Crash of ‘Everything Bubble’ – banks crashing?
Sorry for my lack of knowledge – is this basically the same thing Chris is saying? This guy is saying to get money out of banks, and there WILL be food shortages.
I didn’t see where there was mention of food shortages, but I will confirm the replenishment at the local supermarket has a pretty serious weak link currently…
My only question is, where are the safe havens other than physical PM’s?
I’ve followed Smith for years even though he is out there almost by himself in deep, deep centerfield. He has taken the approach that says that most of what everyone else labels as mistakes and miscalculations by the Fed are really intentional actions to help their owners the banks and move the US incrementally toward more and more centralization (national and global). He says they care not a whit about the citizens and are completely cold blooded when it comes to inflicting pain on the public while enriching their owners. At first, that was a bridge too far for me but I have gradually given him more and more credence. And what he says has pretty reliable predictive power, much better than just about anyone except Jim Rickards who is much less confrontational in blaming the Fed. He does blame them but says they make mistakes because they use faulty models and don’t understand complexity. Smith sees intentional actions where Rickards sees mistakes, otherwise they’re largely in agreement.
Anyway, what Smith says in the article you cited makes sense to me. And it’s not just an intellectual exercise for me. I am positioned and prepared for a “bank holiday” and other related severe banking and financial “issues.”
Egypt’s central bank places limits on cash withdrawals : https://www.thenational.ae/business/banking/egypt-s-central-bank-places-limits-on-cash-withdrawals-1.998572
– Individuals: 10,000 Egyptian pounds / US$640
– Companies: 50,000 Egyptian pounds / US$3,200
– Only “Temporary” & to “Prevent” the spread of COVID-19
Slightly different view – https://www.egypttoday.com/Article/3/83181/Egyptians-withdraw-LE-30B-in-3-weeks-Central-Bank-governor
– Trying to stop citizens withdrawing more than “exceed their needs”
great insights guys many thanks. thc0655 wow…so you follow Chris literally:
– buy land, tractor, log splitter, tools, nails, bulk seeds etc?