Possible Federal Reserve failure mentioned on CNBC

[Theresa]

I'm confused. I went to apmex.com and looked for generic silver rounds. What, exactly, am I looking for?

[ALS6347]

I agree. I think that soon this economic pressure will be used to force Americans into the North American Union and to adopt the Amero as our currency.


I'm not sure our government will cause or allow deflation though. We are preparing for hyperinflation, not just inflation. The whole purpose of this is to bring us to a one-world currency. Many countries are in inflation territory right now with hyperinflation worries on the rise. My guess is that we are just joining what is a well planned out world game.

[gratefulberean]

Your credit can't be "forever trashed. Negative reports can only stay on 7 years, and they count less and less as time goes on, during those 7 years.
In a country where a huge percentage are walking away from mortgages, they can't make it a credit deal breaker in the future, since there are so many people doing it now.

Yeah, that is a good point. If one forcloses, does he not still hold the loss (mortgage-actual forclosure sale $)? Can't the bank still come after you to recover their losses?

[heybales219]

I'm a renter so I'm pretty much *****ed, huh? :sob

My credit's poor because of my credit cards all being maxed out and I'm always carrying a balance (total debt in credit cards is only about $3300, which isn't bad considering that's spread out over 5 credit cards and is alot lower than most people). I don't really want to buy a houe because frankly I know nothing about maintaining them and I'm not really keen on yard work, etc.

I bank with WaMu so I guess it's about time I start paying all bills on pay day then pull my money out instead of leaving it in there. But unforutnately I have a couple of bills that are drafted automaticlally each month.

Any suggestions for anyone in my situation? Oh and I'm potentially moving from GA back to OH in 6-8 weeks too. My job is stable (payroll serices company) so I'm not too worried about that at the moment, plus hopefully they will look at seniority if they do start thinking layoffs.

[mikenelson]

I'd tell you the same thing I'm telling others I know, and I don't really care if they think I'm nuts or not.

1) Stop buying anything that is not essential to your life, and even liquidate items that can still be sold if you can stand to part with them. You can always buy them back later if things do turn around, maybe even at a cheaper price.

2) Start buying extra quantities of things that are essential to your life, make lists if you need to. I don't know where you live, (or how overly paranoid you are ;) ) but it may be necessary to take those things into your place late at night. If you don't end up needing them for an emergency, you can always use them like you would have anyway. And keep your gas tank full.

3) Take any extra cash out of the bank that you don't need for immediate bills. I know if everyone did this, it would be a problem. But the fact is if you're at home watching t.v., or your friend calls you and tells you there are lines at the banks and lines at the ATMs, it's already too late. You lost out on your money. I would keep inflows/outflows on your accounts to a maximum of several days. It may mean more trips to the bank, or buying money orders instead, but you may be happy later. Even keeping some extra cash in a safe place (not at the bank) could be good, as money will still retain value for awhile before the bottom falls out.

Not sure what else to tell you, but there are other people here who can advise you better if you have investments, large amounts of extra cash, 401k, etc., since I have none of those.

This is definitely not a time to be scared, or panicked, because we've all had plenty of time to prepare and see this coming. And it is inevitable in my opinion...not a "threat" or a conspiracy or anything, just plain math and numbers, pure and simple. But over-preparing now - physically, mentally, spiritually - can make a big difference on your level of inconvenience and even safety later on.

[tygerkittn]

I'm a renter so I'm pretty much *****ed, huh? :sob

My credit's poor because of my credit cards all being maxed out and I'm always carrying a balance (total debt in credit cards is only about $3300, which isn't bad considering that's spread out over 5 credit cards and is alot lower than most people). I don't really want to buy a houe because frankly I know nothing about maintaining them and I'm not really keen on yard work, etc.

I bank with WaMu so I guess it's about time I start paying all bills on pay day then pull my money out instead of leaving it in there. But unforutnately I have a couple of bills that are drafted automaticlally each month.

Any suggestions for anyone in my situation? Oh and I'm potentially moving from GA back to OH in 6-8 weeks too. My job is stable (payroll serices company) so I'm not too worried about that at the moment, plus hopefully they will look at seniority if they do start thinking layoffs.

If you're still in Ga you can stay with us! We have plenty of food.

[heybales219]

If you're still in Ga you can stay with us! We have plenty of food.
:aha Thanks! I'm still here at the moment, will know this week if moving to Ohio is in the works. I guess I'll have to start connecting with central Ohioans for info on rentals, etc. I'm a native Buckeye, moved away about 5 years ago and looks like I may be making the move back, at this difficult time.

I guess I'm unsure whether I should make paying my credit cards off a top priority or whether I should continue to just make the minimum payments for now and focus on stocking up, buying silver, etc. I also owe the IRS money for the past 3 years so I guess that needs to stay high on my list of priorities to pay but everything else should be secondary. I just don't know. :idunno

[tygerkittn]

:aha Thanks! I'm still here at the moment, will know this week if moving to Ohio is in the works. I guess I'll have to start connecting with central Ohioans for info on rentals, etc. I'm a native Buckeye, moved away about 5 years ago and looks like I may be making the move back, at this difficult time.

