With talk of hyperinflation coming...

This is the front porch of our forum. Pull up a chair, and talk about whatever's on your mind.
frugalmom
Posts: 1710
Joined: Fri Aug 28, 2015 10:52 pm

Re: With talk of hyperinflation coming...

Post by frugalmom »

floridacatlover wrote: Thu May 06, 2021 7:56 am OMG, turn off the radio.

“It will hit savers hard” Really??? Savers have been dealing with minuscule interest rates for at least a decade. Maybe the overheated stock market will come down to earth.

Gold and silver? Where have I heard that before? Oh, yeah, radio and Internet people touting gold and silver jewelry and coins that end up going up for awhile and then back to earth.

“A great reset” No, just no.

Real estate goes up and down. If you buy in a hot market you’ll get burned on the other end. So how is that expensive house you were talking about the other day? You so often say you are poor even with your husband’s good pension. But you can afford a more expensive house. Strange.

You have a paid-off house and money coming in. Turn off the garbage and live your life.

Sorry if I offended you or anyone. I’m sick of the crazy talk in this country.
MY dh has a decent pension yes-we are grateful for that(I do NOT know what we would have done without a pension!), I am not poor but do live as a poor person below our means-well there was a while we weren't sure before the pension(we did not know how much that would be even) and not sure if he was able to keep his job due to his head injury in an accident at work and then we were really worried about being destitute(other than owning our house but no money coming in-we needed a roof over our heads so I am glad I paid that off awhile ago)! So yes I was extremely worried because we did not know the outcome of what would happen or the numbers or how much medical would be for our family(1000.00 per month)! So I was careful and always lived below our means.

Fast forward some years -it took us over 5 1/2 years to settle our case and we did get some money from the trucking company (he was deemed at fault for hitting dh)that hit my dh and caused his head injury-my dh will never be the same though and they really don't care it was all about the numbers at the end! And we settled bc we already waited 5.5 years and husband almost died and they were soooo slow that if he died we would not get a penny so we settled for whatever they gave us so they would leave us alone! Yes, so not much unfortunately-the more the reason we want to guard it and grow it. We didn't even retire out on disability pension , we did a regular retirement because they were taking sooooo long we didn't know if it would qualify for disability even at that point bc they were fighting us tooth and nail. At one point my dh even forgot what his birthday was when the insurance company during his heart attack was asking him for info!

It is only now that we finally got a settlement that we do not want to be stupid with it! We want to invest to make it grow bc that will be the only incoming money as all we have is the pension,soc security and our savings so we have to be wise with it. I do not listen to the radio, but I am listening to the people who were right about the 2008 crash and are famed economists from Harvard or famous known investors so not fly by night random people. I see on YOuTUbe when they interview them on investor channels for instance-so Warren Buffett (a successful investor, business tycoon, CEO of Berkshire Hathaway). Or Nouriel Roubini who is an American economist that graduated from Harvard and was right on the 2008 crash that others mocked him for and he teaches NYU and has an economic consulting firm so he does this for a living. Peter Schiff an American stockbroker and financial commentator who also predicted the 2008 crash before it happened and a CEO of his own bullion capital company. JIm Rogers also a financial commentator that is a successful investor and owns find management companies,etc.

I also listen to James Rickards who is a lawyer, economist. investment banker, author and advisor to the White House, Pentagon/US Dept of Defense and the CIA so he has the insider's knowledge and has set himself up very well with his own homestead. Lynette Zhang also has set up her own homestead and is a Chief Market Analyst, a banker,stock broker and specializes in world currencies, She is very down to earth and smart. Willem Middelkoop from the Netherlands or Switzerland I think-I just listened to him for the first time-he has a fund he runs and he used to own a PM company, a CNBC market commentator as well as other channels and also predicted the crash 2007-2008 and wrote a book called "The BIg Reset". I saw hos interview on Stansberry Research which is a respected channel and has lots of these people I mentioned on that channel.

It is global as countries move toward establishing a digital currency. For instance, the European Central Bank President Christine LaGarde has paved the way for a digital currency for Europe within 4 years and waiting for summer for approval. Laws and regulations have been enacted or in place to make way for this. Also China has the digital renminbi and is the first digital currency by a major economy and is legal tender currently. In China, the country is way more advanced and everything in the cities is done by your cell phone to pay for things (they had a 60 MInutes segment showing this-like WOW!). Of course, then the way that China surveillances everything and everyone, it gives them more control and no privacy I would guess.

