Thoughts on Stocks and Coronavirus and Comics
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One thing I find interesting is how little the crypto con market has moved during this current crisis.  All the talk from the true believers about how Bitcon is going to a jillion dollars and will supplant the dollar and become the world's reserve currency because countries around the world are just printing and printing and printing so called "fiat" currencies.  Well...a new round of massive QE from the G7 countries was just announced.  And Bitcon?  Still stuck under $7,000.  

That little string of numbers doesn't do much for you when no one in the real world wants to accept it in exchange for that full shopping cart you just brought to the register.

 

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56 minutes ago, mattn792 said:

One thing I find interesting is how little the crypto con market has moved during this current crisis.  All the talk from the true believers about how Bitcon is going to a jillion dollars and will supplant the dollar and become the world's reserve currency because countries around the world are just printing and printing and printing so called "fiat" currencies.  Well...a new round of massive QE from the G7 countries was just announced.  And Bitcon?  Still stuck under $7,000.  

That little string of numbers doesn't do much for you when no one in the real world wants to accept it in exchange for that full shopping cart you just brought to the register.

 

Bitcoin is down 50% against the dollar from its one year high.  The dollar is up against the Euro and the Pound.   

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9 hours ago, sfcityduck said:

Bitcoin is down 50% against the dollar from its one year high.  The dollar is up against the Euro and the Pound.   

wait till 6 trillion dollars get made by the fed... inflation is about to go through the roof! Love printing free money!!

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8 minutes ago, Wolverinex said:

wait till 6 trillion dollars get made by the fed... inflation is about to go through the roof! Love printing free money!!

That might be true if every other major economy wasn’t doing the exact same thing.

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My Aunt lives in Staten Island near the mall.  She watched her neighbor removed from their home by people in hazmat suits. 

I mentioned what was going on at work earlier in this thread.   One of my coworkers was admitted to the hospital and another says he has to wait 6-8 days for his test results.  No one except one of the bosses has heard from another one of my coworkers who had the 102 fever.  When asked she just said he was fine and she recently spoke to him.  

The worst part about today was watching my mom burst into tears over FaceTime. 

 

 

On an upside... my mom did learn about sending memes lol as I have discovered when I see I have a text message from her. 

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7 hours ago, Wolverinex said:

wait till 6 trillion dollars get made by the fed... inflation is about to go through the roof! Love printing free money!!

They said that in 2008/9 too. It did not happen. It should have, but did not.

 

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3 hours ago, the blob said:

They said that in 2008/9 too. It did not happen. It should have, but did not.

 

correct. it is not a problem. the u.s. learned from 08/09 about the dangers that could occur. so, this time we are going to mint 2 precious metal coins, and then transfer them permanently to the u.s. treasury as payment for the debt. problem solved. why can't other countries just do the same thing? 

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Posted (edited)
54 minutes ago, wilbil said:
4 hours ago, the blob said:

They said that in 2008/9 too. It did not happen. It should have, but did not.

 

correct. it is not a problem. the u.s. learned from 08/09 about the dangers that could occur. so, this time we are going to mint 2 precious metal coins, and then transfer them permanently to the u.s. treasury as payment for the debt. problem solved. why can't other countries just do the same thing?

Hyper-inflation of national currency is a result of faith in the value of the nation. I'm over simplifying of course but you guys get the point.

The coins won't make people feel more comfortable. It will all rest on whether the nation can work it's way out of an economic slowdown through the GDP.

But yes, everyone (including me) expected inflation to happen during the economic times of 2008 and it didn't.

Edited by VintageComics

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that was a joke. the only response needed was laughing. you only had one job: laugh. you failed.

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lf?set=path%5B2%2F1%2F6%2F9%2F4%2F21694487%5D&call=url%5Bfile%3Aproduct.chain%5D

No joke here. Coronavirus is knocking at the door. Assume you have it, and act accordingly to keep your loved ones, friends, neighbors, co-workers and even strangers - especially if they are elderly - safe in these dire times. Be well, all.

 

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1 hour ago, VintageComics said:

Hyper-inflation of national currency is a result of faith in the value of the nation. I'm over simplifying of course but you guys get the point.

The coins won't make people feel more comfortable. It will all rest on whether the nation can work it's way out of an economic slowdown through the GDP.

But yes, everyone (including me) expected inflation to happen during the economic times of 2008 and it didn't.

It helps that the rest of the world is basically doing the same thing at the same time.  If the US was the only country trying to print through a crisis, things could certainly go sideways.  But when we're all one happy worldwide debt to GDP mess... party on Wayne! :banana:

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yea, but we got 2 each $1 trillion coins. lets see the rest of the world match that brainiac move.

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I'm not an economist (my degree in economics certainly does not qualify me as one), but we probably avoided some inflation in 2008/9 because most asset values collapsed 40-50%. So the money pumping basically just slowly offset some of that. I dunno about other assets, but we've certainly seen that for stocks. We'll see how real estate plays out. Oil is down, but I don't see the Saudis flooding the market long term.

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Yeah, my generation and my children's generation are ready to assume all the debt from this in the future...  Lets keep kicking all this down the road and not think about it...

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5 minutes ago, Wolverinex said:

Yeah, my generation and my children's generation are ready to assume all the debt from this in the future...  Lets keep kicking all this down the road and not think about it...

You’d almost think the people in charge are used to running up the debt and then filing for bankruptcy in order to scrape all the bad decisions off the bottom of their shoe and leaving someone else holding the bag

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3 minutes ago, Wolverinex said:

Yeah, my generation and my children's generation are ready to assume all the debt from this in the future...  Lets keep kicking all this down the road and not think about it...

I think this sort of "kicking" in a national emergency is probably preferable to tax cuts to billionaires who already pay half my tax rate and amazon during economic boom times, but I don't want to sound political....

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6 minutes ago, Wolverinex said:

Yeah, my generation and my children's generation are ready to assume all the debt from this in the future...  Lets keep kicking all this down the road and not think about it...

Its going to take 1 + 60 + 218 to actually show some fiscal discipline.  Don't count me among the optimistic.  

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14 minutes ago, mattn792 said:

Its going to take 1 + 60 + 218 to actually show some fiscal discipline.  Don't count me among the optimistic.  

This is what some folks said in 2008/9 and while there were certainly issues with that bailout, we did technically get out of the recession by the second half of 2009 and the S&P 500 had bounced back by the end of the year. I am not in favor of a 2-3 year recession and 15-20% unemployment in the name of fiscal discipline.

 

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1 minute ago, the blob said:

This is what some folks said in 2008/9 and while there were certainly issues with that bailout, we did technically get out of the recession by the second half of 2009 and the S&P 500 had bounced back by the end of the year. I am not in favor of a 2-3 year recession and 15-20% unemployment in the name of fiscal discipline.

 

You're not wrong about that, there's certainly a time and place for intervention.  But what about these past 10 years, until COVID-19 brought the bull market to a screeching halt?  Two administrations have ignored the opportunity to unwind the Fed's balance sheet and actually take a bite at the national debt.  In the best of times we were staring at a trillion dollar budget deficit.  That ain't right.

 

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1 hour ago, the blob said:

I think this sort of "kicking" in a national emergency is probably preferable to tax cuts to billionaires who already pay half my tax rate and amazon during economic boom times, but I don't want to sound political....

The debt is a huge problem, and not only do we not take in enough in taxes but we have a spending problem as well.  That said, the more you make the more you have to pay in taxes.  Full stop.  There is certainly room for simplification of the tax code but saying that the rich pay less that the middle class is just not true.

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