I think having cash on hand is prudent when there is news about the EU and Euro simply being terminated. Also there are legit economists who are sounding the alarm on the severity of economic indicators. It's not just about Q. It's likely there will be a deepening, worsening recession/depression in the US for a time that impacts goods and services. Store food and goods, grow food. Look at a tiny greenhouse/grow tent for winter, for example. Now is the time.
That is in fact what I'm doing. Keeping cash and only enough in the bank to cover the bills, starting this week anyway. You helped me finally make up my mind.
Keep the cash to cover the bill, then convert your fiat currency into silver (and gold if you have enough), while you are doing your preparations on the practical level too.
If everything collapses those bill collectors will not be collecting shit. You're talking about an extremely chaotic situation if electronic fiat is no longer usable. Absolute chaos.
The point is, if YOU own the gold and silver, YOU have the assets.
Do you know about the Bail Ins? After 2008, laws were changed everywhere. Big Banks etc, won't be 'bailed out' if and when they collapse. Instead, they have to use all their assets to pay off their liabilities. All ... their .... assets.
The digital numbers in a bank are not YOURS. They belong to the Bank. It's their asset. Even now, laws are being passed restricting people from withdrawing funds. Or even depositing cash. As your banks. Try to withdraw 5000 in cash, or 10,000 in cash. See what happens. (Anecdotally, from friends, I've heard things!)
Banks are only required to keep 10% of actual assets in order to issue 100% debt. So, You might 'have' $20,000 in the bank, and Joe also 20k, , and Mary, and Bob, and Sally, but the Bank is only actually required to have $10,000 in actual cash or accessible funds, at any given time, not $100,000.
Silver, gold and precious metals are short-term insurance against inflation (one's fiat dollars are decreasing in value every single year, always) and long-term insurance against fiat collapse.
That's my view, anyway. Insurance. Because you actually own and hold the assets. YOU are the bank.
I mean, do you really trust banks? Who do you think will get screwed over first when the shit hits the fan, financially?
Mad-max, post meltdown scenario might be possible, but it's certainly not the only reason to have actual pm. I'm far more interested in protection against fiat currency devaluation (always happening).
"After these global Bail-outs the preamble to the resultant 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, claimed: “…to protect the American taxpayer by ending bailouts.” The financial law firm Davis Polk estimates the final length of the Dodd-Frank model, the single longest bill ever passed by the US government, is over 30,000 pages. Before the bill’s passage, the six largest banks in the US spent $29.4 million lobbying Congress and flooded Capitol Hill with about 3,000 lobbyists for the bank’s protections, not yours.
Meanwhile, the US taxpayer watched as pension funds went bust, bankrupt businesses rid themselves of long-term retirement obligations and their family’s financial futures were cast aside from any concern.
Under Dodd-Frank, the US Federal Deposit Insurance Corporation (FDIC) was given new powers and methods to “guarantee” depositors’ savings.” Under the direction of TARP, such powers were also included in Britain’s 2012 Prudent Regulation Authority (PRA) reform bill. Both agencies did put a stop to Bail-outs. However, they did so by miraculously morphing Bail-outs into something new called, “Bail-ins.” Worse, in redefining bank deposits, suddenly payback for pending bank failures shifted to the unsuspecting bank depositor."
I think having cash on hand is prudent when there is news about the EU and Euro simply being terminated. Also there are legit economists who are sounding the alarm on the severity of economic indicators. It's not just about Q. It's likely there will be a deepening, worsening recession/depression in the US for a time that impacts goods and services. Store food and goods, grow food. Look at a tiny greenhouse/grow tent for winter, for example. Now is the time.
That is in fact what I'm doing. Keeping cash and only enough in the bank to cover the bills, starting this week anyway. You helped me finally make up my mind.
Keep the cash to cover the bill, then convert your fiat currency into silver (and gold if you have enough), while you are doing your preparations on the practical level too.
Silver is money.
Right tomorrow I go get the silver! TY
If everything collapses those bill collectors will not be collecting shit. You're talking about an extremely chaotic situation if electronic fiat is no longer usable. Absolute chaos.
Maybe not.
The Great Depression happened, you know.
The point is, if YOU own the gold and silver, YOU have the assets.
Do you know about the Bail Ins? After 2008, laws were changed everywhere. Big Banks etc, won't be 'bailed out' if and when they collapse. Instead, they have to use all their assets to pay off their liabilities. All ... their .... assets.
The digital numbers in a bank are not YOURS. They belong to the Bank. It's their asset. Even now, laws are being passed restricting people from withdrawing funds. Or even depositing cash. As your banks. Try to withdraw 5000 in cash, or 10,000 in cash. See what happens. (Anecdotally, from friends, I've heard things!)
Banks are only required to keep 10% of actual assets in order to issue 100% debt. So, You might 'have' $20,000 in the bank, and Joe also 20k, , and Mary, and Bob, and Sally, but the Bank is only actually required to have $10,000 in actual cash or accessible funds, at any given time, not $100,000.
Silver, gold and precious metals are short-term insurance against inflation (one's fiat dollars are decreasing in value every single year, always) and long-term insurance against fiat collapse.
That's my view, anyway. Insurance. Because you actually own and hold the assets. YOU are the bank.
I mean, do you really trust banks? Who do you think will get screwed over first when the shit hits the fan, financially?
Mad-max, post meltdown scenario might be possible, but it's certainly not the only reason to have actual pm. I'm far more interested in protection against fiat currency devaluation (always happening).
PS. Re: bank deposits redefined.
"After these global Bail-outs the preamble to the resultant 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, claimed: “…to protect the American taxpayer by ending bailouts.” The financial law firm Davis Polk estimates the final length of the Dodd-Frank model, the single longest bill ever passed by the US government, is over 30,000 pages. Before the bill’s passage, the six largest banks in the US spent $29.4 million lobbying Congress and flooded Capitol Hill with about 3,000 lobbyists for the bank’s protections, not yours.
Meanwhile, the US taxpayer watched as pension funds went bust, bankrupt businesses rid themselves of long-term retirement obligations and their family’s financial futures were cast aside from any concern.
Under Dodd-Frank, the US Federal Deposit Insurance Corporation (FDIC) was given new powers and methods to “guarantee” depositors’ savings.” Under the direction of TARP, such powers were also included in Britain’s 2012 Prudent Regulation Authority (PRA) reform bill. Both agencies did put a stop to Bail-outs. However, they did so by miraculously morphing Bail-outs into something new called, “Bail-ins.” Worse, in redefining bank deposits, suddenly payback for pending bank failures shifted to the unsuspecting bank depositor."
https://southfront.org/when-your-bank-fails-dont-walkrun/
TY