2020 US Presidential Election

[Juan]

I couldn't walk in with a £20 note and expect them to accept it. However, if I can get Visa or MasterCard to do the exchange for me, then I'm good to go.

But Visa or MasterCard could charge a commission for it.

Actually in Eastern Europe there are countries that do not have the euro but accept it willingly (Bulgaria, although apparently the lev is somehow pegged to the euro) and others that are very reluctant to accept it as a means of payment (Hungary). They want their own currency, even if its value is going down the drain (for instance, the Hungarian forint).

The Hungarian case is interesting because we are looking at a country with a weak currency, and not a great economy.
Tourists may offer to pay in a hard currency (dollars, euro, pounds) and Hungarians usually reject it. I think it is due to the exchange cost to convert the foreign money to Hungarian forints, which is, after all, the currency the use at home. That's why acceptance as a means of payment is so important.

We could talk too about Paypal. I reckon not to be very familiar with it, but I have seen people use it and say it partially solves a problem when transferring money abroad. It has a cost too, commissions etc. So this is used by people who use banks that charge them big fees. The % PayPal charges, depending on the amount transfer, may be bigger than the fee of a traditional bank, but the trick is that the old banks do have a minimum fee that makes some small transactions very costly.

Banks charge different fees and commissions to different clients, so for some (clients with no commissions due to their balance or bank activity or the money they move) it is still cheaper using a normal bank than any app or PayPal. Banks tend to rip off clients that make lower salaries and have poor balances in their accounts.

 

[Ed209]

But Visa or MasterCard could charge a commission for it.

I think you missed the point of my argument. You were saying that shops don't accept Bitcoin, but the same is true of any currency. It entirely depends where you live, and that's the point I was making. I used to use a credit card abroad that automatically exchanges for you, hence the Visa/MasterCard reference.

I'll just point out that there are no fees for me to upload cryptos to my Visa card. I pulled all my money out of the bank because the interest rates are diabolical. Now I get so much interest that I can fill my car for nothing and buy a load of shopping or whatever else I want every month (I mostly reinvest my interest). The difference is night and day. I regularly hear people regurgitating stuff they've likely read online, saying things like, "what's the point in it when you can't even spend it? It makes me smile. The cashback I receive is next level as well, so if anything, I'm earning a fee whenever I spend. It's certainly not the other way around. I make around £150 a month in cashback and interest. The banks can't touch this.

It was a friend of mine who got me into this because if I'm being honest, my opinion on it was exactly the same as yours is now. He had a good job and he quit (worked in IT). He made so much money that he can retire already at the age of 39. His weekly interest and cashback is now more than what a lot of jobs pay, hence the reason why he quit.

Anyway, it'll be interesting to see what happens with the interest rates and housing bubble and stuff.

The % PayPal charges, depending on the amount transfer, may be bigger than the fee of a traditional bank, but the trick is that the old banks do have a minimum fee that makes some small transactions very costly.

I forgot to add that there's no fee for using PayPal. It merely acts as a portal. You're thinking of merchants.

 

[PeteJ]

So why would someone pay over a million dollars for a small property in San Francisco just to be surrounded by homeless people and crazy drug addicts?

The same reason expensive buildings and properties are often built in bad neighborhoods or areas. Billion dollar sports stadiums are often built in bad areas.

 

[PeteJ]

Well seeing how employers have been given allowance to force employees to be vaccinated our freedom of choice is now at the discretion of our employers, or else be unemployed.

Biden is also offering money to those who get vaccinated. What should he try next?

Coercion, bribery and extortion. No problem here, though, right?

 

[Ed209]

Watch this, @Juan. It's only 10 minutes long, but everything he says is spot on.



You should also watch this:



Let me know what you think. Particularly the second one when you've got time to watch it.

 

[Juan]

Billion dollar sports stadiums are often built in bad areas.

For example?

 

[Juan]

Anyway, it'll be interesting to see what happens with the interest rates and housing bubble and stuff.

Every day there are more references to the housing bubble and inflation.

I hope central banks start to change course in autumn.

 

[Luman]

The Biden administration's handling of Afghanistan is turning out to be almost as bad as the way that they are dealing with the Coronavirus crisis.

 

[Exit]

Every day there are more references to the housing bubble and inflation.

I hope central banks start to change course in autumn.

