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Old 21 March 2023, 01:44 AM   #181
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Negative

I know many otherwise fairly intelligent, hard working people that outright refuse to challenge in any way what their TV (or main stream news source) tells them.
In my opinion, there is no such thing as “otherwise intelligent.” You can process information for yourself, or you can’t.
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Old 21 March 2023, 02:08 AM   #182
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I’m going to give Trillion Dollar Triage a read.
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Old 21 March 2023, 02:15 AM   #183
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I know many otherwise fairly intelligent, hard working people that outright refuse to challenge in any way what their TV (or main stream news source) tells them.
Building and sustaining critical thinking skills seem to be diminishing within the education system / society. We also need to factor in the 'herd mentality' of humans. Plus if someone hears something (for example, green shoots of prosperity, or the system is solvent) over-and-over again they might think it is actually true (when it is obviously not to the critical thinker).

How to best profit by 'surfing' this next wave can make you financially wealthy. Just got off the phone with a (now-retired) major player....

Good luck everyone, here we go... again.
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Old 21 March 2023, 02:28 AM   #184
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Building and sustaining critical thinking skills seem to be diminishing within the education system / society. We also need to factor in the 'herd mentality' of humans. Plus if someone hears something (for example, green shoots of prosperity, or the system is solvent) over-and-over again they might think it is actually true (when it is obviously not to the critical thinker).

How to best profit by 'surfing' this next wave can make you financially wealthy. Just got off the phone with a (now-retired) major player....

Good luck everyone, here we go... again.
Communication, analysis, and critical thinking aren’t taught anymore. Schools promote dogma and teach students to reject anything that doesn’t conform. Constructive debate is not an accepted practice. Shouting down, finger pointing, and name calling rule the day. No one takes the time to understand the issues.

The next generation of leaders will accept whatever the dogma of the moment is. Riding that wave won’t make much money. Creating the wave is where the money is.
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Old 21 March 2023, 03:03 AM   #185
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Although I disagree with some of the comments here (which is why it is interesting!) I'm very intrigued by the perspective of the non-Americans here, as for what you all see and hear is notably different than what we here in the USA see.
Believe me, it's almost the same if you want to understand the living style in Europe/Hungary for example. You can only see a totally different and distort view from there, which unfortunately led to several misunderstandings and misinterpretation. For example in our case that's what led to that if you want to inform about us from the mainstream media, then we will definitely look like the urukhais of Sauron, and if you look for a travel advice, then you will get the guidance to Mordor :)

Based on this, I think you should not be surprised how faux is our view over you from the overseas
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Old 21 March 2023, 03:07 AM   #186
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Communication, analysis, and critical thinking aren’t taught anymore. Schools promote dogma and teach students to reject anything that doesn’t conform. Constructive debate is not an accepted practice. Shouting down, finger pointing, and name calling rule the day. No one takes the time to understand the issues.

The next generation of leaders will accept whatever the dogma of the moment is. Riding that wave won’t make much money. Creating the wave is where the money is.
IMPORTANT NOTICE: I DO NOT WANT TO TAKE THIS CONVERSATION INTO POLITICS! It's far more interesting than IBTL.

However I wish to say just one sentence. Exactly that was our system for more then 40 years, and thats was what almost completly destructed our country. This logic is called as marxism (socialism). That's what we try to left for about 30 years, and it's a real hard thing to do. Please do not step on this path, as it will surely led to the demolition of a great nation.
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Old 21 March 2023, 03:09 AM   #187
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G, as part of the result, the future center of financial commerce will change quite a bit. But until then it could get quite 'messy'. The investments Saudia Arabia are making in general, and to their infrastructure, is quite interesting. They also support their commodities sector strongly.
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Old 21 March 2023, 03:12 AM   #188
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I think a main difference and troubling aspect of media today is how social media has created an algorithmic rabbit hole that can lead people into crazyville so easily and thoroughly.

People talking about critical thinking skills can be the very same people who are spouting conspiracy theories. It’s not about critical thinking, because almost every argument on any subject can be backed up to some extent.

