If we think (and there have been numerous posts here to support this idea) that all major banks are going to fail because of over-investing in derivatives, what should we do if we have money in those banks? Pull it out in cash? Convert it to silver or gold? Put the cash under our mattress? And will cash be worth anything?
So if we have cash in checking or savings with a bank, how can we protect our assets?
This is an important question. So much strategy involved. If you pull it out in cash, then what do you do with that? By all practical matters the best thing would be to have a safe, but even safes can be carted off (if they are not big and heavy enough) and even fire can get in and destroy the paper money.
Gold and silver - probably for most, silver would be more practical because it's more affordable. But even at that it fluctuates a lot and the price was driven up drastically during covid, so will it drop back down once the dust settles?
If you have enough cash, you might be lucky enough to buy some real estate. But with so many areas being 'in the bubble' is that even a wise decision?
I wish there was an easy answer. Trust God is my only answer.
Convert it to gold/silver. You can still cash it in if you need it before the crash, use it to barter after crash (silver). Gold is for major purchases like land or to get you out of a bad situation. Moving family to a safe location. Silver is everyday use. But. Before you buy silver/gold you must get your food stocks, meds, water, baby needs, animal food, alcohol (spirits) alternate fuel supply (wood) cooking means in order. ONE MINUTE after SHTF, will be too late to do any of this. Alcohol (whisky, rum, etc) are excellent bartering tools. Also can be used in wound cleaning etc.
Good reminder about the heating. Thanks. And never thought about alcohol to barter, but that's a good tip. Thanks.
Chocolate is also an excellent barter item you can stock up on.
It wouldn't last ...
Good answer... and I actually had not considered real estate. I know they're not making any more of that commodity! Thanks for the thoughtful reply.
If we see the financial collapse we are all expecting, the USD will be as worthless in a safe as in the bank. I agree with silver, gold, land, real estate. I also believe that whatever happens, it will be short lived and people will be ok on the other side. Perhaps a new money system where maybe a snapshot of your USD funds in the bank is converted into new currency. I’m certain there will be something in place to take care of people. That being said, I think converting cash to the assets above before the crash will make people extremely wealthy on the other side.
Are you canning yet? If you have a canner, every day should see you canning something. The problem is finding jars.
Similar here, been working on getting those deferred repairs done this year instead of putting them off longer and given supply chain issues buying maintenance items like car parts now instead of waiting for when they're needed next year because who knows if they'll be available and I've already watched the prices trending up each month.
"I also believe that whatever happens, it will be short lived and people will be ok on the other side."
Agreed. That said, I have bought gold and silver and will buy more -- just in case.
Well, yeah, you're a silversmith, Paul.
I hear this scenario a lot. Thanks, I pray you're right.
Sorry to tell you this but I believe it won’t be short lived. I hope it’s over quickly, but I don’t see that. This is not going to be sorted out quickly.
Believe what you want. You say “sorry to tell you” like you know for a fact. We’re all speculating here. I choose hope and faith over doom and gloom 10 times out of 10. 🙂
\A Volcano enters the chat/