got a friend in London that trades commodities. I tell him I got crazy silver bullion and ordered a couple grams of gold the other day. he's like thats cool, but how are you going to sell it when all the banks collapse.

he goes into telling me how its best to keep all of my US currency out of the banks and just stack it up and keep it in a safe. he believes the entire banking concept is bullsh!t and the whole transferring of money digitally through debit cards, etc and credit is like a big scam.

i mean know this guy isn't like a crazy conspiracy theorists or anything . . . so I'm sort of taken a back by it.

what do you guys think about his logic?

2/11/2009 12:01:59 AM

what are you on tonight - is this just a regular drunk post or some good shit?

2/11/2009 12:02:47 AM

if the banking system goes away....your paper money is just that.....

PAPER

2/11/2009 12:03:18 AM

I'll hold it for you - no charge. I won't collapse.

2/11/2009 12:03:59 AM

Quote :

"and the whole transferring of money digitally through debit cards, etc and credit is like a big scam."

it's a scam, if you're poor.

2/11/2009 12:08:12 AM

FDIC insures mad cheddar, so you'll be aight in the banks, B. Investing in goods or stocks means your wealth depends on the value of those goods, so you might crash if the market crashes. If you're just in a checking account or money-market account, there's no advantage to holdin' stacks.

But if inflation kicks in like whoa, it won't matter; you'll be proper fucked, like bangin' a bitch with no bag and catchin' the bug.

2/11/2009 12:12:13 AM

yeah. i get a call from London today and he hits me with this sh!t. he's telling me he's got like $6K of Euro and a few grand of USD at home. he's like, "dude. i trade commodities for a living ... TRUST ME".

i know the guy. we got all ballerific and sh!t back in like 2002 ... he fled to the UK like 2 years ago and learned German and sh!t. how do I not listen to the guy? the sh!t got me sort of nervous. i immediately took out like $300 from my ATM and put it in a sock.

2/11/2009 12:12:26 AM

oh yeah. BTW: A spaniel won Westminister. first spaniel ever. and the oldest dog. 10 yrs old.

2/11/2009 12:16:38 AM

Truly, we are living in the future. Sh!t's crazy, B.

Times like these when we gotta lay low, stay cool, and keep it gully as fuck.

2/11/2009 12:17:46 AM

you put 0.3G's in a sock!

so much for being a HighRoller

[Edited on February 11, 2009 at 12:22 AM. Reason : k]

2/11/2009 12:21:31 AM

Quote :

"oh yeah. BTW: A spaniel won Westminister. first spaniel ever. and the oldest dog. 10 yrs old."

wow, a black man in the white house, a spaniel in center ring

the world is truly an amazing place

2/11/2009 12:30:35 AM

technically us currency is still just that: paper. it hasn't been backed by "the gold standard"(real money) since nixon

2/11/2009 12:33:39 AM

THANKS RON PAUL

2/11/2009 12:34:39 AM

^^^ 10/10

[Edited on February 11, 2009 at 12:35 AM. Reason : .]

2/11/2009 12:35:06 AM

for the record. ron paul is a moron

[Edited on February 11, 2009 at 12:36 AM. Reason : i was merely stating history folks. ]

2/11/2009 12:35:18 AM

Wu-Tang Financial told me to invest in some nuclear bombs.

2/11/2009 12:38:09 AM

The FDIC insures all deposits, previously up to $100,000 but now infinitely. If there was to be a run on the banks, it is a slim possibility that the FDIC could go bust, which would mean the government went bust as well. As long as people keep faith in the banking systems/government/US dollar, things should be ok. However, if there is a run on the banks it could be bad. This entire situation is caused by speculators though...people stopped spending money because they heard on the news that the economy was slowing. Its a self fufilling prophecy. If people start worrying about the banks, or people on the news talk about the banks possibly not being able to cover all deposits, that would cause a run. So...basically just have faith. If everybody does, it will be OK.
FYI - Counterfeiting is as serious a crime as it is as much because of faith as of inflation. It would take a mind boggling amount of counterfeit bills to actually affect inflation rates, however if people started losing faith in the dollar, and realize that a paper bill is a piece of paper it would be more detrimental than a high inflation rate.

2/11/2009 3:22:48 AM

so your boy is a commodities trader and he has a whole 10 grand laying around?

wow, between that and your whole 120 bucks worth of silver, you guys are set for life

2/11/2009 6:04:49 AM

in the post-apocalyptic society, conventional forms of currency (your precious silver included) will be worthless.

better start stocking up on rice.

2/11/2009 6:30:51 AM

You should stack at least $10k-$15k in pre-1965 silver coins just in case the paper money collapses.

