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John T. Reed’s news blog

Converting rare silver US dollars to not-rare junk silver

Posted by John T. Reed on

We had a Fibber McGee close until yesterday. That is, a walk-in closet, with shelves on three sides with all the shelves filled as well as the space you used to be able to walk into. If you opened this closet, you almost need to stand back to avoid the avalanche. . My wife cleaned it out finally—mostly her stuff. That turned up some stuff vaguely remembered to be there, but not seen in years. Some were savings bonds in the names of our kids and my wife. Her family was big on those. And one each from my mom...

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Make sure you have up-to-date Schwab debit card, Capital One Visa, NEXUS, and passport

Posted by John T. Reed on

My book How to Protect Your Life Savings from Hyperinflation & Depression, 2nd edition says to acquire sound foreign currencies as a hedge against possible US hyperinflation. It also says you need to leave the U.S. in the event of U.S. hyperinflation so you should scout other nations as possible refuges during U.S. hyperinflation—which I expect would last 6 to 24 months..My recent trip to the Baltic nations was a bit of that. As always. I took my Schwab ATM card. I use that because it does not charge 3% or some such when you withdraw from a non-U.S. ATM..As...

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Comments on a Disney cruise in the Baltic Sea

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Lot of kids although it was not as bad as you might fear. The usual casino is replaced by day-care facilities. Things to do were very heavily watching current and past Disney films and cartoons. But there is a sort of hole in the Disney past on the cruise. In the 1950s and 1960s, they were big on Davy Crockett, nature specials, science like outer space and nuclear power. That was great stuff. Now they do Black Panther and super heroes, not to mention The View and liberal politics ESPN.   The food was okay to my taste. Three restaurants—Rapunzel...

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Argument about whether you are required to disclose foreign currency you hold in the form of cash to FINCEN

Posted by John T. Reed on

In a Facebook discussion, I said, 4. FINCEN only covers financial accounts. You are not required to report gold or other precious metals or cash held abroad. Your statement that the rules apply to the contents of safe deposit boxes is false. There is an IRS FAQ that says so. I linked to it repeatedly. Reader Dog Thorburn responded, On # 4, respectfully John, you are incorrect.I had such a case. My client thought reporting the contents of his safe deposit box in Switzerland might be required when this crap began to come down in '08. I didn't believe it,...

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Ways to minimize currency conversion costs

Posted by John T. Reed on

I advocate putting enough money to live on for 24 months into foreign currencies that are held abroad. Most mine are in foreign saving accounts denominated in the currencies of Canada, Australia, and New Zealand. I have a lesser amount in gold and foreign currencies (CHF, DKK, SEK) in cash in a safe deposit box in Canada. I would prefer savings accounts, but those countries have little or no inflation or even deflation and they make it near impossible for an American to have a bank account there.Anyway, if you follow my advice to do that—and the Venezuelans and Iranians wish...

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