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After what is happening with the economy do you all think that we should trust

  1. Darknlovely3436 profile image82
    Darknlovely3436posted 7 years ago

    After what  is happening with the economy do you all think that we should trust the banks, with...

    our hard earn money......or any othe investment facilities.... until the economy picks up? another year another rough recession.

  2. nightwork4 profile image60
    nightwork4posted 7 years ago

    i never did trust banks but unfortunetly they are a fact of life now. many people i know don't even get a paycheck but rather it is direct deposit.

  3. garyyoungberg profile image61
    garyyoungbergposted 7 years ago

    The banks need oversight by a trustworthy government.  There is the challenge.  When a government, encourages or forces banks to lend to people who can not repay the the loan from the very beginning, they become as guilty as any dishonest bank.
    Banks and governments must earn our trust through their actions.

  4. MikeNV profile image80
    MikeNVposted 7 years ago

    The "Economy" is based on FIAT money.  Any time you invest in any paper you are risking what you have earned.

    There will be no recovery until the system that creates money from nothing backed only by perception is changed.

    People who think we will ever recover under the existing system are mistaken. The system has imploded under it's own weight. Debt is not capital.

    The best investments are those things which have intrinsic value over time.  Gold will always have value. Paper currency only has value if people believe it does. When the collapse comes, and it is coming... who will you be able to trade your paper with?

  5. lone77star profile image86
    lone77starposted 7 years ago

    Of course! Trust the banks. Trust them to protect your deposits with a modest amount of due diligence, but also trust them to do what any ego would do--attempt to enlarge itself. As corporations, they have a fiduciary duty to their stockholders to invest the funds entrusted to them--to make them grow. In our current mess, bankers are going to be somewhat more self-aware and cautious. Only when things are going too easy will they lose sight of caution and get crazy again.

  6. peterxdunn profile image58
    peterxdunnposted 7 years ago

    I broadly agree with MikeNV here. However I would urge caution to anybody who is thinking of investing in gold - only do this if you are going to take physical possession of the gold: at the moment, for every ounce of actual gold being traded on the market, there is at least another ten ounces that only exist on paper.

    Something else to consider is that - in America - people that owned gold were once (in 1929 I think) forced, by law, to sell it and Americans were banned from buying it. This type of manipulation of the gold market - done at the behest of the banks - could well happen again.

    I wouldn't, either, advise a return to the gold standard. Over three quarters of the world's gold supply is either owned or controlled by the banks: including all the gold in national depositories. A return to the gold standard would, therefore, still leave national economies under the direct control of the banks.

    What we really need is for the establishment of state owned national banks that have the power to print and issue money. This would still be a fiat currency but it would not - as is the case now - have interest levied upon it at source.

  7. nextstopjupiter profile image82
    nextstopjupiterposted 7 years ago

    I cannot trust an insane financial system which is responsible for the destruction of humanity and the environment. Rather sooner than later the bubble will burst, and this whole system which steals hard earned money will collapse.

  8. Darknlovely3436 profile image82
    Darknlovely3436posted 7 years ago

    Peterdunn i must indeed say that you have some great points,and your answer is very well thoughtout.however, I keep reading your reply over and over to make sure that i do not miss anything.
    very informative Mr. Peterxdunn

  9. Mark Upshaw profile image60
    Mark Upshawposted 7 years ago

    Of course you can trust the banks, to be banks, enterprises of self interest. As they are legally obligated to behave.  Just like every corporation and public institution.  Realizing this, may help in making financial decisions. 

    Owning physical gold is just fine, but realize that the vast majority of all gold is owned by banks and the banks of nations. When a  bank needs an emergency amount of cash, particularly a national bank, they can dump hundreds of pounds of gold to liquefy an asset.  What will this do to the value of your gold?  Yep. 

    The best investments in troubled times like these are those assets that will climb in value as inflation climbs and national fiat currencies implode and that are transnational.  Sounds like some blue chips to me.  Those few corporations that rule the world with their monstrous power to make and break local economies and make or break political careers with the waving of a pen.