Would you lend money to your loser ex-brother-in-law who has already burned you on previous extensions of credit, personal loans, etc.? He can’t pay his bills, his alimony or child support and yet by some stroke of luck when he comes by any cash, he squanders it. He needed that new flat-screen and those gnarly new rims for his truck before it got repossessed.
So, the answer is not no, but “hell no“!
And this is exactly why other countries who used to buy our debt refuse to go down that road any more.
As the world gets untangled from a US Dollar reserve currency Americans lives are going to change. China & Russia recently did a $450 billion energy deal that cuts out the US dollar. Britain (our strongest ally) have inked a direct trade deal -sterling & the Yuan. After several years of printing money our US dollar purchasing power is greatly diluted -as incomes stand still as energy costs sky-rocket & food prices soar (up 17% since Feb!). When the government has to settle our debts in non-dollar currencies inflation will go through the roof and chaos cannot be far behind. Remember the panic when EBT card processing went down for less than 2 days in only 2 states?
But the government & the banks still needs to feed the beast so they will always find ways to steal your money!
Dormancy laws now allow the state to confiscate bank accounts in as little as 6 months of inactivity without even notifying you!
Banks will soon charge you to keep your money in the bank. Yet we’re nearly a cashless society where only credit or debit cards are accepted. Try paying your mortgage in cash. You can’t. It’s impossible, so count on all transaction fees to explode because they’ve got you.
Cyprus type “bail-ins” are coming. Probably on a Friday of a holiday weekend. Once your money goes into the bank, you are an unsecured creditor.
Safety Deposit Box contents belong to the bank. You are an unsecured creditor.
The government can pull a GM on you. The bond holders took it in the shorts when the government took over GM. They lost out to union interests.
Cash on your person, automobile or your home is subject to civil forfeiture laws. If they find any significant amount of cash, they’ll bring in trained dogs and virtually 100% of the time justify seizing your money.
Your IRAs & 401K plans are sitting ducks and the government is salivating over all that cash. The MyRA scheme only allows you to invest in worthless govt bonds and soon everyone will be forced to convert IRA & 401K assets to these same worthless bonds.
Desperate governments do desperate things and they are desperate!
Aloha, Mikie ~just a blogger (fightin’ like a girl)