I mean, what do you even call an era that is way bigger than The Great Depression? The Really Great Depression? The Yuuge depression? The Fucking Massive Depression? I just don't know, I can't think right now, I'm ... depressed.
In the Great Depression, bankers lost their jobs. Some committed suicide. In this Depression 2.0, bankers get bailouts and raises. Rewarded for their shitty investment strategies. |
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The German nitwits don't realize we have one already. And who's gonna use their shitty Fed coin when they fail? |
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Just went to fill up the gas tank today, holy hell...super unleaded for $2/gallon. Haven't seen that since, well, forever.  |
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"I spent an hour and a half at the entrance to the emergency room of a major New York City hospital this afternoon, watching, observing. No panic. No crisis, no emergency that I could see whatsoever. Zilch. Nothing. I saw perhaps a hundred people associated with the hospital who couldn't have been more unrushed, lackadaisical, and/or unconcerned. Not one person would speak to me on camera (video). I saw all of four people enter the hospital on gurneys....3 of whom were very old, none of whom seemed to be in any discomfort at all. ......... And for this we shut down essentially all economic activity in NYC-- an unprecedented measure in all of human history. Somebody help me out, because I think I'm going to go insane now......"
-Pamela Rice, NYC citizen, 15 hours ago
What is the fallacy for equating what is currently happening with what would have happened? I guess you missed the 80 bazillion MSM news reports of NYC hospitals saying they are literally being overrun with COVID-19 patients? Like today. Now. Like hundreds of dead bodies everywhere. Panic, everywhere. Supposedly. Here's one: https://www.nbcnewyork.com/news/local/nyc-deaths-top-1300-as-potentially-catastrophic-apex-looms-later-this-month/2356187/ |
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"I spent an hour and a half at the entrance to the emergency room of a major New York City hospital this afternoon, watching, observing. No panic. No crisis, no emergency that I could see whatsoever. Zilch. Nothing. I saw perhaps a hundred people associated with the hospital who couldn't have been more unrushed, lackadaisical, and/or unconcerned. Not one person would speak to me on camera (video). I saw all of four people enter the hospital on gurneys....3 of whom were very old, none of whom seemed to be in any discomfort at all. ......... And for this we shut down essentially all economic activity in NYC-- an unprecedented measure in all of human history. Somebody help me out, because I think I'm going to go insane now......"
-Pamela Rice, NYC citizen, 15 hours ago
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“People generally fall into an economic class because of their psychology and their values. Each of the three classes has a characteristic psychological profile. For the lower class, it’s apathy. They have nothing, they’re ground down and they don’t really care. They’re not in the game, and they aren’t going to do anything; they’re resigned to their fate. For the upper class, it’s greed and arrogance. They have everything, and they think they deserve it – whether they do or not. The middle class – at least in today’s world – is run by fear. Fear that they’re only a paycheck away from falling into the lower class. Fear that they can’t pay their debts or borrow more. Fear that they don’t have a realistic prospect of improving themselves.”
~ Doug Casey
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Oh oh...  |
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Bullseye article on ZH. Nailed it. https://www.zerohedge.com/health/p-pandemic-and-o-orwellianBest quote: "Don’t look now but you’ve been screwed again. The Wall Street bankers are again able to borrow at 0%, while charging you 17% on your ever-increasing credit card balance. Why aren’t these scumbag bankers announcing a three-month moratorium on credit card and mortgage payments, with no interest accruing? Because their goal is to further enslave you in debt, while enriching themselves. They will run patriotic commercials, while sticking a red white and blue dildo up your ass."
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I don't have the big diesel truck, I don't have the fancy smartphone with the big data plan, I don't have the 50" TV with subs to all the streams.
I do have the emergency fund.
People made their own choices what they were going to use their money for.
The ones who are "out of touch" are the ones that thought they could keep spending at or beyond their means and think that nothing bad would happen.
You forgot the biggie - debt. Also, job dependency and premature consumerism. People have been so brainwashed into getting a job, a car loan, a mortgage and a credit card that it's no wonder they have no savings. Smart people save before spending. I know two PhD grads in their early 30's that married last year, and have a newborn baby this year. They have virtually no savings and both have student loan debt up the whazzu. They both have expensive car loans. They just bought a house end of last year that's WAAYYY over their paygrade. (House is ~$400K, they barely put down 10% and they both have to work $70K jobs each just to afford it). And guess what...the Einstein dad just got laid off. This is how the "smart" people in America are planning their lives.  |
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Anybody without 6 weeks of emergency fund probably doesn't belong in the gene pool.
I know that sounds fascist, but I didn't choose this world.
