Our Money, How Safe Is It In The Bank: From FDIC

[Caroline13]

Is anyone seeing this info? It's appearing on some of the Forums I'm a regular. We are living in Uncertain Times, that is for sure.

https://www.youtube.com/watch?v=mjMFwewWVMA

One member on a group said she took all her money out of the bank. I asked her how she gets along, paying cash for Everything????? I can't imagine that.

Here is what said about taking her money out:

I left enough cash in my account to pay bills. If I need, I can put cash back into my account for needs.
I took the majority of my cash out. I just sold my house a few months ago, so I have a little extra $$ at this

time. I sure as heck don't want to loose it to the corrupt ones that want to force us to digital currency.

[biffbronson]

I appreciate the heads-up, but consider the following insightful comment found in the replies to that video:

"My thought on this is that if the FDIC goes bankrupt then everything else within the government will go bankrupt along with it. If you keep your money in cash at home then it will be worthless anyway when everything crashes."

There's no easy answer, no foolproof course of action. Maybe the people who've urged investment in gold & silver have the best idea. (But of course you can't pay your bills with ingots.)

[Caroline13]

Oh I didn't read any comments from the video, I'll go back and read some. Well, I read some coments and many are taking actions alredy.

Reading some of the comments could help you make a decision if you want to make changes....

I've been hearing buy gold/silver for years and what do we do shop for groceries with those metals?
I sold all my gold jewelry as I didn't need the stuff anymore, and wanted the cash.

Then in recent times there has been the crypto push. that has crashed as far as I understand it.

[GentlemanJim]

I pay cash for just about everything, because I do not want to leave an electronic trail.

I've got $10K in the bank, and have $16K at home, that I carry with me whenever I leave out of concern I could lose it in a fire while not home. My strength here is that I look like a big, dumb, white hillbilly that wouldn't have $20 on him. So the image that I project is "too much trouble to deal with, for likely nothing"

And, I got a good 150 lbs of fat I could lose, in times of turmoil, before I would be at risk of starving. So if the entire system collapses, I've got some time to plan my options.

[Caroline13]

omg GJ, you carry 16K around if you go out. I keep a couple hundred at home but will up that I believe...and have less bank balance....thinking on that.

[biffbronson]

I'm concerned that the U.S. is not immune to economic factors that serve to severely erode our savings; look what's happened to other countries' currencies. Also, it's been many years now since banks offered any substantial interest -- yet economists bemoan that people don't put enough money aside, and as well any interest is taxable income.

I was once offered $300 cash for just one of my older comic books that I bought in 1988 for $20 (My copy of this issue is actually in nicer condition than the one shown here from an online database.):

I'm glad I turned down the offer, as U.S. currency continues to devalue in the wake of inflation.

But I didn't always look to the future in the best way. For example, I should've had a new roof put on my house a few years ago, before materials costs skyrocketed. I might re-roof my garage myself to eliminate the labor cost.

[Caroline13]

Ownership of houses etc, costs for upkeep continue to rise as long as you are the owner. I decided back in the 80's when I sold a condo, bad investment, that I would never own again. My mgmt company was just here changing locks on some of the apt doors...they are up on all issues that need repair on this old apt bldg.

[GentlemanJim]

Originally Posted by Caroline13

omg GJ, you carry 16K around if you go out.

Yeah, it didn't start out as an act of protest.

Stated out I was looking for a decent used car, expecting to pay $4,000 plus an extra thousand for new tires, battery, etc

Then, the pandemic hit, and the prices of used cars went bonkers. So, I upped my game from $5000 to $11000. Just never found that car that screamed "I'm the one!"

Eventually upped that to $16,000, thinking that should get me in a decent car.

So, officially the money in my pocket is for "car shopping"...even if getting the replacement car is not as high on my priority list as it should be.

The unanticipated whammy on my car experience is that now shopping for cars @ $15K, I am seeing cars that were $45K when new, and license plate fees for those are higher than I want to get chained to, being that SS is now my only income.

[biffbronson]

I've never bought a car "new," but I had the advantage of a close family friend owning a used car business. In fact, he once told me I was like a son to him. Anyway, while he was living, I did buy from him, and that car lasted me a decade needing only tires and batteries. A great price for a car he originally picked up at auction, thinking his great-niece would need it.

Since that dealer's death however, I've faced the same issues you and others face -- trying to get a good deal on a reliable car. And that outrageously high Indiana annual registration fee, gas prices, and insurance cost on top of all that. Since so much of my driving is just around town, I've often thought in the future of just taking cabs and not owning a car at all. I'm even in walking distance of Farmer's Market and a little "Superette."