I'm getting more and more worried about a big crash. Well not worried, I just want to know so I can withdraw my small savings and go back in afterwards

 

[Ed209]

I'm getting more and more worried about a big crash. Well not worried, I just want to know so I can withdraw my small savings and go back in afterwards

If you truly believe it's imminent, then the best strategy is to hedge your bets and to take some off the table. So for example, if you feel there's a 60% chance something bad is going to happen, then leave 40% in and put the rest somewhere else. That could be back into cash so you're in a position to buy, or if you want added risk, into safe haven assets like precious metals, bonds, Bitcoin, etc.

It depends what your risk appetite is and what probability you personally feel you can put on an outcome. That's all investing and trading is: navigating risk and the probability of something happening. You will win some and you'll lose some. To be successful at it you need to have excellent control over your emotions, and be logical at all times.

 

[Lilah]

For example?

DC and Baltimore baseball stadiums, a couple of examples that I have witnessed. The stadiums are located in crime-ridden areas where very poor people lived, but the areas became more expensive after the stadiums were built. Probably Atlanta baseball stadium also.

 

[PeteJ]

DC and Baltimore baseball stadiums, a couple of examples that I have witnessed. The stadiums are located in crime-ridden areas where very poor people lived, but the areas became more expensive after the stadiums were built. Probably Atlanta baseball stadium also.

Exactly.

These wealthy "entrepreneurs" also wait until these areas become so deteriorated, when either the places break down or are sold. (Buy when cheap). Often, the banks or city acquire them and sell them to these billionaires who use them as "development projects" that the county gives the green light to.

They become new condominiums or mall plazas (to rent out) or something like that. It's a scheme that keeps going.

 

[Luman]

Biden's Afghanistan policies and withdrawal have failed.

Is there anything that this man can do correctly? He chose a horrible VP, opened the border to allow nearly one million unvaccinated illegals, has failed to lower COVID-19 deaths despite vaccines, and now Afghanistan is under the control of the Taliban.

It sounds like a nightmare, but as we all know, it's not.

Thanks to everybody who did not vote for this man. We tried, but they just wouldn't listen.

 

[Juan]

DC and Baltimore baseball stadiums, a couple of examples that I have witnessed. The stadiums are located in crime-ridden areas where very poor people lived, but the areas became more expensive after the stadiums were built. Probably Atlanta baseball stadium also.

Interesting.

I understand these are old stadiums... Isn't Baltimore in general a crime ridden city?

 

[Juan]

The Biden administration's handling of Afghanistan is turning out to be almost as bad as the way that they are dealing with the Coronavirus crisis.

Well, for starters it was bad to enter into a war in Afghanistan 20 years ago. Ridiculous. From day one everyone knew that there was no solution for that.

Spain spent a "modest" (as compared to the US) 3.500 million euros on that and 104 soldiers lost their lives in that nonsense. It was the idea of your US politicians. Our soldiers were just part of the "international mission" there. All of it a nonsense.

 

[Juan]

I'm getting more and more worried about a big crash. Well not worried, I just want to know so I can withdraw my small savings and go back in afterwards

In theory the stock market should take a hit when central banks start tapering. It is expected, but still will be a big change.

Anyway, all these things are unpredictable, so it is all a bet...

 

[Greg Sacramento]

Lots of millennials invested in US markets and with that certain meme stocks will do well even if market indexes do falter.

Some smaller issues are now seeing 50 million to 100 million or more shares traded daily. I can remember when 100,000 shares of a small issue traded daily was a big deal.

Millennials are also not afraid to short and short heavy. Option trading is increasing as well.

Many millennials and slightly older are traders. Some who received inheritance money from parents. Parents didn't sell investments often and some also kept a good portion in the bank.

 

[Ed209]

@Juan, did you watch the second video I posted (it's only 10 minutes in length)?

I'd be interested to hear your opinion on Raoul Pal's views regarding central banks and the economy.

 

[aura]

In Spain retirement age was extended this July

Up to what age?

 

[Juan]

Up to what age?

Now people have to retire at 67 and in order to get 100% of their pension they need to have contributed to the system for almost 39 years. It's like 38 years and 9 months...

This in a country with an unemployment rate of 15%, which in times of economic crisis can jump up to 20% on average, and in some regions 40%.

There is a lot of under cover economy, people who do not contribute, but still asking to work until 67 years old is a bit too much I think. And then there's the paradox that some people DO want to continue working until 67 years and beyond and they are NOT allowed, and some people work in tough and physically demanding jobs and would want to retire a bit earlier, but they will be forced to work until 67 years old or lose their pensions.

