.
The estimated global production of silver in 2019 amounted to 27,000 metric tons, or 868,077,000 ounces, troy... versus owing 20.4 T ounces.
(27,000 tons x 32151 = ounces)

Pretty much impossible to repay the debt with gold or silver coin.


CRASH IS INEVITABLE.

 

FUNNY MUNNY PRIMER
the secret of America's currency revealed

Contrary to popular belief (and most courses on eCONomics), paper currency notes are not dollars. Never were.

MONEY - In usual and ordinary acceptation it means coins and paper currency used as a circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate. Lane v. Railey, 280 Ky. 319, 133 S.W. 2d 74, 79, 81.
- - - Black's Law Dictionary, Sixth Ed. p. 1005

NOTE - An instrument containing an express and absolute promise of signer (i.e. maker) to pay to a specified person or order, or bearer, a definite sum of money at a specified time. An instrument that is a promise to pay other than a certificate of deposit. U.C.C. 3-104(2)(d)
- - - Black's Law Dictionary, Sixth Ed. p. 1060

FIAT MONEY. Paper currency not backed by gold or silver.
- - - Black's Law Dictionary, Sixth Ed. P.623

TENDER - An offer of money ... Legal tender is that kind of coin, money, or circulating medium which the law compels a creditor to accept in payment of his debt, when tendered by the debtor in the right amount.
- - - Black's Law Dictionary, Sixth Ed. p. 1467
​

CONgress has the power to "coin money" (stamp bullion) or "borrow money."
CONgress cannot create bullion, hence it cannot create money.
Paper notes are authorized by the power to "borrow money" on the credit of the United States.
12 USC Sec. 411 defines them as obligations (debt) of the U.S., to be redeemed on demand.
[remember, debt cannot be money!]
However, since 1933, CONgress will no longer redeem their notes.

THE MAGICIAN'S TRICK EXPOSED

The law requires obligated parties to accept their own notes as TENDER in lieu of lawful money (gold / silver coin)
So when the government is the creditor, it must accept its own worthless notes from the debtor.

How did they become legal tender for non-government folks?

FICA/SocSec

Bankrupt government tricked Americans into underwriting their debt by becoming a "contributor" (equally liable) in exchange for "benefits" (free funny munny) if and when you qualify.

In short, 330 million 'human resources' are underwriting the bad checks kited by CONgress.

Thus these "contributors" must accept those worthless notes as TENDER in lieu of lawful money.

Which is why WITHDRAWING CONSENT FROM SOCIALIST INSECURITY by large numbers of Americans would eventually collapse the economy.

Once you can object to the tender of worthless paper (and counterfeit fractional coin), their corrupt and vile system IMPLODES.


PROVE IT! says Mr Skeptical

http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx

". . .Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy."
​

How did CONgress acquire title to all the goods and services (all your labor and property) to back their notes? CONgress cannot take private property without paying just compensation.
UNLESS, you did "something" that abrogated your endowed right to own private property!
Hint, hint - the nine digit account number is whispering "it's me, it's ME!"

As a "contributor", all your labor and property are pledged as collateral on the 26.5 trillion dollar national debt. And when you're owed "money" you must accept "your" own worthless note in lieu of lawful money. D'OH!

 

If you're wondering how CONgress has been getting away with kiting bad checks for 87 years; or if you're wondering how it could rack up owing 26.5 trillion dollars - when said dollars (gold or silver) do not exist to be borrowed, the answer is in the CONstitution.

THE VALIDITY OF THE PUBLIC DEBT of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, SHALL NOT BE QUESTIONED.
- - - 14th amendment, Section 4, US CON.
​

No government officer nor citizen can question the validity of the public debt, despite it being fraudulent and bogus.

What fraud?

CONgress was never lent 26.5 trillion dollars (in coin).
At best, credit was extended, but that credit was not based on existing money, nor can it be ever repaid. Impossible contracts are against public policy if not outright illegal.

So either the government collapses, or some BRAVE legislators REPEAL the 14th amendment, which would then allow the government to VOID the debt, for fraud, which then wipes out all government bonds, bills, and federal reserve notes.

OUCH.
(Feel free to speculate what the international bankers / usurers will do when THAT happens!)

 

Just a thought. Most drug dealers only take cash, so for a lot of people wanting to put their stimulus to "good" use, they would have to make withdrawals.

 

I have no doubts that we are in deep trouble, but we've been hearing about how the economic collapse is just around the corner for years.

 

That was my mindset before '08' now i don't trust anything, not the economy, not the banking system...

 

Many places aren’t accepting cash because there is a shortage of coins. I’ve taken most of my cash out of the banks already.