Still a lot of flowing USD everywhere

[UncleDave]

It's not only fractional banking. It's a fiat currency plus a system where deficits don't matter.

Is anyones currency based entirely on some other physical asset?

There may be I just dont know of it.

Curious what you would suggest as superior?

 

[Pew]

You don't see the folks who get hit by the recession the hardest by going into your admiral's club in the airport or to an upscaled restaurant in a wealthy neighborhood.

 

[GON]

You don't see the folks who get hit by the recession the hardest by going into your admiral's club in the airport or to an upscaled restaurant in a wealthy neighborhood.

Pew,

You are right, but that is not the center of gravity of this post.

Many of the folks who get hit hard by recession, have been hit hard well before a recession.

 

[Vil_Riker]

Is anyones currency based entirely on some other physical asset?

There may be I just dont know of it.

Curious what you would suggest as superior?

Bretton Woods stipulated that all other currencies would be tied to the USD and the USD would be tied to gold. That was revoked when we ran into problems financing the war in Vietnam and came off the gold standard.

But we are seeing the birth of an alternative currency system tied to commodities.

 

[Kira]

^^Exactly. The people said to have been "forgotten" (and will be forgotten no longer) have been out of the game for a while now.

The unfortunate/homeless people mentioned in Denver (in other posts) aren't there because they sell marijuana in Colorado. It's because many nooks and crannies they lived in were sold for housing development, causing their eviction.

Shopping on the internet hit downtowns harder than the rise of shopping malls. Cashflow is king and the outlying circulation system is drying up.
Boomers' parents dying off (think social security checks) leaves their unshaven/uneducated offspring pretty hard up.

This is the way I see my terrain.

On Lake Champlain's southern end sits a big paper mill. It's hot, noisey shift work. The idea was to get an education and a job anywhere else.
It was potentially embarrassing for a suiter to tell a gal he worked at the mill.
However undesirable it may have been, it paid mortgages and utilities for workers around Ticonderoga.
Today, the new economy has the wayward locals referring to mill workers as, "the haves". The unshaven/uneducated home boys aren't just the "have nots", they're victimized. They're repeatedly told this on the radio etc.

I should stop now. Except one last thing. Years ago, Jean Shepherd, the guy who wrote and narrated A Christmas Story - remember bunny suit+Red Ryder BB gun, said redistribution of the population was going to be necessary. Of course he said that before so much of our manufacturing dried up and before agriculture became completely automated.

We've ignored these fires in the basement and are seeing the results. >>Do keep in mind that the, "America needs more work people would want to put their names on" campaign was back in the '60s. Some industries were moving away then.

Real numbers, accurate descriptions of real locations, reutilization of buildings, streamlined transportation are needed.
I'm glad sales and tech application deliver innovation and employment to many...but they're all in the same places. We got deserts and gardens to deal with now.

 

[GMFan]

I thought PPP loans were to be given to the employees and to the owner for their salary and overhead.

I also thought businesses who received the PPP loans while remaining open weren’t supposed to lay off regardless of sales.

What happened to the $800 billion PPP program?

Learn who received a total of nearly $800 billion in PPP loans, how many jobs were saved, and what it all means for the next pandemic.

www.investopedia.com

 

[UncleDave]

Bretton Woods stipulated that all other currencies would be tied to the USD and the USD would be tied to gold. That was revoked when we ran into problems financing the war in Vietnam and came off the gold standard.

But we are seeing the birth of an alternative currency system tied to commodities.

right, but going back to your statement about where the problems lie (Fractional and Fiat) - who has a better system?

What would you propose?

 

[dlundblad]

What happened to the $800 billion PPP program?

Learn who received a total of nearly $800 billion in PPP loans, how many jobs were saved, and what it all means for the next pandemic.

www.investopedia.com

Is the 75/25% ratio your issue?

 

[wpod]

Lots of Potempkin towns around the US. Average middle to lower middle-class Americans are not making it. They aren't the kind likely to be the que at the airport bar.

The Jamaicans have an expression that covers this; 'Don' believe the hype mon'.

All the credit cards aren't maxed out yet.