You're talking about at least 80% of all American workers. You didn't choose this world but you did choose to reveal being extraordinarily out of touch. Anyway, right, bitcoin, almost forgot. So I guess Americans who would rather spend their free money (aka credit cards) frivolously on just about everything *except* paying down debt and building up a savings reserve are somehow "smart"? And before you say that most don't get paid enough to do that, I know guys who make $30K/yr with a family and kids who have successfully done so. Nine times out of ten, it all comes down to one's priorities in life. What's out of touch is to believe that your government, society, or whatever will promise that you'll have your job tomorrow. A fifth of Americans are about to lose theirs....literally a few weeks from "lowest unemployment in history!", "greatest economy evar!", and "stock market at ATH!" https://www.cnbc.com/2020/03/30/coronavirus-job-losses-could-total-47-million-unemployment-rate-of-32percent-fed-says.html |
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Warren Buffett in his 1979 shareholder letter: Long term results
[...]
“One friendly but sharp-eyed commentator on Berkshire has pointed out that our book value at the end of 1964 would have bought about one-half ounce of gold and, 15 years later, after we have plowed back all earnings along with much blood, sweat and tears, the book value produced will buy about the same half ounce. A similar comparison could be drawn with Middle Eastern oil. The rub has been that government has been exceptionally able in printing money and creating promises, but is unable to print gold or create oil.
“We intend to continue to do as well as we can in managing the internal affairs of the business. But you should understand that external conditions affecting the stability of currency may very well be the most important factor in determining whether there are any real rewards from your investment in Berkshire Hathaway.”
This was before 1982 when company stock buybacks were made legal. Now that ol' Warren benefits from the Fed printing trillions in funny money and his companies' stocks getting bought back to run up share prices, he doesn't give a shit anymore. |
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^^^^^
Funny how the Average Joe couldn't have given a shit about PMs until this coronavirus hit.
I was buying PMs occasionally from 2015-2018 and the dealers couldn't give the metal away fast enough. Spot deals were plentiful.
FOMO is a hell of a drug...apparently.
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What about Aviation Gin? Anyone here tried it?
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But you're making the huge assumption that people who invested in late 2017 are likely to continue investing with a DCA approach. My acquaintances who invested at that time, later sold at a loss and didn't get back in. Like the majority of those investors, they probably don't even know what DCA is.
People with that get-rich-quick-or-bust type of mindset will simply never make it in this world. They certainly won't make it in ANY type of long term investing, be it stocks, PMs, real estate, etc. They can't be helped, because the fear and FOMO/greed emotions in them are too easily manipulated. Bear markets in anything can last for years. But my question remains - why so very few people understand that BTC has a finite supply that cannot be altered and should therefore be trusted to hold value more than infinitely supplied fiat.
Most can't be bothered to do the real research. Even if they do understand it, they are too overwhelmed by the brainwashing campaign of the MSM that tries to paint Bitcoin as a complete scam. They also don't understand and are put off by the volatility of Bitcoin as compared to large cap stocks, and so they seek false safety when they should be doing the opposite. Risk little, gain little. Risk nothing, gain nothing. |
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The media manipulation throughout this whole thing has been ridiculous. What ever happened to "you can't shout 'fire' in a crowded theater"?
What will be the way forward to stop this crap? How do we decentralize the media and encourage truth instead of hype?
so, while I am inclined to agree, and I am certainly coming around to the view that the loss of liberty is more serious than the contagion, it remains odd that every jurisdiction on the planet seems in lockstep with the dominant narrative. Never let a good crisis go to waste...I get that, but are they really this organized?? Yes, because they are all in bed together now. Every country that can is printing money go brrrrr at the same time. And the cover story is a global one. |
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We actually entered recession in 2008 and never left |
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I'll just leave this epic rant about the $2T (*cough* $14T *cough*) bailout bill here: https://www.youtube.com/watch?v=D-7uro3A3qUPeople often say, well what can the Average Joe do about it? March? Riot? Revolution? Bitcoin was *literally* created for this reason. It IS the red pill. It IS the Revolution. #BUYBTC and stop participating in the corrupt fiat monetary system. |
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The WO thread is a clique. There is nothing of value to see there.
The wrong thing I did was not to buy more back in 2015. By that time I have bought my first bitcoin, to pay for a storage cloud which accepted it. Didn't bought before 2015 because there was no thing I wanted to buy with it.
Since the beggining I wanted it to be a way of paying things and buy stuff without depending on fiat and banks. Finally is happening now with massive adoption in Japan and research in blockchain going on.
But now I'm sad that I had not bought more before, I would be able to have 10x more now. And the satoshis I spend buying the storage would be more valuable now too.
I have bought my first bitcoin in 2015. It was 1BTC at that time.
<snip>
In total I have something around 2.3-2.5BTC in bitcoins and altcoins together.
Didn't sold anything, nor I will. I really want to use bitcoin as a way of payment.
I think it's better to hold.
Fuck off flip-flopper. No one cares what you think. |
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