Author Topic: SVB  (Read 4065 times)

Offline Eagler

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Re: SVB
« Reply #60 on: March 18, 2023, 06:43:52 AM »
It will be a great thing....

You won't even have to pay your taxes...they will automatically be withdrawn at the stated date..

I see going digital in my grandkids life if not their kids...if we hold out that long

We go digital sooner if the sheet hits the fan due to civil unrest caused by the collapse of our financial system..which I also fear we are very close to at this moment from numerous factors

Praying I am way off and very wrong

Eagler
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Offline DmonSlyr

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Re: SVB
« Reply #61 on: March 18, 2023, 12:10:59 PM »
We've tried to go cashless at our facility for big events and it's going to be really tough to outlaw cash completely. Now as the person who counts the cash. I'll tell you it's dirty, time consuming, never reconciles to the system, people steal it, and has security issues for transport. For major big events, it's definitely good to go cashless. Counting 2 million in cash is costly and takes hands but now we still collect about 20k or 1% of sales in cash even though we have signs that we no longer accept cash. Now I can count it myself and we save money in more ways than one.

Now, I'm am not anti cash do to the fact that if computer systems were to crash for any reason, you wouldn't be able to accept any payments, you wouldn't be able to have any physical way to barter in a realistic way. For a facility such as ours. If they payment systems went down for whatever reason it would crush us. I've already had a situation where about 500k in sales didn't flow into Freedom Pay and we didn't get our sales until the next month. I had to recoconcile it all and it was a big pain in the arse.

Another thing too is, it's not gonna be your baby sitters and yardsalers protesting. It's going to be all of the biker gangs who don't want to be "in the system" if you will. Thats something else I've learned about the facility I work. That's who regulators are going to have to deal with, on top of most conservatives against it.
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Offline Vulcan

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Re: SVB
« Reply #62 on: March 18, 2023, 02:52:39 PM »
I don't think the US would care that much about the offline aspect.  Folks are used to credit cards as the way to buy everything  Any disaster big enough to take out credit card transactions has tended to take out telecoms, electricity, transportation, policing, civil order, etc., and folks aren't transacting in cash then either, as it just devolves into looting, being stuck in or on a house and needing rescue, etc.

Our recent disaster experiences are the opposite. Yes there was some looting which was quickly put under control, ironically a lot of it was theft of generators that were running as backup systems for cell sites. Because the internet was down in so many areas we had to ship out a lot of extra cash to that region.

Offline CptTrips

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Re: SVB
« Reply #63 on: March 18, 2023, 02:56:00 PM »
Quote
Silicon Valley Bank failed after rising interest rates reduced the value of its assets and worried customers scrambled to withdraw uninsured deposits. In a new study, economists said they found 186 banks that may be prone to similar risks.

https://www.wsj.com/livecoverage/stock-market-news-today-03-17-2023/card/dozens-of-banks-may-have-risks-similar-to-silicon-valley-bank-economists-find-PLIFEYfTTer5HvixzEx6#:~:text=They%20estimated%20that%20there%20are,the%20FDIC%20to%20step%20in.

It will be interesting to see if the Fed holds the course despite risks beginning to accumulate.  A large part of the market is already pricing in the Fed blinking.  I think at the moment they will be painfully disappointed.  At least this next meeting I expect 25bp.

Pay now or later.  Regardless, the Piper must be paid.


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Offline Eagler

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Re: SVB
« Reply #64 on: March 18, 2023, 03:10:44 PM »
Heard it was an 80% chance of a .50 hike the day b4 svb took a dump..

Two days later it was only 75% for  .25 with even a low percentage for a decrease

EU did .50 as should we imo

Rewarding poorly managed banks isn't the solution

Taming inflation is

Eagler
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Offline AKIron

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Re: SVB
« Reply #65 on: March 18, 2023, 03:38:35 PM »
Gift cards, prepaid anonymous debit cards, etc.... Those will be for illicit trades.
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Offline AKIron

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Re: SVB
« Reply #66 on: March 18, 2023, 03:40:33 PM »
Heard it was an 80% chance of a .50 hike the day b4 svb took a dump..

Two days later it was only 75% for  .25 with even a low percentage for a decrease

EU did .50 as should we imo

Rewarding poorly managed banks isn't the solution

Taming inflation is

Eagler

Home prices may go down but a new house payment at a high interest rate will keep the payment high. Money just goes to the bank instead of the seller.
Here we put salt on Margaritas, not sidewalks.

Offline sparky127

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Re: SVB
« Reply #67 on: March 19, 2023, 12:43:42 AM »
TlDr

Bartering and precious metals. All they will do is drive a huge black market under ground.

You can't stop capitalism!

Offline Eagler

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Re: SVB
« Reply #68 on: March 19, 2023, 06:48:20 AM »
TlDr

Bartering and precious metals. All they will do is drive a huge black market under ground.

You can't stop capitalism!

Or it will be more like the group with the most guns and ammo take everything

Eagler
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Offline Brooke

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Re: SVB
« Reply #69 on: March 19, 2023, 01:19:31 PM »
Our recent disaster experiences are the opposite. Yes there was some looting which was quickly put under control, ironically a lot of it was theft of generators that were running as backup systems for cell sites. Because the internet was down in so many areas we had to ship out a lot of extra cash to that region.

In the US, it seems like the last things to go down and the first to come back up are cell service and Internet.  Generally, if cell phones work, Internet works.

For Hurricane Katrina disaster relief, the government handed out prepaid credit cards.

A weakness of cards, though, is that you can't easy pay another regular person with one.

I could definitely see use of cash increasing in disaster areas in the US as well.

Offline icepac

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Re: SVB
« Reply #70 on: March 21, 2023, 05:21:22 PM »
Or it will be more like the group with the most guns and ammo take everything

Eagler

You will need radios, as well.

Offline nopoop

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Re: SVB
« Reply #71 on: March 21, 2023, 05:45:54 PM »
And proper transportation...
nopoop

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Offline -gg-

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Re: SVB
« Reply #72 on: March 21, 2023, 06:32:14 PM »
They will be able to control every cent. Where each cent can and can't be spent and they can have them expire too.

So you get a "check" from the government but you can only spend that money within 1 mile of your house. And you have 4 weeks to spend it.

Next lockdown will be great. You won't be able to leave your block to spend money if they decide it.

Every single thing you ever bought, plus all the connections as that money moves will be known.
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Offline Meatwad

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Re: SVB
« Reply #73 on: March 21, 2023, 06:47:58 PM »
Free helicopter rides

See Rule 19- Do not place sausage on pizza.
I am No-Sausage-On-Pizza-Wad.
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Offline Brooke

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Re: SVB
« Reply #74 on: March 21, 2023, 07:55:02 PM »
You won't be able to leave your block to spend money if they decide it.

This is an excellent point.

In the past, this would have sounded crazy.  Not anymore.