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For those who have access, this is a statement from Ms. McWilliams that appeared in the WSJ that detailed what happened, according to her (and I have no reason to doubt its accuracy):
People are too heads in the sand about money in general. Do you think banks generate loans strictly from the money they have on deposit? Fractional reserve banking is a scam and is infinitely worse with a central bank on hand to bailout institutions that made poor risk calculations.
I am surprised this thread has not received much attention.
Did people overlook this thread or is it actually no big deal?
People have no clue what is going on until CNN headlines it.
They don't go off on their own to see what our government is doing.
And behind the scenes the Fed is setting up the instrastructure for going cashless and creating a digital currency. The topic being discussed now is "the last mile" to putting this plan into action.
I posted links earlier in this thread to what is happening and being discussed among government agencies and the Federal Reserve]
Time to get back to bartering. I had a coworker whose father was a physician in El Paso. He used to agree to take chickens, pigs, etc. as payment from some of his patients. Of course, he did it because he was one of those truly altruistic people, but also because he had actual, paying clients.
Issue with this is that unless we have some kind of collapse, services and items that can be bartered are too unequal right now. I alter wedding dresses for a living, so I can barter those services, and can produce clothing and other soft goods. But outside of the gowns, there is no value in my skill. There's no advantage to being able to trade a T-shirt. I have a skill that is becoming less common, but as long as we still have factories churning out cheap clothing, I'm not worth much. I can build a house, but so can umpteen other people.
So for those far more financially savvy than I am, what do we do to protect ourselves? Or is there anything that can be done? And what's the downside if we have a digital currency? How much does it really change things?
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