Here's a blatant divergence from the thread. What the author describes should be good for Bitcoin however. He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year. When he gets to the US economy he postulates:
" But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).
And don’t think the FDIC will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase, Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "
And this is why I constantly cash my money out of my accounts and then trade that money for gold. Put the gold into a safe in my home that isn't going anywhere. I'd rather have gold any day over real money. Let the US banks fall and crash. This country really needs a good restart. It is the banking industry that is killing this country to being with. They'll stop at nothing to keep their profits high and when they start losing just a little bit or make a little less profit they go crying like babies and threaten the people with dooms day bullshit. This country unfortunately is ran by greed, not capitalism. But then again, both are the same.
I look forward to the day. I'll just sit home with my Remington and watch some DVD's.
If the entire economy goes belly up I'm not sure what would have more value down here in the deep south, gold or $20 rolls of quarters.
