reddog Posted October 31, 2021 Share Posted October 31, 2021 (edited) I watched the Big Short for the first time last night (I read the original book about 10 years ago). I was struck by the fact that there was a lot of talk about how sub prime could take the whole economy down. Yet now (imho) the situation is worse, but no talk about how the whole system could go down. Seems like a bit of a disconnect. Is the situation worse now? Am I crazy to think the system could collapse? (It seems to be a more slow motion situation at the moment) Could it be that the people involved did not understand to what extent the government would get involved? Edited October 31, 2021 by reddog Quote Link to comment Share on other sites More sharing options...
markyh Posted October 31, 2021 Share Posted October 31, 2021 It will collapse when the world stops trusting the $ USD and refuses to accept it for payment. As all Global trade and commerce is connected to the USD, it will be chaos. Then, the world will all want Bitcoin, all at once. Whooosh. Quote Link to comment Share on other sites More sharing options...
Guillotine Posted October 31, 2021 Share Posted October 31, 2021 4 hours ago, markyh said: It will collapse when the world stops trusting the $ USD and refuses to accept it for payment. As all Global trade and commerce is connected to the USD, it will be chaos. Then, the world will all want Bitcoin, all at once. Whooosh. *Other digital currencies and means of exchange are available. Quote Link to comment Share on other sites More sharing options...
Social Justice League Posted October 31, 2021 Share Posted October 31, 2021 Fiat is finished as it is worthless and has been worthless since 1971. Dollars, pounds, euros.....all toilet paper. Quote Link to comment Share on other sites More sharing options...
scottbeard Posted November 1, 2021 Share Posted November 1, 2021 9 hours ago, Social Justice League said: Fiat is finished as it is worthless and has been worthless since 1971. Dollars, pounds, euros.....all toilet paper. That’s demonstrably not true - if you walk into Sainsbury’s with a £10 you can exchange it for food. It’s not worthless. Quote Link to comment Share on other sites More sharing options...
Social Justice League Posted November 1, 2021 Share Posted November 1, 2021 11 minutes ago, scottbeard said: That’s demonstrably not true - if you walk into Sainsbury’s with a £10 you can exchange it for food. It’s not worthless. It's not backed by anything though. Just notes, coins and digital numbers that humans have been told are worth value. If enough people believe it, anything can be called 'money'. Quote Link to comment Share on other sites More sharing options...
Bob8 Posted November 1, 2021 Share Posted November 1, 2021 59 minutes ago, scottbeard said: That’s demonstrably not true - if you walk into Sainsbury’s with a £10 you can exchange it for food. It’s not worthless. 44 minutes ago, Social Justice League said: It's not backed by anything though. Just notes, coins and digital numbers that humans have been told are worth value. If enough people believe it, anything can be called 'money'. Yes, but as long as it is valued, it has value. As Scottbeard states. Quote Link to comment Share on other sites More sharing options...
nickb1 Posted November 1, 2021 Share Posted November 1, 2021 9 hours ago, Social Justice League said: Fiat is finished as it is worthless and has been worthless since 1971. Dollars, pounds, euros.....all toilet paper. not worthless, just declining in value. But you had inflation under the gold standard too, and later when the dollar was convertible. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted November 1, 2021 Share Posted November 1, 2021 11 hours ago, Social Justice League said: Fiat is finished as it is worthless and has been worthless since 1971. Dollars, pounds, euros.....all toilet paper. If you don't want your worthless fiat cluttering up the place feel free to send it over, I'll happily take it off your hands. Quote Link to comment Share on other sites More sharing options...
nickb1 Posted November 1, 2021 Share Posted November 1, 2021 7 hours ago, Social Justice League said: It's not backed by anything though. Just notes, coins and digital numbers that humans have been told are worth value. If enough people believe it, anything can be called 'money'. Not so. Unlike bitcoin or other alternative currencies it's backed by the government's ability to raise taxes in it, because of, ultimately, the state's monopoly on violence (police, army). Which means there is a reliable general demand for it. Quote Link to comment Share on other sites More sharing options...
IMHAL Posted November 1, 2021 Share Posted November 1, 2021 7 hours ago, Dorkins said: If you don't want your worthless fiat cluttering up the place feel free to send it over, I'll happily take it off your hands. I'll share your burden....that's what friends are for Quote Link to comment Share on other sites More sharing options...
hurlerontheditch Posted August 15, 2022 Share Posted August 15, 2022 on a flight i watched "Gaming Wall Street". has anyone seen it? pretty shocking. another GFC could happen due to the amount of naked shorts going on in wall street Quote Link to comment Share on other sites More sharing options...
highcontrast Posted August 15, 2022 Share Posted August 15, 2022 7 minutes ago, hurlerontheditch said: on a flight i watched "Gaming Wall Street". has anyone seen it? pretty shocking. another GFC could happen due to the amount of naked shorts going on in wall street AMC to the moon! But in all seriousness, the CEO Adam Aron may have played a blinder by exposing the naked shares with the APE preferred share/dividend. Several smaller hedge funds have already gone bust because of retail investors/Redditors buying heavily shorted stocks like GameStop and AMC. The bigger hedge funds next? Quote Link to comment Share on other sites More sharing options...
hurlerontheditch Posted August 15, 2022 Share Posted August 15, 2022 25 minutes ago, highcontrast said: AMC to the moon! But in all seriousness, the CEO Adam Aron may have played a blinder by exposing the naked shares with the APE preferred share/dividend. Several smaller hedge funds have already gone bust because of retail investors/Redditors buying heavily shorted stocks like GameStop and AMC. The bigger hedge funds next? it goes beyond hedge funds. one guy who used to work for the big banks said he did it every day for years Quote Link to comment Share on other sites More sharing options...
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