Kenny Anderson lost 60 million!

[jmb987]

What would you do when the dollar collapses? Those millions of dollars would then be worthless.

So you think the guy that said put his money in the bank is stupid because the dollar might collapse?
When was the last the dollar collapsed? Oh, that's right never.

Next to having a fort Knox of gold bullions in your cellar putting your money in the bank is one of the safest way of saving your money. Sure with todays interest rates vs the inflation, your savings have stagnant to negative growth. But it's a hell of safer than the volatility of market if you choose stocks or mutual funds, shady investment schemes that every Tom, Dick and Harry will bring to you, a real estate market that has and could collapse, or trusting a financial adviser who might steal all your money because you are a dumb athlete who has the education of a 2nd grader.

You serious? Since going of the gold standard in the 1970s, the dollar has lost 80% of it's value. Now, the US currently has nearly $13 trillion in debt and Obama doesn't seem to be showing any kind of spending restraints. Have you seen the euro the past few weeks? A relatively small country like Greece has cause the euro to tank.

And LOL at thinking money in the bank is safer. In one sense you are right about gold being more volatile then a savings account (obviously). But if you do your research on precious metals, you would know we are in a commodity cycle right now that will last at least another 5 years. And the US racking up trillions in debt every single year. Gold and silver literally have no where to go but up in the long term.

lol.. when the dollar collapses everything will collapse. The world as we know it will cease to be.

Your gold won't save you either. You'd be better off with an arsenal and warehouse of meds and booze, and if gold does still have any worth, take it from others with your guns or be nicer and trade for some in exchange for a couple of your guns.

Worrying about dollar or other conspiracy is as waste as worrying life over nuke war or god judgement. You don't know, I don't know, and we can't do anything about

Believe it or not, the world will not "cease to be". There will be short term pain obviously but the world will move on as the US starts rapidly declining. LOL @ believing it's a conspiracy theory. It's simple economics really, but I wouldn't expect 95% of the population to even research something like this.

And btw, you probably do not have any background in currencies or economic history. Gold and silver has been used for thousands of years as a system for barter. In times of economic turmoil, people always ditch fiat currencies and acquire tangible assets. Are you aware of what's happening in Zimbabwe the past few years? Their currency has completely collapsed because of excess government spending, and people now use little pieces of gold to purchase goods. Really though, it's pointless to have an investing debate on a basketball forum because I know I'm not going to convince you (nor do I care). But it just validates my belief that most people would lose everything if given this kind of money.

[jmb987]

You would think you can have 5 million dollars in a bank/fund/ whatever... get a eh 3% rate of return, that is just 150,000 bucks a year in interest income and live off it

You are forgetting about taxes. You wouldn't actually take home $150,000 after taxes, it'd be more like $80,000 or $90,000.

Nine million savings accounts had been wiped out between 1930 and 1933

And the point is? I said the US dollar has never collapsed and it did not during the depression.

That has nothing to do with the value of the dollar and everything to do with FDIC insurance. Right now, your bank account is insured for up to $250,000. If you have $60M in your savings account and it gets wiped out, you are left with $250,000. If you have $250,000 in a savings account and it gets wiped out, you are left with $250,000.

At MINIMUM they should be looking at treasuries, since they're backed by the government (and if they have to print money to pay them then they will.) And things like mutual funds and stocks are going to be much better options, especially diversified, than just putting the money in a savings account. Of course there is a risk, but as mentioned before, there is a risk in getting your account wiped out, too.

As I said before, if you put your money in a savings account, the bank will reloan that money to other people. They'll collect a higher interest rate, give you 2%, and pocket the difference. Actually investing yourself means you reap those profits.

But if you kids want to get your 2%, best of luck to you and have fun retiring at 75.

Good post, and Bear Down.

[mixerball]

Nine million savings accounts had been wiped out between 1930 and 1933

And the point is? I said the US dollar has never collapsed and it did not during the depression.

The point is that the people lost everything, and Im sure he had that in mind when he mentioned dollar colapse. And you guys were talking about savings accounts.

Oh yeah, dollar didnt collapse, but people lost everything. No money was harmed.

[Promezclan]

When you have that money, as long as you invest in ANYTHING real (not your uncle's get-rich quick scheme), you'll be fine - whether it's stocks/ETFs, bonds, art, gold, whatever. Obviously there are ways to hurt returns and diversification, but you have nearly infinite room for error. The problem is that they just use all the money for consumption.