Great so you're also supporting Skammy's claim that money isn't safe in OUR Banking System....
It's pretty safe but there are no guarantees. Money in a bank account is abstract and intangible. It could literally vanish overnight, or become unavailable to you in the event of a bank collapse, fraud, war, power failure, collapse of society etc. On the other hand, it's pretty hard to make land disappear. Property is a real and tangible asset that also provides a useful function.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
It's pretty safe but there are no guarantees. Money in a bank account is abstract and intangible. It could literally vanish overnight, or become unavailable to you in the event of a bank collapse, fraud, war, power failure, collapse of society etc. On the other hand, it's pretty hard to make land disappear. Property is a real and tangible asset that also provides a useful function.
Oh so its pretty safe now?
Ok. Thanks for that.
Quote:
Money in a bank account is abstract and intangible.
But equity in a Property is not you say?
I wonder what happened to all those Syrians with property as opposed to those that had cash.......... You know those houses with new open plan living designs with better views of the street and your new neighbors toilet.....Could you take that with if you left.........Oh wait you cant.......But with cash you could leave when ever you want......
So Our Banking System isn't on the verge of collapse and Money in the bank is safe?
Phew......That's a relief.
So skammy is being Dishonest but you didn't question her on that because........LOL
stinkbug
10 Jan 2017, 12:23 PM
A very good point. Australia, as an impoverished and corrupt middle-eastern dictatorship is also highly susceptible to invasion and decimation.
I'm glad You made Khaderbhais point look stupid and Irrelevant
Quote:
It could literally vanish overnight, or become unavailable to you in the event of a bank collapse, fraud, war, power failure, collapse of society etc. On the other hand, it's pretty hard to make land disappear. Property is a real and tangible asset that also provides a useful function.
I wonder what happened to all those Syrians with property as opposed to those that had cash.......... You know those houses with new open plan living designs with better views of the street and your new neighbors toilet.....Could you take that with if you left.........Oh wait you cant.......But with cash you could leave when ever you want
In the scenario you describe, how would you get your $10M out of the bank when the computer on which your digits are stored has been blown up?
In a collapse of society type event, you won't be able to get your hands on the money stored electronically in the bank.
You're better off with physical property that you can actually hold and defend.
Or have you abandoned the 'money in the bank' argument and now you're talking about holding $10M in physical notes?
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
your house is still worth 10 million in such a scenario
I disagree with you there.
The concept of "$10 million" in fiat money goes out the window in a collapse of society scenario. Fiat becomes worthless.
The things of value are essentials like shelter, food, water, medicine, weapons.
Money would be useless, because the monetary system would have collapsed.
Nobody would want your cash. Even if you could somehow retrieve it from the bank's hard drive, you'd be better off using it as fuel to stay warm.
Stay in your property, have a stash of supplies, defend it as best you can, and hope you don't get hit by a bomb or killed by other desperate survivors.
That's about the best you can hope for.
Queuing up outside a bank hoping to get cash out would be an exercise in futility.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy