What If The American Economy Fails? - Dave Ramsey Rant

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[lazyakersfishing]

Another thing I have always found striking about Dave's rants is that he always gives advice on how people spend dollars, but he doesn't talk about where dollars come from. A short answer is that it comes from a central bank controlled who decide on a whim what the target interest rate should be. A small group of people get to decide how much your dollar is worth. When a small group of people have that much power, things can and will go wrong. So Dave never talks about the Fed at all. And the Fed is the reason I own gold and silver.

[allseriousness]

Dave Ramsey said I could buy more ammo!!!

[arcadianelectronics]

Dave I enjoy much of your show, but you need to get off bashing gold. Almost all the wealthy people in the world keep at least 5% of their wealth in gold as a hedge again inflation. Even famous investor Kevin O'Leary of shark tank does this. Gold is not an investment like stocks, but for preserving purchasing power as fiat currencies are perpetually devalued. Gold never needs to be used in circulation again for that to be true, you just convert it back to paper when needed for spending. In your Iraq example if citizens had kept some wealth in gold before Sadam's govt collapsed they could now convert it back to the new Dinar for spending, whereas holding only paper meant they lost everything.

[Steve-cikj]

But if the dollar collapses and the U.S. Switches to a different currency like Iraq did, then I could just sell my gold for the new currency. That means if I didn't have gold insurance, and I only stayed in the dollar, and dollar denominated U.S. stocks, then I would be stuck invested in a worthless currency with no way out.

[aexo]

Dave said this stuff many times. He is consistent. Whether you like him or not. He is always on his message

[ZMAN]

Aren't Venezuelans buying 6 months worth of food with one ounce of Silver right now.

[wyattbrule]

1971 gold prices were $35 an ounce... what are they today? $1, 250 or so? That's 35 times higher if you're doing the math!

[pfeifferized]

I think Dave Ramsey will be the first in line to take the Mark of the Beast.

[joshdean]

If silver is so worthless Why are large banks buying up thousands of of pounds of

[johnc]

Sh*t hits the fan - you need beans, bullets, and Band-Aids.
1) beans - you need basic food and water.
2) bullets - you need something to protect yourself and your family (preferably firearms and ammunition).
3) Band-Aids - you need basic medical supplies.

Overall, you need intelligence. The more you know, the less stuff you need.

[lolhelp]

I agree with Dave's comments on budgeting, but he is crazy if he's talking bullets and generators and - at the same time - maintains faith in the stockmarket. Crazy talk.

[KManwarren]

Snuggie, walk in tub and self insert catheter... Needed that laugh!!!

[Teamshmo]

Gold as an investment is bad because it doesn't do anything to bring in more money, but gold as insurance I think is a good idea. For example this $1000 emergency fund or 3-6 months cash Dave is talking about could be put into gold. If the economy is good and your job is good the growth rate on gold is a tiny bit better than a bank and is just sitting there anyway. However, when the economy crashes and you lose your job that is when gold holds is value aka skyrockets in price. If you have some of your emergency fund in gold you will end up with a lot more emergency money right when you will need it the most.

[brucewhite]

He's contradicting himself, owning gold is not for when economy is going good.

[chrisbaker]

Payday loans the worst financial product ever.

[glennquag]

I have to disagree with Dave here regarding gold. I think gold does have it's place. Now you are correct when you say no one will be trading gold bars directly bc a new currency will almost always replace a failed currency but the new currency would be worth hundreds of times less than what the old currency probably once was especially on imported goods and if you want anything for the old currency you normally get a limited amount of time to trade in at whatever exchange rate the government is offering. You brought up Iraq well back in the 80s the dinar was trading for $3 USD until the sanctions. If an Iraqi bought a few ounces of gold back then to as a hedge for bad times well he's doing a lot better in terms of wealth then Iraqi's who didn't. With gold the value remains constant across all currencies in the world. He can trade that ounce of gold in for the new Iraqi dinar and get the equivalent of $1200 USD in dinars, sell another ounce for $1200 U.S. dollars to spend internationally, etc.

Thing to remember is gold is not an investment it's a store of value, never open a ridiculous gold IRA, or put half your money in gold bullion. As far as how gold get it's value it's more than just a shiny rock, it has 2700 yrs of social convention behind it and most importantly it's rare. Can't fire up the gold printing press to create more gold. Most currencies only get their value from faith the rest of the world puts in the government issuing it. Bottom line after you get out of debt, have a fully funded emergency fund, and max out retirement accounts in equities and bond funds...having a small position in gold is far from a horrible thing to do.

[patricklongshanks]

Cash is king, but gold is God. Figuratively speaking.

I've been listening to Peter Schiff for years, and I'm going to have to go with the Jew on this one. There's a reason why you see gold and silver in Jewish names. And there are reasons why Jews are so succesful.

Love Ramsey though.

Gold/silver= store of value

[cynthiawanek]

No matter what currency is in exchange at any place in the world there are three things that have always been exchanged through out history and will be exchanged through out the future. Precious metals, foods as in commodities, and the labor.
History has changed currency a number of times. They all seen there rise and fall.
People need to understand that federal reserve notes no matter what country they are printed in are still IOU notes to people for their deposits of labor, commodities, and metals. Oh, and guess what that federal reserve doesn't have what it would take to pay everyone back the IOU notes. They don't have the gold, silver or even food stores to pay people. That is why they had laws changed so when you deposit your labor check into the bank it is an UNSUCRED LOAN to the banks. Banks fail you loose.
Gold in the hand, seeds to grow and ability to work will get people through.

[carllake]

what a clown. 20 year return on gold is 10% a year and up 584 % . scam market is up about 260%.

[michaelmurray]

I think what Dave is really trying to say is that printed paper is worthless, hyper-inflated and destined to be worthless. Gold has real value and always will.