In France people stopped the government project to push back the retirement age. They demonstrated and the government took back that proposal.

 

[aura]

Now people have to retire at 67 and in order to get 100% of their pension they need to have contributed to the system for almost 39 years. It's like 38 years and 9 months...

This in a country with an unemployment rate of 15%, which in times of economic crisis can jump up to 20% on average, and in some regions 40%.

There is a lot of under cover economy, people who do not contribute, but still asking to work until 67 years old is a bit too much I think. And then there's the paradox that some people DO want to continue working until 67 years and beyond and they are NOT allowed, and some people work in tough and physically demanding jobs and would want to retire a bit earlier, but they will be forced to work until 67 years old or lose their pensions.

In France people stopped the government project to push back the retirement age. They demonstrated and the government took back that proposal.

Same here, from 65 to 67.

How will some doctors like surgeons, ER doctors, anesthetists manage to deal with all the night shifts at 65+?

I guess only a few will live long enough to get that money.

 

[Luman]

The Biden administration is just getting worse and worse. Everything he touches goes to rot.

Biden's botched Afghan exit is a disaster at home and abroad long in the making

 

[Juan]

The Biden administration is just getting worse and worse. Everything he touches goes to rot.

Biden's botched Afghan exit is a disaster at home and abroad long in the making

It was Trump's idea to withdraw the American troops from Afghanistan.

And wasn't it Bush's idea to send them there? Why? For what? What has been achieved after 20 years?

Weapon manufacturers must have made trillions selling weapons "for the Afghan army", which was going to be trained by the US army.

It seems like the US government has spent 20 years purchasing weapons from American companies with the excuse of a "war" on terror and a war in Afghanistan.

Great result: Talibans have reconquered the country in weeks.

 

[Juan]

Same here, from 65 to 67.

How will some doctors like surgeons, ER doctors, anesthetists manage to deal with all the night shifts at 65+?

I guess only a few will live long enough to get that money.

The only solution for public pensions is making the biggest companies pay tax. Now the technological companies are routinely evading tax and governments do not move a finger. But they want people working till they are 67.

Isn't it easier to make Amazon, Google, Facebook etc pay their taxes?

 

[Juan]

Before the Afghan crisis is over I am going to tell you how this is going to roll out: the UN Security Council will meet and they wont get anywhere. Maybe there will be a way for civilians to exit the country.

How are those civilians now considered under international law, due to the Talibans ruling Afghanistan? They will be considered refugees.

And therefore the neighbouring countries and ultimately Europe will have to receive millions of Afghan refugees. We hope the US takes its fair share of refugees, since all this mess was caused by the US.

 

[Exit]

Same here, from 65 to 67.

How will some doctors like surgeons, ER doctors, anesthetists manage to deal with all the night shifts at 65+?

I guess only a few will live long enough to get that money.

Hah that's part of why I skipped med school.

I remember the economists' relaxed laughing and clapping their fat bellies. Then there are the doctors hunchbacked anorectic running around in white coats

Unfortunately the joke was on me 1 year later... Hope we're dead soon...

 

[Christiaan]

You can give away all the food you want, to rich and poor people, I don't care - as long as I don't have to pay for it.

There were, and still are, Welfare Queens, who have numerous children, usually with different fathers, who collect all kinds of benefits. Fortunately, since Reagan, the country has gotten fed up with this behavior and it has become far less prevalent than it was at that time.

When you have a job and are fired and replaced by a minority person simply because the government is subsidizing their pay, you will sing a different tune. When you have health care that is expensive, and a man like Obama takes it away and replaces it with something inferior, that you pay more for, while others get better help for free, you will sing a different tune. Unless, of course, you are independently wealthy and do not need health insurance. You will never understand these things because you're immune from them in a small, wealthy, socialistic country where the vast majority is white and taken care of. I've visited there, I have Dutch ancestry, but they do not understand American life, and are told a lot of left wing B.S. in their media, regarding America.

I wish we had a socialist government! Our right wing government unfortunately picks on the poor and minorities, as has been the case in the recent social benefits affair (Toeslagen Affaire). People, some of them parents, committed suicide because of the way they were harshly treated (e.g. ethnic profiling) by the national tax authorities. A socialist government would not have been perfect, but it would not have degraded people to the ''welfare queen'' fallacy that is often propagated by right wing ''intellectuals'' and politicians.