So this is NOT some conspiracy theory it is actually happening on many levels and makes sense bc they will say it is to prevent money laundering, crime,much faster,etc. Also in Greece and Cyprus, their banks were collapsing and failing, so as part of the EU, Germany helped to bail them out but wanted them to have skin in the game so then Cyprus taxed the bank accounts to raise the money. So when citizens woke up one morning money had been confiscated from their accounts or taxed in order to receive your money back. Lots of Russians hide their money in Cyprus banks so they had significant money in there but that was the deal if you wanted your money back. Now imagine it was digital currency-much easier to do. So it has happened that banks or countries can take money out of your bank when it is faced with a failing economy. Venezuela used to be a rich country and now has been dealing with hyperinflation. The famous Weimar Republic also had faced this consequence so it has happened in history, we are not immune from this-the only thing that may save us is that we are a reserve currency in the world which China and Russia is trying to change-I think China is positioning itself to be the next reserve currency. Just think about it, we are TRILLIONS in debt and we do not produce much anymore. LIke I want medications to be brought back here for manufacturing, we had a shortage of med supply last year and this year because it was made in China and India! I don't feel like it is a good idea to rely on foreign countries for making our vital medications! Like China had that problem with the baby milk being adulterated with melamine! They don't care about their own citizens and it is about money, greed and profitability! With their control of our meds they can put long acting harmful ingredients like there was a med that was recently recalled because it had rocket fuel chemical I think in it! Gross!

Anyway, so yes, I have come into a bit of money and want to invest it smartly, but real estate is too expensive for me to afford out here so I am not saying I can afford it with it in the 800k- over a million range! I bought long ago so my house was reasonable in the 200k range back then so more easily paid off. I don't think we would ever be able to pay off the houses the way they are priced these days! So we are looking at different avenues and I can't see any options anymore bc most are out of price range! So maybe you can see it from the perspective I am seeing from now and hope I did not offend you in any way-just explaining matter of factly. At this point, I am thinking just get my house ready for when I am even older and won't be able to do much since a limited income (yes I still do worry like when my dh almost died last year, I do not have incoming money except from him! If he dies it mostly goes away with him! I will get a little portion of his pension bc we pay for that right now to do so but not much and I will not qualify for social security yet!)-so I would like to save that money we got for that but I want to make sure it grows or at least safe in the bank!
Last edited by frugalmom on Thu May 06, 2021 12:54 pm, edited 1 time in total.
frugalmom
Posts: 1710
Joined: Fri Aug 28, 2015 10:52 pm

Re: With talk of hyperinflation coming...

Post by frugalmom »

itspennyc wrote: Thu May 06, 2021 7:47 am I don't know about hyper inflation.

But I do know that as a widow you should be able to get his Social Security. You are disabled and you should be eligible for Social Security Disability. You will need to hire an attorney, as those who don't usually are denied unless they have a life threatening disease. My late husband was approved right away, He had terminal cancer that had spread to the brain.

As a widow I was eligible the day I turned 60. If I had been disabled It would have been 50.

Penny
Unfortunately, I did not know I qualified for disability until 9 years later when my dh's lawyer looked at my papers and stated I had a high rating why didn't you get disability?! My own lawyer never mentioned anything and said I would have to get a social security lawyer if I had any questions and I thought bc the QME doctor asked if I wanted to go back to work and I said definitely after it gets better and he said ok he would rate me below I forgot what it was but 1% below something -well now I cannot even go to that doctor bc shortly after he was sent to prison for child $#%^ at the age of 74 and had his medical license taken away-smh-only in MY stuff I get all these weird things that occur. So anyway, tried to apply as soon as I was told that but unfortunately they said it was too long ago. I did not go out on disability anyway, I did not want to, I took an early retirement package that they offered many of us instead of laying off others so many of us long standing employees took that offer. So I retired early and thought I would just live off one income of my husband's and be a sahm-little did i know he was going to get in an accident! But he was of retirement age and could have retired as well as he was eligible at work, but he liked working and wanted to work til 70 yo bc we had a young kid and needed medical and college expenses for another kid.

I am not even near 60 yet so like last year when he almost died, it kind of worried me bc pension alone and only part of it, is not going to be much to live off of even though my bills are not much(it is pretty much bare bones budget on regular bills except I do have internet high speed at the most bc of online school and it is still terrible and I do have basic cable bc attenae gave me very few channels and it looked like a puzzle pieces lol oftentimes!). I support my daughter's apartment and living expenses for college (she helps too). Although she will be graduating this year-hooray! But she is going for her master's first and trying out for med school afterwards.
frugalmom
Posts: 1710
Joined: Fri Aug 28, 2015 10:52 pm

Re: With talk of hyperinflation coming...