There is not a person, an idea, or concept, that can’t be argued pro or con. You can vilify anybody, you can vilify any idea with enough “facts” to sound feasible.

It’s not about critical thinking, it’s about respect.

All opposing views now are just merely a game of gotcha. All media play that game as do most people. There are millions of dollars to be made, obviously, by media playing gotcha.

No matter what side of an issue you were on in the old 3 network days and local or National newspapers, you weren’t overrun and immersed. You read it, watches it and for the most part continued on with your day with personal social interaction with people.

That’s a far cry from being mesmerized by a computer screen all day and night by bots, mentally ill individuals and people who like to create chaos.

For some people, sliding over the edge is not a very small slide. And social media is addicting.

I really feel that with AI rearing it’s ugly head all this stuff is not going to get much worse, and not end well for anybody.

The adults have all left the room.
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Old 21 March 2023, 03:16 AM   #189
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I think a main difference and troubling aspect of media today is how social media has created an algorithmic rabbit hole that can lead people into crazyville so easily and thoroughly…
There is not a person, an idea, or concept, that can’t be argued pro or con. You can vilify anybody, you can vilify any idea with enough “facts” to sound feasible…

No matter what side of an issue you were on in the old 3 network days and local or National newspapers, you weren’t overrun and immersed. You read it, watches it and for the most part continued on with your day with personal social interaction with people.

For some people, sliding over the edge is not a very small slide. And social media is addicting...
You’ve just described TRF (kinda)
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Old 21 March 2023, 03:17 AM   #190
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IMPORTANT NOTICE: I DO NOT WANT TO TAKE THIS CONVERSATION INTO POLITICS! It's far more interesting than IBTL.

However I wish to say just one sentence. Exactly that was our system for more then 40 years, and thats was what almost completly destructed our country. This logic is called as marxism (socialism). That's what we try to left for about 30 years, and it's a real hard thing to do. Please do not step on this path, as it will surely led to the demolition of a great nation.

I had a Hungarian guest speaker in one of my business courses, she said under communism, she paid as much for a pair of jeans on the black market as she did for her Rolex at the time.

That is something that has always stuck with me.

Alot of the people I work with are polish immigrants/exporters that moved here near the end of communism. A few are downsizing and preparing to move back at this point.

Society here feels like a slow rolling train wreck these days.

Lived here my entire life and hardly feel welcome anymore.
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Old 21 March 2023, 03:26 AM   #191
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I had a Hungarian guest speaker in one of my business courses, she said under communism, she paid as much for a pair of jeans on the black market as she did for her Rolex at the time.

That is something that has always stuck with me.

Alot of the people I work with are polish immigrants/exporters that moved here near the end of communism. A few are downsizing and preparing to move back at this point.

Society here feels like a slow rolling train wreck these days.

Lived here my entire life and hardly feel welcome most days.
Yup, glad I am in my 70's and really feel for the younger generations. They have no clue what's coming, but they just keep reelecting them.

IBTL
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Old 21 March 2023, 03:50 AM   #192
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An interesting suggestion is to have banking choice. You can choose to earn whatever rate the Fed offers at the time of deposit. The bank keeps all currency in reserve and so is fully solvent. They can set various published fees for services such as checking versus savings, bounced check fees, etc.

Keep today's financial investing bank system with common sense accounting for the Fed funds rate, plus ____ points over Fed funds rate because you are also allowing the bank to leverage loan out your deposited currency. You are knowingly sharing the risk, so you get a higher payout in interest.

In both cases, reinstate the Glass-Steagall Act. Am sure we can all agree to reinstate it.
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Old 21 March 2023, 03:56 AM   #193
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Besides the central theme of this forum and the love of a particular Swiss brand of watch, the Swiss have been known for their strength in banking . I find it disingenuous that the Swiss are saying the downfall of CS was, in part, because of the current US banking situation and more specifically SVB. CS has been on the decline for more than a decade; this is a convenient scapegoat.

On another note, FRC is down to $15 per share. I don't think it survives to the end of the week.
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Old 21 March 2023, 04:06 AM   #194
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I had a Hungarian guest speaker in one of my business courses, she said under communism, she paid as much for a pair of jeans on the black market as she did for her Rolex at the time.
I don't know who was able to get a Rolex on the black market here at that time :) However, in my opininon this means only, that then a Rolex was far cheaper then nowadays and the jeans was a Levi's 501 or something special.

