Canada banks are dicey?

We did hear, if I recall, very dire warnings from "top level military officials" here in the U.S. at the conclusion of the 2020 elections, and those warnings turned out to be empty.

We also weren't staring an deceleration of emergency powers in the face.

I hope this ends up to be unfounded warnings too. Very anxiety-inducing times.

Wow, is a big red flag for citizens when a leader of a free nation goes after the people that opposes his bad policies money.

This not the work of a leader of a free country but a dictator.

I am still in awe how this man is taking over canada.

originally posted by: MykeNukem
If there was mass freezing of accounts here, mine would be in the Top 100. I'm still accessing and transferring money without issue.

I just reported you for the bounty of some poutine and a couple of Molsens.

I think the number was something like 700 frozen accounts, that's the truckers and organizers. Drop in the bucket. There hasn't been mass freezing of accounts and there won't be a mass bank run either.

Unless Trudeau does more stupid things with his Emergencies Act I guess.

I don't even think that will impact the banks, people still need to make purchases and that cash will go right back into the system.

originally posted by: AugustusMasonicus

originally posted by: SleeperHasAwakened
If you have a pretty good sized nest egg, and at least some chunk of it's not liquid, that's probably not that smart either.

Why? You can instantly sell shares and have the proceeds available for purchase or transaction. It's stupid to pay for things in cash unless the merchant does not accept credit. With the plethora of cash back and rewards cards you end up making out on the deal by using them and then paying off the balance at the end of the month.

I happen to agree about the cash back part. I pay for everything with my Fidelity 2% cash back CC account.

As far as why'd you diversify, that seems pretty dependent on your retirement horizon.

If you're like me, where I'm at, 85/15 high (securities) to low (cash) allocation profile is good, because you're not looking to use your assets anytime soon.

The closer you get to your horizon, that 85/15 split should be coming down. Securities fluctuate in value. Cash doesn't.

originally posted by: SleeperHasAwakened
The closer you get to your horizon, that 85/15 split should be coming down. Securities fluctuate in value. Cash doesn't.

They may fluctuate but the S&P has outperformed the economy as an aggregate for nearly it's entire existence. Having some cash on hand is fine but wackos pulling all their money out of banks, where it shouldn't be in quantity anyway, are just overly emotional financial dunces.

I guess we'll find out how safe banks are when the convoy gets to Washington.

originally posted by: mikell
I guess we'll find out how safe banks are when the convoy gets to Washington.

They'll be just as safe as before they arrived.

originally posted by: marg6043
Wow, is a big red flag for citizens when a leader of a free nation goes after the people that opposes his bad policies money.

This not the work of a leader of a free country but a dictator.

I am still in awe how this man is taking over canada.

Trudeau obviously has extremely wealthy and influential friends in high places.

originally posted by: AugustusMasonicus

originally posted by: MykeNukem
If there was mass freezing of accounts here, mine would be in the Top 100. I'm still accessing and transferring money without issue.

I just reported you for the bounty of some poutine and a couple of Molsens.

I think the number was something like 700 frozen accounts, that's the truckers and organizers. Drop in the bucket. There hasn't been mass freezing of accounts and there won't be a mass bank run either.

Unless Trudeau does more stupid things with his Emergencies Act I guess.

I don't even think that will impact the banks, people still need to make purchases and that cash will go right back into the system.

Lmao, make sure you get Smoke's Poutinerie at least. I doubt you drink beer, let alone that crap. We just like the flag on the bottle, lmao.

Nah, the banks are probably making money right now. I know people were spending like crazy in Ottawa on hotel rooms and souvenirs and other things related to a trip. Out of those 700 I mentioned, they've already rolled back the restrictions and unseized most of them. Just the main participants and organizers are still froze. I don't agree with that either, but it isn't the reddit like hype it's made out to be.

Trudeau thinks he's Napoleon though, so there is that.

a reply to: MykeNukem

I love beer. Good beer.

Yeah, I suspected when this first happened it would be limited and people would try to gin it up into some sort of impending financial collapse followed by a zombie apocalypse. There hasn't been a bank run since the Depression and the reasons those occurred were due to lack of consumption, so the local spending you mentioned would have the opposite effect.

In a new world order.
you dont have money any more!
so who do you sell you gold & silver to?

its not like if goverment was destroid.
then you can trade with each other.
witch would be stupid. the rich Still rule!

you should trade goods.
New world order means They control every thing.
they would Not let you trade gold.
in 1920 they Took the peoples gold.
they will do it again.
get as far from every one else and build a hiden farm.
if they find you they will take it.........

Check if there’s a government compensation guarantee to protest depositors from a collapse (there’s one in the U.K.). If so then obvs don’t allow your balance to go over that threshold.

originally posted by: violet
a reply to: ManBehindTheMask
Credit unions are bound by the same rules.

Wrong, locally owned credit unions are NOT bound by the same rules as banks that are owned by a conglomerate

a reply to: ManBehindTheMask

Most of the topline requirements are similar as they are either federally or state chartered. They differentiate themselves when it comes to speculative investment and/or profitability.