Post by frugalmom »

Quilter51 wrote: Thu May 06, 2021 10:37 am I'm with FC on this. Ignore the news.The sky is not falling. At least economically. Pay off your house if you can. Get rid of debt if you can (nor everyone can do those things reasonably). Save as much as you are able. Spend wisely. Use your resources wisely. Take a breath and ignore the fear mongering. It will make you crazy. Get rid of the stress and live your life
I have done all of that-paid off house long ago and no debts. Just came into a bit of money now and wanting to know what to do with it so listening to what I can do to invest or make it grow.
frugalmom
Posts: 1710
Joined: Fri Aug 28, 2015 10:52 pm

Re: With talk of hyperinflation coming...

Post by frugalmom »

LogicsHere wrote: Thu May 06, 2021 12:08 pm Acccccccccccccccck. Slow down. Stop watching the news. Stop listening to the Vloggers on You Tube. Stop worrying about the past because you can't change them and stop worrying about the things in the future you can't control. Take a deep breath and just take ONE DAY AT A TIME. That's all we have anyway . . . ONE DAY AT A TIME.
Yes, I do admit I watch the news-I only watch the World and local news on tv and on occasion the Equalizer and 60 Minutes. Otherwise, I don't watch tv. Yes, take it one day at a time-I am trying to do that! You are always a voice of logic and reason-thanks! It calms me just you saying that. I am just trying to be proactive rather than reactive-or so I am thinking that in my mind-lol! Who knows?!
floridacatlover
Posts: 8058
Joined: Fri Aug 28, 2015 7:21 am

Re: With talk of hyperinflation coming...

Post by floridacatlover »

frugalmom wrote: Thu May 06, 2021 12:32 pm MY dh has a decent pension yes-we are grateful for that(I do NOT know what we would have done without a pension!), I am not poor but do live as a poor person below our means-well there was a while we weren't sure before the pension(we did not know how much that would be even) and not sure if he was able to keep his job due to his head injury in an accident at work and then we were really worried about being destitute(other than owning our house but no money coming in-we needed a roof over our heads so I am glad I paid that off awhile ago)! So yes I was extremely worried because we did not know the outcome of what would happen or the numbers or how much medical would be for our family(1000.00 per month)! So I was careful and always lived below our means.

Fast forward some years -it took us over 5 1/2 years to settle our case and we did get some money from the trucking company (he was deemed at fault for hitting dh)that hit my dh and caused his head injury-my dh will never be the same though and they really don't care it was all about the numbers at the end! We didn't even retire out on disability pension , we did a regular retirement because they were taking sooooo long we didn't know if it would qualify for disability even at that point bc they were fighting us tooth and nail. At one point my dh even forgot what his birthday was when the insurance company during his heart attack was asking him for info!

It is only now that we finally got a settlement that we do not want to be stupid with it! We want to invest to make it grow bc that will be the only incoming money as all we have is the pension,soc security and our savings so we have to be wise with it. I do not listen to the radio, but I am listening to the people who were right about the 2008 crash and are famed economists from Harvard or famous known investors so not fly by night random people. I see on YOuTUbe when they interview them on investor channels for instance-so Warren Buffett (a successful investor, business tycoon, CEO of Berkshire Hathaway). Or Nouriel Roubini who is an American economist that graduated from Harvard and was right on the 2008 crash that others mocked him for and he teaches NYU and has an economic consulting firm so he does this for a living. Peter Schiff an American stockbroker and financial commentator who also predicted the 2008 crash before it happened and a CEO of his own bullion capital company. JIm Rogers also a financial commentator that is a successful investor and owns find management companies,etc.

I also listen to James Rickards who is a lawyer, economist. investment banker, author and advisor to the White House, Pentagon/US Dept of Defense and the CIA so he has the insider's knowledge and has set himself up very well with his own homestead. Lynette Zhang also has set up her own homestead and is a Chief Market Analyst, a banker,stock broker and specializes in world currencies, She is very down to earth and smart. Willem Middelkoop from the Netherlands or Switzerland I think-I just listened to him for the first time-he has a fund he runs and he used to own a PM company, a CNBC market commentator as well as other channels and also predicted the crash 2007-2008 and wrote a book called "The BIg Reset". I saw hos interview on Stansberry Research which is a respected channel and has lots of these people I mentioned on that channel.

It is global as countries move toward establishing a digital currency. For instance, the European Central Bank President Christine LaGarde has paved the way for a digital currency for Europe within 4 years and waiting for summer for approval. Laws and regulations have been enacted or in place to make way for this. Also China has the digital renminbi and is the first digital currency by a major economy and is legal tender currently. In China, the country is way more advanced and everything in the cities is done by your cell phone to pay for things (they had a 60 MInutes segment showing this-like WOW!). Of course, then the way that China surveillances everything and everyone, it gives them more control and no privacy I would guess.