2/11/2009 8:54:09 AM

We should decide on a meeting place in the event of a collapse of the government. Most of the garage guys tend to be a little more on the redneck side, this means they have guns and tools and that Mad Max mentality, so we should let one of them rule. The meeting place should be preferably near food for an immediate raid on the place.

Who's with me?

2/11/2009 9:01:58 AM

^

2/11/2009 9:02:29 AM

Better stock up on gas and get ready to fight Lord Humongous.

2/11/2009 9:02:48 AM

it wont be long until the only currency worth anything will be the old confederate currency

2/11/2009 9:06:16 AM

^ Good idea. We should just hold down the entire Western/Method block because that would give us access to 3 gas stations and an assortment of food.

2/11/2009 9:07:35 AM

you're gonna need more than just a few wolfweb nerds to hold down the Western/Method block

2/11/2009 9:09:29 AM

Nah, you're forgetting that those "nerds" have the hardware and skills to actually hit a target. It's not whether they can take the block; it's whether they choose to take the block.

2/11/2009 9:26:54 AM

keep telling yourself that

2/11/2009 9:28:35 AM

Gotta love the gold/silver nuts. Ooooh paper currency is worthless because its value is dependent on the amount in circulation and on peoples' opinions!

Somebody explain to me why gold is valuable again?

[Edited on February 11, 2009 at 9:34 AM. Reason : .]

2/11/2009 9:33:54 AM

You know, like nunchuku skills, bow hunting skills, computer hacking skills... Girls only want boyfriends who have great skills.

2/11/2009 9:34:01 AM

just read the rest of the thread

if the world ended the last thing i'd do is join a commune of twwers, jesus fuck

2/11/2009 9:35:50 AM

Quote :

"Somebody explain to me why gold is valuable again?"

cause it's shiny and pretty! also past generations have told me that I should value this wonderful substance. I always do as I am told.

2/11/2009 9:36:08 AM

Does your friend know that if you have 100 dollars today and hold it for a year that it will be worth less in terms of purchasing power? Thats why banks pay you to keep your money there. People who dont use banks seem kind of stupid to me. Basically that guy is sitting on a bunch of money that is worth less and less every year....you should call him and say "gg noob".

2/11/2009 9:36:20 AM

Oh btw its called inflation and it always goes up.

2/11/2009 9:37:05 AM

I should have listened to my cousin Gayla. He said to me, "Quark, I've got one word for you — weapons. No one ever went broke selling weapons." But did I take his advice? No. And why not? Because I'm a people person.

2/11/2009 9:39:09 AM

^!!!!!!!!!!!!!!!!!!!!!!

2/11/2009 9:41:49 AM

when everything goes completely shitty i hope i have a huge pile of gold!!!

*starves to death because you can't eat gold*

2/11/2009 9:51:28 AM

Quote :

"Does your friend know that if you have 100 dollars today and hold it for a year that it will be worth less in terms of purchasing power?"

Thats not entirely true...in a year $100 is only gonna lose like $.20 purchasing power, if that. Granted, higher amounts of money kept for greater lengths of time will add up to a bigger loss, but keep in mind who it was who did the best in the great depression; those with cash.

Quote :

"Somebody explain to me why gold is valuable again?"

Gold is valuable because there is a limited supply of it (and a high demand).

2/11/2009 5:44:48 PM

Quote :

"he goes into telling me how its best to keep all of my US currency out of the banks and just stack it up and keep it in a safe."

this logic definitely helps things. do we need to watch it's a wonderful life to understand how banks (ok technically that was a building and loan but whatev) work? how could you not believe in the banking system? some trusts and bank holding/financial holding companies are probably too big to function properly and maybe they'll eventually get broken up, but i mean, how could banks not exist?

2/11/2009 8:13:08 PM

it could get really shitty.

2/19/2009 11:43:09 PM

FDIC insures up to $250,000. It used to be $100,000 and it is for sure not infinitely and will never be so....

2/19/2009 11:50:18 PM

Quote :

"I should have listened to my cousin Gayla. He said to me, "Quark, I've got one word for you — weapons. No one ever went broke selling weapons." But did I take his advice? No. And why not? Because I'm a people person."

I'd call you out for being a nerd, but it only makes me stand out as a nerd even more.

I'll call a ceasefire, for now.

2/19/2009 11:51:55 PM

^^ yea. it is apparently scheduled to go back down in 2010. who knows if that will happen or not.

2/19/2009 11:52:50 PM

^^Holy shit...Quark? AHAHAHAHAHAHAHAHA

2/20/2009 12:37:29 AM