I am taking out 50% out of my IB account, my money no longer safe in USA

Quote from BernankeOffDuty:

So you are English as a second language kinda guy.

ok no problem amigo

Here is a picture for you to establish what gasoline means.

gasoline-tank.jpg


http://www.jolcdi.com/wp-content/uploads/gasoline-tank.jpg
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Genius, gasoline (and various other distillates) degrade quickly. It can't be stored for more than a few months w/o chemical stabilizers, and then it's useless for resale.

BSD, please tell us where you're going to buy that arable land. Ya know, do us a solid.
 
Quote from atticus:

Genius, gasoline (and various other distillates) degrade quickly. It can't be stored for more than a few months w/o chemical stabilizers, and then it's useless for resale.
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I freely admit that I don't know exactly how long you can store gasoline.

However my common sense [that thing I believe people lack now a days] tells me that gasoline can be stored easily for 1-2 years

I admit I will look into it more.
 
Quote from BernankeOffDuty:

I freely admit that I don't know exactly how long you can store gasoline.

However my common sense [that thing I believe people lack now a days] tells me that gasoline can be stored easily for 1-2 years

I admit I will look into it more.
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No, it cannot. Not even if you're running a refinery. Impractical (refinery level) as it's very volatile. I pray that my ESL skills properly conveyed that message. How about storing crude, bro? Hint: It's from the dinosaurs.
 
Quote from BernankeOffDuty:

[BELLS RINGING]

Where were you my whole ET life :D

It is because of quiet lurkers like you that I know are here I didn't leave this site by now.

Thank you for a chance to converse intelligently

Yes you noticed that I am advising cashing out of account rather than having it sit there, or be invested heavily into GLD or metal futures or other paper assets.

yes I am in fact anticipating a problem with actual withdrawing of money, not IB specific or sector specific, but rather country wide. I can't really go into all the details [because frankly, if I did I think you would think I am crazy] but doesn't it make sense to be safe than sorry.

I know full well that this is internet and my advice is just another among millions. I just think that I should share my thoughts, because others do it too.

People say buy
People say sell
I say cash out a chunk and wait.
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So to be clear, you are keeping a portion of your capital at IB to continue trading, but considering that to be risk capital that you anticipate there is a chance of it disappearing due to financial system collapse?

Actually, what you're talking about is not that radical an idea, given what we've seen happen with futures brokerages such as MFG and PFG, which collapsed and took their customers' money and assets with them. In some respects, counterparty risk is now suspect across the board, as we've seen that the regulators and government is either in collusion or incompetent to establish true law and order.

With that in mind, I would say that holding GLD or paper assets like futures contracts are equally risky in such a scenario, firstly because again as we saw with MFG/PFG, those paper assets can disappear. And also because there is some question as to whether funds such as GLD actually hold the physical gold they are reported to, since there's been no actual physical auditing of the fund that I'm aware of.

So in a scenario where brokerages collapse or the financial electronic system seizes up and access to electronic forms of capital and commerce aren't working, the only viable positions to hold are actual physical currency, metals and so on. Any virtual forms of currency or metals will be specious.

So in general I don't think you're crazy to want to be safer right now, given the state of the economy and government. As the saying goes, during dire economic times, return OF capital is far more important than return ON capital.
 
how about take all your money (the entire $4) out of the US and never come back!!! that would be great.

I'm putting millions back into America, the greatest country on Earth.

but good luck on your america bashing and being so secretive. that must be fun until you turn about 10.

do i care to explain?? yes, read the text from left to right. lol

and please don't visit any more american websites, since it will be promoting american ads.
 
Is the American bashing really necessary? If you take 3 minutes to really think about what you are saying I think that you will see it is ridiculous.

There are 311 million Americans. Of course there are going to be idiots and jerks in the mix. The same is true in every country in the world. Find me a developed country with no jerks or dipshits and I would move there in a heartbeat.

I think it would be curious to see the aggregate stats on the country of residence of ET readers. I'm going to go out on a limb and guess that the vast majority are from: US, Britain, Canada, and Australia. Why did I put them in that order? Because the populations are 311M, 62M, 35M, and 23M respectively. It's simple math.

Furthermore, if we performed a dipshit to population ratio I think that we would see very similar numbers across the board.

As far as the education system in the US, I agree with you that it has been declining for many years. My kids are not in the public school system because most (not all) of the teachers are dipshits. But as you already pointed out with your "school of hard knocks", that our most important lessons are not taught in schools anyway.

Then you talk mention politics as if the average (or above average) American can really have any influence. Surely you are joking. This system is run by groups that have political power. Special interest groups, big money, and other lobbyists run the show. The rest of us just sit back for the ride and mind our own personal situations.

If you are just saying things to get a rise out of people then mission accomplished. But if you truly think these comments apply to all or even most self sufficient Americans, it smells of bigotry to me. (By the way, I say self sufficient Americans, because I don't count as true citizens, the households who have never worked and have relied on government welfare their whole lives. Those are just parasites that happen to reside in the US.)

Personally, when I read the American bashing comments I know that they don't particularly apply to me or are even aimed at me. It's just mildly annoying and I thought that I would express my thoughts since others are so free with their opinions.
 
I nominate the "dipshit to population" ratio for inclusion in the annual "Ease of Doing Business" survey published by the World Bank.

Re storing gasoline, it used to better suited for extended storage but now the gasoline (and the engines) are far more complex. Check out the cost of STA-BIL. Stocking a bunker for the end of the world ain't cheap.
 
Quote from BernankeOffDuty:



I urge you to follow my nose, go cash for at least 12 months, go cash NOW, cause it might be too late later.

Remember, wire transfers take usually 2 days with IB, if something happens, you won't be able to get it in time.

My nose has spoken :)
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deep otm options insure your account quite nicely, make profit off of sudden crash, let you sleep really well all 365 days of the year. You are a good enough trader to earn enough to buy such insurance, no?

With regard to the US of A, it's a crooked, unregulated, third worldish place.. not as bad as Africa maybe.. Be a Canadian!! They are regulated, their citizens got their money back in just days in the MFGlobal bullshit fiasco thing, US citizens, suckers that they are, will likely never see it all and that only after the people that took it have used it to make fortunes..
 
I took 75% of mine out of the USA back in late 90's, have danced it aound a few times, but the IRS has always been told where it sits. I in no way trying to avoid taxes on any of it, it is all retirement funds, but it scares me that my vote is useless in USA, and those who decide know so little about history, more government and freely spending money is not at all the way for a strong economy. I been very fortunite to get advise from my elderly about the Great Depression and what USA can do, and they can do anything. So when I moved it, I switched from dollars into another currency, so not only did I make money from my trading, but dollar has depreciated so much, I did well there too.

I am very proud to be an American, but I am not proud of what our government has done the last 22 years. We have given away so much of America for cheap products, foreigners buy our land, our borders are literally open, I am amazed the country has not folded yet. When interest rates go up, USA WILL go into default on the debt, what will China do, as they own so much of our debt? So many of our people are receiveing free housing/food/health care, fuck them, let them either get off their asses and work or go to soup lines. Why go to school or get a 2nd/3rd job if you give them free. I grew up extremely poor, worked sometimes 4 jobs to get ahead, am disablied Vet-refused the disability funds and have always worked to get ahead. Pisses me off of all the lazy Americans.
 
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