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The Corroboree
Mr Stay Puft

Wheres your cash at?

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Hey all just thought id let you know that with the current world economy situation your money is not sfae with international banks! As the Aus government has that backs of Australian banks your reasonably safe with your money in them but if your money is invested in an overseas run bank, ie ING etc then it is advisable to transfer this cash into and Aus bank ASAP.

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Before gettign too comfy about putting money into Oz banks, consider that Argetina [which was rated equal to the australian economy at the time] also guaranteed its bank deposits 10 years ago. Problem is that when the banks went bust the government went broke too, so regardless of how much money you had in the bank you could only withdraw a subsistance amount on a weekly basis. So much for government guarantees.

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A comedian recently pointed out the banks are guaranteeing bank deposits but not bank withdrawals. :blink:

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I have always wanted to buy a heap of gold and keep it around in ingot form... I thought it would be cool but probably hard to use at Safeway... Especially if I was doing a "Milk and bread" shop :P

Gen

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My solution to the problem is not to have any money at all. Simple.

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Micromegas, I like your style... I have that "problem" (that is, the not much money one) and I still seem to be plodding along contently. Personally, I like the thought of investing in palladium and platinum, but thats just the freak in me speaking. I also like "permanately borrowing" coinage from countries using metals in their coins which are gram for gram, worth more than the actual "face-value" (or cost to aquire) of the money... How thick can some Governments be, seriously?

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Errr ING is one of the biggest banks in Aus by all accounts and is regulated by APRA like the other Big 4.

In my opinion they are probably one of the only safe ones to keep your money in.

Gold ETFs have already bolted and are in free-fall right now as hedge funds liquidate trying to cover their losses.

Might as well wait for them to go back down to 650-700.

The only rational gold worth buying is physical coinage or bullion, demand is triple right now over the world with Diwali next week it will jump higher. You will be hard pressed finding any $250 gold sovs anywhere anymore, and even if you are willing to pay 300 supply is extremely low.

Palladium and platinum didn't even get the chance to bolt as industrial usage predictions plumetted and now sitting very low along with silver.

The trend seems to be a long slow deleveraging punctuated by short rallies mostly consisting of government bailout funny-money. Gold won't perform until the inflationary bailout reactions of today are realised "tomorrow".

We won't see the apocalypse till the P/E ratio hits closer to the 1929-style 13-14-15s rather than the 9-10 it is now. With the LIBOR rate on the down the DOW and all those exchanges which follow it will rally. Plenty of people still seeing this as a bargain basement opportunity.

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ING is a Dutch bank and if it goes under they the Dutch government are very unlikely to bail out Australians. Although it is not 100% safe to have your money anywhere at this point in time you are much more likely to get bailed out by the Australian government if you money is in an Australian owned bank...

I'm not really fussed what you guys do with your money...it is in the end your money!

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Please stop spreading misinformation. All operations in Australia under the name ING are operating under the subsidiary ING Australia and ING Direct both of which hold local banking licences (not international ones as held by their money management arm) and regulated by APRA.

Please read this article

http://business.smh.com.au/business/ing-se...81020-54sn.html

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A 10 percent investment on gold or platinum a year is a good investment.

Silver and gold is artificially low as to compared to the dollar.

But lets say one was a oil speculator.

One could have lost 50% in the past week.

Kind of the actor Eddie Murphy, in the first Beverly Cop.

The cop boss said: the mayor called him up and bit his ass off.

Eddie Murpy said,' He didn't bit it all off theres still a little bit left.'

Bush Corporation is history.

(I knew that he was going to trash the U.S economy but even I am surprised the Bush shit head[pinnochio]

could destroy the world economy within 8 years.

I can only wonder what type of lasting damage the idiot can do with the last days of office.

His legacy is destruction of the U.S. as a world power.

Ben Laden couldn't have hoped for better outcome.

A idiot elected by CEO's and so the catastrophic failure of it.

The next failure is that governments take over of banks is simply not a socialist or communist takeover of mangement but a wolf in a new suite of clothes.