I guess I'm unsure whether I should make paying my credit cards off a top priority or whether I should continue to just make the minimum payments for now and focus on stocking up, buying silver, etc. I also owe the IRS money for the past 3 years so I guess that needs to stay high on my list of priorities to pay but everything else should be secondary. I just don't know. :idunno

With hyperinflation, which most people believe is what we'll have, food and goods will be horribly expensive, salaries will lag in catching up, so if you have food already, you can pay off your debts more easily and survive the salary lag.
I'd love to live in Cambridge Ohio, my DH worked there at NCR before they sent him down here (thank You Heavenly Father that they did!) and he took me up to see it once, it was so nice and quiet, and had a great state park. He was single when he lived there, and at the time thought it was too quiet, but now with six kids he appreciates what rare things peace and quiet can be. :heh

[Rondaben]

Yeah, that is a good point. If one forcloses, does he not still hold the loss (mortgage-actual forclosure sale $)? Can't the bank still come after you to recover their losses?

depends on your state. Its called a deficiency judgment.

I'm confused. I went to apmex.com and looked for generic silver rounds. What, exactly, am I looking for?

Silver Rounds. You were looking for the right thing. Check HERE (http://www.apmex.com/Category/520/Silver_Rounds.aspx) and go for the cheapest ones.

I'm a renter so I'm pretty much *****ed, huh?

My credit's poor because of my credit cards all being maxed out and I'm always carrying a balance (total debt in credit cards is only about $3300, which isn't bad considering that's spread out over 5 credit cards and is alot lower than most people). I don't really want to buy a houe because frankly I know nothing about maintaining them and I'm not really keen on yard work, etc.

Not necessarily. Most people are in credit card debt. If anyone out there does feel that they are going to walk away from a mortgage, see how possible it would be to do the same to your CCs. Both will stay on your credit report for 7 years, but you need to have check that out.

Remember, I'm just a schmuck so keep that in mind when you listen to any advice I may throw out there. You are probably not in a position to buy a house anyways if you are unable to retire $3300 worth of cc debt. Even if you were in this market it would be a bad decision--throwing capital you could use to get prepared after a house that will be depreciating and perhaps collapsing in value.

Does anyone in your family have a paid of piece of land? Something rural hopefully? If so, and they are likelminded, you will want to try to move closer to them. Use your assets to start buying precious metals and foods that both of you could rely on. Second choice is is with likeminded friends. If those are not available either then you should prepare to do whatever you can whereever you are. Always trust that Jesus will take care of your situation and provide for your needs. The hardest thing in all of this is to simply be still and know that HE IS THE LORD.

I bank with WaMu so I guess it's about time I start paying all bills on pay day then pull my money out instead of leaving it in there. But unforutnately I have a couple of bills that are drafted automaticlally each month.

A wise plan for everyone no matter who you bank with.

Any suggestions for anyone in my situation? Oh and I'm potentially moving from GA back to OH in 6-8 weeks too. My job is stable (payroll serices company) so I'm not too worried about that at the moment, plus hopefully they will look at seniority if they do start thinking layoffs.

Personally, unless you are moving near family or friends I would stay in GA. Don't know why I would say that, but of course I see the south as being easier to "make it" in.

mikenelson, great advice.

If you're still in Ga you can stay with us! We have plenty of food.

There you go heybales219!

I guess I'm unsure whether I should make paying my credit cards off a top priority or whether I should continue to just make the minimum payments for now and focus on stocking up, buying silver, etc. I also owe the IRS money for the past 3 years so I guess that needs to stay high on my list of priorities to pay but everything else should be secondary. I just don't know.

Keep paying them until you know if you need to move. Minimums. Eliminate the IRS debt ASAP. You may be able to negotiate with them for a settlement of less than the amount you owe. That needs to be taken care of first. It makes you stick out in the crowd and that debt will be collected, one way or the other. Credit cards can't do anything to you really except harass you, and you can use the Fair Debt Collection Practices Act to fight them on that.

[windtalker]

I'd tell you the same thing I'm telling others I know, and I don't really care if they think I'm nuts or not.

1) Stop buying anything that is not essential to your life, and even liquidate items that can still be sold if you can stand to part with them. You can always buy them back later if things do turn around, maybe even at a cheaper price.

2) Start buying extra quantities of things that are essential to your life, make lists if you need to. I don't know where you live, (or how overly paranoid you are ;) ) but it may be necessary to take those things into your place late at night. If you don't end up needing them for an emergency, you can always use them like you would have anyway. And keep your gas tank full.

3) Take any extra cash out of the bank that you don't need for immediate bills. I know if everyone did this, it would be a problem. But the fact is if you're at home watching t.v., or your friend calls you and tells you there are lines at the banks and lines at the ATMs, it's already too late. You lost out on your money. I would keep inflows/outflows on your accounts to a maximum of several days. It may mean more trips to the bank, or buying money orders instead, but you may be happy later. Even keeping some extra cash in a safe place (not at the bank) could be good, as money will still retain value for awhile before the bottom falls out.

Not sure what else to tell you, but there are other people here who can advise you better if you have investments, large amounts of extra cash, 401k, etc., since I have none of those.

This is definitely not a time to be scared, or panicked, because we've all had plenty of time to prepare and see this coming. And it is inevitable in my opinion...not a "threat" or a conspiracy or anything, just plain math and numbers, pure and simple. But over-preparing now - physically, mentally, spiritually - can make a big difference on your level of inconvenience and even safety later on.


Thats good advise.....I think a lot of people just keep putting off prepairing, but it is something a person just has to do.
We went again today and while your at the stores spending all that money you kind of feel goofy but at the end of the day which is right now I feel kind of at peace.
Come what may in the end we can say we tried for our families sake to be prepaired.

Today we stocked up good and topped it off with bunch of lead.:thumb