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Originally Posted by TexianPatriot
the only real question left to ask is how much longer will this house of cards stay intact?
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A lot longer than you think.
Quote:
Originally Posted by TexianPatriot
I'm honestly thinking about withdrawing all my IRA money and closing my bank accounts. I guess I'll have to wait and see. All I know is that I want to be ahead of the curve when it all falls down.
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Oh, woe, to be so ill-advised and uniformed. I guess you never heard of the FDIC. How about a bit of history? Cincinnasti had 14 national banks before the recession started in the spring of 1928 and in 1950 it still had 14 national banks. The 1st National Bank of Cincinnati is now US Bank, and the 2nd National Bank is PNC, and the 3rd and 5th National Banks merged to become the 5/3 Bank, and so on and so forth, but they're all still here in one form or another.
You might want to do a little research on the pre-Depression Era banks in your city/state. You'll find that most banks that failed were small banks, especially state-chartered banks, not nationally-chartered banks.
If you want to close out your IRA, fine, go long on the Euro. $10,000 will buy Euro 6,400 and when the US$ drops to $0.42 = 1 Euro your 6,400 Euros would be worth $15,238 and you will have made a cool profit of $5,238 doing nothing. Some people might call you a traitor for buying Euros, but if you want to starve to death eating mud soup in your 2-family cardboard box waving the American Flag, that's your business.
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