slatten49 Loc: Lake Whitney, Texas

If you say so.

Canuckus Deploracus Loc: North of the wall

I love it

But h**e to break it to you... End of the world is about 10 years off and counting...

Canuckus Deploracus Loc: North of the wall

I chuckled

I'd say his analogy of Republican chickens suits BB to the core

son of witless

I used to hear a similar argument from my Mother-in-law. I am very much a Scrooge type when it comes to money. Like Scrooge, this is definitely not greed, it is fear. I grew up in a large family and financial setbacks were a way of life. As I started an independent adult care for myself existence, I became a saver. I always had an emergency fund. Also the jobs I had in the beginning were such that while I made good money, every couple of years, the bottom fell out. Such were the 1970s and 1980s.

On my wife's side, they had smaller families and apparently, everyone did not ever work anywhere that ever went out of business. So everyone in that side lived like they were Obama-Rich. My Mother-in-law, backing up her daughter in trying to spend my carefully hoarded financial reserves, liked to say, " what are you worried about, and not spending all of your money. You could get hit by a truck tomorrow and that money will have done you no good. "

The problem, I told my dear Mother-in- law is that the truck keeps missing me. What if I live, and the past financial disasters happen ? I will need every dime of those carefully sacrificed savings. 30 some years later, I am still here, she is not, and I have needed that money. Much of it is gone. Thank God I had it. The roof is still over my head and my kids went to college.

I am betting on me and the world still being here in ten years. I am also betting on being faster and tasting too stringy for the space aliens to bother with. I bet in ten years Occasio-Cortez will not be so skinny, she will be more tender, and easier to catch than me.

slatten49 Loc: Lake Whitney, Texas

From one 'Scrooge' to another, Son, thank you for capsulizing my thoughts on being financially ready and ever-prepared for possible calamitous happenings. Like a boy scout, I am always prepared.

I AM the ant in Aesop's classic ant vs. grasshopper story about the moral lessons and virtues of hard work and planning for the future.

son of witless

I married into a family of grasshoppers. Fortunately for them I never had to come to them for help, because they could not help me. I aM the cheap skate, the miser that everyone tells stories about, but I am also the one they come to for help. My older kid is more like me, but the younger one was definitely her mother's grasshopper. Eventually she she figured out that the Bank of Dad was tapped out. Especially after paying for her wedding.

slatten49 Loc: Lake Whitney, Texas

Once again, you echo my life's experiences within a Family of mostly grasshoppers. For all intents and purposes, we closed the Bank of Mom & Dad immediately upon retirement.

zillaorange

Think you'd be a good 1 to ask.. I've read where G20 has changed the status bank customer from ' depositor' to 'investor'. Last time around the gov bailed out the banks, with tax payer money. Now, if the banks are in trouble again,which I believe will happen, they can use our money to bail themselves out ?

slatten49 Loc: Lake Whitney, Texas

I'll lean somewhat on Wikipedia, as I am not an expert in the field of finance...with Wikipedia's comments (some paraphrasing) in quotation marks.

I do know the FDIC only covers $250,000 a person may have in each individual account. Diversifying, as in personal investments, is necessary in order for one to spread their money around to achieve maximum security for their personal funds. However....

"One has to consider the wide concerns of citizens from both members and non-member nations, as the G20's t***sparency and accountability have been questioned by critics. They call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed-door. In 2001, the economist Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G20. In such a council, members would be elected by the General Assembly based on their importance to the world economy, and the contribution they are willing to provide to world economic development."

I'm more than a bit skeptical of UN involvement, as it automatically calls for mass contributions from the wealthier nations, e.g., the United States. That brings into play questioning the possibility of accessing private banks for international purposes. That naturally leads to private citizens' accounts being 'tapped'.

"As a result, the cost and extent of summit-related security is often a contentious issue and G20 summits generally attract protesters from a variety of backgrounds, including information activists, opponents of fractional-reserve banking and anti-capitalists. In 2010, the Toronto G20 summit sparked mass protests and r**ting, leading to the largest mass arrest in Canada's history."

So, yeah, I have my own concerns about the sanctity and security of our varied savings, personal and investment accounts. Yet, it's kind'a like worrying about the threat of nuclear war. What can be done to combat or prevent either that or the threat of global financial collapse

One simply does the best they can with the choices they face.

Given my limited perspective, I hope that somewhat answers your question.

zillaorange

Good info Thanks

son of witless

I am not fully retired. I am working part time and putting off hitting my IRA and SS for now. The bank of Mom is alive and well, but the Bank of Dad isn't bailing anyone out for awhile.

zillaorange

We don' have that long !