The Coffee House

[vintagesnaps]

Find something at a dollar store that looks like it would've cost 20 bucks elsewhere! lol jk might be worth it to see this kind o' dancin'.

 

[Gary A.]

[....carry less stuff. Nowadays so many of the things we used to haul around can be on your phone. You can have pay with your phone apps instead of credit cards, photos instead of all the pictures of the kids...really only need your license some cash and one credit card (says the hypocrite with the giant purse...)

All right Miz Smarty-pants, how the Hades do I stuff eight months worth of cash register receipts in my 'phone??????????

Rubber bands. Then stuff the phone in a bag.

 

[vintagesnaps]

I carry a crossbody purse, with a small key ring little wallet thingy. And I have no smartphone and no apps, don't really need it. Still have a checkbook/larger wallet with stuff I don't need much so leave it at home.

 

[smoke665]

Article IV, Section 1 of the United States Constitution, known as the "Full Faith and Credit Clause", addresses the duties that states within the United States have to respect the "public acts, records, and judicial proceedings of every other state."

As currency is legal tender/promissory note ... Full Faith and Credit in this case refers to universal acceptance of USD by all states. It also defines that the currency is not based upon any intrinsic or tangible value.

Similar to Bitcoin ... the value of Bitcoin is purely based upon what other will pay for it without regard to collateral or credit/payment/value history of any kind other in and of itself. The value of floating currency has no real/tangible collateral or assets only the "Faith and Credit" of the issuer.

My memory is not as good as it use to be, so I had to go back and read it a couple of times, but the "full faith and credit clause" appears to cover the legal proceedings of one state to be recognized in another state. IE: you convict someone of a crime in one state, they couldn't flee to another state and have the judgement set aside. It also deals with the right of the US government as the trustee of the people to transfer property. I think it would be a really long stretch to say it guarantees our current dollar.

I was reminded of something though and I suspect you are confusing the current Federal Reserve Note of today with US Note (Greenback) of yesteryear. The currency act of 1862 allowed the US Treasury Department to issue US Notes, which were in fact guaranteed by the US Government. They were officially discontinued in 1971, but there are some still in circulation.

The current Federal Reserve Note we use isn't issued by the US Government, it is issued by the Federal Reserve Bank under the provisions of section 16 of the Federal Reserve Act of 1933. They are as such liabilities against the assets of the Federal Reserve and member banks of the Reserve. The Federal Reserve Banks are not a part of the US Government but were authorized to exist by the 1933 act to provide banking services (issue paper money), and are private corporations. Technically because they were authorized by Congress their obligations ultimately are the obligations of the US Government, but if the banks were to fail, there would be no way to collect anyhow. Something that almost happened not that long ago, remember the "to big to let fail" reasoning under Bush on bank bailouts, but that's another story.

 

[davidharmier60]

My understanding is that the US economy is a house of cards. A strong wind could take it down.

Sent from my SAMSUNG-SM-G890A using Tapatalk

 

[vintagesnaps]

Is there going to be a quiz later?

 

[Dean_Gretsch]

Is there going to be a quiz later?

Gosh, I hope not! I just ignore my 401K 'cause I know nothing of the financial world.

 

[smoke665]

Is there going to be a quiz later?

Nope, merely commentary based on comments/concerns earlier about Bitcoins. Simply pointing out that our beloved Dollar is not necessarily more safe than the Bitcoin, Ethereum, Ripple, Litecoin or any other relatively new internet currency.

 

[SquarePeg]

Is there going to be a quiz later?

Nope, merely commentary based on comments/concerns earlier about Bitcoins. Simply pointing out that our beloved Dollar is not necessarily more safe than the Bitcoin, Ethereum, Ripple, Litecoin or any other relatively new internet currency.

I disagree. If the dollar starts to seriously tank, the government would (and has) step in to correct the slide. I don’t think they’d step in to prop up bitcoin.

 

[smoke665]

I carry a crossbody purse, with a small key ring little wallet thingy.

I'm not sure how that would work for me. I suspect at the least I'd get a lot of strange looks!

 

[smoke665]

If the dollar starts to seriously tank, the government would (and has) step in to correct the slide

Again assuming that it can. The world wide financial collapse of 2008 was as close as I've seen in all my years of a complete, total meltdown. Under the bank bailout the US committed to buy 700 billion of troubled bank assets, even more scary was the Fed contributed 7.7 trillion dollars to shoring up the financial system. All this was at a time when our total national debt was only 10.6 trillion. For year end 2018 it is expected to reach over 24 trillion. At what point do we reach the point of no return?

Not saying I have any intention of investing in Bitcoin, but diverting a portion of long term savings to gold or other hard assets with appreciation potential wouldn't necessarily be a bad thing for anyone.

 

[SquarePeg]

Lots of man purses/satchels on the streets these days. Nothing to be embarrassed about.

 

[smoke665]

Lots of man purses/satchels on the streets these days. Nothing to be embarrassed about.

I say this with no disrespect whatsoever intended, but not just no, but H*** NO!! Nor will you ever see me in a Romphim, Lace shorts, or a Crop Top. My jeans, boots and trusty wallet (crammed full of everything but the kitchen sink) have served me well for 67 years, see no reason to change now.

 

[tirediron]

Lots of man purses/satchels on the streets these days. Nothing to be embarrassed about.

Yeah... yeah, there is!

 

[Dean_Gretsch]

I carry a crossbody purse, with a small key ring little wallet thingy.

I'm not sure how that would work for me. I suspect at the least I'd get a lot of strange looks!

Only if it clashes with your attire, or it breaks a rule like no white before Memorial Day.