An ordenary hungarian made jeans costs pennies at that time. However as you might know, the people wanted to be the part of the "american dream", so they wanted to have AN ORIGINAL and western made jeans. And well, these could cost a lot that time in the second hand market, as these ones were not imported into the country, due that the HUF was not a convertible currency at that time. So the official exchange rates was far-far away from the black market rates. This could led to such anomalies that a Rolex could worth the same as a jeans for a person. But please treat this as a fairytale, as this was not the usual trading exchange rate on the Rolex/jeans market :)

Quote:
Society here feels like a slow rolling train wreck these days.
It remarkably looks like what we felt in the 80's. WE ALL KNEW that the system will collapse, but no one believed that it will happen in just some years. Probably, this is what you and we feel now: the World and it's system will change, and it will probably happen earlier then we expect it.

However let me wish that it happens in a peaceful way
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Old 21 March 2023, 04:09 AM   #195
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G, as part of the result, the future center of financial commerce will change quite a bit. But until then it could get quite 'messy'. The investments Saudia Arabia are making in general, and to their infrastructure, is quite interesting. They also support their commodities sector strongly.
The Saudi’s learned some important lessons in the price wars. Their single commodity economy suffered more than their neighbors who had promoted investments outside of the petroleum sector. The economic impact on the average citizen was eye opening and led to weakened confidence in the national leadership. They won’t make that mistake again.
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Old 21 March 2023, 04:39 AM   #196
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Good point G, tho we are 'here' right now. Which country/ies do you feel will be the next center of commerce? How will they 'earn' this position?
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Old 21 March 2023, 05:13 AM   #197
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Good point G, tho we are 'here' right now. Which country/ies do you feel will be the next center of commerce? How will they 'earn' this position?
Singapore. I think China’s strong arm influence moves business out of Hong Kong and into Singapore (it’s the next Hong Kong).

The UAE (Dubai) had a shot when it was tax free. But the implementation of corporate taxes on foreign business is a wet blanket IMO.
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Old 21 March 2023, 06:34 AM   #198
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These are the times Daddy Warbucks Buffett lives for in buying at deeply discounted businesses. FRC closed in the low 12s today.
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Old 21 March 2023, 07:58 AM   #199
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The banking system will fail by 2025 causing the dollar to be worthless. Then expect a universal digital currency issued by the government in its place.
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Old 21 March 2023, 08:22 AM   #200
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The banking system will fail by 2025 causing the dollar to be worthless. Then expect a universal digital currency issued by the government in its place.
It’d be wise to plan for just that. Conspiracy theories are a safe bet nowadays
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Old 21 March 2023, 08:44 AM   #201
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Old 21 March 2023, 09:10 AM   #202
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Are The USA Banks / Banking System Solvent?

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In both cases, reinstate the Glass-Steagall Act. Am sure we can all agree to reinstate it.

So what problem are we trying to solve here?

If we do this, then it fundamentally weakens many banks because they have less diverse balance sheets. There are times when the brokerage side of the house makes money while the consumer side of the house loses money (or vice versa). You’re actually making the problem worse. You’re weakening all the banks.

Back in 2007/2008, putting the Glass- Steagall act back in place was a popular mantra, but reality is that it had nothing to do with the financial crisis. The root of the problem was the housing market collapse and mortgage securitization. If the Glass- Steagall Act was still in effect, it would have been a disaster. A total disaster. The problem would have been exponentially much worse. Total collapse of the financial system. There would be no way for strong banks to buy weaker banks on the brink. That’s not opinion. That’s fact.


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Old 21 March 2023, 09:17 AM   #203
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And that’s just scratching the surface.


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Old 21 March 2023, 09:41 AM   #204
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And that’s just scratching the surface.
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Say it louder for the folks in the back....

For me, Zero. The problem is, most of the folks who believed them still do, or won't admit they were wrong every time and will believe the same BS again tomorrow.
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