So this is NOT some conspiracy theory it is actually happening on many levels and makes sense bc they will say it is to prevent money laundering, crime,much faster,etc. Also in Greece and Cyprus, their banks were collapsing and failing, so as part of the EU, Germany helped to bail them out but wanted them to have skin in the game so then Cyprus taxed the bank accounts to raise the money. So when citizens woke up one morning money had been confiscated from their accounts or taxed in order to receive your money back. Lots of Russians hide their money in Cyprus banks so they had significant money in there but that was the deal if you wanted your money back. Now imagine it was digital currency-much easier to do. So it has happened that banks or countries can take money out of your bank when it is faced with a failing economy. Venezuela used to be a rich country and now has been dealing with hyperinflation. The famous Weimar Republic also had faced this consequence so it has happened in history, we are not immune from this-the only thing that may save us is that we are a reserve currency in the world which China and Russia is trying to change-I think China is positioning itself to be the next reserve currency. Just think about it, we are TRILLIONS in debt and we do not produce much anymore. LIke I want medications to be brought back here for manufacturing, we had a shortage of med supply last year and this year because it was made in China and India! I don't feel like it is a good idea to rely on foreign countries for making our vital medications! Like China had that problem with the baby milk being adulterated with melamine! They don't care about their own citizens and it is about money, greed and profitability! With their control of our meds they can put long acting harmful ingredients like there was a med that was recently recalled because it had rocket fuel chemical I think in it! Gross!

Anyway, so yes, I have come into a bit of money and want to invest it smartly, but real estate is too expensive for me to afford out here so I am not saying I can afford it with it in the 800k- over a million range! I bought long ago so my house was reasonable in the 200k range back then so more easily paid off. I don't think we would ever be able to pay off the houses the way they are priced these days! So we are looking at different avenues and I can't see any options anymore bc most are out of price range! So maybe you can see it from the perspective I am seeing from now and hope I did not offend you in any way-just explaining matter of factly. At this point, I am thinking just get my house ready for when I am even older and won't be able to do much since a limited income (yes I still do worry like when my dh almost died last year, I do not have incoming money except from him! If he dies it mostly goes away with him! I will get a little portion of his pension bc we pay for that right now to do so but not much and I will not qualify for social security yet!)-so I would like to save that money we got for that but I want to make sure it grows or at least safe in the bank!
Turn off CNBC. I learned that. When the financial crash came in 2008, they didn’t see it coming. It is all a big sales pitch.

Don’t invest in something risky if you can’t afford to lose it. Interest rates are low but personally I’d rather have my money safe. Deposits are protected at each bank up to $250,000. If the Federal Deposit Insurance Co. fails, we are in big trouble but they were there to protect all the savers when banks failed in 2008 so I trust they’ll be there.I have always believed in slow and steady.

Janet Yellen, former Fed chair, is sec. of the Treasury. I trust her.

I have NO ONE to rely on but myself but I’m not going to waste my life listening to “what if” garbage. A few years ago, I got sucked into believing “experts” who touted peak oil, that the world was running out of oil and we’d be doomed. Didn’t happen. (Thankfully I didn’t invest any money.)

When I googled “hyperinflation” and “great reset,” one video that came up was Robert Kiosaki. Remember him? Touting putting all your money and leveraging to the hilt with real estate. Then he filed for bankruptcy in 2012. Now he’s back. I put him and Trump in the same category.

Your initial post asked what are we all doing? I’m living my life the same way as always, living on less than I could afford and investing in a diversified portfolio and keeping more than what the “experts” recommend in cash.

P.S. I do not mean to be grumpy. I’ve heard so much anti-vaccine conspiracy crap in recent days that cited “the great reset” and it irritates me. ❤️
SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: With talk of hyperinflation coming...

Post by SandiSAHM »

Gold and silver (ore in general) have always puzzled me. Let's say the economy tanks, but I have "bought" gold. Is it in my house? No. Where IS it, exactly, and how do I get it to use it?

Presuming I can get to my gold (not sure how, I'm guessing my cash, which is mostly in a bank several states away, is not accessible by ATM and is not enough to get me to my gold by car because the cost of gas has skyrocketed) how do I use the gold to assure my continued existence? Will people trade me food for gold? A place to live for gold? If hyperinflation is major, how far does an ounce of gold go?

I get the "gold standard," but I don't get the ownership, or the "idea" of ownership, of the ore itself. Can you eat it or burn it for warmth?

I class people who sell gold, silver, etc. as investments in with shysters - if the metal they have is so valuable, why do they want to sell it to ME for MONEY? They already have... gold. If it's just going to be worth more over time, and money will be basically useless, why do they not just keep their gold and leave me with my useless money?

This lack of understanding may mean I'm stupid (sure not the first time...). But I figure it doesn't matter if I am, if I had gold and pieces of it were good for anything, I'm oldish and unarmed, I'll be robbed of my gold in no time flat :shock:
Post Reply