When I was young, working in retail my hourly wage translated to about 7 or 8 gallons of gas. I doubt very much that wages have kept up with the price of gas, groceries, etc., so I don't know how young people are getting by, let alone prospering.

[GentlemanJim]

My very first car was a brand new Cutlass Supreme, paid like $7,000 for it in 1979. I was so proud LOL, making $6/hr and paying for the car, full coverage insurance, apartment rent, groceries for two

On 6 freaking bux an hour!! mind boggling. How things have changed!!

And then a funny thing. after a couple years, that car wasn't new anymore, but I was still paying on it like it was new. Got to be depressing.

I found that finding the right sweetheart deal on a used car made much more sense.

And over the years, I've had great luck. bought my current ride in 2017 for $999 That was a personal low point in terms of what I paid, and quality of car that it got me, but in terms of value, it's probably the best bargain that I ever made.

And when I decided to replace tht in 2020, I got a real eye opener. My "luck" has gone flat. It's a sellers market now.

[Babalu]

Originally Posted by biffbronson

"My thought on this is that if the FDIC goes bankrupt then everything else within the government will go bankrupt along with it. If you keep your money in cash at home then it will be worthless anyway when everything crashes."

That is the answer. If you're under the limit, don't worry. And even if you're over it.

Originally Posted by GentlemanJim

I've got $10K in the bank, and have $16K at home, that I carry with me whenever I leave out of concern I could lose it in a fire while not home. My strength here is that I look like a big, dumb, white hillbilly that wouldn't have $20 on him. So the image that I project is "too much trouble to deal with, for likely nothing".

That's crazy my friend. I'm sure I have way more money than the average person here, but I've never had more than $2,000 or $3,000 in cash on me in my life. And even that's rare. I take about $500 from a cash machine at a shot so I might have $600 or $700 on me but if I lost that it wouldn't make a dent. I've certainly had big bank checks on me when I bought a house or car or transfer from one bank to another, but that's not cash.

If you have homeowners insurance, your $16,000 is covered by that, even if lost in a fire.

[GentlemanJim]

Originally Posted by Babalu

That's crazy my friend. .

Yeah, I probably wouldn't carry it down in the 'hood, or any place like that, but in my normal travels my biggest inconvenience is in always having to remember to guard my coat, when shopping. Having to carry it into the restroom with me even at restaurants, etc.


I have kind of a dubious distinction, even when I used to walk through Watts at 4 AM,. it used to tickle me to hear people locking their car doors as they drove by. Not really scary in the classic sense, I just look unhinged enough that most folks would rather not engage me.

Picture Leo Gordon with an Al Hrabosky mustache.... that's me.

[GentlemanJim]

Originally Posted by Caroline13

Is anyone seeing this info? It's appearing on some of the Forums I'm a regular. We are living in Uncertain Times, that is for sure.
. I sure as heck don't want to loose it to the corrupt ones that want to force us to digital currency.

I believe that our entire system would have to go down the tubes before the FDIC would default on their guarantee. (I'm not saying that's impossible, rather that a "partial" collapse is unlikely)

Reason being, our currency has no intrinsic value, it's only use is in defining boundaries between the haves, and have nots. Take money out of the equation and many among our powerful elite lose their ability to force the pawns to do their bidding.

There was an old adage that proposed if you give EVERYONE a million dollars, it would accomplish nothing good. Because the only true value of money is to force people who don't have as much to yield to those who control the money.

So, greatly condensed for simplicity, money is the whip that tames us. Our masters are not going to forfeit the whip voluntarily.

Now, if an outside power overthrew our "masters", and decided to make us crawl to them for our own salvation, that US greenback is gonna be worthless no matter what.

[GoldenTV]

Personally I wouldn't put too much stock from Youtuber with financial advice. These days anybody with a camera can get on Youtube and say anything and they put the most outrageous claims on their video titles to attrack viewers. More viewers and subscribers equal more advertisment money in their pocket

[Caroline13]

Originally Posted by GoldenTV

Personally I wouldn't put too much stock from Youtuber with financial advice. These days anybody with a camera can get on Youtube and say anything and they put the most outrageous claims on their video titles to attrack viewers. More viewers and subscribers equal more advertisment money in their pocket

True, but this is not new information just has not been talked about on the net so much, not that I've seen it anyway and maybe I would have seen more if I were on finance podcasts, blogs, sites whatever it's all called today. I don't try to keep up.