American Economics Thread

Friday at 8:49 PM
Dec 12, 2019
now kind of surreal
Spotlight: Wall Street notches record highs as year-end rally continues
Xinhua| 2019-12-27 08:07:24
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and
106311521-157720646894312242019_presidential_returns.png

inside
Trump stock market rally is far outpacing past US presidents
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  • The S&P 500 has returned more than 50% since President Trump was elected, more than double the average market return of presidents three years into their term, according to Bespoke Investment Group.
  • Historically, years three and four garner the highest market returns for U.S. presidents.
  • The S&P will have to gain about 6% in 2020 to beat the average presidential return.
so let's wait and see
 

antiterror13

Brigadier
How do you expect to pay rent?

Nearly 70% of Americans have less than $1000 in their savings. That's up from nearly 60% before. 45% have zero.

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Survey: 69% of Americans Have Less Than $1,000 in Savings
Find out why they say they can't save more.

Excerpt from the study

scary and stunning facts for the sole superpower ... paper tiger?
 

antiterror13

Brigadier
I honestly don't understand how this is possible, or how people live paycheck to paycheck. What if they loss their job?

Even when my dad was a grad student working on his phd, he had some savings. When I was in school, I didn't get student loans and had more than 1k in savings.

My wife already decided that a 50k minimum addition to savings on top of whatever we make on investments is needed for us to retire comfortably.

you are the lucky or perhaps the better one who can save $50k a year + other investments
 

Just4Fun

Junior Member
Registered Member
Better to have a good look at gold, rather than anything else that is associated with green toilet papers.
Ask yourself a very simple question: Why does gold go up without any apparent reason?



upload_2019-12-29_11-19-10.png
 

Just4Fun

Junior Member
Registered Member
Recently, the Forbes published a very interesting article about the potentials of FB's Libra. Basically, the author believes the Libra is a magic bullet to save the dollar.

It is noteworthy that the author deliberately mixes up basic concepts of monetary sovereignty, currency with ways of payment. She frankly admits that the US defaulted its obligations which require the US pay any dollar holder with gold at a fixed price of $35 per ounce gold at any time when the dollar holder feels fit, in order to fund the unwinnable Vietnam war. This is rare among American financial reporters when explaining the causes of Nixon Shock in 1971. But she doesn't feel the US is guilty to abandon its financial obligations to the whole world. Instead, like most Americans, she feels the US is entitled to defraud the entire world forever. This is why wrote this piece article to lobby the US gov't and American public to let FB launch the Libra as a means to rescue the unsavable US dollar. (And this is why she used a sensational title for her article.)

Lord, the sins of US dollar default are beyond salvation. Please use your mighty and mercy, let it rest in peace. Aman.

=======================================


How China Will Take Over The World.
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Tatiana Koffman
Dec 17, 2019, 12:03pm
 

Tam

Brigadier
Registered Member
Better to have a good look at gold, rather than anything else that is associated with green toilet papers.
Ask yourself a very simple question: Why does gold go up without any apparent reason?



View attachment 56262

China and Russia buying tons of it to start with. If you have a large gold reserve you can use it to back your crypto-currency.
 

Tam

Brigadier
Registered Member
Recently, the Forbes published a very interesting article about the potentials of FB's Libra. Basically, the author believes the Libra is a magic bullet to save the dollar.

It is noteworthy that the author deliberately mixes up basic concepts of monetary sovereignty, currency with ways of payment. She frankly admits that the US defaulted its obligations which require the US pay any dollar holder with gold at a fixed price of $35 per ounce gold at any time when the dollar holder feels fit, in order to fund the unwinnable Vietnam war. This is rare among American financial reporters when explaining the causes of Nixon Shock in 1971. But she doesn't feel the US is guilty to abandon its financial obligations to the whole world. Instead, like most Americans, she feels the US is entitled to defraud the entire world forever. This is why wrote this piece article to lobby the US gov't and American public to let FB launch the Libra as a means to rescue the unsavable US dollar. (And this is why she used a sensational title for her article.)

Lord, the sins of US dollar default are beyond salvation. Please use your mighty and mercy, let it rest in peace. Aman.

=======================================


How China Will Take Over The World.
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Tatiana Koffman
Dec 17, 2019, 12:03pm


The beauty of crypto currency is that you cannot print it out en masse, quantitative easing style. They have to be "mined" and there is a corresponding cost in time, IT labor, the computer hardware and the energy consumption to the hardware.
 

Just4Fun

Junior Member
Registered Member
The beauty of crypto currency is that you cannot print it out en masse, quantitative easing style. They have to be "mined" and there is a corresponding cost in time, IT labor, the computer hardware and the energy consumption to the hardware.

scarcity is only one of criteria that determines if a material can be used as a medium of exchange. And it ranks lower than other criteria, such as physical existence, durability, convenience in use, acceptance by the populace, readiness of verification, practical uses, ... etc.

Human societies used shells, stones, salts, tobacco, seeds,... etc., as a means for business settlement in the past. They faded out because they can't meet all of the criteria. Crypto-something, I even don't want to associate it with the word CURRENCY because it has nothing to do with sovereignty, which is the number one requirement for something to be called currency, is a trash, or a fraud of money laundering. As a means of payment, crypto-something is even worse than a rare shell, or tobacco, or rice. You can still settle an exchange by using them in a place where electricity is not available, but you can't use Bitcoin to do so because Bitcoin doesn't even exist in a non-electricity, non-computer, non-Internet environment. (And even if you have electricity, have a computer, and have access to the Internet, you still have problems to prove the authenticity of your payment of Bitcoin, leave alone to convince the seller that your payment of Bitcoin is endorsed and protected by a sovereign country.)

You can spend your entire life, energy, and wealth, to produce something very rare, but the VALUE of your final goods doesn't parallel with its rarity, or with the amount of your investment. Come back to common business sense. Don't be fooled by something that has a showy appearance.

All that glisters is not gold. - Shakespeare
 
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