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BadUMP tish!

So that was the dress rehearsal now comes the real one.

Comments please. Gonna see if i can bring a couple of good minds to bear on the most important question in ANY conversation... what exactly the fuck is going on here.

Edit: asked one guy. Didnt realise apothecary hasnt logged in for seven years.

Edited by ThunderIdeal

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Check out what happened to the Cypriots a couple of years ago with bank bail ins, the legislation was enacted here a few years prior which enables the banks to take your deposits in the event of a collapse. Cash outside the banking system isnt a terrible idea. I like gold & silver coins for long term in case of shtf scenario. Beta shares ETF USD let's you buy USD on the stock exchange, made 20% in the last 15 months on that one. I like good quality gold producers in AUD as a play against catastrophe. The ASX is collapsing and the gold miners are mostly doing fine.

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I made a (very) drunken reference to this a while back

http://www.shaman-australis.com/forum/index.php?showtopic=42692&page=1#entry525232

This cycle plays out again & again throughout modern history. It's how the oligarchs fleece the planet.

Research the Rothschilds pillar and the Napoleonic wars.

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." — Napoleon Bonaparte

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I wanna get physical, physical..

Erm, shiny sinkers aside, im vaguely aware that other governments are legislating bail-ins since zero shits were given about cypress. Does anyone have more specific comments about bail-in legislation here or is australia likely to reach that stage (since we do have some regulations to protect against bank collapse).

Is an etp gonna actually cough up in a shit hits the fan scenario? Would an etp/etc be considered paper gold or not?

Edited by ThunderIdeal

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I'd still recommend using Bitcoin as one of the hedge bets you place.

For now, it's best used mostly as a store of value rather than an everyday spending tool... Unless you're doing the whole remittance thing which it'll cut down a bit of the overhead for.

I outlined in the thread a few years back ( and it's still true) that Bitcoin is still wayyy under it's potential market cap -- Being cheaper to use and faster to send value worldwide than institutions like western union and paypal (but perhaps not as ubiquitous) , without the possibility of the middle men freezing your account arbitrarily. It is however subject to more risk through price volatility ( with it behaving much like a stock -- Though it most certainly is not - - Really being more akin to gold and other natural resources that don't have a CEO or board of directors that have the final say what happens to its creation.

Not an all your eggs in this basket kind of deal but certainty something to consider for your high risk high gain portfolio.

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Who was that poster with a name like LUWA ehoch doesnt yoeld results.

... i remember him seeming to be some kind of monetary idealist or such...

Edited by ThunderIdeal

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BadUMP tish!

Edit: asked one guy. Didnt realise apothecary hasnt logged in for seven years.

And he didn't reply to my birthday txt msg I sent him. We have to change this. I plan on tracking him down this week. Don't worry, I will find that most excellent of souls and hassel him to visit here from time to time.

Oh and I'm coming for u too Baccy.

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so my partner and I are trying to sell a house at the moment

how long do we have before it gets to the point of not even being worth selling we've already lost 100 grand on it in the last year

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You just have to wait until the country gets desperate enough to allow fracking for oil. Then we can all be rich again. Apparently with fracking technology south Australia has more oil than UAE. Then we can fuck our country over some more. But at least the cash up bogan culture with flourish.

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so my partner and I are trying to sell a house at the moment

how long do we have before it gets to the point of not even being worth selling we've already lost 100 grand on it in the last year

I cant imagine it getting any better from her on in. By the end of 2017 we will probably be in shtf territory. We are only about 1/4 to 1/3 the way through the mining investment bust, there are still 10 of thousands of jobs to loose in that sector, then there is the closure of the car industry in 2017 to compound it all, the USD will possibly be at 45c to the AUD by then.

I can only see prices stagnating or going down over the next 5 years.

I hope you aren't into negative equity. All the best.

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China can't keep pretending its real estate market isn't overpriced forever. they are in for a serious correction. Everyone is sticking their heads in the sand about that. Not to mention the cheap credit state owned businesses rely on to stay competitive. There is another shock on the horizon for the world economy.

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