I'd like to invite you to visit Holland again. I don't know why being a full-blooded white person has something to do with our welfare, but we're generally a multicultural society (I'm also a product of that society, as I am about 1/2 Dutch), and the way we keep some things like health care affordable , is the fact that EVERYONE pays a limited amount to have health coverage. Everyone paying their fair share is what makes health care affordable. It would be similar to a Medicare for all system, but Obama unfortunately didn't even come close with his healthcare policies. Maybe not for your sake, but I hope Joe Biden will do a better job at fulfilling the single payer promise and help the people who are really struggling at the moment.

 

[Lilah]

Trump warned of severe consequences if the Taliban acted up, as a condition of the withdrawal.

Meanwhile, the only thing Hidin' Biden will tell the Taliban is "C'mon, man". The Taliban know this, hence why they swiftly took over Afghanistan.

 

[Luman]

It was Trump's idea to withdraw the American troops from Afghanistan.

And wasn't it Bush's idea to send them there? Why? For what? What has been achieved after 20 years?

Weapon manufacturers must have made trillions selling weapons "for the Afghan army", which was going to be trained by the US army.

It seems like the US government has spent 20 years purchasing weapons from American companies with the excuse of a "war" on terror and a war in Afghanistan.

Great result: Talibans have reconquered the country in weeks.

Are you saying that you support the Taliban taking control of Afghanistan?

 

[Christiaan]

This really grinds my gears. What happened to the climate pledge, President Joe Robinette Biden?

Is Biden serious about climate? His 2,000 drilling and fracking permits suggest not (Wenonah Hauter, 2021)

Just when we must be rejecting new drilling, fracking and pipeline infrastructure, Biden isn't just tolerating fossil fuels – he's uplifting them

''The latest report from the UN's Intergovernmental Panel on Climate Change paints a stark and sobering picture: a global future of extreme weather events that are guaranteed to become more frequent and more intense over coming decades. The horrific flooding that has recently shocked Europe will become more common. The unrelenting fires that have engulfed the western United States and Canada will intensify and widen. And some island nations, it seems, may already be doomed to eradication by inevitable sea level rise.''

''The only glimmer of hope offered in the IPCC report is that immediate, aggressive action by world leaders could still prevent a future of assured climate chaos from being even worse. As devastating as a 1.5C global temperature increase will be, a 2.5C increase would be unfathomable.''

''Being the historical top emitter of climate-killing greenhouse gases, the United States has a clear obligation to help lead the world in rapidly reducing emissions and transitioning the planet to clean, renewable energy. Yet every indication thus far from the Biden administration suggests that this critical, urgent action won't be coming.''

''In order to stand a reasonable chance of avoiding the worst, science overwhelmingly dictates that Earth must cut all greenhouse gas emissions in half in just nine years, and essentially zero them out by 2050. Like other world leaders, President Biden has publicly adopted this target. But his actions show something very different. Since Biden took office, Food & Water Watch has been diligently tracking notable comments and commitments on climate and energy issued by Biden and administration officials. The results are clear: they apparently have no intention of taking up this existential fight.''

''Simply put, a serious commitment to aggressively curtailing climate emissions must involve rapidly halting new fossil fuel development (while at the same time making robust investments in clean energy production and distribution, to facilitate the decommissioning of existing fossil fuel networks). Some signs from Biden the candidate last year were encouraging. His promise to ban new drilling and fracking on federal lands – an action that would be a simple, decisive first step in curtailing new fossil fuel extraction – was unequivocal: 'No more drilling on federal lands, period. Period, period, period.'''

(...)

''Other worrying signs forecast that more disappointment is yet to come. While they have not fleshed out a definitive policy, administration officials continue to tout the expansion of liquified natural gas (LNG) production, a relic of antiquated Obama-era climate policy, when officials peddled the absurd notion that fracked gas was a clean "bridge" fuel.''

(...)

''The Biden White House yanked much of its modest climate agenda from the bipartisan infrastructure package that just passed the Senate. Instead the White House proposes that a larger, separate spending package will include things like a national "clean energy payment program" that advocates claim will facilitate a speedy transition to renewables – apparently without any need for clear, enforceable emissions regulations. Climate activists should be skeptical; some of these proposals have even counted fracked gas power plants as a clean energy source.''

''It can't be known precisely how the White House intends to proceed on each of these fronts. But this has become perfectly clear: Biden has thus far abdicated his responsibility to usher in an era of real climate action. We may all pay an unaffordable price''