Bad citizen bad for having accumulated "excess savings". Hoarding your own money!
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How dare people save money during times of government totalitarianism? They should spend it all on our cheap chinese crap.
I mean, saving money during mega-inflation due to Biden's attempts to destroy the economy is a super bad idea.
If anything, you should be taking out loans and buying real estate because it will be cheaper to repay after inflation.
That and if the economy collapses, you'd never have to repay the loans.
I can certainly understand that perspective. Just don't exchange one's currency for useless items. I am also not sure if the U.S. dollar will enter a deflationary period at some point. I have no idea what is going to happen tomorrow or six months from now; so, I can only trust my instincts.
If the economy collapses (which I am surprised it hasn't everyday I wake up), we will have much bigger problems than how much currency one has.
I am 100% sure that, outside of a complete and total overthrow of the GAE by radical Austrians, the dollar will never have a deflationary period.
I swear I can remember a time when you were encouraged to save. Or there is the whole ant and grasshopper fable.
People are the toad and government is the scorpion. Never forget this.
Yea that was sad. But I still think there is value in saving. Diversification. But what sucks is that the people responsible for making people lose their savings didn’t seem to suffer any consequences. And now you inflation is hurting savings
No arguing with you there. I gave up trying to tell people about fiat currency
Imagine calling yourself an expert and not realising that the inflation is being done deliberately with the EXPLICIT GOAL of destroying those savings.
They can't have Joe Schmoe saving up a nest egg and buying property, or making investments large enough to potentially return a million dollars! That's for the rich people to do! Joe Schmoe is supposed to be living hand to mouth, poorer every year, inching closer and closer to depending on the state for everything. The state, owned by a rich oligarchy.
Joe Schmoe is supposed to be dependent on the elites.
He's supposed to be a slave without even realising it.
You're Joe Schmoe. They want you as their slave.
You should want to wear their fucking skins.
I believe this excess savings they're referring to, is also known as "capital".
Dangerous in the hands of peasants and kulaks. Needs redistribution.
Remember when the citizens of America essentially privately funded WW1 through bonds? They just assumed you should always pay that regardless with no payback.
No, but I remember Congress reinstating the income tax to pay for WWI. But don't worry, it's only temporary! And only the rich will pay income tax! We're the government, you can trust us. Pinky promise.
Hoard “things” not “money”.
Can barter or sell them later.
The WSJ article referenced by the DM - https://archive.vn/IhYbP
I believe what the article is trying to say is the inflation will make cash savings worthless. Which is true.
What is should be saying is that Let's go Brandon's policies are making inflation go hyper so cash savings are worthless.
What it ends up saying is that people should spend money to help big corporations and also end up making inflation hyper.
In conclusion, cash savings are worthless.. unless it's in crypto.
Who the fuck has this money? My 401k and a few shares of stock is my savings. Deciding on buying a gift for myself or getting a frozen lasagna are keeping me up at night.
Buy yourself a gift of frozen lasagna, problem solved.
Nah, I decided on adding a bit more to my credit card, using the cash to buy the gift, and getting the ingredients next week for lasagna and more. It would be cheaper to get frozen, but I can make it better. And I will still have my gift.
To be fair, the smart thing right now is to have assets, not cash
Silly plebs, only the banking and political class can hoard money. And if you even think about using gold, the government might randomly decide to confiscate it.
Unless he is already a billionaire and central banks will QE him out of debt anyway.
We need an event 202
Nice fucking language. "Excess savings". That's about as real a thing as "spare" change and "extra" cigarettes.
I interpreted this as people putting savings in things like dollars...which are currently suffering from major inflation, thus making such savings worth less than they would have been.
If anything, I take this as meaning that people should diversify their investments instead of erroneously leaving it all in the bank as a cash savings account (or similar type of account)