 

[wpod]

A recession has hit most consumers. Sure there are lots of people in Costco but most of them are middle to upper class. If you go to many schools in more poor areas you can see people are having problems making ends meet. It's easy to go to a higher class restaurant or airport and see people with extra money for leisure however it is not everyone. The stock market is proof that things are not quite up to par. Many people think we are in a recession right now no matter what yahoo finance reports. Home, car, gas, and groceries are through the roof right now and most of the good jobs are not available. Some companies are laying off people. Sure there are lots of jobs available if you want to work nights, weekends, holidays etc. and work for low wages. I do not see long lines in restaurants however I do agree people have money to spend on vacations but many people will go on one vacation instead of three vacations. Plus the population in the US keeps growing. Lots of poor people around in most cities and small towns in the US. Lot's of people with money too.

Through out my life I have worked every shift there is to work. It is called doing what it takes to earn money and get it done.

 

[Vil_Riker]

All the credit cards aren't maxed out yet.

I think people are cashing out their 401k balances as well.

 

[Rmay635703]

I think people are cashing out their 401k balances as well.

Or having them stolen due to skyrocketing hacks

Around here restaurants are full and expensive, just as they were June 2020 onward.

Around here many businesses go in cycles of not wanting any form of plastic, up until 2020 one still took local checks and cash only.

Universally all the “not chain” restaurants and bars charge a credit card fee and many charge a service fee regardless of how you pay (which I try to deduct from my tip)

Asking for a 30% tip on top of a 10% service fee and a 5% card fee means I count everything up and pay cash for a more reasonable tip and avoid the card fee.

Sadly $50 bills are like a $10 bill was 10 years ago

 

[4WD]

Pew,

You are right, but that is not the center of gravity of this post.

Many of the folks who get hit hard by recession, have been hit hard well before a recession.

Sure - and some of us become the Bank of Dad during hard times - something seldom recognized …

 

[PandaBear]

Bretton Woods stipulated that all other currencies would be tied to the USD and the USD would be tied to gold. That was revoked when we ran into problems financing the war in Vietnam and came off the gold standard.

But we are seeing the birth of an alternative currency system tied to commodities.

Thing is, who controls the ocean and the world trade? and what is oil trade in? Even Russian couldn't trade oil in non USD. That tells you something.

I would have said AUS $ is tied to commodities but they are basically priced on Chinese demand, and CNY is basically USD backed (less now than before but still mostly USD based). Other than that, JPY and EURO are both fiat currencies.

So, I don't know, unless you count cocaine (from Latin America) and heroine (from Golden Triangle) as commodities I don't think any 3rd world currencies are commodities based.

 

[joekingcorvette]

Through out my life I have worked every shift there is to work. It is called doing what it takes to earn money and get it done.

Me too. I have not worked many different shifts however I have worked two jobs when overtime was not available. 50 hours or more per week was normal not counting when I got home and did the household chores and running kids around. It really didn't seem that bad and it was what I had to do. The only job I really didn't like very much was working in a packinghouse for a year and that was mainly due to boredom and physical work that made me really tired at the end of the day.

 

[joekingcorvette]

Or having them stolen due to skyrocketing hacks

Around here restaurants are full and expensive, just as they were June 2020 onward.

Around here many businesses go in cycles of not wanting any form of plastic, up until 2020 one still took local checks and cash only.

Universally all the “not chain” restaurants and bars charge a credit card fee and many charge a service fee regardless of how you pay (which I try to deduct from my tip)

Asking for a 30% tip on top of a 10% service fee and a 5% card fee means I count everything up and pay cash for a more reasonable tip and avoid the card fee.

Sadly $50 bills are like a $10 bill was 10 years ago

Very true. My wife and I had two burgers and two beers the other night in a higher class restaurant. The bill was $50.00 and some odd change. I gave an $8.00 tip on my credit card. When the payment posted they changed my bill to $60.00 and some odd change. I am using cash going forward to pay restaurant dining bills. What a joke.

 

[alarmguy]

6PM 2-4-22
2 hour wait at Texas Road House Saturday Night
45 min to one hour wait at Bonefish Grill
45 min to one hour at Carrabbas (which here is a lousy place but we ate here and I REGRET it once again)

I pay everything with credit cards I always get a min of 2% back for everything in life, restaurants we have one card and always get 5% back.
Other places revolve every 3 months between 2% and 5%. Right now 5% on groceries too.