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(The Year 2012 In Review)
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|User Info||Impending Market Dislocation? (PNSN); entered at 2012-05-03 21:36:01|
+1 to Obs.|
I keep telling this to my colleagues, all you have is someone else's promise when you own any paper asset including a bank account. That person/company may have full and honest intent to keep their promise but there is no guarantee that they will be able to. What can't be paid, won't be paid.
House values are just like stock values, what they are really worth is what someone else is willing and ABLE to give you for them. The house has one redeeming quality in that it is a durable place to shelter yourself versus just paper with pretty patterns printed on it.
We are in for a mess of trouble, what the exact form of that trouble will be I have no idea. I can see a situation where cash/gold/silver in a mason jar is a great strategy, I can see another where being borrowed to the hilt with 20+ year loans is a great strategy. If I had to pick, I'd go with the cash/gold/silver in a mason jar though.