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No. I asked my RIA, and he said that scenario would destroy the world economy but also it is highly improbable (he never says "impossible", which is what I like
by why-o-why 9mo ago
No. I asked my RIA, and he said that scenario would destroy the world economy but also it is highly improbable (he never says "impossible", which is what I like about him). There's no place to hide if the USD craters a-la reddit-like doomsdaying (not even non-US funds).
EDIT: My speculation, not my RIA's: If the global economy wasn't backed by USD, I would recommend foreign funds/ETFs, but everything is interconnected with the US economy. Maybe in 50 years if the global economy moves to anohter currency, but what is there? sterling? renminbi? rubles? rupees? there's nothing.
- Goronmon 9mo agoYeah its like when people say they are stockpiling gold in case of some form of economic apocalypse. I'm not sure what good gold would do you if people start physically fighting each other for food and water.
- unethical_ban 9mo agoBecause there are a lot of scenarios between total apocalypse and status quo. The USD may collapse partially compared to other currencies and common assets like BTC, gold, silver without me having to defend my home from raiders and trading whiskey for ammunition.
- why-o-why 9mo agoWhat is an example where gold temporarily replaced a country's currency and it did't go full mad-max? I don't think you have any evidence to back up your claims, but I can just point to COVID and toilet paper to show how slippery the slope can be (replace toilet paper with "food" and play that out in your head). I didn't even mention Zimbabwe (which more closely resembles the Trump regimes blatant corruption) where wheelbarrows of bills couldn't buy bread.
- why-o-why 9mo agoI was given some gold as a gift and tried to sell it, they take a cut off the top and there are no laws regulating how much a coin shop can charge for exchanging (unlike securities). People don't realize it is easy to buy gold, but a LOT harder to sell it. Especially if there is no provenance like an ingot with a hologram vs. a golden eagle. But like a lower poster says, there is a lot in between, but do you remember COVID and how insane people went over toilet paper? To quote william burroughs: "Man is a bad animal".
- gman2093 9mo agoBeans, boots, and bullets. You can't eat gold.
- why-o-why 9mo agoLittle Dieter is that you? ;) (Referring to the excellent Herzog film)